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Annual Report and Accounts 2011

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Notes to the Annual Financial Statements
For the year ended 30 June 2011

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16. Investments in associates

Interests in associates

At year end, the Group had interests in the following companies:

Ownerships
Country 2011 2010
Namibia Mining House (Pty) Ltd Namibia 35.0% 35.0%
Nabera Mining (Pty) Ltd South Africa 29.5% 29.5%
Organizações Moyoweno – Comércio Geral Lda Angola 40.0% 40.0%

Summary of financial statements of associates (US$ million):

2011 Assets Liabilities Equity Revenues (Loss)
after tax
Namibia Mining House (Pty) Ltd
Nabera Mining (Pty) Ltd (1.3) (1.2) (0.1)
Organizações Moyoweno – Comércio Geral Lda 0.8 (0.4) (0.4)

2010
Namibia Mining House (Pty) Ltd
Nabera Mining (Pty) Ltd (1.1) (1.0) (0.1)
Organizações Moyoweno – Comércio Geral Lda 0.8 (0.4) (0.4) (0.1)

The unrecognised share of losses in aggregate is US$nil (30 June 2010: US$nil). If the investments in associates had been included at cost, they would have been included at US$nil (30 June 2010: US$nil).

The initial investments by the Group in Namibia Mining House (Pty) Ltd, Nabera Mining (Pty) Ltd and Organizações Moyoweno – Comércio Geral Lda ("Moyoweno") have all been impaired in full in prior periods. Moyoweno's financial year end is 31 December, the statutory reporting period for companies based in Angola, and its primary asset is a 13% investment in the Alto Cuilo project in Angola, from which the Group withdrew in 2009. Interim financial information for Moyoweno has been used as at year end for the Group. The Group has no contractual or constructive obligation to fund the net deficit positions of its associates.