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Related party transactions | 12 Months Ended
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Jun. 30, 2021
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Related party transactions | 33 Related party transactions The Group’s related parties are predominantly subsidiaries, associates and joint ventures, and key management personnel of the Group. Disclosures relating to key management personnel are set out in note 24 ‘Key management personnel’. Transactions between each parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note.
• |  | All transactions to/ from related parties are made at arm’s length, i.e. at normal market prices and rates and on normal commercial terms.
• |  | Outstanding balances at year-end are unsecured and settlement occurs in cash. Loan amounts owing from related parties represent secured loans made to associates and joint ventures under co-funding arrangements. Such loans are made on an arm’s length basis.
• |  | No guarantees are provided or received for any related party receivables or payables.
• |  | No provision for expected credit losses has been recognised in relation to any outstanding balances and no expense has been recognised in respect of expected credit losses due from related parties.
• |  | There were no other related party transactions in the year ended 30 June 2021 (2020: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 27 ‘Pension and other post-retirement obligations’.
• |  | Related party transactions with Samarco are described in note 4 ‘Significant events – Samarco dam failure’.
Further disclosures related to related party transactions are as follows: Transactions with related parties
|  | Joint ventures |  |  | Associates |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |
Sales of goods/services |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Purchases of goods/services |  |  | – |  |  |  | – |  |  |  | 1,564.073 |  |  |  | 967.276 |
Interest income |  |  | – |  |  |  | – |  |  |  | 2.241 |  |  |  | 2.370 |
Interest expense |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |
Dividends received |  |  | – |  |  |  | – |  |  |  | 737.250 |  |  |  | 126.187 |
Net loans (repayments from)/made to related parties |  |  | – |  |  |  | – |  |  |  | (12.108 | ) |  |  | 12.273 |
Outstanding balances with related parties
|  | Joint ventures |  |  | Associates |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | US$M |  |  | US$M |  |  | US$M |  |  | US$M |
Trade amounts owing to related parties |  |  | – |  |  |  | – |  |  |  | 316.269 |  |  |  | 69.490 |
Loan amounts owing to related parties |  |  | – |  |  |  | – |  |  |  | 17.097 |  |  |  | 5.097 |
Trade amounts owing from related parties |  |  | – |  |  |  | – |  |  |  | 0.004 |  |  |  | 0.473 |
Loan amounts owing from related parties |  |  | – |  |  |  | – |  |  |  | 40.651 |  |  |  | 40.759 |

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- Definition The entire disclosure for related parties. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 24 -IssueDate 2020-01-01 -Section Disclosures -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=24&code=ifrs-tx-2020-en-r&doctype=Standard&dita_xref=IAS24_g13-24_TI -URIDate 2020-01-01 + Details
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