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 10.26% (2019: 10.36%) effective interest in RBCT as a result of Exxaro's representation on the board of directors of RBCT
• Tronox Holdings plc: management concluded that significant influence exists on its 10.26% (2019: 10.38%) interest 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 investment in Mafube as a JV due to the fact that unanimous consent is required for board decisions.