| 2018 R'000 |
2017 R’000 |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| 19 | OVERDRAFTS | ||||||||
| Owing at end of year | 584 472 | 579 719 | |||||||
| Foreign subsidiary, Minerais U.S. LLC, maintains a US dollar denominated overdraft facility with a South African bank which provides it with the ability to borrow up to an aggregate of US$97,5 million (2017: US$97,5 million) to finance inventory and trade receivables all of which are insured against default. The facility is available on demand and has no expiry date. Interest on the facility accrues at a variable rate of 0,75% above LIBOR which at year-end was 1,93% (2017: 0,42%). The overdraft is guaranteed by the holding company. |