12.

NON-CURRENT INVESTMENTS


	December 31, 2012		December 31, 2011
Listed investments ^(a)		36.2		77.3
Unlisted investments		1.3		2.6
Investments held by environmental trust funds ^(b)		165.3		161.5
Equity investees ^(c)		254.4		28.2
Other investments		0.8		2.6

		458.0		272.2

(a) Listed investments mainly consist of:


	December 31, 2012				December 31, 2011
	Number of shares		Market value, $ per share		Number of shares		Market value, $ per share
Northam Platinum		7,820,169		4.55		7,820,169		3.75
Radius Gold Incorporated		3,625,124		0.22		3,625,124		0.23
Gran Columbia Gold Corporation		1,585,274		0.36		1,585,274		0.40
Evolution Mining Limited		—		—		15,535,016		1.62
GoldQuest Mining Corporation		—		—		13,962,500		0.08
Atacama Pacific Gold Corporation		—		—		4,945,598		3.79

Details of the listed investments are as follows:


	December 31, 2012			December 31, 2011
Fair value		36.2			77.3
Less: Cost		24.8			68.4

Net unrealized gain		11.4			8.9

The net gain comprises:
Gross unrealized gains		11.7			15.2
Gross unrealized losses		(0.3	)		(6.3	)

		11.4			8.9

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:		4			8

Realized gain reclassified from equity on disposal of listed investments ($ million)		14.7			12.8

(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 15, “Provision for Environmental Rehabilitation”.

(c)	Equity investees comprise the following:

Ownership %

Market value

Investment

Description of business

December 31,
2012

December 31,
2011

December 31,
2012

December 31,
2011

Far South East

Exploration

40.0

—

Rusoro Mining Limited

Gold mining

26.4

26.4

6.3

13.1

Rand Refinery Limited

Refining of gold bullion and by-products

34.9

34.9

Timpetra Resources Limited

Resource exploration

21.8

21.8

1.0

1.2

*	- Not readily determinable

Rusoro Mining Limited

The carrying value of the equity investment in Rusoro Mining Limited, or Rusoro:


	December 31, 2012			December 31, 2011
Opening balance		13.2			20.0
Share of losses recognized ⁽¹⁾		(13.4	)		—
Impairment		—			(6.8	)
Other comprehensive income		0.2			—

Closing balance		—			13.2

(1)

The results of Rusoro for the Gold Fields’ fiscal year ended December 31, 2012 are for the twelve months to September 2012 (December 31, 2011: nine months ended September 30, 2011).

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 remained unchanged at 26.4% at December 31, 2012 and 2011.

The Group acquired its interest in Rusoro on November 30, 2007.

Rand Refinery Limited

The carrying value of the equity investment in Rand Refinery Limited, or Rand Refinery:


	December 31, 2012			December 31, 2011
Opening balance		12.9			10.2
Share of profits recognized		12.0			5.0
Translation		(1.2	)		(2.3	)

Closing balance		23.7			12.9

During the fiscal years ended December 31, 2012 and 2011, the Company did not receive dividends from Rand Refinery. In the six months ended December 31, 2010, $5.4 million was received in dividends (fiscal year ended June 30, 2010: $ nil million).

Rand Refinery acts as a sale and refining agent on behalf of the Company’s African operations. The market value of the Company’s investment in Rand Refinery is not readily determinable.

Far South East

Far South East Gold Resources Incorporated has a 31 December year end and has been equity accounted since April 1, 2012.


	December 31, 2012			December 31, 2011
Gold Fields interest in FSE on December 31, 2012 was 40.0%.
Opening balance		—			—
Investment		230.0			—
Equity contribution		50.1			—
Share of losses recognized		(50.1	)		—

Closing balance		230.0			—

Gold Fields paid US$10.0 million in option fees to Lepanto Consolidated Mining Company during the 6 months ended December 31, 2010. In addition, Gold Fields paid non-refundable down payments of US$66.0 million during the year ended December 31, 2011 and US$44.0 million during the 6 months ended December 31, 2010 to Liberty Express Assets in accordance with the agreement concluded whereby the Group has the option to acquire 60% of FSE. On March 31, 2012, Gold Fields acquired 40% of the issued share capital of FSE by contributing a further US$110.0 million in fiscal year ended December 31, 2012.

The remaining 20% option is not likely to be exercised until such time as FSE obtains a Foreign Technical Assistance Agreement which allows for direct majority foreign ownership and control.