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## 17. AVAILABLE-FOR-SALE FINANCIAL ASSETS (NON-CURRENT) (CONTINUED) 

Available-for-sale investments consist of investments in ordinary shares, and therefore have no fixed maturity date or coupon rate. 

## Listed shares 

The fair value of listed available-for-sale investments has been determined directly by reference to published price quotations in an active market. 

The Consolidated Entity has a 3.23% (2010: Nil) ownership interest in Independence Group NL which is a listed resources company. During the period Independence Group NL completed a takeover of Jabiru Metals Limited. As a result of the takeover the Consolidated Entity sold its ownership interest (2010: 19.99%) in Jabiru Metals Limited to Independence Group NL. Consideration received for the Jabiru Metals Limited shares was $48,089,540 in cash and 6,558,571 shares in Independence Group NL. 

The Consolidated Entity has a 16.97% (2010: Nil) ownership interest in Mongolian Resource Corporation Limited which is a listed resources company. 

During the period the Consolidated Entity disposed of its interest in Icon Resources Limited, which is a listed exploration company (2010: 4.76% ownership interest). 

## Unlisted shares 

The fair value of the unlisted available-for-sale investments has been estimated using valuation techniques based on assumptions, which are outlined in note 2(l), that are not supported by observable market prices or rates. Management believes that the estimated fair value resulting from the valuation techniques and recorded in the statement of financial position and the related changes in fair value recorded in other comprehensive income are reasonable and the most appropriate at the reporting date. 

The Consolidated Entity has a 25% (2010: Nil) ownership interest in Aziana Exploration Corporation, which is an unlisted exploration company. 

## 18. DERIVATIVE FINANCIAL INSTRUMENTS (NON-CURRENT) 

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## Derivatives - held for trading 

The Consolidated Entity holds 670,000 unlisted options in Mongolian Resource Corporation Limited ("MRC"). These options were acquired for nil cost as part of a capital raisind in MRC. On acquisition the options were valued using the binomial method. The fair value of the options have been determined using the binomial method. In 2010 the Consolidated Entity held 3,830,929 options in Aragon Resources Limited. These options were acquired for nil cost on 30 July 2007 as part of the IPO of Aragon Resources Limited. On acquisition the options were valued using the binomial method. The options expired unexercised in September 2010. 

## (a) Instruments used by the Consolidated Entity 

The Consolidated Entity is party to derivative financial instruments in the normal course of business in order to manage exposure to fluctuations in commodity prices in accordance with the Consolidated Entity's financial risk management policies (refer to note 4). 

## 19. INVESTMENTS IN ASSOCIATES (NON-CURRENT) 

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