9.2 Significant judgements and assumptions made by management in applying the related accounting policies

In applying IAS 28 Investments in Associates, management has assessed the level of influence that the group has. The following judgements have been applied in relation to the assessment of significant influence:

• RBCT: management concluded that significant influence exists on its 10.36% (2018: 10.82%) effective investment in RBCT as a result of Exxaro’s representation on the board of directors of RBCT
• Curapipe: management concluded that significant influence exists on its 15.00% (2018: 10.53%) investment in Curapipe as a result of Exxaro’s representation on the board of directors of Curapipe
• Tronox Holdings plc: management concluded that significant influence exists on its 10.38% investment in Tronox Holdings plc as a result of Exxaro’s right to have representation on the board of directors of Tronox Holdings plc. The investment has been classified as a non-current asset held-for-sale (refer note 8.4).

In applying IFRS 11 Joint Arrangements, management assessed the level of influence that the group has on its investments in joint arrangements and subsequently classified the investments in Cennergi and Mafube as joint ventures due to the fact that unanimous consent is required for board decisions.