34 |
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 and the following entities were identified as related parties to the group: |
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2015 |
2014 |
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R’000 |
R’000 |
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African Mining and Trust Company Limited (AMT) |
Subsidiary company |
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African Rainbow Minerals Limited (ARM) |
Joint-venture partner |
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Assmang Proprietary Limited (Assmang) |
Joint-venture entity |
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IronRidge Resources Limited (IronRidge) |
Associate |
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Minerais U.S. LLC (shareholding: 51% (2014: 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 |
Subsidiary company |
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Proprietary Limited (shareholding: 56% (2014: 56%)(Rustenburg Minerals)) |
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Sumitomo Corporation (Sumitomo) |
Investor in ultimate holding company |
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34.1 |
Details of transactions with related parties |
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Significant related-party transactions occurred during the year: |
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AMT |
Commissions received from Assmang |
291 573 |
430 092 |
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Management fees paid by Assmang |
220 613 |
290 197 |
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Minerais U.S. LLC |
Commissions received from Assmang |
32 117 |
33 010 |
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Ore & Metal |
Commissions received from Assmang |
351 869 |
495 968 |
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Sumitomo |
Commissions paid by Ore & Metal |
225 498 |
336 270 |
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Key management personnel |
– holding company |
Directors’ fees |
1 938 |
1 440 |
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– subsidiary companies |
Remuneration (including executive
directors) |
132 598 |
135 443 |
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Post-employment benefits |
8 932 |
10 843 |
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Amount payable to/receivable from related parties at end of year |
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ARM |
Amounts receivable from Ore & Metal |
13 556 |
1 614 |
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Assmang |
Amounts receivable from Ore & Metal |
212 311 |
168 338 |
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Minerais |
Amounts receivable from Ore & Metal |
14 402 |
70 279 |
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Ore & Metal |
Amounts payable to Assmang |
99 844 |
183 913 |
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Sumitomo |
Amounts payable to Ore & Metal |
125 419 |
155 495 |
| 34.2 |
Subsidiary with a material non-controlling interest |
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Rustenburg Mineral Development Company Proprietary Limited (Rustenburg Minerals), the principal business of which is mining and beneficiation of chrome ores in the vicinity of Rustenburg (refer
here) is a subsidiary of AMT. The group holds a 56% (2014: 56%) interest in Rustenburg Minerals. |
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2015 |
2014 |
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R’000 |
R’000 |
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Abridged income statement of Rustenburg Minerals |
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Turnover |
158 689 |
215 362 |
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(Loss)/profit before taxation
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(363 942) |
9 027 |
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Taxation |
42 989 |
4 967 |
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Total comprehensive (loss)/income (group interest therein 56% (2014: 56%))
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(320 953) |
13 994 |
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Abridged statement of financial position of Rustenburg Minerals Total assets |
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Non-current assets
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39 777 |
325 908 |
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Current assets
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Inventories |
13 879 |
11 822 |
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Trade and other receivables
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6 770 |
15 833 |
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Cash resources |
791 |
4 330 |
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61 217 |
357 893 |
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Total liabilities |
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Non-current liabilities |
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Deferred taxation |
– |
42 989 |
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Long-term provisions |
18 072 |
12 713 |
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Loans from group companies |
129 792 |
56 818 |
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Current liabilities |
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Short-term provisions |
7 680 |
24 530 |
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Trade and other payables |
22 483 |
16 699 |
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178 027 |
153 749 |
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Net (liabilities)/assets |
(116 810) |
204 144 |
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Proportion of the group’s ownership (%) |
56,0 |
56,0 |
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Accumulated non-controlling interest (at 44,0%) |
(51 396) |
89 823 |
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