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GFI
GOGOF
GFI - Gold Fields - Operating Profit Of R2.8 Billion And Net Earnings Of
R1.0 Billion In The Quarter Ended September 2009
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN - ZAE000018123
Operating profit of R2.8 billion and
net earnings of R1.0 billion in the quarter ended September 2009
JOHANNESBURG. 29 October 2009, Gold Fields Limited (NYSE & JSE: GFI) today
announced net earnings for the September 2009 quarter of R1,007 million,
compared with a loss of R293 million and net earnings of R39 million for the
June 2009 and the September 2008 quarters respectively. In US dollar terms
net earnings for the September 2009 quarter were US$129 million, compared
with a loss of US$29 million and net earnings of US$5 million for the June
2009 and the September 2008 quarters respectively.
September 2009 quarter salient features:
- Attributable gold production at 906,000 ounces was in line with the
previous quarter;
- Total cash cost increased 5 per cent from R140,916 per kilogram (US$512
per ounce) to R147,343 per kilogram (US$586 per ounce);
- Notional cash expenditure increased 2 per cent from R203,042 per
kilogram (US$738 per ounce) to R207,754 per kilogram (US$826 per ounce);
- Net debt at R6.7 billion (US$908 million) is robust at 0.58 of annual
EBITDA;
- Post quarter end announcement of 271 million ounces of mineral
resources and 81 million ounces of mineral reserves for F2010;
- Royalty payable by St Ives terminated for a total consideration of
A$308 million;
- Stake in Eldorado sold for US$299 million, following the exchange of
Sino shares for Eldorado shares.
Statement by Nick Holland, Chief Executive Officer of Gold Fields:
"Despite a challenging quarter at Driefontein and Kloof, where safety
related interruptions had a material effect on their respective production
levels, Gold Fields maintained its production in line with the guidance
provided on 6 August 2009, thus demonstrating greater stability and
consistency in the production results of the Group.
We are extremely disappointed with the six fatalities during the quarter,
and have again redoubled our efforts to reinforce the commitment of every
person in Gold Fields to operate safely. Safety is our number one value and
we remain committed not to mine if we cannot mine safely, and to improve
even further on the record safety year that we had during F2009.
Particularly pleasing during the past quarter has been the outstanding
performances from Cerro Corona, Beatrix and South Deep, all of which
exceeded their guidance, and Tarkwa which came in on guidance. Consistent
performances were also delivered from Agnew and Damang.
In the South Africa Region, Beatrix continued to build on the turn around
that it started during the previous quarter by again increasing its
production by 7 per cent. South Deep also had a very encouraging quarter,
continuing the build-up to its 300koz target for F2010, by improving its
production by 26 per cent. Driefontein and Kloof, by contrast, both had very
difficult quarters after a slow start-up caused by the spill-over effects of
safety stoppages late in the June quarter. As development and flexibility
improves over the next 12 to 24 months we expect these mines to improve
their performance. We believe that both Driefontein and Kloof can and should
do better, and the focus remains on returning these operations to a
production level of approximately 209koz of gold per quarter for Driefontein
and 177koz for Kloof.
St Ives had a disappointing quarter, its production being 9 per cent below
the previous quarter. This was mainly as a result of the rehabilitation work
in a high grade area of the Belleisle underground mine taking longer than
expected due to safety concerns. We look forward to a stronger performance
from St Ives over the next quarterly period. Agnew had a satisfactory
quarter with production levels similar to the previous quarter.
With the Tarkwa CIL plant now having stabilised at its nameplate capacity of
more than a million tons milled per month, the West Africa Region is well
positioned. Tarkwa is now capable of producing between 190koz and 200koz per
quarter and we hope to see a strong movement towards this range during the
December quarter. This is, however, subject to resolution of the current
industrial relations situation affecting the gold sector in Ghana, which
continues to be tense following protracted wage negotiations which, at the
time of writing, are not close to resolution.
The Group has achieved a solid cost performance during the first
quarter.Despite the Rand exchange rate of R7.82 against the US Dollar being
about two per cent stronger than the rate of R8.00 used in our guidance for
the quarter, our cash costs came in on guidance at US$586/oz and our NCE
slightly better than guidance at US$826/oz.
We look forward to further improvements in our performance during the
December quarter and our aim is to increase production to approximately
925,000 ounces in this next quarter."
Stock data
Number of shares in issue
- at end September 2009 704,989,014
- average for the quarter 704,878,283
Free Float 100%
ADR Ratio 1:1
Bloomberg / Reuters GFISJ / GFLJ.J
JSE Limited - (GFI)
Range - Quarter ZAR89.99 - ZAR109.50
Average Volume - Quarter 3,065,713 shares / day
NYSE - (GFI)
Range - Quarter US$10.99 - US$14.76
Average Volume - Quarter 4,990,599 shares / day
SOUTH AFRICAN RAND
Salient features
Quarter
September June September
2008 2009 2009
Gold produced* 24,817 28,171 28,165 kg
Total cash cost 153,461 140,916 147,343 R/kg
Notional cash expenditure 226,120 203,042 207,754 R/kg
Tons milled 12,698 13,581 13,559 000
Revenue 217,586 253,162 241,164 R/kg
Operating costs 333 331 343 R/ton
Operating profit 1,574 3,338 2,787 Rm
Operating margin 27 43 38 %
Net earnings/(loss) 39 (293) 1,007 Rm
6 (46) 143 SA c.p.s.
Headline earnings 39 855 452 Rm
6 126 64 SA c.p.s.
Net earnings excluding gains
and losses on foreign 120 949 625 Rm
exchange, financial
instruments, exceptional
items and share of
profit/(loss) of associates
after taxation 18 140 89 SA c.p.s.
UNITED STATES DOLLARS
Salient features
Quarter
September June September
2009 2009 2008
Gold produced* oz (000) 906 906 798
Total cash cost $/oz 586 512 617
Notional cash expenditure $/oz 826 738 909
Tons milled 000 13,559 13,581 12,698
Revenue $/oz 959 920 874
Operating costs $/ton 44 39 43
Operating profit $m 356 385 203
Operating margin % 38 43 27
Net earnings/(loss) $m 129 (29) 5
US c.p.s. 18 (5) 1
Headline earnings $m 58 98 5
US c.p.s. 8 15 1
Net earnings excluding gains
and losses on foreign $m 80 109 16
exchange, financial
instruments, exceptional
items and share of
profit/(loss) of
associates after
taxation US c.p.s. 11 16 2
- Attributable - All companies wholly owned except for Ghana (71.1%) and
Cerro Corona (80.7%).
Forward Looking Statements
Certain statements in this document constitute "forward looking statements"
within the meaning of Section 27A of the US Securities Act of 1933 and
Section 21E of the US Securities Exchange Act of 1934.
Such forward looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual
results, performance or achievements of the company to be materially
different from the future results, performance or achievements expressed or
implied by such forward looking statements. Such risks, uncertainties and
other important factors include among others: economic, business and
political conditions in South Africa, Ghana, Australia, Peru and elsewhere;
the ability to achieve anticipated efficiencies and other cost savings in
connection with past and future acquisitions,exploration and development
activities; decreases in the market price of gold
and/or copper; hazards associated with underground and surface gold mining;
labour disruptions; availability terms and deployment of capital or credit;
changes in government regulations, particularly environmental regulations;
and new legislation affecting mining and mineral rights; changes in exchange
rates; currency devaluations; inflation and other macro-economic factors,
industrial action, temporary stoppages of mines for safety reasons; and the
impact of the AIDS crisis in South Africa. These forward looking statements
speak only as of the date of this document.
The company undertakes no obligation to update publicly or release any
revisions to these forward looking statements to reflect events or
circumstances after the date of this document or to reflect the occurrence
of unanticipated events.
Health and safety
We regret to report that there were six fatal accidents for the quarter at
the South African operations. The Group`s fatal injury frequency rate
improved by 30 per cent from 0.20 in the June quarter to 0.14 in the
September quarter.
The lost day injury frequency rate regressed from 3.48 in the June quarter
to 4.21 in the September quarter, while the serious injury frequency rate
improved from 2.04 to 2.02.
Ongoing focus on safety improvement practices at all operations is
continuing with the `stop, think, fix, verify and continue" philosophy.
In addition leadership programmes are being rolled out across our operations
to create an environment in which all employees can produce safely.
Financial review
Quarter ended 30 September 2009 compared with quarter ended 30 June 2009
Revenue
Attributable gold production for the September 2009 quarter at 906,000
ounces was in line with the previous quarter. At the South African
operations, production decreased marginally from 529,000 ounces to 527,000
ounces. Attributable gold production at the West African operations
increased by 4 per cent from 155,000 ounces to 161,000 ounces. Attributable
equivalent gold production at the South American operation increased by 6
per cent from 68,000 ounces in the June quarter to 72,000 ounces in the
September quarter. At the Australian operations gold production decreased by
5 per cent from 154,000 ounces to 146,000 ounces.
At the South African operations, gold production in the September quarter at
Beatrix increased by 7 per cent due to higher volumes and yields. At South
Deep gold production increased by 26 per cent associated mainly with higher
underground volumes as the mine builds up production. Gold production at
Kloof was unchanged despite safety related stoppages, increased seismicity
and a fire during the quarter. At Driefontein gold production decreased by
11 per cent due to a decrease in underground volumes and grade resulting
mainly from safety
related stoppages.
At the West African operations, managed gold production at Tarkwa increased
by 6 per cent due to an increase in CIL throughput. At Damang, gold
production decreased by 4 per cent largely due to a planned primary crusher
rebuild.
In South America, Cerro Corona produced 88,500 equivalent ounces and sold
89,000 equivalent ounces, which is 5 per cent and 2 per cent higher than the
previous quarter respectively.
At the Australian operations Agnew`s gold production increased by 2 per cent
due to higher volumes processed. At St Ives, gold production decreased by 8
per cent mainly due to safety related rehabilitation at Belleisle which
resulted in lower mining volumes from high grade areas.
The average quarterly US dollar gold price achieved increased 4 per cent
from US$920 per ounce in the June quarter to US$959 per ounce in the
September quarter. The average rand/US dollar exchange rate at R7.82
strengthened 9 per cent compared with the R8.56 achieved in the June
quarter. As a result of the above factors the rand gold price reduced from
R253,162 per kilogram to R241,161 per kilogram, a 5 per cent decrease. The
Australian dollar gold price decreased from A$1,209 per ounce to A$1,155 per
ounce. This was due to the Australian dollar strengthening by 10 per cent
against the United States dollar from 0.76 in the June quarter to 0.83 in
the September quarter, partially offset by the increase in the US dollar
gold price.
The decrease in the rand gold price achieved quarter on quarter caused
revenue to decrease by 5 per cent from R7,779 million in the June quarter to
R7,416 million in the September quarter. In dollar terms revenue increased
by 5 per cent from US$902 million in the June quarter to US$948 million in
the September quarter.
Operating costs
Operating costs increased by 3 per cent from R4,492 million in the June
quarter to R4,644 million in the September quarter. In dollar terms costs
increased by 14 per cent from US$523 million in the June quarter to US$594
million in the September quarter. Total cash cost increased by 5 per cent in
rand terms from R140,916 per kilogram in the June quarter to R147,343 per
kilogram in the September quarter and by 14 per cent in dollar terms from
US$512 per ounce in the June quarter to US$586 per ounce in the September
quarter.
At the South African operations, operating costs increased by 10 per cent
from R2,508 million (US$292 million) to R2,768 million (US$354 million).
This increase was mainly due to annual wage increases, higher electricity
costs and two months of winter electricity tariffs. Total cash cost at the
South African operations increased by 12 per cent from R145,145 per kilogram
(US$527 per ounce) to R162,553 per kilogram (US$647 per ounce).
At the West African operations, operating costs including gold-in- process
movements increased by 3 per cent from US$112 million (R959 million) in the
June quarter to US$115 million (R903 million) in the September quarter. This
was mainly due to the increase in processing volumes at Tarkwa, partly
offset by lower costs at Damang due to reduced mining volumes, and reduced
power tariffs. Total cash cost at the West African operations was flat at
US$513 per ounce.
At the South American operation, operating costs including gold-in- process
movements, increased from US$29 million (R251 million) to US$31 million
(R241 million) mainly due to increased accrual of Workers Legal
Participation of profit. Total cash cost at Cerro Corona increased
marginally from US$337 per ounce in the June quarter to US$349 per ounce in
the September quarter.
At the Australian operations, operating costs including gold-in- process
movements decreased from A$112 million (R724 million) to A$110 million (R716
million), but increased from US$85 million to US$92 million due to the
strengthening of the Australian dollar against the United States dollar.
Total cash cost increased 13 per cent from US$552 per ounce (A$731 per
ounce) to US$626 per ounce (A$754 per ounce).
Notional cash expenditure (NCE)
Notional cash expenditure is defined as operating costs (including general
and administration) plus capital expenditure, which includes brownfields
exploration, and is reported on a per kilogram and per ounce basis - refer
to the detailed table on page 24 of this report. The objective is to provide
the all-in costs for the Group, and for each operation. The NCE per ounce is
an important measure, as it determines how much free cash flow is generated
in order to pay taxation, interest, greenfields exploration and dividends.
The NCE for the Group for the September quarter amounted to R207,754 per
kilogram (US$826 per ounce) compared with R203,042 per kilogram (US$738 per
ounce) in the June quarter.
At the South African operations the NCE increased from R216,891 per kilogram
(US$788 per ounce) in the June quarter to R233,034 per kilogram (US$927 per
ounce) in the September quarter mainly due to the higher operating costs. At
the West African operations the NCE decreased from US$687 per ounce to
US$678 per ounce. At the South American operation, Cerro Corona, NCE
increased by 3 per cent from US$584 per ounce in the June quarter to US$599
per ounce in the September quarter. NCE at the Australian operations
increased from US$721 per ounce (A$955 per ounce) to US$831 per ounce
(A$1,002 per ounce).
Operating margin
The net effect of the changes in revenue and costs, after taking into
account gold-in-process movements, was a 17 per cent decrease in operating
profit from R3,338 million (US$385 million) in the June quarter to R2,787
million (US$356 million) in the September quarter. The Group operating
margin was 38 per cent compared with 43 per cent in the June quarter. The
margin at the South African operations decreased from 39 per cent to 30 per
cent. At the West African operations the margin increased from 45 per cent
to 47 per cent. At South America the margin decreased from 65 per cent to 64
per cent, while at the Australian operations the margin decreased from 40
per cent to 35 per cent.
Amortisation
Amortisation increased from R1,067 million (US$124 million) in the June
quarter to R1,174 million (US$150 million) in the September quarter. At the
South African operations amortisation increased from R573 million (US$66
million) to R606 million (US$78 million). This was mainly due to the
increased production at Beatrix and South Deep. At the West African
operations, amortisation increased from US$14 million (R120 million) to
US$28 million (R216 million). This was mainly due to a once-off reduction of
amortisation at Tarkwa in the June quarter because of a reclassification of
assets at the CIL plant. At South America, amortisation increased from US$12
million (R105 million) to US$14 million (R109 million) in line with the
increase in production. At the Australian operations, amortisation decreased
from US$28 million (R237 million) to US$27 million (R207 million) mainly due
to reduced mining volumes at St Ives.
Other
Net interest paid decreased from R171 million (US$20 million) in the June
quarter to R49 million (US$6 million) in the September quarter. Expensive
fully covered offshore debt at our South African operations was retired and
refinanced with cheaper offshore debt in our offshore entities. In addition,
higher rate local facilities were replaced by lower rate commercial paper.
Net interest paid is forecast to increase to around R120 million (US$16
million) in the December quarter. In the September quarter interest paid of
R137 million (US$18 million) was partly offset by interest received of R68
million (US$12 million) and interest capitalised of R20 million (US$3
million). This compares with interest paid of R246 million (US$29 million)
partly offset by interest received of R58 million (US$7 million) and
interest capitalised of R17 million (US$2 million) in the June quarter.
The share of loss of associates after taxation of R16 million (US$2 million)
in the September quarter compares with the share of loss of R12 million
(US$2 million) in the June quarter. The loss relates to equity accounted
losses incurred at Rand Refinery Limited (Rand Refinery) of R3 million
(US$nil million) and at Rusoro Mining Limited (Rusoro) of R13 million (US$2
million).
The loss in the June quarter relates to equity accounted losses incurred at
Rand Refinery of R19 million (US$3 million) partly offset by equity
accounted gains incurred in Rusoro of R7 million (US$1 million).
The loss on foreign exchange of R63 million (US$8 million) in the September
quarter compares with a loss of R76 million (US$8 million) in the June
quarter. The loss in the September quarter mainly relates to exchange losses
on the repayment of Australian dollar intercompany loans. The loss in the
June quarter was mainly due to translation of balances on offshore accounts
at a stronger rand exchange rate.
The loss on financial instruments of R132 million (US$17 million) in the
September quarter compares with a gain of R71 million (US$8 million) in the
June quarter. The loss in the September quarter comprises R20 million (US$3
million) realised losses and R112 million (US$14 million) unrealised losses
on the Cerro Corona copper financial instruments. Refer to page 18 of this
report for more detail. The gain in the June quarter comprised mainly
realised gains due to the close out of the United States dollar/South
African rand and United States dollar/Australian dollar denominated forward
sales amounting to R54 million (US$6 million) and R20 million (US$2 million)
respectively.
Share based payments amounted to R120 million (US$15 million) in the
September quarter, which was R100 million more than the June quarter due to
annual forfeiture adjustments in the June quarter which reduced the normal
charge.
Other costs decreased from R126 million (US$14 million) in the June quarter
to R5 million (US$1 million) in the September quarter. This was mainly due
to a decrease in prefeasibility costs on the uranium project and a decrease
in research and development costs.
Exploration
Exploration expenditure decreased from R171 million (US$20 million) in the
June quarter to R133 million (US$17 million) in the September quarter due to
decreased drilling activity and the stronger rand in the September quarter.
Refer to the Exploration and Corporate Development section for more detail.
Exceptional items
The exceptional gain in the September quarter of R667 million (US$85
million) was mainly as a result of a R447 million (US$57 million) profit on
the sale of our stake in Sino Gold, a R282 million (US$37 million) profit on
the sale of Eldorado shares, partially offset by a R57 million (US$7
million) impairment of sundry offshore exploration investments. The
exceptional loss in the June quarter of R1,252 million (US$139 million) was
mainly due to the impairment of Rusoro and sundry offshore exploration
investments of R1,210 million (US$134 million) and voluntary severance
packages paid at the South African operations of R103 million (US$12
million), partly offset by a profit on the sale of
IAMGold shares of R65 million (US$7 million).
Taxation
Taxation for the quarter amounted to R638 million (US$82 million) compared
with R657 million (US$76 million) in the June quarter, in line with the
decrease in taxable profit partially offset by tax paid on the disposal of
Sino Gold and Eldorado shares. The tax expense includes normal and deferred
taxation at all operations, together with government royalties at the
international operations.
Earnings
Net profit attributable to ordinary shareholders amounted to R1,007 million
(US$129 million) or 143 SA cents per share (US$0.17 per share), compared
with a loss of R293 million (US$29 million) or 46 SA cents per share
(US$0.05 per share) in the June quarter.
Headline earnings i.e. earnings less the after tax effect of asset sales,
impairments and the sale of investments amounted to R452 million (US$58
million) or 64 SA cents per share (US$0.08 per share), compared with
earnings of R855 million (US$99 million) or 126 SA cents per share (US$0.15
per share) in the June quarter.
Earnings excluding exceptional items as well as net gains and losses on
foreign exchange, financial instruments and profit/(losses) of associates
after taxation amounted to R625 million (US$80 million) or 89 SA cents per
share (US$0.11 per share), compared with earnings of R949 million (US$109
million) or 140 SA cents per share (US$0.16 per share) reported in the June
quarter.
Cash flow
Cash inflow from operating activities for the quarter amounted to R1,263
million (US$165 million), compared with R2,282 million (US$265 million) in
the June quarter. This quarter on quarter decrease of R1,019 million (US$100
million) was mainly due to the decrease in profit before tax and exceptional
items of R670 million (US$63 million), an increase in taxation paid of R382
million (US$51 million) and an increase in working capital of R381 million
(US$49 million).
Capital expenditure decreased from R1,791 million (US$209 million) in the
June quarter to R1,746 million (US$223 million) in the September quarter.
At the South African operations capital expenditure decreased from R1,059
million (US$122 million) in the June quarter to R1,050 million (US$134
million) in the September quarter. This decrease was mainly due to the
discontinuation of the capitalisation of pre- production expenditure at
Beatrix`s North section and lower capital expenditure at Driefontein due to
timing. This was partially offset by an increase at South Deep, in line with
the build-up in production. Expenditure on Ore Reserve Development (ORD) at
Driefontein, Kloof and Beatrix accounted for R146 million (US$19 million),
R174 million (US$22 million) and R95 million (US$12 million) compared with
R134 million (US$16 million), R149 million (US$17 million), and R87 million
(US$10 million) in the June quarter respectively, the increase in
development being in line with the stated need to increase ore reserve
flexibility.
At the West African operations capital expenditure was similar at US$36
million and comprising mainly continued waste removal at Teberebie and an
increase in the primary fleet. In South America, at Cerro Corona, capital
expenditure increased from US$20 million to US$22 million mainly due to
construction work on the second phase of the Tailings Management Facility.
At the Australian operations, St Ives`s capital expenditure increased by A$2
million to A$23 million due to excavation of a box-cut at Athena and related
infrastructure development. Capital expenditure increased by A$1 million to
A$13 million, at Agnew due to increased underground capital development at
Kim and Main Lode.
Purchase of Glencar of R301 million (US$38 million) reflects the purchase of
Glencar Mining an Irish registered company with exploration interests in
Mali. The royalty termination is due to the termination of the Morgan
Stanley Royalty at St Ives for a consideration of R1,999 million (A$308
million).
Proceeds on the disposal of investments of R2,266 million (US$299 million)
reflects the sale of Eldorado shares of R2,266 million (US$299 million),
compared with R282 million (US$33 million) in the June quarter realised on
the sale of IAMGold shares.
Net cash inflow from financing activities in the September quarter amounted
to R644 million (US$68 million). Loans received in the September quarter
amounted to R3,369 million (US$433 million). This included loans received of
R1,161 million (US$150 million) to partly fund the termination of the Morgan
Stanley Royalty at St Ives, R1,072 million on the issue of commercial paper,
R750 million working capital loans and R301 million to finance the purchase
of Glencar. Loans repaid amounted to R2,739 million (US$367 million), mainly
made up of a repayment of the Western Areas loan of R2.0 billion (US$273
million), R330 million on the refinancing of the South African commercial
paper and R265 million (US$36 million) repayment of an offshore facility.
Net cash outflow for the quarter at R439 million (US$58 million) compares to
a net cash inflow of R430 million (US$28 million) in the June quarter. After
accounting for a negative translation adjustment of R87 million (US$19
million positive), the cash balance at the end of September was R2,278
million (US$309 million). The cash balance at the end of June was R2,804
million (US$348 million), a net decrease of R526 million (US$39 million) for
the quarter.
Balance sheet (Investments and net debt)
Investments decreased from R2,971 million (US$369 million) at 30 June 2009
to R1,164 million (US$158 million) at 30 September 2009. This decrease was
mainly due to the exchange of our stake in Sino Gold for Eldorado shares and
the subsequent disposal thereof during the September quarter.
Net debt (long-term loans plus current portion of long-term loans less cash
and deposits) increased from R6,092 million (US$756 million) in the June
quarter to R6,694 million (US$908 million) in the September quarter due to
short-term working capital requirements.
Detailed and operational review
South African operations
Cost and revenue optimisation initiatives
During financial 2008, the South African operations reviewed the suite of
projects under Project 500 and identified the following for implementation
over the next two to three years.
Project 1M
Project 1M is a productivity initiative that aims to improve quality mining
volumes by increasing the face advance by between 5 and 10 per cent on
financial 2009 actuals. This would translate to similar improvements in tons
broken over the same period.
This should be achieved through the following key improvement
initiatives:
- drilling and blasting practices;
- cleaning and sweeping practices;
- mining cycle and training; and
- improved pay face availability.
The planned increase in face advance targets will improve underground
production, which will reflect in improved labour efficiencies, lower unit
mining costs and improved revenue. In terms of progress to date, although an
improvement in safety is clearly visible, improvement in quality volumes
remains a challenge.
Project 2M
Project 2M is a technology initiative aimed at mechanising all flat-end
development (i.e. development on the horizontal plane) at the long-life
shafts of Driefontein, Kloof and Beatrix by the end of financial 2010. South
Deep is excluded as it is a fully mechanised mine. The aim of the project is
to improve safety, productivity and increase ore reserve flexibility. The
project achieved a mechanisation rate of 47 per cent of flat-end development
by the end of the September quarter, targeting 100 per cent by 30 June 2010.
Unit cost, equipment efficiency and labour productivity are improving as
teams are gaining more experience with the mechanised equipment. Safety
improvements to date are very encouraging.
Project 3M
Project 3M is a suite of projects focused on reducing energy and utilities
consumption, work place absenteeism and surface ("above-ground") costs,
including supply chain.
Electricity power consumption targets for financial 2010 were set to
maximise production within the Eskom limits of 90 per cent. During the
September quarter, this challenge has been met on consumption, but the
actual tariff of electricity increased by 36 per cent. Various projects are
in progress to reduce consumption including the introduction of three
chamber pump systems which will use the gravitational force of chilled
service water from surface to pump out warm underground water, thereby
improving efficiency and reducing electricity costs. At Driefontein and
Kloof, real time monitoring of power consumption has been introduced at all
major points of delivery and monitoring and improving pump efficiencies
continues. The project to reduce diesel consumption is on track. The
original target was to save 20 per cent on the financial 2008 base. Current
consumption of 1.7 million litres per quarter represents a 22 per cent
reduction.
The management of work place absenteeism project ("Unavailables project")
aims to reduce the impact of work place absenteeism on production and costs.
This project aims to reduce work place absenteeism by 4 per cent by the end
of financial 2010. A target of 2 per cent in each of financial 2009 and 2010
was set. A 2 per cent reduction was achieved in financial 2009 mainly due to
reduced incidences of industrial action and more diligent labour management.
Marginal progress was made during the September quarter.
The above-ground cost project aims to reduce surface costs by at least R150
million per annum by the end of financial 2010. Various initiatives are in
place.
Projects which reduced above ground cost were the following:
- Shared services - savings for the quarter were R12 million. These
savings were realised by optimization of process, labour, discounts received
and inventory.
- Training expenditure - a much more focused strategy to service our core
business is in the process of being developed. Benefits of this re-aligned
strategy for the quarter amounted to R7 million.
- South African operations (various small projects) - savings for the
quarter amounted to R6 million.
Contracted procurement savings for the September quarter amounted to R32
million. Forward buying strategies and higher stock levels allowed room to
buffer price inflation to some extent during financial 2009. However,
commodity prices have started correcting to the longer term averages (oil,
copper and ammonia). During the September quarter the strategy shifted from
cost claw-back to cost containment, with ongoing efficiency optimization
initiatives. Price inflation was experienced in cost areas such as labour,
power, fuel, timber, ammonia and explosives. Cost savings were negotiated on
grinding balls, steel products, coal and wire ropes.
Project 4M
Project 4M initiative focuses on the Mine Health and Safety Council (MHSC)
milestones agreed to on 15 June 2003 by a tripartite health and safety
summit comprising representatives from Government, organized Labour Unions
and Associations, and mining companies. The focus is on achieving
occupational health and safety targets and milestones over a 10-year period.
The commitment was driven by the need to achieve greater improvements in
occupational health and safety in the mining industry.
In order to meet the noise induced hearing loss target the company is
focusing on the noise at source. A target was set that no machine or piece
of equipment may generate a noise level in excess of 110 dB (A) after
December 2013. A number of action plans have been put in place to meet this
target based on the highest potential exposure source. Progress is monitored
quarterly.
Project 5M
Uranium project
Good progress has been made with the feasibility study for the West Wits
Tailings Retreatment Project during the first quarter of F2010. Core
feasibility study activities centered on finalising the process flow
diagrams, completing design criteria, detailing the operating and control
philosophy for the respective sections of the plant, integrating the
different process steps and determining the requirements in terms of
services and infrastructure. This is being completed in parallel with
operation of the first phase of the pilot plant which simulates the milling,
ambient low temperature uranium leach and flotation concentrator processes.
Concentrator samples generated will be
dispatched to SGS Laboratories in Canada for the second phase of the pilot
plant test work.
The second phase of the pilot plant will be commissioned at the end of
October 2009 and will simulate the uranium extraction, elution, solvent
extraction and product recovery stages of the central treatment plant. A
pilot plant simulation for the sulphuric acid roaster has been completed
successfully.
The feasibility study incorporates an optimization process that covers all
the different project activities, and runs in parallel to the metallurgical
design, engineering, equipment selection, cost estimation process and budget
activities. This is aimed at identifying and taking advantage of
opportunities to improve capital and operating cost efficiencies during the
execution and operational phases of the project.
The legislative approval process has entered the public participation phase
with the completion of the first open day and public meeting, as well as
numerous meetings with various focus groups within the communities. There
has been active participation in the process from a significant cross
section of the potentially affected communities including farmers, regional
planners, contractor associations, environmentalists, scientists, academics,
non-governmental organizations and the general public. The technical
investigation for the environmental impact assessment was completed and the
second peer review took place during the second week of October 2009. As
soon as the full action plan has been formulated, the impact on the overall
project schedule can be determined.
Activities initiated during the past quarter also included an assessment of
the marketing opportunities for sulphuric acid and uranium. British Sulphur
Consultants, a division of CRU International completed a sulphuric marketing
study with specific reference to Southern Africa. From this, a strategy will
be developed for the marketing of excess sulphuric acid produced during the
process. During the 34th Symposium of the World Nuclear Associations in
September representatives from Gold Fields met with a wide range of
different role players within the nuclear fuel industry to familiarise them
with the project, its objectives, outputs and timelines. This created an
opportunity to get a better understanding of the requirements of the nuclear
fuels market,
potential markets and future off take requirements. NAC International, a
leading authority on the nuclear fuel cycle, has been contracted to complete
a comprehensive uranium marketing study for the project.
The West Wits Tailings Retreatment Project feasibility study is on schedule
to complete the engineering, feasibility design and cost estimating
activities in the first quarter of 2010.
Integrated continuous improvement
initiatives and strategic sourcing/
contract benefits
The following areas of price inflation and cost reductions were
achieved:
Australasia
Inflation increases were experienced in areas such as cement, fuel,
explosives, gas and lime, while inflation off-sets were experienced in
cyanide, carbon, electric cables and steel support products. A performance
based contract is being finalised for underground mining contracts at St
Ives designed to align the contractors more closely to St Ives by
introducing a line of sight risk-reward-model.
West Africa
Rise and fall price reductions continued to flow through in areas such as
cyanide and grinding balls during the quarter. Fuel prices increased in line
with the increase in the oil price.
South America
The Peruvian operations experienced commodity deflation due to price
reductions in areas such as ammonia nitrate/explosives, grinding balls and
liners.
South Africa region
Driefontein
Sept June
2009 2009
Gold produced - kg 5,893 6,630
- 000`ozs 189.5 213.2
Yield - underground - g/t 7.3 7.6
- combined - g/t 3.8 4.3
Total cash cost - R/kg 154,387 129,397
- US$/oz 614 470
Notional cash expenditure - R/kg 207,416 183,529
- US$/oz 825 667
Gold production decreased from 6,630 kilograms (213,200 ounces) in the June
quarter to 5,893 kilograms (189,500 ounces) in the September quarter due to
a decrease in underground volumes and grade. Underground tonnage decreased
from 794,000 tons in the June quarter to 708,000 tons in the September
quarter mainly due to safety related stoppages following an incident at 5
shaft. Surface tonnage increased from 742,000 tons to 832,000 tons,
partially offsetting the loss of underground production. Underground yield
decreased from 7.6 grams per ton to 7.3 grams per ton due to lower volumes
from the higher grade shafts following the safety stoppages. Surface yield
improved from 0.8 grams per ton in the June quarter to 0.9 grams per ton in
the September quarter mainly due to changes in the mix.
Main development decreased by 11 per cent for the quarter and on-reef
development increased by 36 per cent. The average development value
increased from 1,109 centimetre grams per ton in the June quarter to 1,625
centimetre grams per ton in the September quarter, primarily due to improved
values at 1 shaft and 5 shaft.
Operating costs increased from R905 million (US$105 million) to R950 million
(US$122 million). The increase in operating cost is mainly due to annual
wage increases, the annual increase in electricity costs and two months of
winter electricity tariffs. Total cash cost increased from R129,397 per
kilogram to R154,387 per kilogram.
Operating profit decreased from R764 million (US$89 million) in the June
quarter to R467 million (US$60 million) in the September quarter mainly due
to the lower production and the 5 per cent lower rand gold price received.
Capital expenditure decreased from R311 million (US$36 million) to R272
million (US$35 million). The decrease was mainly due to changes in the
timing of spending on projects.
Notional cash expenditure increased from R183,529 per kilogram (US$667 per
ounce) to R207,416 per kilogram (US$825 per ounce) due to the increase in
operating costs and the lower production.
December quarter`s gold production is forecast to be higher due to an
increase in underground volumes closer to historical levels following the
safety stoppages which affected the September quarter. Total cash cost is
expected to decrease due to the higher production and lower electricity
costs as a result of summer tariffs. Capital expenditure is forecast to
increase due to the uranium feasibility study, development on the extraction
of the 4 shaft pillar, implementation of new technology mechanised equipment
and housing upgrades.
The estimate for the December quarter is as
follows:
- Gold produced - 6,500 kilograms (209,000 ounces)
- Total cash cost* - R140,000 per kilogram (US$580 per ounce)
- Capital expenditure* - R310 million (US$42 million)
- Notional cash expenditure* - R192,000 per kilogram (US$805 per ounce)
* Based on an exchange rate of US$1 = R7.40.
Kloof
Sept June
2009 2009
Gold produced - kg 5,024 5,004
- 000`ozs 161.5 160.9
Yield - underground - g/t 6.7 7.4
- combined - g/t 4.8 5.6
Total cash cost - R/kg 162,818 145,284
- US$/oz 648 528
Notional cash expenditure - R/kg 217,456 201,459
- US$/oz 865 732
Gold production remained steady at 5,024 kilograms (161,500 ounces) in the
September quarter compared with 5,004 kilograms (160,900 ounces) in the June
quarter. This is despite two safety related stoppages, increased seismicity,
as well as an underground fire between Main shaft and 7 shaft during the
quarter.
The underground tonnage increased from 638,000 tons to 713,000 tons but was
offset by a decrease in yield from 7.4 grams per ton to 6.7 grams per ton.
The
decrease in yield is a short term issue and was largely due to a 12 per cent
lower broken grade as a result of lower grade facies being mined as well as
a loss of high grade panels due to seismicity. Going forward grades are
expected to return to historic levels due to a reduction of lower grade
mining.
Total main development increased by 11 per cent for the quarter and on-reef
development improved by 1 per cent. The average development value increased
by 29 per cent to 2,489 centimetre grams per ton in the September quarter,
due to an increase in the VCR grades.
Operating costs increased from R763 million (US$89 million) in the June
quarter to R848 million (US$109 million) in the September quarter. The
increase in operating cost is mainly due to annual wage increases, the
annual increase in electricity costs and two months of winter electricity
tariffs. These increases resulted in a 12 per cent increase in total cash
cost from R145,284 per kilogram in the June quarter to R162,818 per kilogram
in the September quarter.
Operating profit decreased from R489 million (US$57 million) in the June
quarter to R361 million (US$46 million) in the September quarter due to the
increase in operating cost and the 5 percent lower rand gold price.
Capital expenditure at R244 million (US$31 million) is similar to the
previous quarter`s expenditure of R245 million (US$29 million), the majority
of which is ore reserve development.
Notional cash expenditure increased from R201,459 per kilogram to R217,456
per kilogram due to the higher operating cost.
Gold production for the December quarter is forecast to increase by 4 per
cent compared with the September quarter. Total cash cost per ounce is
forecast to decrease in the December quarter due to the higher gold
production. Capital expenditure is planned to increase largely due to the
increase in ore reserve development, hydro power equipment, the 69 line
decline project and housing and accommodation upgrades.
The estimate for the December quarter is as follows:
- Gold produced - 5,200 kilograms (167,000 ounces)
- Total cash cost* - R160,000 per kilogram (US$670 per ounce)
- Capital expenditure* - R280 million (US$38 million)
- Notional cash expenditure* - R219,000 per kilogram (US$920 per ounce)
* Based on an exchange rate of US$1 = R7.40
Beatrix
Sept June
2009 2009
Gold produced - kg 3,437 3,199
- 000`ozs 110.5 102.9
Yield - g/t 4.3 4.1
Total cash cost - R/kg 165,900 157,862
- US$/oz 660 574
Notional cash expenditure - R/kg 215,595 224,726
- US$/oz 858 817
Gold production at Beatrix increased by 7 per cent from 3,199 kilograms
(102,900 ounces) in the June quarter to 3,437 kilograms (110,500 ounces) in
the September quarter. Tons milled increased from 774,000 tons to 791,000
tons of which 23,000 tons were from surface clean-up. Yield increased from
4.1 grams per ton in the June quarter to 4.3 grams per ton for the September
quarter.
Development volumes showed a 9 per cent reduction during the quarter because
of hoisting constraints at 3 shaft due to winder repairs and a continued
focus on safety. The main on-reef development returned a value of 1,226
centimetre grams per ton for the quarter compared with 1,131 centimetre
grams per ton for the June quarter.
Operating costs increased by 12 per cent from R528 million (US$61 million)
in the June quarter to R591 million (US$76 million) in the September
quarter. The increase in operating cost is mainly due to the cessation of
pre-production costs previously capitalised, annual wage increases, the
annual increase in electricity costs and two months of winter electricity
tariffs. Total cash cost increased by 5 per cent from R157,862 per kilogram
in the June quarter to R165,900 per kilogram in the September quarter.
Operating profit decreased by 11 per cent from R272 million (US$32 million)
in the June quarter to R235 million (US$30 million) in the September quarter
due to the lower gold price, higher operating cost, partially offset by
higher production.
Capital expenditure decreased from R191 million (US$22 million) in the June
quarter to R150 million (US$19 million) in the September quarter mainly due
to the discontinuation of pre- production expenditure capitalised at the
North
section.
Notional cash expenditure decreased from R224,726 per kilogram (US$817 per
ounce) to R215,595 per kilogram (US$858 per ounce) mainly due to the lower
capital expenditure and increased production.
The forecast for the December quarter`s gold production is expected to
decrease due to anticipated lower grades. Total cash cost in the December
quarter is expected to increase mainly due to the lower production. The
forecast increase in capital expenditure is due to infrastructure required
at the North section to alleviate the hoisting constraint.
The estimate for the December quarter is as follows:
- Gold produced - 3,200 kilograms (103,000 ounces)
- Total cash cost* - R173,000 per kilogram (US$725 per ounce)
- Capital expenditure* - R152 million (US$21 million)
- Notional cash expenditure* - R228,000 per kilogram (US$955 per ounce)
* Based on an exchange rate of US$1 = R7.40.
South Deep project
Sept June
2009 2009
Gold produced - kg 2,032 1,614
- 000`ozs 65.3 51.9
Yield - underground - g/t 6.5 6.7
- combined - g/t 5.1 3.8
Total cash cost - R/kg 179,921 184,201
- US$/oz 716 669
Notional cash expenditure - R/kg 375,344 386,245
- US$/oz 1,493 1,403
Gold production increased by 26 per cent from 1,614 kilograms (51,900
ounces) in the June quarter to 2,032 kilograms (65,300 ounces) in the
September quarter, due to improved mining volumes as the mine builds its
production base.
Underground tonnage processed increased from 313,000 tons in the June
quarter to 347,000 tons in the September quarter which included 40,000 waste
tons in the September quarter and 87,000 waste tons in the June quarter. The
underground reef yield decreased from 6.7 grams per ton in the June quarter
to 6.5 grams per ton in the September quarter. This was mainly due to an
increase in tonnage from the lower grade destress projects. The combined
yield increased from 3.8 grams per ton in the June quarter to 5.1 grams per
ton in the September quarter as a result of the increase in underground
volumes and decrease of lower grade surface source tonnage processed which
decreased from 111,000 tons in the June quarter to 52,000 tons in the
September quarter.
Development increased by 30 per cent for the September quarter from 2,091
metres to 2,715 metres. The new mine capital development in phase 1, sub 95
level, increased from 1,160 metres to 1,361 metres. Development in the
current mine areas above 95 level increased by 39 per cent per cent from 931
metres to 1,298 metres. Added to this was an additional 57 metres of
raiseboring during the quarter.
Operating costs increased by 21 per cent from R312 million (US$36 million)
in the June quarter to R379 million (US$48 million) in the September quarter
in line with the planned build-up. This was mainly due to the 11 per cent
increase in underground tons produced, which required more employees, annual
wage increases, the annual increase in electricity costs and two months of
winter electricity tariffs. The total cash cost decreased by 2 per cent from
R184,201 per kilogram (US$669 per ounce) in the June quarter to R179,921 per
kilogram (US$716 per ounce) in the September quarter.
An operating profit of R109 million (US$14 million) was realised in the
September quarter compared with the June quarter`s operating profit of R92
million (US$11 million) due to the increase in gold production, partly
offset by the 5 per cent lower gold price and increased operating costs.
Capital expenditure increased by 24 per cent from R311 million (US$36
million) in the June quarter to R384 million (US$49 million) in the
September quarter in line with the planned project build-up. The increased
expenditure was mainly on development, mechanised equipment, the new
tailings dam and the rock winder for the ventilation shaft. Notional cash
expenditure decreased by 3 per cent from R386,245 per kilogram (US$1,403 per
ounce) to R375,344 per kilogram (US$1,493 per ounce) due to the increase in
gold production.
Gold production for the December quarter is forecast to increase in line
with the planned production build up. Capital expenditure is planned to
increase on the new tailings facility, delivery of mechanised equipment and
more development.
The estimate for the December quarter is as follows:
- Gold produced - 2,250 kilograms (72,000 ounces)
- Total cash cost* - R178,000 per kilogram (US$750 per ounce)
- Capital expenditure* - R445 million (US$60 million)
- Notional cash expenditure* - R382,000 per kilogram (US$1,605 per ounce)
* Based on an exchange rate of US$1 = R7.40
West Africa region
Ghana
Tarkwa
Sept June
2009 2009
Gold produced - 000`ozs 175.1 164.7
Yield - heap leach - g/t 0.6 0.7
- CIL plant - g/t 1.4 1.3
- combined - g/t 1.1 1.0
Total cash cost - US$/oz 480 481
Notional cash expenditure - US$/oz 690 684
Gold production increased by 6 percent from 164,700 ounces in the June
quarter to 175,100 ounces in the September quarter. The increase in gold
production was driven primarily by the increase in CIL throughput.
Total tons mined, including capital stripping, was similar quarter on
quarter at 31.6 million tons. Ore mined was maintained at 5.3 million tons.
Head grade for the September quarter was 1.20 grams per ton, 0.07 grams per
ton higher than June quarter`s head grade of 1.13 grams per ton. The strip
ratio achieved was 5.01, similar to the June quarter.
Total feed to the North heap leach decreased to 2.26 million tons in the
September quarter compared with 2.53 million tons in the June quarter. North
heap leach yield for the quarter decreased to 0.6 grams per ton compared
with the June quarter`s 0.7 grams per ton. The heap leach facilities
produced 46,100 ounces in the September quarter, 20 per cent lower than the
57,500 ounces produced in the June quarter. The decline in ounces can be
attributed to a slow release of GIP at the South heap leach, lower feed
grade to the North heap leach, as well as the impact of the lower tons
crushed in the June quarter.
Furthermore, there was a one-in-fifteen year storm event in July which
adversely affected heap leach recoveries.
The total feed to the CIL plant was 2.87 million tons compared with 2.53
million tons in the June quarter. CIL yield was 1.4 grams per ton, compared
with 1.3 grams per ton in the June quarter. The CIL plant produced 129,000
ounces in the September quarter compared with 107,200 ounces in the June
quarter.
Operating costs, including gold-in-process movements, were US$4 million (R27
million) higher than the June quarter at US$84 million (R657 million).
Operating costs increased in line with the increased tons milled at the
expanded plant and an increase in drill and blast activity.
Operating profit at US$85 million (R663 million) in the September quarter
was higher than the US$72 million (R623 million) achieved in the June
quarter due to increased gold production and the higher gold price,
partially offset by increased costs.
Capital expenditure increased from US$31 million (R251 million) to US$33
million (R255 million) for the September quarter, with mining equipment
(US$11 million) and pre-stripping at the Teberebie cutback (US$16 million)
being the major items for the quarter.
Notional cash expenditure for the quarter was US$690 per ounce, compared
with the previous quarter`s US$684 per ounce, reflecting the increased
operating costs and capital expenditure.
The estimated increase in gold production for the December quarter is due to
increased production from the CIL plant, but is subject to a timely
conclusion of the protracted wage negotiations. Mining activity and heap
leach stacking could be affected in the next quarter, but contingencies are
in place to keep the mill running during any interruptions.
The estimate for the December quarter is as follows:
- Gold produced - 185,000 ounces
- Total cash cost - US$460 per ounce
- Capital expenditure - US$39 million
- Notional cash expenditure - US$690 per ounce.
* Based on an exchange rate of US$1 = R7.40.
Damang
Sept June
2009 2009
Gold produced - 000`ozs 51.4 53.4
Yield - g/t 1.3 1.3
Total cash cost - US$/oz 622 611
Notional cash expenditure - US$/oz 637 696
Gold production decreased by 4 per cent from 53,400 ounces in the June
quarter to 51,400 ounces in the September quarter. This decrease was mainly
due to a planned seven day primary crusher re-build and a two day mill
shutdown which in turn reduced the tons milled by 6 per cent.
Total tons mined, including capital stripping decreased from 3.8 million
tons in June quarter to 2.5 million tons in September quarter because of a
revised mine schedule caused by the crusher re- build. Ore mined decreased
from 1.1 million tons to 0.8 million tons and the strip ratio achieved was
2.00 against the June quarter`s 2.38.
Operating costs, including gold-in-process movements, decreased from US$32
million (R275 million) in the June quarter to US$31 million (R246 million)
in the September quarter. Although a decrease in power costs was realised,
this was partially offset by hauling more oxide material because of the
crusher re-build. Total cash cost increased from US$611 per ounce to US$622
per ounce reflecting the decrease in ounces produced.
Operating profit for the September quarter increased to US$18 million (R141
million) compared with US$17 million (R150 million) achieved in the June
quarter. This was driven largely by the increased gold price received.
Capital expenditure decreased from US$6 million (R51 million) in the June
quarter to US$3 million (R27 million) in the September quarter mainly due to
the timing of capital projects.
Notional cash expenditure for the quarter was lower at US$637 per ounce
compared with the previous quarter`s US$696 per ounce mainly as a result of
the decrease in capital expenditure.
Gold production for the December quarter is expected to be marginally higher
than the September quarter due to increased tons milled but this is subject
to a timely conclusion of the protracted wage negotiations. Mining activity
could be affected if negotiations are not concluded timeously, but
contingencies are in place to keep the mill running during any
interruptions. Capital expenditure is expected to be higher due to the
secondary crusher project aimed at significantly increasing the treatment of
higher grade fresh material at the current throughput rate and an increase
in exploration activities. Notional cash expenditure per ounce is expected
to increase as a result of the increased capital expenditure.
The estimate for the December quarter is as follows:
- Gold produced - 52,000 ounces
- Total cash cost - US$610 per ounce
- Capital expenditure - US$7 million
- Notional cash expenditure - US$700 per ounce
* Based on an exchange rate of US$1 = R7.40.
South America region
Peru
Cerro Corona
Sept June
2009 2009
Gold produced - 000`oz 33.4 40.5
Copper produced - tons 9,100 9,300
Total equivalent gold - 000` eq 88.5 83.9
Total equivalent gold sold - 000` eq 89.1 86.9
Yield - gold - g/t 0.7 0.8
- copper -% 0.62 0.66
- combined - g/t 1.8 1.8
Total cash cost -US$/eq 349 337
Notional cash expenditure -US$/eq 599 584
Gold price * - US$/oz 966 986
Copper price * - US$/t 5,779 4,581
* Used to calculate total equivalent gold produced
As planned, gold produced decreased by 18 per cent from 40,500 ounces in the
June quarter to 33,400 ounces in the September quarter. Copper produced
decreased by 2 per cent from 9,300 tons produced in the June quarter to
9,100 tons produced in the September quarter. During the September quarter
concentrate with payable content of 34,400 ounces of gold was sold at an
average gold price of US$951 per ounce and 8,900 tons of copper were sold at
an average copper price of US$5,138 per ton, net of treatment and refining
charges. The lower gold and copper production compared to the June quarter
was mainly due to the lower grade of the ore milled (gold grade reduced to
1.10 grams per ton in September quarter from 1.27 grams per ton in June
quarter and copper at 0.75 per cent was slightly lower than the 0.82 per
cent achieved in the June quarter).
Total tons mined increased as planned from 3.78 million tons in the June
quarter to 3.91 million tons during the September quarter. Ore mined at 1.62
million tons was 5 per cent higher than June quarter`s 1.55 million tons.
The strip ratio of 1.41 for the September quarter was similar to the June
quarter`s strip ratio of 1.43, but is higher than the life of mine strip
ratio, forecast at 0.9. The current higher strip ratio is in line with the
current mine plan to ensure greater production flexibility.
Ore processed increased from 1.47 million tons in the June quarter to 1.54
million tons in the September quarter, with concentrate production at 41,200
dry tons in the September quarter compared with 43,500 dry tons in the June
quarter. Gold yield for the quarter was 0.7 grams per ton and copper yield
was 0.62 per cent compared with 0.8 grams per ton and 0.66 per cent
respectively in the June quarter, mainly reflecting the lower head grades.
Operating costs, including gold-in-process movements, increased from US$29
million (R251 million) in the June quarter to US$31 million (R241 million)
in the September quarter. The increased operating cost was due to an
increase in the accrual for statutory Workers Legal Participation of profits
in line with higher earnings. Total cash cost was US$349 per equivalent
ounce sold compared with US$337 per equivalent ounce sold in the June
quarter.
Operating profit at US$55 million (R431 million) was slightly higher than
operating profit in June quarter of US$53 million (R467 million), reflecting
higher equivalent ounces.
Capital expenditure increased from US$20 million (R163 million) in the June
quarter to US$23 million (R176 million) in the September quarter. During the
quarter US$20 million was spent on construction of the second phase of the
Tailings Management Facility.
Notional cash expenditure for the September quarter at US$599 per equivalent
ounce was marginally higher than the previous quarter`s US$584 per
equivalent ounce, mainly due to increased capital expenditure and higher
operating cost.
The estimate for the December quarter is as follows:
- Metals (gold and copper) produced - 90,000 equivalent ounces*
- Gold produced - 31,600 ounces
- Copper produced - 10,000 tons
- Total cash cost* - US$360 per equivalent ounce
- Capital expenditure - US$26 million
- Notional cash expenditure* - US$640 per equivalent ounce
* Equivalent ounces are based on a gold price of US$1,000 per ounce and
copper
price of US$5,800 per ton.
Australasia region
Australia
St Ives
Sept June
2009 2009
Gold produced - 000`ozs 100.3 108.9
Yield - heap leach - g/t 0.6 0.5
- milling - g/t 2.4 2.5
- combined - g/t 1.9 1.9
Total cash cost - A$/oz 841 814
- US$/oz 698 614
Notional cash expenditure - A$/oz 1,086 1,021
- US$/oz 901 770
Gold production decreased by 8 per cent from 108,900 ounces in the June
quarter to 100,300 ounces in the September quarter. The lower production was
due to stoping issues in the high grade stopes at Belleisle and a shortfall
in high grade open pit tons which extended into the second half of the
quarter.
Gold produced from the Lefroy mill decreased by 8 per cent, from 99,500
ounces to 91,700 ounces, due to a decrease in tons milled and a decline in
head grade to the mill. Production from the heap leach decreased from 9,400
ounces in the June quarter to 8,600 ounces in the September quarter, due to
a short term failure of the stacker which was subsequently resolved.
At the open pit operations 1.5 million tons of ore were mined for the
quarter, compared with 1.7 million tons in the June quarter. Grade decreased
from 1.5 grams per ton to 1.2 grams per ton. The decrease in volume and
grade was mainly due to the completion of the high grade Grinder pit in the
June quarter. The average strip ratio, including capital waste, remained
steady at 3.2 for the current quarter.
At the underground operations 363,000 tons of ore was mined at 4.5 grams per
ton in the September quarter, compared with 326,000 tons of ore mined at 4.9
grams per ton in the June quarter. This drop in yield was mainly due to low
grade ore being mined from Belleisle in July and August, as no stoping of
the high grade areas took place during this period as stope rehabilitation
was being carried out following a geotechnical fall of ground in the June
quarter. The additional ground support required to ensure safe production
after this event was completed at the end of August and the integrity of the
infrastructure, in particular to access the Belleisle extension, is intact.
Development of the Belleisle extension continues with good development
grades.
Operating costs, including gold-in-process movements, decreased from A$88
million (R569 million) in the June quarter to A$84 million (R545 million) in
the September quarter. The decrease in costs was primarily due to a
reduction in royalties as a result of the termination of the Morgan Stanley
royalty. The royalty expense decreased by A$6 million as a result of the
cessation of royalties with effect from 26 August and a reduction in the
Australian dollar gold price during the quarter.
Operating profit decreased from A$43 million (R278 million) to A$32 million
(R210 million), mainly due to lower gold production and decreased revenue
from the lower Australian gold price.
Capital expenditure increased from A$21 million (R131 million) in the June
quarter to A$23 million (R152 million) in the September quarter. Capital
expenditure was primarily focused on excavating the Athena box-cut and
related infra-structure development. The Athena development commenced on 9
July 2009 and will become a fourth underground mine at St Ives. A$308
million was incurred on the termination of the Morgan Stanley royalty during
the quarter.
Notional cash expenditure increased from A$1,021 (US$770) per ounce in the
June quarter to A$1,086 (US$901) per ounce in the September quarter. This
was mainly due to the lower gold production compared with the previous
quarter and an increase in capital expenditure, partially offset by the
lower royalty charge.
The estimate for the December quarter is as follows:
- Gold produced - 105,000 ounces
- Total cash cost* - A$740 (US$665) per ounce
- Capital expenditure* - A$29 million (US$26 million)
- Notional cash expenditure* - A$1,030 (US$925) per ounce
* Based on A$1=US$0.90.
Agnew
Sept June
2009 2009
Gold produced - 000`ozs 45.9 45.2
Yield - g/t 6.1 6.2
Total cash cost - A$/oz 566 531
- US$/oz 470 401
Notional cash
expenditure - A$/oz 819 797
- US$/oz 679 601
Gold production increased 1 per cent from 45,200 ounces in the June quarter
to 45,900 ounces in the September quarter. However, this was below the
forecast due to a rockfall in the Main Lode associated with poor ground
conditions that reduced access during the quarter. The Main Lode extraction
design was changed to take this event into account and the new design will
be fully effective at the end of financial 2010. Tons processed increased
from 228,000 in the June quarter to 235,000 in the September quarter with
yield marginally lower at 6.1 grams per ton. The increase in tons was mainly
from low grade open pit stocks.
Ore mined from underground decreased by 27 per cent from 201,000 tons in the
June quarter at a head grade of 7.8 grams per ton to 147,000 tons in the
September quarter at a head grade of 9.5 grams per ton. The decrease in ore
mined was due to a catch- up of pastefill due to mining out of sequence. The
grade increased by mining more of the high grade Kim South Lode due to the
ground control issues at Main Lode mentioned in the previous paragraph. The
link drive, a primary access drive between the Main and Kim Lodes at about
600 metres below surface was completed in early October. This will improve
equipment productivity and provide a platform to explore the highly
prospective Waroonga corridor, previously underexplored due to a lack of
suitable drilling
positions.
Operating costs, including gold-in-process movements, increased 8 per cent
from A$24 million (R154 million) in the June quarter to A$26 million (R171
million) in the September quarter. This increase in costs was the result of
a drawdown of gold-in-process, combined with increased levels of ground
support and grade control drilling at the Waroonga complex. Total cash cost
per ounce increased from A$531 per ounce (US$401 per ounce) in the June
quarter to A$566 per ounce (US$470 per ounce) in the September quarter.
Operating profit decreased 18 per cent from A$32 million (R203 million) in
the June quarter to A$26 million (R170 million) in the September quarter.
This was primarily due to the decreased revenue resulting from the lower
gold price and the greater drawdown of gold-in-process during the quarter.
Capital expenditure was marginally higher at A$13 million (R81 million) and
included A$6 million on underground capital development at Kim and Main
Lode, and A$6 million on exploration with the balance being spent mainly on
plant improvements.
Notional cash expenditure increased from A$797 per ounce (US$601 per ounce)
in the June quarter to A$819 per ounce (US$679 per ounce) in the September
quarter, due to the increase in operating costs.
Capital expenditure for the December quarter is expected to increase due to
an increase in capital development, works associated with water management
and Cyanide Code compliance commitments. Notional cash expenditure is
expected to increase in the December quarter due to lower production levels
and similar operating expenditure.
The estimate for the December quarter is as follows:
- Gold produced - 45,000 ounces
- Total cash cost* - A$575 per ounce (US$520)
- Capital expenditure* - A$13 million (US$11 million)
- Notional cash expenditure* - A$855 per ounce (US$770)
* Based on A$1=US$0.90
Quarter ended 30 September 2009
compared with quarter ended 30 September 2008
Group attributable gold production increased by 14 per cent from 798,000
ounces for the quarter ended September 2008 to 906,000 ounces produced for
the quarter ended September 2009.
At the South African operations gold production increased from 492,000
ounces to 527,000 ounces. Driefontein`s gold production decreased by 8 per
cent from 207,000 ounces to 189,000 ounces due to a decrease in volumes
mined related largely to safety factors. At Kloof, gold production increased
by 3 per cent from 157,000 ounces to 162,000 ounces due to the completion of
the Main shaft refurbishment project. Beatrix`s gold production increased by
9 per cent from 101,000 ounces to 111,000 ounces, due to higher mining
volumes. South Deep`s gold production increased from 27,000 ounces to 65,000
ounces due to the mine being in a build up phase.
At the West African operations total managed gold production increased from
200,000 ounces for the quarter ended September 2008 to 227,000 ounces for
the quarter ended September 2009. Damang`s gold production increased by 17
per cent to 51,400 ounces, due to the rebuilding of the pebble crusher, last
year.
Tarkwa was 12 per cent up at 175,000 ounces due to the completion of the
expanded CIL plant.
In South America, gold equivalent production at Cerro Corona increased from
12,000 ounces in the September 2008 quarter being the first quarter of
production to 88,000 ounces in the September 2009 quarter, in line with the
build-up to full production.
At the Australasian operations gold production decreased by 5 per cent from
153,000 ounces in the September 2008 quarter to 146,000 ounces in the
September
2009 quarter. St Ives decreased by 1 per cent from 101,000 ounces to 100,000
ounces. Production at Agnew decreased by 12 per cent to 46,000, mainly due
to
the depletion of the high grade Songvang stockpiles during the September
2008
quarter.
Revenue increased by 30 per cent from R5,724 million (US$740 million) to
R7,416 million (US$948 million). The 11 per cent higher average gold price
at R241,161 per kilogram (US$959 per ounce) compares with R217,586 per
kilogram (US$874 per ounce) achieved for the quarter ended September 2008.
The US dollar weakened from US$1 = R7.74 to US$1 = R7.82 or 1 per cent,
while the rand/Australian dollar strengthened by 7 per cent from A$1 = R6.97
to R6.49.
Operating costs, including gold-in-process movements, increased from R4,150
million (US$536 million) to R4,629 million (US$592 million). The increase in
costs was mainly due to annual wage increases, increases in electricity
costs at the South African operations and the inclusion of Cerro Corona
(R241 million). Total cash cost for the Group decreased from R153,458 per
kilogram (US$617 per ounce) to R147,346 per kilogram (US$586 per ounce) due
to increased
gold production, partially offset by higher costs.
At the South African operations operating costs increased by 12 per cent
from R2,468 million (US$319 million) for the September 2008 quarter to
R2,768 million (US$354 million) for the September 2009 quarter. This was due
to the annual wage increases, a 36 per cent increase in electricity costs
and normal inflationary increases in stores and contractors, partially
offset by the cost saving initiatives implemented during the year. Total
cash cost at the South African operations increased from R153,581 per
kilogram to R162,553 per
kilogram as a result of the above.
At the West African operations, operating costs including gold-in- process
movements were similar at US$119 million. At the South American operation,
operating costs at Cerro Corona increased from US$7 million in the September
2008 quarter to US$31 million in the September 2009 quarter in line with
increased production. Gold-in-process movements of US$nil in the September
2009 quarter compares with a gold-in-process credit to cost of US$9 million
in the September 2008 quarter due to the mine not being fully operational in
the September 2008 quarter.
At the Australasian operations, operating costs including gold-in- process
movements, decreased from US$99 million to US$92 million mainly due to lower
production volumes at Agnew and the termination of the Morgan Stanley
Royalty at St Ives.
Operating profit increased from R1,574 million (US$203 million) to R2,787
million (US$356 million).
After accounting for the above items and taxation, net earnings amounted to
R1,007 million (US$129 million), compared with R39 million (US$5 million)
for the quarter ended September 2008.
Earnings excluding exceptional items, gains and losses on foreign exchange,
financial instruments and losses of associates after taxation amounted to
R625 million (US$80 million) for the quarter ended September 2009 compared
with R120 million (US$16 million) for the quarter ended September 2008.
Exploration and corporate development
Gold Fields maintained drilling activity on seven greenfields projects in
six countries (Australia, Peru, Chile, China, Canada and Kyrgyzstan) and at
its near mine exploration opportunities at St Ives, Agnew and Damang.
Together with its ongoing exploration projects, the group continues to
evaluate a number of business development opportunities largely in the
countries and
belts where we are currently active.
Advanced drilling projects
At the Chucapaca project in southern Peru, where Gold Fields can earn a 51
per cent interest in a joint venture with Buenaventura (NYSE "BVN"),
resource delineation drilling ramped up to four drill rigs on the Canahuire
target in July 2009. Initial drilling is scheduled to commence on the
Katrina and Katrina Este satellite targets in the next quarter. Drilling
results from the Canahuire Au- Cu discovery confirmed and expanded the
potential of the deposit which is still open to the west, north and at
depth. Drilling is currently focused on the eastern portion of the deposit.
Drilling will resume at the western portion in the coming weeks. The scoping
study underpinned by an inferred resource is still on track for completion
by the end of the financial year.
At the Talas Project in Kyrgyzstan, where Gold Fields can earn up to a 70
per cent interest in a joint venture with Orsu Metals Corporation (TSX:
"OSU" and AIM: "OSU"), four drill rigs continue to delineate the resource
potential at the Taldybulak Au-Cu porphyry target as well as testing other
promising targets within the belt. Work is on schedule for the completion of
an internal preliminary scoping study at the end of the financial year. Gold
Fields also expects to complete its initial earn-in to a 60 per cent
interest in the joint
venture by that time.
In July 2009, Gold Fields made an offer to purchase all the outstanding
shares of Glencar Mining Plc ("Glencar") (for a total consideration of
approximately GBP28 million). Gold Fields has taken control of the Glencar
Board and Glencar was delisted from the Irish and AIM Stock Exchanges on 5
October 2009. The offer was subject to 80 per cent of the Glencar
shareholder`s unconditionally accepting the offer, which was achieved. Gold
Fields has invoked the squeeze-out provisions in terms of Section 204 of the
Irish Companies Act and notification in terms of Section 204 was posted to
the remaining Glencar shareholders on 9 October 2009. With the Glencar
purchase, Gold Fields has consolidated a large position in the Yanfolila
Belt which includes 100 per cent owned tenements and the Glencar Projects
including Komana (1.25 million ounces resource reported by Glencar),
Sankarani and Solona. Field activities were suspended during September
quarter due to lack of access through the rainy season as well as the
corporate activities related to the Glencar purchase.
Preparations are underway to commence an aggressive field programme from
October 2009, which will range from resource delineation drilling at the
Komana deposits to initial drilling and target definition work on the other
tenements.
At the Arctic Platinum project in Finland, a new conceptual resource model
and open pit optimisation was completed. The mining schedule and provisional
cash flow modelling (in progress) will form the base case for evaluation,
using a hydrometallurgical process on a commercial scale.
Initial drilling projects
At the East Lachlan joint ventures in New South Wales, Australia, where Gold
Fields is earning into an 80 per cent interest in four project areas from
Clancy Exploration Ltd (ASX: "CLY"), field work focused on the Myall and
Cowal East Au-Cu porphyry projects. Aircore drilling at Myall has
intersected strong alteration related to porphyry Cu-Au mineralisation on
the Kingswood South and Calais Targets. Consistent end-of-hole gold
anomalism has defined a large Cu-Au target over two kilometre by one
kilometre. Aircore drilling at Cowal East continues to define several very
encouraging drill targets including the Bimbowie Prospect, a mineralised
porphyry Cu-Au system. Budgets have been approved to fund an aggressive
programme of additional aircore drilling and initial diamond drilling on
seven targets during the remainder of financial 2010.
At the Batangas joint venture in the Philippines, where Gold Fields can earn
up to a 75 per cent interest in a joint venture with Mindoro Resources Ltd.
(TSX.V: "MIO"), initial diamond drilling commenced on the El Paso concession
in September 2009. The drilling programme will test Cu-Au mineralisation.
At the SBX joint venture in Chile, where Gold Fields can earn up to 90 per
cent on certain claims held by SBX Asesorias e Inversiones and 100 per cent
on another claim under an additional option agreement with Aguas Heladas,
preparations are underway to resume field activities. The field programme
will include follow-up diamond drilling at Pircas and geophysical and
geochemical surveys to define drill targets at Salares Norte.
At the Toodoggone project in B.C., Canada, where Gold Fields can earn up to
a 75 per cent interest in a joint venture with Cascadero Copper Corp.
(TSX.V: "CCD"), target definition work was completed. Diamond drilling
commenced in August 2009 and the initial phase is nearing completion.
Preliminary assay results received are encouraging.
At the Woodjam joint venture in B.C., Canada, Gold Fields signed a
definitive agreement in late July 2009 with the Woodjam Partners (Fjordland
Exploration Inc. (TSX.V: "FEX") and Cariboo Rose Resources (TSX.V: "CRB"))
to earn-in to a 75 per cent interest in a joint venture on a 40,000 hectare
property covering several known porphyry Cu-Au targets in south-central B.C.
Target definition work is in progress and initial diamond drilling has
commenced.
Near mine exploration
At St. Ives, exploration drilling at the South Revenge open pit target has
returned notable results. Exploration drilling is ongoing at the Argo and
Cave Rocks underground targets. At the Athena and Hamlet resource areas,
extensional drilling has focused down- plunge of the known mineralisation.
Results from the last phase of drilling at Hamlet are encouraging. Initial
drilling at the MacBeth target located 0.8 kilometre east of Athena
intersected the interpreted structure in three RC holes. At Yorick South,
located 1.5 kilometre east of Athena, variable results were received.
At Agnew, underground drilling at Kim South continues.
Intersections are also deeper than anticipated due to steepening of the ore
body. Ten holes out of a 22-hole programme were completed. A second surface
rig
was mobilised in August 2009 and progress is improving.
At Damang, the first drill hole in the Huni Gap target area intersected 93
metres at 1.2 grams per ton, including 13 metres at 6.0 grams per ton. The
first three of 56 infill drill holes in the Amoanda North Pit target
intersected quartz veining, with sulphides and visible gold in Banket FW
quartzites.
Corporate
Environmental stewardship
On 21 October we were informed that Gold Fields was ranked 4 th in the
Carbon Disclosure Project`s Carbon Disclosure Leadership Index for 2009,
which evaluated the Top 100 companies listed on the JSE Securities Exchange.
The Carbon Disclosure Project seeks to promote transparency and excellence
in reporting with regard to climate change and proactive responses to this
environmental challenge. As a company that subscribes to sound principles of
sustainable development, Gold Fields recognises that a progressive response
to the challenge of climate change is a business imperative and therefore we
actively support this initiative.
In addition, we are also pleased to announce that all of our eligible
operations are now accredited to the International Cyanide Management Code,
following a rigorous process of external, independent auditing. This code is
widely recognized as global best practice for the responsible management of
cyanide in the gold mining industry.
Royalty termination
On 27 August 2009 Gold Fields announced that an agreement has been executed
in terms of which the royalty payable by Gold Fields` wholly owned
Australian subsidiary, St Ives Gold Mining Company Pty Ltd (St Ives) to
Morgan Stanley Bank`s subsidiaries, (Royalty) has been terminated for a
consideration of A$308 million.
When Gold Fields acquired St Ives in late 2001, the total consideration
included the Royalty, which was subsequently acquired by subsidiaries of
Morgan Stanley Bank. The Royalty comprises two parts:
(i) 4 per cent of the net smelter returns for gold produced from St Ives to
the extent that cumulative production of gold from November 30, 2001
exceeded 3.3 million ounces, but subject to the average spot price of gold
for the relevant quarter exceeding A$400 per ounce.
(ii) A price participation royalty equal to 10 per cent of the difference
between revenue calculated at the spot gold price expressed in Australian
dollars per ounce and at A$600 per ounce of gold in respect of all gold
produced from St. Ives each quarter after November 30, 2001, subject to the
spot price of gold exceeding A$600 per ounce.
The punitive impact of the Royalty on the costs of St Ives, have become
clear over the past, both in terms of its adverse impact on the operating
margin of the mine, as well as St Ives` ability to convert further ounces
into Reserves.
Changes in Directorate and leadership
With effect from 21 August 2009 Mr. Alan Richard Hill was appointed to the
Board of Directors. Mr. Hill serves on the board of Gabriel Resources and
until recently was Chairman of Alamos Gold, both companies are involved in
gold exploration and development. Mr. Hill joined Barrick Gold in 1984 and
spent 19 years with the company and was instrumental in its considerable
growth, having played a pivotal role in its various merger and acquisition
initiatives through the years. He retired from Barrick in 2003 as its
Executive Vice President Development. Mr. Hill holds a B.Sc (Mining
Engineering) as well as a M.Phil (Rock Mechanics) from Leeds University. Mr.
Hill brings to the Gold Fields Board significant experience and leadership
in terms of project evaluation, management, and development, as well as an
in-depth knowledge of corporate transactions and sustainable development
issues in the mining sector.
Philip Schoeman replaced Dana Roets as Vice President and Head of Operations
for Kloof Gold Mine, effective from 2 September 2009 following Dana`s
resignation from the Group. Philip was previously Vice President: New
Technology in the SA Region.
Louw Smith, the General Manager at St Ives also resigned from the Group
effective 12 October and a search is underway for a replacement.
Stuart Allan, Vice President and Head of Operations at South Deep will take
up the position Vice President Capital Projects for the South African
operations.
Stuart has successfully led the South Deep team for the past 18 months
during which time we saw stellar improvements in all safety indices and a
fatality free year. Mark Morcombe, previously General Manager at Agnew, in
Australia, has accepted the appointment to South Deep as Vice President and
Head of Operations.
Tim Gilbert will replace Mark as General Manager at Agnew. Tim is a Mining
Engineer with 25 years experience. He commenced his mining career with Mt
Isa Mines and has progressed through to senior management roles with major
mining companies including WMC Resources, Newmont and Rio Tinto. Immediately
prior to joining Gold Fields he was General Manager Operations for Norilsk
in Western Australia. In addition to his operations experience Tim has held
senior technical roles which has seen him involved in new project
development as well as mergers and acquisitions.
Outlook
In the December quarter attributable gold production is forecast at 925,000
attributable equivalent ounces, with increases at Driefontein and Kloof
where production was adversely affected by safety stoppages in the September
quarter and an increase at Tarkwa as the mine reaches steady state. Total
cash cost is forecast at US$590 per ounce (R140,000 per kilogram) compared
with US$586 per ounce (R147,343 per kilogram) in the September quarter. This
forecast is based on an exchange rate of R/US$7.40 and US$/A$0.90 compared
with R/US$7.82 and US$/A$0.83 achieved in the September quarter. NCE is
forecast at US$870 per ounce (R207,000 per kilogram) compared with US$826
per ounce (R207,754 per kilogram) in the September quarter. The above is
subject to the forward looking statement and to the exposure to industrial
action in Ghana as a consequence of protracted wage negotiations as
described in the Tarkwa and Damang commentary on page 7 and 8 of this
report. The forecast financial information has not been reviewed and
reported on by Gold Fields` auditors in accordance with Section 8.40 (a).
Basis of accounting
The condensed consolidated preliminary financial information is prepared in
accordance with IAS 34 Interim Financial Reporting. The accounting policies
and disclosure requirements used in the preparation of this report are
consistent with those applied in the previous financial year except for the
adoption of applicable revised and/or new standards issued by the
International Accounting Standards Board.
IAS 1 (Revised) - Presentation of financial statements has been adopted and
the revision to the presentation of the consolidated quarterly statements
has been disclosed in this report and most notably includes a new Statement
of Comprehensive Income and changes to the format of the Statement of
Changes in Owners Equity.
N.J. Holland
Chief Executive Officer
29 October 2009
Income statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
Quarter
SOUTH AFRICAN RAND September June September
2009 2009 2008
Revenue 7,415.8 7,779.4 5,723.6
Operating costs, net 4,628.6 4,441.7 4,149.7
- Operating costs 4,644.1 4,491.9 4,233.2
- Gold inventory change (15.5) (50.2) (83.5)
Operating profit 2,787.2 3,337.7 1,573.9
Amortisation and depreciation 1,173.8 1,067.1 901.5
Net operating profit 1,613.4 2,270.6 672.4
Net interest paid (49.2) (170.7) (111.5)
Share of loss of associates after
taxation (15.8) (11.6) (104.2)
Loss on foreign exchange (62.7) (76.4) (6.1)
(Loss)/gain on financial instruments (131.8) 70.9 (55.8)
Share-based payments (120.1) (20.0) (93.9)
Other (5.4) (126.3) (21.0)
Exploration (132.8) (170.7) (67.7)
Profit before taxation and
exceptional items 1,095.6 1,765.8 212.2
Exceptional gain/(loss) 666.8 (1,252.4) 114.4
Profit before taxation 1,762.4 513.4 326.6
Mining and income taxation 638.1 657.2 256.9
- Normal taxation 332.5 426.2 136.9
- Royalties 97.5 96.2 66.6
- Deferred taxation 208.1 134.8 53.4
Net profit/(loss) 1,124.3 (143.8) 69.7
Attributable to:
- Owners of the parent 1,007.2 (293.3) 39.2
- Non-controlling interest 117.1 149.5 30.5
Exceptional items:
Profit/(loss) on sale of investments 728.7 64.9 (0.9)
Profit/(loss) on sale of assets 1.0 (5.7) 1.9
Restructuring costs (5.8) (103.3) (18.8)
Driefontein 9 shaft closure costs - 1.9 -
Insurance claim - South Deep - - 132.2
Impairment of investments (57.1) (1,209.5) -
Other - (0.7) -
Total exceptional items 666.8 (1,252.4) 114.4
Taxation (114.6) 40.3 (46.1)
Net exceptional items after taxation
and minorities 552.2 (1,212.1) 68.3
Net earnings/(loss) 1,007.2 (293.3) 39.2
Net earnings/(loss) per share (cents) 143 (46) 6
Diluted earnings/(loss) per share
(cents) 141 (46) 6
Headline earnings 451.6 855.4 38.9
Headline earnings per share (cents) 64 126 6
Net earnings excluding gains and
losses on foreign exchange, financial
instruments, exceptional 624.8 949.3 120.3
items, share of loss of associates
after taxation and discontinued
operations
Net earnings per share excluding
gains and losses on foreign exchange,
financial instruments, 89 140 18
exceptional items, share of loss of
associates after taxation and
discontinued operations (cents)
Gold sold - managed kg 30,750 30,729 26,305
Gold price received R/kg 241,164 253,162 217,586
Total cash cost R/kg 147,343 140,916 153,461
Statement of comprehensive income
International Financial Reporting Standards Basis
Quarter
SOUTH AFRICAN RAND September June September
2009 2009 2008
Profit/(loss) for the quarter 1,124.3 (143.8) 69.7
Other comprehensive expenses,
net of tax (953.2) (2,923.5) (1,458.0)
Marked to market valuation of
listed investments (197.3) 7.3 (883.2)
Currency translation
adjustments and other (846.2) (2,463.4) (651.2)
Dilution loss on associate - (331.9) -
Share of equity investee`s other
comprehensive income 11.7 (34.5) 76.4
Deferred taxation on marked to market
valuation of listed investments 78.6 (101.0) -
Total comprehensive income/(expenses)
for the quarter 171.1 (3,067.3) (1,388.3)
Attributable to:
- Owners of the parent 78.7 (3,188.0) (1,417.6)
- Non-controlling interest 92.4 120.7 29.3
171.1 (3,067.3) (1,388.3)
Income statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
Quarter
UNITED STATES DOLLARS September June September
2009 2009 2008
Revenue 948.3 902.2 739.5
Operating costs, net 591.9 516.9 536.1
- Operating costs 593.9 522.7 546.9
- Gold inventory change (2.0) (5.8) (10.8)
Operating profit 356.4 385.3 203.4
Amortisation and depreciation 150.1 124.0 116.5
Net operating profit 206.3 261.3 86.9
Net interest paid (6.3) (19.8) (14.4)
Share of loss of associates after
taxation (2.0) (1.5) (13.5)
Loss on foreign exchange (8.0) (8.2) (0.8)
(Loss)/gain on financial instruments (16.9) 7.6 (7.2)
Share-based payments (15.4) (2.8) (12.1)
Other (0.7) (14.3) (2.7)
Exploration (17.0) (19.5) (8.7)
Profit before taxation and exceptional
items 140.0 202.8 27.5
Exceptional gain/(loss) 85.3 (139.2) 14.8
Profit before taxation 225.3 63.6 42.3
Mining and income taxation 81.6 76.0 33.2
- Normal taxation 42.5 48.7 17.7
- Royalties 12.5 11.2 8.6
- Deferred taxation 26.6 16.1 6.9
Net profit/(loss) 143.7 (12.4) 9.1
Attributable to:
- Owners of the parents 128.7 (29.3) 5.2
- Non-controlling interest 15.0 16.9 3.9
Exceptional items:
Profit/(loss) on sale of investments 93.2 6.8 (0.1)
Profit/(loss) on sale of assets 0.1 (0.6) 0.2
Restructuring costs (0.7) (11.5) (2.4)
Driefontein 9 shaft closure costs - 0.2 -
Insurance claim - South Deep - 0.3 17.1
Impairment of investments (7.3) (134.2) -
Other - (0.2) -
Total exceptional items 85.3 (139.2) 14.8
Taxation (14.7) 4.4 (6.0)
Net exceptional items after taxation
and minorities 70.6 (134.8) 8.8
Net earnings/(loss) 128.7 (29.3) 5.2
Net earnings/(loss) per share (cents) 18 (5) 1
Diluted earnings/(loss) per share (cents) 18 (5) 1
Headline earnings 57.7 98.7 5.0
Headline earnings per share (cents) 8 15 1
Net earnings excluding gains and losses
on foreign exchange, financial
instruments, exceptional 79.9 109.0 15.6
items, share of loss of associates
after taxation and discontinued
operations
Net earnings per share excluding gains
and losses on foreign exchange,
financial instruments, 11 16 2
exceptional items, share of loss of
associates after taxation and
discontinued operations (cents)
South African rand/United States dollar
conversion rate 7.82 8.56 7.74
South African rand/Australian dollar
conversion rate 6.49 6.46 6.97
Gold sold - managed ozs (000) 989 988 846
Gold price received US$/oz 959 920 874
Total cash cost US$/oz 586 512 617
Statement of comprehensive income
International Financial Reporting Standards Basis
Quarter
UNITED STATES DOLLARS September June September
2009 2009 2008
Profit/(loss) for the quarter 143.7 (12.4) 9.1
Other comprehensive income/(expenses),
net of tax 372.8 520.3 (138.0)
Marked to market valuation of listed
investments (25.3) (0.5) (114.1)
Currency translation adjustments and other 386.5 572.4 (33.5)
Dilution loss on associate - (36.8) -
Share of equity investee`s other
comprehensive income 1.5 (3.6) 9.6
Deferred taxation on marked to market
valuation of listed investments 10.1 (11.2) -
Total comprehensive income/(expenses)
for the quarter 516.5 507.9 (128.9)
Attributable to:
- Owners of the parent 474.8 447.1 (124.6)
- Non-controlling interest 41.7 60.8 (4.3)
516.5 507.9 (128.9)
Reconciliation of headline earnings with net earnings
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
SOUTH AFRICAN RAND
September June
2009 2009
Net earnings/(loss) 1,007.2 (293.3)
Profit on sale of investments (728.7) (64.9)
Taxation effect on sale of investments 116.6 -
Profit/(loss) on sale of assets (1.0) 5.7
Taxation effect of profit on sale of fixed assets 0.4 (1.6)
Impairment of assets and other 57.1 1,209.5
Headline earnings 451.6 855.4
Headline earnings per share - cents 64 126
Based on headline earnings as given above divided by
704,878,283 for September
2009 (June 2009 - 704,571,069) being the weighted
average number of ordinary
shares in issue.
UNITED STATES DOLLARS
September June
2009 2009
Net earnings/(loss) 128.7 (29.3)
Profit on sale of investments (93.2) (6.8)
Taxation effect on sale of investments 14.9 -
Profit/(loss) on sale of assets (0.1) 0.6
Taxation effect of profit on sale of fixed assets 0.1 -
Impairment of assets and other 7.3 134.2
Headline earnings 57.7 98.7
Headline earnings per share - cents 8 15
Based on headline earnings as given above divided by
704,878,283 for September
2009 (June 2009 - 704,571,069) being the weighted
average number of ordinary
shares in issue.
Balance sheet
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
SOUTH AFRICAN RAND
September June
2009 2009
Property, plant and equipment 50,076.6 48,337.4
Goodwill 4,458.9 4,458.9
Non-current assets 904.6 886.7
Investments 1,163.6 2,970.8
Current assets 7,852.6 8,548.1
- Other current assets 5,574.8 5,744.2
- Cash and deposits 2,277.8 2,803.9
Total assets 64,456.3 65,201.9
Shareholders` equity 42,466.0 42,669.4
Deferred taxation 6,144.4 6,128.8
Long-term loans 5,009.6 6,334.3
Environmental rehabilitation provisions 2,254.8 2,267.9
Post-retirement health care provisions 20.9 20.5
Other long-term provisions 28.5 31.2
Current liabilities 8,532.1 7,749.8
- Other current liabilities 4,569.6 5,188.6
- Current portion of long-term loans 3,962.5 2,561.2
Total equity and liabilities 64,456.3 65,201.9
South African rand/US dollar conversion rate
South African rand/Australian dollar conversion rate
UNITED STATES DOLLARS
September June
2009 2009
Property, plant and equipment 6,794.7 5,997.2
Goodwill 605.0 553.2
Non-current assets 122.7 110.0
Investments 157.9 368.6
Current assets 1,065.5 1,060.6
- Other current assets 756.4 712.7
- Cash and deposits 309.1 347.9
Total assets 8,745.8 8,089.6
Shareholders` equity 5,762.1 5,294.0
Deferred taxation 833.7 760.4
Long-term loans 679.7 785.9
Environmental rehabilitation provisions 305.9 281.4
Post-retirement health care provisions 2.8 2.5
Other long-term provisions 3.9 3.9
Current liabilities 1,157.7 961.5
- Other current liabilities 620.0 643.7
- Current portion of long-term loans 537.7 317.8
Total equity and liabilities 8,745.8 8,089.6
South African rand/US dollar conversion rate 7.37 8.06
South African rand/Australian dollar conversion rate 6.48 6.43
Debt maturity ladder
Figures are in millions unless otherwise stated
F2010 F2011 F2012
Loan facilities(committed and uncommitted),
including preference shares and commercial paper
R`million 4,557.4 795.3 -
US$`million 23.8 325.3 516.9
Dollar debt translated to rand 175.0 2,397.1 3,809.4
Total (R`m) 4,732.4 3,192.4 3,809.4
Utilisation - Loan facilities(committed and
uncommitted),
including preference shares and commercial paper
R`million 3,635.0 795.3 -
US$`million 23.8 14.3 478.9
Dollar debt translated to rand 175.0 105.0 3,529.3
Total (R`m) 3,810.0 900.4 3,529.3
Long-term loans per balance sheet (R`m)
Current portion of long-term loans per
balance sheet (R`m)
Total per balance sheet (R`m)
F2013 Total
to F2017
Loan facilities(committed and uncommitted),
including preference shares and commercial paper
R`million 1,500.0 6,852.7
US$`million 99.4 965.3
Dollar debt translated to rand 732.4 7,113.9
Total (R`m) 2,232.4 13,966.6
Utilisation - Loan facilities(committed and
uncommitted),
including preference shares and commercial paper
R`million - 4,430.3
US$`million 99.4 616.3
Dollar debt translated to rand 732.4 4,541.8
Total (R`m) 732.4 8,972.1
Long-term loans per balance sheet (R`m) 5,009.6
Current portion of long-term loans per balance sheet
(R`m) 3,962.5
Total per balance sheet (R`m) 8,972.1
Exchange rate: US$1 = R7.37 being the closing rate at the end of the
September 2009 quarter.
Condensed Statement of changes in equity
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
SOUTH AFRICAN RAND
SEPTEMBER 2009 QUARTER Share capital Other Retained
and premium reserves earnings
Balance as at 30 June 2009 31,465.6 (1,135.7) 9,876.2
Total comprehensive
(expenses)/income - (928.5) 1,007.2
Profit for the quarter - - 1,007.2
Other comprehensive
(expenses)/income - (928.5) -
Dividends paid - - (564.1)
Share-based payments - 120.1 -
Transactions with minority interest - - -
Exercise of employee share options 13.2 - -
Balance as at 30 September 2009 31,478.8 (1,944.1) 10,319.3
SOUTH AFRICAN RAND
SEPTEMBER 2009 QUARTER Non-controlling Total
interest equity
Balance as at 30 June 2009 2,463.3 42,669.4
Total comprehensive (expenses)/income 92.4 171.1
Profit for the quarter 117.1 1,124.3
Other comprehensive (expenses)/income (24.7) (953.2)
Dividends paid - (564.1)
Share-based payments - 120.1
Transactions with minority interest 56.3 56.3
Exercise of employee share options - 13.2
Balance as at 30 September 2009 2,612.0 42,466.0
UNITED STATES DOLLARS
SEPTEMBER 2009 QUARTER Share capital Other Retained
and premium reserves earnings
Balance as at 30 June 2009 4,589.9 (959.2) 1,357.7
Total comprehensive
(expenses)/income - 346.1 128.7
Profit for the quarter - - 128.7
Other comprehensive
(expenses)/income - 346.1 -
Dividends paid - - (72.6)
Share-based payments - 15.4 -
Transactions with minority interest - - -
Exercise of employee share options 1.7 - -
Balance as at 30 September 2009 4,591.6 (597.7) 1,413.8
UNITED STATES DOLLARS
SEPTEMBER 2009 QUARTER Non-controlling Total
interest equity
Balance as at 30 June 2009 305.6 5,294.0
Total comprehensive (expenses)/income 41.7 516.5
Profit for the quarter 15.0 143.7
Other comprehensive (expenses)/income 26.7 372.8
Dividends paid - (72.6)
Share-based payments - 15.4
Transactions with minority interest 7.1 7.1
Exercise of employee share options - 1.7
Balance as at 30 September 2009 354.4 5,762.1
SOUTH AFRICAN RAND
SEPTEMBER 2008 QUARTER Share capital Other Retained
and premium reserves earnings
Balance as at 30 June 2008 31,369.0 455.6 9,321.6
Total comprehensive
(expenses)/income - (1,456.8) 39.2
Profit for the quarter - - 39.2
Other comprehensive
(expenses)/income - (1,456.8) -
Dividends paid - - (784.5)
Share-based payments - 93.9 -
Transactions with minority interest - - -
Exercise of employee share options 2.7 - -
Balance as at 30 September 2008 31,371.7 (907.3) 8,576.3
SOUTH AFRICAN RAND
SEPTEMBER 2008 QUARTER Non-controlling Total
interest equity
Balance as at 30 June 2008 1,415.0 42,561.2
Total comprehensive (expenses)/income 29.3 (1,388.3)
Profit for the quarter 30.5 69.7
Other comprehensive (expenses)/income (1.2) (1,458.0)
Dividends paid - (784.5)
Share-based payments - 93.9
Transactions with minority interest 733.1 733.1
Exercise of employee share options - 2.7
Balance as at 30 September 2008 2,177.4 41,218.1
UNITED STATES DOLLARS
SEPTEMBER 2008 QUARTER Share capital Other reserves Retained
and premium earnings
Balance as at 30 June 2008 4,579.1 (750.4) 1,308.5
Total comprehensive
(expenses)/income - (129.8) 5.2
Profit for the quarter - - 5.2
Other comprehensive
(expenses)/income - (129.8) -
Dividends paid - - (101.9)
Share-based payments - 12.1 -
Transactions with minority interest - - -
Exercise of employee share options 0.3 - -
Balance as at 30 September 2008 4,579.4 (868.1) 1,211.8
UNITED STATES DOLLARS
SEPTEMBER 2008 QUARTER Non-controlling Total equity
interest
Balance as at 30 June 2008 182.9 5,320.1
Total comprehensive (expenses)/income (4.3) (128.9)
Profit for the quarter 3.9 9.1
Other comprehensive (expenses)/income (8.2) (138.0)
Dividends paid - (101.9)
Share-based payments - 12.1
Transactions with minority interest 96.0 96.0
Exercise of employee share options - 0.3
Balance as at 30 September 2008 274.6 5,197.7
Cash flow statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
Quarter
SOUTH AFRICAN RAND September June September
2009 2009 2008
Cash flows from operating activities 1,263.0 2,281.6 (31.7)
Profit before tax and exceptional
items 1,095.6 1,765.8 212.2
Exceptional items 666.8 (1,252.4) 114.4
Amortisation and depreciation 1,173.8 1,067.1 901.5
Change in working capital (506.6) (125.8) (577.0)
Taxation paid (704.6) (322.5) (912.6)
Other non-cash items (462.0) 1,149.4 229.8
Dividends paid (564.1) (0.1) (784.5)
Ordinary shareholders (564.1) (0.1) (784.5)
Cash flows from investing activities (1,781.9) (1,577.9) (1,907.9)
Capital expenditure - additions (1,746.3) (1,790.5) (1,812.8)
Capital expenditure - proceeds on
disposal 3.0 19.4 2.2
Purchase of Glencar (301.1) - -
Royalty termination (1,998.9) - -
Purchase of investments 3.8 (17.9) (86.8)
Proceeds on the disposal of
investments 2,266.3 282.0 -
Environmental and post-retirement
health care payments (8.7) (70.9) (10.5)
Cash flows from financing activities 644.0 (274.0) 2,597.7
Loans received 3,369.4 1,143.0 3,287.9
Loans repaid (2,738.6) (1,392.2) (692.9)
Minority shareholders loans repaid - (54.3) -
Shares issued 13.2 29.5 2.7
Net cash (outflow)/inflow (439.0) 429.6 (126.4)
Translation adjustment (87.1) (162.6) (62.8)
Cash at beginning of period 2,803.9 2,536.9 2,007.3
Cash at end of period 2,277.8 2,803.9 1,818.1
Quarter
UNITED STATES DOLLARS September June September
2009 2009 2008
Cash flows from operating activities 165.3 264.9 (0.7)
Profit before tax and exceptional
items 140.0 202.8 27.5
Exceptional items 85.3 (139.2) 14.8
Amortisation and depreciation 150.1 124.0 116.5
Change in working capital (64.8) (15.9) (74.5)
Taxation paid (86.2) (35.2) (114.7)
Other non-cash items (59.1) 128.4 29.7
Dividends paid (72.6) - (101.9)
Ordinary shareholders (72.6) - (101.9)
Cash flows from investing activities (219.0) (184.4) (246.5)
Capital expenditure - additions (223.3) (209.4) (234.2)
Capital expenditure - proceeds on
disposal 0.4 2.2 0.3
Purchase of Glencar (37.7) 0.1 -
Royalty termination (257.1) - -
Purchase of investments 0.5 (1.9) (11.2)
Proceeds on the disposal of
investments 299.4 32.5 -
Environmental and post-retirement
health care payments (1.2) (7.9) (1.4)
Cash flows from financing activities 68.2 (52.2) 335.6
Loans received 433.0 133.5 424.8
Loans repaid (366.5) (182.4) (89.5)
Minority shareholders loans repaid - (6.7) -
Shares issued 1.7 3.4 0.3
Net cash (outflow)/inflow (58.1) 28.3 (13.5)
Translation adjustment 19.3 54.2 (8.1)
Cash at beginning of period 347.9 265.4 250.9
Cash at end of period 309.1 347.9 229.3
Hedging / Derivatives
The Group`s policy is to remain unhedged to the gold price. However, hedges
are sometimes undertaken on a project specific basis as follows:
- to protect cash flows at times of significant expenditure;
- for specific debt servicing requirements; and
- to safeguard the viability of higher cost operations.
Gold Fields may from time to time establish currency financial instruments
to protect underlying cash flows.
Gold Fields has various currency financial instruments - those outstanding
at 30 September 2009 are described below.
Position at end of September 2009
Western Areas US Dollars / Rand forward purchases
As a result of the US$551 million drawn down under the original bridge loan
facility to settle mainly the close-out of the Western Areas gold derivative
structure on 30 January 2007, US dollar/rand forward cover was purchased
during the March 2007 quarter to cover this amount. During financial 2008,
US$233 million of this loan was repaid and the forward cover was reduced to
US$318 million to correspond with the loan amount outstanding. In June 2009,
a further amount of US$44 million was repaid against the loan and the
forward cover was reduced by US$44 million. The balance of US$274 million
was extended to 15 July 2009, being the next interest repayment date on the
loan, at an average forward rate of R8.0893. The forward cover was further
extended as follows:
- 17 August 2009 at a rate of R8.3839
- 17 September 2009 at a rate of R8.0387
On 17 September 2009 the forward cover of US$274 million was settled as a
result of the decision to repay the outstanding loan amount. At 17 September
2009 the realised foreign exchange loss on the settlement of the US$274
million loan was R34 million. This loss was offset by R34 million cumulative
positive gains on the forward cover purchased at an original rate of
R7.3279. During the September quarter R38 million of forward cover costs
were accounted for as part of interest, as this forward cover has been
designated as a hedging instrument.
Diesel financial instruments*
Ghana
The Ghanaian operations had 36 million litres of Asian style ICE Gasoil call
options remaining with a strike price of US$0.90 per litre at the end of
September, which equates to a Brent crude price of US$92 per barrel, with
final expiry on 28 February 2010. The marked to market value of the above
call options purchased was positive by US$0.1 million at the end of
September 2009.
Australia
The Australian operations had 15 million litres of Asian style Singapore 0.5
Gasoil call options remaining with a strike price of US$0.9128 per litre at
the end of September, with a final expiry on 28 February 2010. The marked to
market value for the above call options was positive by US$0.04 million at
the end of September 2009.
Copper financial instruments*
Peru
During June 2009 8,705 tons of Cerro Corona`s expected copper production for
financial 2010 was sold forward for monthly deliveries, starting on 24 June
2009 to 23 June 2010. The average forward price for the monthly deliveries
is US$5,001 per ton. An additional 8,705 tons of Cerro Corona`s expected
copper production for financial 2010 was hedged by means of a zero cost
collar, guaranteeing a minimum price of US$4,600 per ton with full
participation up to a maximum price of US$5,400 per ton. The marked to
market value of the 6,605 tons sold forward and the 6,605 tons under the
zero cost collar outstanding at the end of September 2009 was negative by
US$15 million.
* Do not qualify for hedge accounting and will be accounted for as
derivative financial instruments in the income statement.
Operating and financial results
SOUTH AFRICAN RAND Total Mine South Africa Region
Operations Total Driefontein
Operating Results
Ore milled/treated (000 tons)
September 2009 13,559 3,771 1,540
June 2009 13,581 3,625 1,536
Yield (grams per ton)
September 2009 2.3 4.3 3.8
June 2009 2.3 4.5 4.3
Gold produced (kilograms)
September 2009 30,732 16,386 5,893
June 2009 30,635 16,447 6,630
Gold sold (kilograms)
September 2009 30,750 16,386 5,893
June 2009 30,729 16,447 6,630
Gold price received
(Rand per kilogram)
September 2009 241,164 240,467 240,472
June 2009 253,162 250,860 251,825
Total cash cost
(Rand per kilogram)
September 2009 147,343 162,553 154,387
June 2009 140,916 145,145 129,397
Notional cash expenditure
(Rand per kilogram)
September 2009 207,754 233,034 207,416
June 2009 203,042 216,891 183,529
Operating costs
(Rand per ton)
September 2009 343 734 617
June 2009 331 692 589
Financial Results
(Rand million)
Revenue
September 2009 7,415.8 3,940.3 1,417.1
June 2009 7,779.4 4,125.9 1,669.6
Operating costs, net
September 2009 4,628.6 2,768.4 950.1
June 2009 4,441.7 2,508.3 905.4
- Operating costs
September 2009 4,644.1 2,768.4 950.1
June 2009 4,491.9 2,508.3 905.4
- Gold inventory change
September 2009 (15.5) - -
June 2009 (50.2) - -
Operating profit
September 2009 2,787.2 1,171.9 467.0
June 2009 3,337.7 1,617.6 764.2
Amortisation of mining assets
September 2009 1,138.7 606.4 145.5
June 2009 1,033.7 572.7 174.5
Net operating profit/(loss)
September 2009 1,648.5 565.5 321.5
June 2009 2,304.0 1,044.9 589.7
Other (expenses)/income
September 2009 (298.1) (77.3) (22.9)
June 2009 (163.9) (76.6) (26.2)
Profit/(loss) before taxation
September 2009 1,350.4 488.2 298.6
June 2009 2,140.1 968.3 563.5
Mining and income taxation
September 2009 500.9 164.4 95.9
June 2009 688.6 277.2 175.7
- Normal taxation
September 2009 174.7 40.6 35.6
June 2009 378.1 211.8 144.6
- Royalties
September 2009 97.5 - -
June 2009 96.3 - -
- Deferred taxation
September 2009 228.7 123.8 60.3
June 2009 214.2 65.4 31.1
Profit/(loss) before
exceptional items
September 2009 849.5 323.8 202.7
June 2009 1,451.5 691.1 387.8
Exceptional items
September 2009 (3.2) (3.3) 0.8
June 2009 (107.6) (99.4) (36.5)
Net profit/(loss)
September 2009 846.3 320.5 203.5
June 2009 1,343.9 591.7 351.3
Net profit/(loss)
excluding gains and
losses on foreign
September 2009 946.9 322.5 203.0
June 2009 1,382.0 620.0 357.1
Capital expenditure
September 2009 1,740.6 1,050.1 272.2
June 2009 1,728.3 1,058.9 311.4
SOUTH AFRICAN RAND South Africa Region
Kloof Beatrix South Deep
Operating Results
Ore milled/treated (000 tons)
September 2009 1,041 791 399
June 2009 891 774 424
Yield (grams per ton)
September 2009 4.8 4.3 5.1
June 2009 5.6 4.1 3.8
Gold produced (kilograms)
September 2009 5,024 3,437 2,032
June 2009 5,004 3,199 1,614
Gold sold (kilograms)
September 2009 5,024 3,437 2,032
June 2009 5,004 3,199 1,614
Gold price received
(Rand per kilogram)
September 2009 240,605 240,413 240,207
June 2009 250,180 250,078 250,558
Total cash cost
(Rand per kilogram)
September 2009 162,818 165,900 179,921
June 2009 145,284 157,862 184,201
Notional cash expenditure
(Rand per kilogram)
September 2009 217,456 215,595 375,344
June 2009 201,459 224,726 386,245
Operating costs
(Rand per ton)
September 2009 815 748 949
June 2009 856 682 736
Financial Results
(Rand million)
Revenue
September 2009 1,208.8 826.3 488.1
June 2009 1,251.9 800.0 404.4
Operating costs, net
September 2009 848.2 591.4 378.7
June 2009 762.7 528.2 312.0
- Operating costs
September 2009 848.2 591.4 378.7
June 2009 762.7 528.2 312.0
- Gold inventory change
June 2009 - - -
June 2009 - - -
Operating profit
September 2009 360.6 234.9 109.4
June 2009 489.2 271.8 92.4
Amortisation of mining assets
September 2009 215.7 143.5 101.7
June 2009 175.7 124.8 97.7
Net operating profit/(loss)
September 2009 144.9 91.4 7.7
June 2009 313.5 147.0 (5.3)
Other (expenses)/income
September 2009 (16.3) (9.0) (29.1)
June 2009 (21.9) (1.5) (27.0)
Profit/(loss) before taxation
September 2009 128.6 82.4 (21.4)
June 2009 291.6 145.5 (32.3)
Mining and income taxation
September 2009 41.3 35.8 (8.6)
June 2009 79.0 34.7 (12.2)
- Normal taxation
September 2009 4.1 0.9 -
June 2009 66.8 0.4 -
- Royalties
September 2009 - - -
June 2009 - - -
- Deferred taxation
September 2009 37.2 34.9 (8.6)
June 2009 12.2 34.3 (12.2)
Profit/(loss) before
exceptional items
September 2009 87.3 46.6 (12.8)
June 2009 212.6 110.8 (20.1)
Exceptional items
September 2009 (0.5) (3.6) -
June 2009 (23.1) (39.8) -
Net profit/(loss)
September 2009 86.8 43.0 (12.8)
June 2009 189.5 71.0 (20.1)
Net profit/(loss)
excluding gains and
losses on foreign
September 2009 87.1 45.2 (12.8)
June 2009 187.1 95.7 (19.9)
Capital expenditure
September 2009 244.3 149.6 384.0
June 2009 245.4 190.7 311.4
Operating and financial results
SOUTH AFRICAN RAND West Africa Region South
America
Region
Ghana Peru
Total Tarkwa Damang Cerro Corona
Operating Results
September 2009 6,357 5,130 1,227 1,538
Ore milled/treated (000 tons)
June 2009 6,470 5,166 1,304 1,473
Yield (grams per ton)
September 2009 1.1 1.1 1.3 1.8
June 2009 1.0 1.0 1.3 1.8
Gold produced (kilograms)
September 2009 7,046 5,446 1,600 2,752
June 2009 6,783 5,122 1,661 2,610
Gold sold (kilograms)
September 2009 7,046 5,446 1,600 2,770
June 2009 6,783 5,122 1,661 2,704
Gold price received
(Rand per kilogram)
September 2009 242,308 242,472 241,750 242,816
June 2009 255,285 255,291 255,268 265,385
Total cash cost
(Rand per kilogram)
September 2009 128,867 120,804 156,313 87,798
June 2009 141,132 132,390 168,104 92,752
Notional cash expenditure
(Rand per kilogram)
September 2009 170,466 173,467 160,250 150,618
June 2009 189,061 188,247 191,571 160,766
Operating costs
(Rand per ton)
September 2009 145 134 187 155
June 2009 152 138 205 174
Financial Results
(Rand million)
Revenue
September 2009 1,707.3 1,320.5 386.8 672.6
June 2009 1,731.6 1,307.6 424.0 717.6
Operating costs, net
September 2009 902.7 657.2 245.5 241.4
June 2009 959.0 684.5 274.5 250.9
- Operating costs
September 2009 919.3 689.8 229.5 238.8
June 2009 981.0 713.4 267.6 257.0
- Gold inventory change
September 2009 (16.6) (32.6) 16.0 2.6
June 2009 (22.0) (28.9) 6.9 (6.1)
Operating profit
September 2009 804.6 663.3 141.3 431.2
June 2009 772.6 623.1 149.5 466.7
Amortisation of
mining assets
September 2009 216.4 186.8 29.6 108.7
June 2009 120.0 68.0 52.0 104.5
Net operating
profit/(loss)
September 2009 588.2 476.5 111.7 322.5
June 2009 652.6 555.1 97.5 362.2
Other (expenses)/income
September 2009 (20.9) (16.1) (4.8) (194.7)
June 2009 (40.5) (18.0) (22.5) (59.8)
Profit/(loss) before
taxation
September 2009 567.3 460.4 106.9 127.8
June 2009 612.1 537.1 75.0 302.4
Mining and income taxation
September 2009 197.6 158.0 39.6 69.5
June 2009 191.2 162.4 28.8 134.2
- Normal taxation
September 2009 53.5 21.0 32.5 80.6
June 2009 20.0 - 20.0 80.4
- Royalties
September 2009 51.2 39.6 11.6 19.3
June 2009 51.9 39.2 12.7 14.3
- Deferred taxation
September 2009 92.9 97.4 (4.5) (30.4)
June 2009 119.3 123.2 (3.9) 39.5
Profit/(loss) before
exceptional items
September 2009 369.7 302.4 67.3 58.3
June 2009 420.9 374.7 46.2 168.2
Exceptional items
September 2009 - - - 0.1
June 2009 - - - -
Net profit/(loss)
September 2009 369.7 302.4 67.3 58.4
June 2009 420.9 374.7 46.2 168.2
Net profit/(loss)
excluding gains
and losses on
September 2009 370.8 303.5 67.3 156.6
foreign exchange,
financial instruments and
exceptional items
June 2009 428.7 376.7 52.0 168.2
Capital expenditure
September 2009 281.8 254.9 26.9 175.7
June 2009 301.4 250.8 50.6 162.6
Planned for next six
months to March 2010 720.0 620.0 100.0 340.0
SOUTH AFRICAN RAND Australasia Region #
Australia
Total St Ives Agnew
Operating Results
September 2009 1,893 1,658 235
Ore milled/treated (000 tons)
June 2009 2,013 1,785 228
Yield (grams per ton)
September 2009 2.4 1.9 6.1
June 2009 2.4 1.9 6.2
Gold produced (kilograms)
September 2009 4,548 3,119 1,429
June 2009 4,795 3,388 1,407
Gold sold (kilograms)
September 2009 4,548 3,119 1,429
June 2009 4,795 3,388 1,407
Gold price received
(Rand per kilogram)
September 2009 240,897 242,001 238,488
June 2009 251,157 249,970 254,016
Total cash cost
(Rand per kilogram)
September 2009 157,432 175,409 118,195
June 2009 151,867 169,097 110,377
Notional cash expenditure
(Rand per kilogram)
September 2009 209,015 226,515 170,819
June 2009 198,332 211,983 165,458
Operating costs
(Rand per ton)
September 2009 379 335 693
June 2009 370 329 696
Financial Results
(Rand million)
Revenue
September 2009 1,095.6 754.8 340.8
June 2009 1,204.3 846.9 357.4
Operating costs, net
September 2009 716.1 544.8 171.3
June 2009 723.5 569.2 154.3
- Operating costs
September 2009 717.6 554.7 162.9
June 2009 745.6 586.9 158.7
- Gold inventory change
September 2009 (1.5) (9.9) 8.4
June 2009 (22.1) (17.7) (4.4)
Operating profit
September 2009 379.5 210.0 169.5
June 2009 480.8 277.7 203.1
Amortisation of
mining assets
September 2009 207.2
June 2009 236.5
Net operating
profit/(loss)
September 2009 172.3
June 2009 244.3
Other (expenses)/income
September 2009 (5.2)
June 2009 13.0
Profit/(loss) before
taxation
September 2009 167.1
June 2009 257.3
Mining and income taxation
September 2009 69.4
June 2009 86.0
- Normal taxation
September 2009 -
June 2009 65.9
- Royalties
September 2009 27.0
June 2009 30.1
- Deferred taxation
September 2009 42.4
June 2009 (10.0)
Profit/(loss) before
exceptional items
September 2009 97.7
June 2009 171.3
Exceptional items
September 2009 -
June 2009 (8.2)
Net profit/(loss)
September 2009 97.7
June 2009 163.1
Net profit/(loss)
excluding gains
and losses on
September 2009 97.0
foreign exchange,
financial instruments and
exceptional items
June 2009 165.1
Capital expenditure
September 2009 233.0 151.8 81.2
June 2009 205.4 131.3 74.1
# As a significant portion of the acquisition price was allocated to
tenements
of St Ives and Agnew based on endowment ounces and also as these two
Australian
operations are entitled to transfer and then off-set tax losses from one
company to another, it is not meaningful to split the income statement below
operating profit.
Operating and financial results
UNITED STATES DOLLARS South Africa Region
Total Mine Total Driefontein
Operating Results
Ore milled/treated
(000 tons)
September 2009 13,559 3,771 1,540
June 2009 13,581 3,625 1,536
Yield (ounces per ton)
September 2009 0.073 0.140 0.123
June 2009 0.073 0.146 0.139
Gold produced
(000 ounces)
September 2009 988.1 526.8 189.5
June 2009 984.9 528.8 213.2
Gold sold (000 ounces)
September 2009 988.6 526.8 189.5
June 2009 988.0 528.8 213.2
Gold price received
(dollars per ounce)
September 2009 959 956 956
June 2009 920 912 915
Total cash cost
(dollars per ounce)
September 2009 586 647 614
June 2009 512 527 470
Notional cash expenditure
(dollars per ounce)
September 2009 826 927 825
June 2009 738 788 667
Operating costs
(dollars per ton)
September 2009 44 94 79
June 2009 39 81 69
Financial Results
($ million)
Revenue
September 2009 948.3 503.9 181.2
June 2009 902.2 479.6 194.1
Operating costs, net
September 2009 591.9 354.0 121.5
June 2009 516.9 291.7 105.3
- Operating costs
September 2009 593.9 354.0 121.5
June 2009 522.7 291.7 105.3
- Gold inventory change
September 2009 (2.0) - -
June 2009 (5.8) - -
Operating profit
September 2009 356.4 149.9 59.7
June 2009 385.3 187.9 88.9
Amortisation of
mining assets
September 2009 145.6 77.5 18.6
June 2009 120.1 66.2 20.2
Net operating
profit/(loss)
September 2009 210.8 72.3 41.1
June 2009 265.0 121.7 68.7
Other (expenses)/income
September 2009 (38.1) (9.9) (2.9)
June 2009 (19.2) (9.0) (3.2)
Profit/(loss)
before taxation
September 2009 172.7 62.4 38.2
June 2009 245.8 112.7 65.5
Mining and income
taxation
September 2009 64.1 21.0 12.3
June 2009 79.5 32.6 20.5
- Normal taxation
September 2009 22.3 5.2 4.6
June 2009 43.2 24.7 16.9
- Royalties
September 2009 12.5 - -
June 2009 11.2 - -
- Deferred taxation
September 2009 29.3 15.8 7.7
June 2009 25.1 7.9 3.7
Profit/(loss) before
exceptional items
September 2009 108.6 41.4 25.9
June 2009 166.3 80.0 45.0
Exceptional items
September 2009 (0.4) 0.4 0.1
June 2009 (11.7) (10.7) (4.0)
Net profit/(loss)
September 2009 108.2 41.0 26.0
June 2009 154.6 69.3 40.9
Net profit/(loss)
excluding gains and
losses on foreign
September 2009 121.1 41.2 26.0
June 2009 158.9 72.1 41.6
Capital expenditure
September 2009 222.6 134.3 34.8
June 2009 202.3 122.2 35.9
UNITED STATES DOLLARS South Africa Region
Kloof Beatrix South Deep
Operating Results
Ore milled/treated
(000 tons)
September 2009 1,041 791 399
June 2009 891 774 424
Yield (ounces per ton)
September 2009 0.155 0.140 0.164
June 2009 0.181 0.133 0.122
Gold produced
(000 ounces)
September 2009 161.5 110.5 65.3
June 2009 160.9 102.9 51.9
Gold sold (000 ounces)
September 2009 161.5 110.5 65.3
June 2009 160.9 102.9 51.9
Gold price received
(dollars per ounce)
September 2009 957 956 955
June 2009 909 909 910
Total cash cost
(dollars per ounce)
September 2009 648 660 716
June 2009 528 574 669
Notional cash expenditure
(dollars per ounce)
September 2009 865 858 1,493
June 2009 732 817 1,403
Operating costs
(dollars per ton)
September 2009 104 96 121
June 2009 100 80 86
Financial Results
($ million)
Revenue
September 2009 154.6 105.7 62.4
June 2009 145.9 92.8 46.7
Operating costs, net
September 2009 108.5 75.6 48.4
June 2009 88.9 61.3 36.2
- Operating costs
September 2009 108.5 75.6 48.4
June 2009 88.9 61.3 36.2
- Gold inventory change
September 2009 - - -
June 2009 - - -
Operating profit
September 2009 46.1 30.0 14.0
June 2009 57.0 31.5 10.5
Amortisation of
mining assets
September 2009 27.6 18.4 13.0
June 2009 20.4 14.4 11.2
Net operating
profit/(loss)
September 2009 18.5 11.7 1.0
June 2009 36.6 17.1 (0.7)
Other (expenses)/income
September 2009 (2.1) (1.2) (3.7)
June 2009 (2.6) (0.2) (3.0)
Profit/(loss)
before taxation
September 2009 16.4 10.5 (2.7)
June 2009 34.0 16.9 (3.7)
Mining and income
taxation
September 2009 5.3 4.6 (1.1)
June 2009 9.3 4.2 (1.4)
- Normal taxation
September 2009 0.5 0.1 -
June 2009 7.7 0.1 -
- Royalties
September 2009 - - -
June 2009 - - -
- Deferred taxation
September 2009 4.8 4.5 (1.1)
June 2009 1.5 4.1 (1.4)
Profit/(loss) before
exceptional items
September 2009 11.2 6.0 (1.6)
June 2009 24.7 12.6 (2.3)
Exceptional items
September 2009 (0.1) (0.5) -
June 2009 (2.5) (4.4) 0.3
Net profit/(loss)
September 2009 11.1 5.5 (1.6)
June 2009 22.2 8.2 (2.1)
Net profit/(loss)
excluding gains and
losses on foreign
September 2009 11.1 5.8 (1.6)
June 2009 21.8 11.1 (2.3)
Capital expenditure
September 2009 31.2 19.1 49.1
June 2009 28.5 21.9 35.9
Average exchange rates were US$1 = R7.82 and US$1 = R8.56 for the September
2009 and June 2009 quarters respectively. The Australian dollar exchange
rates
were A$1 = R6.49 and A$1 = R6.46 for the September 2009 and June 2009
quarters
respectively.
Operating and financial results
UNITED STATES DOLLARS West Africa Region South
America
Region
Ghana Peru
Total Tarkwa Damang Cerro
Corona
Operating Results
Ore milled/treated
(000 tons)
Sept 2009 6,357 5,130 1,227 1,538
June 2009 6,470 5,166 1,304 1,473
Yield (ounces per ton)
Sept 2009 0.036 0.034 0.042 0.058
June 2009 0.034 0.032 0.041 0.057
Gold produced
(000 ounces)
Sept 2009 226.5 175.1 51.4 88.5
June 2009 218.1 164.7 53.4 83.9
Gold sold (000 ounces)
Sept 2009 226.5 175.1 51.4 89.1
June 2009 218.1 164.7 53.4 86.9
Gold price received
(dollars per ounce)
Sept 2009 964 964 962 966
June 2009 928 928 928 964
Total cash cost
(dollars per ounce)
Sept 2009 513 480 622 349
June 2009 513 481 611 337
Notional cash expenditure
(dollars per ounce)
Sept 2009 678 690 637 599
June 2009 687 684 696 584
Operating costs
(dollars per ton)
Sept 2009 18 17 24 20
June 2009 18 16 24 20
Financial Results
($ million)
Revenue
Sept 2009 218.3 168.9 49.5 86.0
June 2009 200.7 151.5 49.2 81.3
Operating costs, net
Sept 2009 115.4 84.0 31.4 30.9
June 2009 112.1 80.0 32.1 28.8
- Operating costs
Sept 2009 117.6 88.2 29.3 30.5
June 2009 114.7 83.4 31.3 29.5
- Gold inventory
change
Sept 2009 (2.1) (4.2) 2.0 0.3
June 2009 (2.8) (3.5) 0.7 (0.7)
Operating profit
Sept 2009 102.9 84.8 18.1 55.1
June 2009 88.6 71.6 17.1 52.5
Amortisation of mining
Sept 2009 27.7 23.9 3.8 13.9
assets#
June 2009 14.3 8.3 6.0 12.1
Net operating
profit/(loss)
Sept 2009 75.2 60.9 14.3 41.2
June 2009 74.3 63.3 11.1 40.4
Other (expenses)/income
Sept 2009 (2.7) (2.1) (0.6) (24.9)
June 2009 (4.8) (2.2) (2.6) (6.8)
Profit/(loss)
before taxation
Sept 2009 72.5 58.9 13.7 16.3
June 2009 69.5 61.1 8.5 33.6
Mining and
income taxation
Sept 2009 25.3 20.2 5.1 8.9
June 2009 21.8 18.5 3.2 15.1
- Normal taxation
Sept 2009 6.8 2.7 4.2 10.3
June 2009 2.2 - 2.2 9.1
- Royalties
Sept 2009 6.5 5.1 1.5 2.5
June 2009 6.0 4.5 1.5 1.6
- Deferred taxation
Sept 2009 11.9 12.5 (0.6) (3.9)
June 2009 13.6 14.0 (0.4) 4.4
Profit/(loss) before
exceptional items
Sept 2009 47.3 38.7 8.6 7.5
June 2009 47.7 42.6 5.2 18.5
Exceptional items
Sept 2009 - - - -
June 2009 - - - -
Net profit/(loss)
Sept 2009 47.3 38.7 8.6 7.5
June 2009 47.7 42.6 5.2 18.5
Net profit/(loss)
excluding gains
and losses on
foreign exchange,
financial instruments
and exceptional items
Sept 2009 47.4 38.8 8.6 20.0
June 2009 48.5 42.6 5.9 18.7
Capital expenditure
Sept 2009 36.0 32.6 3.4 22.5
June 2009 36.4 30.6 5.8 19.6
UNITED STATES DOLLARS Australasia Region
Australia #
Total St Ives Agnew
Operating Results
Ore milled/treated
(000 tons)
Sept 2009 1,893 1,658 235
June 2009 2,013 1,785 228
Yield (ounces per ton)
Sept 2009 0.077 0.060 0.196
June 2009 0.077 0.061 0.198
Gold produced
(000 ounces)
Sept 2009 146.2 100.3 45.9
June 2009 154.2 108.9 45.2
Gold sold (000 ounces)
Sept 2009 146.2 100.3 45.9
June 2009 154.2 108.9 45.2
Gold price received
(dollars per ounce)
Sept 2009 958 963 949
June 2009 913 908 923
Total cash cost
(dollars per ounce)
Sept 2009 626 698 470
June 2009 552 614 401
Notional cash expenditure
(dollars per ounce)
Sept 2009 831 901 679
June 2009 721 770 601
Operating costs
(dollars per ton)
Sept 2009 48 43 89
June 2009 43 38 81
Financial Results
($ million)
Revenue
Sept 2009 140.1 96.5 43.6
June 2009 140.5 98.7 41.8
Operating costs, net
Sept 2009 91.6 69.7 21.9
June 2009 84.5 66.4 18.1
- Operating costs
Sept 2009 91.8 70.9 20.8
June 2009 86.9 68.3 18.6
- Gold inventory
change
Sept 2009 (0.2) (1.3) 1.1
June 2009 (2.4) (1.9) (0.5)
Operating profit
Sept 2009 48.5 26.9 21.7
June 2009 56.0 32.3 23.7
Amortisation of mining
assets#
Sept 2009 26.5
June 2009 27.5
Net operating
profit/(loss)
Sept 2009 22.0
June 2009 28.6
Other (expenses)/income
Sept 2009 (0.7)
June 2009 1.5
Profit/(loss)
before taxation
Sept 2009 21.4
June 2009 30.0
Mining and
income taxation
Sept 2009 8.9
June 2009 10.1
- Normal taxation
Sept 2009 -
June 2009 7.3
- Royalties
Sept 2009 3.5
June 2009 3.5
- Deferred taxation
Sept 2009 5.4
June 2009 (0.7)
Profit/(loss) before
exceptional items
Sept 2009 12.5
June 2009 19.9
Exceptional items
Sept 2009 -
June 2009 (1.0)
Net profit/(loss)
Sept 2009 12.5
June 2009 19.0
Net profit/(loss)
excluding gains
and losses on
foreign exchange,
financial instruments
and exceptional items
Sept 2009 12.4
June 2009 19.3
Capital expenditure
Sept 2009 29.8 19.4 10.4
June 2009 24.1 15.5 8.6
UNITED STATES DOLLARS AUSTRALIAN DOLLARS
Australasia Region #
Total St Ives Agnew
Operating Results
Ore milled/treated
(000 tons)
Sept 2009 1,893 1,658 235
June 2009 2,013 1,785 228
Yield (ounces per ton)
Sept 2009 0.077 0.060 0.196
June 2009 0.077 0.061 0.198
Gold produced
(000 ounces)
Sept 2009 146.2 100.3 45.9
June 2009 154.2 108.9 45.2
Gold sold (000 ounces)
Sept 2009 146.2 100.3 45.9
June 2009 154.2 108.9 45.2
Gold price received
(dollars per ounce)
Sept 2009 1,155 1,160 1,143
June 2009 1,218 1,213 1,232
Total cash cost
(dollars per ounce)
Sept 2009 754 841 566
June 2009 731 814 531
Notional cash expenditure
(dollars per ounce)
Sept 2009 1,002 1,086 819
June 2009 955 1,021 797
Operating costs
(dollars per ton)
Sept 2009 58 52 107
June 2009 57 51 108
Financial Results
($ million)
Revenue
Sept 2009 168.8 116.3 52.5
June 2009 187.2 131.6 55.6
Operating costs, net
Sept 2009 110.3 83.9 26.4
June 2009 112.4 88.3 24.1
- Operating costs
Sept 2009 110.6 85.5 25.1
June 2009 115.7 91.0 24.7
- Gold inventory
change
Sept 2009 (0.2) (1.5) 1.3
June 2009 (3.3) (2.7) (0.6)
Operating profit
Sept 2009 58.5 32.4 26.1
June 2009 74.8 43.3 31.5
Amortisation of mining
assets#
Sept 2009 31.9
June 2009 36.7
Net operating
profit/(loss)
Sept 2009 26.5
June 2009 38.1
Other (expenses)/income
Sept 2009 (0.8)
June 2009 1.9
Profit/(loss)
before taxation
Sept 2009 25.7
June 2009 40.0
Mining and
income taxation
Sept 2009 10.7
June 2009 13.4
- Normal taxation
Sept 2009 -
June 2009 9.8
- Royalties
Sept 2009 4.2
June 2009 4.6
- Deferred taxation
Sept 2009 6.5
June 2009 (1.1)
Profit/(loss) before
exceptional items
Sept 2009 15.1
June 2009 26.6
Exceptional items
Sept 2009 -
June 2009 (1.2)
Net profit/(loss)
Sept 2009 15.1
June 2009 25.4
Net profit/(loss)
excluding gains
and losses on
foreign exchange,
financial instruments
and exceptional items
Sept 2009 14.9
June 2009 25.6
Capital expenditure
Sept 2009 35.9 23.4 12.5
June 2009 32.2 20.6 11.5
# As a significant portion of the acquisition price was allocated to
tenements
of St Ives and Agnew on endowment ounces and also as these two Australian
operations are entitled to transfer and then off-set tax losses from one
company to another, it is not meaningful to split the income statement below
operating profit.
Figures may not add as they are rounded independently.
Total cash cost
Gold Industry Standards Basis
Figures are in South African rand millions unless otherwise stated
South Africa Region
Total Mine
Operations
Total Driefontein Kloof
Operating costs (1)
Sept 2009 4,644.1 2,768.4 950.1 848.2
June 2009 4,491.9 2,508.3 905.4 762.7
Gold-in-process and
inventory change*
Sept 2009 (13.2) - - -
June 2009 (40.3) - - -
Less:
Rehabilitation costs
Sept 2009 29.7 22.3 8.9 6.9
June 2009 35.1 26.3 12.0 7.9
Production taxes
Sept 2009 7.7 7.7 1.8 3.5
June 2009 5.7 5.7 0.6 3.0
General and admin
Sept 2009 167.8 82.5 31.4 23.3
June 2009 189.4 94.8 35.5 27.8
Cash operating costs
Sept 2009 4,425.7 2,655.9 908.0 814.5
June 2009 4,221.4 2,381.5 857.3 724.0
Plus:
Production taxes
Sept 2009 7.7 7.7 1.8 3.5
June 2009 5.7 5.7 0.6 3.0
Royalties
Sept 2009 97.4 - - -
June 2009 103.1 - - -
TOTAL CASH COST (2)
Sept 2009 4,530.8 2,663.6 909.8 818.0
June 2009 4,330.2 2,387.2 857.9 727.0
Plus:
Amortisation*
Sept 2009 1,136.4 606.4 145.5 215.7
June 2009 1,023.8 572.7 174.5 175.7
Rehabilitation
Sept 2009 29.7 22.3 8.9 6.9
June 2009 35.1 26.3 12.0 7.9
TOTAL PRODUCTION
COST (3)
Sept 2009 5,696.9 3,292.3 1,064.2 1,040.6
June 2009 5,389.1 2,986.2 1,044.4 910.6
Gold sold
- thousand ounces
Sept 2009 988.6 526.8 189.5 161.5
June 2009 988.0 528.8 213.2 160.9
TOTAL CASH COST
- US$/oz
Sept 2009 586 647 614 648
June 2009 512 527 470 528
TOTAL CASH COST
- R/kg
Sept 2009 147,343 162,553 154,387 162,818
June 2009 140,916 145,145 129,397 145,284
TOTAL PRODUCTION
COST - US$/oz
Sept 2009 737 799 718 824
June 2009 637 660 572 661
South Africa Region
Beatrix South
Deep
Operating costs (1)
Sept 2009 591.4 378.7
June 2009 528.2 312.0
Gold-in-process and
inventory change*
Sept 2009 - -
June 2009 - -
Less:
Rehabilitation costs
Sept 2009 4.1 2.4
June 2009 4.1 2.3
Production taxes
Sept 2009 1.2 1.2
June 2009 1.2 0.9
General and admin
Sept 2009 17.1 10.7
June 2009 19.1 12.4
Cash operating costs
Sept 2009 569.0 364.4
June 2009 503.8 296.4
Plus:
Production taxes
Sept 2009 1.2 1.2
June 2009 1.2 0.9
Royalties
Sept 2009 - -
June 2009 - -
TOTAL CASH COST (2)
Sept 2009 570.2 365.6
June 2009 505.0 297.3
Plus:
Amortisation*
Sept 2009 143.5 101.7
June 2009 124.8 97.7
Rehabilitation
Sept 2009 4.1 2.4
June 2009 4.1 2.3
TOTAL PRODUCTION
COST (3)
Sept 2009 717.8 469.7
June 2009 633.9 397.3
Gold sold
- thousand ounces
Sept 2009 110.5 65.3
June 2009 102.9 51.9
TOTAL CASH COST
- US$/oz
Sept 2009 660 716
June 2009 574 669
TOTAL CASH COST
- R/kg
Sept 2009 165,900 179,921
June 2009 157,862 184,201
TOTAL PRODUCTION
COST - US$/oz
Sept 2009 831 919
June 2009 720 894
West Africa Region South
America
Region
Ghana Peru
Total Tarkwa Damang Cerro
Corona
Operating costs (1)
Sept 2009 919.3 689.8 229.5 238.8
June 2009 981.0 713.4 267.6 257.0
Gold-in-process and
inventory change*
Sept 2009 (10.8) (26.3) 15.5 2.3
June 2009 (26.6) (33.6) 7.0 3.6
Less:
Rehabilitation costs
Sept 2009 1.6 1.3 0.3 3.1
June 2009 2.8 1.7 1.1 3.6
Production taxes
Sept 2009 - - - -
June 2009 - - - -
General and admin
Sept 2009 50.1 43.9 6.2 14.1
June 2009 53.2 46.2 7.0 13.7
Cash operating costs
Sept 2009 856.8 618.3 238.5 223.9
June 2009 898.4 631.9 266.5 243.3
Plus:
Sept 2009 - - - -
Production taxes
Royalties
June 2009 - - - -
Sept 2009 51.2 39.6 11.6 19.3
June 2009 58.9 46.2 12.7 14.2
TOTAL CASH COST (2)
Sept 2009 908.0 657.9 250.1 243.2
June 2009 957.3 678.1 279.2 257.5
Plus:
Sept 2009 210.6 180.5 30.1 109.0
Amortisation*
Rehabilitation
June 2009 124.6 72.7 51.9 94.8
Sept 2009 1.6 1.3 0.3 3.1
June 2009 2.8 1.7 1.1 3.6
TOTAL PRODUCTION
COST (3)
Sept 2009 1,120.2 839.7 280.5 355.3
June 2009 1,084.7 752.5 332.2 355.9
Gold sold
- thousand ounces
Sept 2009 226.5 175.1 51.4 89.1
June 2009 218.1 164.7 53.4 86.9
TOTAL CASH COST
- US$/oz
Sept 2009 513 480 622 349
June 2009 513 481 611 337
TOTAL CASH COST
- R/kg
Sept 2009 128,867 120,804 156,313 87,798
June 2009 141,132 132,390 168,104 92,752
TOTAL PRODUCTION
COST - US$/oz
Sept 2009 632 613 697 510
June 2009 581 534 727 478
Australasia Region
Australia
Total St Ives Agnew
Operating costs (1)
Sept 2009 717.6 554.7 162.9
June 2009 745.6 586.9 158.7
Gold-in-process and
inventory change*
Sept 2009 (4.7) (9.1) 4.4
June 2009 (17.3) (14.0) (3.3)
Less:
Rehabilitation costs
Sept 2009 2.7 2.2 0.5
June 2009 2.4 1.7 0.7
Production taxes
Sept 2009 - - -
June 2009 - - -
General and admin
Sept 2009 21.1 14.6 6.5
June 2009 27.7 19.6 8.1
Cash operating costs
Sept 2009 689.1 528.8 160.3
June 2009 698.2 551.6 146.6
Plus:
Production taxes
Sept 2009 - - -
June 2009 - - -
Royalties
Sept 2009 26.9 18.3 8.6
June 2009 30.0 21.3 8.7
TOTAL CASH COST (2)
Sept 2009 716.0 547.1 168.9
June 2009 728.2 572.9 155.3
Plus:
Amortisation*
Sept 2009 210.4 - -
June 2009 231.7 - -
Rehabilitation
Sept 2009 2.7 - -
June 2009 2.4 - -
TOTAL PRODUCTION
COST (3)
Sept 2009 929.1 - -
June 2009 962.3 - -
Gold sold
- thousand ounces
Sept 2009 146.2 100.3 45.9
June 2009 154.2 108.9 45.2
TOTAL CASH COST
- US$/oz
Sept 2009 626 698 470
June 2009 552 614 401
TOTAL CASH COST
- R/kg
Sept 2009 157,432 175,409 118,195
June 2009 151,867 169,097 110,377
TOTAL PRODUCTION
COST - US$/oz
Sept 2009 813 - -
June 2009 729 - -
DEFINITIONS
Total cash cost and Total production cost are calculated in accordance with
the Gold Institute Industry standard.
(1) Operating costs - All gold mining related costs before
mortisation/depreciation, changes in gold inventory, taxation and
exceptional items.
(2) Total cash cost - Operating costs less off-mine costs, which include
general and administration costs, as detailed in the table above.
(3) Total production cost - Total cash cost plus amortisation/depreciation
and rehabilitation provisions, as detailed in the table above.
* Adjusted for amortisation/depreciation (non-cash item) excluded from gold-
in-process change.
Average exchange rates were US$1 = R7.82 and US$1 = R8.56 for the September
2009 and June 2009 quarters respectively.
Capital expenditure
Figures are in South African rand millions unless otherwise stated
Total Mine South Africa Region
Operations
Total Driefontein
Sustaining capital
Sept 2009 1,226.9 627.5 233.6
June 2009 1,287.9 721.2 285.1
Project capital
Sept 2009 384.0 384.0 -
June 2009 311.4 311.4 -
Uranium capital
Sept 2009 38.6 38.6 38.6
June 2009 26.3 26.3 26.3
Brownfields
exploration
Sept 2009 91.1 - -
June 2009 102.7 - -
Total capital
expenditure
Sept 2009 1,740.6 1,050.1 272.2
June 2009 1,728.3 1,058.9 311.4
South Africa Region
Kloof Beatrix South
Deep
Sustaining capital
Sept 2009 244.3 149.6 -
June 2009 245.4 190.7 -
Project capital
Sept 2009 - - 384.0
June 2009 - - 311.4
Uranium capital
Sept 2009 - - -
June 2009 - - -
Brownfields
exploration
Sept 2009 - - -
June 2009 - - -
Total capital
expenditure
Sept 2009 244.3 149.6 384.0
June 2009 245.4 190.7 311.4
West Africa Region South
America
Region
Ghana Peru
Total Tarkwa Damang Cerro
Corona
Sustaining capital
Sept 2009 271.6 254.9 16.7 175.7
June 2009 292.6 250.8 41.8 162.6
Project capital
Sept 2009 - - - -
June 2009 - - - -
Uranium capital
Sept 2009 - - - -
June 2009 - - -
Brownfields
exploration
Sept 2009 10.2 - 10.2 -
June 2009 8.8 - 8.8 -
Total capital
expenditure
Sept 2009 281.8 254.9 26.9 175.7
June 2009 301.4 250.8 50.6 162.6
Australasia Region
Australia
Total St Ives Agnew
Sustaining capital
Sept 2009 152.1 108.8 43.3
June 2009 111.5 67.4 44.1
Project capital
Sept 2009 - - -
June 2009 - - -
Uranium capital
Sept 2009 - - -
June 2009 - -
Brownfields
exploration
Sept 2009 80.9 43.0 37.9
June 2009 93.9 63.9 30.0
Total capital
expenditure
Sept 2009 233.0 151.8 81.2
June 2009 205.4 131.3 74.1
Notional cash expenditure ##
Figures are in South African rand millions unless otherwise stated
Total Mine South Africa Region
Operations
Total Driefontein
Operating costs
Sept 2009 4,644.1 2,768.4 950.1
June 2009 4,491.9 2,508.3 905.4
Capital expenditure
Sept 2009 1,740.6 1,050.1 272.2
June 2009 1,728.3 1,058.9 311.4
Notional cash
expenditure
- R/kg
Sept 2009 207,754 233,034 207,416
June 2009 203,042 216,891 183,529
Notional cash
expenditure
- US$/oz
Sept 2009 826 927 825
June 2009 738 788 667
South Africa Region
Kloof Beatrix South
Deep
Operating costs
Sept 2009 848.2 591.4 378.7
June 2009 762.7 528.2 312.0
Capital expenditure
Sept 2009 244.3 149.6 384.0
June 2009 245.4 190.7 311.4
Notional cash
expenditure
- R/kg
Sept 2009 217,456 215,595 375,344
June 2009 201,459 224,726 386,245
Notional cash
expenditure
- US$/oz
Sept 2009 865 858 1,493
June 2009 732 817 1,403
West Africa Region South
America
Region
Ghana Peru
Total Tarkwa Damang Cerro
Corona
Operating costs
Sept 2009 919.3 689.8 229.5 238.8
June 2009 981.0 713.4 267.6 257.0
Capital expenditure
Sept 2009 281.8 254.9 26.9 175.7
June 2009 301.4 250.8 50.6 162.6
Notional cash
expenditure
- R/kg
Sept 2009 170,466 173,467 160,250 150,618
June 2009 165,089 188,247 191,571 160,766
Notional cash
expenditure
- US$/oz
Sept 2009 678 690 637 599
June 2009 600 684 696 584
Australasia Region
Australia
Total St Ives Agnew
Operating costs
Sept 2009 717.6 554.7 162.9
June 2009 745.6 586.9 158.7
Capital expenditure
Sept 2009 233.0 151.8 81.2
June 2009 205.4 131.3 74.1
Notional cash
expenditure
- R/kg
Sept 2009 209,015 226,515 170,819
June 2009 198,332 211,983 165,458
Notional cash
expenditure
- US$/oz
Sept 2009 831 901 679
June 2009 721 770 601
## Notional cash expenditure (NCE) per kilogram (ounce) = operating costs
plus
capital expenditure divided by gold produced.
Underground and surface
South African rand and metric units
Operating Results
Total Mine South Africa Region
Operations
Total Driefontein Kloof
Ore milled /
treated (000 ton)
- underground
Sept 2009 3,086 2,536 708 713
June 2009 3,054 2,519 794 638
- surface
Sept 2009 10,473 1,235 832 328
June 2009 10,527 1,106 742 253
- total
Sept 2009 13,559 3,771 1,540 1,041
June 2009 13,581 3,625 1,536 891
Yield
(grams per ton)
- underground
Sept 2009 5.9 6.0 7.3 6.7
June 2009 6.0 6.1 7.6 7.4
- surface
Sept 2009 1.2 0.9 0.9 0.8
June 2009 1.2 0.9 0.8 1.0
- combined
Sept 2009 2.3 4.3 3.8 4.8
June 2009 2.3 4.5 4.3 5.6
Gold produced
(kilograms)
- underground
Sept 2009 18,215 15,317 5,157 4,749
June 2009 18,345 15,478 6,015 4,753
- surface
Sept 2009 12,517 1,069 736 275
June 2009 12,290 969 615 251
- total
Sept 2009 30,732 16,386 5,893 5,024
June 2009 30,635 16,447 6,630 5,004
Operating costs
(Rand per ton)
- underground
Sept 2009 1,003 1,059 1,248 1,170
June 2009 930 963 1,059 1,178
- surface
Sept 2009 148 68 80 43
June 2009 157 74 87 45
- total
Sept 2009 343 734 617 815
June 2009 331 692 589 856
South Africa Region
Beatrix South
Deep #
Ore milled /
treated (000 ton)
- underground
Sept 2009 768 347
June 2009 774 313
- surface
Sept 2009 23 52
June 2009 - 111
- total
Sept 2009 791 399
June 2009 774 424
Yield
(grams per ton)
- underground
Sept 2009 4.4 6.5
June 2009 4.1 6.7
- surface
Sept 2009 1.3 0.6
June 2009 - 0.9
- combined
Sept 2009 4.3 5.1
June 2009 4.1 3.8
Gold produced
(kilograms)
- underground
Sept 2009 3,408 2,003
June 2009 3,199 1,511
- surface
Sept 2009 29 29
June 2009 - 103
- total
Sept 2009 3,437 2,032
June 2009 3,199 1,614
Operating costs
(Rand per ton)
- underground
Sept 2009 770 1,083
June 2009 682 979
- surface
Sept 2009 13 56
June 2009 - 51
- total
Sept 2009 748 949
June 2009 682 736
West Africa Region South
America
Region
Ghana Peru
Total Tarkwa Damang Cerro Coron
Ore milled /
treated (000 ton)
- underground
Sept 2009 - - - -
June 2009 - - - -
- surface
Sept 2009 6,357 5,130 1,227 1,538
June 2009 6,470 5,166 1,304 1,473
- total
Sept 2009 6,357 5,130 1,227 1,538
June 2009 6,470 5,166 1,304 1,473
Yield
(grams per ton)
- underground
Sept 2009 - - - -
June 2009 - - - -
- surface
Sept 2009 1.1 1.1 1.3 1.8
June 2009 1.0 1.0 1.3 1.8
- combined
Sept 2009 1.1 1.1 1.3 1.8
June 2009 1.0 1.0 1.3 1.8
Gold produced
(kilograms)
- underground
Sept 2009 - - - -
June 2009 - - - -
- surface
Sept 2009 7,046 5,446 1,600 2,752
June 2009 6,783 5,122 1,661 2,610
- total
Sept 2009 7,046 5,446 1,600 2,752
June 2009 6,783 5,122 1,661 2,610
Operating costs
(Rand per ton)
- underground
Sept 2009 - - - -
June 2009 - - - -
- surface
Sept 2009 145 134 187 155
June 2009 152 138 205 174
- total
Sept 2009 145 134 187 155
June 2009 152 138 205 174
Australasia Region
Australia
Total St Ives Agnew
Ore milled /
treated (000 ton)
- underground
Sept 2009 550 362 188
June 2009 535 326 209
- surface
Sept 2009 1,343 1,296 47
June 2009 1,478 1,459 19
- total
Sept 2009 1,893 1,658 235
June 2009 2,013 1,785 228
Yield
(grams per ton)
- underground
Sept 2009 5.3 4.2 7.4
June 2009 5.4 4.5 6.7
- surface
Sept 2009 1.2 1.2 1.0
June 2009 1.3 1.3 0.6
- combined
Sept 2009 2.4 1.9 6.1
June 2009 2.4 1.9 6.2
Gold produced
(kilograms)
- underground
Sept 2009 2,898 1,514 1,384
June 2009 2,867 1,471 1,396
- surface
Sept 2009 1,650 1,605 45
June 2009 1,928 1,917 11
- total
Sept 2009 4,548 3,119 1,429
June 2009 4,795 3,388 1,407
Operating costs
(Rand per ton)
- underground
Sept 2009 749 695 852
June 2009 773 791 744
- surface
Sept 2009 228 234 57
June 2009 225 225 163
- total
Sept 2009 379 335 693
June 2009 370 329 696
# September quarter includes 40,000 tons (June quarter 87,000 tons) of waste
processed from underground. In order to show the yield based on ore mined,
the
calculation of the yield at South Deep only, excludes the underground waste.
Development results
Development values represent the actual results of sampling and no allowance
has been made for any adjustments which may be necessary when estimating ore
reserves. All figures below exclude shaft sinking metres.
Driefontein September 2009 quarter
Carbon Leader Main1 VCR
Reef
Advanced (m) 3,719 761 1,591
Advanced on reef (m) 794 20.4 83
Sampled (m) 672 - 78
Channel width (cm) 73 - 101
Average value - (g/t) 22.5 - 14.6
- (cm.g/t) 1,636 - 1,473
Driefontein June 2009 quarter
Carbon Leader Main VCR
Reef
Advanced (m) 3,955 1,145 1,687
Advanced on reef (m) 907 332 158
Sampled (m) 951 252 132
Channel width (cm) 76 104 85
Average value - (g/t) 16.7 5.0 12.7
- (cm.g/t) 1,264 519 1,089
Kloof September 2009 quarter
Kloof Main VCR
Reef
Advanced (m) 214 1,414 4,741
Advanced on reef (m) 53 202 665
Sampled (m) 55 126 532
Channel width (cm) 202 145 130
Average value - (g/t) 14.2 5.8 21.8
- (cm.g/t) 2,883 834 2,840
Kloof June 2009 quarter
Kloof Main VCR
Reef
Advanced (m) 44 1,150 4,549
Advanced on reef (m) 42 159 713
Sampled (m) 30 207 513
Channel width (cm) 158 130 129
Average value - (g/t) 11.6 7.6 17.9
- (cm.g/t) 1,828 985 2,320
Beatrix September 2009 quarter
Reef Beatrix Kalkoenkrans
Advanced (m) 5,041 1,973
Advanced on reef (m) 707 410
Sampled (m) 582 414
Channel width (cm) 128 101
Average value - (g/t) 5.4 19.7
- (cm.g/t) 685 1,985
Beatrix June 2009
quarter
Reef Beatrix Kalkoenkrans
Advanced (m) 6,263 1,802
Advanced on reef (m) 1,169 316
Sampled (m) 1,566 300
Channel width (cm) 111 100
Average value - (g/t) 7.5 26.7
- (cm.g/t) 838 2,665
South Deep September 2009 quarter June 2009 quarter
Elsburgs 2, 3 Elsburgs
2,3
Reef
Main Advanced (m) 2,715 2,091
-Main above 95 level (m) 1,355 931
-Main below 95 level (m) 1,360 1,160
Advanced on reef (m) 1,248 905
Average value - (g/t) 5.0 6.9
1) Ore reserve development in the Main reef is done primarily as secondary
prospecting at 8 shaft. During the period no metres were sampled.
2) Trackless development in the Elsburg reefs is evaluated by means of the
resource model.
3) Full channel width not fully exposed in development, hence not reported.
Administration and corporate information
Corporate Secretary
Cain Farrel
Tel: (+27)(11) 562 9742
Fax: (+27)(11) 562 9829
e-mail: cain.farrel@goldfields.co.za
Investor Enquiries
Willie Jacobsz
Tel: (+508) 358 0188
Mobile: (+857) 241 7127
e-mail: wjacobsz@gfexpl.com
Nikki Catrakilis-Wagner
Tel: (+27)(11) 562 9706
Mobile: (+27)(0) 83 309 6720
e-mail: nikki.catrakilis-
wagner@goldfields.co.za
Media Enquiries
Julian Gwillim
Mobile: (+27)(0) 82 452 4389
e-mail: julian.gwillim@goldfields.co.za
Transfer Secretaries
South Africa
Computershare Investor Services
(Proprietary) Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
P O Box 61051
Marshalltown, 2107
Tel: (+27)(11) 370 5000
Fax: (+27)(11) 370 5271
United Kingdom
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England
Tel: 08716640300 (from UK calls)
(+44)(20) 8639 3399 (from outside UK)
Fax: (+44)(20) 8658 3430
Website
http://www.goldfields.co.za
Listings
JSE / NYSE / NASDAQ Dubai: GFI
NYX: GFLB
SWX: GOLI
Forward Looking Statements
Certain statements in this document constitute "forward looking statements"
within the meaning of Section 27A of the US Securities Act of 1933 and
Section 21E of the US Securities Exchange Act of 1934.
Such forward looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual
results, performance or achievements of the company to be materially
different from the future results, performance or achievements expressed or
implied by such forward looking statements. Such risks, uncertainties and
other important factors include among others: economic, business and
political conditions in South Africa, Ghana, Australia, Peru and elsewhere;
the ability to achieve anticipated efficiencies and other cost savings in
connection with past and future acquisitions, exploration and development
activities; decreases in the market price of gold or copper; hazards
associated with underground and surface gold mining; labour disruptions;
availability terms and deployment of capital or credit; changes in
government regulations, particularly environmental regulations; and new
legislation affecting mining and mineral rights; changes in exchange rates;
currency devaluations; inflation and other macro-economic factors,
industrial action, temporary stoppages of mines for safety reasons; and the
impact of the AIDS crisis in South Africa. These forward looking statements
speak only as of the date of this document.
The company undertakes no obligation to update publicly or release any
revisions to these forward looking statements to reflect events or
circumstances after the date of this document or to reflect the occurrence
of unanticipated events.
Registered Offices
Johannesburg
Gold Fields Limited
150 Helen Road
Sandown
Sandton
2196
Postnet Suite 252
Private Bag X30500
Houghton 2041
Tel: (+27)(11) 562 9700
Fax: (+27)(11) 562 9829
Secretaries Offices
London
St James`s Corporate Services Limited
6 St James`s Place
London SW1A 1NP
United Kingdom
Tel: (+44)(20) 7499 3916
Fax: (+44)(20) 7491 1989
American Depository Receipts Transfer
Agent
Bank of New York Mellon
BNY Mellon Shareowner Services
P O Box 358516
Pittsburgh, PA15252-8516
US toll-free telephone: (1)(888) 269 2377
Tel: (+1) 201 680 6825
e-mail: shrrelations@bnymellon.com
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN - ZAE 000018123
Directors
A J Wright (Chairman) ? A R Hill# R L Pennant-Rea *
N J Holland *
(Chief Executive Officer) J G Hopwood C I von Christierson
K Ansah # R P Menell G M Wilson
CA Carolus D N Murray
R Danino ** D M J Ncube ?
* British # Ghanaian # Canadian
** Peruvian Independent Director
Non-independent
Director
Date: 29/10/2009 08:00:01 Produced by the JSE SENS Department.
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