ECIC AR 2024 9TH

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1

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Integrated Report 2024

E X P O R T C R E

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Outlook The Board and management continue to run the Corporation in a self-sustainable basis. The current projections showcases that the Corporation has now turned the corner with profits expected in the coming years. Furthermore, it is expected that the approval to provide EURO insurance cover as received in May 2024 will result in additional business.

The outflow from operating activities are mainly due to: • 2023: payment of the claim for the mining project in Lesotho which experienced challenges in respect of the low quality of the diamonds mined and low quantity of the reserves. These were exacerbated by COVID-19 resulting into unsustainable low market price • 2024: payment of claims for the projects in Ghana as a result of the Government of Ghana defaulting on its obligations. This was coupled with additional tax payments of R401 million as a result of the transition to IFRS 17. The Corporation had built enough reserves over the years to withstand the significant claims paid.

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