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Impairment, Net of Reversal of Impairment of Investments and Assets (Tables) | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Summary of Impairment, Net of Reversal of Impairment of Investments and Assets |
|  |  |  | United States Dollar |
|  | Figures in millions unless otherwise stated |  | 2018 |  |  | 2017 |  |  | 2016 |
|  | IMPAIRMENT, NET OF REVERSAL OF IMPAIRMENT OF INVESTMENTS AND ASSETS |  |  |  |  |  |  |  |  |  |  |  |
|  | Investments |  |  | (36.9 | ) |  |  | (3.7 | ) |  |  | (0.1 | )
|  | Listed investments |  |  | — |  |  |  | (0.5 | ) |  |  | (0.1 | )
|  | Unlisted investments |  |  | — |  |  |  | (3.2 | ) |  |  | — |
|  | Equity accounted investees |  |  |  |  |  |  |  |  |  |  |  |
|  | – Far Southeast Gold Resources Incorporated (“FSE”)1 |  |  | (36.9 | ) |  |  | — |  |  |  | — |
|  | Property, plant and equipment |  |  | (411.7 | ) |  |  | 81.3 |  |  |  | (76.4 | )
|  | Reversal of impairment of Arctic Platinum Project (“APP”)2 |  |  | — |  |  |  | 39.0 |  |  |  | — |
|  | (Impairment)/reversal of impairment of property, plant and equipment – other3 |  |  | (1.9 | ) |  |  | 42.3 |  |  |  | (76.4 | )
|  | South Deep cash-generating unit4 |  |  | (409.8 | ) |  |  | — |  |  |  | — |
|  | Goodwill |  |  | (71.7 | ) |  |  | (277.8 | ) |  |  | — |
|  | South Deep goodwill4 |  |  | (71.7 | ) |  |  | (277.8 | ) |  |  | — |
|  | Impairment, net of reversal of impairment of investments and assets |  |  | (520.3 | ) |  |  | (200.2 | ) |  |  | (76.5 | )
¹ | Following the identification of impairment indicators at 31 December 2018, FSE was valued at its recoverable amount which resulted in an impairment of US$36.9 million. The recoverable amount was based on the fair value less cost of disposal (“FVLCOD”) of the investment (level 2 in the fair value hierarchy). The FVLCOD was indirectly derived from the market value of Lepanto Consolidated Mining Company, being the 60% shareholder of FSE. The impairment is included in the “Corporate and other” segment.
2 | Refer note 12.2 for further details. The reversal of impairment was included in the “Corporate and other” segment.
3 | (Impairment)/reversal of impairment of property, plant and equipment – other is made up as follows:
|  |  |  | 2018 |  |  | 2017 |  |  | 2016 |
|  | – Redundant assets at Cerro Corona |  |  | (1.9 | ) |  |  | (0.8 | ) |  |  | — |
|  | – Reversal of cash-generating unit impairment at Cerro Corona (2016: impairment of US$66.4 million) |  |  | — |  |  |  | 53.4 |  |  |  | (66.4 | )
|  | (The impairment in 2016 was due to the reduction in gold and copper reserves due to depletion, a decrease in the gold and copper price assumptions for 2017 and 2018, a lower resource price and an increase in the Peru tax rate. The reversal of the impairment in 2017 was due to a higher value-in-usefollowing the completion of a pre-feasibility study in 2017, with the assistance of external specialists, extending the life-of-mine from 2023 to 2030 by optimising the tailings density and increasing the tailings capacity by using in-pit tailings after mining activities end. After taking into account one year amortisation, the reversal of impairment amounted to US$53.4 million (2016: The recoverable amount was based on its FVLCOD calculated using a combination of the market and the income approach (level 3 of the fair value hierarchy)). Refer to accounting policies on page 135 for assumptions). |  |  |  |  |  |  |  |  |  |  |  |
|  | – Damang assets held for sale |  |  | — |  |  |  | — |  |  |  | (7.6 | )
|  | (Following the Damang reinvestment plan, a decision was taken to sell certain mining fleet assets and related spares. The sale of the assets was expected to be concluded during 2017. As a result, the assets were classified as held for sale (refer note 12) and valued at the lower of FVLCOD or carrying value which resulted in an impairment of US$7.6 million). |  |  |  |  |  |  |  |  |  |  |  |
|  | – Asset-specific impairment at Tarkwa |  |  | — |  |  |  | (6.8 | ) |  |  | — |
|  | (Relating to aged, high maintenance and low effectiveness mining fleet that is no longer used). |  |  |  |  |  |  |  |  |  |  |  |
|  | – Asset-specific impairment at Damang |  |  | — |  |  |  | (3.5 | ) |  |  | (2.4 | )
|  | (Relating to all assets at the Rex pit. Following a series of optimisations, the extensional drilling failed to deliver sufficient tonnages at viable grades to warrant further work (2016: inoperable mining fleet that is no longer used under the current life-of-mine plan). |  |  |  |  |  |  |  |  |  |  |  |
|  | (Impairment)/reversal of impairment of property, plant and equipment – other |  |  | (1.9 | ) |  |  | 42.3 |  |  |  | (76.4 | )
4 | For the year ended 31 December 2018, the Group recognised an impairment of R6,470.9 million (US$481.5 million) (2017: R3,495.0 billion (US$277.8 million) and 2016: Rnil (US$nil)) in respect of the South Deep cash-generating unit due to the deferral of production. R963.9 million (US$71.7 million) (2017: R3,495.0 billion (US$277.8 million)) of the total impairment was firstly allocated against goodwill and the remainder of R5,507.0 million (US$409.8 million) (2017: Rnil (US$nil)) against other assets. The recoverable amount was based on its FVLCOD calculated using a combination of the market and the income approach (level 3 of the fair value hierarchy). The impairment calculation was performed in June 2018 and given that impairment indicators still existed at 31 December 2018, a further assessment was performed. The recoverable amount at 31 December 2018 is R21,2 billion (US$1.4 billion)There were no further impairments at 31 December 2018 using the following assumptions:
| • |  | Gold price of R525,000 per kilogram for 2019 and R550,000 per kilogram thereafter;
| • |  | Resource price of US$17 per ounce at the Rand/US Dollar exchange rate of R14.63;
| • |  | Resource ounces of 24.5 million ounces;
| • |  | Life-of-mine: 75 years; and
| • |  | Nominal discount rate of 13.5%.

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- Definition The disclosure of impairment loss and the reversal of impairment loss. [Refer: Impairment loss; Reversal of impairment loss] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 36 -IssueDate 2018-01-01 -Paragraph 126 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=36&date=2018-03-01&anchor=para_126&doctype=Standard -URIDate 2018-03-16 + Details
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