2016  2015 
    R’000  R’000 

20

CONTINGENT LIABILITIES

   
  Guarantee of US dollar 100 million issued to bankers as security for facilities provided to a foreign subsidiary company 1 486 230  1 227 160 
  Maximum amount in addition to the R450 million in restricted cash payable for the acquisition of the Dwarsrivier Chrome Mine (Dwarsrivier) (refer note 5) 55 313  800 000 
       
  In terms of the agreement with ARM to acquire its 50% of Dwarsrivier, Assore has agreed to refund Assmang for Dwarsrivier’s capital expenditure and working capital requirements, effective from 1 July 2014. This amount will be decreased by the profits after taxation (increased for losses after taxation) recorded by Dwarsrivier until the necessary conditions precedent are met in order for the transaction to be completed (refer note 22).

The company holds a back-to-back guarantee of R180 million (2015: R180 million) issued by the joint-venture entity in respect of claims made in terms of the abovementioned guarantees.