Document:

EX-4.30

 Exhibit 4.30 

edward nathan sonnenbergs 

johannesburg cape town durban stellenbosch 

150 west street 
 sandown sandton
johannesburg 2196 
 p o box 783347 sandton south africa 2146 

docex 152 randburg 
 tel +2711 269
7600 fax +2711 269 7899 
 info@ens.co.za www.ens.co.za 

AGREEMENT OF LEASE 
 entered into between 

ARMGOLD / HARMONY FREEGOLD JOINT VENTURE COMPANY (PROPRIETARY) LIMITED 

and 
 HARMONY GOLD MINING COMPANY LIMITED 

  

					
	      	 	  
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 TABLE OF CONTENTS 
  

							
	Clause number and description	  	Page	 
	1.	 	 PARTIES
	  	 	1	  
	2.	 	 INTERPRETATION
	  	 	1	  
	3.	 	 LETTING AND HIRING
	  	 	5	  
	4.	 	 DURATION
	  	 	5	  
	5.	 	 RENT
	  	 	5	  
	6.	 	 PAYMENTS
	  	 	5	  
	7.	 	 USE OF THE LEASE PREMISES
	  	 	5	  
	8.	 	 CESSION AND SUB-LETTING
	  	 	6	  
	9.	 	 SUNDRY DUTIES OF THE LESSEE
	  	 	6	  
	10.	 	 ENFORCEMENT BY LESSOR
	  	 	6	  
	11.	 	 EXCLUSION OF LESSOR FROM CERTAIN LIABILITY AND INDEMNITY
	  	 	6	  
	12.	 	 LESSOR’S RIGHTS OF ENTRY
	  	 	7	  
	13.	 	 REMEDY FOR BREACH
	  	 	7	  
	14.	 	 APPROPRIATION OF PAYMENTS
	  	 	7	  
	15.	 	 JURISDICTION
	  	 	7	  
	16.	 	 DOMICILIA AND NOTICES
	  	 	8	  
	17.	 	 SEVERABILITY
	  	 	8	  
	18.	 	 WHOLE AGREEMENT
	  	 	8	  
	19.	 	 NON-WAIVER
	  	 	9	  
	20.	 	 SIGNATURE
	  	 	9	  
		
	 Annexure A
	  	 	11	  

  

					
	      	 	  
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	1.	PARTIES 

  

	 	1.1.	The Parties to this Lease are – 

  

	 	1.1.1.	ARMGold / Harmony Freegold Joint Venture Company (Proprietary) Limited; and 

  

	 	1.1.2.	Harmony Gold Mining Company Limited. 

  

	 	1.2.	The Parties agree as set out below. 

  

	2.	INTERPRETATION 

  

	 	2.1.	In this Lease, unless inconsistent with the context, the following expressions shall have the meanings assigned to them hereunder - 

 

	 	2.1.1.	“Charges” means levies, taxes, fees or other amounts payable by the Lessor to any authority having jurisdiction over the Land that arise from the ownership and use of the Land, calculated on a pro-rata
basis that the area of the Lease Area bears to the total area of the Land; 

  

	 	2.1.2.	“CPI” means the average annual rate of change (expressed as a percentage) in the Consumer Price Index, for all urban areas as published in the Government Gazette by Statistics South Africa, or such
other index reflecting the official rate of inflation in the Republic of South Africa as may replace it, which annual change shall be determined by comparing the most recently published monthly index with the index published in respect of the
corresponding month in the previous year; 

  

	 	2.1.3.	“Land” means 

  

	 	2.1.3.1.	Portion 1 of the Farm St. Helena 42, District of Welkom, Province of the Free State; and 

  

	 	2.1.3.2.	Portion 2 of the Farm St. Helena 42, District of Welkom, Province of the Free State; 

  

	 	2.1.4.	“Lease” means this agreement of lease; 

  

	 	2.1.5.	“Leased Premises” means the area of the Land depicted by the portion of the Land, as will appear from the letters A2 and B2 on the sketch plan attached hereto as Annexure A; 

  

					
	      	 	  
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	 	2.1.6.	“Lessee” means Harmony Gold Mining Company Limited registration number 1950/038232/06, a limited liability public company duly incorporated in the Republic of South Africa; 

 

	 	2.1.7.	“Lessor” means ARMGold / Harmony Freegold Joint Venture Company (Proprietary) Limited, registration number 2001/029602/07, a private company incorporated in the Republic of South Africa;

  

	 	2.1.8.	“Month” means a calendar month, and more specifically in reference to a number of months from a specific date, a calendar month commencing on that date or the same date of any subsequent month and in
any other context, a month of the calendar, that is, one of the twelve months of the calendar; 

  

	 	2.1.9.	“Parties” means the Parties to this Lease and “Party” means either one of them; 

  

	 	2.1.10.	“Prime Rate” means the publicly quoted basic rate of interest, compounded monthly in arrears and calculated on a 365 (three hundred and sixty five) day year irrespective of whether or not the year
is a leap year, from time to time published by Absa Bank Limited as being its prime overdraft rate, as certified by any representative of that bank whose appointment and designation it will not be necessary to prove; 

 

	 	2.1.11.	“Signature Date” means the date of signature of this Lease by the Party last signing; 

  

	 	2.1.12.	“VAT” means value added tax imposed in terms of the Value Added Tax Act, 1991, including any similar tax which may be imposed in place thereof from time to time; 

 

	 	2.1.13.	“VAT Act” means the Value Added Tax Act 1991; and 

  

	 	2.1.14.	“Year” means a period of 12 (twelve) consecutive months. 

  

	 	2.2.	In this Lease - 

  

	 	2.2.1.	clause headings and the heading of the Lease are for convenience only and are not to be used in its interpretation; 

  

	 	2.2.2.	an expression which denotes - 

  

	 	2.2.2.1.	any gender includes the other genders; 

  

	 	2.2.2.2.	a natural person includes a juristic person and vice versa; 

  

					
	      	 	  
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	 	2.2.2.3.	the singular includes the plural and vice versa; 

  

	 	2.2.2.4.	a Party includes a reference to that Party’s successors in title and assigns allowed at law; and 

  

	 	2.2.2.5.	a reference to a consecutive series of two or more clauses is deemed to be inclusive of both the first and last mentioned clauses. 

  

	 	2.3.	Any reference in this Lease to – 

  

	 	2.3.1.	“business hours” shall be construed as being the hours between 08h30 and 17h00 on any business day. Any reference to time shall be based upon South African Standard Time; 

 

	 	2.3.2.	“days” shall be construed as calendar days unless qualified by the word “business”, in which instance a “business day” will be any day other than a Saturday, Sunday or public holiday
as gazetted by the government of the Republic of South Africa from time to time; 

  

	 	2.3.3.	“laws” means all constitutions; statutes; regulations; by-laws; codes; ordinances; decrees; rules; judicial, arbitral, administrative, ministerial, departmental or regulatory judgements, orders,
decisions, rulings, or awards; policies; voluntary restraints; guidelines; directives; compliance notices; abatement notices; agreements with, requirements of, or instructions by any Governmental Body; and the common law, and “law”
shall have a similar meaning; and 

  

	 	2.3.4.	“person” means any person, company, close corporation, trust, partnership or other entity whether or not having separate legal personality. 

 

	 	2.4.	The words “include” and “including” mean “include without limitation” and “including without limitation”. The use of the words “include” and
“including” followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding it. 

  

	 	2.5.	Any substantive provision, conferring rights or imposing obligations on a Party and appearing in any of the definitions in this clause 2 or elsewhere in this Lease, shall be given effect to as if it were a substantive
provision in the body of the Lease. 

  

	 	2.6.	Words and expressions defined in any clause shall, unless the application of any such word or expression is specifically limited to that clause, bear the meaning assigned to such word or expression throughout this
Lease. 

  

					
	      	 	  
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	 	2.7.	Unless otherwise provided, defined terms appearing in this Lease in title case shall be given their meaning as defined, while the same terms appearing in lower case shall be interpreted in accordance with their plain
English meaning. 

  

	 	2.8.	A reference to any statutory enactment shall be construed as a reference to that enactment as at the Signature Date and as amended or substituted from time to time. 

 

	 	2.9.	Unless specifically otherwise provided, any number of days prescribed shall be determined by excluding the first and including the last day or, where the last day falls on a day that is not a business day, the next
succeeding business day. 

  

	 	2.10.	If the due date for performance of any obligation in terms of this Lease is a day which is not a business day then (unless otherwise stipulated) the due date for performance of the relevant obligation shall be the next
succeeding business day. 

  

	 	2.11.	Where figures are referred to in numerals and in words, and there is any conflict between the two, the words shall prevail, unless the context indicates a contrary intention. 

 

	 	2.12.	The rule of construction that this Lease shall be interpreted against the Party responsible for the drafting of this Lease, shall not apply. 

 

	 	2.13.	No provision of this Lease shall (unless otherwise stipulated) constitute a stipulation for the benefit of any person (stipulatio alteri) who is not a Party to this Lease. 

 

	 	2.14.	The use of any expression in this Lease covering a process available under South African law, such as winding-up, shall, if either of the Parties to this Lease is subject to the law of any other jurisdiction, be
construed as including any equivalent or analogous proceedings under the law of such other jurisdiction. 

  

	 	2.15.	Any reference in this Lease to “this Lease” or any other agreement or document shall be construed as a reference to this Lease or, as the case may be, such other agreement or document, as amended,
varied, novated or supplemented from time to time. 

  

	 	2.16.	In this Lease the words “clause” or “clauses” and “annexure” or “annexures” refer to clauses of and annexures to this Lease. 

 

	 	2.17.	Any provision of this Lease imposing a restraint, prohibition or restriction on the Lessee shall be so construed that the Lessee is not only bound to comply therewith but is also obliged to procure that the same
restraint, prohibition or restriction is observed by everybody occupying or entering the Leased Premises through, under, by arrangement with, or at the invitation of, the Lessee, including (without limiting the generality of this provision) the
family, guests and employees of the Lessee and any independent contractors or workers engaged by the Lessee. 

  

					
	      	 	  
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	3.	LETTING AND HIRING 

  

	    	The Lessor lets and the Lessee hires the Leased Premises. 

  

	4.	DURATION 

  

	    	This Lease shall come into operation on the Signature Date and terminate 9 (nine) Years and 11 (eleven) Months thereafter. 

  

	5.	RENT 

  

	    	The rental payable by the Lessee to the Lessor - 

  

	 	5.1.	is R100 (one hundred rand) per annum; 

  

	 	5.2.	shall be payable annually in advance commencing on the Signature Date; 

  

	 	5.3.	shall be net of VAT insofar as it is applicable which tax shall be recoverable by the Lessor from the Lessee in addition to the rent and such other amounts; 

 

	 	5.4.	shall be reduced pro rata in the same proportion as the lease period (i.e. nine Months) bears to one Year; 

  

	 	5.5.	shall escalate at the rate of CPI. 

  

	6.	PAYMENTS 

  

	 	6.1.	The Lessee shall reimburse the Lessor for all Charges paid by the Lessor, within 5 (five) business days after receipt by the Lessee of a valid tax invoice in respect of such Charges. 

 

	 	6.2.	Payment by the Lessee to the Lessor shall be made free of bank exchange and without deduction or set off into a bank account designated by the Lessor, in writing, to the Lessee. 

 

	 	6.3.	The Lessee shall not withhold, defer or make any deduction from any payment due to the Lessor under this Lease, whether or not the Lessor is indebted to the Lessee or in breach of any obligation to the Lessee.

  

	 	6.4.	All amounts payable under this Lease and not paid on due date shall bear interest reckoned from the due dates of such amounts until they are paid, at the Prime Rate. 

 

	7.	USE OF THE LEASE PREMISES 

  

	    	The Leased Premises shall be used for the construction of deposition sites. 

  

					
	      	 	  
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	8.	CESSION AND SUB-LETTING 

  

	    	The Lessee shall be entitled, without the prior written consent of the Lessor, to - 

  

	 	8.1.	cede all or any of the rights of the Lessee under this Lease; 

  

	 	8.2.	sub-let the Leased Premises in whole or part; or 

  

	 	8.3.	part with or give up possession or occupation of the Leased Premises to any third party. 

  

	9.	SUNDRY DUTIES OF THE LESSEE 

  

	    	The Lessee shall - 

  

	 	9.1.	lawfully conduct the activities for which the Leased Premises are let in a diligent manner and in accordance with generally accepted sound mining practice, and upon termination of mining activities, comply with all
rehabilitation and environment management plans relating to the rehabilitation of the Leased Premises; and 

  

	 	9.2.	not contravene any of the conditions of title of the Leased Premises. 

  

	10.	ENFORCEMENT BY LESSOR 

  

	    	Without in any way diminishing either the Lessee’s obligations or the Lessor’s rights set out herein, if the Lessee fails to carry out any of the Lessee’s obligations provided in this Lease, the Lessor
shall be entitled, at its discretion, to enforce or to carry out the same on behalf of the Lessee and to recover from the Lessee all costs and expenses so incurred by the Lessor. 

 

	11.	EXCLUSION OF LESSOR FROM CERTAIN LIABILITY AND INDEMNITY 

  

	    	The Lessee shall have no claim for damages against the Lessor and may not withhold or delay any payment due to the Lessor by reason directly or indirectly of - 

 

	 	11.1.	a breach by the Lessor of any of its obligations under this lease other than the inability by the Lessee to use the land for mining purposes; 

 

	 	11.2.	any act or omission of the Lessor or any agent or servant of or contractor to the Lessor, whether or not negligent, wilfully wrongful or otherwise actionable at law; and 

 

	 	11.3.	any failure or suspension of, or any interruption in, the supply of water or any other amenity or service to the Leased Premises, whatever the cause. 

  

					
	      	 	  
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	12.	LESSOR’S RIGHTS OF ENTRY 

  

	    	The Lessor’s representatives, agents, servants and contractors may, with prior written permission of the Lessee, without thereby giving rise to any claim or right of action on the part of the Lessee or any other
occupier of the Leased Premises, enter the Leased Premises in order to gain access to the Leased Premises to inspect any part of it. 

  

	13.	REMEDY FOR BREACH 

  

	 	13.1.	Should the Lessee commit any breach of this Lease and fail to remedy such breach within 30 (thirty) days after posting by the Lessor of a written demand that it be remedied, the Lessor shall be entitled, without
prejudice to any alternative or additional right of action or remedy available to the Lessor under the circumstances, to take such action as it may require to enforce the provisions of this Lease. 

 

	 	13.2.	The Lessor shall not be entitled to cancel this Lease but the Lessor may recover and accept payment of all amount which would have been payable in all respects as if they had been payments on account of the damages
suffered by the Lessor by reason of the unlawful breach of this lease on the part of the Lessee. 

  

	14.	APPROPRIATION OF PAYMENTS 

  

	    	The Lessor shall be entitled in its sole and absolute discretion to appropriate and/or re-appropriate any amounts received from the Lessee towards the payment of any rent or other amounts owing by the Lessee to the
Lessor notwithstanding any attempted allocation thereof by the Lessee. 

  

	15.	JURISDICTION 

  

	 	15.1.	At the option of the Lessor any action or application arising out of this lease, its enforcement or any cancellation thereof may be brought either - 

 

	 	15.1.1.	in the Magistrate’s Court having jurisdiction in respect of the Lessee notwithstanding that the amount in issue may exceed the jurisdiction of such court; or 

 

	 	15.1.2.	in the High Court of South Africa and the Lessee hereby consents to the jurisdiction thereof in respect of any application or action brought against it by the Lessor arising out of this lease its enforcement or
cancellation. 

  

	 	15.2.	It shall be within the absolute discretion of the Lessor whether to proceed against the Lessee in the Magistrate’s Court referred to in 15.1.1, the High Court referred to in 15.1.2 or any other court having
jurisdiction. 

  

					
	      	 	  
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	16.	DOMICILIA AND NOTICES 

  

	 	16.1.	The Parties choose as their domicilia citandi et executandi the addresses mentioned in sub-clause 16.1.1 and 16.1.2 below, provided that such domicilium of either Party may be changed by written notice from such party
to the other Party with effect from the date of receipt or deemed receipt by the latter of such notice - 

  

	 	16.1.1.	Lessee: 

  

	 	    	Physical Address: Block 27 

	 	    	Randfontein Office Park 

	 	    	Cnr Main Reef Road & Ward Avenue 

  

	 	Telefax:	  +27 (0) 86 628 2332 

  

	 	    	Marked for the attention of: Frank Abbott 

  

	 	16.1.2.	Lessor: 

  

	 	    	Physical Address: Block 27 

	 	    	Randfontein Office Park 

	 	    	Cnr Main Reef Road & Ward Avenue 

  

	 	Telefax:	  +27 (0) 86 628 2332 

  

	 	    	Marked for the attention of: The Company Secretary 

  

	 	16.2.	Any notice, acceptance, demand or other communication properly addressed by either party to the other party at the latter’s domicilium in terms hereof for the time being and sent by prepaid registered post shall be
deemed to be received by the latter on the fifth business day following the date of posting thereof. This provision shall not be construed as precluding the utilisation of other means and methods (including telefacsimile) for the transmission or
delivery of notices, acceptances, demands and other communications, but no presumption of delivery shall arise if any such other means or method is used. 

  

	17.	SEVERABILITY 

  

	    	If any provision of this Lease is unenforceable, the Lessor shall be entitled to elect, at any time, that such provision shall be severed from the remaining provisions of this Lease which shall not be affected and shall
remain of full force and effect. 

  

	18.	WHOLE AGREEMENT 

  

	    	This Lease constitutes the entire agreement between the Parties and no modification, variation, alteration or consensual cancellation shall be of any force or effect unless reduced to writing and signed by both Parties.

  

					
	      	 	  
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	19.	NON-WAIVER 

  

	 	19.1.	No relaxation or indulgence which the Lessor may show to the Lessee shall in any way prejudice his rights hereunder and, in particular, no acceptance by the Lessor of rent after due date (whether on one or more
occasions) shall preclude or stop him from exercising any rights enjoyed by it hereunder by reason of any subsequent payment not being made strictly on due date. 

  

	 	19.2.	The receipt by the Lessor or its agents of any rent or other payments shall in no way whatsoever prejudice or operate as a waiver, rescission or abandonment of any cancellation or right of cancellation effected or
required prior to such receipt. 

  

	20.	SIGNATURE 

  

	 	20.1.	This Agreement is signed by the Parties on the dates and at the places indicated below. 

  

	 	20.2.	This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same Agreement as at the date of signature of the Party last signing one
of the counterparts. 

  

	 	20.3.	The persons signing this Agreement in a representative capacity warrant their authority to do so. 

  

	 	20.4.	The Parties record that it is not required for this Agreement to be valid and enforceable that a Party shall initial the pages of this Agreement and/or have its signature of this Agreement verified by a witness.

  

					
	      	 	  
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	For:	  	ARMGOLD / HARMONY FREEGOLD JOINT VENTURE COMPANY (PROPRIETARY) LIMITED
			
	Signature:	  	 /s/
	  	
		  	Who warrants his/her authority hereto	  	
	Name:	  	 Graham Briggs
	  	
	Date:	  	 20 March 2013
	  	
	Place:	  	 Sandton
	  	
		
	For:	  	HARMONY GOLD MINING COMPANY LIMITED
			
	Signature:	  	 /s/
	  	
		  	Who warrants his/her authority hereto	  	
	Name:	  	 Graham Briggs
	  	
	Date:	  	 20 March 2013
	  	
	Place:	  	 Sandton
	  	

  

					
	      	 	  
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 Annexure A 

SKETCH PLAN – LAN 

  

					
	      	 	  
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	  	edward nathan sonnenbergs incorporated        registration number 2006/018200/21EX-4.31

 Exhibit 4.31 

EXECUTION VERSION 
 BORROWER PLEDGE AND
CESSION 
  

	1.	As security for the obligations (the “Secured Indebtedness”) which 

BUSINESS VENTURE INVESTMENTS NO. 1677 PROPRIETARY LIMITED 

(Registration No. 2012/035756/07) 

a limited liability company duly registered and incorporated in accordance with the laws of South Africa 

(the “Pledgor”) 

at present has and may from time to time in the future have or incur to 

HARMONY GOLD MINING COMPANY LIMITED 

(Registration No. 1950/038232/06) 

a limited liability company duly registered and incorporated in accordance with the laws of South Africa 

(the “Lender” and together with the Pledgor, collectively hereinafter the “Parties” and each of them a
“Party” as the context may require) 
 to pay all amounts due from time to time by the Pledgor under a term loan facility
agreement (the “Term Facility Agreement”) entered into on or about the date hereof between the Lender (as lender) and the Pledgor (as borrower) and the other Transaction Documents (as such term is defined in the Term Facility
Agreement) to which it is party, the Pledgor pledges and cedes in securitatem debiti to the Lender with effect from the Closing Date (as such term is defined in the Term Facility Agreement) – 

 

	 	1.1.	the Pledged Shares (as defined in Annexure A), and any capitalisation shares which may be issued on account of the holding of such shares and any rights and proceeds of any rights to subscribe for shares or other
rights attaching to such shares (including, without limitation, any distribution in specie) and any proceeds arising from the disposal of such shares or such proceeds or other rights or an election to receive cash in respect of such shares,
including, without limitation, any ordinary or preference shares in the issued share capital of the Company (as defined in Annexure A) from time to time issued to the Pledgor as well as its rights to receive from the Company any dividends or
other distributions in respect of such shares; 

  

	 	1.2.	all rights to any bank account into which the proceeds contemplated in clauses 1.1 and 1.3 hereof and any repayment of Ceded Claims (as defined below) may from time to time be paid; and 

 

	 	1.3.	 all claims of whatsoever nature and howsoever arising which the Pledgor at present has, and may from time to time have, against the Company,
including, without limitation, any 

	 	
claim which it may from time to time have against the Company in respect of monies owing by the Company to it under a Shareholder Loan Agreement (as such term is defined in the Term Facility
Agreement), its loan account, if any, as well as in respect of any unpaid dividends or other distributions (the “Ceded Claims”) and, which together with (a) the Pledged Shares and (b) the rights to any bank account
referred to in clause 1.2 hereof and (c) all other rights and interests ceded in terms of this clause 1.3, constitute the “Collateral”, 

all on the terms and conditions contained in this pledge and cession (this “Pledge and Cession”). 

 

	2.	In this Pledge and Cession, unless the context otherwise requires, capitalised terms and expressions not otherwise defined shall bear the meanings given to them in the Term Facility Agreement (whether directly or by
incorporation by reference). 

  

	3.	By no later than the Closing Date, the Pledgor shall deliver to the Lender, in respect of its Pledged Shares – 

  

	 	3.1.	the share certificates accompanied by undated share transfer declarations in respect thereof duly signed by the registered holder/s of the Pledged Shares and in blank as to transferee; 

 

	 	3.2.	a certified copy of a resolution passed by the directors of the Company irrevocably acknowledging and approving the pledge and cession of the Collateral and the transfer of the Collateral to any transferee; and

  

	 	3.3.	such other consents or authorities as may be required for the transfer of the Pledged Shares or any of them to any transferee. 

  

	4.	Should any of the Pledged Shares which are certificated as of the date of this Pledge and Cession at any time in the future be dematerialised, then the Pledgor shall forthwith, upon the happening of that event, deliver
to the Lender a written acknowledgement signed by or on behalf of the relevant central securities depository participant, confirming and specifying (to the Lender’s satisfaction) – 

 

	 	4.1.	the Pledgor’s ownership of the Pledged Shares and that such shares are held by the relevant central securities depository participant; 

 

	 	4.2.	the entry, in accordance with the applicable rules, of this Pledge and Cession in favour of the Lender in the Pledgor’s securities account kept by or on behalf of the relevant central securities depository
participant in respect of the Pledged Shares; 

  

	 	4.3.	that the relevant central securities depository participant will not remove the entry referred to in clause 4.2 from the relevant securities account nor will the Pledged Shares be transferred to a third party
without the written consent of the Lender, acting on the instructions of the Lender, first having been obtained; and 

  

	 	4.4.	no other security cession or pledge was noted against the Pledged Shares at any time that the entry referred to in clause 4.2 was made against the relevant securities account, 

  
 2 

 and in the event that the Lender is entitled to exercise its rights in terms of this Pledge and
Cession, the Pledgor will instruct the relevant central securities depository participant to transfer the Pledged Shares to the Lender (or its nominee) by effecting the necessary entries into the relevant securities account; in the event of the
Pledgor not giving the necessary instruction as aforesaid, the Pledgor irrevocably nominates constitutes and appoints the Lender (or its nominee) as its lawfully appointed attorney and agent, with full power and authority, to do all such things as
necessary to give effect to the provisions of this clause 4, and in particular to instruct the relevant central securities depository participant to transfer the shares to the Lender (or its nominee). 

 

	5.	Without in any way limiting or derogating from any other provision hereof, if at any time hereafter any shares in the capital of the Company are issued to or acquired by the Pledgor for any reason whatsoever, including,
without limitation, any other class of shares (howsoever described) which are issued by the Company to the Pledgor, then the documents of title evidencing any such shares shall be delivered to the Lender (mutatis mutandis in accordance with
clause 3 hereof) accompanied by undated share transfer declarations in respect thereof duly signed by the registered holder/s thereof and in blank as to transferee, together with certified copies of such other irrevocable resolutions, consents
and authorities as may be required for the transfer of such Pledged Shares. If such shares are dematerialised, the Pledgor shall forthwith comply with the provisions of clause 4 (mutatis mutandis) in respect of such shares.

  

	6.	All bonus or new shares which may from time to time accrue in respect of the Pledged Shares shall accrue to and be taken up by the Pledgor and the certificates in respect thereof, together with duly signed and currently
dated share transfer declarations in respect thereof in blank as to transferee, shall be delivered to the Lender (mutatis mutandis in accordance with clause 3 hereof) and shall be subject in all respects to the terms and conditions of
this Pledge and Cession or, if such further shares are dematerialised, the Pledgor shall procure that they become subject to this Pledge and Cession and, in particular, the arrangements contemplated in clause 4 mutatis mutandis. All
rights and proceeds accrued, earned or attaching to any such bonus or new shares from time to time are hereby ceded in securitatem debiti to the Lender mutatis mutandis in accordance with the provisions of clause 1 hereof
and shall form part of the Collateral for all purposes in terms hereof. 

 7. 

 

	 	7.1.	Any distribution in specie which may from time to time accrue in respect of the Pledged Shares shall accrue to and be taken up by the Pledgor and if – 

 

	 	7.1.1.	such distribution in specie consists of certificated shares, the certificates in respect thereof, together with duly signed and currently dated share transfer declarations in respect thereof in blank as to
transferee, shall be delivered to the Lender (mutatis mutandis in accordance with clause 3 hereof) and shall be subject in all respects to the terms and conditions of this Pledge and Cession; 

  
 3 

	 	7.1.2.	such distribution in specie consists of dematerialised shares, a written acknowledgement, signed by or on behalf of the relevant central securities depository participant, shall be delivered to the Lender
(mutatis mutandis in accordance with clause 4 hereof); and 

  

	 	7.1.3.	such distribution in specie consists of any other asset, such asset shall be delivered to the Lender and shall be subject in all respects to the terms and conditions of this Pledge and Cession.

  

	 	7.2.	All rights and proceeds accrued, earned or attaching to any such distribution in specie from time to time are hereby ceded in securitatem debiti to the Lender mutatis mutandis in
accordance with the provisions of clause 1 hereof and shall form part of the Collateral for all purposes in terms hereof. 

  

	8.	All shares required to be delivered to the Lender from time to time in accordance with the provisions of this Pledge and Cession shall comprise Pledged Shares for all purposes in terms of this Pledge and Cession.

  

	9.	If at any time during the currency of this Pledge and Cession, any Event of Default occurs and is continuing the Lender shall be entitled, and the Pledgor hereby authorises the Lender irrevocably and in rem
suam without further authority or consent of any nature whatsoever required from the Pledgor, unless required by applicable law, without first obtaining an order of court – 

 

	 	9.1.	to convene general meetings of the Company for any purpose whatsoever including, without limitation, for the purpose of removing the directors of the Company appointed by the Pledgor as a result of the holding of the
Pledged Shares and to appoint in their stead such persons as directors as the Lender in its sole and absolute discretion deems fit; and/or 

  

	 	9.2.	to give special notice of an intention to pass any resolution which requires special notice under the Companies Act and to consent to short notice of or to waive notice of any general meeting of the Company; and/or

  

	 	9.3.	to attend any general meeting of shareholders of the Company as the Pledgor’s proxy or representative, to exercise any voting rights attaching to the Pledged Shares or any of them in such manner as it may in its
sole and absolute discretion deem fit, and to represent the Pledgor in all respects at any such meeting; and/or 

  

	 	9.4.	to procure the registration of all or any of the Pledged Shares into its name or the name of its nominee, or any other person, and to exercise any voting rights attaching thereto in such manner as it may in its sole and
absolute discretion deem fit; and/or 

  
 4 

	 	9.5.	to receive all dividends or other distributions or payments paid from time to time on account of the Collateral which dividends and other payments and distributions shall, if irrevocably received and retained by the
Lender, be applied in pro tanto discharge of the Pledgor’s liability to the Lender in respect of the Secured Indebtedness; and/or 

  

	 	9.6.	whether after registration of the Pledged Shares into its name or the name of its nominee or any other person or without such registration, to realise the Collateral either by public auction or by private treaty, in the
latter case on reasonable notice to the Pledgor not exceeding 7 (seven) days, as the Lender may deem fit, and/or, at the Lender’s election, to take over the Collateral at a fair value which, in the absence of agreement, shall be determined
by an independent accountant agreed to by the Parties or, failing agreement, appointed by the President for the time being of the South African Institute of Chartered Accountants (or the successor body thereto) (which independent accountant shall
act as an expert and not as an arbitrator and shall determine the liability for its charges which will be paid accordingly) provided that if any determination is manifestly unjust, and the court exercises its general power, if any, to correct such
determination, the Parties shall be bound thereby, and to pro tanto apply the net proceeds of the sale (after all expenses of realisation) to, or set off the purchase price payable by it for the Collateral against the Pledgor’s
indebtedness to the Lender in respect of the Secured Indebtedness on the basis that any excess on realisation or any balance owing to the Pledgor, as the case may be, will be paid to the Pledgor and any shortfall will remain as a debt due by the
Pledgor to the Lender; and/or 

  

	 	9.7.	to convey valid title in the Collateral to any purchaser thereof (including the Lender); and/or 

  

	 	9.8.	to give notice of the cession to the Company and/or to recover the amount of the Ceded Claims or other sums forming part of the Collateral directly from it; and/or 

 

	 	9.9.	to institute such legal proceedings or other action as the Lender in its sole and absolute discretion may deem fit on behalf and in the name of the Pledgor in respect of the Collateral, and to proceed to the final end
and determination thereof; and/or 

  

	 	9.10.	to take all such further or other steps as the Lender may consider necessary to deal with the Collateral. 

  

	10.	If at any time the Lender becomes entitled to exercise its rights under clause 9, the Pledgor hereby authorises and appoints the Lender irrevocably and in rem suam as the Pledgor’s attorney and
agent in the Pledgor’s name, place and stead to sign and execute – 

  

	 	10.1.	any proxy in favour of the Lender or its nominee to enable the Lender to exercise any voting rights attaching to the Pledged Shares or any of them; and 

 

	 	10.2.	such documents as may be necessary – 

  
 5 

	 	10.2.1.	in order to render the Pledged Shares or any of them negotiable including, without limitation, the signature of share transfer declarations; 

 

	 	10.2.2.	to receive payment of the purchase price of the Collateral; and/or 

  

	 	10.2.3.	to enable the Lender to exercise any of the rights granted to it herein. 

  

	11.	The Pledgor undertakes that until the full, final and irrevocable discharge of all obligations owing by the Pledgor to the Lender hereunder, under the Term Facility Agreement and under the other Transaction Documents
and, save as contemplated in the Transaction Documents or save as otherwise agreed in writing by the Lender, it will not sell, grant any further cession, encumber or otherwise Dispose of the Collateral. 

 

	12.	A certificate signed by any director or manager of the Lender reflecting the amount of – 

  

	 	12.1.	the Pledgor’s indebtedness to such Lender in respect of the Secured Indebtedness; and 

  

	 	12.2.	any costs or expenses incurred by the Lender in the exercise of its rights herein and the net proceeds of any realisation of the Collateral, 

shall be presumed to be correct, unless the contrary be proved. 
  

	13.	The Lender shall not be – 

  

	 	13.1.	obliged to take any steps which it is authorised or entitled to take or exercise any rights granted to it herein; and 

  

	 	13.2.	liable to the Pledgor for any loss or damage (whether directly or indirectly, consequential or otherwise), fines, Taxes or other fiscal charges or penalties or claims which the Pledgor may suffer or sustain as a
consequence, directly or indirectly, of – 

  

	 	13.2.1.	the Lender exercising any of its rights under this Pledge and Cession, save in respect of the gross negligence or wilful misconduct of the Lender; 

 

	 	13.2.2.	any omission or delay by the Lender including any delay in exercising any of its rights hereunder or its failure to insure or protect the Pledgor’s interests in the Collateral in any way; or 

 

	 	13.2.3.	the loss or destruction of any documents delivered by the Pledgor to the Lender in terms of this Pledge and Cession. 

  
 6 

	14.	The provisions of this Pledge and Cession shall be and continue to be of full force and effect and binding on the Pledgor notwithstanding – 

 

	 	14.1.	the Lender agreeing with the Pledgor, any variation or departure (however substantial) of or from the Term Facility Agreement or any other Transaction Document so that any such variation or departure shall, whatever its
nature, be binding upon the Pledgor in all circumstances, notwithstanding that it may increase or otherwise affect the liability of the Pledgor; or 

  

	 	14.2.	the Lender releasing or granting any time or any indulgence whatsoever to the Pledgor under the Term Facility Agreement or any other Transaction Document or any contravention by the Pledgor of the Term Facility
Agreement or any other Transaction Document, or entering into any transaction or arrangements whatsoever with or in relation to the Pledgor and/or any third party; or 

 

	 	14.3.	the Lender taking, accepting, varying, dealing with, enforcing, abstaining from enforcing, surrendering or releasing any security for the obligations secured hereby in such manner as they think fit, or claiming, proving
for, accepting or transferring any payment in respect of such obligations in any composition by, or sequestration of, the Pledgor and/or any third party or abstaining from so claiming, proving, accepting or transferring; or 

 

	 	14.4.	the winding up, dissolution, administration, reorganisation or placement under supervision for business rescue proceedings of the Lender or the Pledgor or any change in their respective status, function, control or
ownership; or 

  

	 	14.5.	any of the obligations of the Pledgor under the Term Facility Agreement and/or any other Transaction Document being or becoming illegal, invalid, unenforceable or ineffective in any manner or respect whatsoever; or

  

	 	14.6.	any time or other indulgence being granted or agreed to be granted to the Pledgor under the Term Facility Agreement and/or any other Transaction Document; or 

 

	 	14.7.	any amendment to, or any variation, waiver or release of any of the obligations of the Pledgor under the Term Facility Agreement and/or any other Transaction Document; or 

 

	 	14.8.	any other act, event or omission which, but for this clause 14, might operate or might otherwise have operated to discharge, impair or otherwise affect any of the obligations of the Pledgor herein contained or any
of the rights, powers or remedies conferred upon the Lender, whether by the Term Facility Agreement, the other Transaction Documents or by applicable law. 

  

	15.	 The liabilities and obligations of the Pledgor under this Pledge and Cession shall remain in force notwithstanding any settlement of account, act,
omission, neglect, event or matter whatsoever, and in particular but without limitation, shall not be considered satisfied by any intermediate payment or satisfaction of all or any of the liabilities and obligations of the Pledgor under the Term
Facility Agreement or any other Transaction Document. Without prejudice to its generality, the foregoing 

  
 7 

	 	
shall apply in relation to anything which would have discharged the Pledgor (wholly or in part) or which would have afforded the Pledgor with any legal or equitable defence, and in relation to
any winding up, sequestration, dissolution or placement under supervision for business rescue proceedings of, or any change in constitution or corporate identity or loss of corporate identity by the Pledgor (if applicable) or any other person.

  

	16.	The Pledgor shall be entitled to cancel this Pledge and Cession and to the return of the Pledged Shares together with documents rendering them negotiable when the Secured Indebtedness has been fully, finally and
irrevocably extinguished and discharged. 

  

	17.	The Pledgor shall render to the Lender such assistance as the Lender may require for the purposes of enforcing its rights in respect of the Collateral and/or to prove the amount of the Ceded Claims or any portion
thereof. 

  

	18.	

  

	 	18.1.	The Pledgor, on each day that this Pledge and Cession is in force: 

  

	 	18.1.1.	warrants and represents that it is and will remain the sole and beneficial owner of the Collateral to the exclusion of all others and no person (other than the Lender) has an option or right of refusal over the
Collateral; 

  

	 	18.1.2.	warrants and represents that the Collateral pledged and ceded to the Lender under this Pledge and Cession has not been pledged and/or ceded (either outright or as security), discounted, factored, mortgaged under
notarial bond or otherwise, or otherwise disposed of or hypothecated, nor has it been subject to any other rights in favour of any person; 

  

	 	18.1.3.	warrants and represents that it has the power, authority and legal right to sign and perform this Pledge and Cession; 

  

	 	18.1.4.	warrants and represents that all obligations undertaken by it under this Pledge and Cession constitute its legal, valid and binding obligations enforceable against it in accordance with the terms of this Pledge and
Cession, and that the constitutional documents of the Company do not place any limitations or restrictions on the Pledgor to pledge and cede the Collateral as provided for in this Pledge and Cession other than such consents as have been obtained
prior to the Closing Date; 

  

	 	18.1.5.	warrants and represents that its entry into the Term Facility Agreement and this Pledge and Cession and the fulfilment of its obligations in accordance with the terms thereof and hereof do not contravene any applicable
law or any contractual obligation binding on it; and 

  
 8 

	 	18.1.6.	save as expressly contemplated by, and subject to the provisions of the Term Facility Agreement and this Pledge and Cession, acknowledges that it may not pledge, cede, assign or transfer or in any other manner create
any Security whatsoever, or allow any Security whatsoever to be created, over or deal with the Collateral without the prior written consent of the Lender. 

  

	 	18.2.	Should the Collateral be subject to any right in breach of the representation and warranty in clause 18.1.2 then, without prejudice to any other rights that the Lender may have, any reversionary or other interests
the Pledgor may have in the Collateral are also ceded to the Lender and if the holder of that cession or right is entitled to possession of any of the documents referred to in clause 3, and it exercises that right, then the Pledgor shall
deliver photocopies of the documents to the Lender, and as soon as the holder of that cession or right ceases to be entitled to possession or gives up possession, the Pledgor shall deliver the relevant documents to the Lender. Without in any way
limiting or derogating from the foregoing, the Pledgor acknowledges and agrees that the Lender shall be entitled to receive payment from such prior cessionary of such amounts as such prior cessionary shall receive in excess of the sums due to them
by the Pledgor. 

  

	 	18.3.	It is recorded that the Lender has entered into the Term Facility Agreement and the Transaction Documents on the strength of and relying on, inter alia, the warranties and representations in this clause 18,
each of which shall be deemed to be separate warranties and representations, given without prejudice to any other warranty or representation, and deemed to be material representations inducing the Lender to enter into the Term Facility Agreement and
the other Transaction Documents. 

  

	19.	This Pledge and Cession is in addition to and not in substitution for any other security held or hereafter to be held by the Lender from any party in connection with the Secured Indebtedness, or otherwise and the Lender
shall, without prejudice to their rights hereunder, be entitled to release any such additional security held by them. 

  

	20.	The Pledgor hereby renounces the legal benefits and exceptions of excussion, division, non numeratae pecuniae and non causa debiti, the Pledgor declaring itself to be fully acquainted with the full meaning
and effect of this renunciation. 

  

	21.	This Pledge and Cession shall be governed by and construed in accordance with the laws of South Africa. 

  

	22.	The Parties hereby irrevocably and unconditionally consent to the non-exclusive jurisdiction of the High Court of South Africa (South Gauteng High Court, Johannesburg) (or any successor to that division) in regard to
all matters arising from this Pledge and Cession. 

  

	23.	 Each provision in this Pledge and Cession is severable from all other provisions, notwithstanding the manner in which they may be linked together or
grouped grammatically, and if in terms of any 

  
 9 

	 	
judgment or order, any provision, phrase, sentence, paragraph or clause is found to be defective or unenforceable for any reason, the remaining provisions, phrases, sentences, paragraphs and
clauses shall nevertheless continue to be of full force. In particular, and without limiting the generality of the aforegoing, the Parties hereto acknowledge their intention to continue to be bound by this Pledge and Cession notwithstanding that any
provision may be found to be unenforceable or void or voidable, in which event the provision concerned shall be severed from the other provisions, each of which shall continue to be of full force. The Parties agree that in such event, and insofar as
may be available under applicable law, to substitute valid, legal and enforceable provisions for the invalid, illegal or unenforceable provisions so as to implement the intention of the Parties hereto to the extent legally possible.

  

	24.	

  

	 	24.1.	The Parties choose as their addresses for notices for all purposes under this Pledge and Cession, whether in respect of court process, notices or other documents or communications of whatsoever nature, the addresses set
out in the Term Facility Agreement. 

  

	 	24.2.	Any notice or communication required or permitted to be given in terms of this Pledge and Cession shall be valid and effective only if in writing but it shall be competent to give notice by hand delivery, courier or
facsimile. 

  

	 	24.3.	Any Party may by notice to the other Parties change the physical address chosen as its address for notices to another physical address in Gauteng, South Africa or its facsimile number, provided that the change shall
become effective vis-à-vis that addressee on the 14th (fourteenth) Business Day from the deemed receipt of the notice by the addressee. 

 

	 	24.4.	Any notice to a Party – 

  

	 	24.4.1.	delivered by hand to a responsible person during ordinary business hours at the physical address chosen as its address for notices shall be deemed to have been received on the day of delivery; or 

 

	 	24.4.2.	sent by facsimile to its chosen facsimile number stipulated against its name in the Term Facility Agreement, shall be deemed to have been received on the date of despatch (unless the contrary is proved).

  

	 	24.5.	Notwithstanding anything to the contrary herein contained, a written notice or communication actually received by the Pledgor shall be an adequate written notice or communication to it notwithstanding that it was not
sent to or delivered at its chosen address for notices. 

  

	25.	No amendment or variation of, addition to, deletion from, or consensual cancellation of this Pledge and Cession or any provision or term thereof and no extension of time, waiver or relaxation of any of the provisions or
terms of this Pledge and Cession shall bind the Lender unless recorded in a written document signed by the Parties. Any such extension, waiver or relaxation which is so given or made shall be construed as relating strictly to the matter in respect
whereof it was made or given. 

  
 10 

	26.	No extension of time or waiver or relaxation of any of the provisions of this Pledge and Cession shall operate as an estoppel against the Lender in respect of its rights hereunder nor shall it operate so as to preclude
the Lender thereafter from exercising its rights strictly in accordance with this Pledge and Cession. 

  

	27.	

  

	 	27.1.	The Lender shall be entitled on written notice to but without the consent of the Pledgor (and without notice following the occurrence of an Event of Default which is continuing) to assign or otherwise transfer all or
any of its rights and/or obligations under this Pledge and Cession to any party to whom it cedes or delegates it rights and/or obligations under the Term Facility Agreement subject to and in accordance with the provisions thereof. The Pledgor hereby
unconditionally and irrevocably consents to the splitting of all ordinary claims against it hereunder (both known and unknown as of any date, present and future, actual and contingent) which may result from such assignment or transfer.

  

	 	27.2.	The Pledgor shall not be entitled to cede any of its rights nor delegate any of its obligations in terms of this Pledge and Cession to any person without the prior written consent of the Lender. 

 

	28.	The Pledgor undertakes to pay on first demand all costs and expenses of whatsoever nature incurred by the Lender in exercising or enforcing any of its rights hereunder together with the costs of and incidental to the
transfer of the Pledged Shares, including, without limitation, any transfer duty or securities transfer Tax which may be payable in connection therewith. 

  

	29.	This Pledge and Cession may be executed in one or more counterparts all of which, when read together, shall constitute one and the same instrument. A facsimile shall constitute a valid counterpart for all purposes
hereunder. 

  

	30.	The Pledgor acknowledges that it has been free to secure independent legal and other advice as to the nature and effect of all the provisions of this Pledge and Cession and that it has either taken such independent
legal and other advice or dispensed with the necessity of doing so. Further, the Pledgor acknowledges that all of the provisions of this Pledge and Cession have been negotiated as between it and the Lender and are part of the overall intention of
the Parties in connection with this Pledge and Cession. 

  
 11 

 As witnessed by the duly authorised representatives of the parties hereto 

Signed for and on behalf of: 
 Business Venture Investments
No. 1677 Proprietary Limited 
  

	
	 /s/

	
	Name: M.C. Matjila
	
	Title: Director
	
	Witness: /s/
	
	Date: 20 March 2013

  

					
	Accepted the benefits hereof:
			
	Signed for and on behalf of:	 		 	
			
	Harmony Gold Mining Company Limited	 		 	Harmony Gold Mining Company Limited
	(in its capacity as lender)	 		 	(in its capacity as lender)
			
	 /s/
	 		 	 /s/

			
	Name: Graham Briggs	 		 	Name: Graham Briggs
			
	Title: Director	 		 	Title: Director
			
	Witness: /s/	 		 	Witness: /s/
			
	Date: 20 March 2013	 		 	Date: 20 March 2013

 Annexure A 

For the purposes of this Pledge and Cession – 
  

	1.	“Company” means Business Venture Investments No 1692 Proprietary Limited (Registration No. 2012/041001/07), a limited liability company duly registered and incorporated in accordance with the laws
of South Africa; 

  

	2.	“Pledged Shares” means 3 (three) ordinary shares in the issued share capital of the Company (comprising 3% (three per cent) of the entire ordinary issued share capital of the Company, together with
any shares in the capital of the Company that may hereafter be acquired by the Pledgor for any reason.

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