Notes to the Financial Statements
88
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14. Investment in associate
a) Reconciliation of movement in investment accounted for using the equity method
2013 
$’000
2012 
$’000
Investment in Caravel Minerals Limited
Acquisition (see Note 33) 3,375 –
Share of associate’s loss (1,353) –
Additional impairment in associate (i) (537) –
At the end of the year 1,485 –
(i)	 	The	impairment	in	associate	reflects	the	fall	in	the	market	value	of	the	listed	shares	of	the	associate.	The	recoverable	amount	of	the	investment	in	Caravel	Minerals	Limited	
was determined using the last traded price of the associate’s shares on balance date.
b) Summarised financial information of associate
  The Group’s share of the results of its associate and its aggregate assets and liabilities are as follows:
Group’s share of:
Ownership 
Interest %
Assets 
$’000
Liabilities 
$’000
Revenue 
$’000
Loss 
$’000
Caravel Minerals Limited 35.54 3,007 384 199 1,353
c) Fair value of listed investment in associate
2013 
$’000
2012 
$’000
Caravel Minerals Limited 1,485 –
d) Contingent liabilities 
 Caravel Minerals Limited had no material contingent liabilities.
15. Payables
Current
Trade payables 25,620 22,735
Other payables and accruals 15,565 19,862
Total payables – current 41,185 42,597
Non-current
Other payables 5,921 6,681
Total payables – non-current 5,921 6,681
The	Group’s	exposure	to	currency	and	liquidity	risk	related	to	trade	and	other	payables	is	disclosed	in	Note	28.