In applying IAS 28 Investments in Associates, management has assessed the level of influence that the group has and in particular have concluded that significant influence exists on its 10.26% (2022: 10.26%) effective interest in RBCT as a result of Exxaro's representation on the board of directors of RBCT.

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