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FINANCIAL STATEMENTS AND NOTES 2007NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2007GROUPMINTEKOpening Closing Opening ClosingBalance Additions Revaluation Disposals Balance Balance Additions Revaluation Disposals Balance2006 R R R R R R R R R R11.1 PROPERTY, PLANTAND EQUIPMENTCostLand 4,927,776 – 50,481,024 – 55,408,800 4,927,776 – 50,481,024 – 55,408,800Buildings 16,266,961 27,172 12,565,807 – 28,859,940 16,266,961 27,172 12,565,807 – 28,859,940Plant 32,795,382 413,341 – (630,495) 32,578,228 32,795,382 413,341 – (630,495) 32,578,228Equipment 86,949,799 17,631,643 – (13,159,271) 91,422,171 86,949,799 17,631,643 – (13,159,271) 91,422,171Vehicles 2,322,637 – – (1,332,056) 990,581 2,322,637 – – (1,332,056) 990,581 Finance-leased assets – 1,995,394 – – 1,995,394 – 1,995,394 – – 1,995,394Capital work in progress 24,344 1,438,542 – – 1,462,886 24,344 1,438,542 – – 1,462,886145,201,776 21,818,626 63,046,831 (15,396,894) 214,670,339 145,201,776 21,818,626 63,046,831 (15,396,894) 214,670,339Accumulated Opening Depreciation Transfers Disposals Closing Opening Depreciation Transfers Disposals ClosingDepreciation R R R R R R R R R RLand – – – – – – – – – –Buildings 9,434,837 325,339 – – 9,760,176 9,434,837 325,339 – – 9,760,176Plant 10,705,079 2,380,174 – (457,375) 12,627,878 10,705,079 2,380,174 – (457,375) 12,627,878Equipment 53,101,894 7,409,759 180,511 (12,172,283) 48,519,881 53,101,894 7,409,759 180,511 (12,172,283) 48,519,881Vehicles 1,470,673 225,117 – (1,103,274) 592,516 1,470,673 225,117 – (1,103,274) 592,516 Finance-leased assets – 198,801 – – 198,801 – 198,801 – – 198,801Capital work in progress – – – – – – – – – –75,211,974 10,640,635 180,511 (14,002,268) 72,030,851 75,211,974 10,640,635 180,511 (14,002,268) 72,030,851GROUPMINTEK2006 2006Net book value R RLand 55,408,800 55,408,800Buildings 19,099,764 19,099,764Plant 19,950,350 19,950,350Equipment 42,902,290 42,902,290Vehicles 398,065 398,065 Finance-leased assets 1,796,593 1,796,593Capital work in progress 1,462,886 1,462,886Freehold land and buildings comprise:142,639,489 142,639,489GROUP AND MINTEK2007 2006R RAcquired in the prior year - Land and Buildings 11,759,900 11,759,900Land revalued 50,481,024 50,481,024Buildings 12,565,807 12,565,807Revaluation 74,806,731 74,806,731Directors’ Valuation 74,806,731 74,806,731Portion 175 and portion 226 of the farm Klipfontein, 203-IQ Johannesburg, with buildings thereon. year ending 31 March 2006. The latest valuation report was issued on 7 February 2006.The estimated useful life of depreciable property, plant, equipment and vehicles are as follows:Buildings and investment property 50 yearsPlant 10 yearsEquipment 5 -10 yearsVehicles 5 years annual report 200774