INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of income tax [Abstract]

Disclosure of detailed information about adjustments for income tax expense [Text Block]

The corporate taxation rates payable by the South African entities in terms of the tax law in South Africa is 28% (2020 and 2019: 28%).

	2021			2020			2019
	US$’000			US$’000			US$’000
Current tax
In respect of the current year		513			181			(413	)
Withholdings tax		48			10			-
In respect of prior years		(132	)		-			8
		429			191			(405	)
Deferred tax
In respect of the current year		(547	)		(2	)		3
In respect of prior years		-			-			2
		(547	)		(2	)		5
Income tax (benefit) expense		(118	)		189			(400	)

Disclosure of detailed information about income tax reconciliation [Text Block]

The total charge for the year can be reconciled to the accounting loss as follows:

	2021			2020			2019
	US$’000			US$’000			US$’000
Profit (loss) before tax		132,529			(34,788	)		(27,485	)
Income tax benefit calculated at corporate rate		22,530			(5,914	)		(4,672	)
Adjusted for:
Effect of income that is exempted from tax		(27,890	)		(2,967	)		(2,225	)
Effect of expenses that are not deductible in determining taxable profit		6,204			9,905			7,623
Effect of different tax rates of subsidiaries operating in other jurisdictions		(878	)		(849	)		(1,134	)
Effect of tax losses disallowed to be brought forward		-			4			-
(Over)under provision of tax in prior year		(132	)		-			8
Withholding tax		48			10			-
		(118	)		189			(400	)