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DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE AND CREDIT RISK OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2011
Estimated Fair Values of Financial Instruments | The estimated fair values of the the Group’s financial instruments are:
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
|  | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 744.0 |  |  |  | 744.0 |  |  |  | 809.5 |  |  |  | 809.5 |  |  |  | 500.7 |  |  |  | 500.7 |
Receivables |  |  | 483.4 |  |  |  | 483.4 |  |  |  | 411.4 |  |  |  | 411.4 |  |  |  | 305.4 |  |  |  | 305.4 |
Non-current investments |  |  | 272.2 |  |  |  | 272.2 |  |  |  | 344.3 |  |  |  | 344.3 |  |  |  | 254.3 |  |  |  | 254.3 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term loans |  |  | 1,360.7 |  |  |  | 1,263.0 |  |  |  | 1,136.6 |  |  |  | 1,107.5 |  |  |  | 430.0 |  |  |  | 430.0 |
Accounts payable and provisions |  |  | 669.9 |  |  |  | 669.9 |  |  |  | 670.6 |  |  |  | 670.6 |  |  |  | 551.9 |  |  |  | 551.9 |
Interest payable |  |  | 11.2 |  |  |  | 11.2 |  |  |  | 4.1 |  |  |  | 4.1 |  |  |  | 4.5 |  |  |  | 4.5 |
Short-term loans and current portion of long-term loans |  |  | 547.0 |  |  |  | 547.0 |  |  |  | 261.7 |  |  |  | 261.2 |  |  |  | 691.1 |  |  |  | 691.1 |
Other non-current liabilities |  |  | 13.5 |  |  |  | 13.5 |  |  |  | 19.7 |  |  |  | 19.7 |  |  |  | — |  |  |  | —
Financial Assets Measured at Fair Value by Level | The following table sets forth our financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by Accounting Standard Codification, or ASC, fair value guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
|  | Fair value at December 31, 2011 |
|  | Total $ m |  |  | Level 1 $ m |  |  | Level 2 $ m |  |  | Level 3 $ m |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Listed investments |  |  | 77.3 |  |  |  | 77.3 |  |  |  | — |  |  |  | — |
Investments held by environmental trust funds |  |  | 161.5 |  |  |  | 122.5 |  |  |  | 39.0 |  |  |  | — |
Unlisted investments |  |  | 2.6 |  |  |  | — |  |  |  | — |  |  |  | 2.6 |
Trade receivable from provisional copper concentrate sales, net |  |  | 88.4 |  |  |  | — |  |  |  | 88.4 |  |  |  | — |
|  |  | 329.8 |  |  |  | 199.8 |  |  |  | 127.4 |  |  |  | 2.6 |
|  | Fair value at December 31, 2010 |
|  | Total $ m |  |  | Level 1 $ m |  |  | Level 2 $ m |  |  | Level 3 $ m |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Listed investments |  |  | 124.4 |  |  |  | 124.4 |  |  |  | — |  |  |  | — |
Investments held by environmental trust funds |  |  | 168.5 |  |  |  | 120.0 |  |  |  | 48.5 |  |  |  | — |
Unlisted investments |  |  | 1.7 |  |  |  | — |  |  |  | — |  |  |  | 1.7 |
Trade receivable from provisional copper concentrate sales, net |  |  | 83.2 |  |  |  | — |  |  |  | 83.2 |  |  |  | — |
|  |  | 377.8 |  |  |  | 244.4 |  |  |  | 131.7 |  |  |  | 1.7 |
|  | Fair value at June 30, 2010 |
|  | Total $ m |  |  | Level 1 $ m |  |  | Level 2 $ m |  |  | Level 3 $ m |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Listed investments |  |  | 76.8 |  |  |  | 76.8 |  |  |  | — |  |  |  | — |
Investments held by environmental trust funds |  |  | 133.8 |  |  |  | 80.3 |  |  |  | 53.5 |  |  |  | — |
Unlisted investments |  |  | 1.3 |  |  |  | — |  |  |  | — |  |  |  | 1.3 |
Trade receivable from provisional copper concentrate sales, net |  |  | 45.7 |  |  |  | — |  |  |  | 45.7 |  |  |  | — |
|  |  | 257.6 |  |  |  | 157.1 |  |  |  | 99.2 |  |  |  | 1.3 |
Changes in Fair Value of Level 3 Financial Assets | The table below sets forth a summary of changes in the fair value of our Level 3 financial assets.
|  | December 31, 2011 |  |  | December 31, 2010 |  |  | June 30, 2010 |
Balance at the beginning of the period |  |  | 1.7 |  |  |  | 1.3 |  |  |  | 0.8 |
Additions |  |  | 0.4 |  |  |  | — |  |  |  | 0.9 |
Settlements |  |  | — |  |  |  | (0.8 | ) |  |  | (0.7 | )
Impairments |  |  | — |  |  |  | — |  |  |  | (0.5 | )
Unrealized gain |  |  | 0.5 |  |  |  | 1.2 |  |  |  | 0.8 |
Balance at the end of the period |  |  | 2.6 |  |  |  | 1.7 |  |  |  | 1.3 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined) which are not recognized in the financial statements (off-balance sheet) because they fail to meet some other criterion for recognition. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 7 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 3 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 7, 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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