| SA rand | |||
|---|---|---|---|
| Figures in million | 2010 | 2009 | |
13 | Investments in associates | ||
| Balance at beginning of year | – | 146 | |
| 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 | |||