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

12 Months Ended

Dec. 31, 2014

Estimated Fair Values of Financial Instruments

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

		December 31, 2014								December 31, 2013
		Carrying value				Fair value				Carrying value				Fair value
Financial assets
Cash and cash equivalents			458.0				458.0				325.0				325.0
Receivables			122.4				122.4				146.7				146.7
Non-current investments *			286.5				279.9				268.9				269.7
Financial liabilities
Long-term loans			1,770.7				1,614.4				1,938.6				1,794.4
Accounts payable and provisions			460.6				460.6				402.1				402.1
Interest payable			11.2				11.2				12.4				12.4
Short-term loans and current portion of long-term loans			140.2				140.2				121.5				121.5
Other non-current liabilities			9.1				9.1				10.9				10.9

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

Financial Assets and Liabilities Measured at Fair Value by Level

The following table sets forth the Group’s financial assets and liabilities 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.

Items listed below are included in the financial assets and liabilities total above:

		Fair value at December 31, 2014
		Total				Level 1				Level 2				Level 3
Assets:
Listed investments			4.4				4.4				—				—
Trade receivable from provisional copper concentrate sales, net			29.5				—				29.5				—
			33.9				4.4				29.5				—
Liabilities:
Oil derivative contracts			—				—				10.3				—
			—				—				10.3				—
		Fair value at December 31, 2013
		Total				Level 1				Level 2				Level 3
Assets:
Listed investments			3.2				3.2				—				—
Trade receivable from provisional copper concentrate sales, net			58.2				—				58.2				—
			61.4				3.2				58.2				—

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13433-108611



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13467-108611



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

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-Section 50

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-URI http://asc.fasb.org/extlink&oid=35750535&loc=d3e13476-108611



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

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X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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