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Discontinued Operations and Disposals | 12 Months Ended
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Dec. 31, 2014
Discontinued Operations and Disposals |
9. | DISCONTINUED OPERATIONS AND DISPOSALS
9.1 | Discontinued operations
On February 18, 2013, Gold Fields completed the separation of its wholly-owned subsidiary, Sibanye Gold (formerly known as GFI Mining South Africa, or GFIMSA), which includes the KDC and Beatrix mining operations. The Spin-off was achieved by way of Gold Fields making a distribution on a pro rata basis of one Sibanye Gold ordinary share for every one Gold Fields share (whether held in the form of shares, American depositary receipts, or ADRs, or international depositary receipts) to Gold Fields shareholders, registered as such in Gold Fields’ register at close of business on February 15, 2013, in terms of section 46 of the South African Companies Act and section 46 of the South African Income Tax Act. The Board of Gold Fields passed the resolution necessary to implement the Spin-off on December 12, 2012. Sibanye Gold shares listed on the JSE, and on the NYSE on February 11, 2013. As of February 18, 2013, or the Spin-off Date, Gold Fields and Sibanye Gold were independent, publicly traded companies with separate public ownership, boards of directors and management. The distribution was a spin-off to Gold Fields shareholders and was accordingly accounted for at the historical carrying amount of the net assets of Sibanye Gold. The total distribution amounted to $1,033.7 million. The distribution met the requirements of a discontinued operation, since the operations and cash flows of Sibanye Gold have been eliminated from the on-going operations of the Group as a result of the distribution and Gold Fields did not have any significant continuing involvement in the operation of Sibanye Gold after the distribution, and has been presented as such in these financial statements. Below is a summary of the results of the discontinued operation as well as the related assets and liabilities distributed.
|  | Fiscal Year Ended December 31, |
|  | 2013 |  |  | 2012 |
Product sales |  |  | 310.7 |  |  |  | 2,021.2 |
Costs and expenses |  |  | (285.7 | ) |  |  | (1,737.8 | )
Income before tax and share of equity investee’s profits |  |  | 25.0 |  |  |  | 283.4 |
Income and mining tax expense |  |  | (5.4 | ) |  |  | 67.5 |
Income before share of equity investee’s profits |  |  | 19.6 |  |  |  | 350.9 |
Share of equity investee’s profits |  |  | 0.9 |  |  |  | 11.4 |
Net income |  |  | 20.5 |  |  |  | 362.3 |
Property, plant and equipment, net |  |  | 1,987.3 |  |  |  |  |
Non-current investments |  |  | 187.0 |  |  |  |  |
Current assets |  |  | 285.4 |  |  |  |  |
Current liabilities |  |  | (234.8 | ) |  |  |  |
Non-current liabilities |  |  | (1,191.2 | ) |  |  |  |
Net carrying value |  |  | 1,033.7 |  |  |  |  |
Net asset value distributed |  |  | (1,033.7 | ) |  |  |  |
Profit on distribution |  |  | — |  |  |  |  |
9.2 | Disposal of Chucapaca
During fiscal 2014, Gold Fields sold its 51% interest in Canteras del Hallazgo (entity that housed the Chucapaca exploration project in Peru) to Compañía de Minas Buenaventura S.A.A. Refer note 3(d). Below is a summary of Chucapaca’s assets and liabilities sold in 2014:
|  | December 31, 2014 |  |  |
Net assets disposed of |  |  | 8.7 |  |  |
Noncontrolling interest |  |  | 0.5 |  |  |
Cash received |  |  | 81.0 |  |  |
Profit on disposal |  |  | 72.8 |  |  |
9.3 | Assets held for sale
Following the decision to dispose of non-core projects, Arctic Platinum (fiscal 2013: Arctic Platinum and Yanfolila) is classified as held for sale and valued at the lower of fair value less cost to sell or carrying value. The disposal is expected to be completed during fiscal 2015.
|  | December 31, 2014 |  |  | December 31, 2013 |
Arctic Platinum |  |  | 31.0 |  |  |  | 31.0 |
Yanfolila 1,2 |  |  | — |  |  |  | 16.0 |
Total assets held for sale |  |  | 31.0 |  |  |  | 47.0 |
| (1) | Refer to note 4 for details on the impairment in fiscal 2013.
| (2) | Refer to note 3 for details on the disposal of Yanfolila during fiscal 2014.

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
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