Equity Instrument Granted Pursuant To BBBEE Transaction

12 Months Ended

Jun. 30, 2012

Equity Instrument Granted Pursuant To BBBEE Transaction [Abstract]

Equity Instrument Granted Pursuant To BBBEE Transaction

16. EQUITY INSTRUMENT ISSUED PURSUANT TO BBBEE TRANSACTION

     On April 19, 2012, the Company issued an option to purchase 8,955,000 shares of its common stock to a BEE consortium pursuant to a BBBEE transaction that it entered into on January 25, 2012. The option expires one year after issue and is currently exercisable.

     The fair value of the option was determined as approximately $14.2 million and has been expensed in full. The fair value was determined on the date that all conditions to the BEE transaction had been fulfilled using the Cox Ross Rubinstein binomial model. The Company used an expected volatility of 47%, an expected life of one year, a risk free rate of 0.90% and no future dividends in its calculation of the fair value. The estimated expected volatility is calculated based on the Company's 250 day volatility.