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Equity Accounted Investees (Tables) | 12 Months Ended
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Dec. 31, 2018
Text block [abstract] |
Summary of Equity Accounted Investees |
|  |  |  | United States Dollar |
|  | Figures in millions unless otherwise stated |  | 2018 |  |  | 2017 |  |  | 2016 |
|  | EQUITY ACCOUNTED INVESTEES |  |  |  |  |  |  |  |  |  |  |  |
|  | Investment in joint ventures |  |  | 177.5 |  |  |  | 128.6 |  |  |  |  |
(a) |  | Far Southeast Gold Resources Incorporated (“FSE”) |  |  | 91.7 |  |  |  | 128.6 |  |  |  |  |
(b) |  | Asanko Gold |  |  | 85.8 |  |  |  | — |  |  |  |  |
|  | Investment in associates |  |  | 47.6 |  |  |  | 42.7 |  |  |  |  |
(c) |  | Maverix Metals Incorporated (“Maverix”) |  |  | 47.6 |  |  |  | 42.7 |  |  |  |  |
(d) |  | Other associates |  |  | — |  |  |  | — |  |  |  |  |
|  | Total equity accounted investees |  |  | 225.1 |  |  |  | 171.3 |  |  |  |  |
|  | Share of results of equity accounted investees, net of taxation recognised in the consolidated income statement are made up as follows: |  |  |  |  |  |  |  |  |  |  |  |
(a) |  | Far Southeast Gold Resources Incorporated (“FSE”) |  |  | (12.9 | ) |  |  | (1.6 | ) |  |  | (2.3 | )
(b) |  | Asanko Gold |  |  | (1.1 | ) |  |  | — |  |  |  | — |
(c) |  | Maverix Metals Incorporated (“Maverix”) |  |  | 0.9 |  |  |  | 0.3 |  |  |  | — |
(d) |  | Other associates |  |  | — |  |  |  | — |  |  |  | — |
|  | Total share of results of equity investees net of tax |  |  | (13.1 | ) |  |  | (1.3 | ) |  |  | (2.3 | )
Summary of Equity Method Investment in Joint Venture - Far Southeast Gold Resources Incorporated ("FSE") |
|  | United States Dollar |
Figures in millions unless otherwise stated |  | 2018 |  |  | 2017 |
Unlisted shares at cost |  |  | 230.0 |  |  |  | 230.0 |
Equity contribution |  |  | 92.2 |  |  |  | 79.3 |
Cumulative impairment1 |  |  | (138.3 | ) |  |  | (101.4 | )
Share of accumulated losses brought forward |  |  | (79.3 | ) |  |  | (77.7 | )
Share of loss after taxation2 |  |  | (12.9 | ) |  |  | (1.6 | )
Total investment in joint venture3 |  |  | 91.7 |  |  |  | 128.6 |
1 | Refer note 6 for details of impairment.
2 | Gold Fields’ share of loss after taxation represents exploration and other costs, including work completed on a scoping study, which is fully funded by Gold Fields as part of their equity contribution.
3 | FSE is a company incorporated under the laws of the Philippines and owns the gold-copper Far Southeast exploration project (the “FSE project”). During the exploration phase of the FSE project and as long as the 20% option remains exercisable, the Group has joint control over the FSE project. The Group will only have the power to direct the activities of FSE once it exercises the option to acquire the additional 20% shareholding in FSE, which is only exercisable once an FTAA is obtained. FSE has no revenues or significant assets or liabilities. Assets included in FSE represent the rights to explore and eventually mine the FSE project.
Summary of Financial Information and Carrying Amount of the Group Interest in Asanko | The following table summarises the financial information and the carrying amount of the Group’s interest in Asanko:
|  | United States Dollar |
Figures in millions unless otherwise stated |  | 2018 |
Investment in joint venture at cost consists of: |  |  |  |
Initial investment at cost |  |  | 86.9 |
Share of loss after taxation |  |  | (1.1 | )
Carrying value at 31 December 2018 |  |  | 85.8 |
The investment comprises the following:
Figures in millions unless otherwise stated |  | Carrying value |  |  | Percentage ownership interest |
AGGL |  |  | 5.4 |  |  |  | 45.0 | %
Shika |  |  | 80.4 |  |  |  | 50.0 | %
Adansi1 |  |  | — |  |  |  | 50.0 | %
Total |  |  | 85.8 |  |  |  |  |
1 | Nominal value at 31 December 2018 is less than US$0.1 million.
The Group’s interest in the summarised financial statements of Asanko on a combined basis is as follows:
|  | United States Dollar |
Figures in millions unless otherwise stated |  | 2018 |
Statement of financial position – Asanko |  |  |  |
Non-current assets |  |  | 481.2 |
Current assets1 |  |  | 109.3 |
Non-current liabilities |  |  | (34.2 | )
Current liabilities |  |  | (52.7 | )
Net assets |  |  | 503.6 |
Less: Provisional purchase price allocation – fair value adjustment2 |  |  | (39.6 | )
Less: Shika redeemable preference shares |  |  | (291.4 | )
Net assets attributable to ordinary shareholders |  |  | 172.6 |
Group’s share of net assets |  |  | 85.8 |
Reconciled as follows: |  |  |  |
Cash consideration paid |  |  | 165.0 |
Less: consideration allocated to the redeemable preference shares (note 17) |  |  | (129.9 | )
Consideration paid for equity portion |  |  | 35.1 |
Gain on acquisition |  |  | 51.8 |
Share of loss after taxation |  |  | (1.1 | )
Carrying amount of interest in joint venture |  |  | 85.8 |
Income statement – Asanko |  |  |  |
Revenue |  |  | 122.0 |
Production costs |  |  | (79.0 | )
Depreciation and amortisation |  |  | (34.3 | )
Other expenses |  |  | (4.9 | )
Royalties |  |  | (6.2 | )
Income tax expense |  |  | — |
Loss for the five-month period |  |  | (2.4 | )
Other comprehensive income |  |  | — |
Total comprehensive income |  |  | (2.4 | )
Group’s share of total comprehensive income |  |  | (1.1 | )
1 | Current assets includes cash and cash equivalents of US$21.6 million.
2 | Relates to a fair value adjustment to property, plant and equipment of the Asanko Gold Mine as determined at acquisition.
Summary of Equity Method Investments in Associates - Maverix Metals Incorporated ("Maverix") | Investment in associate consists of:
|  |  |  | United States Dollar |
|  | Figures in millions unless otherwise stated |  | 2018 |  |  | 2017 |
|  | Listed shares at cost |  |  | 42.1 |  |  |  | 42.1 |
|  | Profit on dilution of Gold Fields’ interest in Maverix |  |  | 4.0 |  |  |  | — |
|  | Transaction costs capitalised |  |  | 0.3 |  |  |  | 0.3 |
|  | Share of accumulated profits brought forward |  |  | 0.3 |  |  |  | — |
|  | Share of profit after taxation |  |  | 0.9 |  |  |  | 0.3 |
|  | Investment in associate – Maverix1 |  |  | 47.6 |  |  |  | 42.7 |
(d) |  | Other |  |  |  |  |  |  |  |
|  | Investment in associate |  |  | — |  |  |  | — |
|  | Rusoro Mining Limited (“Rusoro”)2 |  |  | — |  |  |  | — |
1 | The fair value, based on the quoted market price of the investment, in Maverix at 31 December 2018 is US$74.7 million (2017: US$57.2 million).
2 | Represents a holding of 25.7% (2017: 25.7%) in Rusoro.
The carrying value of Rusoro, incorporated in Venezuela, was written down to US$nil at 31 December 2010 due to losses incurred by the entity. The fair value, based on the quoted market price of the investment, in Rusoro at 31 December 2018 is US$13.4 million (2017: US$7.7 million). The unrecognised share of loss of Rusoro for the year amounted to US$2.6 million (2017: unrecognised shares of loss of US$2.0 million). The cumulative unrecognised share of losses of Rusoro at 31 December 2018 amounted to US$198.6 million (2017: US$196.0 million). On 22 August 2016, the Arbitration Tribunal, operating under the Additional Facility Rules of the World Bank’s International Centre for the Settlement of Investment Disputes, awarded Rusoro damages of US$967.8 million plus pre and post-award interest which currently equates to in excess of US$1.2 billion in the arbitration brought by Rusoro against the Bolivarian Republic of Venezuela (“Venezuela”). Venezuela has not complied with the arbitration award terms, which were issued on 22 August 2016. On 6 December 2017, Rusoro obtained a judgement against Venezuela in the Superior Court of Justice in Ontario, Canada, in excess of US$1.3 billion. The judgment, which was issued on default as a result of Venezuela’s failure to appear before the Ontario court, arose out of Rusoro’s ongoing dispute with Venezuela over the South American nation’s seizure of its gold mining properties in the country. The Canadian judgement, which confirmed an arbitration award issued in Rusoro’s favour in the same amount, was issued on 25 April 2017. Venezuela did not appeal or seek to vacate the judgement, and its time to do so expired. Rusoro further filed a suit in the Supreme Court of the State of New York, seeking recognition of the Canadian judgement. Rusoro brought the New York lawsuit in addition to an action it filed in the U.S. District Court for the District of Columbia, which seeks recognition of and the entry of judgment on the original arbitration award. A favourable ruling from either the New York or D.C. court will entitle Rusoro to use all legal procedures – including broad discovery from both Venezuela and third parties – that U.S. law provides judgment creditors. Any judgment issued in New York will also accrue interest at 9% per annum until the judgment is fully paid. On 19 October 2018, Rusoro announced that it had reached a settlement agreement with Venezuela by which the Venezuela government agreed to pay Rusoro US$1.28 billion to acquire the company’s mining data and full release of the judgment issued in favour of the company. In a decision dated 29 January 2019, the Paris Court of Appeals partially annulled the arbitral award issued in favour of the Company in August 2016. Rusoro intends to vigorously pursue all available remedies to reinstate such award.
Summary of Other Investments |
|  |  |  | United States Dollar |
|  | Figures in millions unless otherwise stated |  | 2018 |  |  | 2017 |
|  | Listed shares at cost |  |  | 42.1 |  |  |  | 42.1 |
|  | Profit on dilution of Gold Fields’ interest in Maverix |  |  | 4.0 |  |  |  | — |
|  | Transaction costs capitalised |  |  | 0.3 |  |  |  | 0.3 |
|  | Share of accumulated profits brought forward |  |  | 0.3 |  |  |  | — |
|  | Share of profit after taxation |  |  | 0.9 |  |  |  | 0.3 |
|  | Investment in associate – Maverix1 |  |  | 47.6 |  |  |  | 42.7 |
(d) |  | Other |  |  |  |  |  |  |  |
|  | Investment in associate |  |  | — |  |  |  | — |
|  | Rusoro Mining Limited (“Rusoro”)2 |  |  | — |  |  |  | — |
1 | The fair value, based on the quoted market price of the investment, in Maverix at 31 December 2018 is US$74.7 million (2017: US$57.2 million).
2 | Represents a holding of 25.7% (2017: 25.7%) in Rusoro.
The carrying value of Rusoro, incorporated in Venezuela, was written down to US$nil at 31 December 2010 due to losses incurred by the entity. The fair value, based on the quoted market price of the investment, in Rusoro at 31 December 2018 is US$13.4 million (2017: US$7.7 million). The unrecognised share of loss of Rusoro for the year amounted to US$2.6 million (2017: unrecognised shares of loss of US$2.0 million). The cumulative unrecognised share of losses of Rusoro at 31 December 2018 amounted to US$198.6 million (2017: US$196.0 million). On 22 August 2016, the Arbitration Tribunal, operating under the Additional Facility Rules of the World Bank’s International Centre for the Settlement of Investment Disputes, awarded Rusoro damages of US$967.8 million plus pre and post-award interest which currently equates to in excess of US$1.2 billion in the arbitration brought by Rusoro against the Bolivarian Republic of Venezuela (“Venezuela”). Venezuela has not complied with the arbitration award terms, which were issued on 22 August 2016. On 6 December 2017, Rusoro obtained a judgement against Venezuela in the Superior Court of Justice in Ontario, Canada, in excess of US$1.3 billion. The judgment, which was issued on default as a result of Venezuela’s failure to appear before the Ontario court, arose out of Rusoro’s ongoing dispute with Venezuela over the South American nation’s seizure of its gold mining properties in the country. The Canadian judgement, which confirmed an arbitration award issued in Rusoro’s favour in the same amount, was issued on 25 April 2017. Venezuela did not appeal or seek to vacate the judgement, and its time to do so expired. Rusoro further filed a suit in the Supreme Court of the State of New York, seeking recognition of the Canadian judgement. Rusoro brought the New York lawsuit in addition to an action it filed in the U.S. District Court for the District of Columbia, which seeks recognition of and the entry of judgment on the original arbitration award. A favourable ruling from either the New York or D.C. court will entitle Rusoro to use all legal procedures – including broad discovery from both Venezuela and third parties – that U.S. law provides judgment creditors. Any judgment issued in New York will also accrue interest at 9% per annum until the judgment is fully paid. On 19 October 2018, Rusoro announced that it had reached a settlement agreement with Venezuela by which the Venezuela government agreed to pay Rusoro US$1.28 billion to acquire the company’s mining data and full release of the judgment issued in favour of the company. In a decision dated 29 January 2019, the Paris Court of Appeals partially annulled the arbitral award issued in favour of the Company in August 2016. Rusoro intends to vigorously pursue all available remedies to reinstate such award.
Summary of Share of Joint Operation and Includes Inter-company Transactions and Balances | Below is a summary of Gold Fields’ share of the joint operation and includes inter-company transactions and balances:
|  | 2018 |  |  | 2017 |
Figures in millions unless otherwise stated |  | US$ |  |  | A$ |  |  | US$ |  |  | A$ |
Statement of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 554.6 |  |  |  | 788.6 |  |  |  | 374.9 |  |  |  | 485.7 |
Current assets |  |  | 11.7 |  |  |  | 16.5 |  |  |  | 7.2 |  |  |  | 9.3 |
Cash and cash equivalents |  |  | 2.1 |  |  |  | 3.0 |  |  |  | 5.3 |  |  |  | 6.8 |
Inventories |  |  | 0.8 |  |  |  | 1.1 |  |  |  | — |  |  |  | — |
Prepayments |  |  | 6.4 |  |  |  | 9.1 |  |  |  | 1.9 |  |  |  | 2.5 |
Other receivables |  |  | 2.4 |  |  |  | 3.3 |  |  |  | — |  |  |  | — |
Total assets |  |  | 566.3 |  |  |  | 805.1 |  |  |  | 382.1 |  |  |  | 495.0 |
Total equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | (4.7 | ) |  |  | (6.7 | ) |  |  | (2.3 | ) |  |  | (2.9 | )
Non-current liabilities |  |  | 119.7 |  |  |  | 170.3 |  |  |  | 11.8 |  |  |  | 15.2 |
Deferred taxation |  |  | 30.5 |  |  |  | 43.3 |  |  |  | 4.2 |  |  |  | 5.4 |
Finance lease liability |  |  | 76.5 |  |  |  | 108.8 |  |  |  | — |  |  |  | — |
Environmental rehabilitation costs |  |  | 12.7 |  |  |  | 18.2 |  |  |  | — |  |  |  | — |
Long-term incentive plan |  |  | — |  |  |  | — |  |  |  | 7.6 |  |  |  | 9.8 |
Current liabilities |  |  | 451.3 |  |  |  | 641.5 |  |  |  | 372.6 |  |  |  | 482.7 |
Related entity loans payable |  |  | 439.0 |  |  |  | 624.1 |  |  |  | 347.3 |  |  |  | 449.9 |
Trade and other payables |  |  | 7.7 |  |  |  | 10.9 |  |  |  | 14.1 |  |  |  | 18.3 |
Deferred consideration |  |  | — |  |  |  | — |  |  |  | 11.2 |  |  |  | 14.5 |
Current portion of finance lease liability |  |  | 4.6 |  |  |  | 6.5 |  |  |  | — |  |  |  | — |
Total equity and liabilities |  |  | 566.3 |  |  |  | 805.1 |  |  |  | 382.1 |  |  |  | 495.0 |

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