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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$100 million (2015: US$100 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 0,40% (2015: 0,11%). The overdraft is guaranteed by the holding company. |
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