Annual Report and Accounts 2011

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Notes to the Annual Financial Statements
For the year ended 30 June 2011

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30. Related parties

Subsidiaries, associates and joint ventures

Details of subsidiaries, associates and joint ventures are disclosed in note 32 and note 16 respectively.


Details relating to Directors' emoluments and shareholdings in the Company are disclosed in note 12 and in the Directors' Report and the Directors' Remuneration Report respectively. Key management remuneration is disclosed in note 12.

There are no material loans to Directors or Senior Management that have not been disclosed in the notes.

During the year a subsidiary of the Company paid US$5.6 million (R39.2 million) (30 June 2010: US$1.2 million (R8.9 million)) to Zeren (Pty) Ltd ("Zeren") for the purchase of specialised plant and equipment. The equipment was supplied to a subsidiary of the Company at Zeren's cost and, given its specialised nature, on an exclusive basis. Mr Dippenaar, Mr Davidson and Mr Abery are all Directors of the Company and are also directors and shareholders of Zeren.

Within the balance sheet as at 30 June 2011 is an amount of US$5.0 million (2010: US$4.6 million) which was paid by the Company to Sirius Resource Fund 1 Limited ("Sirius") as part of a transaction whereby the Company intends to acquire from Sirius an increased interest in the Group's South African operations. Mr Pouroulis was previously an investment consultant to Sirius Investment Management LP ("SIM") which provides investment advisory services to Sirius. During the year to June 2011 Mr Pouroulis was appointed a director of SIM (subsequent to the payment to Sirius referred to above).

Umnotho weSizwe Group (Pty) Ltd ("Umnotho"), one of Petra's BEE partners, holds a 36% interest in the Cullinan mine BEE holding company, Thembinkosi Mining Investments (Pty) Ltd ("Thembinkosi"). The Group has a non-current receivable due from Thembinkosi of US$31.0 million and a non-current payable due to Thembinkosi of US$29.0 million. These sums arise due to the funding that the Group has provided to Umnotho to finance its interests in the Cullinan mine. Mr Abery is a director of Umnotho. Mr Pouroulis and Mr Abery are beneficiaries of a trust that is a shareholder in Umnotho.


The principal shareholders of the Company are detailed in the Directors' Report.

Transactions with non-controlling interests are detailed in note 22 parts (vi) and (vii).

Nabera Mining (Pty) Ltd

The Company is a 29.5% shareholder in Nabera Mining (Pty) Ltd ("Nabera"), the company that managed the Alexkor diamond mine between 1999 and 2001. During the year ended 30 June 2011, Petra did not incur any expenses on behalf of Nabera (30 June 2010: Rnil (US$nil)). Prior period expenses were incurred in relation to the recovery of the management fee and other amounts due to Nabera from Alexkor Limited and the South African Government. The total expenses incurred on Nabera's behalf of US$0.3 million will be reimbursed to the Company on receipt of the management fee and other amounts due.