XML 126 R38.htm IDEA: XBRL DOCUMENT v3.21.2
Related party transactions
 12 Months Ended
Jun. 30, 2021
Text block [abstract]  
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