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34. Disposal groups and non-current assets held for sale

Net assets relating to Namakwa Sands, which were previously classified as held for sale at 31 December 2007, were disposed of on 1 October 2008 as disclosed in note 33.

The following assets and liabilities relating to disposal groups were classified as held for sale. The Group expects to complete the sale of these businesses within 12 months of the year end.

  2008 2007
US$ million Platinum
disposal groups(1)
Total(2)
Intangible assets 3
Tangible assets 257 589
Investments in associates 74
Other non-current assets 2 4
Total non-current assets 259 670
Inventories 38
Trade and other receivables 8 50
Cash and cash equivalents 8
Total current assets 16 88
Total assets 275 758
Trade and other payables (21) (53)
Short term borrowings (69)
Other current liabilities (4)
Total current liabilities (21) (126)
Retirement benefit obligations (4)
Deferred tax liabilities (56) (148)
Provisions for liabilities and charges (3) (9)
Total non-current liabilities (59) (161)
Total liabilities (80) (287)
Net assets 195 471
(1)
This reflects the reclassification of operations to be sold under previously announced BEE deals. Due to the significant deterioration in global market conditions, coupled with a material decline in platinum group metal prices and constrained debt and equity markets, in the fourth quarter of 2008, the Lebowa mine plan and project pipeline, including the Middelpunt Hill UG2 expansion project, were placed under critical review in conjunction with Anooraq. Anglo Platinum and Anooraq remain committed to concluding the transaction as soon as practically possible and have extended the date for fulfilment of the conditions until 30 April 2009, thus it remains appropriate to classify these entities as held for sale. Northam Platinum Limited was sold on 20 August 2008 to Mvela. The cash inflow from the disposal was $205 million. In the event ministerial approval is not received, the sale of Northam Platinum Limited would be unwound. The split of the total assets, total liabilities and net assets for the Platinum disposal groups is as follows:
  2008 2007
US$ million Total
assets
Total
liabilities
Net
assets
Total
assets
Total
liabilities
Net
assets
Lebowa Platinum Mines Limited 265 (78) 187 243 (166) 77
Northam Platinum Limited 74 74
Other 10 (2) 8 11 (2) 9
  275 (80) 195 328 (168) 160
(2)
Disposal groups at 31 December 2007 related to Namakwa Sands and Platinum disposal groups.

The net carrying amount of assets and associated liabilities classified as held for sale during the year was not written down in 2008 or 2007.

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