2009 2010 Figures in million 2010 2009
SA Rands   US Dollars
   

18 Other investments

    
    Listed investments    
    Available-for-sale    
162 829 Balance at beginning of year 111 17
75 149 Additions 21 9
(14) (587) Disposals (81) (2)
    Transfer of B2Gold Corporation from investment    
221 – in associates – 26
482 529 Fair value adjustments 73 57
– (16) Impairment (notes 6 and 13) (1) (2) –
(97) (90) Translation 2 4
829 814 Balance at end of year 124 111
   
(1) Impairment of Corvus Gold Inc. shares of $2m, R16m (2009: nil).
   
    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
248 – B2Gold Corporation – 33
60 – Red 5 Limited – 8
34 79 Other 11 4
829 814   124 111
The group’s 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 group’s JSE listed equity investments moved according to the ALSI, would impact OCI by $1.5m, R9.5m.

    Held-to-maturity    
104 74 Balance at beginning of year 10 11
58 20 Additions 3 7
(88) (12) Maturities (2) (11)
– – Translation 2 3
74 82 Balance at end of year 13 10
    Rehabilitation Trust Fund administered by RMB Private Bank comprising:    
74 82 Government bonds 13 10
74 82   13 10
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.    
    Unlisted investments    
    Available-for-sale    
2 26 Balance at beginning of year 4 –
27 41 Additions 5 4
– (1) Disposals – –
(3) (7) Translation – –
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.

    
    Held-to-maturity    
357 373 Balance at beginning of year 50 38
541 657 Additions 90 65
(525) (430) Maturities (59) (63)
– – Translation 10 10
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
18 18 Other 2 2
373 600   91 50
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