33 RELATED-PARTY TRANSACTIONS
 

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:

African Mining and Trust Company Limited (AMT) Subsidiary company
African Rainbow Minerals (ARM) Joint-venture partner
Assmang Limited (Assmang) Joint-venture entity
Assore Employee Trust (AET) Empowerment entity
Boleng Trust (Boleng) Empowerment entity
Ceramox Proprietary Limited (Ceramox) Subsidiary company
Dakot Wear Ceramic Proprietary Limited (Dakot) 40% Associate
Dwarsrivier Chrome Mine Proprietary Limited (Dwarsrivier) Subsidiary company
ERF Parkview Extension 1 Proprietary Limited (Parkview) Subsidiary company
Erven 27 & 28 Proprietary Limited (Erven 27 & 28) Subsidiary company
Erven 40 & 41 Proprietary Limited (Erven 40 & 41) Subsidiary company
Fricker Road Trust (Fricker) Empowerment entity
General Nominees Proprietary Limited (General Nominees) Subsidiary company
Group Line Projects Proprietary Limited (GroupLine) Subsidiary company
IronRidge Resources (IronRidge) 28.91% (2017: 29.90%) Associate
Krantzberg Mines Proprietary Limited Subsidiary company
Main Street 350 Proprietary Limited (Main Street 350) Empowerment entity
Main Street 460 Proprietary Limited (Main Street 460) Empowerment entity
Main Street 904 Proprietary Limited (Main Street 904) Empowerment entity
Minerais Holdings Proprietary Limited (Minerais Holdings) Subsidiary company
Minerais U.S. LLC (shareholding: 51% (2017: 51%) (Minerais)) Subsidiary company
Ore & Metal Company Limited (Ore & Metal) Subsidiary company
Oresteel Investments Proprietary Limited (Oresteel) Ultimate holding company
Rustenburg Minerals Development Company Proprietary Limited (shareholding: 56% (2017: 56%) (Rustenburg Minerals)) Subsidiary company
Sumitomo Corporation (Sumitomo) Investor in ultimate holding company
Wonderstone Limited (Wonderstone) Subsidiary company
Wonderstone 1937 Limited (Wonderstone 1937) Subsidiary company
Xertech Proprietary Limited (Xertech) Subsidiary company
Zeerust Chrome Mines Proprietary Limited (Zeerust) Subsidiary company
33.1 Details of transactions with related parties
  The following significant related-party transactions occurred during the year:
 
        2018
R’000		       2017
R’000		  
AMT Commissions received from Assmang     433 140       427 189  
  Management fees received from Dwarsrivier     18 000       6 540  
Management fee received from fellow subsidiaries     375       375  
Assore Employee Trust Dividend received from Main Street 904     33 400       20 411  
Boleng Trust Trickle dividend received from Main Street 350     6 095       2 500  
  Dividend received from Fricker Road trust     20 000       8 000  
Fricker Road Trust Dividend received from Main Street 904     34 183       21 823  
Main Street 350 Dividend received from Assore Limited     82 234       50 254  
  Dividend received from Main Street 460     276 606       169 037  
Main Street 460 Dividend received from Assore Limited     276 606       169 037  
Main Street 904 Dividend received from Assore Limited     296 360       181 109  
Minerais U.S. LLC Commissions received from Assmang     22 401       20 720  
Minerais Holdings Dividend received from Minerais U.S. LLC     54 300       5 810  
Ore & Metal Commissions received from Assmang     491 016       467 717  
  Commissions received from Dwarsrivier     135 415       114 371  
  Dividend received from Minerais Holdings     39 900       5 810  
Sumitomo Commissions paid by Ore & Metal     204 412       204 794  
Key management personnel       2 724       2 365  
– holding company Directors' fees                
– subsidiary companies Remuneration (including executive directors)     178 694       191 343  
  Post-employment benefits     12 914       12 173  
Amounts payable to/receivable from related parties at end of the year                  
ARM Amounts receivable from Ore & Metal     12 517       2 245  
AMT Amounts receivable from Ore & Metal     196 555       462 033  
Dwarsrivier Amounts receivable from Ore & Metal     695       11 443  
Main Street 904 Preference dividend payable to Assore     642 288       606 850  
Minerais U.S. LLC Amounts payable to Ore & Metal     115 959       99 433  
Ore & Metal Amounts payable to Assmang     537 132       671 737  
Sumitomo Amounts receivable from Ore & Metal     18 576       13 159  
33.2.1 Subsidiary with a material non-controlling interest
 
        2018
R’000		       2017
R’000		  
Minerais U.S. LLC (Minerais) a limited liability company registered in the state of New Jersey in the United States and Canada. Minerais is responsible for the marketing and sales administration of the group’s products in these countries. The group holds a 51% (2017: 51%) interest in Minerais.                  
Abridged income statement of Minerais U.S. LLC                  
Turnover       2 400 838       2 343 631  
Total comprehensive (loss)/profit (group interest therein 51% (2017: 51%))       62 120       101 315  
Abridged statement of financial position of Minerais U.S. LLC                  
Non-current assets       2 220       1 249  
Current assets                  
Inventories       738 902       682 988  
Trade and other receivables       508 698       334 167  
Cash resources       11 990       15 593  
Total assets       1 261 810       1 033 997  
Current liabilities                  
Trade and other payables       485 875       276 682  
Ore and Metal Agency balance       115 988       99 433  
Overdrafts       584 472       579 719  
Total liabilities       1 186 336       955 834  
Net assets       75 474       78 163  
Proportion of the group's ownership (%)       51,0       51,0  
Accumulated non-controlling interest (at 49%)       40 337       38 300  
33.2.2 Subsidiary with a material non-controlling interest
 

Rustenburg Minerals Development Company Proprietary Limited (Rustenburg Minerals), the principal business of which is the mining of chrome ores in the vicinity of Rustenburg, is a subsidiary of AMT. The group holds a 56% (2017: 56%) interest in Rustenburg Minerals.

      2018
R’000		       2017
R’000		  
Abridged income statement of Rustenburg Minerals                
Turnover     –       108 349  
Total comprehensive profit (group interest therein 56% (2017: 56%)     (9 116)       45 040  
Abridged statement of financial position of Minerais                
Current assets                
Inventories     545       98  
Trade and other receivables     259       3 133  
Cash resources     273       538  
Total assets     1 077       3 769  
Long-term provisions     9 950       11 925  
Share-based payment liability     2 907       –  
Loans from group companies     181 456       156 698  
Current liabilities                
Short-term provisions     250       6 553  
Trade and other payables     4 293       14 518  
Total liabilities     198 856       189 694  
Net liabilities     (197 779)       (185 925)  
Proportion of group's ownership (%)     56,0       56,0  
Accumulated non-controlling interest (at 44%)     (87 023)       (81 807)