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

13.2

51.3

31.1

Rand Refinery Limited

Refining of gold bullion and by-products

34.9

Timpetra Resources Limited

Resource exploration

21.8

N/A

1.2

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.