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Note 22 - Eersteling | 12 Months Ended
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Dec. 31, 2019
Statement Line Items [Line Items] |
Disclosure of non-current assets or disposal groups classified as held for sale [text block] |
22 | Eersteling
22.1 | Sale of subsidiary
On May 31, 2018 the Group entered into an amended share sale agreement with SH Mineral Investments Proprietary Limited (“SH Minerals”) to sell the shares and claims of Eersteling Gold Mining Company Limited (“Eersteling”), a South African subsidiary previously consolidated as part of the Group, that has been on care and maintenance since 1997. The amended share sale agreement allowed for a purchase price of $3 million which would be settled by three payments of $1 million payable on the completion date, 12 and 18 months after the completion date. On January 31, 2019 all suspensive conditions for the sale were met and the Group transferred the registered and beneficial ownership of Eersteling to SH Minerals. During 2019, $1 million was received and $901 was received post year end as payment towards the purchase price. Details of the disposal are as follows:
Carrying amounts of net assets over which control was lost: |  | 2019 |
Non-current assets |  |  |  |
Property, plant and equipment |  |  | 227 |
Current assets |  |  |  |
Trade and other receivables |  |  | 84 |
Total assets |  |  | 311 |
Non-current liabilities |  |  |  |
Rehabilitation provision |  |  | 650 |
Current liabilities |  |  |  |
Trade and other payables |  |  | 8 |
Total liabilities |  |  | 658 |
Consideration receivable: |  |  |  |
Cash received |  |  | 1,000 |
Deferred consideration (at January 31, 2019) |  |  | 1,953 |
Total consideration |  |  | 2,953 |
Profit on sale of subsidiary: |  |  |  |
Net liabilities derecognised |  |  | 347 |
Cumulative exchange differences in respect of the net liabilities of the subsidiary reclassified from equity on loss of control of subsidiary |  |  | 2,109 |
Fair value of consideration receivable (at January 31, 2019) |  |  | 2,953 |
Profit on sale of subsidiary |  |  | 5,409 |
At the date of approval of these financial statements $1,000 remained outstanding from SH Minerals and is expected to be received in July of 2020 and a further $99 remains outstanding from SH Minerals from the amount payable in January 2020 and is expected to be received shortly.
22.2 | Disposal group held for sale
As at December 31, 2018, management concluded that the Eersteling disposal group will be recovered principally through a sale transaction rather than through continuing use and that the sale of Eersteling had become highly probable as one of the two suspensive conditions in the new share sale agreement had been met. As at December 31, 2018 the disposal group held for sale was stated at its carrying amount.
|  | 2019 |  |  | 2018 |
Non-current assets |  |  |  |  |  |  |  |
Property, plant, and equipment |  |  | - |  |  |  | 214 |
Current assets |  |  |  |  |  |  |  |
Trade and other receivables |  |  | - |  |  |  | 80 |
Cash and cash equivalents |  |  | - |  |  |  | 2 |
Assets held for sale |  |  | - |  |  |  | 296 |
Non-current liabilities |  |  |  |  |  |  |  |
Rehabilitation provision |  |  | - |  |  |  | 602 |
Current liabilities |  |  |  |  |  |  |  |
Trade and other payables |  |  | - |  |  |  | 7 |
Liabilities associated with assets held for sale |  |  | - |  |  |  | 609 |

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- Definition The disclosure of non-current assets or disposal groups classified as held for sale. [Refer: Non-current assets or disposal groups classified as held for sale] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2019-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_10_e&doctype=Standard -URIDate 2019-03-27 + Details
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