32. |
Related-party transactions |
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| Transactions with related parties are concluded at arm’s length and under terms and conditions that are no less favourable than those arranged with third parties. | |||||||||
| The following significant related party transactions occurred during the year: | |||||||||
| 2011 | 2010 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| R’000 | R’000 | ||||||||
| Joint venture partner | |||||||||
| African Rainbow Minerals Limited | |||||||||
| – commissions paid by subsidiary company | 85 568 | 73 139 | |||||||
| Joint venture company | |||||||||
| Assmang Limited (refer note 30) | |||||||||
| – gross commissions received | 313 370 | 439 907 | |||||||
| – amounts payable to related parties at year-end | 87 029 | 61 088 | |||||||
| – amounts receivable from related parties at year-end | 23 391 | 42 347 | |||||||
| Refer note 30 for details of the joint-venture entity | |||||||||
| Subsidiary companies | |||||||||
| Remuneration of key management personnel of the group | 128 731 | 107 147 | |||||||
| Foreign subsidiary | |||||||||
| Minerais U.S. LLC | |||||||||
| – commissions received | 20 831 | 17 683 | |||||||
| – amounts receivable from related parties at year-end | 33 679 | 46 359 | |||||||
The group holds a 51% share in Minerais U.S. LLC (Minerais) which is a limited liability company registered in the state of New Jersey in the United States of America (USA). Minerais is responsible for marketing and sales administration of the group’s products in the USA, and trades in various commodities related to the steelmaking industry. Refer note 29 for details of security and guarantees provided on behalf of related parties. |
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