34	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:
				2016	2015
				R’000	R’000
	African Mining and Trust Company Limited (AMT)		Subsidiary company
	African Rainbow Minerals (ARM)		Joint-venture partner
	Assmang Limited (Assmang)		Joint-venture entity
	IronRidge Resources (IronRidge)		Associate
	Minerais U.S. LLC (shareholding: 51% (2015: 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% (2015: 56%) (Rustenburg Minerals))		Subsidiary company
	Sumitomo Corporation (Sumitomo)		Investor in ultimate holding company
34.1	Details of transactions with related parties
	The following significant related-party transactions occurred during the year:
	AMT		Commissions received from Assmang	299 675	291 573
	Minerais U.S. LLC		Commissions received from Assmang	17 675	32 117
	Ore & Metal		Commissions received from Assmang	374 087	351 869
	Sumitomo		Commissions paid by Ore & Metal	172 108	225 498
	Key management personnel	– holding company	Directors’ fees	2 341	1 938
		– subsidiary companies	Remuneration (including executive directors)	129 600	132 598
			Post-employment benefits	9 941	8 932
	Amounts payable to/receivable from related parties at end of the year
	ARM		Amounts receivable from Ore & Metal	3 670	13 556
	AMT		Amounts receivable from Ore & Metal	319 761	212 311
	Minerais		Amounts payable to Ore & Metal	27 073	14 402
	Ore & Metal		Amounts payable to Assmang	537 749	99 844
	Sumitomo		Amounts receivable from Ore & Metal	178 006	125 419
34.2	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% (2015: 56%) interest in Rustenburg Minerals.
				2016	2015
				R’000	R’000
	Abridged income statement of Rustenburg Minerals
	Turnover			173 413	158 689
	Loss before taxation			(114 156)	(363 942)
	Taxation			–	42 989
	Total comprehensive loss (group interest therein 56% (2015: 56%))			(114 156)	(320 953)
	Abridged statement of financial position of Rustenburg Minerals
	Non-current assets			–	39 777
	Current assets
	Inventories			18 739	13 879
	Trade and other receivables			12 251	6 770
	Cash resources			456	791
				31 446	61 217
	Total liabilities
	Non-current liabilities
	Long-term provisions			14 436	18 072
	Loans from group companies			178 590	129 792
	Current liabilities
	Short-term provisions			7 280	7 680
	Trade and other payables			62 107	22 483
				262 413	178 027
	Net (liabilities)/assets			(230 967)	(116 810)
	Proportion of the group’s ownership (%)			56,0	56,0
	Accumulated non-controlling interest (at 44%)			(101 625)	(51 396)
34.3	Disposal of subsidiary
	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.
	The following assets and liabilities were disposed of as part of the above transaction:
	Property, plant and equipment			744
	Inventories			4 362
	Trade and other receivables			112
	Cash resources			47
	Loans from group companies			(21 382)
	Short-term provisions			(201)
	Trade and other payables			(492)
	Net liabilities disposed of			(16 810)
	49% non-controlling shareholder’s interest disposed of			8 232
	Relief realised on disposal of subsidiary			(8 578)