Headline earnings

for the year ended

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Rand million Audited 
31 December 
31 December 
Reconciliation of headline earnings        
Profit attributable to owners of Kumba 8,621     469    
Impairment charge     5,978    
Net loss on disposal and scrapping of property, plant and equipment  186       
Insurance proceeds  –     (29)   
   8,811     6,427    
Taxation effect of adjustments  (54)    (1,644)   
Non-controlling interest in adjustments  (33)    (991)   
Headline earnings  8,724     3,792    
Headline earnings (Rand per share)            
Basic  27.30     11.82    
Diluted  27.16     11.82    
The calculation of basic and diluted earnings and headline earnings per share is based on the weighted average number of ordinary shares in issue as follows:             
   Weighted average number of ordinary shares  319,520,658     320,817,364    
   Diluted weighted average number of ordinary shares  321,163,523     320,817,364   

The dilution adjustment of 1,642,865 shares at 31 December 2016 (2015: zero) is a result of the vesting of share options previously granted under the various employee share incentive schemes.