ANNEXURE 2: INVESTMENTS IN ASSOCIATES
FOR THE YEAR ENDED 31 DECEMBER
ANNEXURE 2: INVESTMENTS IN ASSOCIATES
| Group Loan balance |
Company Loan balance |
|||||||||||||||
| Rand '000 |
Nature of business1 |
Number of shares held |
% holding |
Invest-ment at cost |
2011 Rand '000 |
2010 Rand ' 000 |
2011 Rand '000 |
2010 Rand'000 |
||||||||
| Associates | ||||||||||||||||
| Unlisted | ||||||||||||||||
| Manganore Iron Mining Limited2 | A | 25,000 | 50 | 50 | – | – | – | – | ||||||||
| Incorporated joint ventures | ||||||||||||||||
| Unlisted | ||||||||||||||||
| Polokwane Iron Ore Company (Pty) Limited2 |
A | 4,000 | 50 | 3,740 | 33,251 | 28,952 | – | – | ||||||||
| Safore (Pty) Limited3 | B | 400 | 40 | – | – | – | – | – | ||||||||
| Sishen Shipping (Pty) Limited3 | B | 400 | 40 | – | – | – | – | – | ||||||||
| Trans Orient Ore Supplies Limited3 | C | 2000 | 50 | – | – | – | – | – | ||||||||
| 3,740 | 33,251 | 28,952 | – | – | ||||||||||||
| Group Loan balance |
Company Loan balance |
||||||||
| Rand '000 |
Invest-ment at cost |
2011 Rand '000 |
2010 Rand ' 000 |
2011 Rand '000 |
2010 Rand'000 |
||||
| Directors’ valuation of investments at 31 December | |||||||||
| Unlisted investments in associates | 50 | – | – | – | – | ||||
| Unlisted investments in joint ventures | 3,740 | 33,251 | 28,952 | – | – | ||||
The financial year-end for Manganore Iron Ore Mining Limited and Sibelo Resources Development (Pty) Limited is 30 June. Where the financial year-ends are not co-terminous with that of the group, financial information has been obtained from published information or management accounts as appropriate.
All above entities are incorporated in South Africa other than Trans Orient Ore Supplies Limited which is incorporated in Hong Kong.
| 1 | A – Mining, B –Shipping charter, C – Iron ore merchant, D – Community development |
| 2 | On 5 July 2011 the company changed its name from Pietersburg Iron Company (Pty) Limited to Polokwane Iron Ore Company (Pty) Limited. |
| 3 | Dormant |