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Organisational overview and activities

History of the group

Strong relations have been established with customers in Europe, North America, South America, India, the Middle and Far East, and products with a market value of approximately R21,8 billion (2011: R17,8 billion) were marketed and distributed in these regions during the year.

1928 – 1934

  • Gloucester Manganese Mines (Postmasburg) Limited established by Guido Sacco in 1928.
  • Formation of Ore & Metal Company Limited (1930) and African Mining and Trust Company Limited (AMT) in 1931.

1935 – 1939

  • AMT partnered with Anglo Transvaal Consolidated Investment Company Limited (Anglovaal) now African Rainbow Minerals (ARM) to form The Associated Manganese Mines of South Africa Limited (Assmang).
  • Acquisition of the Wonderstone Mine.
  • Various prospecting activities and mining manganese deposit on farm Gloucester and adjoining farms.
  • First export of manganese through Durban.

1940 – 1960

  • Obtaining of mining lease at Black Rock where the first manganese ore was mined in 1940.
  • Listing on JSE as The Associated Ore and Metal Corporation Limited in 1950.
  • Alloy producer, Ferralloys Limited incorporated by Assmang in 1957.
  • First production of ferromanganese at the Cato Ridge Works by Assmang (1959).
  • First production of iron ore by Assmang at Beeshoek, and exported through Durban (1960).
  • Agency relationship established with Sumitomo Corporation of Japan.

1961 – 1995

  • First production of charge chrome at Machadodorp by Assmang (1971).
  • Mining of chrome deposit by Rustenburg Minerals Development Company Proprietary Limited (1972).
  • Commissioning of the Nchwaning Manganese Ore Mine (1973).
  • Mining of chrome deposit at Zeerust (Zeerust Chrome Mines Limited).
  • Gloria Manganese Ore Mine commissioned in 1979 and Nchwaning II Mine came into production in 1981.

1996 – 2001

  • Beeshoek South Mine expansion commissioned in 1997. Cato Ridge Alloys (CRA), a joint venture to produce refined ferromanganese for export at Cato Ridge, between Assmang’s Ferroalloys Limited and Japanese partners (1996).
  • Mining of chrome deposit by Assmang at Dwarsrivier (1999).
  • Change of name to Assore Limited, and twenty-for-one subdivision of ordinary shares.
  • Commissioning of Nchwaning III Manganese Ore mine (2001).

2002 – 2005

  • First production of manganese ore from Nchwaning III.
  • Assmang’s Khumani Iron Ore Mine established, following issue of new order mining rights, and increase of production to 10 million sales tons per annum.
  • First empowerment transaction in 2005, whereby 11,76% and 3,26% of Assore’s shares respectively were sold to Shanduka Resources and the Bokamoso Trust (refer “Black economic empowerment status report”).

2006 – present

  • Acquisition of minorities in, and delisting of, Assmang and 50/50 joint-venture agreement with African Rainbow Minerals Limited (ARM) finalised in relation to Assmang’s operations in 2006.
  • Approval of the Khumani Expansion Project (KEP) in 2009 to increase design capacity of iron ore output to 16 million tons per annum, completed in 2012, on time and within budget.
  • Five-for-one subdivision of ordinary shares in 2010.
  • Conclusion of second empowerment transaction in 2010, whereby a further effective 11,05% of Assore’s shares were acquired by the Bokamoso Trust.
  • Conclusion of third empowerment transaction in 2012, whereby 11,78% of Assore shares have been bought back from Shanduka Resources and applied in broad-based trusts (refer “Black economic empowerment status report”).