XML 91 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Non-Current Investments (Tables)
 12 Months Ended
Dec. 31, 2012
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
  
Carrying Value of Equity Investment

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).
Rand Refinery Limited
  
Carrying Value of Equity Investment

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   
  

 

 

    

 

 

  
Far Southeast (FSE) Deposit
  
Carrying Value of Equity Investment

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        —