Anglo American Annual Report 2012

36. COMMITMENTSAt 31 December the Group had the following outstanding capital commitments:US$ million 2012 2011Contracted but not provided 2,792 2,131In addition, Anglo American Marketing Limited had outstanding commitments under contracts relating to shipping services of $1,033 million. In 2011 thesecommitments of $1,186 million were met by Kumba Iron Ore Limited.At 31 December the Group had the following commitments under non-cancellable operating leases:US$ million 2012 2011Expiry dateWithin one year 154 161Greater than one year, less than two years 122 112Greater than two years, less than five years 200 185Greater than five years 277 347753 805Operating leases relate principally to land and buildings, vehicles and shipping vessels.37. RELATED PARTY TRANSACTIONSThe Group has a related party relationship with its subsidiaries, joint ventures and associates, see note 38.The Company and its subsidiaries, in the ordinary course of business, enter into various sales, purchase and service transactions with joint ventures andassociates and others in which the Group has a material interest. These transactions are under terms that are no less favourable to the Group than thosearranged with third parties. These transactions are not considered to be significant, other than purchases from De Beers’ joint ventures which amountedto $1,049 million in the period from 16 August 2012 (the date the Group obtained control of De Beers, see note 32) to 31 December 2012.The Group had the following amounts receivable from joint ventures and associates:Joint venturesAssociatesUS$ million 2012 2011 2012 2011Loans receivable (1) 261 263 305 572Dividends received – – 286 344(1)These loans are included in ‘Financial asset investments’.At 31 December 2012 the directors of the Company and their immediate relatives controlled 0.1% (2011: 0.1%) of the voting shares of the Company.Remuneration and benefits received by directors are disclosed in the Remuneration report. Remuneration and benefits of key management personnelincluding directors are disclosed in note 8.Information relating to pension fund arrangements is disclosed in note 28.Financial statementsOther related party transactions in relation to De BeersThe Group has in prior years entered into various transactions with DB Investments SA and De Beers SA (together ‘De Beers’) which were considered to berelated party transactions for the purposes of the United Kingdom Listing Authority’s Listing Rules as a result of the interest in De Beers held by CHL HoldingsLimited (CHL) and certain of its subsidiaries in which Mr N. F. Oppenheimer, a director of the Company at the time of these transactions, had a relevant interestfor the purpose of the rules.The related party transactions entered into and which continued to be relevant in the year ended 31 December 2012 are detailed below.On 4 November 2011 Anglo American announced it had entered into an agreement with CHL and Centhold International Limited (‘CHL Sellers’), togetherrepresenting the Oppenheimer family interests in De Beers, to acquire their 40% interest in De Beers for a total cash consideration of $5.1 billion, subject toadjustment and conditions as provided for in the agreement (the ‘Transaction’).In view of the fact that the CHL Sellers were ultimately controlled through intermediary companies by trusts (the ‘Seller Trusts’) of which Mr N. F. Oppenheimeris a potential discretionary beneficiary and Mr N. F. Oppenheimer had been a director of Anglo American within the 12 months preceding agreement of theTransaction, the Transaction was categorised as a related party transaction requiring the approval of Anglo American shareholders (other than Mr N. F.Oppenheimer and his associates). This approval was obtained at a general meeting of the Company held on 6 January 2012. Further information in relation tothe Transaction was set out in the circular posted to the Company’s shareholders in December 2011.The Government of the Republic of Botswana elected not to exercise its pre-emption rights to participate in the Transaction on a proportionate basis andaccordingly Anglo American’s interest in De Beers increased to 85% on completion of the Transaction on 16 August 2012, following the obtaining of certainspecified regulatory and government approvals to which the Transaction was subject. Anglo American paid a total cash consideration of $5.2 billion,comprising the adjusted purchase price under the Transaction.At 31 December 2012 the amount of outstanding loans owed to the Group by De Beers was $599 million (2011: $301 million), which includes loans acquiredfrom the CHL Sellers at the closing of the Transaction of $277 million.Anglo American plc Annual Report 2012 185