1	INVESTMENT IN JOINT-VENTURE ENTITY
	The group’s principal investment is a 50% (2014: 50%) interest in Assmang, a South African company which it jointly controls with ARM which is also listed on the JSE. Assmang mines iron, manganese and chrome ores and produces manganese and chrome alloys. In accordance with IFRS, the results of Assmang are accounted for by Assore using the equity method. The financial information set out below has been extracted from the audited financial statements of Assmang and its subsidiary companies for the year ended 30 June 2015.
		2015	2014#
		R’000	R’000
	Consolidated income statement of Assmang (accounting for Dwarsrivier as a discontinued operation)
	Turnover	19 512 919	26 270 538
	Cost of sales	(14 369 081)	(14 462 704)
	Gross profit	5 143 838	11 807 834
	Other operating income	650 092	927 911
	Other operating expenses	(2 754 964)	(3 361 401)
	Profit from operations	3 038 966	9 374 344
	Income from joint ventures	101 684	23 015
	Income from investments	434 164	448 943
	Finance costs	(55 157)	(51 332)
	Profit before taxation	3 519 657	9 794 970
	Taxation	(988 902)	(2 691 104)
	Profit for the year from continuing operations, net of taxation	2 530 755	7 103 866
	Discontinued operations
	Profit after taxation for the year from discontinued operations (notes 8 and 31)	121 716	68 000
	Other comprehensive income/(losses)	6 752	(2 608)
	Total comprehensive income for the year, net of taxation (group interest therein: 50% (2014: 50%))	2 659 223	7 169 258
	Dividends declared during the year	3 000 000	3 500 000
	Abridged statement of financial position of Assmang
	Total assets
	Non-current assets	23 725 390	23 082 111
	Current assets
	Inventories	4 448 860	4 426 867
	Trade and other receivables	3 532 558	4 822 595
	Financial assets	85 017	112 130
	Deferred taxation	2 821	–
	Assets held for distribution	1 103 246	–
	Cash and cash equivalents	5 425 101	5 975 535
		38 322 993	38 419 238
	Total liabilities
	Non-current liabilities
	Deferred taxation	5 035 202	5 072 666
	Long-term provisions	959 828	913 143
	Current liabilities
	Trade and other payables	1 950 126	2 231 893
	Short-term provisions	608 367	585 290
	Taxation	369 778	345 773
	Liabilities directly associated with the assets held for distribution	469 996	–
		9 393 297	9 148 765
	Net assets	28 929 696	29 270 473
	Proportion of the group’s ownership	50%	50%
	Carrying amount of investment
	Opening balance	14 768 170	12 946 015
	Share of profit after taxation	1 317 138	3 572 155
	Less: Dividends received	(1 500 000)	(1 750 000)
	Carrying amount of investment in the statement of financial position	14 585 308	14 768 170
	Capital expenditure	3 836 808	3 643 143
	Capital commitments	5 035 856	7 644 668
	– contracted for	2 286 424	1 899 469
	– not contracted for	2 749 432	5 745 199
	# Financial information for the prior year has been restated for Dwarsrivier being classified by Assmang as a discontinued operation as from 24 June 2015 (refer notes 8 and 32) and has been restated where necessary in order to be consistent with the level of detail disclosed in the current year. Refer note 33 for the segmental analysis of Assmang, under “Joint venture mining and beneficiation”.
		2015	2014
		R’000	R’000
	Impairment of assets
	The carrying values of the following assets were fully impaired at year-end, as no future benefits were expected to arise from these assets:
	– one ferromanganese furnace at Machadodorp Works and associated assets	362 306	–
	– one ferromanganese furnace at Cato Ridge Works	302 956	–
	– the off-grade plant at Khumani Ore Mine	147 114	–
	– two ferromanganese furnaces and raw material feed system at Machadodorp Works	–	519 880
		812 376	519 880