Notes to the group financial statements

FOR THE YEAR ENDED 30 JUNE 2011
 
 
 
 
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37  

Related parties  

 

None of the directors or major shareholders of Harmony or, to the knowledge of Harmony, their families, had interest, direct or indirectly, in any transaction since 1 July 2009 or in any proposed transaction that has affected or will materially affect Harmony or its subsidiaries, other than as stated below.  

 

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the group, directly or indirectly, including any director (whether executive or otherwise) of the group. Directors’ and executive management’s remuneration is fully disclosed in the remuneration report included on pages 199 to 201.  

 

African Rainbow Minerals Limited (ARM) currently holds 14.8% of Harmony’s shares. Patrice Motsepe, Andre Wilkens, Joaquim Chissano and Frank Abbott are directors of ARM.  

 

Harmony currently holds 40% of the shares of Rand Uranium. Graham Briggs, Hannes Meyer and Alwyn Pretorius are directors of Rand Uranium. Dr Simo Lushaba is a member of the Rand Uranium Investment Committee. During 2010 and 2011, Fikile de Buck served as a director and a member of the audit committee until 17 May 2011.  

 

A list of the major shareholders can be found on page 332.  

 

A list of the company’s subsidiaries, associates and joint ventures has been included in Annexure A.  

  Material transactions with associates and joint ventures  
  Besides the transactions disclosed below, the group concluded the following transactions with related parties:  
  (a) AVRD – refer to note 28.  
  (b) Pamodzi – refer to notes 18 and 25.  

  SA rand     US dollar
  2010   2011     Figures in million   2011   2010  
        Sales and services rendered to related parties      
  440   387     Associates   55   58  
  6   9     Joint venture   1   1  
  446   396       56   59  
        Purchases and services acquired from related parties      
  30   21     Associates   3   4  
        Outstanding balances due by related parties      
  120   149     Associates   22   16  
        Outstanding balances due to related parties      
  27   17     Associates1   3   4  

  1 Retained from the consideration for the Pamodzi FS acquisition pending the transfer of rehabilitation trust funds.

  Interest amounting to R5 million (US$0.7 million) was accrued on the subordinated loan to Rand Uranium during 2011 (2010: R6 million (US$0.9 million).Refer to note 26 for detail on the items relating to the loans to associates and provisions raised against these loans.  
 
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