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$Furnace refractory erosion - Mintek$

FINANCIAL STATEMENTS AND NOTES 2007NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 200721. PROVISIONS Opening Additional Utilised and ClosingBalance provisions reversed BalanceR R R RGROUP AND MINTEK – 31 March 2007Provision for leave pay 11,750,553 2,962 – 11,753,515Product warranties 894,508 5,815,902 (894,508) 5,815,90212,645,061 5,818,864 (894,508) 17,569,417GROUP AND MINTEK – 31 March 2006Provision for leave pay 12,873,411 – (1,122,858) 11,750,553Provision for bonus 4,000,000 – (4,000,000) –Product warranties 1,555,011 – (660,503) 894,50818,428,422 – (5,783,361) 12,645,061The provision for leave pay relates to vested leave pay to which employees become entitled upon leaving the employment of the entity. The provisionarises as employees render a service that increases their entitlement to future compensated leave. The provision is utilised when employees who areentitled to leave pay, leave the employment of the entity or when the accrued leave due to an employee, is utilised.The bonus accrual consists of a portion of the employees remuneration cost elected by the employee for payment annually in November each year.The provision for product warranties is the entity recognising its probable liability for meeting its obligations in terms of products and services asstipulated in its contracts with its customers.GROUPMINTEK2007 2006 2007 2006R R R R22. LONG-TERM RETIREMENT BENEFITPost-retirement medical aid 61,800,000 58,300,000 61,800,000 58,300,000 900,000 2,935,000 900,000 2,935,000 62,700,000 61,235,000 62,700,000 61,235,000The amounts included in the balance sheet arising from <strong>Mintek</strong>’s Present value of obligations as at 31 March 61,800,000 58,300,000 61,800,000 58,300,000Fair value of plan assets as at 31 March – – – – 61,800,000 58,300,000 61,800,000 58,300,000 GROUPMINTEK2007 2006 2007 2006R R R RMovement in the net-liability recognised in the balance sheet 58,300,000 48,900,000 58,300,000 48,900,000Interest cost 3,278,855 3,692,544 3,278,855 3,692,544Contributions paid to service providers (3,424,645) (3,022,438) (3,424,645) (3,022,438)Net-actuarial loss recognised 3,645,790 8,729,894 3,645,790 8,729,894 61,800,000 58,300,000 61,800,000 58,300,000Key assumptionsExpected long-term rate of return on plan assets 8.0% 8.0% Expected increase in health care costs 6.5% 6.5% Amounts recognised in income in respect of the scheme are as follows:Current cost 6,924,645 12,422,438 6,924,645 12,422,438Contributions paid 3,424,645 3,022,438 3,424,645 3,022,438Expected average remaining life of employees (years) 16 16 16 16Medical cover is provided through a number of different schemes.Post-retirement medical cover in respect of qualifying employees is recognised as an expense over the expected remaining service lives of the relevantThese liabilities have been provided in full, calculated on an actuarial basis. The liabilities are unfunded. Periodic valuation of this obligation is carriedout by independent actuaries every two years, the latest one being 31 March 2007.annual report 200778
FINANCIAL STATEMENTS AND NOTES 2007NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 200722. ()GROUPMINTEK2007 2006 2007 2006R R R RMovement in the net-liability recognised in the balance sheetEmployer liability 2,935,000 2,529,000 2,935,000 2,529,000Movement in guaranteed liability – 400,000 – 400,000Actuarial (gain)/loss (2,035,000) 6,000 (2,035,000) 6,000Net-employer liability at end of year 900,000 2,935,000 900,000 2,935,000Current cost (2,035,000) 406,000 (2,035,000) 406,000At inception of the Fund a retirement reserve was allocated to certain members which will become payable at the time of the members death or withdrawal.The employer also funds a minimum guaranteed pension for members who entered the fund as at 1January 1995. Employer contributions are charged against income in the period in which they are incurred. Contributions so charged were as follows:GROUPMINTEK2007 2006 2007 2006R R R RMRF and MERF 8,267,727 8,814,634 8,267,727 8,814,634Employee contributions to the funds were as follows:MRF and MERF 4,400,771 4,863,246 4,400,771 4,863,2462007 2006 2007 2006Current service costs 6,924,645 12,422,438 12,668,498 13,677,880Interest obligation 3,278,855 3,692,544 – 400,000Actuarial loss/(gain) 3,645,790 8,729,894 (2,035,000) 6,000Total included in employee costs 13,849,290 24 844,876 10,633,498 14,073,88023. LONG-TERM CREDITORSFinance lease obligationAmoun 1,634,904 1,601,700 1,634,904 1,601,700 (283,126) (221,785) (283,126) (221,785)1,351,778 1,379,915 1,315,778 1,379,915Guarantee liabilityLong-term liability 432,171 825,624 – –Less: Current portion of long term liability (432,171) (412,812) – –– 412,812 – –1,351,778 1,792,727 1,351,778 1,379,91523.1 FINANCE LEASE OBLIGATIONCapitalised leased assetsPayable within one year 283,126 221,785 283,126 221,785Payable within 2-5 years 1,351,778 1,379,915 1,351,778 1,379,915Net-lease liability 1,634,904 1,601,700 1,634,904 1,601,700As of 31 March 2007 the aggregate amounts of minimum lease payments and the related imputed interest under capitalised lease contracts payableMinimum Interest Presentlease value of minimumpayments lease paymentsPayable in the years ended 31 March:2008 464,078 180,952 283,1262009 464,078 145,045 319,0332010 444,858 103,003 341,8552011 667,787 35,468 632,3192012 59,157 586 58,5712,099,958 465,054 1,634,90479annual report 2007
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MINTEKANNUALREPORT2007
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MINTEKANNUAL REPORT2007CONTENTSMint
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THE MINING VALUE CHAINTechnologies
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CHAIRMAN’S REVIEWI am pleased to
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Mr Harold Motaung, and new members
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CEO’S REPORTAs a result of the ph
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income grew frommillion in 2006/07,
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of the Mineral Development Branch a
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Organisational perspective Measure
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TECHNICAL REVIEWGOLD INDUSTRYAuTEK
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expected to be complete by the four
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of ore types and concentrate compos
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vast resources of iron, vanadium, a
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partitioned into several operating
Page 29 and 30: The recent interest shown in this t
Page 31 and 32: oute to remove the quartz and hemat
Page 33 and 34: COMMERCIALACTIVITIESMintek’s comm
Page 35 and 36: Heap leaching of nickel lateritesHe
Page 37 and 38: CAPITAL EQUIPMENTA 125 kilogram per
Page 39 and 40: MINERAL POLICYAND SUSTAINABLEDEVELO
Page 41 and 42: REACHAt the beginning of 2006, MESU
Page 43 and 44: KGABANE JEWELLERY INITIATIVEThe Kga
Page 45 and 46: PEOPLEHUMAN CAPITAL MANAGEMENTMinte
Page 47 and 48: management, relationships, and lega
Page 49 and 50: Science, engineering and technology
Page 51 and 52: Jourdan PP. Links with Domestic Ind
Page 53 and 54: ANNUALFINANCIAL STATEMENTSFOR THE Y
Page 55 and 56: INTERNAL CONTROLMintek maintains in
Page 57 and 58: AUDIT COMMITTEE REPORTThe Audit Com
Page 59 and 60: DIRECTORS’ REPORTThe directors ta
Page 61 and 62: REPORT OF THE AUDITOR-GENERALREPORT
Page 63 and 64: OTHER REPORTING RESPONSIBILITIESRep
Page 65 and 66: FINANCIAL STATEMENTS AND NOTES 2007
Page 79: FINANCIAL STATEMENTS AND NOTES 2007
Page 87 and 88: AfDB - African Development BankAMI
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