Investment property consists of Land, portion 108 (a portion of portion 27) of the farm Weltevreden 202 Roodepoort, South Africa.

The Company has elected the fair value model in terms of IAS 40 (Investment Property).

The valuation was obtained by an independent valuer, J van der Hoven, a property practitioner from ARC Properties. J van der Hoven obtained his Post-Graduate Masters Degree in Architecture (recognised by RIBA and ARB) and has more than 9 years’ experience as a property practitioner.

An independent valuation of the Group’s investment property was performed by valuers to determine the fair value thereof as at 30 June 2016 and 2015. Refer to note 9.10 for further detail on the valuation process of the investment property.

The fair value of investment property was determined based on current prices in an active market for similar property in the same location and condition taking into consideration the current pressures on the property market, the valuers have retained the fair values at R15 000 000 as at 30 June 2016.