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Non-Current Investments | 12 Months Ended
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Dec. 31, 2013
Non-Current Investments |
14. | NON-CURRENT INVESTMENTS
|  | December 31, 2013 |  |  | December 31, 2012 |
Listed investments a |  |  | 3.2 |  |  |  | 36.2 |
Unlisted investments |  |  | 4.3 |  |  |  | 1.3 |
Investments held by environmental trust funds b |  |  | 23.9 |  |  |  | 165.3 |
Equity investees c |  |  | 237.5 |  |  |  | 254.4 |
Other investments |  |  | — |  |  |  | 0.8 |
|  |  | 268.9 |  |  |  | 458.0 |
(a) | Listed investments mainly consist of:
|  | December 31, 2013 |  |  | December 31, 2012 |
|  | Number of shares |  |  | Market value, $ per share |  |  | Number of shares |  |  | Market value, $ per share |
Northam Platinum |  |  | — |  |  |  | — |  |  |  | 7,820,169 |  |  |  | 4.55 |
Radius Gold Incorporated |  |  | 3,625,124 |  |  |  | 0.09 |  |  |  | 3,625,124 |  |  |  | 0.22 |
Gran Columbia Gold Corporation |  |  | 63,410 |  |  |  | 0.78 |  |  |  | 1,585,274 |  |  |  | 0.36 |
Sibanye Gold |  |  | 856,330 |  |  |  | 1.12 |  |  |  | — |  |  |  | — |
Orsu Metals Corp. |  |  | 26,134,919 |  |  |  | 0.05 |  |  |  | 1,134,919 |  |  |  | 0.10 |
Clancy Exploration Ltd. |  |  | 17,764,783 |  |  |  | 0.01 |  |  |  | 3,479,069 |  |  |  | 0.03 |
Details of the listed investments are as follows:
|  | December 31, 2013 |  |  | December 31, 2012 |
Fair value |  |  | 3.2 |  |  |  | 36.2 |
Less: Cost |  |  | 3.4 |  |  |  | 24.8 |
Net unrealized (loss)/gain |  |  | (0.2 | ) |  |  | 11.4 |
The net (loss)/gain comprises: |  |  |  |  |  |  |  |
Gross unrealized gains |  |  | 0.2 |  |  |  | 11.7 |
Gross unrealized losses |  |  | (0.4 | ) |  |  | (0.3 | )
|  |  | (0.2 | ) |  |  | 11.4 |
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: |  |  | 3 |  |  |  | 4 |
Realized gain reclassified from equity on disposal of listed investments ($ million) |  |  | 7.4 |  |  |  | 14.7 |
Investments acquired during fiscal 2013 comprised mainly Clancy Exploration Limited and some unlisted investments (fiscal year ended December 31, 2012: Cascadero Copper Corporation and Atacama Pacific Gold Corporation). Investments disposed during fiscal 2013 comprised mainly Northam Platinum Limited and Timpetra Resources Limited (fiscal year ended December 31, 2012: Evolution Mining Limited, GoldQuest Mining Corporation and Atacama Pacific Gold Corporation). As a result of the disposal of investments, a realized gain on disposal of listed investments before tax of $7.4 million (2012: $14.7 million and 2011: $12.8 million) was reclassified out of accumulated other comprehensive income to net income and is included in profit on disposal of listed investments in the consolidated statement of operations.
(b) | The environmental trust funds are irrevocable trusts under the Group’s control. The monies in the trusts are invested primarily in interest bearing term deposits 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 and Ghanaian 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 17, “Provision for Environmental Rehabilitation”.
(c) | Equity investees comprise the following:
|  |  |  | Ownership % |  |  | Market value |
Investment |  | Description of business |  | December 31, 2013 |  |  | December 31, 2012 |  |  | December 31, 2013 |  |  | December 31, 2012 |
Far South East |  | Exploration |  |  | 40.0 |  |  |  | 40.0 |  |  |  | * |  |  |  | * |
Rusoro Mining Limited |  | Gold mining |  |  | 26.4 |  |  |  | 26.4 |  |  |  | 3.3 |  |  |  | 6.3 |
Rand Refinery Limited |  | Refining of gold bullion and by-products |  |  | 2.8 |  |  |  | 34.9 |  |  |  | * |  |  |  | * |
Bezant Resources Plc 1 |  | Exploration |  |  | 21.6 |  |  |  | — |  |  |  | 5.1 |  |  |  | — |
Timpetra Resource Limited 2 |  | Resource exploration |  |  | 1.8 |  |  |  | 21.8 |  |  |  | 0.1 |  |  |  | 1.0 |
* | - Not readily determinable
(1) | Gold Fields purchased a 21.6% shareholding in Bezant for $7.5 million in January 2013.
(2) | During 2013, 13.7 million shares out of the 15 million previously held were disposed of and due to the decrease in shareholding, Timpetra Resources Limited is no longer equity accounted. The remaining investment was reclassified to listed investments.
Carrying amount |  | December 31, 2013 |  |  | December 31, 2012 |
Far South East |  |  | 230.0 |  |  |  | 230.0 |
Rusoro Mining Limited |  |  | — |  |  |  | — |
Rand Refinery Limited |  |  | — |  |  |  | 23.7 |
Bezant Resources Plc |  |  | 7.5 |  |  |  | — |
Timpetra Resource Limited |  |  | — |  |  |  | 0.7 |
Total |  |  | 237.5 |  |  |  | 254.4 |
Rusoro Mining Limited The carrying value of the equity investment in Rusoro Mining Limited, or Rusoro:
|  | December 31, 2013 |  |  | December 31, 2012 |
Opening balance |  |  | — |  |  |  | 13.2 |
Share of losses recognized 1 |  |  | — |  |  |  | (13.4 | )
Other comprehensive income |  |  | — |  |  |  | 0.2 |
Closing balance |  |  | — |  |  |  | — |
| (1) | The results of Rusoro for the Gold Fields’ fiscal year ended December 31, 2013 are for the twelve months to September 2013 (December 31, 2012: twelve months ended September 30, 2012).
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, 2013 and 2012. 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, 2013 |  |  | December 31, 2012 |
Opening balance |  |  | 23.7 |  |  |  | 12.9 |
Share of profit after taxation for continuing operations |  |  | — |  |  |  | 0.7 |
Share of profit after taxation for discontinued operations |  |  | 0.9 |  |  |  | 11.3 |
Spin-off of Sibanye Gold |  |  | (22.4 | ) |  |  | — |
Reclassification to unlisted investments |  |  | (2.5 | ) |  |  | — |
Translation |  |  | 0.3 |  |  |  | (1.2 | )
Closing balance |  |  | — |  |  |  | 23.7 |
During the fiscal years ended December 31, 2013 and 2012, the Company did not receive dividends from Rand Refinery. 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. Due to the spin-off of Sibanye Gold, the Group no longer equity accounts for the investment in Rand Refinery and it was reclassified to unlisted investments. 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, 2013 |  |  | December 31, 2012 |
Gold Fields interest in FSE on December 31, 2013 was 40.0% (2012: 40.0%). |  |  |  |  |  |  |  |
Opening balance |  |  | 230.0 |  |  |  | — |
Investment |  |  | — |  |  |  | 230.0 |
Equity contribution |  |  | 68.5 |  |  |  | 50.1 |
Share of accumulated losses brought forward |  |  | (50.1 | ) |  |  | — |
Share of losses recognized |  |  | (18.4 | ) |  |  | (50.1 | )
Translation |  |  | — |  |  |  | — |
Closing balance |  |  | 230.0 |  |  |  | 230.0 |
Gold Fields paid $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 $66.0 million during the year ended December 31, 2011 and $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 $110.0 million in fiscal year ended December 31, 2012. FSE has no revenues or significant assets or liabilities, except for the rights to explore and eventually mine the property. The remaining 20% option is not likely to be exercised until such time FSE obtains a Foreign Technical Assistance Agreement which allows for direct majority foreign ownership and control.

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- Definition The entire disclosure for investments and other noncurrent assets. + References No definition available. + Details
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