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Related party transactions
 12 Months Ended
Jun. 30, 2022
Text block [abstract]  
Related party transactions
31    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 2022 (2021: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 26 ‘Employee benefits, restructuring and post-retirement employee benefits provisions’.
 
•  
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
 
 
  
2022
 
  
2021
 
  
2022
 
 
2021
 
 
  
US$M
 
  
US$M
 
  
US$M
 
 
US$M
 
Sales of goods/services
   
 
–
 
      –     
 
–
 
      –  
Purchases of goods/services
   
 
–
 
      –     
 
1,852.132
 
      1,564.073  
Interest income
   
 
–
 
      –     
 
0.398
 
      2.241  
Interest expense
   
 
–
 
      –     
 
0.005
 
      –  
Dividends received
   
 
–
 
      –     
 
787.208
 
      737.250  
Net loans made to/(repayments from) related parties
   
 
–
 
      –     
 
(23.554
)
      (12.108 ) 
Outstanding balances with related parties
  
  
  
 
 
  
Joint ventures
 
  
Associates
 
 
  
2022
 
  
2021
 
  
2022
 
 
2021
 
 
  
US$M
 
  
US$M
 
  
US$M
 
 
US$M
 
Trade amounts owing to related parties
   
 
–
 
      –     
 
351.607
 
      316.269  
Loan amounts owing to related parties
   
 
–
 
      –     
 
–
 
      17.097  
Trade amounts owing from related parties
   
 
–
 
      –     
 
6.855
 
      0.004  
Loan amounts owing from related parties
   
 
–
 
      –     
 
–
 
      40.651