Anglo American Annual Report 2012

17. INVESTMENTS IN ASSOCIATESUS$ million 2012 2011At 1 January 5,240 4,900Net income from associates 432 977Dividends received (286) (344)Share of expense recognised directly in equity, net of tax (6) (32)Other equity movements (4) –Investment in equity and capitalised loans 114 47Interest on capitalised loans 9 23Acquired through business combinations 12 –Repayment of capitalised loans (36) (4)Transfer to available for sale investments – (66)Disposals (1) (2,372) –Other movements 1 (1)Currency movements (41) (260)At 31 December (2) 3,063 5,240(1)Represents the carrying value of the Group’s pre-existing 45% shareholding in De Beers prior to the acquisition of a controlling interest on 16 August 2012, see note 32.(2)The fair value of the Group’s investment in Atlatsa Resources Corporation (previously known as Anooraq Resources Corporation) at 31 December 2012 was $18 million (2011: $51 million).The Group’s total investments in associates comprise:US$ million 2012 2011Equity 2,359 4,593Loans (1) 704 6473,063 5,240(1)The Group’s total investments in associates include long term debt which in substance forms part of the Group’s investment. These loans are not repayable in the foreseeable future.The Group’s attributable share of the summarised income statement information of associates is shown in note 2. Summarised balance sheet information ofassociates is as follows:US$ million 2012 2011Non-current assets 2,521 6,111Current assets 1,494 2,188Current liabilities (379) (742)Non-current liabilities (573) (2,317)Group’s share of associates’ net assets 3,063 5,240Segmental information is provided as follows:Share of net incomeAggregate investmentUS$ million 2012 2011 2012 2011By segmentIron Ore and Manganese 31 142 902 936Metallurgical Coal 79 141 277 294Thermal Coal 248 317 1,085 932Platinum (94) (65) 786 848Diamonds 168 442 13 2,230432 977 3,063 5,240Financial statementsAggregate investmentUS$ million 2012 2011By geographySouth Africa 1,165 1,950Other Africa – 996South America 1,075 917North America – 343Australia and Asia 807 794Europe 16 2403,063 5,240The Group’s share of associates’ contingent liabilities incurred jointly by investors is $33 million (2011: $112 million).Details of principal associates are set out in note 38.Anglo American plc Annual Report 2012 163