Financials and administration


$	United States dollar.
A$	Australian dollar.
Available-for-sale financial asset	A financial asset designated as available-for-sale or one other than those classified as loans and receivables, held-to-maturity investments or derivative instruments.
BEE/BBBEE	Black economic empowerment/broad-based black economic empowerment.
By-products	Any products emanating from the core process of producing gold, including silver and uranium in South Africa and copper, silver and molybdenum in Papua New Guinea.
Calc-silicate rock	A metamorphic rock consisting mainly of calcium-bearing silicates such as diopside and wollastonite, and formed by metamorphism of impure limestone or dolomite.
Capital expenditure (capex)	Expenditure on tangible assets – includes ongoing and project capital. In particular, capex includes spending on ongoing development, abnormal expenditure, shaft projects and major projects, and covers both sustaining and growing operations.
Carbon-in-leach (CIL)	Gold is leached from a slurry of gold ore with cyanide in agitated tanks and adsorbed on to carbon granules in the same circuit. Granules are separated from the slurry and treated to remove the gold.
Carbon-in-pulp (CIP)	Gold is leached conventionally from a slurry of gold ore with cyanide in agitated tanks. The leached slurry passes into the CIP circuit where carbon granules are mixed with the slurry and gold is adsorbed on to the carbon. Granules are separated from the slurry and treated to remove the gold.
Cash costs	Total cash costs include site costs for all mining, processing and administration, reduced by contributions from by-products and include royalties and production taxes. Amortisation, rehabilitation, corporate administration, retrenchment, capital and exploration costs are excluded. Total cash costs per ounce are attributable total cash costs divided by attributable ounces of gold produced.
CDP	Carbon Disclosure Project – an independent not-for-profit organisation that acts as an intermediary between shareholders and corporations on all climate change-related issues, providing primary climate change data from the world’s largest corporations to the global marketplace.
CLR	Carbon leader reef.
CO₂ emissions	Total CO₂ emissions calculated from direct emissions generated from petrol and diesel consumption and indirect emissions generated from electricity consumption (expressed in tonnes).
Cyanide Code	International management code for the manufacture, transport and use of cyanide in the production of gold. The aim is to promote responsible management of cyanide used in gold mining; to protect human health and reduce the potential for environmental impacts.
Cut-off grade	Minimum grade at which a unit of ore will be mined to achieve the desired economic outcome.
Depletion	Decrease in quantity of ore in a deposit or property due to extraction or production.
Development	Process of accessing an orebody through shafts or tunnelling in underground mining operations.
Discontinued operation	A component of an entity that has been disposed of or abandoned or classified as held-for-sale until conditions precedent to the sale have been fulfilled.
DMR	Department of Mineral Resources.
EBITDA	Earnings before interest, tax, depreciation and amortisation.
Effective tax rate	Current and deferred taxation as a percentage of profit before taxation.
Electricity use	Energy use calculated from electricity purchased and diesel and petrol consumed during the reporting period.
Employment equity	Percentage of black employees (as defined by die DTI Codes) per occupational level.
Equity	Shareholders’ equity adjusted for other comprehensive income and deferred taxation.
FIFR	Fatal injury frequency rate, the number of fatalities per million hours worked.
Financial asset	Cash or cash equivalents, an equity instrument, a contractual right to receive cash, or a contractual right to exchange a financial instrument under favourable conditions.
Financial liability	A contractual obligation to pay cash or transfer other benefits or a contractual obligation to exchange a financial instrument under unfavourable conditions. This includes debt.
GHG	Greenhouse gas – a gas that contributes to the greenhouse effect by absorbing infrared radiation, such as carbon dioxide and chlorofluorocarbons (CFCs).
Gold produced	Refined gold derived from the mining process, measured in ounces or kilograms in saleable form.
Grade	Quantity of gold contained in a unit weight of gold-bearing material generally expressed in ounces per short ton of ore (oz/t), or grams per metric tonne (g/t).
g/TEC	Grams per total employee costed.
HAART	Highly active antiretroviral treatment.
HDSAs	Historically disadvantaged South Africans – all people and groups who were discriminated against on the basis of race, gender and disability as per the MPRDA definition.
Indicated mineral resource	Part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confidence. It is based on exploration, sampling and testing information using appropriate techniques from outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confirm geological and/or grade continuity but close enough for continuity to be assumed.
Inferred mineral resource	Part of a mineral resource for which tonnage, grade resource and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from outcrops, trenches, pits, workings and drill holes that may be limited or of uncertain quality and reliability.
Interest cover	EBITDA divided by finance costs and unwinding of obligations.
ISO 14001	Published in 1996 by the International Organisation for Environmental Standardisation, it specifies actual requirements for an environmental management system.
JIBAR	Johannesburg interbank agreed rate.
JORC	Australian code for reporting exploration results, mineral resources and mineral reserves.
JSE	JSE Limited
Kina	Papua New Guinea currency.
King III	King report on corporate governance for South Africa published in 2010.
Leaching	Dissolution of gold from crushed or milled material, including reclaimed slime, prior to adsorption on to activated carbon.
LED spend	Local economic development project spend.
LIBOR	London interbank offer rate.
Life-of-mine (LOM)	Number of years an operation is scheduled to mine and treat ore, based on current mine plan.
Loans and receivables	A financial asset with fixed or determinable repayments that are not quoted in an active market, other than a derivative instrument or a financial asset classified as available-for-sale.
LTIFR	Lost-time injury frequency rate per million hours, refers to work-related injuries which result in the employee being unable to perform his/her normal occupation on the next scheduled work day or shift.
m²/TEC	Square metres per total employee costed.
Measured mineral resource	Part of a mineral resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from outcrops, trenches, pits, workings and drill holes. Locations are spaced closely enough to confirm geological and grade continuity.
Mine call factor	The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling.
Mineral resource	A concentration or occurrence of material of intrinsic economic interest in/on the earth’s crust in such form, quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are sub-divided, in order of increasing geological confidence, into inferred, indicated and measured categories.
Mineral reserve	The economically mineable part of a measured and/or indicated mineral resource. It includes diluting materials and allowances for losses, which may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate that at the time of reporting, extraction could reasonably be justified. Mineral reserves are sub-divided in order of increasing confidence into probable and proved ore reserves.
Mining Charter	Broad-based social-economic empowerment charter for the South African mining industry. The goal of the charter is to create an industry that reflects the promise of a non-racial South Africa.
MMJV	Morobe Mining Joint Ventures, the 50:50 partnership between Harmony and Newcrest Mining Company Limited.
MPRDA	Mineral and Petroleum Resources Development Act No 28 of 2002.
Ongoing capital	Capital expenditure to maintain existing production assets. This includes replacement of vehicles, plant and machinery, ore reserve development and capital expenditure related to safety, health and the environment.
Pay limit	The grade of a unit of ore at which revenue from the recovered mineral content of the ore is equal to the total cash cost, including ore reserve development and stay-in-business capital. This grade is expressed as an in situ value in grams per tonne or ounces per short ton (before dilution and mineral losses).
PNG	Papua New Guinea.
Probable mineral reserve	Economically mineable part of an indicated, and in some cases, a measured mineral resource. It includes diluting materials and allowances for losses that may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.
Productivity	An expression of labour productivity based on the ratio of grams of gold produced per month to the total number of employees in underground mining operations.
Proved reserve	Economically mineable part of a measured mineral resource. It includes diluting materials and allowances for losses that may occur when the material is mined. Appropriate assessments and studies have been carried out, and include consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be justified.
Project capital	Capital expenditure to either bring a new operation into production; to materially increase production capacity; or to materially extend the productive life of an asset.
Reclamation	In South Africa, reclamation describes the process of reclaiming slimes (tailings) dumps using high-pressure water cannons to form a slurry that is pumped back to metallurgical plants for processing.
Reef	A gold-bearing sedimentary horizon, normally a conglomerate band that may contain economic levels of gold.
SAMREC	South African code for the reporting of exploration results, mineral resources and mineral reserves.
Stripping ratio	Ratio of waste tonnes to ore tonnes mined, calculated as total tonnes mined less ore tonnes mined divided by ore tonnes mined.
Tailings	Finely ground rock of low residual value from which valuable minerals have been extracted. Discarded tailings stored in dam facilities.
Tonne (t)	Metric = 1 000 kilograms.
Ton	Imperial = 2 000 pounds (1 016kg). Referred to as a short ton.
Tpa(d/m)	Tonnes/tons per annum (day/month).
US	United States.
Waste	Material with insufficient mineralisation for future treatment and discarded.
Water consumption from primary activities	Total new or make-up water entering the operation and used for the operation’s primary activities which include those activities in which the operation engages to produce their product and includes dust suppression within the operational area.
Weighted average number of ordinary shares	Number of ordinary shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period in which they have participated in the income of the company, and increased by share options that are virtually certain to be exercised.
Yield	Amount of valuable mineral or metal recovered from each unit mass of ore expressed as ounces per short ton or grams per metric tonne.