UNITED STATES DOLLAR
    2016     2015     2014  
6. IMPAIRMENT OF INVESTMENTS AND ASSETS                
  Investments (0.1)     (117.4)     (14.2)  
  Listed investments (0.1)     (8.5)     (8.3)  
  Unlisted investments –     –     (5.9)  
  Equity accounted investees                
  – Hummingbird Resources Plc (“Hummingbird”)1 –     (7.5)     –  
  – Far Southeast Gold Resources Incorporated (“FSE”)2 –     (101.4)     –  
  Property, plant and equipment (76.4)     (95.7)     (11.2)  
  Arctic Platinum (“APP”)3 –     (39.0)     (3.2)  
  Yanfolila4 –     –     4.7  
  Property, plant and equipment – other5 (76.4)     (56.7)     (12.7)  
  Inventories –     (8.0)     (1.3)  
  Stockpiles and consumables6 –     (8.0)     (1.3)  
  Impairment of investments and assets (76.5)     (221.1)     (26.7)  
 
1 Following the identification of impairment indicators at 30 June 2015, the investment in Hummingbird was valued at its recoverable amount, which resulted in an impairment of US$7.5 million. The recoverable amount was based on the investment’s fair value at the time, being its quoted market price (level 1 of the fair value hierarchy). The impairment is included in the “Corporate and other” segment.
2 Following the identification of impairment indicators at 31 December 2015, FSE was valued at its recoverable amount which resulted in an impairment of US$101.4 million. The recoverable amount was based on the fair value less cost of disposal (“FVLCOD”) of the investment (level 2 of the fair value hierarchy). FVLCOD was indirectly derived from the market value of Lepanto Consolidated Mining Company, being the 60% shareholder of FSE. The impairment is included in the “Corporate and other” segment.
3 Following the Group’s decision during 2013 to dispose of non-core projects, APP was classified as held for sale and, accordingly, valued at the lower of fair value less cost of disposal or carrying value which resulted in impairments of US$89.7 million and US$3.2 million during 2013 and 2014, respectively. APP carrying value at 31 December 2014 after the above impairments was US$40.0 million which was based on an offer received close to the 2014 year-end. During 2015, active marketing activities for the disposal of the project continued after the 2014 offer was not realised. During 2015, APP was further impaired by US$39.0 million, resulting in a carrying value of US$1.0 million at 31 December 2015. The impairment is included in the “Corporate and other” segment. At 31 December 2016, APP no longer met the definition of an asset held for sale and was reclassified to property, plant and equipment at a recoverable amount of US$1.0 million. Refer note 12 for further details.
4 Following the disposal of Yanfolila in 2014, US$4.7 million of the previously recorded impairment was reversed.
5 Impairment of property, plant and equipment is made up as follows:
    UNITED STATES DOLLAR
    2016     2015   2014  
  – 2015: Redundant assets at Cerro Corona (2014: South Deep, St Ives and Agnew) –     6.7   12.7  
  – Cash-generating unit impairment at Darlot –     14.2   –  
 
  (The recoverable amount was based on its FVLCOD calculated using the income approach (level 3 of the fair value hierarchy). The impairment is mainly due to the life-of-mine plan being reduced to one year forecasting negative cash flows for 2016 (refer to accounting policies on page 103 for assumptions)).
             
  – Cash-generating unit impairment at Cerro Corona 66.4     –   –  
 
  (The recoverable amount was based on its FVLCOD calculated using a combination of the market and the income approach (level 3 of the fair value hierarchy). The impairment is due to reduction in gold and copper reserves due to depletion, a decrease in the gold and copper price assumptions for 2017 and 2018, a lower resource price and an increase in the Peru tax rate from 2017 onwards. Refer to accounting policies on page 103 for assumptions).
             
  – Damang assets held for sale 7.6     –   –  
 
  Following the Damang re-investment plan, a decision was taken to sell certain mining fleet assets and related spares. The sale of the assets is expected to be concluded during 2017. As a result, the assets were classified as held for sale (refer note 12) and valued at the lower of FVLCOD or carrying value which resulted in an impairment of US$7.6 million.
             
  – Asset-specific impairment at Damang 2.4     35.8   –  
 
  (Relating to inoperable mining fleet that is no longer used under the current life-of-mine plan (2015: Immovable mining assets written off to US$nil that would no longer be used under the current life-of-mine plan)).
             
  Total impairment of property, plant and equipment – other 76.4     56.7   12.7  
  6 2015: Net realisable value write-down of stockpiles at Damang (2014: consumables at Lawlers).