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Derivative Financial Instruments and Fair Value and Credit Risk of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Estimated Fair Values of Financial Instruments

The estimated fair values of the the Group’s financial instruments are:

		December 31, 2013								December 31, 2012
		Carrying value				Fair value				Carrying value				Fair value
Financial assets
Cash and cash equivalents			325.0				325.0				655.6				655.6
Receivables			146.7				146.7				314.5				314.5
Non-current investments *			268.9				269.7				458.0				464.6
Financial liabilities
Long-term loans			1,938.6				1,794.4				2,321.2				2,322.4
Accounts payable and provisions			402.1				402.1				660.2				660.2
Interest payable			12.4				12.4				11.0				11.0
Short-term loans and current portion of long-term loans			121.5				121.5				40.0				40.0
Other non-current liabilities			10.9				10.9				13.9				13.9

* Fair value determined by using cost for Rand Refinery Limited and Far South East due to a market value not being readily available.

Financial Assets Measured at Fair Value by Level

The following table sets forth the Group’s financial assets 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, 2013
		Total				Level 1				Level 2				Level 3
Assets:
Listed investments			3.2				3.2				—				—
Unlisted investments			4.3				—				—				4.3
Trade receivable from provisional copper concentrate sales, net			58.2				—				58.2				—
			65.7				3.2				58.2				4.3
		Fair value at December 31, 2012
		Total				Level 1				Level 2				Level 3
Assets:
Listed investments			36.2				36.2				—				—
Investments held by environmental trust funds			165.3				135.3				30.0				—
Unlisted investments			1.3				—				—				1.3
Trade receivable from provisional copper concentrate sales, net			149.9				—				149.9				—
			352.7				171.5				179.9				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, 2013				December 31, 2012
Balance at the beginning of the period			1.3				2.6
Additions			3.0				—
Unrealized (loss)/ gain			—				(1.3	)
Balance at the end of the period			4.3				1.3

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