Annual Report and Accounts 2011

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Notes to the Annual Financial Statements
For the year ended 30 June 2011

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23. Trade and other payables

US$ million 2011 2010
Trade payables 11.5 9.4
Deferred consideration (i) 2.8 2.9
Accruals and other payables 25.1 16.9
39.4 29.2
Taxation payable 1.1
39.4 30.3
Amounts owing to BEE partners (ii) 29.0 23.2
29.0 23.2


  1. The Group is liable to pay US$3.2 million (30 June 2010: US$3.2 million) (US$2.8 million after deducting the deferred consideration discount (30 June 2010: US$2.9 million)) being the balance of the Helam Mining (Pty) Ltd purchase price which is payable from 50% of the cash surplus generated by Helam Mining (Pty) Ltd for the years ending 31 December 2006 and 2007.

    Any shortfall in the amount payable in any one year can be carried forward to the next year until such time that the total amount payable of US$2.8 million has been extinguished. At year end no portion of the liability had been repaid and the total liability will be carried forward to June 2012.
  2. The loans bear interest at the prevailing South African prime interest rate. The loans are repayable from future cashflows from the underlying operations only when the loans advanced to BEE partners (refer to note 19) have been repaid in full to the Group.

The financial liabilities included in trade and other payables (which exclude taxation) are as follows:

US$ million 2011 2010
Trade payables 11.5 9.4
Other payables (includes deferred consideration) 27.9 19.8
Non-current trade payables owing to BEE partners 29.0 23.2
68.4 52.4

The carrying values of financial liabilities classified as other liabilities are denominated in the following currencies:

US$ million 2011 2010
Botswana pula 0.1
Pounds sterling 1.8 1.0
South African rand 54.2 41.7
US dollar 12.4 9.6
68.4 52.4