Creating Value Mining

Creating value in mining.
Optimising your strategy, operations and growth initiatives

Development of Strategic Options .........................................3
Capital Efciency ....................................................................4
Radical Business Improvement ...............................................5
Building the Growth Engine ...................................................6
Technical Mining Advisory Services ........................................7
Corporate Finance Solutions...................................................9
Saving cost, improving service through outsourcing
Mining Shared Services ........................................................12
Outsourced Recruitment Solutions .......................................13
Dealing with sustainability
Sustainable Mining ...............................................................17
Safety Analytics ....................................................................18
Tip-offs Anonymous .............................................................20
Corporate Social Investment ................................................22
Getting the most from your technology
Pre-congured SAP Solutions ...............................................24
Application Integrity ............................................................25
Application Management Services .......................................26
IT Governance ......................................................................28
Exploring risk, extracting value ............................................30
Optimising your tax and legal position
Tax Management Consulting ................................................32
Tax Efcient Supply Chain ....................................................34
Transfer Pricing ....................................................................36
Legal Advisory Solutions ......................................................38
Contract Optimisation ..........................................................40
Records Management Solution ............................................41
Addressing talent challenges
Talent Development and Assessment Solutions ....................43
Remuneration and Incentive Design Services .......................45
e-Learning Solutions ............................................................47
Contents
COUNTRIES SERVICED
MOROCCO
ALGERIA
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EGYPT
LIBYA
NIGERIA
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CAPE
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ISLANDS
MALI
SENEGAL
GAMBIA
GUINEA-BISSAU
GUINEA
SIERRA LEONE
LIBERIA
BURKINA
FASO
NIGER
CHAD
SUDAN
CENTRAL
AFRICAN
REPUBLIC
ETHIOPIA
ERITREA
DJIBOUTI
SOMALIA
COMORES
SEYCHELLES
MAURITIUS
REUNION
CAMEROON
GHANA
IVORY
COAST T
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EQUATORIAL GUINEA
CABINDA
GABON
DEMOCRATIC
REPUBLIC OF
CONGO
ANGOLA
NAMIBIA
SOUTH
AFRICA
BOTSWANA
ZAMBIA
ZIMBABWE
KENYA
TANZANIA
UGANDA
RWANDA
BURUNDI
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Deloitte footprint in Africa
DELOITTE OFFICES
SOUTHERN
SUDAN
1
Deloitte has tapped into its vast resource pool to bring you
mining specic strategic and business solutions to increase
productivity, protability and minimise loss. Our subject
matter experts have focused on providing solutions to
the issues experienced specically in the mining industry.
Our relevant experience in the mining industry allows us
to help your organisation gain the coveted competitive
advantage it needs to be successful in the mining industry.
With our extensive footprint in Africa, Deloitte can address
key challenges of our mining clients.
By being a global multi-disciplinary organisation, we have
access to leading experts in the various elds of auditing,
tax, consulting, nancial advisory and corporate nance.
As part of this pooled resource, all members are available
for global deployment, supplying rapid and relevant
responses to our clients needs. But even more re-assuring
than this is the fact that the worlds top mining experts
are to be found right here on home soil, to immediately
help you with your companys challenges.
Many of the worlds most successful mining ventures
depend on Deloittes mining experts to advise them on
complex business and industry issues.
Take a deeper look at what
Deloitte offers by reading
through this brochure.
Deloitte Mining Solutions
2
Optimising your
strategy, operations
and growth
initiatives
3
Development of Strategic Options
Challenges mining companies face
Mining companies emerged from the nancial crisis leaner,
meaner and frequently cash-rich. To deploy available capital
effectively, some companies forge ahead with projects
previously considered marginal; others are debating
returning excess capital to shareholders, and still others
have launched a spate of M&A transactions.
Theres a renewed interest in beyond-borders expansion,
particularly into Africa, with all the opportunities, threats
and uncertainties associated with mining on the continent.
Executives should now take a good, hard look at their
portfolios, processes, plans and value drivers and articulate
a long-term strategy to make informed investment
decisions.
How does the Deloitte solution address the business
issue?
Our approach encapsulates a rigorous analysis of
the prospective acquisition targets, along a range of
parameters, coupled with identication and quantication
of risks facing potential investments, including political risk,
prevalent particularly in Africa.
At Deloitte we have found that our on-the-ground presence
in most African countries plays a considerable role in our
ability to understand local investment opportunities and
risks. We use hypothesis formulation and testing as well
as a real options approach as some of the useful tools in
weighting investment options.
Benets to your organisation
Deloitte works with our strategy, actuarial and corporate
nance specialists to deliver this unique solution.
Our analysis provides a comprehensive as is picture and
reveals potential opportunities for commercial exploitations
while identifying any latent aws or fundamentally negative
aspects, which may impact your investments.
The high-level nancial models help to select the optimum
entry option and the risk models aid the development of
mitigation strategies.
Scenario planning assists in the understanding of the
country-specic risks, particularly in identifying the leading
indicators or triggers, thus helping to ascertain early which
of a range of identied scenarios could unfold.
Jacek Guzek
Tel: +27 (0)11 517 4163
Email: jguzek@deloitte.co.za
4
Our experience has shown that every large capital project
should include a detailed value improvement process
coupled with a rigorous capital business case review. The
need for a robust process has been highlighted by the
current worldwide economic conditions where capital
funding is constrained and it is crucial that projects deliver
on the promised projected returns.
How does the Deloitte solution address the
business issue?
Our approach encapsulates a detailed value improvement
process coupled with a rigorous capital business case
robustness review. Value enhancement is achieved by
working closely with the project team, targeting areas of
potential value through various techniques focusing on
efciencies, waste and new sources of value. The position
of the project in the overall project lifecycle will determine
the focus of the review and the warranted analysis. During
the business case robustness review, the business case is
evaluated, assumptions tested and validated, while risks
are framed and key drivers are modelled stochastically
providing a view on the uncertainty associated with the
reported project return.
Big capital projects takes a considerable amount of time to
develop. During this time many congurations are tested
and assumptions made on which decisions are based,
while the business case is continuously updated and
changed. Since the world can change signicantly over
the project study period a structured value improvement
and business case robustness review could add value by
providing decision makers with the peace of mind that
the optimal value has been identied and that the project
return numbers are sound.
Capital Effciency
Louis Kruger
Tel: +27 (0)11 209 6444
Email: lokruger@deloitte.co.za
5
Our experience has shown that clients understand the
business improvement imperative, but often lack the
capacity and approach to make improvement a reality.
business issue?
The Radical Business Improvement (RBI) approach aims
to inuence the thinking and behaviour of operational
teams to make business improvement a way of life.
This is achieved through the embedment of a business
improvement platform that not only fast tracks business
improvement, but also ensures sustainable continuous
improvement practices.
Our RBI Team will provide your business with a platform
that drives business improvement in a sustainable manner.
The platform consists of specialised people,
streamlined processes and supporting systems. Once this
is established, your company will have gone through a
culture shift where everybody understands, supports and
participates in business improvement.
Radical Business Improvement
Abrie Olivier
Tel: +27 (0)82 874 6040
Email: aolivier@deloitte.co.za
6
CEOs are often surprised by the size of their companies
Growth Gapthe difference between the revenue
growth they can deliver through the current business
versus the revenue growth they need to deliver (or have
committed to delivering).
business issue?
The Growth Engine is not about the what, but the
how. Deloitte member rms are in an ideal position to
build, maintain, and run your Engine more so than any
other service provider.
Due to our organisations vast, global reach and the
resulting deep industry and market insights enables us to:
Assess opportunities
Set targets and criteria
Design, develop, and deploy
Provide support services and tools
The Growth Engine can provide you with:
A market intelligence network to proactively scan for
emerging opportunities;
A mechanism for fltering through many ideas to
highlight the most valuable and viable ones;
A means for measuring an ideas potential for impacting
revenue growth, protability, and shareholder value;
The capability to repeatedly plan, commercialise, and
manage a portfolio of new businesses.
Building the Growth Engine
Thomas Jankovich
Tel: +27 (0)11 209 8839
Email: tjankovich@deloitte.co.za
7
Mining companies face many technical and strategic
challenges. Whether you are still exploring for minerals,
developing your projects or in production, we have a
unique combination of strategic and assurance services
based on technically sound principles that can assist
you to optimally develop your mineral project or more
effectively manage your mining operations.
business issue?
The Deloitte solution ensures that appropriately
experienced and skilled people develop a solution to
any technical or assurance challenge, including: mining
technical due diligence; the compilation or review of
technical feasibility studies; the valuation of mineral
deposits; mineral resource and reserve compliance
assessments; technical risk assessments; competent
persons reporting; project pipeline analysis; and general
technical assurance services.
Deloitte will work with the relevant counterparts at the
company or project under review to assess the level
and standard of information available followed by the
generation of a time line and budget based on the scope
of work.
The following factors uniquely position Deloitte to provide
the required services:
Intrinsic strengths of Deloitte, the Global Firm;
Relevant experience in the felds in which Deloitte will
be required to exercise its judgement; and
Availability of appropriate skills among the staff and
associates.
Technical Mining Advisory Services
The Mining Advisory Services business
unit is uniquely positioned to provide a
range of Technical Services across the
mineral asset value chain.
Ebrahim Takolia
Tel: +27 (0)11 209 6493
Email: etakolia@deloitte.co.za
8
Exploration/
Assessment
Evaluation/ Analyses Design / Construction Production Depletion/Closure
P
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J
E
C
T

V
A
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U
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1
Preliminary economic
assessments
Valuation
Prospecting rights
application/s
Compliance - mineral
resources and reserves
Assessment of project
pipeline
Environmental
assessments
Pre-feasibility and
feasibility studies
Mining rights
application/s
Environmental
assessments
Risk assessments
Competent persons
reporting
Valuation
Due diligence
Capital effciency and
operational readiness
Assessment of risks in
project execution plan
and schedule
Corporate governance
framework
Project to operation
strategy
Competent persons
reporting
Valuation
Due diligence
Radical business
improvement plan /
strategy
Annual reporting -
mineral resources and
reserves, environmental
Mine closure /
rehabilitation
assessments
Mining shared services
Competent persons
reporting
Valuation
Due diligence
Mine and process
optimisation studies
Mineral resources and
reserves replacement
strategy
Mine closure /
rehabilitation planning
Optimal disposal of
saleable assets
Business Rescue
CONFIDENCE
Mining Advisory Services across the value chain
Project Value
9
Exploration/
Assessment
Evaluation/ Analyses Design / Construction Production Depletion/Closure
P
R
O
J
E
C
T

V
A
L
U
E

1
Preliminary economic
assessments
Valuation
Prospecting rights
application/s
Assessment of project
pipeline
Environmental
assessments
Pre-feasibility and
feasibility studies
Mining rights
application/s
Environmental
assessments
Risk assessments
Competent persons
reporting
Valuation
Due diligence
Capital effciency and
operational readiness
Assessment of risks in
project execution plan
and schedule
Corporate governance
framework
Project to operation
strategy
Competent persons
reporting
Valuation
Due diligence
Radical business
improvement plan /
strategy
Annual reporting -
mineral resources and
reserves, environmental
Mine closure /
rehabilitation
assessments
Mining shared services
Competent persons
reporting
Valuation
Due diligence
Mine and process
optimisation studies
Mineral resources and
reserves replacement
strategy
Mine closure /
rehabilitation planning
Optimal disposal of
saleable assets
Business Rescue
CONFIDENCE
Corporate Finance Solutions
Accessing Cash: With mining projects invariably requiring
signicant investment to bring them into operation,
having access to sufcient cash resources is key to the
success of any mining company. While some miners are
cash rich, others have to look to capital markets and
banks for cash, both of which are jittery after suffering
losses in the global recession of 2008/09 and the looming
economic troubles in Europe.
Growing through acquisition: Mining Due Diligences are
predominantly focused on the geological, metallurgical,
environmental and other technical aspects of a project,
and rightly so as these aspects are paramount to the
potential investor. However, the nancial soundness
and management of a project, mine or mining company
is often overlooked as part of the acquisition process.
Furthermore, inadequate M&A deal management can
erode the value of a transaction.
business issues?
Deloitte has a track record of working closely with
investments banks as part of multi-disciplinary IPO teams
to ensure that mining companies extract the maximum
value from initial and subsequent capital raisings. As well
as traditional reporting accountant and sponsor roles,
Deloitte also offers services such as IPO readiness reviews,
capital structure assessments, drafting and coordination of
listing documents and road show support.
The Deloitte Debt Advisory team enables clients to take
control of the vital debt raising process in order to access
a much wider spectrum of funders, to pitch competitively
and to execute the most effective deal that is RoE
enhancing with the least amount of business constraints.
Deloittes transaction services and M&A advisory teams
can assist you through every step of an acquisition process
to ensure that you gain the maximum benet from the
transaction with the least disruption to your own business.
Furthermore, fnancial and tax due diligence should be
prioritised as part of the due diligence process to ensure
that the investor gets a holistic view of the asset it is
considering investing in or sponsoring.
10
Karin Hodson
Tel: +27 (0)11 806 5668
Email: khodson@deloitte.co.za
Having worked on some of the largest mining IPOs in key
mining capital markets such as Johannesburg, London,
Toronto and Sydney, and advised mining companies on
large project nance deals particularly in Africa, Deloittes
team of corporate nance advisors are best placed to
assist you in accessing the cash that is so crucial to the
success of your project.
At Deloitte Corporate Finance, we have a wealth of
experience in delivering focused and value-added
nancial and tax due diligence services and M&A advisory
services in the mining industry. Working in conjunction
with your choice of technical mining experts (or indeed
Deloittes own Mining Advisory Services), we consider the
implications of key due diligence ndings on the nancial
position and prospects of the business and recommend
practical solutions to make the deal work.
11
Saving cost,
improving
service through
outsourcing
12
Mining Shared Services
The mining sector is no stranger to boom and bust
cycles. The global nancial crisis has hit harder than most
mining companies anticipated. Many companies now nd
themselves in a position of increasing production costs
and high capital commitments, with lower commodity
prices. As a result, cost management has been set as a top
priority not only as a way to offset softening commodity
prices, but also in response to the ongoing high costs for
development, materials and labour.
business issue?
The concept of shared services rests on three principles:
Standardisation
Consolidation
Re-engineering
In most mining companies, transaction processing
activities such as accounts payable and other support
services are carried out from a number of different
locations, performing the work in a variety of ways and
using a range of systems.
Shared services allows companies to strip out the lower
value transaction processing common to disparate
locations and bring it together in one site. Processes are
standardised, the people and technology are relocated to
a single site and the work is re-engineered to bring it to
world-class standards.
There are multiple benets for mining companies and their
back ofce staff in partnering with Deloitte:
Take advantage of economies of scale and thereby
reduce and control operating costs
Reduce time spent on non-core functions
Improve process effciencies
Improve business focus
Transfer risks to Deloitte and the SSC.
Free valuable management resources for
other purposes
Provide increased opportunities for existing staff
Gain access to best-in-class global practices.
Johan Theron
Tel: +27 (0)11 806 6436
Email: jtheron@deloitte.co.za
13
Outsourced Recruitment Solutions
Mining companies, similar to those in other industries face
ever increasing challenges in the strategic talent attraction
and retention arena. The very recent economic downturn
underscored the importance of strong, skilled leadership
and a resilient, energetic management team. Having the
right talent on board and holding onto your most valued
and scarce skilled people, not only to maintain current
business operations, but also to turn the tide, manage
challenges and capitalise on opportunities, is paramount.
Finding and retaining the right people with the right
attitude, skills and experience is more critical than ever.
business issue?
RecruiTalent, the recruitment division in Deloitte offers
search and selection services by a team of industry
specialists with both local and international experience.
Recruiting the best is a key success factor in any
organisation. We partner with clients in understanding
and fullling their exact recruitment needs, with
due consideration of appropriate experience, skills,
qualications, and importantly, culture t.
RecruiTalent specialise in sourcing people with top talent
in professional services from junior entry level to senior
executive leadership. We have successfully recruited
quality mining professionals for our clients in the mining
industry.
Our focus areas include sourcing of nancial staff and
management including:
Financial Managers and Executives
Chartered and Management Accountants
Internal Auditors
Taxation
Accounts payable and receivable staff
Book keepers
14
We also source staff and management in:
General Management
Information Technology
Management Consultancy
Human Resources
Engineering
Project Management
Procurement Specialist
Change Management Specialist
Legal
Marketing
Personal Assistants
Data Capturers
Administration.
The Deloitte brand is a magnet for top talent. We have
strong strategic relationships and leverage our extensive
networks for continuous access to top candidates including
previously disadvantaged individuals. We foster strong long
term client relationships with an in-depth understanding of
each client and its unique requirements which assist us to
continually provide potential right-t candidates.
Our ability to search for top executives is further
strengthened by our extensive networks and alumni (ex
Deloitte employees), database of qualied Chartered
Accountants and other specialist skilled candidates. We
commit ourselves to providing you with the best talent
as well as support from our solid, knowledgeable and
capable service delivery team.
15
Using the philosophy of One Deloitte we optimise the
multi-disciplinary capability of our rm to add value to
our clients. We are in a unique position to leverage a far
wider team of professionals and their networks, where
required, in sourcing top candidates
Sound track record of recruiting for a variety of clients
nationally in both the public and private sector
A standardised and consistent recruitment process that is
fully supported by our state of the art recruitment system
An experienced and diverse team, which has specialist
experience in recruitment and selection
Our processes are fair and non-discriminatory and comply
with company policies and current labour legislation
Our global and national footprint strengthens our
position, as we are able to synergise with our local and
international ofces, to draw on the best talent and
networks in order to full your recruitment needs
Effcient service and turnaround times
Highly competitive fees.
Anneke Andrews
Tel: +27 (0)12 482 0473
Email: anandrews@deloitte.co.za
16
Dealing with
sustainability
17
Sustainable Mining
As an energy-intensive sector, mining companies will be one
of the hardest hit by increasing fuel tariffs, rising electricity
prices, depleting fossil fuel reserves and forthcoming climate
change legislation. In order to be sustainable, mining
companies need to start addressing these risks and preparing
for an emerging carbon and energy constrained economy.
business issue?
The Deloitte Sustainability and Climate Change Team can
assist your organisation in mitigating sustainability and
climate change risks. Tools, methodologies and models have
been developed to identify, manage and implement specic
initiatives to create sustainable mines.
With every risk there is always an opportunity. At Deloitte,
the opportunities will always be investigated so as to best
service each client individually. Options such as carbon
emission reduction projects to generate revenue through
carbon credits is one of the mechanisms considered.
Sustainability, apart from enhancing protability, can also
generate revenue for your organisation. Our team seeks to
maximise these opportunities in order to ensure that your
organisation is sustainable in the emerging carbon and
energy constrained economy.
Identifying strategic imperatives to enable the business
to remain sustainable
Identifying sustainability initiatives that add value to
the business such as obtaining positive returns on
investment to enhance operational efciency or revenue
growth
Improved investor and stakeholder perceptions
Market differentiation
Identifying specifc risks to the sustainability of your
organisation
Creating the roadmap to integrate sustainability into the
business going forward
Consideration of trends in the market place in which a
business operates
Benchmarking against key competitors
Analysis of potential carbon market opportunities.
Peter Oldacre
Tel: +27 (0)11 209 6803
Email: poldacre@deloitte.co.za
Duane Newman
Tel: +27 (0)11 806 5362
Email: dnewman@deloitte.co.za
18
Safety Analytics
To say that safety in the South African mining industry is an
important issue, is an understatement.
It cuts a highly charged, politically sensitive swathe through
every mining industry stakeholder group including, among
others, the families of miners killed while at work, the
government, trade unions, human resources and labour
relations professionals, Boards, and shareholders.
Safety issues in South Africa are particularly complex
given increasing cost constraints, the increasing depth
at which mining operations take place, ageing facilities
and a legacy of unsafe behaviour. Conventional mining
methods often take place alongside heavily mechanised
activities, further increasing the risk of health and safety
incidents.
While signicant improvements in mine safety have been
made, the quest for zero-harm continues.
One thing is certain: A great deal more needs to be done
to improve mining safety, if tougher mining laws are to
be avoided. South Africas Mineral Resources Minister,
went on record recently saying that government was
very concerned about the continued carnage on South
Africas mines, adding that South Africa may strengthen
mining laws because companies are compromising
worker safety as they accelerate production, amid rising
commodity prices.
Ramping up production might be one business
imperative for mines right now, but there are also other
pressing business reasons to improve safety.
business issue?
Traditionally, the focus on improving safety in mines has
been on:
Training
Awareness Campaigns / Competitions
Safety orientated process optimisation
Implementing monitoring systems that gather and
report on basic safety information.
19
There is much more that can be learned from existing
data, however, by studying the underlying causes of and
contributing factors to workplace accidents - the how,
where, when, and why they occur - and then applying
that information to further reduce fatalities.
Deloitte does this by using advanced analytics, i.e. by
applying two statistical techniques; Predictive Modelling
and Data Mining to produce a mathematical model
that effectively segments and predicts the likelihood of
workplace accidents as well as indicating the likely severity
of those events. Through the Advanced analytics process,
we are also able to identify contributing factors. This
methodology can assist in addressing mining safety from
a different angle. By making use of data and techniques
not previously applied in this industry, Advanced Analytics
helps identify jobs, locations and processes that may carry
a greater risk of injury or accident.
Derek Schraader
Tel: +27 (0)79 499 9046
Email: dschraader@deloitte.co.za
Advanced analytics puts company data to work by
combining traditional data sources of risk information
with non-traditional data sources. The discipline
supports enterprise cost containment, protability,
and wellness strategies, along with efforts to lower
the frequency and severity of workplace accidents.
It also builds enterprise sustainability by increasing
safety, improving legal and regulatory compliance and
promoting corporate responsibility.
Additional benets include:
Increased productivity
Reduced fnes as a result of improved compliance
Competitive advantage in recruiting and employee
retention
Healthier employees and reduced absenteeism
Improved employee satisfaction and morale.
In summary, our view is that there is an opportunity
to leverage safety related data (traditional and
non-traditional data) more aggressively in order to
generate insights and models that can positively
contribute to the quest for zero-harm.
20
Recent statistics by the Association of Certifed Fraud
Examiners (ACFE) revealed that on average 6% - 10% of
turnover was being lost to fraud within large organisations
today. The ACFE further highlighted that entities that fail
to protect themselves should expect to become victims of
fraud as more than 70% of fraud goes undetected.
Effective prevention and detection processes is therefore
needed to increase condence and morale of all
stakeholders. One of the key mechanisms of fraud
detection is the implementation of an outsourced
independent fraud hotline, such as Tip-offs Anonymous
fraud and ethics hotline service.
business issue?
We currently enable an organisations stakeholders
(employees, management, suppliers and customers)
to report fraud, dishonesty and unethical behaviour in
an anonymous and condential manner without fear
of recrimination. There are currently six mediums of
communication that include a unique Freecall 0800
number, unique email address, post, website, facsimile
and sms.
Tip-offs Anonymous
21
Our Deloitte Tip-offs Anonymous service:
Acts as a powerful practical deterrent to dishonesty and
inappropriate behaviour in the work place;
Is designed to protect the assets, bottom line and
reputation of organisations, both in the private or
public sector;
Is a simple, low cost but strong practical deterrent to
workplace dishonesty, inappropriate behaviour and
unethical business practices;
Protects an organisation from negative publicity and
adverse disclosure to the media;
Demonstrates an organisations commitment to
promoting a culture of honesty, and integrity;
Is a tangible corporate governance initiative that all
stakeholders can embrace to promote openness and
transparency throughout your organisation;
Effectively highlights risk areas and weak internal
control environments;
Promotes an organisations risk management strategy
and prole as well as that of the internal audit function
and audit committee.;
Can be used as a barometer to measure unethical
behaviour;
Exposes undetected or unreported fraud, crime,
non-compliance issues and collusion through
anonymous calls;
Embraces a recommendation of the King Reports on
Corporate Governance to make available safe easily
accessible channels to stakeholders;
Enables an organisation to comply substantially with
the provisions of the Protected Disclosures Act No 26
of 2000.
Navin Sing
Tel: +27 (0)31 560 7307
Email: navising@deloitte.co.za
22
Corporate Social Investment
Social Responsibility has evolved from being a business
afterthought to being a key consideration to any sustainable
business strategy.
In an already complex business environment, companies
operating in South Africa are increasingly under
pressure from government, investors, customers and
society to consider the wider socio-economic impact
of their operations and to credibly report on their social
performance.
business issue?
A number of forces are shaping South Africas Social
Development Landscape:
B-BBEE Codes of Good Practice, requires companies
to contribute 1% of net proft after tax to socio-
economic development, and 3% of NPAT to Enterprise
Development.
The JSE Social Responsibility Index (SRI) sets social
performance criteria for companies seeking listing or SRI
status on the index.
Legislation Government establishes license to
operate conditions related to social contribution,
particularly in certain sectors.
Reputation drives companies to focus on social
responsibility to inuence perceptions.
The Global Reporting Initiatives (GRI) and The King
III vision is that disclosure on corporate governance,
environmental, and social performance is as
commonplace and comparable as nancial reportings
importance to organisational success.
Reduced project implementation failure
Projects that support one or more business objectives
Information for SLP or SED Projects & Verifcation
Services is readily available
Improved project communication, coordination &
integration
Reduced project risks.
Mareza van Staden
Tel: +27 (0)82 375 0106
Email: mareza@deloittertb.co.za
Mark Roux
Tel: +27 (0)12 482 0325
Email: mroux@deloitte.co.za
23
Getting the most
from your
technology
24
Are you facing tighter margins with information systems that lack the
ability to access your business information?
Does your business need a best practice mining specic solution
which can be managed effectively on your own at a low cost?
Deloitte can deliver a dramatically reduced total cost of ownership
system without any signicant disruption to business with the Mining
in a Box solution which has been developed based on Deloittes many
years of experience in the mining industry.
How does the Deloitte solution address the business issue?
Working in conjunction with SAP AG, our SAP Mining Practice has
developed a pre-congured solution for the mining industry. This
proven solution includes a fully pre-documented and pre-congured
SAP solution that can be rapidly implemented and adjusted to meet
clients specifc needs. Notably, the solution incorporates SAPs Best
Practices for Mining, which was developed with extensive input from
Deloitte. By speaking the industrys language, the solution provides
mining companies of any size with a means to implement SAP
faster and smarter, using fewer resources and causing less business
disruptions.
Deloittes pre-confgured SAP Mining Solution can help your company
quickly establish a platform for growth. Youre up and running
50% faster than conventional systems, plus, the software package
helps you simultaneously address the operational challenges and
capacity constraints that your company could be facing during these
challenging times and at all times provide you with the exibility you
require with an ERP system.
Pre-confgured SAP Solutions
Frank van Niekerk
Tel: +27 (0)11 209 8028
Email: fvanniekerk@deloitte.co.za
25
In addition to organisation wide risks there are the
practical software-related risks and concerns to be
mitigated. Compliance with changing regulatory and legal
requirements is a constant and growing pressure.
Competitive use of new
technologies and the speed
with which they can be
deployed is critical in
attaining early mover
advantages.
business issue?
Every application system (new or existing) has its own
unique parameters and requirements. Thats why our
approach is practical, risk-based and modular enabling
us to tailor our approach to meet your specic needs.
Our Application Integrity services include:
Application security
Business process controls
Interface and data migration controls
Compliance tools
Whether you are starting from scratch, building on an
existing software application or have sophisticated global
software engineering capabilities, we can help take your
organisation to the next level.
We bring specialised skills and experience to your business
applications environment.
Application Integrity
Cathy Gibson
Tel: +27 (0)11 806 5386
Email: cgibson@deloitte.co.za
26
The evolution of AMS is approaching an inection
point with cost no longer the sole focus. Forward
looking IT organisations are starting to view applications
management as a platform for driving business innovation
and value.
Organisations face mounting pressure to reduce cost and
drive greater ROI and a renewed focus is being placed on
innovation and rapid delivery. There is also heightened
attention to risk and regulatory environment and
increased expectations for quality. Services that are not
tightly aligned with business objectives diminish the return
on application investments and innovation and continuous
improvement becomes disconnected from the IT support
department.
Support issues are large,growing more complex, and
touch the entire business meaning that IT expense bases
are soaring but capital budgets for technology enabled
business innovations are constrained. Nearly two out of
three IT dollars are now sunk into operational services.
business issue?
Our Deloitte Application Management Services (AMS)
practice delivers functional and technical capabilities
across a global platform to continuously deliver on client
specic business objectives. We are relentlessly focused
on driving down costs, improving quality, and accelerating
value in every aspect of our services.
Our Application Management Services span the entire
continuum from up-front advisory services through
application optimisation and innovation.
Globally Delivery Network
- A Global footprint serving our clients where they
work. Over 600 practitioners focused on AMS in the
US alone, combined with over 7 000 practitioners
performing AMS services worldwide.
Services
- A full suit of application management services
offerings - advisory through maintenance,
optimisation and innovation.
Application Management Services
27
Application Management Services
We leverage deep expertise from our industry, technical
and functional competency centres to deliver differentiated
application management service results:
Industry: leveraging industry specic insights and
intellectual capital across 27 industry segments, allowing
us to make better, faster, more informed application
management decisions
Technical/functional: bringing to our clients market
recognised expertise and deep partnerships with SAP
and Oracle, allowing us to face off against our clients
most complex, multi-dimensional application challenges.
Technologies
- A comprehensive coverage of outsourced
applications - information management, custom
applications and ERP application, tools, techniques
and related disciplines
Delivery Structure
- An ability to provide the right resources at the right
price in the delivery modes and business models
that best meet our clients objectives
People
- A broad and deep bench of resources, spanning
technical, functional and industry domain expertise
differentiated by a strong business acumen
Methods and tools
- A globally standardised methodology and
integrated out-of-the-box toolkit to accelerate the
build, conguration, execution and realisation of
value from AMS
Value Level Management
- Tying the performance and accountability of the
AMS organisation to the objectives and business
outcomes of our clients.
Mike du Toit
Tel: +27 (0)11 806 5449
Email: mdutoit@deloitte.co.za
Glen Krynauw
Tel: +27 (0)11 517 4688
Email: gkrynauw@deloitte.co.za
28
CXOs want to and should know the return on
investment (ROI) of IT in their business. This informs
future IT investment decisions as well as current
actions that may need to be taken in IT. It is also
important to understand what the critical systems are
to the business and whether sufcient focus, time and
resources are being applied to these systems. It is also
important to assess how these may be impacted by cost
rationalisation efforts. Other areas such as IT governance
(which is receiving increased attention from shareholders
and the board as a result of recent legislation) and
licensing are also key to the CXO. How well aligned are
the business objectives with our IT strategy?
business issue?
Our approach is a good component of an approach
to IT governance. Our approach recognises that cost
optimisation is a journey and our tool output provides
the rst step in that direction. The tool is aligned
with COBIT (Control Objectives for Information and
related Technology) and is facilitated through a half-day
workshop. The tool has been developed in conjunction
with Gary Hardy, an advisor to Deloitte and the ITGI
(IT Governance Institute), a recognised leader in IT
governance thinking and a key contributor to COBIT.
The tool output is designed to assist management
in achieving:
Cost effective management of IT assets
Well managed IT processes
Optimised use of human capital
IT Governance
Claude Martin
Tel: +27 (0)11 806 5496
Email: clmartin@deloitte.co.za
29
Exploring risk,
extracting value
30
Exploring risk, extracting value
Risk Advisory provides a range of services to help clients
with their risk management issues. This includes the
identication and prioritisation of enterprise-wide risks.
Deloitte Risk Advisory offers clients an end-to-end solution
for all their risk management needs.
Normally, Internal Audit practitioners follow a sample-
based approach whereby a sample of a data population is
selected and tested, as well as basic auditing conducted
on information technology (IT) systems. Typically, the
results of these tests would form the basis for the
Internal Audit report and opinion on the adequacy and
effectiveness of the internal control environment.
business issue?
Our approach draws on our global experience in the
mining and resources sector to ensure Management
and the Board have a clear view of how risks impact
shareholder value and how data paints a picture that you
can leverage towards your business growth objectives.
Risk Intelligence allows us to jointly develop a shared
understanding of the links between shareholder value, risk
and assurance, which means you get an Internal Audit
that delivers assurance that really matters to you. We call
this Internal Assurance.
The Risk Advisory suite of services that can
assist you with your internal assurance
include:
Internal Audit
Governance and Risk Management
Data Analytics
Technology Risk Advisory
IT Audit
Forensics
Security and Privacy Services
License Compliance and Asset Management Solutions
Tipp Offs Anonymous
Good internal assurance gets you one step closer to a
complete combined assurance framework. We know
that organisations make a considerable effort in the risk
management arena and we propose building on this as
part of our internal assurance programme, rather than
starting anew. We build on and incorporate frameworks
that you may already have designed and implemented
into our approach and make the necessary amendments
to avoid rework for all parties.
Sidesh Maharaj
Tel: +27 (0)11 806 5247
Email: simaharaj@deloitte.co.za
Paulo Nunes
Tel: +27 (0)11 209 8174
Email: panunes@deloitte.co.za
31
Optimising
your tax
and legal
position
32
Challenges faced by mining companies:
The mining industry has been thrown into a realm of
uncertainty with the introduction of various mineral and
resources royalty and resource taxes.
In addition to the legislative uncertainty in calculating the
mining royalty payable, mining houses are forced to keep
abreast of the many changes in tax legislation regarding
the mining industry as well as staying focused on the
running of day to day business operations.
Compliance with the mining tax and the mining royalty
legislation, in general, has inevitably become a potential
tax mineeld.
business issue?
Deloitte mining tax specialists apply their specic expertise
to corporate tax issues in the mining industry. Our main
expertise lies in tax planning and the ability to assist
with preparing or reviewing tax returns and year-end tax
accruals.
In addition to the above, due to the complexities and
murkiness surrounding the calculation of the mining
tax royalty payable by mining houses, our mining tax
specialists have:
Developed a highly skilled knowledge base regarding
the interpretation of the controversial legislation around
the mining royalty; and
formulated a means to assist with the calculation of the
actual royalty payable.
Tax Management Consulting
33
Suren Dharamlall
Tel: +27 (0)11 209 8569
Email: sdharamlall@deloitte.co.za
Service Offerings:
Consulting;
Compliance;
Mining Royalty Calculations;
Restructuring, including advice on implementation and
drafting of legal agreements;
Indirect Tax Advice;
International Tax Advice;
Tax strategy;
Tax technology and systems integration; and
Government Growth Initiatives.
Benets to your organisation:
You will enjoy the distinct advantage of obtaining the very
best advice from leading professionals in each area of tax
who can all be found under one roof- from legal advisers
to thought leaders who will strive to assist you to identify
the optimal nancial, practical and most tax effective
mechanisms that will see your company not only prosper
but ourish!
34
Tax Effcient Supply Chain
One of the greatest opportunities to unlock value in the
mining industry is to plan across the entire supply chain.
Since the major markets for African commodities include
Asia, the US and Europe, companies need to identify
efciencies beyond their own borders. This includes the
careful management of risks across different jurisdictions.
business issue?
Business Model Optimisation (BMO) enables companies
to obtain operating and tax efciencies. This includes four
steps:
Realign for business transformation
Operational changes are usually required to move the
business model and the tax plan into harmony. Dening a
new operating model to improve operating margins and
grow revenues in a tax compliant manner can generate
increased after-tax earnings and enhanced cash ows.
Shifting components of the physical value chain to more
tax-efcient jurisdictions is part of the solution, as is the
strategic relocation of intellectual property.
Recongure Information Technology (IT) systems
As governance structures, supply chains, and other
parts of an enterprise realign to capture more value,
the information systems that support those functions
must evolve as well. As a result, the IT systems should
be recongured to support the new operating model. In
addition, the IT function is itself a source of potential new
efciency through centralization, shared service centers,
and economies of scale.
35
Readying human resources
BMO initiatives have human capital implications across
the organization. After all, moving functions and risks
means moving people, and that can trigger leadership
challenges, potential disruption to the business, and
loss of talent. These challenges, which can also create
opportunities, need to be managed carefully with a
command and control project management structure,
strong communication plans, and dynamic change
management.
Re-organise legal, nance, and tax structure
BMO goes beyond narrowly dened tax questions but
those questions remain at the heart of any worthwhile
solution. A new legal structure and transaction ows
often result from a BMO transformation as a means of
managing tax and trade risks in the local countries as the
legal entity structure aligns with the new operating model.
Finance aspects, cash fows, and customs duties and
other indirect tax implications of the new business model
need to be considered within the new management and
reporting structure.
The risks inherent in the mining industry present unique
opportunities for companies to reduce their effective tax
rate. This can be done by aligning the supply chain in a
tax effcient manner. Furthermore, careful consideration
of the business model can overcome additional economic
and regulatory challenges, such as liquidity shortages and
withholding taxes.
Louise Vosloo
Tel: +27 (0)11 806 5360
Email: lvosloo@deloitte.co.za
36
Transfer Pricing
Challenges Mining companies face
The mining industry poses some very specic challenges
from a transfer pricing point of view. South African mining
groups are often involved at more than one level in the
supply chain. For example, the group may both mine and
beneciate the commodity in South Africa. This can make
it very difcult to evaluate the protability of the South
African entity or entities.
In this scenario it is also necessary to determine the value
on which the Mining Royalty will be paid. Companies
would wish, as far as possible, to pay on the value of the
commodity before any beneciation.
The global footprint of many multinationals in the
mining industry also presents challenges. It is necessary
to consider the pricing of sales to group companies in
multiple parts of the world. This is likely to mean that the
pricing policies are very complex.
Meeting documentation requirements in multiple
jurisdictions is also onerous.
A specic problem for ventures into Africa is the wide
range of withholding taxes imposed by many African
governments.
business issue?
The Deloitte transfer pricing team is part of a global
team which has consistently had the highest number
of individuals (including individuals from SA) rated in
the Euromoney Guide to the Worlds Leading Transfer
Pricing Advisers. The SA team has extensive experience in
preparing OECD compliant documentation which satises
the requirements of SARS and is readily adaptable to the
requirements of other countries.
We have extensive experience in the mining industry.
Apart from substantial documentation projects, our
assignments have included the following:
Benchmarking the sale to Europe of a valuable
by-product from mining operations
Working together with colleagues in the UK and Canada
to secure an advance pricing agreement (APA) between
the authorities of those two countries
Advising on the SA transfer pricing implications of
a signicant restructuring of the supply chain of a
commodity mined in SA.

37
Billy Joubert
Tel: +27 (0)11 806 5352
Email: bjoubert@deloitte.co.za
The benefts of using the SA TP team are as follows:
A cutting edge SA practice with access to a world-wide
range of specialists in the mining industry
A proven record of successful and constructive
negotiations with SARS and with revenue authorities in
other African countries (most recently, Botswana and
Malawi)
Extensive experience in the mining industry
38
Legal Advisory Solutions
Political and regulatory changes have long had a bearing
on mining companies. Regulatory compliance is not
negotiable and holds serious consequences if not fullled.
Mining companies therefore need to continuously
ensure that new legislation is considered for impact on
investment decisions and to ensure operations comply
with the law.
Following the recent global fnancial crisis, government
interventions and new legislation have reached new
heights across the globe, including Africa. Examples
include imminent data privacy law, new royalty and
other resource tax legislation, tightening of permitting,
beneciation, changes in labour laws and competition law
to mention a few.
business issue?
Through our Deloitte network of ofces in Africa and our
Global Legal Network, we provide advice to clients on
cross-border M&A and regulatory requirements including:
Country reviews including political, economic, social,
technological, legal and environmental reviews and
specic environment of business assessments
Market reviews focussing specifcally on competition
and regulatory assessments
Regulatory reviews including sector specifc regulatory
environment assessments and general corporate law
Due diligence assessments on potential acquisition and/
or joint venture targets
Country specifc compliance offerings addressing
topics such as competition law, records management,
electronic communication and transactions, labour law,
royalty and social license requirements.
Legal agreements including cross-border M&A,
expatriate employment contracts and general
commercial agreements.
39
Dean Chivers
Tel: +27 (0)11 806 5159
Email: dechivers@deloitte.co.za
Deloitte Legal is represented in 47 cities in 30 countries
throughout Africa. We therefore have on-the-ground
knowledge of new legislative requirements ensuring that:
Sound knowledge exists of the legislative requirements
and that the ease and cost of doing business is assessed
before entering a country
The impact of new legislation is assessed and addressed
in terms of nancial performance or investment
Companies keep abreast of the latest developments and
legislative requirements
Compliance with legislation and regulations
Proactive action is taken to reduce cost of compliance
Ethical risks to the company are understood and
managed appropriately.
40
Contractual provisions around pricing, rebates and
penalty rights are not always effectively enforced
meaning that full value is not always extracted during
the course of the enforcement of a contract.
business issue?
Contractual Value Extraction is an accelerated
process aimed at quickly identifying contractual clauses
such as price regulation, penalty implementation
or volume rebates with a view to establishing the
extent to which costs can be reduced through better
enforcement of such provisions. The process includes
drawing nancial data and analysing this in light of agreed
contractual provisions.
Our Contractual Value Extraction Process will add value
to your business through cash improvement and skills
transfer, while simultaneously improving governance from
both an administrative and negotiation perspective.
Contract Optimisation
Dean Chivers
Tel: +27 (0)11 806 5159
41
A number of laws of general application require
businesses to retain certain records for certain periods in
specic formats.
Generally businesses retain records for the following
reasons:
In order to ensure legal compliance (prescribed retention
periods range from 3 months to 30 years)
Retain evidence (the use of email and evidence in
disciplinary hearings and litigation have increased
dramatically over the last few years)
For operational reasons
Failure to retain records subject to retention requirements
may expose businesses to criminal nes, civil liability and
reputational harm.
business issue?
The Deloitte Email and Records Management Solution
includes the following modules:
GAP Analysis Report
Training
Records Management Policy
Retention Schedule (a document detailing all retention
legislation applicable to a business, records subject
to retention requirements, retention periods and
prescribed formats)
Email Archiving Policy
Electronic Evidence Policy
Public Information Disclosure Policy
Policy maintenance and updates
Technology advice on compliance solutions
The records management solution allows businesses to
comply with legislation and common law provisions which
indirectly require businesses to archive all outgoing email
for at least three years.
Records Management Solution
Dean Chivers
Tel: +27 (0)11 806 5159
42
Addressing
talent
challenges
43
Talent Development and Assessment Solutions
As the mining industry ramps back up in response to
growing demand, talent shortages will become more
pronounced. In Africa this is an even greater challenge
given the younger demographic prole, and limited
access to tertiary education compared to other parts of
the world.
The already skilled workforce on the other hand, is
mobile and has great bargaining power which mandates
companies to think more creatively about talent.
business issue?
Deloitte has a far ranging set of human capital solutions
to address talent challenges.
One of these sets include our assessment and development
solutions which systematically and creatively close the gap
between where a business needs to go and the talent they
must have to take them there by providing:
Competency-based recruitment and selection systems that
enable organisations to hire better people faster.
Training and development that helps improve leadership
and employee performance at all levels within the business.
Deloitte Consulting South Africa is the sole Africa
representative of Development Dimensions International,
Inc. (DDI). We bring the deepest, broadest and freshest
experience, learning programmes and technology to the
table to help organisations develop their talent capability
and the people they will need to successfully execute
tomorrows business strategy.
The DDI solution suite offers the following:
Selection solutions
Leadership development solutions
Workforce development solutions
Customer service solutions
Performance management solutions
Succession management solutions
Assessment centre solutions.
44
Deloitte works with you to connect your talent
development strategy with your business strategy to:
Pinpoint current and future business drivers
Defne how success will be measured
Identify gaps in the quality and quantity of talent
required to execute your business drivers
Pinpoint strengths and weaknesses in your current talent
management systems and capabilities
Deliver a solution aimed at closing your talent gaps.
David Conradie
Tel: +27 (0)11 517 4207
Email: dconradie@deloitte.co.za
45
The mining industry operates in a volatile, commodity
price driven environment in which experienced and skilled
executives and management and operational talent
are at a premium, are absolutely necessary for success,
and yet are extremely mobile and susceptible to offers
from competitors. Attracting, retaining and rewarding
employees for performance is a key strategic requirement
in such an environment, particularly as company nancial
and/or operational performance must prevail over, but can
be dwarfed by, the inuence of external factors. Balancing
and designing reward delivery mechanisms (guaranteed
pay, annual incentive pay, and long term (share based)
incentives becomes a challenge which requires balanced,
experienced and authoritative support. The price of failure
or sub-optimality is high.
business issue?
Deloitte brings its long and extensive, international
experiential base to bear in devising reward strategies
that are best international practice and yet tuned to the
operational and strategic requirements of its clients. In the
eld of incentives design it brings to bear the combined
services of reward, tax, accounting, legal and regulatory
oriented experts and unashamedly looks for the optimal
solution for the client, that will survive the passage of time
and the vagaries of an uncertain future. Its knowledge of
the mining industry is extensive and includes operational
as well as consulting experience.
Deloittes offerings extend into such elds as:
Reward philosophy and strategy & compliance with King
III, including;
Executive compensation design;
Assistance in drafting Remuneration Charters &
Remuneration Reports for inclusion in annual reports;
Performance Management & annual incentives design &
implementation;
New age share plan and long term incentive design and
implementation (including tax and legal implementation);
Employee share ownership plans;
Non-executive pay quantum and structuring;
Strategic advice and assistance to Remuneration
Committees.
Remuneration and Incentive Design Services
46
Due to Deloittes multi-disciplinary approach and services,
we are also well positioned to ensure that the above
offerings are implemented with a focus on people and
behaviour to ensure buy-in and commitment to any new
or revised remuneration strategies or structures and their
implementation.
Remuneration is a major cost to any mining company
and also, in respect of executives remuneration, a major
source of reputational risk. Deloitte has been at the
forefront of providing responsible remuneration advice
that is attuned to nding an appropriate balance between
the apparently conicting demands of reward strategy,
shareholder value and corporate governance. Clients can
be condent that the advice and assistance it receives
from Deloitte will strive to maintain a high ground in
which all remuneration provisions will be defensible and
generally supported by stakeholders. It counts a very large
number of mining companies amongst its client base. We
offer a One Deloitte service offering thereby providing an
end to end customised solution.
Leslie Yuill
Tel: +27 (0)83 453 4242
Email: lyuill@deloitte.co.za
Creating value in mining.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by
guarantee, and its network of member rms, each of which is a legally separate and independent entity.
Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member rms.
Deloitte is the brand under which tens of thousands of dedicated professionals in independent rms
throughout the world collaborate to provide audit, consulting, nancial advisory, risk management, and
tax services to selected clients. These rms are members of Deloitte Touche Tohmatsu Limited (DTTL), a UK
private company limited by guarantee. Each member rm provides services in a particular geographic area
and is subject to the laws and professional regulations of the particular country or countries in which it
operates. DTTL does not itself provide services to clients. DTTL and each DTTL member rm are separate and
distinct legal entities, which cannot obligate each other. DTTL and each DTTL member rm are liable only
for their own acts or omissions and not those of each other. Each DTTL member rm is structured differently
in accordance with national laws, regulations, customary practice, and other factors, and may secure the
provision of professional services in its territory through subsidiaries, afliates, and/or other entities.
2012 Deloitte & Touche. All rights reserved. Member of Deloitte Touche Tohmatsu
Designed and produced by Creative Solutions at Deloitte, Johannesburg. (803120/mar)
47
In the mining industry the cost of training and the
number of shifts lost due to training attendance are two
of the biggest concerns for leaders. On the other hand,
bigger awareness of safety also highlights the need for
high quality training. Leaderships challenge is to nd the
right balance. In addition, employers and employees
needs are often not met due to insufcient training and
development programmes, which do not integrate with
other forms of learning to accommodate the needs of
highly diverse and busy employees.
business issue?
The value of training starts with people. We
partner with organisations to help them achieve
their strategic objectives through their people by
developing and implementing world class learning
and development strategies and optimising learning
delivery and management through proven adult learning
methodologies and approaches using innovative
technologies, systems and processes. We have proven
that our methods not only save time, but are also the best
way to meet and prove compliance with Mine, Health and
Safety Authority (MHSA).
We assist in creating a new culture where knowledge
is treated as an asset by people and the organisation
becomes a lifelong learning organisation. This happens
when the whole learning path is provided for with theory
and practical learning opportunities.
Learning with Deloitte becomes a driver of the business
strategy, rather than a service, due to the alignment of the
business strategies.
e-Learning Solutions
Leana du Plessis
Tel: +27 (0)12 482 0364
Email: lduplessis@deloitte.co.za
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by
guarantee, and its network of member rms, each of which is a legally separate and independent entity.
Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member rms.
Deloitte is the brand under which tens of thousands of dedicated professionals in independent rms
throughout the world collaborate to provide audit, consulting, nancial advisory, risk management, and
tax services to selected clients. These rms are members of Deloitte Touche Tohmatsu Limited (DTTL), a UK
private company limited by guarantee. Each member rm provides services in a particular geographic area
and is subject to the laws and professional regulations of the particular country or countries in which it
operates. DTTL does not itself provide services to clients. DTTL and each DTTL member rm are separate and
distinct legal entities, which cannot obligate each other. DTTL and each DTTL member rm are liable only
for their own acts or omissions and not those of each other. Each DTTL member rm is structured differently
in accordance with national laws, regulations, customary practice, and other factors, and may secure the
provision of professional services in its territory through subsidiaries, afliates, and/or other entities.
2012 Deloitte & Touche. All rights reserved. Member of Deloitte Touche Tohmatsu
Designed and produced by Creative Solutions at Deloitte, Johannesburg. (803120/mar)

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