Annual Report and Accounts 2011

Print this page Bookmark this page E-mail this page Make the text smaller Make the text bigger
Notes to the Annual Financial Statements
For the year ended 30 June 2011

Back to notes index

19. Trade and other receivables

US$ million 2011 2010
Trade receivables 20.6 2.9
Other receivables1 20.9 12.6
Prepayments2 8.3 8.0
49.8 23.5
Rehabilitation guarantee3 0.2 0.2
BEE partners4 50.9 32.0
51.1 32.2

1. Included within other receivables are amounts related to funding advanced to joint venture BEE partners on the Koffiefontein and Kimberley
Underground mines assets of US$5.3 million (30 June 2010: US$2.6 million), rehabilitation deposits and other deposits of US$5.5 million (30 June 2010: US$5.2 million) and Value Added Tax refunds of US$7.2 million (30 June 2010: US$4.9 million) receivable. The rehabilitation deposit is available to the Group in the short term or upon successful rehabilitation of the mines.

2. Included within prepayments is US$5.0 million (30 June 2010: US$4.6 million) relating to a deposit paid for further investment in the Group's
South African projects. The original US$6.0 million payment, which will be deducted in full from any future acquisition consideration, was made
by a Group company with pounds sterling as its functional currency, resulting in unrealised exchange rate fluctuations in the US dollar equivalent
for presentational purposes only.

3. The rehabilitation guarantee comprises an insurance risk policy which will be recovered upon the successful rehabilitation at the
Sedibeng JV operation.

4. Interest on loans advanced to BEE partners is charged at the prevailing South African prime interest rate plus 2%. The loans are repayable from
future cashflows generated from the underlying mining operations.

The financial assets classified as loans and receivables included in receivables are as follows:

US$ million 2011 2010
Current trade receivables 20.6 2.9
Other receivables (excluding VAT) 13.7 8.9
Non-current trade receivables 51.1 32.2
85.4 44.0

The trade receivables are all due within normal trading terms and there are no trade receivables classified as past due. Trade receivables are due within two days of awarding the rough diamond sales tender to the successful bidder and were significant at year end due to the tenders' proximity to year end. The trade receivables relating to the year-end tender have all been received post-year end. No other receivables are considered to be past due or impaired.

The carrying values of these loans and receivables are denominated in the following currencies:

US$ million 2011 2010
Pounds sterling 0.9 1.9
South African rand 83.2 39.1
US dollars 1.3 3.0
85.4 44.0