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Financial Instruments | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Financial Instruments |
37. | FINANCIAL INSTRUMENTS
Accounting classifications and fair values The following tables show the carrying amounts and fair values of financial assets and financial liabilities.
|  | United States Dollar |
|  | Carrying amount |  |  | Carrying Amount |  |  | Fair value |
Figures in millions unless otherwise stated |  | Fair value through profit or loss |  |  | Fair value through OCI |  |  | Financal assets measured at amortised cost |  |  | Other financial liabilities measured at amortised cost |  |  | Total |  |  | Total |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets measured at fair value |
- Environmental trust funds |  |  | 7.4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7.4 |  |  |  | 7.4 |
- Trade receivables from provisional copper sales |  |  | 23.7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23.7 |  |  |  | 23.7 |
- Investments |  |  | — |  |  |  | 42.4 |  |  |  | — |  |  |  | — |  |  |  | 42.4 |  |  |  | 42.4 |
- Asanko redeemable preference shares |  |  | — |  |  |  | 92.6 |  |  |  | — |  |  |  | — |  |  |  | 92.6 |  |  |  | 92.6 |
- Warrants |  |  | 12.9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12.9 |  |  |  | 12.9 |
- Gold and foreign currency derivatives contracts |  |  | 113.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 113.3 |  |  |  | 113.3 |
Total |  |  | 157.3 |  |  |  | 135.0 |  |  |  | — |  |  |  | — |  |  |  | 292.3 |  |  |  | 292.3 |
Financial assets not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Environmental trust funds |  |  | — |  |  |  | — |  |  |  | 71.9 |  |  |  | — |  |  |  | 71.9 |  |  |  | 71.9 |
- Loan advanced - contractor |  |  | — |  |  |  | — |  |  |  | 68.4 |  |  |  | — |  |  |  | 68.4 |  |  |  | 68.4 |
- Trade and other receivables |  |  | — |  |  |  | — |  |  |  | 29.5 |  |  |  | — |  |  |  | 29.5 |  |  |  | 29.5 |
- Cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 886.8 |  |  |  | — |  |  |  | 886.8 |  |  |  | 886.8 |
Total |  |  | — |  |  |  | — |  |  |  | 1,056.6 |  |  |  | — |  |  |  | 1,056.6 |  |  |  | 1,056.6 |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Copper and oil derivative contracts |  |  | 29.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29.1 |  |  |  | 29.1 |
Total |  |  | 29.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29.1 |  |  |  | 29.1 |
Financial liabilities not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Borrowings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,526.9 |  |  |  | 1,526.9 |  |  |  | 1,689.8 |
- Trade and other payables |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 452.0 |  |  |  | 452.0 |  |  |  | 452.0 |
- Lease liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 429.0 |  |  |  | 429.0 |  |  |  | 429.0 |
Total |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,407.9 |  |  |  | 2,407.9 |  |  |  | 2,570.8 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Environmental trust funds |  |  | 7.2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7.2 |  |  |  | 7.2 |
- Trade receivables from provisional copper sales |  |  | 22.8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22.8 |  |  |  | 22.8 |
- Investments |  |  | — |  |  |  | 47.9 |  |  |  | — |  |  |  | — |  |  |  | 47.9 |  |  |  | 47.9 |
- Asanko redeemable preference shares |  |  | — |  |  |  | 95.5 |  |  |  | — |  |  |  | — |  |  |  | 95.5 |  |  |  | 95.5 |
- Warrants |  |  | 11.7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11.7 |  |  |  | 11.7 |
- Oil derivatives contracts |  |  | 1.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.1 |  |  |  | 1.1 |
Total |  |  | 42.8 |  |  |  | 143.4 |  |  |  | — |  |  |  | — |  |  |  | 186.2 |  |  |  | 186.2 |
Financial assets not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Environmental trust funds |  |  | — |  |  |  | — |  |  |  | 62.3 |  |  |  | — |  |  |  | 62.3 |  |  |  | 62.3 |
- Trade and other receivables |  |  | — |  |  |  | — |  |  |  | 51.4 |  |  |  | — |  |  |  | 51.4 |  |  |  | 51.4 |
- Cash and cash equivalents |  |  | — |  |  |  | — |  |  |  | 515.0 |  |  |  | — |  |  |  | 515.0 |  |  |  | 515.0 |
Total |  |  | — |  |  |  | — |  |  |  | 628.7 |  |  |  | — |  |  |  | 628.7 |  |  |  | 628.7 |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Gold and foreign exchange derivative contracts |  |  | 127.6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 127.6 |  |  |  | 127.6 |
Total |  |  | 127.6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 127.6 |  |  |  | 127.6 |
Financial liabilities not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Borrowings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,845.8 |  |  |  | 1,845.8 |  |  |  | 1,952.4 |
- Trade and other payables |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 385.3 |  |  |  | 385.3 |  |  |  | 385.3 |
- Lease liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 332.9 |  |  |  | 332.9 |  |  |  | 332.9 |
Total |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,564.0 |  |  |  | 2,564.0 |  |  |  | 2,670.6 |
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Trade and other receivables, trade and other payables and cash and cash equivalents The carrying amounts approximate fair values due to the short maturity of these instruments. Loan advanced - contractor The fair value of the loan advanced to contractor approximates the carrying amount, determined using the discounted cash flow method using market related interest rates. Investments and redeemable preference shares The fair value of publicly traded instruments (listed investments) is based on quoted market values. Asanko redeemable preference shares are accounted for at fair value based on the expected cash flows as set out in note 17. Warrants Warrants are measured at fair value, using a standard European call option format based on a standard option theory model, with adjustments to the fair value being recognised in profit or loss. Oil, gold, copper and foreign exchange derivative contracts The fair values of these contracts are determined by using the applicable valuation models for each instrument type with the key inputs being forward prices, interest rates and volatilties. Environmental trust funds The environmental trust funds are measured at fair value through profit or loss and amortised cost which approximates fair value based on the nature of the fund’s underlying investments. Borrowings The 5-year notes and the 10-year notes (2019: 2020 notes, the 5-year notes and the 10-year notes) are issued at a fixed interest rate. The fair values of these notes are based on listed market prices. The fair value of the remaining borrowings approximates their carrying amount, determined using the discounted cash flow method using market related interest rates. Fair value hierarchy The Group has the following hierarchy for measuring the fair value of assets and liabilities at the reporting date: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no transfers during the year ended 31 December 2020 and 2019. The following table sets out the Group’s financial assets and financial liabilities by level within the fair value hierarchy at the reporting date:
|  | United States Dollar |
|  | 2020 |  |  | 2019 |
Figures in millions unless otherwise stated |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental trust funds |  |  | 7.4 |  |  |  | — |  |  |  | 7.4 |  |  |  | — |  |  |  | 7.2 |  |  |  | — |  |  |  | 7.2 |  |  |  | — |
Trade receivables from provisional copper sales |  |  | 23.7 |  |  |  | — |  |  |  | 23.7 |  |  |  | — |  |  |  | 22.8 |  |  |  | — |  |  |  | 22.8 |  |  |  | — |
Investments - listed |  |  | 42.4 |  |  |  | 42.4 |  |  |  | — |  |  |  | — |  |  |  | 47.9 |  |  |  | 47.9 |  |  |  | — |  |  |  | — |
Asanko redeemable preference shares |  |  | 92.6 |  |  |  | — |  |  |  | — |  |  |  | 92.6 |  |  |  | 95.5 |  |  |  | — |  |  |  | — |  |  |  | 95.5 |
Warrants |  |  | 12.9 |  |  |  | — |  |  |  | 12.9 |  |  |  | — |  |  |  | 11.7 |  |  |  | — |  |  |  | 11.7 |  |  |  | — |
Gold derivative contracts |  |  | 27.3 |  |  |  | — |  |  |  | 27.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency derivative contracts |  |  | 86.0 |  |  |  | — |  |  |  | 86.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Oil derivative contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1.1 |  |  |  | — |  |  |  | 1.1 |  |  |  | — |
Financial assets not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Environmental trust funds |  |  | 71.9 |  |  |  | — |  |  |  | 71.9 |  |  |  | — |  |  |  | 62.3 |  |  |  | — |  |  |  | 62.3 |  |  |  | — |
Loan advanced - contractor |  |  | 68.4 |  |  |  |  |  |  |  | — |  |  |  | 68.4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Copper derivative contracts |  |  | 14.0 |  |  |  | — |  |  |  | 14.0 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Oil derivative contracts |  |  | 15.1 |  |  |  | — |  |  |  | 15.1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gold derivative contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 127.3 |  |  |  | — |  |  |  | 127.3 |  |  |  | — |
Foreign currency derivative contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | — |  |  |  | 0.3 |  |  |  | — |
Financial liabilities not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  |  | 1,689.8 |  |  |  | 1,156.3 |  |  |  | — |  |  |  | 533.5 |  |  |  | 1,952.4 |  |  |  | 1,700.4 |  |  |  | — |  |  |  | 252.0 |
Environmental trust funds The environmental trust funds are measured at fair value through profit or loss and amortised cost which approximates fair value based on the nature of the fund’s underlying investments. Trade receivables from provisional copper sales Valued using quoted market prices based on the forward London Metal Exchange (“LME”) and, as such, is classified within Level 2 of the fair value hierarchy. Listed investments Comprise equity investments in listed entities and are therefore valued using quoted market prices in active markets. Asanko redeemable preference shares The fair value is based on the expected cash flows of the Asanko Gold Mine based on the life-of-mine model. Refer note 17 for key inputs. Warrants Warrants are measured at fair value through profit or loss. The fair value is determined using a standard European call option format based on a standard option theory model. Oil, gold, copper and foreign exchange derivative contracts The fair values of these contracts are determined by using the applicable valuation models for each instrument type with the key inputs being forward prices, interest rates, volatilties and exchange rates. Borrowings The 5-year notes and the 10-year notes (2019: 2020 notes, the 5-year notes and the 10-year notes) are issued at a fixed interest rate. The fair values of these notes are based on listed market prices and are classified within level 1 of the fair value hierarchy. The fair value of the remaining borrowings approximates their carrying amount, determined using the discounted cash flow method and market related interest rates and are classified within level 3 of the fair value hierarchy. Loan advanced - contractor The fair value of the contractor loan approximates its carrying amount, determined using the discounted cash flow method and market related interest rates and is classified within level 3 of the fair value hierarchy.

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