SA rand
Figures in million20102009


Investments in associates

 Balance at beginning of year146
 Disposal of share in associate(1)
 Impairment of share in associate(145)
 Balance at end of year
 On 27 February 2008 Pamodzi acquired the Orkney operations from the group for a consideration of 30  million Pamodzi shares. This resulted in Harmony owning 32.4% of Pamodzi valued at R345  million being R11.50 per share on acquisition date. Pamodzi was listed on the JSE and had interests in operating gold mines in South Africa

During March 2009, Pamodzi was placed in liquidation and the trading of its shares on the JSE was suspended.

The company recognised cumulative impairments of R345  million up to 30 September 2008 thereby reducing the carrying value of the investment to R0.

Refer to group financial statements note 21 for further details