On 25 June 2015, the group acquired ARM’s 50% share of Dwarsrivier Chrome Mine (Dwarsrivier),
held by Assmang. The completion of the transaction was subject to certain
conditions precedent (CPs), which at year-end had not all been
fulfilled. Pursuant to the agreement concerned, an amount of R450 million was
placed in an escrow account. Once all the CPs have been met, the balance
(inclusive of accrued interest and certain contractual adjustments to
accommodate the change in value of the asset since 1 July 2014 (effective date
of acquisition)) will be released in favour of ARM.