| Notes to consolidated financial statements l Note 33 |
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33 |
RELATED-PARTY TRANSACTIONS
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Transactions with related parties are concluded at arm's length and under similar terms and conditions to third parties.
The following entities were identified as related parties to the group: |
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African Mining and Trust Company Limited (AMT) |
Subsidiary company |
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African Rainbow Minerals (ARM) |
Joint-venture partner |
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Assmang Limited (Assmang) |
Joint-venture entity |
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Dakot Wear Ceramic Proprietary Limited (Dakot) 40% |
Associate |
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Dwarsrivier Chrome Mine Proprietary Limited (DCM) |
Subsidiary company |
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IronRidge Resources (IronRidge) 29,64% (2016: 29,90%) |
Associate |
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Minerais U.S. LLC (shareholding: 51% (2016: 51%) (Minerais)) |
Subsidiary company |
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Ore & Metal Company Limited (Ore & Metal) |
Subsidiary company |
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Oresteel Investments Proprietary Limited (Oresteel) |
Ultimate holding company |
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Rustenburg Minerals Development Company Proprietary Limited (shareholding: 56% (2016: 56%) (Rustenburg Minerals) |
Subsidiary company |
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Sumitomo Corporation (Sumitomo) |
Investor in ultimate holding company |
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33.1 |
Details of transactions with related parties |
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The following significant related-party transactions occurred during the year: |
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AMT |
Commissions received from Assmang |
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427 189 |
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Management fees received from Dwarsrivier |
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6 915 |
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Minerais U.S. LLC |
Commissions received from Assmang |
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20 720 |
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Ore & Metal |
Commissions received from Assmang |
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467 717 |
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Commissions received from Dwarsrivier |
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114 371 |
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Sumitomo |
Commissions paid by Ore & Metal |
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204 794 |
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Key management personnel |
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– holding company |
Directors' fees |
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2 365 |
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– subsidiary companies |
Remuneration (including executive directors) |
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191 343 |
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Post–employment benefits |
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12 173 |
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Amounts payable to/receivable from related parties at end of the year |
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ARM |
Amounts receivable from Ore & Metal |
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2 245 |
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AMT |
Amounts receivable from Ore & Metal |
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462 033 |
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Dwarsrivier |
Amounts receivable from Ore & Metal |
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11 443 |
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Minerais U.S. LLC |
Amounts payable to Ore & Metal |
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99 433 |
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Ore & Metal |
Amounts payable to Assmang |
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671 737 |
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Sumitomo |
Amounts receivable from Ore & Metal |
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13 159 |
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33.2 |
Subsidiary with a material non-controlling interest
Rustenburg Minerals Development Company Proprietary Limited (Rustenburg Minerals), the principal business of which is the mining and beneficiation of chrome ores in the vicinity of Rustenburg, is a subsidiary of AMT. The group holds a 56% (2016: 56%) interest in Rustenburg Minerals. |
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Abridged income statement of Rustenburg Minerals |
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Turnover |
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108 349 |
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Total comprehensive income/(loss) (group interest therein 56% (2016: 56%)) |
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45 040 |
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Abridged statement of financial position of Rustenburg Minerals |
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Current assets |
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Inventories |
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98 |
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Trade and other receivables |
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3 133 |
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Cash resources |
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538 |
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3 769 |
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Total liabilities |
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Long-term provisions |
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11 925 |
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Loans from group companies |
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156 698 |
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Current liabilities |
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Short-term provisions |
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6 553 |
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Trade and other payables |
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14 518 |
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189 694 |
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Net liabilities |
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(185 925) |
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Proportion of the group's ownership (%) |
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56,0 |
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Accumulated non-controlling interest (at 44%) |
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(81 807) |
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| 33.3 |
Disposal of subsidiary |
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The group disposed of its 51% interest held in Icermax Proprietary Limited on 29 February 2016 (effective date), due to ongoing losses incurred on this investment. |
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The following assets and liabilities were disposed of as part of the above transaction: |
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Property, plant and equipment |
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Inventories |
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Trade and other receivables |
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Cash resources |
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Loans from group companies |
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Short-term provisions |
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Trade and other payables |
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Net liabilities disposed of |
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49% non-controlling shareholder's interest disposed of |
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Relief realised on disposal of subsidiary |
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| Notes to consolidated financial statements l Note 33 |
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