Financial Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about financial instruments [abstract]

Disclosure of Maturity Analysis for Non-derivative Financial Liabilities

The following are the contractual maturities of financial liabilities, including interest payments:

Financial liabilities



	Within one year		Between one and two years		Between two and five years		After five years		Total
2019	$ millions	Effective rate %	$ millions	Effective rate %	$ millions	Effective rate %	$ millions	Effective rate %	$ millions
Trade and other payables	586		15		—		—		601
Borrowings	802		185		1,012		602		2,601
- In USD	790	5.8	132	6.0	913	6.1	602	6.5	2,437
- AUD in USD equivalent	—	2.3	—	2.3	22	2.3	—	—	22
- TZS in USD equivalent	6	12.5	47	12.5	—	—	—	—	53
- ZAR in USD equivalent	6	8.1	6	8.1	77	8.1	—	—	89
2018
Trade and other payables	562		—		—		—		562
Gold and oil derivative contracts	9		—		—		—		9
Borrowings	133		836		1,120		663		2,752
- In USD	112	5.8	790	5.8	1,025	6.0	622	6.5	2,549
- AUD in USD equivalent	7	6.8	7	6.8	23	6.8	26	6.8	63
- TZS in USD equivalent	5	12.5	3	12.5	29	12.5	—	—	37
- ZAR in USD equivalent	9	9.0	36	9.0	43	9.7	15	14.7	103
2017
Trade and other payables	615		—		—		—		615
Borrowings	137		343		1,912		695		3,087
- In USD	98	5.4	145	5.4	1,643	5.5	641	6.5	2,527
- AUD in USD equivalent	16	5.1	174	5.1	25	6.8	38	6.8	253
- ZAR in USD equivalent	23	8.9	24	8.9	244	9.1	16	15.5	307

With the implementation of IFRS 16 effective 1 January 2019 the finance lease liabilities historically included in borrowings have been reallocated to lease liabilities. The table below provides a breakdown of the contractual maturities including interest payments of the lease liabilities.



	Within one year		Between one and two years		Between two and five years		After five years		Total
2019	$ millions	Effective rate %	$ millions	Effective rate %	$ millions	Effective rate %	$ millions	Effective rate %	$ millions
Lease liabilities	51		33		54		56		194
- In USD	22	7.0	4	7.0	8	7.0	1	7.0	35
- AUD in USD equivalent	22	3.5	22	3.5	42	3.5	55	3.5	141
- BRL in USD equivalent	3	6.8	3	6.8	3	6.8	—	—	9
- ZAR in USD equivalent	4	9.8	4	9.8	1	9.8	—	—	9

Disclosure of Credit Risk Exposure

The combined maximum credit risk exposure of the group is as follows:



	US Dollars
Figures in millions	2019	2018	2017

Other investments ⁽¹⁾	67	59	58
Trade and other receivables	57	41	33
Cash restricted for use (note 23)	64	66	65
Cash and cash equivalents (note 24)	456	329	205
Total financial assets	644	495	361

⁽¹⁾ Included in other investments are amounts transferred to held for sale.

Disclosure of Fair Value of Financial Instruments

The estimated fair value of the group’s other investments and borrowings as at 31 December are as follows:

Type of instrument



	Carrying amount	Fair value	Carrying amount	Fair value	Carrying amount	Fair value
US Dollar millions	2019		2018		2017
Financial assets
Other investments⁽¹⁾	170	170	147	147	138	140
Financial liabilities
Borrowings (note 26)	2,033	2,135	2,050	2,084	2,268	2,377

⁽¹⁾ Included in other investments are amounts transferred to held for sale.

Disclosure of Fair Value of Assets Measured on a Recurring Basis

Assets measured at fair value on a recurring basis



US Dollar millions	Level 1	Level 2	Level 3	Total
	2019

Equity securities - FVTPL⁽¹⁾	21	—	—	21
Equity securities - FVTOCI	82	—	—	82

	2018
Equity securities - FVTPL	19	—	—	19
Equity securities - FVTOCI	69	—	—	69
	2017

Equity securities - available-for-sale	80	—	—	80

⁽¹⁾ Included in equity securities - FVTPL are amounts transferred to held for sale.

Disclosure of Sensitivity Analysis on Other Financial Assets and Liabilities

The following table shows the approximate interest rate sensitivities of other financial assets and liabilities at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). As the sensitivity is the same (linear) for both increases and decreases in interest rates only absolute numbers are presented.



	Change in interest rate basis points	Change in interest amount in currency millions	Change in interest amount US dollar millions
	2019
Financial assets
USD denominated	100	1	1
AUD denominated	150	1	1
Financial liabilities
TZS denominated	250	2,704	1
ZAR denominated⁽²⁾	150	15	1
USD denominated	100	1	1



	Change in interest rate basis points	Change in interest amount in currency millions	Change in interest amount US dollar millions
	2018
Financial assets
USD denominated	100	1	1
AUD denominated	150	1	1
BRL denominated	250	2	1
Financial liabilities
TZS denominated	250	1,680	1
ZAR denominated⁽²⁾	150	14	1
USD denominated	100	1	1



	Change in interest rate basis points	Change in interest amount in currency millions	Change in interest amount US dollar millions
	2017
Financial assets
USD denominated	100	1	1
ZAR denominated⁽¹⁾⁽²⁾	150	2	—
Financial liabilities
ZAR denominated⁽²⁾	150	41	3
AUD denominated	100	3	2

⁽¹⁾ A change of 100 basis points in financial assets results in less than a $1m change in the interest amount.

⁽²⁾This is the only interest rate risk for the company.

35 FINANCIAL RISK MANAGEMENT ACTIVITIES (continued)

Foreign exchange risk

Foreign exchange risk arises on financial instruments that are denominated in a foreign currency.

The following table discloses the approximate foreign exchange risk sensitivities of borrowings at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below).



	Change in exchange rate	Change in borrowings total		Change in exchange rate	Change in borrowings total		Change in exchange rate	Change in borrowings total
	Change in exchange rate	US$ Million		Change in exchange rate	US$ Million		Change in exchange rate	US$ Million
	2019			2018			2017
Borrowings
ZAR denominated (R/$)	Spot (+R1.50)	(7	)	Spot (+R1.50)	(7	)	Spot (+R1.50)	(26	)
TZS denominated (TZS/$)	Spot (+TZS250)	(5	)	Spot (+TZS250)	(3	)
AUD denominated (AUD/$)	Spot (+AUD0.1)	(1	)	Spot (+AUD0.1)	(3	)	Spot (+AUD0.1)	(16	)
ZAR denominated (R/$)	Spot (-R1.50)	9		Spot (-R1.50)	9		Spot (-R1.50)	33
TZS denominated (TZS/$)	Spot (-TZS250)	6		Spot (-TZS250)	4
AUD denominated (AUD/$)	Spot (-AUD0.1)	1		Spot (-AUD0.1)	4		Spot (-AUD0.1)	19