| | | 20 | Investment in financial assets | | |
| 69 | 57 | | Balance at beginning of year | 7 | 9 |
| 64 | 1 | | Additions | – | 8 |
| (37) | (51) | | Disposals | (6) | (4) |
| (30) | 2 | | Fair value movement of available-for-sale investments | – | (3) |
| (9) | 3 | | Translation | 1 | (3) |
| 57 | 12 | | Balance at end of year | 2 | 7 |
| | | | The carrying amount consists of the following: | | |
| | | | Available-for-sale financial assets | | |
| 1 | – | | Investment in Alloy (a) | – | – |
| 41 | – | | Investment in Avoca (b) | – | 5 |
| 15 | 12 | | Investment in other listed and unlisted shares (c) | 2 | 2 |
| 57 | 12 | | Total available-for-sale financial assets | 2 | 7 |
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(a) | During 2006, the group received 5 million shares, valued at A$0.20 per share in Alloy as consideration for the sale of mining tenements. During the 2009 financial year, the investment was considered permanently impaired, resulting in a cumulative loss of R4 million (US$0.4 million), net of tax, recognised in other reserves, being reclassified from other reserves equity to the consolidated income statement. Subsequent to the impairment, a gain of R0.35 million (US$0.04 million) was recognised in other comprehensive income. Tax on this revaluation amounted to R0.1 million (US$0.01 million), which has been charged directly to equity. | | |
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| During the 2010 financial year these shares were sold, resulting in a net loss of R0.1 million (US$0.1 million). Refer to note 10. | | |
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(b) | On 17 April 2009, the group received 3 809 524 Avoca shares, valued at A$1.50 per share, as consideration for the disposal of its Dioro shares. During the 2010 financial year, a fair value loss of R2 million (US$0.3 million) (2009: R4.5 million (US$0.5 million) fair value gain) was recognised in other comprehensive income, net of tax. | | |
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| During the 2010 financial year, these shares were sold resulting in a net profit of R0.7 million (US$0.1 million). Refer to note 10. | | |
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(c) | These investments are valuated by the directors on an annual basis to ensure that no significant prolonged decline in the value of the investments has occurred. During the 2010 financial year the group disposed of certain listed investments for a net loss of R2 million (US$0.2 million). Refer to note 10. Fair value gains recognised in other comprehensive income for the year totalled R6 million (US$0.8 million) (2009: Rnil). During the 2010 financial year, the group did not receive any income from these investments (2009: Nil). | | |