XML 129 R38.htm IDEA: XBRL DOCUMENT v3.23.2
Related party transactions
12 Months Ended
Jun. 30, 2023
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 25 ‘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 2023 (2022: US$ nil), other than those with post-employment benefit plans for the benefit of Group employees. These are shown in note 27 ‘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
 
    
2023
     2022     
2023
     2022  
    
US$M
     US$M     
US$M
     US$M  
Sales of goods/services
  
 
 
         
 
 
      
Purchases of goods/services
  
 
 
         
 
1,589.094
 
     1,852.132  
Interest income
  
 
 
         
 
 
     0.398  
Interest expense
  
 
 
         
 
 
     0.005  
Dividends received
  
 
 
         
 
327.679
 
     787.208  
Net loans made to/(repayments from) related parties
  
 
 
         
 
 
     (23.554
Outstanding balances with related parties
 
    
Joint ventures
    
Associates
 
    
2023
     2022     
2023
     2022  
    
US$M
     US$M     
US$M
     US$M  
Trade amounts owing to related parties
  
 
 
         
 
246.239
 
        351.607   
Loan amounts owing to related parties
  
 
 
         
 
 
      
Trade amounts owing from related parties
  
 
 
         
 
6.730
 
     6.855  
Loan amounts owing from related parties