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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2017
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Summary of Results of Discontinued Operation |
|  | UNITED STATES DOLLAR |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Below is a summary of the results of the discontinued operation for the year ended 31 December: |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  | 49.0 |  |  |  | 83.1 |  |  |  | 91.3 |
Cost of sales |  |  | (50.7 | ) |  |  | (72.1 | ) |  |  | (85.0 | )
Cost of sales before gold inventory change and amortisation and depreciation |  |  | (46.3 | ) |  |  | (57.3 | ) |  |  | (59.8 | )
Gold inventory change |  |  | (0.9 | ) |  |  | (0.4 | ) |  |  | 0.6 |
Amortisation and depreciation |  |  | (3.5 | ) |  |  | (14.4 | ) |  |  | (25.8 | )
Other costs, net |  |  | (1.9 | ) |  |  | (7.2 | ) |  |  | (16.0 | )
(Loss)/profit before royalties and taxation |  |  | (3.6 | ) |  |  | 3.8 |  |  |  | (9.7 | )
Royalties |  |  | (1.1 | ) |  |  | (2.0 | ) |  |  | (2.1 | )
(Loss)/profit before taxation |  |  | (4.7 | ) |  |  | 1.8 |  |  |  | (11.8 | )
Mining and income taxation |  |  | 1.4 |  |  |  | (0.6 | ) |  |  | 3.6 |
(Loss)/profit for the year from operating activities |  |  | (3.3 | ) |  |  | 1.2 |  |  |  | (8.2 | )
Gain on sale of discontinued operation |  |  | 23.5 |  |  |  | — |  |  |  | — |
Income tax on gain on sale of discontinued operation |  |  | (7.1 | ) |  |  | — |  |  |  | — |
Profit/(loss) from discontinued operation, net of tax |  |  | 13.1 |  |  |  | 1.2 |  |  |  | (8.2 | )
Summary of Assets and Liabilities of Discontinued Operation |
|  | 2017 |
|  | US$ |  |  | A$ |
Below is a summary of assets and liabilities of the discontinued operation at 2 October 2017: |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 3.3 |  |  |  | 4.3 |
Inventories |  |  | 7.2 |  |  |  | 9.4 |
Trade and other receivables |  |  | 0.1 |  |  |  | 0.1 |
Trade and other payables |  |  | (8.7 | ) |  |  | (11.3 | )
Environmental rehabilitation costs provision |  |  | (12.9 | ) |  |  | (16.9 | )
Net liabilities |  |  | (11.0 | ) |  |  | (14.4 | )
Total consideration received less costs to sell1 |  |  | 12.5 |  |  |  | 16.4 |
Gain on sale of discontinued operations |  |  | 23.5 |  |  |  | 30.8 |
| 1 | Due to the discounting of the deferred consideration and the transaction costs incurred, the total consideration of A$16.4 million used in the determination of the gain on sale of discontinued operations is less than the A$18.5 million per the agreement.
Assets Held for Sale |
|  | UNITED STATES DOLLAR |
|  | 2017 |  |  | 2016 |
Damang mining fleet and related spares1 |  |  | — |  |  |  | 26.4 |
APP2 |  |  | 40.0 |  |  |  | — |
Total assets held for sale |  |  | 40.0 |  |  |  | 26.4 |
| 1 | Following the Damang re-investment plan, a decision was taken during 2016 to sell certain mining fleet assets and related spares. As a result, the assets were classified as held for sale at 31 December 2016 and valued at the lower of FVLCOD or carrying value which resulted in an impairment of US$7.6 million. The sale of the assets concluded during 2017.
Mining fleet and related spares with carrying values of US$18.6 million and US$7.8 million, respectively, were reclassified to assets held for sale. Refer note 13 and 19 for further details.
| 2 | At 31 December 2016, APP no longer met the definition of an asset held for sale and was reclassified to property, plant and equipment at a recoverable amount of US$1.0 million. During 2017, active marketing activities continued and as a result, a sale agreement was concluded comprising a purchase offer of US$40.0 million cash and a 2% net smelter refiner royalty on all metals. As a result, the impairment previously recorded, was reversed up to the value of the selling price and APP was reclassified as an asset held for sale at 31 December 2017. Refer note 6 for further details.

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