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Property, plant and equipment | 12 Months Ended
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Jun. 30, 2024
Property, plant and equipment |
Property, plant and equipment |
16 | Property, plant and equipment
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  | ​ |  | Building |  | Plant, |  | ​ |  | Assets | ​ | ​ |
​ | ​ | ​ | ​ | ​ | and | ​ | equipment | ​ | Mineral | ​ | under | ​ | ​ | ​
​ | ​ | Land | ​ | improvements | ​ | and vehicles | ​ | assets | ​ | construction* | ​ | Total | ​
for the year ended 30 June | ​ | Rm | ​ | Rm | ​ | Rm | ​ | Rm | ​ | Rm |  | Rm | ​
Carrying amount at 30 June 2022 | ​ | ​ | 4 010 |  | 11 121 |  | 150 575 |  | 24 980 |  | 30 622 | ​ | 221 308 | ​
Cost |  | ​ | 4 357 |  | 21 466 |  | 356 420 |  | 49 388 |  | 30 622 | ​ | 462 253 | ​
Accumulated depreciation and impairment |  | ​ | (347) |  | (10 345) |  | (205 845) |  | (24 408) |  | — | ​ | (240 945) | ​
Additions |  | ​ | 89 |  | 32 |  | 807 |  | 62 |  | 29 953 | ​ | 30 943 | ​
to sustain existing operations |  | ​ | 89 |  | 32 |  | 732 |  | 62 |  | 23 549 | ​ | 24 464 | ​
to expand operations |  | ​ | — |  | — |  | 75 |  | — |  | 6 404 | ​ | 6 479 | ​
Reduction in rehabilitation provisions capitalised |  | ​ | — |  | — |  | (265) |  | (14) |  | (365) | ​ | (644) | ​
Finance costs capitalised | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 1 074 | ​ | 1 074 | ​
Assets capitalised or reclassified |  | ​ | (33) |  | 498 |  | 23 502 |  | 4 518 |  | (28 697) | ​ | (212) | ​
Reclassification to held for sale |  | ​ | (8) |  | (10) |  | (7) |  | — |  | — | ​ | (25) | ​
Translation of foreign operations |  | ​ | 577 |  | 1 298 |  | 18 817 |  | — |  | 534 | ​ | 21 226 | ​
Disposals and scrapping |  | ​ | (9) |  | (41) |  | (432) |  | (45) |  | (1 004) | ​ | (1 531) | ​
Current year depreciation charge |  | ​ | — |  | (556) |  | (10 631) |  | (2 633) |  | — | ​ | (13 820) | ​
Net impairment of property, plant and equipment (note 8) |  | ​ | (34) |  | (1 084) |  | (13 190) |  | (12 859) |  | (5 680) | ​ | (32 847) | ​
Carrying amount at 30 June 2023 |  | ​ | 4 592 |  | 11 258 |  | 169 176 |  | 14 009 |  | 26 437 | ​ | 225 472 | ​
Cost | ​ | ​ | 5 023 | ​ | 24 252 | ​ | 399 595 | ​ | 53 259 | ​ | 26 437 | ​ | 508 566 | ​
Accumulated depreciation and impairment | ​ | ​ | (431) | ​ | (12 994) | ​ | (230 419) | ​ | (39 250) | ​ | — | ​ | (283 094) | ​
Additions | ​ | ​ | — | ​ | 14 | ​ | 683 | ​ | 354 | ​ | 29 514 | ​ | 30 565 | ​
to sustain existing operations | ​ | ​ | — | ​ | 14 | ​ | 676 | ​ | 250 | ​ | 23 245 | ​ | 24 185 | ​
to expand operations | ​ | ​ | — | ​ | — | ​ | 7 | ​ | 104 | ​ | 6 269 | ​ | 6 380 | ​
Reduction in rehabilitation provisions capitalised (note 29) | ​ | ​ | — | ​ | — | ​ | (47) | ​ | (493) | ​ | (189) | ​ | (729) | ​
Finance costs capitalised | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 1 644 | ​ | 1 644 | ​
Assets capitalised or reclassified | ​ | ​ | — | ​ | 744 | ​ | 13 367 | ​ | 3 541 | ​ | (17 997) | ​ | (345) | ​
Reclassification (to)/from held for sale | ​ | ​ | (6) | ​ | — | ​ | 119 | ​ | — | ​ | 9 | ​ | 122 | ​
Translation of foreign operations | ​ | ​ | (148) | ​ | (341) | ​ | (4 768) | ​ | — | ​ | (171) | ​ | (5 428) | ​
Disposals and scrapping | ​ | ​ | (3) | ​ | (31) | ​ | (349) | ​ | (6) | ​ | (493) | ​ | (882) | ​
Current year depreciation charge | ​ | ​ | — | ​ | (531) | ​ | (10 391) | ​ | (1 945) | ​ | — | ​ | (12 867) | ​
Net impairment of property, plant and equipment (note 8) | ​ | ​ | (196) | ​ | (237) | ​ | (67 450) | ​ | (1 024) | ​ | (5 056) | ​ | (73 963) | ​
Carrying amount at 30 June 2024 | ​ | ​ | 4 239 | ​ | 10 876 | ​ | 100 340 | ​ | 14 436 | ​ | 33 698 | ​ | 163 589 | ​
Cost |  | ​ | 4 849 |  | 24 248 |  | 398 678 |  | 56 164 |  | 33 698 | ​ | 517 637 | ​
Accumulated depreciation and impairment |  | ​ | (610) |  | (13 372) |  | (298 338) |  | (41 728) |  | — | ​ | (354 048) | ​
*Includes intangible assets under construction. ​ 16 Property, plant and equipment continued ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 | ​
for the year ended 30 June | ​ | Rm | ​ | Rm | ​ | Rm |
Additions to property, plant and equipment (cash flow) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current year additions | ​ | 30 565 |  | 30 943 |  | 22 613 | ​
Adjustments for non-cash items | ​ | (491) |  | (217) |  | (20) | ​
movement in environmental provisions capitalised | ​ | (473) |  | (50) |  | (20) | ​
reduction in Area A5-A receivable | ​ | (18) | ​ | (167) | ​ | — | ​
Per the statement of cash flows | ​ | 30 074 |  | 30 726 |  | 22 593 | ​
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |
for the year ended 30 June | ​ | Rm | ​ | Rm | ​
Capital commitments (excluding equity accounted investments) | ​ | ​ | ​ | ​ | ​
Capital commitments, excluding capitalised interest, include all projects for which specific Board approval has been obtained. Projects still under investigation for which specific Board approvals have not yet been obtained are excluded from the following: |  |  |  |  |
Authorised and contracted for |  | 50 551 |  | 47 596 |
Authorised but not yet contracted for |  | 26 897 |  | 34 246 |
Less expenditure to the end of year |  | (42 057) |  | (34 277) |
​ |  | 35 391 |  | 47 565 | ​
​ | ​ | ​ | ​ | ​ | ​
to sustain existing operations |  | 29 988 |  | 35 749 |
to expand operations |  | 5 403 |  | 11 816 |
Estimated expenditure |  |  |  |  |
Within one year |  | 24 796 |  | 30 941 |
One to five years |  | 10 595 |  | 16 624 |
​ |  | 35 391 |  | 47 565 | ​
​ Significant capital commitments and expenditure at 30 June comprise mainly of:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Capital commitments | ​ | Capital expenditure
​ |  | ​ |  | ​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Project | ​ | Project location | ​ | Business segment | ​ | Rm | ​ | Rm | ​ | Rm | ​ | Rm
Projects to sustain operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Shutdown and major statutory maintenance | ​ | Various | ​ | Various | ​ | 9 362 | ​ | 8 875 | ​ | 7 239 | ​ | 7 785
Environmental projects | ​ | Various |  | Various |  | 5 102 | ​ | 6 497 |  | 3 143 | ​ | 2 295
Emission reduction roadmap |  | Various |  | Various |  | 66 | ​ | 66 |  | 3 | ​ | —
Clean fuels II |  | Various |  | Fuels |  | 1 960 | ​ | 3 134 |  | 1 495 | ​ | 1 284
Projects to expand operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mozambique exploration and development |  | Mozambique |  | Gas |  | 3 422 | ​ | 10 544 |  | 6 475 | ​ | 5 465
​ Areas of judgement: The depreciation methods, estimated remaining useful lives and residual values are reviewed at least annually. The estimation of the useful lives of property, plant and equipment is based on historic performance as well as expectations about future use and the impact of climate change and therefore requires a significant degree of judgement to be applied by management. The remaining useful lives of property, plant and equipment have been reassessed considering the Group’s targeted reduction in GHG emissions and remain appropriate. 16 Property, plant and equipment continued The following depreciation rates apply in the Group: ​
​ | ​ | ​ | ​
​ |  |  |
Buildings and improvements | ​ | 1 - 17%, units of production over life of related reserve base |
Retail convenience centres (included in buildings and improvements) | ​ | 3 – 5 | %
Plant | ​ | 2 – 50 | %
Equipment |  | 3 – 91 | %
Vehicles |  | 5 – 33 | %
Mineral assets |  | Units of production over life of related reserve base | ​
Life-of-mine coal assets (included in mineral assets) |  | Units of production over life of related reserve base | ​
​ Accounting policies: Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Land is not depreciated. When plant and equipment comprises major components with different useful lives, these components are accounted for as separate items. Depreciation of mineral assets on producing oil and gas properties is based on the units-of-production method calculated using estimated proved developed reserves. Life-of-mine coal assets are depreciated using the units-of-production method and is based on proved and probable reserves assigned to that specific mine (accessible reserves) or complex which benefits from the utilisation of those assets. Other coal mining assets are depreciated on the straight-line method over their estimated useful lives. Depreciation of property acquisition costs, capitalised as part of mineral assets in property, plant and equipment, is based on the units-of-production method calculated using estimated proved reserves. Property, plant and equipment, other than mineral assets, is depreciated to its estimated residual value on a straight-line basis over its expected useful life. Assets under construction Assets under construction include land and expenditure capitalised for work in progress in respect of activities to develop, expand or enhance items of property, plant and equipment. The cost of self-constructed assets includes expenditure on materials, direct labour and an allocated proportion of project overheads. Cost also includes the estimated costs of dismantling and removing the assets and site rehabilitation costs to the extent that they relate to the construction of the asset as well as gains or losses on qualifying cash flow hedges attributable to that asset. When regular major inspections are a condition of continuing to operate an item of property, plant and equipment, and plant shutdown costs will be incurred, an estimate of these shutdown costs are included in the carrying value of the asset at initial recognition. Land acquired, as well as costs capitalised for work in progress in respect of activities to develop, expand or enhance items of property, plant and equipment are classified as part of assets under construction. Finance expenses in respect of specific and general borrowings are capitalised against qualifying assets as part of assets under construction. Where funds are borrowed specifically for the purpose of acquiring or constructing a qualifying asset, the amount of finance expenses eligible for capitalisation on that asset is the actual finance expenses incurred on the borrowing during the period less any investment income on the temporary investment of those borrowings. Where funds are made available from general borrowings and used for the purpose of acquiring or constructing qualifying assets, the amount of finance expenses eligible for capitalisation is determined by applying a capitalisation rate to the expenditures on these assets. The capitalisation rate of 7,3% (2023 - 6,7%) is calculated as the weighted average of the interest rates applicable to the borrowings of the Group that are outstanding during the period, including borrowings made specifically for the purpose of obtaining qualifying assets once the specific qualifying asset is ready for its intended use. The amount of finance expenses capitalised will not exceed the amount of borrowing costs incurred.

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