|2009||2010||Figures in million||2010||2009|
|SA Rands||US Dollars|
18 Other investments
|162||829||Balance at beginning of year||111||17|
|Transfer of B2Gold Corporation from investment|
|482||529||Fair value adjustments||73||57|
|–||(16)||Impairment (notes 6 and 13) (1)||(2)||–|
|829||814||Balance at end of year||124||111|
|The available-for-sale investments consist of ordinary shares and primarily comprise:|
|407||640||International Tower Hill Mines Limited||98||55|
|80||95||Various listed investments held by Environmental Rehabilitation Trust Fund||15||11|
|60||–||Red 5 Limited||–||8|
|The groups listed available-for-sale equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments.
At the reporting date, the majority of equity investments were listed on the Toronto Stock Exchange and the JSE.Based on the share price of International Tower Hill Mines Limited (ITH) over the past year and carrying value at 31 December 2010 of $98m, R640m, if ITH achieved the high that it achieved during 2010 of C$10.49 per share, other comprehensive income (OCI) would increase by $2m, R16m. If it achieved the low of C$5.67 per share, OCI would decrease by $43m, R286m.
The exposure to listed shares held by the Environmental Rehabilitation Trust Fund at fair value on the JSE was $15m, R95m. An analysis based on the assumption that the equity index (ALSI on the JSE) had increased/decreased by 10% with all other variables held constant and all the groups JSE listed equity investments moved according to the ALSI, would impact OCI by $1.5m, R9.5m.
|104||74||Balance at beginning of year||10||11|
|74||82||Balance at end of year||13||10|
|Rehabilitation Trust Fund administered by RMB Private Bank comprising:|
|903||896||Book value of listed investments||137||121|
|906||907||Market value of listed investments||138||121|
|The market value of bonds held-to-maturity is $14m, R93m (2009: $10m, R77m). The market value has a sensitivity of R39m (2009: R44m) for a 1% change in interest rates.|
|2||26||Balance at beginning of year||4||–|
|26||59||Balance at end of year||9||4|
|The available-for-sale investments consist primarily of XDM Resources Limited.
There is no active market for the unlisted equity investments and fair value cannot be reliably measured. The unlisted equity investments are carried at cost. The group does not intend to sell the investments in the foreseeable future.
|357||373||Balance at beginning of year||50||38|
|373||600||Balance at end of year||91||50|
|The held-to-maturity investments include:|
|319||543||Negotiable Certificates of Deposit – Rehabilitation Trust Fund administered by RMB Private Bank||83||43|
|36||39||Nufcor Uranium Trust Fund||6||5|
|399||659||Book value of unlisted investments||100||54|
|399||659||Fair value of unlisted investments||100||54|
|1,302||1,555||Total book value of other investments (note 35)||237||175|
|1,305||1,566||Total fair value of other investments||238||175|