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NON-CURRENT INVESTMENTS | 12 Months Ended
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Dec. 31, 2011
NON-CURRENT INVESTMENTS |
11. NON-CURRENT | INVESTMENTS
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
Listed investments (a) |  |  | 77.3 |  |  |  | 124.4 |  |  |  | 76.8 |
Unlisted investments |  |  | 2.6 |  |  |  | 1.7 |  |  |  | 1.3 |
Investments held by environmental trust funds (b) |  |  | 161.5 |  |  |  | 168.6 |  |  |  | 133.8 |
Equity investees (c) |  |  | 28.2 |  |  |  | 30.2 |  |  |  | 29.6 |
Other investments |  |  | 2.6 |  |  |  | 19.4 |  |  |  | 12.8 |
|  |  | 272.2 |  |  |  | 344.3 |  |  |  | 254.3 |
(a) | Listed investments mainly consist of:
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
|  | Number of shares |  |  | Market value, $ per share |  |  | Number of shares |  |  | Market value, $ per share |  |  | Number of shares |  |  | Market value, $ per share |
Evolution Mining Limited |  |  | 15,535,016 |  |  |  | 1.62 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
GoldQuest Mining Corporation |  |  | 13,962,500 |  |  |  | 0.08 |  |  |  | 13,962,500 |  |  |  | 0.39 |  |  |  | 13,962,500 |  |  |  | 0.11 |
Northam Platinum |  |  | 7,820,169 |  |  |  | 3.75 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Atacama Pacific Gold Corporation |  |  | 4,945,598 |  |  |  | 3.79 |  |  |  | 4,945,598 |  |  |  | 3.22 |  |  |  | — |  |  |  | — |
Gran Columbia Gold Corporation |  |  | 1,585,274 |  |  |  | 0.40 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Medoro Resources Limited |  |  | — |  |  |  | — |  |  |  | 1,321,062 |  |  |  | 2.30 |  |  |  | 3,963,186 |  |  |  | 0.69 |
Mvelaphanda Resources Limited (1) |  |  | — |  |  |  | — |  |  |  | 8,397,858 |  |  |  | 7.29 |  |  |  | 8,397,858 |  |  |  | 6.16 |
Gold One International Limited |  |  | — |  |  |  | — |  |  |  | 12,500,000 |  |  |  | 0.33 |  |  |  | 12,500,000 |  |  |  | 0.26 |
Conquest Mining Limited |  |  | — |  |  |  | — |  |  |  | 51,783,388 |  |  |  | 0.58 |  |  |  | 51,783,388 |  |  |  | 0.30 |
(1) | Three million of the Mvelaphanda Resources Limited, or Mvelapanda, shares were subject to a scrip lending agreement at December 31, 2010 - see note 13 (e).
Details of the listed investments are as follows:
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
Fair value |  |  | 77.3 |  |  |  | 124.4 |  |  |  | 76.8 |
Cost |  |  | 68.4 |  |  |  | 82.5 |  |  |  | 68.3 |
Net unrealized gain |  |  | 8.9 |  |  |  | 41.9 |  |  |  | 8.5 |
The net gain comprises: |  |  |  |  |  |  |  |  |  |  |  |
Gross unrealized gains |  |  | 15.2 |  |  |  | 42.3 |  |  |  | 10.9 |
Gross unrealized losses |  |  | (6.3 | ) |  |  | (0.4 | ) |  |  | (2.4 | )
|  |  | 8.9 |  |  |  | 41.9 |  |  |  | 8.5 |
The gross unrealized loss comprises the following number of equity instruments none of which have been in a continuous unrealized loss position for more than 12 months. : |  |  | 8 |  |  |  | 3 |  |  |  | 4 |
Realized gain/(loss) reclassified from equity on disposal of listed investments ($ million) |  |  | 6.6 |  |  |  | (0.4 | ) |  |  | 99.2 |
(b) | The environmental trust funds are irrevocable trusts under the Group’s control. The monies in the trusts are invested primarily in interest bearing short-term (money market), government and other corporate bond investments and the costs of these investments approximate their fair value. The investments provide for the estimated cost of rehabilitation during and at the end of the life of the Group’s South African mines. While the asset is under the Group’s control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 14, “Provision for Environmental Rehabilitation”.
(c) | Equity investees comprise the following:
|  |  |  | Ownership % |  |  | Market value |
Investment |  | Description of business |  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |  |  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
Rusoro Mining Limited |  | Gold mining |  |  | 26.4 |  |  |  | 26.4 |  |  |  | 26.4 |  |  |  | 13.2 |  |  |  | 51.3 |  |  |  | 31.1 |
Rand Refinery Limited |  | Refining of gold bullion and by-products |  |  | 34.9 |  |  |  | 34.9 |  |  |  | 34.9 |  |  |  | * |  |  |  | * |  |  |  | * |
Timpetra Resources Limited |  | Resource exploration |  |  | 21.8 |  |  |  | N/A |  |  |  | N/A |  |  |  | 1.2 |  |  |  | N/A |  |  |  | N/A |
* | —Not readily determinable
The carrying value of the equity investment in Rusoro Mining Limited, or Rusoro:
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
Opening balance |  |  | 20.0 |  |  |  | 18.2 |  |  |  | 48.4 |
Share of results, net of tax |  |  | — |  |  |  | 1.8 |  |  |  | (31.1 | )
Impairment |  |  | (6.8 | ) |  |  | — |  |  |  | — |
Other comprehensive income |  |  | — |  |  |  | — |  |  |  | 0.8 |
Closing balance |  |  | 13.2 |  |  |  | 20.0 |  |  |  | 18.2 |
Rusoro, a company listed on the TSX Venture Exchange, is a junior gold producer with a large land position in the Bolivar State gold region of southern Venezuela. Gold Fields interest in Rusoro remeined unchanged at 26.4% at December 31, 2011 and 2010 and June 30, 2010. The summarized financial information of Rusoro, is shown below:
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
Balance sheet: |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  | 72.2 |  |  |  | 69.3 |  |  |  | 64.3 |
Non-current assets |  |  | 917.8 |  |  |  | 957.3 |  |  |  | 956.7 |
Current liabilities |  |  | 133.2 |  |  |  | 101.8 |  |  |  | 95.1 |
Non-current liabilities |  |  | 208.7 |  |  |  | 346.9 |  |  |  | 355.5 |
Shareholders’ equity excluding non controlling interest |  |  | 646.0 |  |  |  | 576.7 |  |  |  | 570.4 |
Results for the period(1) |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 118.6 |  |  |  | 42.7 |  |  |  | 98.5 |
Gross (loss)/income |  |  | (2.2 | ) |  |  | 3.2 |  |  |  | 9.4 |
Net income/(loss) |  |  | 0.3 |  |  |  | 7.4 |  |  |  | (117.6 | )
(1) | The results of Rusoro for the Gold Fields’ fiscal year ended December 31, 2011 are for the nine months to September 2011 (six months ended December 31, 2010: three months ended September 30, 2010; fiscal year ended June 30, 2010).
The Group acquired its interest in Rusoro on November 30, 2007. The carrying value of the equity investment in Rand Refinery Limited, or Rand Refinery:
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
Opening balance |  |  | 10.2 |  |  |  | 11.4 |  |  |  | 2.8 |
Share of profits recognized |  |  | 5.0 |  |  |  | 3.1 |  |  |  | 8.4 |
Dividend receivable |  |  | — |  |  |  | (5.4 | ) |  |  | — |
Translation |  |  | (2.3 | ) |  |  | 1.1 |  |  |  | 0.2 |
Closing balance |  |  | 12.9 |  |  |  | 10.2 |  |  |  | 11.4 |
During the fiscal years ended December 31, 2011 and June 30, 2010, the Company did not receive dividends from Rand Refinery. In the six months ended December 31, 2010, $5.4 million was received in dividends. Rand Refinery acts as a sale agent on behalf of the Company’s African operations. The market value of the Company’s investment in Rand Refinery is not readily determinable. At December 31, 2011 an amount of $63.9 million was owing from Rand Refinery (December 31, 2010: $41.9 million; June 30, 2010: $64.1 million) and was included in Receivables.

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- Definition The entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611322-123010 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12C -Article 12 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 4 -Subparagraph (SX 210.12-12C) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611225-123010 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 5 -Subparagraph (SX 210.12-13) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611282-123010 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-12) -URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611133-123010 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 13 -Article 12 + Details
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