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GFI
GOGOF
GFI - Gold Fields Limited - Results announcement: Q4 F2010 quarter and year
ended 30 June 2010
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN - ZAE 000018123
Q4 F2010
QUARTER AND YEAR ENDED 30 JUNE 2010
ATTRIBUTABLE PRODUCTION UP 13 PER CENT TO 898,000 OUNCES
JOHANNESBURG. 5 August 2010, Gold Fields Limited (NYSE & JSE: GFI) today
announced net earnings for the June 2010 quarter of R900 million compared with
earnings of R316 million and a loss of R293 million in the March 2010 and the
June 2009 quarters respectively. In US dollar terms net earnings for the June
2010 quarter were US$120 million, compared with earnings of US$44 million and a
loss of US$29 million for the March 2010 and June 2009 quarters respectively.
June 2010 quarter salient features:
- New production record for Tarkwa at over 200,000 ounces for the quarter;
- Total cash cost down 2 per cent from R169,538 per kilogram (US$703 per ounce)
to R166,215 per kilogram (US$688 per ounce);
- Notional cash expenditure down 3 per cent from R241,860 per kilogram
(US$1,003 per ounce) to R235,223 per kilogram (US$974 per ounce);
- NCE margin doubled from 9 per cent to 18 per cent;
- Net debt down to R4.7 billion (US$620 million) from R6.1 billion (US$829
million).
A final dividend of 70 SA cents per share is payable on 30 August 2010, giving
a total dividend for financial 2010 of 120 SA cents per share.
Statement by Nick Holland, Chief Executive Officer of Gold Fields:
"Safe production remains a key priority for the Group and I deeply regret to
report three fatal accidents at the South African operations during the
quarter. The fatality rate and the serious injury frequency rate reduced
year-on-year by 15 per cent and 20 per cent respectively.
F2010 has been the best safety year ever, and our focus will now be on
behavioural change, with no let-up in our efforts to create a safe working
environment.
The financial highlight of the June quarter was Gold Fields` ability to
generate R1.8 billion in cash, in line with our strategic focus on controlling
the all-in cost of production, i.e. notional cash expenditure (NCE), and as a
consequence increasing free cash flow.
Attributable Group production for the quarter amounted to 898koz, 13 per cent
higher than the previous quarter. Production from the South Africa region
increased by 23 per cent to 488koz, with significant improvements at all the
South African mines. Particularly pleasing was the performance at Tarkwa in
West Africa, which increased production by 16 per cent to 200koz for the June
quarter, a new record from this mine. St. Ives also had a strong production
quarter, reflecting an excellent performance from the underground operations.
In the June quarter South Deep achieved record production levels since becoming
a fully mechanised mine. South Deep`s production has increased by 52 per cent
year-on-year, achieving annual production of 265koz. South Deep will seek to
build on this momentum as it progresses towards full annual production of
between 750koz and 800koz by the end of 2014. The South African Department of
Mineral Resources has approved the conversion of the South Deep old order
mining right into a new order mining right, which includes an additional
portion of ground known as Uncle Harry`s, which is contiguous to South Deep.
This, together with the previous conversions for Driefontein, Kloof and Beatrix
granted in 2005, means that all of Gold Fields` South African operations have
now been granted their new order mining rights.
In addition, we are finalising three further empowerment transactions that will
assist in achieving our 2014 ownership target. These deals include an Employee
Share Option plan for 10.75 per cent of GFIMSA, a broad-based Black Economic
Empowerment transaction for 10 per cent of South Deep and a broad-based Black
Economic Empowerment transaction for 1 per cent of GFIMSA, excluding South
Deep.
Growth projects continue to make good progress. Exploration drilling has led to
an increase in indicated and inferred Mineral Resources at the Hamlet deposit
at St Ives, which is now reported at 1 million ounces. After Athena, Hamlet is
the second major discovery in the developing Argo-Athena camp in the last two
years, amid extensive investment in the St Ives` near-mine exploration
programme. At Athena, good progress has been made in decline development, which
is on track to achieve first production at this new underground mine by
December 2010.
At the Chucapaca project in Peru, Gold Fields, together with our joint venture
partner Buenaventura, announced an initial resource estimate of 5.6 million
gold equivalent ounces at the Canahurie discovery, with mineralisation
potential beyond the extent of the current drilling. A pre-feasibility study
has commenced together with a new round of in-fill and step-out drilling.
During the quarter we also announced a change in leadership at Gold Fields.
After a long and outstanding career, during which he served Gold Fields with
distinction in various capacities, Alan Wright will retire as chair and
director of Gold Fields at the Annual General Meeting in November 2010. It is
proposed that he be replaced as chair by prominent businesswoman and
activist, Dr. Mamphela Ramphele, who was appointed as director and deputy chair
with effect from 1 July 2010. As we continue on our path towards being the
world`s leading sustainable gold producer, we look forward to Dr. Ramphele`s
contribution, leadership and wealth of experience".
Stock data
Number of shares in issue
- at end June 2010 705,903,511
- average for the quarter 705,826,038
Free Float 100%
ADR Ratio 1 :1
Bloomberg / Reuters GFISJ / GFLJ.J
JSE Limited - (GFI)
Range - Quarter ZAR92.90 - ZAR108.31
Average Volume - Quarter 2,386,598 shares / day
NYSE - (GFI)
Range - Quarter US$12.55 - US$14.15
Average Volume - Quarter 5,855,230 shares / day
SOUTH AFRICAN RAND
Key statistics
Year ended Quarter
June June June March June
2009 2010 2009 2010 2010
Gold produced* 106,186 108,765 28,171 24,690 27,929 kg
Total cash cost 149,398 157,360 140,916 169,538 166,215 R/kg
Notional
cash expenditure 221,153 224,979 203,042 241,860 235,223 R/kg
Tons milled 52,907 56,702 13,581 14,263 14,863 000
Revenue 253,459 264,468 253,162 265,641 287,454 R/kg
Operating costs 337 338 331 334 343 R/ton
Operating profit 11,463 12,573 3,338 2,570 3,738 Rm
Operating margin 39 40 43 35 42 %
Net earnings/(loss) 1,536 3,631 (293) 316 900 Rm
229 515 (46) 44 128 SA
c.p.s.
Headline earnings 2,890 3,164 855 292 1,039 Rm
431 449 126 41 147 SA
c.p.s.
Net earnings excluding 2,981 2,912 949 320 945 Rm
gains and losses on
foreign exchange,
financial instruments,
exceptional items and
share of gain/(loss) of
associates after taxation
445 413 140 45 134 SA
c.p.s.
UNITED STATES DOLLARS
Key statistics
Quarter Year ended
June March June June June
2010 2010 2009 2010 2009
Gold produced* oz 898 793 906 3,497 3,414
(000)
Total cash cost $/oz 688 703 512 646 516
Notional cash
expenditure $/oz 974 1,003 738 923 763
Tons milled 000 14,863 14,263 13,581 56,702 52,907
Revenue $/oz 1,191 1,102 920 1,085 875
Operating costs $/ton 46 44 39 45 37
Operating profit $m 496 344 385 1,659 1,272
Operating margin % 42 35 43 40 39
Net earnings/(loss) $m 120 44 (29) 479 171
US 17 6 (5) 68 25
c.p.s.
Headline earnings $m 138 40 99 417 321
US 20 6 15 59 48
c.p.s.
$m 125 44 109 384 331
Net earnings excluding
gains and losses on
foreign exchange,
financial instruments,
exceptional items and
share of gain/(loss) of
associates after taxation
US 18 6 16 54 49
c.p.s.
* All of the key statistics given above are managed figures except for gold
produced which is attributable equivalent production.
All companies are wholly owned except for Ghana (71.1%) and Cerro Corona
(80.7%).
Gold produced (and sales) throughout this report includes copper gold
equivalents of approximately 6%.
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 and unplanned maintenance 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 deeply regret to report that three fatal accidents occurred at the South
African operations during the quarter. Despite these three accidents, which all
occurred at Kloof, Group safety metrics continued to improve. The Group`s fatal
injury frequency rate for the June quarter was 0.07. The lost time injury
frequency rate was 4.67, the serious injury frequency rate 2.30 and the days
lost injury frequency rate 206.
The total number of fatalities decreased from 21 in financial 2009 to 18 in
financial 2010. As a result the fatality injury frequency rate reduced by 15
per cent from 0.13 in financial 2009 to 0.11, the lost day injury frequency
rate reduced by 6 per cent from 4.35 to 4.07 and the serious injury rate
reduced by 20 per cent from 2.82 to 2.26.
Safe production remains our number one priority and is the driving force behind
the Group pursuing our number one value of "if we cannot mine safely, we will
not mine". Our focus for financial 2011 will be on five key elements:
i. Behavioural based change, which is absolutely critical in achieving further
improvements
ii. Embedding visible felt leadership throughout the organisation
iii. Eliminating the occurrence of repeat accidents
iv. Ensure the full integration of our Safe Production Management System
v. Engineering out the risks to reduce accidents relating to tramming and
material handling.
It is pleasing to note that our Agnew operation in Australia managed to produce
for a full year without a lost time injury. For the entire financial year Cerro
Corona in South America also produced without a lost time injury, while Damang
had three consecutive quarters without a lost time injury. These achievements
indicate that our absolute focus on safety is bearing fruit.
Financial review
Quarter ended 30 June 2010 compared with
quarter ended 31 March 2010
Revenue
Attributable gold production for the June 2010 quarter amounted to 898,000
ounces compared with 793,000 ounces in the March quarter. At the South African
operations, production increased from 395,000 ounces to 488,000 ounces due to
the return to more normal production levels after the negative impact of safety
related stoppages and the extended Christmas break in the March quarter.
Attributable gold production at the West African operations increased by 14 per
cent from 161,000 ounces to 183,000 ounces.
Attributable equivalent gold production at the South American operation
decreased by 12 per cent from 89,000 ounces to 78,000 ounces. At the Australian
operations, gold production increased marginally from 148,000 ounces to 149,000
ounces.
At the South African operations, gold production in the June quarter at
Driefontein, Kloof and Beatrix was 26 per cent, 31 per cent and 11 per cent
higher than the March quarter at 5,783 kilograms, 4,369 kilograms and 2,856
kilograms due to increased underground volumes and higher grades. At South
Deep, production increased by 21 per cent from 1,801 kilograms to 2,176
kilograms due to record production levels from long-hole stoping.
At the West African operations, managed gold production at Tarkwa increased by
16 per cent to a record 200,200 ounces for the quarter due to increased mill
throughput, increased head grade and higher plant availability. At Damang, gold
production increased by 6 per cent to 56,800 ounces due to the commissioning of
the secondary crusher in May 2010, which allowed higher grade fresh ore to be
treated.
In South America, Cerro Corona produced 96,500 equivalent ounces, which is 12
per cent lower than the previous quarter. Equivalent gold production decreased
due to a decrease in ore processed related to lower plant availability and
lower copper prices.
At the Australian operations, Agnew`s gold production decreased by 22 per cent
to 31,700 ounces due to limited stope availability and mining delays as a
result of repairs to the paste-fill system. At St Ives, gold production
increased by 10 per cent to 117,500 ounces mainly due to increased volumes from
all the underground mines.
The average quarterly US dollar gold price achieved increased from US$1,102 per
ounce in the March quarter to US$1,191 per ounce in the June quarter. The
average rand/US dollar exchange rate at R7.51 was similar to the March quarter,
while the Australian dollar at R6.66 was marginally lower than the R6.76
recorded in the March quarter. The rand gold price increased from R265,641 per
kilogram to R287,454 per kilogram. The Australian dollar gold price increased
from A$1,219 per ounce to A$1,359 per ounce.
Revenue increased from R7,280 million (US$971 million) in the March quarter to
R8,803 million (US$1,169 million) in the June quarter due to the increased
production and the higher gold price received.
Operating costs
Net operating costs increased from R4,710 million (US$628 million) in the March
quarter to R5,065 million (US$673 million) in the June quarter. Total cash cost
decreased by 2 per cent from R169,538 per kilogram (US$703 per ounce) to
R166,215 per kilogram (US$688 per ounce). This decrease was as a consequence of
the higher production, partially offset by the imposition of a 25 per cent
electricity tariff increase and one month of winter tariffs during the June
quarter, which is approximately 50 per cent more than the tariffs charged for
the other months.
At the South African operations, operating costs increased by 6 per cent from
R2,733 million (US$364 million) to R2,905 million (US$386 million). This
increase was mainly due to an increase in consumables in line with the higher
production at all the operations and the 25 per cent annual electricity price
increase together with one month of significantly higher winter tariffs. Total
cash cost at the South African operations decreased by 12 per cent from
R214,467 per kilogram (US$889 per ounce) to R187,770 per kilogram (US$778 per
ounce), mainly due to the increased production.
At the West African operations, operating costs including gold-in-process
movements increased by 15 per cent from US$131 million (R987 million) in the
March quarter to US$151 million (R1,140 million) in the June quarter. Tarkwa`s
costs increased by US$17 million due to increased power costs, and in line with
the increase in production. Damang`s costs increased by US$3 million to US$38
million (R286 million) mainly due to increased plant maintenance costs. Total
cash cost at the West African operations increased from US$589 per ounce in the
March quarter to US$623 per ounce in the June quarter.
At Cerro Corona in South America, operating costs including gold- in-process
movements were US$32 million (R242 million), which was US$2 million less than
the March quarter. Total cash cost at Cerro Corona increased from US$303 per
ounce in the March quarter to US$369 per ounce in the June quarter due to the
lower production.
At the Australian operations, operating costs including gold-in- process
movements increased from A$109 million (R736 million) to A$117 million (R779
million). At St Ives, net operating costs increased by A$5 million to A$89
million (R597 million) mainly due to increased maintenance costs. At Agnew,
operating costs were similar quarter on quarter. Total cash cost increased by 3
per cent from US$681 per ounce (A$755 per ounce) to US$703 per ounce (A$792 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.
NCE per ounce 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 June quarter amounted to R235,223 per kilogram
(US$974 per ounce) compared with R241,860 per kilogram (US$1,003 per ounce) in
the March quarter, mainly due to the increased production at the South African
operations partially offset by the increase in operating costs at the West
African and Australian operations. The NCE margin for the Group was 18 per cent
in the June quarter compared with 9 per cent in the March quarter.
At the South African operations, the NCE decreased from R310,490 per kilogram
(US$1,288 per ounce) in the March quarter to R272,669 per kilogram (US$1,129
per ounce) in the June quarter. The NCE margin of 6 per cent in the June
quarter compares with a negative margin of 16 per cent in the March quarter. At
the West African operations, the NCE increased from US$783 per ounce to US$795
per ounce while the NCE margin improved from 30 per cent to 34 per cent due to
the higher gold price.
At the South American operation, NCE improved 6 per cent from US$532 per ounce
in the March quarter to US$502 per ounce in the June quarter due to the lower
capital expenditure. The NCE margin improved from 50 per cent to 54 per cent.
NCE at the Australian operations increased from US$931 per ounce (A$1,033 per
ounce) in the March quarter to US$1,080 per ounce (A$1,217 per ounce) in the
June quarter resulting in a decrease in NCE margin from 15 per cent to 10 per
cent due to increased capital expenditure at Agnew on conversion to owner
mining.
Operating margin
The net effect of the changes in revenue and costs, after taking into account
gold-in-process movements, was a 45 per cent increase in operating profit from
R2,570 million (US$344 million) in the March quarter to R3,738 million (US$496
million) in the June quarter in line with the higher production and the higher
gold prices achieved. The Group operating margin was 42 per cent compared with
35 per cent in the March quarter. The margin at the South African operations
doubled to 34 per cent. At the West African operations the margin increased from
48 per cent to 51 per cent. At Cerro Corona in South America the margin
decreased from 71 per cent to 68 per cent, while at the Australian operations
the margin increased from 40 per cent to 42 per cent.
Amortisation
Amortisation increased from R1,139 million (US$152 million) in the March quarter
to R1,368 million (US$182 million) in the June quarter in line with the higher
production. At the South African operations amortisation increased from R536
million (US$72 million) to R661 million (US$88 million). This was mainly due to
the increase in production at all the operations. At the West African
operations, amortisation increased from US$31 million (R234 million) to US$39
million (US$293 million). At South America, amortisation was similar at US$14
million (R109 million). At the Australian operations, amortisation increased
from US$31 million (R232 million) to US$35 million (R266 million) mainly due to
an increase in ounces mined from underground at St Ives, which carry a higher
development cost and consequently a higher amortisation charge.
Other
Net interest paid of R33 million (US$4 million) was incurred in the June
quarter compared with net interest paid of R45 million (US$6 million) in the
March quarter. In the June quarter interest paid of R146 million (US$19
million) was partly offset by interest received of R90 million (US$12 million)
and interest capitalised of R23 million (US$3 million). This compares with
interest paid of R140 million (US$19 million), partly offset by interest
received of R70 million (US$10 million) and interest capitalised of R25 million
(US$3 million) in the March quarter.
The share of gain of associates after taxation of R86 million (US$11 million)
in the June quarter compares with a gain of R4 million (US$1 million) in the
March quarter. Of the R86 million (US$11 million), R68 million (US$9 million)
relates to a translation gain as a result of Rusoro applying hyper inflationary
accounting to its investments in Venezuela and R18 million (US$2 million)
relates to realised gains from the Group`s 35 per cent interest in Rand
Refinery. The gain in the March quarter relates to equity accounted gains from
Rand Refinery.
The gain on foreign exchange of R6 million (US$1million) in the June quarter
compares with a loss of R16 million (US$2 million) in the March quarter. The
gain in the June quarter and the loss in the March quarter related to the
conversion of offshore cash holdings into their functional currency.
The gain on financial instruments of R19 million (US$2 million) in the June
quarter, compares with a loss of R25 million (US$3 million) in the March
quarter. The gain in the June quarter includes realised gains of R13 million
(US$2 million) on the Cerro Corona copper financial instruments and a R6
million (US$1 million) gain on US$/ZAR forward cover contracts taken out. The
loss of R25 million (US$3 million) in the March quarter included realised
losses and unrealised losses of R18 million (US$2 million) on the Cerro Corona
copper financial instruments and a R7 million (US$1 million) loss on US$/ZAR
forward cover contracts taken out. Refer to page 19 of this report for more
detail.
Share based payments of R46 million (US$6 million) was R75 million (US$10
million) less than the March quarter due to year end forfeiture adjustments.
Other costs increased from R96 million (US$13 million) in the March quarter to
R120 million (US$16 million) in the June quarter. This increase was mainly due
to increased social contributions and sponsorships to the University of the
Witwatersrand.
Exploration
Exploration expenditure increased from R127 million (US$17 million) in the
March quarter to R186 million (US$25 million) in the June quarter due to timing
of expenditure. Refer to the Exploration and Corporate Development section of
this report for more detail of exploration activities.
Exceptional items
The exceptional loss in the June quarter of R144 million (US$19 million) was
mainly as a result of an impairment on our investment in Rusoro of R197 million
(US$26 million). If the R68 million (US$9 million) translation gain had not been
accounted for, then the impairment would have been R129 million (US$17 million).
The R197 million (US$26 million) impairment loss was partly offset by profit on
the disposal of the remaining Eldorado shares of R49 million (US$6 million). The
exceptional gain in the March quarter of R22 million (US$4 million) was mainly
from profit on the disposal of 1,400,000 Eldorado shares.
Taxation
Taxation for the quarter amounted to R865 million (US$115 million) compared
with R547 million (US$73 million) in the March quarter, in line with the
increase in profit before taxation. The tax expense includes normal and
deferred taxation at all operations, together with government royalties.
Earnings
Net profit attributable to ordinary shareholders amounted to R900 million
(US$120 million) or 128 SA cents per share (US$0.17 per share), compared with
R316 million (US$44 million) or 44 SA cents per share (US$0.06 per share) in
the March quarter.
Headline earnings i.e. earnings less the after tax effect of asset sales,
impairments and the sale of investments, amounted to R1,039 million (US$138
million) or 147 SA cents per share (US$0.20 per share), compared with earnings
of R292 million (US$40 million) or 41 SA cents per share (US$0.06 per share) in
the March quarter.
Earnings excluding exceptional items as well as gains and losses on foreign
exchange, financial instruments and profit or losses of associates after
taxation amounted to R945 million (US$125 million) or 134 SA cents per share
(US$0.18 per share), compared with earnings of R320 million (US$44 million) or
45 SA cents per share (US$0.06 per share) reported in the March quarter.
Cash flow
Cash inflow from operating activities for the quarter amounted to R3,650
million (US$482 million), compared with R2,584 million (US$345 million) in the
March quarter. This quarter on quarter increase of R1,066 million (US$137
million) was mainly due to an increase in profit before tax and exceptional
items, in line with the increase in production.
Capital expenditure increased from R1,872 million (US$250 million) in the March
quarter to R2,157 million (US$287 million) in the June quarter.
At the South African operations, capital expenditure increased from R1,085
million (US$145 million) in the March quarter to R1,236 million (US$164
million) in the June quarter. Expenditure on ore reserve development (ORD)
increased from R451 million (US$60 million) in the March quarter to R495
million (US$66 million) in the June quarter. Driefontein`s ORD increased from
R166 million to R184 million, Kloof`s ORD increased from R175 million to R198
million and Beatrix`s ORD increased from R110 million to R113 million quarter
on quarter. The increase in development costs is in line with the stated need
to increase flexibility at the South African operations.
At the West African operations, capital expenditure increased from US$47
million to US$53 million due to increased expenditure on capital waste removal
at Teberebie, new mining equipment and expenditure on a secondary crusher at
Damang. In South America, at Cerro Corona, capital expenditure decreased from
US$24 million to US$14 million due to the completion of the raise of the
tailings dam wall to 3,740 metres in the current quarter. At the Australian
operations, capital expenditure increased from A$36 million to A$61 million for
the quarter. At St Ives, capital expenditure increased from A$27 million to
A$35 million, with A$6 million of the increase relating to Athena. At Agnew,
capital expenditure increased from A$9 million to A$26 million, with A$13
million of the expenditure relating to the acquisition of the owner mining
fleet.
Purchase of investments of R4 million (US$0.4 million) relates to a secured
equipment loan made to one of our mining contractors at St Ives.
Proceeds on the disposal of investments of R340 million (US$56 million)
reflects mainly the sale of 2.66 million Eldorado shares and
3.82 million Orezone Gold Corporation shares.
Net cash outflow from financing activities in the June quarter amounted to R666
million (US$88 million). Loans received in the June quarter amounted to R2.4
billion (US$323 million) and relates to the issue of commercial paper.
Loans repaid amounted to R3.0 billion (US$397 million), consisting primarily of
a R2.0 billion (US$260 million) refinancing of the South African commercial
paper programme and repayment of working capital loans of R1.0 billion (US$137
million).
During the quarter minorities at Tarkwa and Damang received their share of
declared dividends and repaid loans of R175 million (US$23 million) and R116
million (US$15 million) respectively.
Net cash inflow for the June quarter at R918 million (US$131 million) compares
with net cash inflow of R1.1 billion (US$143 million) in the March quarter.
After accounting for a positive translation adjustment of R47 million (negative
US$15 million), the net cash inflow for the June quarter was R966 million
(US$116 million). The cash balance at the end of June was R3,791 million
(US$501 million) compared with R2,825 million (US$384 million) at the end of
March.
Balance sheet (Investments and net debt)
Investments decreased from R1,399 million (US$190 million) at 31 March 2010 to
R1,036 million (US$137 million) at 30 June 2010 due to the write-down of Rusoro
and the sale of Eldorado and Orezone shares.
The R1.8 billion (US$242 million) free cash before financing activities
generated by the operations enabled net debt (long-term loans plus current
portion of long-term loans less cash and deposits) to be reduced from R6,091
million (US$829 million) in the March quarter to R4,697 million (US$620 million)
in the June quarter.
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
two to three years. Progress on these projects is set out below.
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 per annum,
based on financial year 2009 actuals. This should 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 to improve advance per blast;
- support, cleaning and sweeping practices to improve blasting frequency;
- mining cycle, labour availability and training; and
- improved pay face availability.
Face advance was similar year-on-year, largely due to the replacement of the
water pump column at Kloof Main shaft and safety related stoppages at
Driefontein.
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. The aim of the project is to improve safety
and productivity, reduce development costs and increase ore reserve
flexibility. The project achieved a mechanised rate of 68 per cent of flat end
development at the long-life shafts by the end of the June quarter compared
with 58 per cent at the end of the March quarter. South Deep is excluded as it
is already a fully mechanised mine. This initiative has created a safer
environment, but the productivity improvements have not yet been realised. The
productivity improvements should be realised when the metres per rig increase
and labour productivities improve.
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 consumption targets for financial 2010 were set to maximise
production within the Eskom targets of 90 per cent. During the June quarter,
the challenge has been met on consumption. Various projects are in progress to
reduce consumption further, including the introduction of three chamber pump
systems which utilises the U-tube effect by having two shaft columns (one for
hot water out the mine and one for cold water down the mine), and three pipe
chambers underground which successively contain hot water being displaced to
surface by cold water, hot water being filled from the underground dam, and
cold water being discharged to an underground dam), thereby improving
efficiency and reducing electricity costs at Driefontein and Kloof by around 10
Megawatt which is about two per cent of current usage. Also at these
operations, real time monitoring of power consumption has been introduced at
all major points of delivery, and pump efficiencies continue to improve. These
projects will go some way towards offsetting the 25 per cent annual increases
proposed over the next few years.
The following projects have been highlighted in order to drive a further 5 per
cent saving in F2011:
- reduce compressed air consumption in ventilation of boxholes and agitation of
backfill and slurry in the plants, as well as reduce consumption with smart
monitoring and shut-off valves;
- reduce power consumption by replacing in-line ventilation fans with booster
fans, and by improving the efficiency of main fan installations;
- smaller projects to reduce lighting and water heating by installing heat
pumps and efficient lighting with occupancy sensors.
A project is currently underway to reduce consumption by another 5 per cent
beyond the main projects described above. This is a two year project and will
require fundamental technology changes. Nonetheless, further savings from the
existing configuration are possible.
The workplace absenteeism project ("Unavailables project") aims to ameliorate
the impact of work place absenteeism (absenteeism consists of sick leave,
maternity leave, training and induction and authorised and unauthorised
absences) on production and costs. Workplace absenteeism reduced by 3 per cent
to 11 per cent by the end of financial 2010 due to more diligent labour
management. The above-ground cost project reduced surface costs by R261 million
during financial 2010, in the following areas:
- Shared Services, Health and Property Division: savings for the quarter
amounted to R55 million and for the year R98 million.
These savings were realised by optimisation of process, labour, discounts
received and inventory.
- South African operations (various small projects): savings for the quarter
amounted to R46 million and for the year R97 million, mainly due to salvage and
reclamation programmes.
- Supply chain projects: contracted savings for the quarter amounted to R9
million and for the year R66 million. These benefits were delivered through
competitive tendering on conveyor belts, valves, tyres and various repair
contracts as well as certain contractual rise and fall arrangements.
Price inflation was experienced in cost areas such as permanent support and
some steel products, and overall quarterly inflation was around 1 per cent.
Supply inflation for the year was around 3 per cent and well below the CPI of 5
per cent and the PPI of 7 per cent.
Project 4M
Project 4M focuses on the Mine Health and Safety Council (MHSC) milestones
agreed to on 15 June 2003 at a tripartite health and safety summit comprising
representatives from Government, organised labour 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 (NIHL) target the company is
focusing on reducing the noise at source. One of the milestone targets is that
no machine or piece of equipment may generate a sound pressure level in excess
of 110 dB (A) after December 2013. Good progress has been made and by the end
of the quarter 96 per cent of equipment measured was below 110 dB (A).
Silicosis remains one of the biggest health risks associated with the gold
mining industry. In order to meet the silicosis targets the company has several
interventions in place. Interventions include the upgrading of tip filters by
replacement of complete installations or through the installation of an
additional first stage pre-filtration system (removing the bulk of the dust
prior to entering the second stage high efficiency filters, reducing
maintenance), the use of foggers, footwall treatment, and the installation of
tip doors. Progress to date on these three initiatives is an implementation
rate of 76 per cent, 84 per cent and 50 per cent respectively across all four
operations which should enable us to meet our targets.
Of the individual gravimetric dust sample measurements taken during the June
quarter 97 per cent was below the occupational exposure limits of 0.1
milligrams per cubic metre, thus meeting the target of not less than 95 per
cent of individual samples below the occupational exposure limits. Progress
against all interventions is monitored monthly and reviewed quarterly.
Project 5M
Uranium project
Work on the Tailings Treatment project feasibility study is continuing in terms
of optimising the project implementation strategy through a Phased Approach.
Environmental and permitting activities are progressing in line with the
approved schedule, and the project team is liaising with all stakeholders to
ensure an efficient process.
The estimated total cost for the current Phased Approach study is within the
project budget of R60 million, and is on track for completion by the end of
September 2010.
South Africa region
Driefontein
June March
2010 2010
Gold produced - kg 5,783 4,575
- 000`oz 185.9 147.1
Yield - underground - g/t 6.1 6.2
- combined - g/t 3.6 3.3
Total cash cost - R/kg 175,584 195,650
- US$/oz 727 811
Notional cash expenditure - R/kg 233,910 258,907
- US$/oz 969 1,074
Gold production increased from 4,575 kilograms (147,100 ounces) in the March
quarter to 5,783 kilograms (185,900 ounces) in the June quarter following the
impact of safety related stoppages and the Christmas break in the previous
quarter. Production early in the quarter was adversely impacted by the Easter
break and the high number of public holidays. Underground tons milled increased
from 651,000 tons in the March quarter to 841,000 tons in the June quarter due
to increased underground volumes. Surface tons milled increased slightly from
751,000 tons to 753,000 tons. Underground yield decreased from 6.2 grams per ton
to 6.1 grams per ton due to a lower mine call factor, lower volumes from the
higher grade shafts and a drop in grade from 5 shaft. Surface yield improved
from 0.7 grams per ton in the March quarter to 0.9 grams per ton in the June
quarter.
Main development increased by 20 per cent for the quarter and on- reef
development increased by 23 per cent. The average development value decreased
from 1,985 centimetre grams per ton in the March quarter to 1,592 centimetre
grams per ton in the June quarter, primarily due to lower values developed at 5
shaft.
Operating costs increased from R925 million (US$123 million) to R1,019 million
(US$135 million). This increase was mainly due to the impact of the 25 per cent
electricity price increase and one month of higher winter electricity tariffs,
higher stores consumption and production incentive costs in line with the
higher production. Total cash cost decreased from R195,650 per kilogram (US$811
per ounce) to R175,584 per kilogram (US$727 per ounce), and included a full
quarter of royalty taxes introduced in March 2010. The royalty tax translated
to R5,900 per kilogram in the June quarter compared with R2,000 per kilogram in
the March quarter.
Operating profit increased from R297 million (US$40 million) in the March
quarter to R656 million (US$87 million) in the June quarter mainly due to the
higher production and the higher rand gold price received.
Capital expenditure increased from R260 million (US$35 million) to
R334 million (US$44 million) in the June quarter due to increased
capitalised development, new technology expenditure, housing
upgrades and security measures to counter illegal mining.
Notional cash expenditure decreased from R258,907 per kilogram (US$1,074 per
ounce) to R233,910 per kilogram (US$969 per ounce) as a result of the higher
gold production.
The estimate for F2011 is as follows:
- Gold produced between 22,000 kilograms and 24,000 kilograms.
- Total cash cost between R170,000 per kilogram and R185,000 per kilogram.
- NCE between R217,000 per kilogram and R230,000 per kilogram.
Kloof
June March
2010 2010
Gold produced - kg 4,369 3,344
- 000`oz 140.5 107.5
Yield - underground - g/t 6.5 6.6
- combined - g /t 3.8 3.3
Total cash cost - R/kg 196,201 237,978
- US$/oz 813 987
Notional cash expenditure - R/kg 274,319 327,482
- US$/oz 1,136 1,358
Gold production increased from 3,344 kilograms (107,500 ounces) in the March
quarter to 4,369 kilograms (140,500 ounces) in the June quarter following the
impact of the Christmas break in the March quarter. The accelerated maintenance
on Main shaft`s water pump column in the March quarter had a positive effect on
production during the June quarter. Underground tons milled increased from
454,000 tons in the March quarter to 599,000 tons in the June quarter, with a
decrease in yield from 6.6 grams per ton to 6.5 grams per ton due to an
increase in dilution and a lower mine call factor.
Main development increased by 26 per cent for the quarter and on-reef
development increased by 34 per cent. The average development value increased
from 2,289 centimetre grams per ton in the March quarter to 2,378 centimetre
grams per ton in the June quarter.
Operating costs increased from R831 million (US$111 million) in the March
quarter to R883 million (US$117 million) in the June quarter. This increase in
operating costs was mainly due to higher production together with the increase
in Eskom tariffs and one month of higher winter electricity tariffs. Total cash
cost decreased from R237,978 per kilogram (US$987 per ounce) to R196,201 per
kilogram (US$813 per ounce) due to the higher production.
Operating profit increased from R61 million (US$9 million) in the March quarter
to R380 million (US$50 million) in the June quarter.
Capital expenditure increased from R265 million (US$35 million) to R316 million
(US$42 million) in the June quarter mainly due to the accelerated replacement
of the pump column at Main shaft.
Notional cash expenditure decreased from R327,482 per kilogram (US$1,358 per
ounce) to R274,319 per kilogram (US$1,136 per ounce) due to the higher gold
production.
The estimate for F2011 is as follows:
- Gold produced between 18,000 kilograms and 20,000 kilograms.
- Total cash cost between R180,000 per kilogram and R195,000 per kilogram.
- NCE between R233,000 per kilogram and R250,000 per kilogram.
Beatrix
June March
2010 2010
Gold produced - kg 2,856 2,577
- 000`oz 91.8 82.9
Yield - underground - g/t 4.1 4.0
- combined - g/t 4.0 3.5
Total cash cost - R/kg 189,216 206,092
- US$/oz 784 855
Notional cash expenditure - R/kg 260,049 274,466
- US$/oz 1,077 1,138
Gold production increased from 2,577 kilograms (82,900 ounces) in the March
quarter to 2,856 kilograms (91,800 ounces) in the June quarter following the
impact of the Christmas break in the March quarter. Underground tons milled
increased from 610,000 tons to 697,000 tons and the underground yield increased
from 4.0 grams per ton to 4.1 grams per ton. Surface ore milled decreased from
116,000 tons to 20,000 tons at a yield of 0.9 gram per ton.
Main development increased by 16 per cent quarter on quarter and on-reef
development increased by 30 per cent. The average main development value
decreased from 1,868 centimetre grams per ton in the March quarter to 997
centimetre grams per ton in the June quarter, mainly due to the value
variability of the zones being developed. At West Section, three raises went
through the high grade areas and are now being developed in the low grade zones
to facilitate ventilation holings. An additional two high grade raises were
stopped and off-reef development is being done to create ventilation holings
for these new raise lines. At North Section, two high grade raises have been
completed, resulting in the average value of the on reef development at North
Section to drop from approximately 2,500 centimetre grams per ton to
approximately 900 centimetre grams per ton.
Operating costs increased from R550 million (US$73 million) in the March quarter
to R555 million (US$74 million) in the June quarter. This increase was mainly
due to the increased electricity tariffs and one month of higher winter
electricity tariffs, partially offset by savings on renewals and replacements.
Total cash cost decreased from R206,092 per kilogram (US$855 per ounce) in the
March quarter to R189,216 per kilogram (US$784 per ounce) in the June quarter.
Operating profit increased from R138 million (US$19 million) in the March
quarter to R271 million (US$36 million) in the June quarter due to the increased
gold production and a higher gold price received.
Capital expenditure increased from R157 million (US$21 million) in the March
quarter to R188 million (US$25 million) in the June quarter with the majority
spent on infrastructure upgrades and ore reserve development.
Notional cash expenditure decreased from R274,466 per kilogram (US$1,138 per
ounce) in the March quarter to R260,049 per kilogram (US$1,077 per ounce) in
the June quarter due to the increased production.
The estimate for F2011 is as follows:
- Gold produced between 12,000 kilograms and 13,200 kilograms.
- Total cash cost between R177,000 per kilogram and R192,000 per kilogram.
- NCE between R226,000 per kilogram and R242,000 per kilogram.
South Deep project
June March
2010 2010
Gold produced - kg 2,176 1,801
- 000`oz 70.0 57.9
Yield - underground - g/t 6.3 6.2
- combined - g /t 4.7 4.2
Total cash cost - R/kg 201,333 230,594
- US$/oz 834 956
Notional cash expenditure - R/kg 388,925 461,521
- US$/oz 1,611 1,914
Gold production at South Deep increased by 21 per cent from 1,801 kilograms
(57,900 ounces) in the March quarter to 2,176 kilograms (70,000 ounces) in the
June quarter, due to improved underground mining volumes and more production
from long hole stoping. Underground ore processed, excluding waste, increased
by 24 per cent from 278,000 tons in the March quarter to 345,000 tons in the
June quarter, with the underground reef yield similar at 6.3 grams per ton. The
combined yield increased from 4.2 grams per ton in the March quarter to 4.7
grams per ton in the June quarter as a result of improved production from
underground. Surface ore processed decreased from 112,000 tons to 20,000 tons.
98,000 tons of off-reef development was treated with the reef due to ore
handling constraints, compared with 34,000 tons in the March quarter. The
current ore handling system on the Twin shaft headgear cannot effectively split
the reef and waste as both streams utilise the same headgear bin.
Development increased by 6 per cent from 2,321 metres to 2,449 metres in the
June quarter. The new mine capital development in phase 1, sub 95 level,
increased by 14 per cent from 720 metres to 821 metres. This increase was
primarily due to removing the ore handling constraint at Twin shaft and
hoisting the waste development with the reef. Development in the current mine
areas above 95 level decreased by 5 per cent from 1,440 metres in the March
quarter to 1,369 metres in the June quarter. Raiseboring increased from 161
metres in the March quarter to 259 metres in the June quarter.
Operating costs increased by 5 per cent from R427 million (US$57 million) in
the March quarter to R448 million (US$60 million) in the June quarter due to
increased electricity tariffs, one month of higher winter electricity tariffs
and increased production. The total cash cost decreased by 13 per cent from
R230,594 per kilogram (US$956 per ounce) in the March quarter to R201,333 per
kilogram (US$834 per ounce) in the June quarter due to the increased gold
production.
Operating profit increased from R53 million (US$7 million) in the March quarter
to R184 million (US$24 million) in the June quarter due to the increased gold
production and higher gold price.
Capital expenditure at R399 million (US$53 million) was similar quarter on
quarter. The major capital expenditure was on development, the ventilation
shaft deepening and infrastructure, and construction of the new tailings
facility.
Notional cash expenditure decreased by 16 per cent from R461,521 per kilogram
(US$1,914 per ounce) in the March quarter to R388,925 per kilogram (US$1,611
per ounce) in the June quarter due to the higher gold production.
South Deep will continue to focus on delivering the build-up to the planned
development metres, the completion of the Twin shaft infrastructure, new
tailings dam and delivery of increased gold production.
The estimate for F2011 is as follows:
- Gold produced between 10,000 kilograms and 11,000 kilograms.
- Total cash cost between R186,000 per kilogram and R196,000 per kilogram.
- NCE between R360,000 per kilogram and R385,000 per kilogram.
West Africa region
Ghana
Tarkwa
June March
2010 2010
Gold produced - 000`oz 200.2 172.6
Yield - heap leach - g/t 0.6 0 .6
- CIL plant - g/t 1.5 1.3
- combined - g/t 1.0 0.9
Total cash cost - US$/oz 599 565
Notional cash expenditure - US$/oz 771 783
Gold production increased from 172,600 ounces in the March quarter to a record
200,200 ounces in the June quarter. The higher production was due to an increase
in mill throughput, associated with an increase in plant availability, and a
higher head grade.
Total tons mined, including capital stripping, decreased marginally from 35.7
million tons in the March quarter to 34.9 million tons in the June quarter. Ore
mined increased from 5.6 million tons to 5.8 million tons. Waste mined
increased from 16.1 million tons to 16.4 million tons and capital tons mined
decreased from 14.0 million tons to 12.7 million tons. Mined grade increased by
7 per cent to 1.24 grams per ton in the June quarter. The strip ratio decreased
from 5.41 in the March quarter to 4.96 in the June quarter.
The total feed to the CIL plant increased by 13 per cent from 2.64 million tons
in the March quarter to 2.97 million tons, which was mainly due to improved
milling circuit availability and utilisation. Yield from the CIL plant at
1.5 grams per ton, was 11 per cent above the previous quarter`s yield of 1.3
grams per ton, largely due to higher mined grades. The CIL plant produced
137,500 ounces in the June quarter compared with 110,800 ounces in the March
quarter, an increase of 24 per cent quarter on quarter.
Total feed to the North heap leach decreased from 2.42 million tons in the
March quarter to 2.37 million tons in the June quarter. North heap leach yield
for the quarter remained at 0.6 grams per ton. The "high pressure grinding
roller" (HPGR) project at the South heap leach facilities contributed 12,300
ounces for the quarter. A total of 62,700 ounces was produced by the heap leach
facilities in the June quarter compared with 61,800 ounces in the March
quarter.
Operating costs, including gold-in-process movements, increased from US$96
million (R724 million) in the March quarter to US$113 million (R854 million) in
the June quarter. This increase was mainly as a result of a power tariff
increase (US$2 million), an increase in maintenance costs (US$2 million) and
higher stores costs (US$7 million) relating to increased operational tons
processed and mined. Total cash cost increased from US$565 per ounce to US$599
per ounce for the June quarter due to the above reasons and an increase in the
royalty rate from 3 to 5 per cent (US$6 million, R42 million).
Operating profit increased from US$96 million (R716 million) in the March
quarter to US$125 million (R945 million) in the June quarter.
Capital expenditure increased from US$38 million (R289 million) to US$41
million (R309 million) for the June quarter, with new mining equipment,
tailings dam expansion and pre-stripping at the Teberebie cutback being the
major items during the quarter.
Notional cash expenditure for the quarter at US$771 per ounce compared with the
previous quarter`s US$783 per ounce, reflecting the increased gold production,
partially offset by the increased operating cost and higher capital expenditure
for the June quarter.
The estimate for F2011 is as follows:
- Gold produced between 720,000 ounces and 760,000 ounces.
- Total cash cost between US$580 per ounce and US$605 per ounce.
- NCE between US$835 per ounce and US$860 per ounce.
Damang
June March
2010 2010
Gold produced - 000`oz 56.8 53.8
Yield - g/t 1.3 1.2
Total cash cost - US$/oz 704 667
Notional cash expenditure - US$/oz 881 783
Gold production increased by 6 per cent from 53,800 ounces in the March quarter
to 56,800 ounces in the June quarter. This increase was as a result of an
increase in mill throughput and the commissioning of the secondary crusher,
which allowed higher grade fresh ore to be treated.
Total tons mined, including capital stripping at 3.4 million tons in the June
quarter was slightly higher than the 3.3 million tons achieved in the March
quarter. Ore mined increased from 0.9 million tons to 1.1 million tons and the
strip ratio achieved was 1.96 against the March quarter`s 2.64, mainly due to
more fresh ore mined.
Operating costs, including gold-in-process movements increased from US$35
million (R263 million) in the March quarter to US$38 (R286 million) million in
the June quarter. This was due to an increase in ounces from the Damang Pit
Cutback (DPCB) which carries with it a higher extraction cost. In addition,
high grade ore from the DPCB increased reagent usage. Total cash cost increased
from US$667 per ounce in the March quarter to US$704 per ounce.
Operating profit increased from US$25 million (R191 million) achieved in the
March quarter to US$30 million (R225 million) in the June quarter. This was
driven by the increased gold production and higher gold price received.
Capital expenditure increased from US$9 million (R64 million) in the March
quarter to US$12 million (R87 million) for the June quarter with the majority
of the capital spent on exploration and the secondary crusher project which was
completed during the quarter.
Notional cash expenditure for the quarter was higher at US$881 per ounce
compared with the previous quarter`s US$783 per ounce mainly as a result of the
higher operating cost and capital expenditure.
The estimate for F2011 is as follows:
- Gold produced between 220,000 ounces and 240,000 ounces.
- Total cash cost between US$570 per ounce and US$610 per ounce.
- NCE between US$880 per ounce and US$920 per ounce.
South America region
Peru
Cerro Corona
June March
2010 2010
Gold produced - 000`oz 33.7 37.8
Copper produced - tons 10,500 11,100
Total equivalent gold produced - 000` eq 96.5 110.2
Total equivalent gold sold - 000` eq 90.2 110.7
Yield - gold - g/t 0.7 0.8
- copper -% 0.74 0.75
- combined - g/t 2.0 2.2
Total cash cost - US$/eq 369 303
Notional cash expenditure - US$/eq 502 532
Gold price * - US$/oz 1,184 1,110
Copper price * - US$/t 7,090 7,217
* Used to calculate total equivalent gold produced
Gold produced decreased from 37,800 ounces in the March quarter to 33,700
ounces in the June quarter and copper produced decreased from 11,100 tons to
10,500 tons. During the June quarter concentrate with payable content of 32,700
ounces of gold was sold at an average gold price of US$1,184 per ounce and
9,900 tons of copper was sold at an average copper price of US$6,450 per ton,
net of treatment and refining charges.
The lower gold and copper production compared with the March quarter was mainly
due to a decrease of 4 per cent in ore processed from 1.55 million tons in the
March quarter to 1.49 million tons in the June quarter, and a reduction in
metal recoveries, from 64 per cent in the March quarter to 62 per cent in the
June quarter for gold and from 84 per cent to 81 per cent for copper. The
decrease in ore tons processed was due to a 5-day plant shutdown to perform
maintenance work on the ball mill.
Total tons mined decreased from 3.79 million tons in the March quarter to 3.28
million tons during the June quarter. Ore mined at 1.49 million tons was 5 per
cent lower than March quarter`s 1.56 million tons, reflecting the lower plant
availability. The June quarter`s strip ratio of 1.2 was lower than the March
quarter`s strip ratio of 1.4, but higher than the life of mine strip ratio,
forecast at 0.9. This is in line with the mine plan to mine more waste tons in
the short-term to ensure production flexibility.
Gold yield for the quarter was 0.7 grams per ton, compared with
0.8 grams per ton in the March quarter and copper yield was 0.74 per cent
compared with 0.75 per cent in the March quarter.
Operating costs, including gold-in-process movements, decreased from US$34
million (R254 million) in the March quarter to US$32 million (R242 million) in
the June quarter. Total cash cost was US$369 per equivalent ounce sold for the
June quarter compared with US$303 per equivalent ounce sold in the March
quarter, mainly reflecting the decrease in equivalent ounces sold, which offset
the impact of the decrease in operating costs.
Operating profit at US$67 million (R505 million) compares with US$84 million
(R629 million) in the March quarter, mainly reflecting the lower metal
production and sales.
Capital expenditure for the June quarter at US$14 million (R108 million),
compares with US$24 million (R182 million) in the March quarter. The second
phase of the Tailings Management Facility was completed during the quarter at a
total cost of US$120 million.
Notional cash expenditure for the June quarter at US$502 per equivalent ounce
was lower than the previous quarter`s US$532 per equivalent ounce, reflecting
the lower capital expenditure and working cost.
The estimate for F2011 is as follows:
- Equivalent gold produced between 315,000 ounces and 340,000 ounces.
- Copper produced between 33,000 tons and 35,500 tons.
- Gold produced between 120,000 ounces and 130,000 ounces.
- Total cash cost between US$410 per ounce and US$440 per ounce.
- NCE between US$625 per ounce and US$660 per ounce.
Australasia region
Australia
St Ives
June March
2010 2010
Gold produced - 000`oz 117.5 107.3
Yield - heap leach - g/t 0.5 0.5
- milling - g/t 2.7 2.8
- combined - g/t 2.1 2.1
Total cash cost - A$/oz 780 811
- US$/oz 692 732
Notional cash expenditure - A$/oz 1,106 1,103
- US$/oz 981 994
Gold produced increased from 107,300 ounces in the March quarter to 117,500
ounces in the June quarter.
Gold produced from the Lefroy mill increased from 99,500 ounces to 109,700
ounces, due to a 12 per cent increase in tons processed, with similar grades and
recoveries due to the increase in underground mining. Production from the heap
leach facility was similar at 7,800 ounces.
At the open pit operations the total tons mined increased from 1.65 million tons
of ore mined in the March quarter to 1.72 million tons in the June quarter.
Grade reduced from 1.59 grams per ton to 1.38 grams per ton. The decrease in
grade was mainly due to a reduction in high grade ore from the Apollo and
Leviathan pits in accordance with the mine scheduling. The average strip ratio,
including capital waste, reduced from 4.8 to 4.3 in the June quarter.
At the underground operations, ore mined increased from 322,600 tons at 5.3
grams per ton in the March quarter to 387,600 tons at 5.1 grams per ton in the
June quarter. The increased ore tons was predominantly due to a build-up in
production at the Niaid extension of Belleisle, one of the three currently
mined underground sources.
Operating costs, including gold-in-process movements, increased from A$84
million (R566 million) in the March quarter to A$89 million (R597 million) in
the June quarter. The increase in costs was primarily due to a gold-in-process
change associated with higher production and increased grade control drilling.
Total cash cost decreased from A$811 per ounce (US$732 per ounce) to A$780 per
ounce (US$692 per ounce) as a result of the higher production.
Operating profit increased from A$47 million (R318 million) to A$70 million
(R470 million), due to the increase in production and the higher gold price.
Capital expenditure increased from A$27 million (R185 million) to A$35 million
(R232 million). This increase was due to the continued acceleration of the
Athena underground project, with 1,400 metres of capital development compared
with 680 metres in the March quarter. Capital expenditure on Athena increased
from A$7 million in the March quarter to A$13 million in the June quarter. This
project acceleration is targeted to have first stope ore produced in December
2010 and full production by September 2011.
Notional cash expenditure increased from A$1,103 per ounce (US$994 per ounce)
in the March quarter to A$1,106 per ounce (US$981 per ounce) in the June
quarter. The additional spending on the Athena project and increase in
operating costs was offset by the increase in production.
The estimate for F2011 is as follows:
- Gold produced between 440,000 ounces and 460,000 ounces.
- Total cash cost between A$760 per ounce and A$785 per ounce.
- NCE between A$1,030 per ounce and A$1,060 per ounce.
Agnew
June March
2010 2010
Gold produced - 000`oz 31.7 40.7
Yield - g/t 5.4 5.9
Total cash cost - A$/oz 838 606
- US$/oz 743 547
Notional cash expenditure - A$/oz 1,632 850
- US$/oz 1,447 766
Gold production decreased from 40,700 ounces in the March quarter to 31,700
ounces in the June quarter. This decrease was due to the continuation of
restricted underground stope access mainly in the southern areas at Kim South,
which resulted in lower grade areas mined in the Waroonga complex.
Ore mined from underground decreased from 148,000 tons at a head grade of 8.5
grams per ton in the March quarter to 134,000 tons at a head grade of 6.6 grams
per ton in the June quarter. The grade decrease was due mainly to a higher
proportion of ore from the northern areas of Kim, Main and Rajah Lodes, which
are lower than Kim South due to the reasons above. Tons processed decreased
from 214,000 tons in the March quarter to 184,000 tons in the June quarter, with
the yield also decreasing from 5.9 grams per ton to 5.4 grams per ton. With
limited supply of underground ore to the plant, spare processing capacity was
used to treat lower grade material from surface stockpiles.
Operating costs, including gold-in-process movements, increased from A$25
million (R170 million) in the March quarter to A$27 million (R182 million) in
the June quarter, which includes A$2 million of costs attributable to a
draw-down of gold inventory of 3,400 ounces. Costs, excluding gold-in-process,
were similar at A$25 million. Total cash cost per ounce increased from A$606
per ounce (US$547 per ounce) in the March quarter to A$838 per ounce (US$743
per ounce) in the June quarter, driven by the lower production.
Operating profit decreased from A$25 million (R167 million) in the March quarter
to A$15 million (R101 million) in the June quarter. This was mainly due to the
impact of the lower production on revenue.
Capital expenditure increased from A$9 million (R61 million) in the March
quarter to A$26 million (R176 million) in the June quarter. Expenditure on the
acquisition of mining fleet to commence owner mining amounted to A$13 million
for the quarter.
Notional cash expenditure increased from A$850 per ounce (US$766 per ounce) in
the March quarter to A$1,632 per ounce (US$1,447 per ounce) in the June quarter
due to the increase in capital expenditure.
The estimate for F2011 is as follows:
- Gold produced between 160,000 ounces and 175,000 ounces.
- Total cash cost between A$595 per ounce and A$635 per ounce.
- NCE between A$910 per ounce and A$960 per ounce.
Year ended 30 June 2010 compared with
year ended 30 June 2009
Group attributable gold production increased by 2 per cent from
3.41 million ounces for the year ended June 2009 to 3.50 million ounces
produced for the year ended June 2010.
At the South African operations gold production decreased from 2.04 million
ounces to 1.93 million ounces. Driefontein`s gold production decreased by 14
per cent from 0.83 million ounces to 0.71 million ounces due to a decrease in
volumes mined related largely to safety factors. At Kloof, gold production
decreased by 12 per cent from 0.64 million ounces to 0.57 million ounces due to
safety related mine stoppages. Beatrix`s gold production was similar at 0.39
million ounces. South Deep`s gold production increased by 52 per cent from 0.17
million ounces to 0.26 million ounces, in line with the production build-up.
At the West Africa region total managed gold production increased by 14 per
cent from 0.81 million ounces for the year ended June 2009 to 0.93 million
ounces for the year ended June 2010. Tarkwa was 18 per cent higher at 0.72
million ounces mainly due to the commissioning of the new CIL plant, which
allowed increased throughput. Damang`s gold production increased by 3 per cent
to 0.21 million ounces.
In South America, gold equivalent production at Cerro Corona increased from
0.22 million equivalent ounces to 0.39 million equivalent ounces, due to the
first year of full production.
At the Australian operations, gold production decreased by 5 per cent from 0.62
million ounces to 0.59 million ounces. St Ives decreased by 2 per cent from
0.43 million ounces to 0.42 million ounces mainly due to less ore mined at
Belleisle. Production at Agnew decreased by 14 per cent from 0.19 million
ounces to 0.17 million ounces mainly due to the depletion of Songvang surface
stockpiles.
Revenue increased by 9 per cent (increased 29 per cent in US dollar terms) from
R29,087 million (US$3,228 million) to R31,565 million (US$4,164 million). The 4
per cent higher average rand gold price at R264,468 per kilogram compares with
R253,459 per kilogram achieved for the year ended June 2009. In US dollar terms
the gold price increased by 24 per cent from US$875 per ounce to US$1,085 per
ounce. The rand strengthened from US$1 = R9.01 to US$1 = R7.58, or 16 per cent,
while the rand/Austra- lian dollar was similar at A$1 = R6.68.
Operating costs, including gold-in-process movements, increased from R17,624
million to R18,992 million, or 8 per cent. In dollar terms operating costs
increased by 28 per cent from US$1,956 million to US$2,507 million mainly due
to the rand/dollar exchange rate. The increase in costs in rand terms was
mainly due to the increases in electricity costs at the South African and
Ghanaian operations. Total cash cost for the Group in rand terms, increased by
5 per cent from R149,398 per kilogram (US$516 per ounce) to R157,360 per
kilogram (US$646 per ounce) due to the above factors and the lower production.
At the South African operations operating costs increased by 14 per cent in
rand terms from R9,840 million (US$1,092 million) for the year ended June 2009
to R11,204 million (US$1,478 million) for the year ended June 2010. This was
due to the above inflation annual wage increases, the 35 per cent and 25 per
cent increase in electricity costs, and the increases in commodity prices,
partially offset by the cost saving initiatives implemented during the year.
At the West Africa operations, operating costs including gold-in- process
movements increased from US$450 million for the year ended June 2009 to US$508
million for the year ended June 2010 in line with the increase in production.
At the South American operations operating costs, including gold-in-process
movements increased from US$82 million to US$134 million due to the inclusion
of costs at Cerro Corona for the full year. At the Australian operations,
operating costs including gold-in-process movements decreased from A$448
million to A$437 million, mainly due to the buy-back of the Morgan Stanley
royalty.
Operating profit increased from R11,463 million (US$1,272 million) to R12,573
million (US$1,659 million). Profit before taxation and exceptional items
increased year-on-year from R5,554 million (US$616 million) to R6,179 million
(US$815 million). The movement on exceptional items year-on-year was positive
R2.3 billion (US$278 million) and includes:
- a net loss of R148 million (US$16 million) on the sale of Orezone Resources
and IAMGold shares in financial 2009 compared with a profit on the sale of our
investment in Eldorado and Sino Gold of R1.2 billion (US$157 million) in
financial 2010, and
- a loss on the write down of our investment in Rusoro of R1,065 million
(US$118 million) in financial 2009 compared with a loss of R197 million (US$26
million) in financial 2010.
After accounting for the above items and taxation, net earnings amounted to
R3,631 million (US$479 million), compared with R1,536 million (US$171 million)
for the year ended June 2009.
Earnings excluding exceptional items, gains and losses on foreign exchange,
financial instruments, and gains and losses of associates after taxation
amounted to R2,912 million (US$384 million) for the year ended June 2010
compared with R2,981 million (US$331 million) for the year ended June 2009.
Exploration and corporate development
Exploration activity during the June quarter focused on four advanced and four
initial drilling projects in Peru, Mali, Canada, Finland, Kyrgyzstan, Australia
and the Philippines, as well as near mine exploration at St Ives, Agnew and
Damang. In addition, target generation work continued on five other greenfields
exploration projects where initial drilling is expected to commence in the
first half of financial 2011.
Advanced drilling projects
At the Chucapaca project in Peru, the joint venture partners (Gold Fields 51
per cent) announced an initial resource estimate of 5.6 million gold equivalent
ounces at the Canahuire discovery, with mineralisation potential beyond the
extent of current drilling. The Inferred Mineral Resource is approximately 84
million tons at 1.9 grams per ton gold, 0.09 per cent copper and 8.2 grams per
ton silver for a total of 5.6 million gold equivalent ounces. Gold equivalent
grade was calculated based on gold, silver and copper grades normalised to the
differentials of metal prices and recoveries for silver and copper.
In June, the joint venture completed a positive conceptual mine scoping study
for the Canahuire deposit and results are sufficiently encouraging to advance
the project towards pre-feasibility. The conceptual mine scoping study was
completed by AMEC and envisages conventional open pit mining and processing of
ores using conventional copper ore flotation, with CIL recovery of gold in
tails with a proposed process throughput rate of about 20,000 tons per day.
Using a mining inventory based on the Inferred Resources within an optimised
pit shell of about 72 million tons, resulted in a mine life of over ten years
with a strip ratio of about 3.8:1. The study supports that the project is both
technically and economically viable.
The joint venture has received a permit for the expanded activities including
further scoping and in-fill drilling on the Canahuire deposit from the Peru
Ministry of Energy and Mines. Drilling re-commenced in July 2010.
At the Yanfolila Project in southern Mali, Gold Fields has now completed 23,286
metres of core, 14,167 metres of RC and 87,320 metres of aircore drilling since
taking over full control of the project in November 2009. Framework and infill
RC and diamond drilling has been used to delineate shallow resources over
Komana East and West deposits as well as to test eight initial drill targets
over five licenses. The aircore drilling has been used to sample the bedrock
though the laterite cover which has outlined new target areas with encouraging
intercepts at Gonka, Bokoro North, Bokoro Main and Sanioumale West. Regional
soil sampling was also completed over four Reconnaissance Licenses that
generated 10,700 soil samples assayed for gold and multi-elements.
In Kyrgyzstan, where the Talas Project is located, the referendum on the
constitution and the appointment of the new president, Roza Otunbayeva, took
place without incident on 27 June 2010 and the inauguration of Roza Otunbayeva
took place on 3 July 2010. Parliamentary elections are being scheduled for
October 2010. Plans are in progress for geophysical surveys and drilling to be
conducted on the Barkol License commencing 1 September 2010. Activity on the
approved Taldybulak phase two drilling programme is scheduled to commence when
Parliamentary elections and local administrative appointments are completed.
At the Arctic Platinum project in Finland bench-scale testing of
hydrometallurgical extraction of metals continues to deliver positive results.
Drilling to gain sufficient representative sample for a continuous pilot plant
test is in planning.
Initial drilling projects
At the East Lachlan joint ventures in New South Wales, Australia, where Gold
Fields has earned into an 80 per cent interest in two porphyry Au-Cu project
areas (Wellington North and Cowal East) and is earning into 80 per cent on
another two projects with Clancy Exploration Ltd (ASX: "CLY"), aircore drilling
results at the Myall and Cowal East concessions continue to return anomalous Cu
and Au values. These values are associated with widespread porphyry-style
alteration and mineralisation.
At the Batangas joint ventures in the Philippines, where Gold Fields can earn
up to a 75 per cent interest in three joint ventures with Mindoro Resources
Ltd. (TSX.V: "MIO"), a review of previous drilling at the Lobo joint venture
has highlighted potential for both porphyry and structurally controlled
epithermal mineralisation.
At the Woodjam project in British Columbia, Canada, where Gold Fields can earn
up to a 70 per cent interest in the Woodjam North joint venture with the
Woodjam Partners (Fjordland Exploration Inc. (TSX.V: "FEX") and Cariboo Rose
Resources (TSX.V: "CRB")), a second phase of diamond drilling has been
completed on the Woodjam North property and results have been positive. On 20
May 2010, Gold Fields signed a second joint venture agreement with the Woodjam
Partners to earn into 70 per cent on the adjacent Woodjam South property.
Drilling on both properties commenced in July 2010.
Near mine exploration
At St. Ives, the focus has been on the Argo-Athena camp with specific emphasis
on resource conversion at Hamlet and start-up of underground drilling at
Athena. Positive drilling results up to April 2010 at Hamlet contributed to the
resource model being updated and a SAMREC compliant resource of 6.6 million
tons at 4.86 grams per ton for 1.03 million ounces in situ was announced on 20
May 2010. Deep scout drilling to confirm continuity of the high grade core to
1,000 metre below surface continued through June 2010 and the first
intersection is expected by mid-July 2010.
Drilling was also directed at extending the Hamlet resources at shallower
levels to the north and south of the geological model. At Athena, mining of the
access decline made good progress and the mineralisation was intersected at the
expected position. Mine definition drilling from underground positions started
in June 2010.
At Agnew, following the successful completion of surface directional drilling
at Kim in April 2010, the rig was moved to the Main Lode North and a mother
hole with four deflections was drilled to the 9500RL elevation (approximately
1,000 metre below surface and 400 metre below mining infrastructure).
At Cinderella, which is a shallow early-stage project located a short distance
from Kim, a programme consisting of eighteen RC holes for 3,060 metre was
completed and sampling is in progress. Results from the first hole at the
southern end of the project returned very encouraging assays.
Drilling at Damang focused on extensional drilling below the Juno open pit,
which is part of the Greater Damang project and scout drilling to the north and
south of known mineralisation to determine the potential limits for future
extensional programs.
Infill drilling of selected areas at Greater Damang is to be accelerated during
the next quarter with the emphasis on extensional opportunities. Scout drilling
was also successfully completed below and to the north of the Amoanda pit
shell, which was mined during 2005, and there are reasonable indications that
the resource base at Amoanda and Amoanda North can be expanded.
At Cerro Corona, in Peru, there has been no activity on the Consolidada de
Hualgayoc joint venture (50 per cent Gold Fields) since exploration was
suspended in September 2009 due to community unrest. The joint venture is
currently evaluating alternatives to resume work in selected areas during
financial 2011.
Corporate
New Chair
On 31 May 2010 Gold Fields announced that Alan Wright will retire as chair and
director of Gold Fields with effect from the next Annual General Meeting on 2
November 2010.
It is proposed that Mr Wright be replaced as chair by prominent businesswomen
and activist, Dr Mamphela Ramphele. Dr Ramphele joined the board as
non-executive director and deputy chair on 1 July. Dr Ramphele, a former
executive of the World Bank and vice-chancellor of the University of Cape Town,
is a director of Remgro, Anglo American, Medi-Clinic and social entrepreneurial
company Letsemacircle.
Mr Wright`s departure in November will bring to an end a long and distinguished
career at Gold Fields, which he commenced in 1969. As Chief Executive Officer
of Gold Fields of South Africa he was instrumental in the formation of Gold
Fields Limited in 1998. Mr Wright was also deputy chair of Gold Fields from
1997 until he took over as chair in 2005.
Gold Fields CEO, Nick Holland, said: "Alan has overseen the transformation of
Gold Fields and his wealth of experience as well as commitment to the Company
will be missed by all employees. On a personal level, he has been my mentor and
I will miss his guidance in the exciting times ahead."
Mr Holland added: "In Dr Ramphele we have found the ideal person to take over
from Alan. As we advance on our path to being the world`s leading sustainable
gold producer I can think of no better candidate than Dr Ramphele to lead us
there."
Approval of South Deep new order mining right
On 10 May 2010 Gold Fields announced that the South African Department of
Mineral Resources has approved, in terms of the requirements of the Mineral and
Petroleum Resources development Act 2002 (Act 28 of 2002) the conversion of the
South Deep old order mining right into a new order mining right. Included in
this approval, as a new right, is an additional portion of ground known as Uncle
Harry`s, which is contiguous to South Deep.
Gold Fields CEO, Nick Holland, said: "The cumulative effect of this approval,
together with the previous conversions for Driefontein, Kloof and Beatrix
granted in 2005, is that all of Gold Fields` South African operations have now
been granted their new order mining right."
New loan facility
On 24 May 2010, Gold Fields announced that it had concluded a three year US$450
million revolving credit loan maturing on 30 September 2013, to refinance a
US$311 million one-year facility that expired in May 2010. Gold Fields was
seeking a minimum of US$300 million from the banks approached to support the
revolving credit loan.
The new facility, agreed by Gold Fields with a consortium of nine banks, is
charged at 175 basis points above the London Interbank Offered Rate (Libor)
compared with 275 basis points charged on the US$311 million facility. This
facility, which is currently undrawn, is for general corporate purposes and
working capital requirements.
Samrec award
Gold Fields is particularly proud of receiving the IASSA/SAMREC award for the
mining company that most closely followed the SAMREC code in its reporting of
resources and reserves as part of its annual financial statements and
disclosure requirements in the 2009 calendar year.
The award was instituted to encourage listed companies to enter not only into
the legal requirements for disclosure but also into the spirit of dissemination
of information to investment analysts as well as investors in general - an aim
that is vigorously promoted by the Investment Analysts` Society.
Gold Fields has won the initial award, has been the recipient several times
since its inception, and intends to do its utmost to ensure being a strong
contender for this award in future years.
Peru safety standards lauded
Gold Fields announced on 9 April 2010 that it had been ranked first in the open
pit mining category of the 13th National Mining Safety Contest of Peru. The
contest, which takes place annually, is organised by the Mining Safety
Institute of Peru in an effort to instil safe mining practices and ensure that
the best occupational health and safety standards are maintained in the
industry.
Gold Fields pioneers carbon trading in the gold industry
Gold Fields announced on 26 May 2010 that it is set to become the world`s first
gold mining company to sell Certified Emissions Reductions (CERs); the
financial securities used to trade carbon emissions. The CERs will be derived
from the capture of methane gas at Beatrix. It is planned to sell 1,700,000
CERs to the European energy trading company Mercuria Energy Trading SA under
forward contracts which will run until 2016. The transaction was brokered by
TFS Green, the carbon credits broker and environmental business of the
worldwide Tradition Group.
CERs are traded globally and frequently bought by industrial companies as part
of their efforts to alleviate their own carbon emission obligations. At current
CER values and exchange rates, the CER contract is worth about R200 million
over 5 years. Gold Fields will use the funds to finance a number of projects
linked to methane capture.
Cash dividend
In line with the company`s policy to pay out 50 per cent of its earnings,
subject to investment opportunities, a final dividend has been declared payable
to shareholders as follows:
final dividend number 73: 70 SA cents per share
last date to trade cum-dividend: Friday 20 August 2010
sterling and US dollar conversion date: Monday 23 August 2010
trading commences ex dividend: Monday 23 August 2010
record date: Friday 27 August 2010
payment date: Monday 30 August 2010
Share certificates may not be dematerialised or rematerialised between Monday,
23 August 2010 and Friday, 27 August 2010, both dates inclusive.
Outlook
For the year ended 30 June 2011, attributable equivalent gold production is
estimated at between 3.5 million ounces and 3.8 million ounces. Total cash cost
is estimated at between US$650 per ounce (R157,000 per kilogram) and US$690 per
ounce (R166,000 per kilogram). Notional cash expenditure (NCE) per
ounce/kilogram, defined as operating costs plus capital expenditure divided by
gold production, is estimated at between US$925 per ounce (R223,000 per
kilogram) and US$975 per ounce (R235,000 per kilogram). This estimate is based
on an exchange rate of R/US$7.50 and US$/A$0.88. The above is subject to the
forward looking statement. The estimated financial information has not been
reviewed and reported on by the Gold Fields` auditors in accordance with Section
8.40 (a) of the Listing Requirements of the JSE Limited.
Change in year-end
Gold Fields is in the process of changing its financial year-end from June to
December to align our reporting with our peers in the gold mining industry.
This will result in a six month reporting period ending 31 December 2010,
followed by the new financial year ending 31 December 2011.
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.
Audit review
The condensed consolidated preliminary financial information for the year ended
30 June 2010 has been reviewed in accordance with International Standards on
Review Engagements 2410 - "Review of interim financial information performed by
the Independent Auditors of the entity" by PricewaterhouseCoopers Inc. Their
unqualified review opinion is available on request from the Company Secretary
and on the website.
N.J. Holland
Chief Executive Officer
5 August 2010
Income statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
Quarter
SOUTH AFRICAN RAND June March June
2010 2010 2009
Revenue 8,802.7 7,279.9 7,779.4
Operating costs, net 5,064.7 4,709.8 4,441.7
- Operating costs 5,102.5 4,758.3 4,491.9
- Gold inventory change (37.8) (48.5) (50.2)
Operating profit 3,738.0 2,570.1 3,337.7
Amortisation and depreciation 1,368.2 1,139.3 1,067.1
Net operating profit 2,369.8 1,430.8 2,270.6
Net interest paid (33.4) (44.7) (170.7)
Share of gain/(loss) of associates after
taxation 86.2 4.1 (11.6)
Gain/(loss) on foreign exchange 6.0 (15.6) (76.4)
Gain/(loss) on financial instruments 19.1 (25.0) 70.9
Share-based payments (46.1) (120.9) (20.0)
Other (119.9) (96.4) (126.3)
Exploration (185.5) (126.9) (170.7)
Profit before taxation and exceptional
items 2,096.2 1,005.4 1,765.8
Exceptional (loss)/gain (144.1) 22.3 (1,252.4)
Profit before taxation 1,952.1 1,027.7 513.4
Mining and income taxation 864.5 547.2 657.2
- Normal taxation 339.6 155.4 426.2
- Royalties 220.8 117.2 96.2
- Deferred taxation 304.1 274.6 134.8
Net profit/(loss) 1,087.6 480.5 (143.8)
Attributable to:
- Owners of the parent 899.9 315.7 (293.3)
- Non-controlling interest 187.7 164.8 149.5
Exceptional items:
Profit /(loss) on sale of investments 63.8 24.4 64.9
Profit/(loss) on sale of assets 0.5 0.9 (5.7)
Restructuring costs (11.8) (1.7) (103.3)
Insurance claim - South Deep - - -
Driefontein 9 shaft closure costs - - 1.9
Gain on financial instrument - - -
Impairment of investments (196.6) (1.3) (1,209.5)
Other - - (0.7)
Total exceptional items (144.1) 22.3 (1,252.4)
Taxation (7.0) 0.3 40.3
Net exceptional items after taxation and
minorities (151.1) 22.6 (1,212.1)
Net earnings/(loss) 899.9 315.7 (293.3)
Net earnings/(loss) per share (cents) 128 44 (46)
Diluted earnings/(loss) per share (cents) 125 44 (46)
Headline earnings 1,039.1 292.0 855.4
Headline earnings per share (cents) 147 41 126
Net earnings excluding gains and losses
on foreign exchange, financial 945.4 320.1 949.3
instruments, exceptional items and share
of gain/(loss) of associates after
taxation
Net earnings per share excluding gains
and losses on foreign exchange, 134 45 140
financial instruments, exceptional items
and share of gain/(loss) of associates
after taxation (cents)
Gold sold - managed kg 30,623 27,405 30,729
Gold price received R/kg 287,454 265,641 253,162
Total cash cost R/kg 166,215 169,538 140,916
Year ended
SOUTH AFRICAN RAND June June
2010 2009
Revenue 31,565.3 29,086.9
Operating costs, net 18,992.1 17,623.6
- Operating costs 19,170.3 17,833.9
- Gold inventory change (178.2) (210.3)
Operating profit 12,573.2 11,463.3
Amortisation and depreciation 4,837.3 4,142.3
Net operating profit 7,735.9 7,321.0
Net interest paid (150.4) (609.9)
Share of gain/(loss) of associates after taxation 118.3 (141.3)
Gain/(loss) on foreign exchange (64.6) 91.7
Gain/(loss) on financial instruments (192.4) (55.9)
Share-based payments (408.2) (303.4)
Other (247.0) (240.2)
Exploration (612.9) (508.3)
Profit before taxation and exceptional items 6,178.7 5,553.7
Exceptional (loss)/gain 977.0 (1,346.1)
Profit before taxation 7,155.7 4,207.6
Mining and income taxation 2,881.2 2,353.5
- Normal taxation 1,231.1 1,219.0
- Royalties 543.0 339.4
- Deferred taxation 1,107.1 795.1
Net profit/(loss) 4,274.5 1,854.1
Attributable to:
- Owners of the parent 3,631.4 1,535.6
- Non-controlling interest 643.1 318.5
Exceptional items:
Profit /(loss) on sale of investments 846.9 (148.0)
Profit/(loss) on sale of assets 2.5 4.3
Restructuring costs (16.7) (125.5)
Insurance claim - South Deep - 131.4
Driefontein 9 shaft closure costs - 1.9
Gain on financial instrument 402.1 -
Impairment of investments (257.8) (1,209.5)
Other - (0.7)
Total exceptional items 977.0 (1,346.1)
Taxation (178.6) (7.1)
Net exceptional items after taxation and minorities 798.4 (1,353.2)
Net earnings/(loss) 3,631.4 1,535.6
Net earnings/(loss) per share (cents) 515 229
Diluted earnings/(loss) per share (cents) 508 227
Headline earnings 3,164.1 2,890.0
Headline earnings per share (cents) 449 431
Net earnings excluding gains and losses on foreign
exchange, financial 2,912.2 2,980.8
instruments, exceptional items and share of
gain/(loss) of associates after
taxation
Net earnings per share excluding gains and losses on
foreign exchange, 413 445
financial instruments, exceptional items and share
of gain/(loss) of associates
after taxation (cents)
Gold sold - managed kg 119,354 114,760
Gold price received R/kg 264,468 253,459
Total cash cost R/kg 157,360 149,398
Statement of comprehensive income
International Financial Reporting Standards Basis
Quarter
SOUTH AFRICAN RAND June March June
2010 2010 2009
Net profit/(loss) for the quarter 1,087.6 480.5 (143.8)
Other comprehensive income/(expenses),
net of tax 170.4 (556.1) (2,923.5)
Marked to market valuation of listed
investments 19.4 (134.0) 7.3
Currency translation adjustments and other 155.8 (430.7) (2,463.4)
Dilution loss on associate - - (331.9)
Share of equity investee`s other
comprehensive income (2.4) (0.1) (34.5)
Deferred taxation on marked to market
valuation of listed investments (2.4) 8.7 (101.0)
Total comprehensive income/(loss) for the
quarter 1,258.0 (75.6) (3,067.3)
Attributable to:
- Owners of the parent 1,066.1 (234.9) (3,188.0)
- Non-controlling interest 191.9 159.3 120.7
1,258.0 (75.6) (3,067.3)
Year ended
SOUTH AFRICAN RAND June June
2010 2009
Net profit/(loss) for the quarter 4,274.5 1,854.1
Other comprehensive income/(expenses), net of tax (751.3) (1,912.4)
Marked to market valuation of listed investments (322.8) (712.7)
Currency translation adjustments and other (512.2) (827.5)
Dilution loss on associate - (331.9)
Share of equity investee`s other comprehensive income 9.9 60.7
Deferred taxation on marked to market valuation of
listed investments 73.8 (101.0)
Total comprehensive income/(loss) for the quarter 3,523.2 (58.3)
Attributable to:
- Owners of the parent 2,888.9 (359.1)
- Non-controlling interest 634.3 300.8
3,523.2 58.3
Income statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
Quarter
UNITED STATES DOLLARS June March June
2010 2010 2009
Revenue 1,169.2 971.2 902.2
Operating costs, net 673.1 627.6 516.9
- Operating costs 678.1 634.1 522.7
- Gold inventory change (5.0) (6.5) (5.8)
Operating profit 496.1 343.6 385.3
Amortisation and depreciation 181.7 152.0 124.0
Net operating profit 314.4 191.6 261.3
Net interest paid (4.4) (5.9) (19.8)
Share of gain/(loss) of associates after
taxation 11.4 0.5 (1.5)
Gain/(loss) on foreign exchange 0.8 (2.1) (8.2)
Gain/(loss) on financial instruments 2.4 (3.4) 7.6
Share-based payments (6.3) (16.1) (2.8)
Other (15.9) (12.7) (14.3)
Exploration (24.7) (16.9) (19.5)
Profit before taxation and exceptional items 277.7 135.0 202.8
Exceptional (loss)/gain (18.6) 3.9 (139.2)
Profit before taxation 259.1 138.9 63.6
Mining and income taxation 114.7 73.3 76.0
- Normal taxation 45.1 21.1 48.7
- Royalties 29.2 15.6 11.2
- Deferred taxation 40.4 36.6 16.1
Net profit/(loss) 144.4 65.6 (12.4)
Attributable to:
- Owners of the parents 119.5 43.7 (29.3)
- Non-controlling interest 24.9 21.9 16.9
Exceptional items:
Profit/(loss) on sale of investments 8.8 3.8 6.8
Profit/(loss) on sale of assets - 0.2 (0.6)
Restructuring costs (1.6) (0.2) (11.5)
Insurance claim - South Deep - - 0.3
Driefontein 9 shaft closure costs - 0.3 0.2
Gain on financial instrument 0.1 - -
Impairment of investments (25.9) (0.2) (134.2)
Other - - (0.2)
Total exceptional items (18.6) 3.9 (139.2)
Taxation (1.0) (0.1) 4.4
Net exceptional items after taxation and
minorities (19.6) 3.8 (134.8)
Net earnings/(loss) 119.5 43.7 (29.3)
Net earnings/(loss) per share (cents) 17 6 (5)
Diluted earnings/(loss) per share (cents) 17 6 (5)
Headline earnings 137.8 39.9 98.7
Headline earnings per share (cents) 20 6 15
Net earnings excluding gains and losses on
foreign exchange, financial 125.4 43.5 109.0
instruments, exceptional items and share of
gain/(loss) of associates after
taxation
Net earnings per share excluding gains and
losses on foreign exchange, 18 6 16
financial instruments, exceptional items
and share of gain/(loss) of associates
after taxation (cents)
South African rand/United States dollar
conversion rate 7.51 7.50 8.56
South African rand/Australian dollar
conversion rate 6.66 6.76 6.46
Gold sold - managed oz (000) 985 881 988
Gold price received US$/oz 1,191 1,102 920
Total cash cost US$/oz 688 703 512
Year ended
UNITED STATES DOLLARS June June
2010 2009
Revenue 4,164.3 3,228.3
Operating costs, net 2,505.6 1,956.0
- Operating costs 2,529.1 1,979.3
- Gold inventory change (23.5) (23.3)
Operating profit 1,658.7 1,272.3
Amortisation and depreciation 638.2 459.7
Net operating profit 1,020.5 812.6
Net interest paid (19.8) (67.7)
Share of gain/(loss) of associates after taxation 15.6 (15.7)
Gain/(loss) on foreign exchange (8.5) 10.2
Gain/(loss) on financial instruments (25.4) (6.2)
Share-based payments (53.9) (33.7)
Other (32.6) (26.7)
Exploration (80.9) (56.4)
Profit before taxation and exceptional items 815.0 616.4
Exceptional (loss)/gain 128.9 (149.4)
Profit before taxation 943.9 467.0
Mining and income taxation 380.1 261.2
- Normal taxation 162.4 135.3
- Royalties 71.6 37.7
- Deferred taxation 146.1 88.2
Net profit/(loss) 563.8 205.8
Attributable to:
- Owners of the parents 479.0 170.5
- Non-controlling interest 84.8 35.3
Exceptional items:
Profit/(loss) on sale of investments 111.8 (16.4)
Profit/(loss) on sale of assets 0.3 0.5
Restructuring costs (2.2) (13.9)
Insurance claim - South Deep - 14.6
Driefontein 9 shaft closure costs - 0.2
Gain on financial instrument 53.0 -
Impairment of investments (34.0) (134.2)
Other - (0.2)
Total exceptional items 128.9 (149.4)
Taxation (23.6) (0.8)
Net exceptional items after taxation and minorities 105.3 (150.2)
Net earnings/(loss) 479.0 170.5
Net earnings/(loss) per share (cents) 68 25
Diluted earnings/(loss) per share (cents) 67 25
Headline earnings 417.4 320.8
Headline earnings per share (cents) 59 48
Net earnings excluding gains and losses on foreign
exchange, financial 384.2 330.8
instruments, exceptional items and share of gain/(loss)
of associates after
taxation
Net earnings per share excluding gains and losses on
foreign exchange, 54 49
financial instruments, exceptional items and share of
gain/(loss) of associates
after taxation (cents)
South African rand/United States dollar conversion rate 7.58 9.01
South African rand/Australian dollar conversion rate 6.68 6.67
Gold sold - managed oz (000) 3,837 3,690
Gold price received US$/oz 1,085 875
Total cash cost US$/oz 646 516
Statement of comprehensive income
International Financial Reporting Standards Basis
Quarter
UNITED STATES DOLLARS June March June
2010 2010 2009
Net profit/(loss) for the quarter 144.4 65.6 (12.4)
Other comprehensive income/(expenses), net
of tax (154.0) 160.6 520.3
Marked to market valuation of listed
investments 2.5 (17.9) (0.5)
Currency translation adjustments and other (155.9) 177.3 572.4
Dilution loss on associate - - (36.8)
Share of equity investee`s other
comprehensive income (0.3) - (3.6)
Deferred taxation on marked to market
valuation of listed investments (0.3) 1.2 (11.2)
Total comprehensive income/(loss) for the
quarter (9.6) 226.2 507.9
Attributable to:
- Owners of the parent (23.5) 189.9 447.1
- Non-controlling interest 13.9 36.3 60.8
(9.6) 226.2 507.9
Year ended
UNITED STATES DOLLARS June June
2010 2009
Net profit/(loss) for the quarter 563.8 205.8
Other comprehensive income/(expenses), net of tax 241.3 (252.8)
Marked to market valuation of listed investments (42.6) (79.1)
Currency translation adjustments and other 272.9 (132.4)
Dilution loss on associate - (36.8)
Share of equity investee`s other comprehensive income 1.3 6.7
Deferred taxation on marked to market valuation of
listed investments 9.7 (11.2)
Total comprehensive income/(loss) for the quarter 805.1 (47.0)
Attributable to:
- Owners of the parent 701.5 (72.1)
- Non-controlling interest 103.6 25.1
805.1 (47.0)
Reconciliation of headline earnings with net earnings
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
SOUTH AFRICAN RAND UNITED STATES DOLLARS
June June June June
2010 2009 2010 2009
Net earnings for the year 3,631.4 1,535.6 479.0 170.5
(Profit)/loss on sale of
investments (846.9) 148.0 (111.8) 16.4
Taxation effect on sale of
investments 124.0 - 16.5 -
(Profit)/loss on sale of assets (2.5) (4.3) (0.3) (0.5)
Taxation effect on sale of assets 0.3 1.2 - 0.2
Impairment of investments 257.8 1,209.5 34.0 134.2
Headline earnings for the year 3,164.1 2,890.0 417.4 320.8
Headline earnings per share - cents 449 431 59 48
Based on headline earnings as given above divided by 705,364,200 for financial
2010 (financial 2009 - 670,328,262) 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 UNITED STATES DOLLARS
June June June June
2010 2009 2010 2009
Property, plant and equipment 52,813.4 48,337.4 6,976.7 5,997.2
Goodwill 4,458.9 4,458.9 589.0 553.2
Non-current assets 1,012.5 886.7 133.8 110.0
Investments 1,035.9 2,970.8 136.8 368.6
Current assets 9,019.5 8,548.1 1,191.5 1,060.6
- Other current assets 5,229.0 5,744.2 690.8 712.7
- Cash and deposits 3,790.5 2,803.9 500.7 347.9
Total assets 68,340.2 65,201.9 9,027.8 8,089.6
Shareholders` equity 45,448.9 42,669.4 6,003.8 5,294.0
Deferred taxation 7,142.7 6,128.8 943.6 760.4
Long-term loans 3,255.1 6,334.3 430.0 785.9
Environmental rehabilitation
provisions 2,295.5 2,267.9 303.2 281.4
Post-retirement health care
provisions 22.1 20.5 2.9 2.5
Other long-term provisions - 31.2 - 3.9
Current liabilities 10,175.9 7,749.8 1,344.3 961.5
- Other current liabilities 4,943.9 5,188.6 653.2 643.7
- Current portion of
long-term loans 5,232.0 2,561.2 691.1 317.8
Total equity and liabilities 68,340.2 65,201.9 9,027.8 8,089.6
South African rand/US dollar
conversion rate 7.57 8.06
South African rand/Australian
dollar conversion rate 6.57 6.43
Debt maturity ladder
Figures are in millions unless otherwise stated
F2011 F2012 F2013
Available loan facilities (committed and
uncommitted), including preference
shares and commercial
paper
Rand million 6,573.8 - 1,500.0
US dollar million 100.0 500.0 -
Dollar debt translated to rand 757.0 3,785.0 -
Total (R`m) 7,330.8 3,785.0 1,500.0
Utilisation - Loan facilities (committed
and uncommitted), including preference
shares and commercial
paper
Rand million 4,475.0 - -
US dollar million 100.0 430.0 -
Dollar debt translated to rand 757.0 3,255.1 -
Total (R`m) 5,232.0 3,255.1 -
Long-term loans per balance sheet (R`m)
Current portion of long-term loans per
balance sheet (R`m)
Total loans per balance sheet (R`m)
F2014 onwards Total
Available loan facilities (committed and uncommitted), including preference
shares and commercial paper
Rand million 1,500.0 9,573.8
US dollar million 450.0 1,050.0
Dollar debt translated to rand 3,406.5 7,948.5
Total (R`m) 4,906.5 17,522.3
Utilisation - Loan facilities (committed and
uncommitted), including preference
shares and commercial paper
Rand million - 4,475.0
US dollar million - 530.0
Dollar debt translated to rand - 4,012.1
Total (R`m) - 8,487.1
Long-term loans per balance sheet (R`m) 3,255.1
Current portion of long-term loans per balance sheet
(R`m) 5,232.0
Total loans per balance sheet (R`m) 8,487.1
Exchange rate: US$1 = R7.57 being the closing rate at the end of the June 2010
quarter.
Condensed statement of changes in equity
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
SOUTH AFRICAN RAND
YEAR ENDED 30 JUNE 2010 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 - (742.5) 3,631.4
Profit for the year - - 3,631.4
Other comprehensive expenses - (742.5) -
Dividends paid - - (917.1)
Share-based payments - 408.2 -
Transactions with minority interest - - -
Exercise of employee share options 56.8 - -
Balance as at 30 June 2010 31,522.4 (1,470.0) 12,590.5
Non-controlling Total
interest equity
Balance as at 30 June 2009 2,463.3 42,669.4
Total comprehensive (expenses)/income 634.3 3,523.2
Profit for the year 643.1 4,274.5
Other comprehensive expenses (8.8) (751.3)
Dividends paid (175.2) (1,092.3)
Share-based payments - 408.2
Transactions with minority interest (116.4) (116.4)
Exercise of employee share options - 56.8
Balance as at 30 June 2010 2,806.0 45,448.9
UNITED STATES DOLLARS
YEAR ENDED 30 JUNE 2010 Share capital Other Retained
and premium reserves earnings
Balance as at 30 June 2009 4,589.9 (959.3) 1,357.8
Total comprehensive income - 222.5 479.0
Profit for the year - - 479.0
Other comprehensive income - 222.5 -
Dividends paid - - (118.1)
Share-based payments - 53.9 -
Transactions with minority interest - - -
Exercise of employee share options 7.4 - -
Balance as at 30 June 2010 4,597.3 (682.9) 1,718.7
Non-controlling Total
interest equity
Balance as at 30 June 2009 305.6 5,294.0
Total comprehensive income 103.6 805.1
Profit for the year 84.8 563.8
Other comprehensive income 18.8 241.3
Dividends paid (23.1) (141.2)
Share-based payments - 53.9
Transactions with minority interest (15.4) (15.4)
Exercise of employee share options - 7.4
Balance as at 30 June 2010 370.7 6,003.8
SOUTH AFRICAN RAND
YEAR ENDED 30 JUNE 2009 Share capital Other Retained
and premium reserves earnings
Balance as at 30 June 2008 31,369.0 455.6 9,321.6
Total comprehensive income - (1,894.7) 1,535.6
Profit for the year - - 1,535.6
Other comprehensive
income/(expenses) - (1,894.7) -
Dividends paid - - (981.0)
Share-based payments - 303.4 -
Transactions with minority interest - - -
Mvela share issue on conclusion of
transaction 25.0 - -
Exercise of employee share options 71.6 - -
Balance as at 30 June 2009 31,465.6 (1,135.7) 9,876.2
Non-controlling Total
interest equity
Balance as at 30 June 2008 1,415.0 42,561.2
Total comprehensive income 300.8 (58.3)
Profit for the year 318.5 1,854.1
Other comprehensive income/(expenses) (17.7) (1,912.4)
Dividends paid - (981.0)
Share-based payments - 303.4
Transactions with minority interest 747.5 747.5
Mvela share issue on conclusion of transaction - 25.0
Exercise of employee share options - 71.6
Balance as at 30 June 2009 2,463.3 42,669.4
UNITED STATES DOLLARS
YEAR ENDED 30 JUNE 2009 Share capital Other Retained
and premium reserves earnings
Balance as at 30 June 2008 4,579.1 (750.4) 1,308.5
Total comprehensive income - (242.6) 170.5
Profit for the year - - 170.5
Other comprehensive
income/(expenses) - (242.6) -
Dividends paid - - (121.2)
Share-based payments - 33.7 -
Transactions with minority interest - - -
Mvela share issue on conclusion of
transaction 2.8 - -
Exercise of employee share options 8.0 - -
Balance as at 30 June 2009 4,589.9 (959.3) 1,357.8
Non-controlling Total
interest equity
Balance as at 30 June 2008 182.9 5,320.1
Total comprehensive income 25.1 (47.0)
Profit for the year 35.3 205.8
Other comprehensive income/(expenses) (10.2) (252.8)
Dividends paid - (121.2)
Share-based payments - 33.7
Transactions with minority interest 97.6 97.6
Mvela share issue on conclusion of transaction - 2.8
Exercise of employee share options - 8.0
Balance as at 30 June 2009 305.6 5,294.0
Cash flow statement
International Financial Reporting Standards Basis
Figures are in millions unless otherwise stated
Quarter
SOUTH AFRICAN RAND June March June
2010 2010 2009
Cash flows from operating activities 3,649.7 2,583.5 2,281.6
Profit before tax and exceptional
items 2,096.2 1,005.4 1,765.8
Exceptional items (144.1) 22.3 (1,252.4)
Amortisation and depreciation 1,368.2 1,139.3 1,067.1
Change in working capital 767.0 705.8 (125.8)
Taxation paid (545.5) (390.7) (322.5)
Other non-cash items 107.9 101.4 1,149.4
Dividends paid (175.2) (353.0) (0.1)
Ordinary shareholders - (353.0) (0.1)
Outside shareholders (175.2) - -
Cash flows from investing activities (1,890.2) (1,754.2) (1,577.9)
Capital expenditure - additions (2,156.9) (1,871.8) (1,790.5)
Capital expenditure - proceeds on
disposal 2 .4 0.8 19.4
(Purchase)/sale of subsidiaries - - -
Royalty termination - - -
Purchase of investments (3.6) (47.3) (17.9)
Proceeds on the disposal of
investments 339.8 172.0 282.0
Environmental and post-retirement
health care payments (71.9) (7.9) (70.9)
Cash flows from financing activities (665.9) 577.8 (274.0)
Loans received 2,444.1 2,662.0 1,143.0
Loans repaid (3,001.0) (2,095.7) (1,392.2)
Minority shareholders loans
(repaid)/received (116.4) - (54.3)
Shares issued 7.4 11.5 29.5
Net cash inflow 918.4 1,054.1 429.6
Translation adjustment 47.2 (57.4) (162.6)
Cash at beginning of period 2,824.9 1,828.2 2,536.9
Cash at end of period 3,790.5 2,824.9 2,803.9
*Cash flow before financing activities 1,759.5 829.3 703.7
Year to date
SOUTH AFRICAN RAND June June
2010 2009
Cash flows from operating activities 9,601.3 6,984.2
Profit before tax and exceptional items 6,178.7 5,553.7
Exceptional items 977.0 (1,346.1)
Amortisation and depreciation 4,837.3 4,142.3
Change in working capital 17.0 (1,183.8)
Taxation paid (1,764.2) (1,812.8)
Other non-cash items (644.5) 1,630.9
Dividends paid (1,092.3) (981.0)
Ordinary shareholders (917.1) (981.0)
Outside shareholders (175.2) -
Cash flows from investing activities (7,434.4) (7,285.8)
Capital expenditure - additions (7,742.3) (7,649.2)
Capital expenditure - proceeds on disposal 8.7 32.0
(Purchase)/sale of subsidiaries (340.1) 45.0
Royalty termination (1,998.9) -
Purchase of investments (97.2) (99.3)
Proceeds on the disposal of investments 2,830.8 482.0
Environmental and post-retirement health care
payments (95.4) (96.3)
Cash flows from financing activities (75.3) 2,086.7
Loans received 12,275.5 10,210.8
Loans repaid (12,291.2) (8,231.0)
Minority shareholders loans (repaid)/received (116.4) 10.3
Shares issued 56.8 96.6
Net cash inflow 999.3 804.1
Translation adjustment (12.7) (7.5)
Cash at beginning of period 2,803.9 2,007.3
Cash at end of period 3,790.5 2,803.9
*Cash flow before financing activities 2,166.9 (301.6)
Quarter
UNITED STATES DOLLARS June March June
2010 2010 2009
Cash flows from operating activities 482.1 344.8 264.9
Profit before tax and exceptional items 277.7 135.0 202.8
Exceptional items (18.6) 3.9 (139.2)
Amortisation and depreciation 181.7 152.0 124.0
Change in working capital 100.9 91.6 (15.9)
Taxation paid (73.6) (50.3) (35.2)
Other non-cash items 14.0 12.6 128.4
Dividends paid (23.1) (45.5) -
Ordinary shareholders - (45.5) -
Outside shareholders (23.1) - -
Cash flows from investing activities (239.7) (234.1) (184.4)
Capital expenditure - additions (286.5) (249.5) (209.4)
Capital expenditure - proceeds on disposal 0 .3 0.1 2.2
(Purchase)/sale of subsidiaries - - 0.1
Royalty termination - - -
Purchase of investments (0.4) (6.5) (1.9)
Proceeds on the disposal of investments 56.4 22.9 32.5
Environmental and post-retirement health
care payments (9.5) (1.1) (7.9)
Cash flows from financing activities (88.0) 77.5 (52.2)
Loans received 322.9 354.9 133.5
Loans repaid (396.5) (278.9) (182.4)
Minority shareholders loans
(repaid)/received (15.4) - (6.7)
Shares issued 1.0 1.5 3.4
Net cash inflow 131.3 142.7 28.3
Translation adjustment (14.9) 2.6 54.2
Cash at beginning of period 384.3 239.0 265.4
Cash at end of period 500.7 384.3 347.9
*Cash flow before financing activities 242.4 110.7 80.5
Year to date
UNITED STATES DOLLARS June June
2010 2009
Cash flows from operating activities 1,271.4 778.4
Profit before tax and exceptional items 815.0 616.4
Exceptional items 128.9 (149.4)
Amortisation and depreciation 638.2 459.7
Change in working capital 2.2 (131.4)
Taxation paid (227.9) (197.9)
Other non-cash items (85.0) 181.0
Dividends paid (141.2) (121.2)
Ordinary shareholders (118.1) (121.2)
Outside shareholders (23.1) -
Cash flows from investing activities (960.6) (809.6)
Capital expenditure - additions (1,021.4) (849.0)
Capital expenditure - proceeds on disposal 1.2 3.6
(Purchase)/sale of subsidiaries (43.0) 5.0
Royalty termination (257.1) -
Purchase of investments (13.5) (12.8)
Proceeds on the disposal of investments 385.8 54.3
Environmental and post-retirement health care payments (12.6) (10.7)
Cash flows from financing activities (25.6) 255.7
Loans received 1,619.9 1,137.9
Loans repaid (1,637.5) (892.9)
Minority shareholders loans (repaid)/received (15.4) -
Shares issued 7.4 10.7
Net cash inflow 144.0 103.3
Translation adjustment 8.8 (6.3)
Cash at beginning of period 347.9 250.9
Cash at end of period 500.7 347.9
*Cash flow before financing activities 310.8 (31.2)
*Cash flow before financing activities is defined as the sum of cash flows from
operating activities and cash flows from investing activities.
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 June 2010 are described below.
South Africa forward cover contracts*
South African rand forward cover contracts were taken out to cover commitments
of the South African operations in various currencies.
Outstanding at the end of June 2010 were the following contracts:
- US$/ZAR - US$3.5 million in total, with a positive marked to market value of
US$0.6 million.
- A$/ZAR - A$9.3 million in total, with a positive marked to market value of
US$0.3 million.
Copper financial instruments*
Peru
During June 2009, 8,705 tons or approximately 50 per cent 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 was 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 remaining 1,890 tons sold forward and the remaining 1,890 tons under the
zero cost collar outstanding at the end of March 2010 were settled during the
June quarter at realised gains of R13 million (US$2 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
Operations Total Driefontein
Operating Results
Ore milled/treated
(000 tons)
June 2010 14,863 3,931 1,594
March 200 14,263 3,580 1,402
Financial year ended 56,702 15,115 6,084
Yield (grams per ton)
June 2010 2.1 3.9 3.6
March 2010 1.9 3.4 3.3
Financial year ended 2.1 4.0 3.6
Gold produced
(kilograms)
June 2010 30,818 15,184 5,783
March 2010 27,391 12,297 4,575
Financial year ended 119,470 60,124 22,076
Gold sold (kilograms)
June 2010 30,623 15,184 5,783
March 2010 27,405 12,297 4,575
Financial year ended 119,354 60,124 22,076
Gold price received
(Rand per kilogram)
June 2010 287,454 289,482 289,538
March 2010 265,641 266,813 267,016
Financial year ended 264,468 264,435 264,704
Total cash cost
(Rand per kilogram)
June 2010 166,215 187,770 175,584
March 2010 169,538 214,467 195,650
Financial year ended 157,360 180,392 168,568
Notional cash
expenditure
(Rand per kilogram)
June 2010 235,223 272,669 233,910
March 2010 241,860 310,490 258,907
Financial year ended 224,979 261,323 225,208
Operating costs
(Rand per ton)
June 2010 343 739 639
March 2010 334 763 660
Financial year ended 338 741 630
Financial Results
(Rand million)
Revenue
June 2010 8,802.7 4,395.5 1,674.4
March 2010 7,279.9 3,281.0 1,221.6
Financial year ended 3 1,565.3 15,898.9 5,843.6
Operating costs, net
June 2010 5,064.7 2,904.5 1,018.8
March 2010 4,709.8 2,732.8 925.0
Financial year ended 18,992.1 11,203.9 3,832.1
- Operating costs
June 2010 5,102.5 2,904.5 1,018.8
March 2010 4,758.3 2,732.8 925.0
Financial year ended 19,170.3 11,203.9 3,832.1
- Gold inventory
change
June 2010 (37.8) - -
March 2010 (48.5) - -
Financial year ended (178.2) - -
Operating profit
June 2010 3,738.0 1,491.0 655.6
March 2010 2,570.1 548.2 296.6
Financial year ended 1 2,573.2 4,695.0 2,011.5
Amortisation of
mining assets
June 2010 1,328.4 660.8 190.0
March 2010 1,105.0 536.2 139.1
Financial year ended 4,692.3 2,416.1 621.7
Net operating profit
June 2010 2,409.6 830.2 465.6
March 2010 1,465.1 12.0 157.5
Financial year ended 7,880.9 2,278.9 1,389.8
Other
(expenses)/income
June 2010 (220.9) (140.4) (28.5)
March 2010 (225.7) (105.7) (14.0)
Financial year ended (979.7) (424.1) (92.3)
Profit/(loss)
before taxation
June 2010 2,188.7 689.8 437.1
March 2010 1,239.4 (93.7) 143.5
Financial year ended 6,901.2 1,854.8 1,297.5
Mining and income
taxation
June 2010 879.3 277.3 167.2
March 2010 542.6 1.7 38.7
Financial year ended 2,681.1 696.0 447.9
- Normal taxation
June 2010 346.8 88.2 83.9
March 2010 139.8 (21.9) (16.9)
Financial year ended 1,004.8 225.6 203.4
- Royalties
June 2010 220.7 48.3 34.3
March 2010 117.2 12.9 9.3
Financial year ended 542.9 61.2 43.6
- Deferred taxation
June 2010 311.8 140.8 49.0
March 2010 285.6 10.7 46.3
Financial year ended 1,133.4 409.2 200.9
Profit/(loss) before
exceptional items
June 2010 1,309.4 412.5 269.9
March 2010 696.8 (95.4) 104.8
Financial year ended 4,220.1 1,158.8 849.6
Exceptional items
June 2010 (9.2) (9.1) (0.9)
March 2010 (0.9) (0.9) -
Financial year ended (9.8) (9.9) 0.9
Net profit/(loss)
June 2010 1,300.2 403.4 269.0
March 2010 695.9 (96.3) 104.8
Financial year ended 4,210.3 1,148.9 850.5
Net profit/(loss)
excluding gains and
losses on foreign exchange,
financial instruments and
exceptional items
June 2010 1,303.4 411.1 269.4
March 2010 713.5 (96.1) 104.8
Financial year ended 4,362.2 1,156.7 849.8
Capital expenditure
June 2010 2,146.6 1,235.7 333.9
March 2010 1,866.5 1,085.3 259.5
Financial year ended 7,707.9 4,507.9 1,139.6
South Africa Region
Kloof Beatrix South Deep
Operating Results
Ore milled/treated
(000 tons)
June 2010 1,157 717 463
March 200 1,028 726 424
Financial year ended 4,299 3,051 1,681
Yield (grams per ton)
June 2010 3.8 4.0 4.7
March 2010 3.3 3.5 4.2
Financial year ended 4.1 4.0 4.9
Gold produced
(kilograms)
June 2010 4,369 2,856 2,176
March 2010 3,344 2,577 1,801
Financial year ended 17,624 1 2,188 8,236
Gold sold (kilograms)
June 2010 4,369 2,856 2,176
March 2010 3,344 2,577 1,801
Financial year ended 17,624 1 2,188 8,236
Gold price received
(Rand per kilogram)
June 2010 2 89,082 28 9,391 290,257
March 2010 2 66,477 26 7,055 266,574
Financial year ended 2 63,737 26 4,088 265,724
Total cash cost
(Rand per kilogram)
June 2010 1 96,201 189,216 201,333
March 2010 2 37,978 206,092 230,594
Financial year ended 1 87,154 180,358 197,669
Notional cash
expenditure
(Rand per kilogram)
June 2010 2 74,319 260,049 388,925
March 2010 3 27,482 274,466 461,521
Financial year ended 2 56,962 239,867 399,211
Operating costs
(Rand per ton)
June 2010 763 774 967
March 2010 808 758 1,007
Financial year ended 797 745 996
Financial Results
(Rand million)
Revenue
June 2010 1,263.0 826.5 631.6
March 2010 891.1 688.2 480.1
Financial year ended 4,648.1 3,218.7 2,188.5
Operating costs, net
June 2010 882.9 555.2 447.6
March 2010 830.5 550.2 427.1
Financial year ended 3,424.3 2,272.9 1,674.6
- Operating costs
June 2010 82.9 555.2 447.6
March 2010 830.5 550.2 427.1
Financial year ended 3,424.3 2,272.9 1,674.6
- Gold inventory
change
June 2010 - - -
March 2010 - - -
Financial year ended - - -
Operating profit
June 2010 380.1 271.3 184.0
March 2010 60.6 138.0 53.0
Financial year ended 1,223.8 945.8 513.9
Amortisation of
mining assets
June 2010 209.5 136.8 124.5
March 2010 167.0 118.3 111.8
Financial year ended 800.3 541.6 452.5
Net operating profit
June 2010 170.6 134.5 59.5
March 2010 (106.4) 19.7 (58.8)
Financial year ended 423.5 404.2 61.4
Other
(expenses)/income
June 2010 (46.6) (9.7) (55.6)
March 2010 (21.1) (12.1) (58.5)
Financial year ended (105.5) (43.4) (182.9)
Profit/(loss)
before taxation
June 2010 124.0 124.8 3.9
March 2010 (127.5) 7.6 (117.3)
Financial year ended 318.0 360.8 (121.5)
Mining and income
taxation
June 2010 54.2 50.9 5.0
March 2010 3.6 6.4 (47.0)
Financial year ended 144.8 148.6 (45.3)
- Normal taxation
June 2010 3.2 1.1 -
March 2010 (4.8) (0.2) -
Financial year ended 20.1 2.1 -
- Royalties
June 2010 6.8 4.1 3.1
March 2010 1.4 1.3 0.9
Financial year ended 8.2 5.4 4.0
- Deferred taxation
June 2010 44.2 45.7 1.9
March 2010 7.0 5.3 (47.9)
Financial year ended 116.5 141.1 (49.3)
Profit/(loss) before
exceptional items
June 2010 69.8 73.9 (1.1)
March 2010 (131.1) 1.2 (70.3)
Financial year ended 173.2 212.2 (76.2)
Exceptional items
June 2010 (2.6) (2.5) (3.1)
March 2010 - 0.8 (1.7)
Financial year ended (0.7) (5.3) (4.8)
Net profit/(loss)
June 2010 67.2 71.4 (4.2)
March 2010 (131.1) 2.0 (72.0)
Financial year ended 172.5 206.9 (81.0)
Net profit/(loss)
excluding gains and
losses on foreign exchange,
financial instruments and
exceptional items
June 2010 68.7 75.3 (2.3)
March 2010 (131.1) 1.2 (71.0)
Financial year ended 172.8 212.2 (78.1)
Capital expenditure
June 2010 315.6 187.5 398.7
March 2010 264.6 157.1 404.1
Financial year ended 1,104.4 650.6 1,613.3
Operating and financial results
SOUTH AFRICAN RAND
West Africa Region
Ghana
Total Tarkwa Damang
Operating Results
Ore milled/treated
(000 tons)
June 2010 7,517 6,192 1,325
March 2010 7,296 5,942 1,354
Financial year ended 27,744 22,716 5,028
Yield (grams per ton)
June 2010 1.1 1.0 1.3
March 2010 1.0 0.9 1.2
Financial year ended 1.0 1.0 1.3
Gold produced
(kilograms)
June 2010 7,993 6,226 1,767
March 2010 7,054 5,374 1,680
Financial year ended 28,866 22,415 6,451
Gold sold (kilograms)
June 2010 7,993 6,226 1,767
March 2010 7,054 5,374 1,680
Financial year ended 28,866 22,415 6,451
Gold price received
(Rand per kilogram)
June 2010 288,953 288,853 289,304
March 2010 268,599 268,013 270,476
Financial year ended 267,044 267,183 266,563
Total cash cost
(Rand per kilogram)
June 2010 150,307 144,748 169,892
March 2010 141,877 136,156 160,179
Financial year ended 137,397 130,636 160,890
Notional cash
expenditure
(Rand per kilogram)
June 2010 192,068 186,219 212,677
March 2010 188,730 188,742 188,690
Financial year ended 182,786 181,115 188,591
Operating costs
(Rand per ton)
June 2010 152 137 218
March 2010 134 122 187
Financial year ended 141 129 197
Financial Results
(Rand million)
Revenue
June 2010 2,309.6 1,798.4 511.2
March 2010 1,894.7 1,440.3 454.4
Financial year ended 7,708.5 5,988.9 1,719.6
Operating costs, net
June 2010 1,139.5 853.7 285.8
March 2010 987.0 724.0 263.0
Financial year ended 3,853.2 2,846.8 1,006.4
- Operating costs
June 2010 1,140.1 850.9 289.2
March 2010 978.6 725.5 253.1
Financial year ended 3,923.9 2,933.4 990.5
- Gold inventory
change
June 2010 (0.6) 2.8 (3.4)
March 2010 8.4 (1.5) 9.9
Financial year ended (70.7) (86.6) 15.9
Operating profit
June 2010 1,170.1 944.7 225.4
March 2010 907.7 716.3 191.4
Financial year ended 3,855.3 3,142.1 713.2
Amortisation of
mining assets
June 2010 292.7 252.0 40.7
March 2010 234.1 204.3 29.8
Financial year ended 971.7 841.7 130.0
Net operating profit
June 2010 877.4 692.7 184.7
March 2010 673.6 512.0 161.6
Financial year ended 2,883.6 2,300.4 583.2
Other
(expenses)/income
June 2010 (34.9) (27.9) (7.0)
March 2010 (30.0) (24.4) (5.6)
Financial year ended (107.6) (82.5) (25.1)
Profit/(loss)
before taxation
June 2010 842.5 664.8 177.7
March 2010 643.6 487.6 156.0
Financial year ended 2,776.0 2,217.9 558.1
Mining and income
taxation
June 2010 330.1 258.7 71.4
March 2010 229.0 172.3 56.7
Financial year ended 1,003.8 793.4 210.4
- Normal taxation
June 2010 189.9 132.9 57.0
March 2010 118.4 84.0 34.4
Financial year ended 464.6 312.6 152.0
- Royalties
June 2010 115.9 90.1 25.8
March 2010 61.6 47.5 14.1
Financial year ended 282.6 220.1 62.5
- Deferred taxation
June 2010 24.3 35.7 (11.4)
March 2010 49.0 40.8 8.2
Financial year ended 256.6 260.7 (4.1)
Profit/(loss) before
exceptional items
June 2010 512.4 406.1 106.3
March 2010 414.6 315.3 99.3
Financial year ended 1,772.2 1,424.5 347.7
Exceptional items
June 2010 - - -
March 2010 - - -
Financial year ended - - -
Net profit/(loss)
June 2010 512.4 406.1 106.3
March 2010 414.6 315.3 99.3
Financial year ended 1,772.2 1,424.5 347.7
Net profit/(loss)
excluding gains and
losses on
foreign exchange,
financial instruments
and exceptional items
June 2010 513.6 407.3 106.3
March 2010 414.6 315.3 99.3
Financial year ended 1,775.8 1,428.0 347.8
Capital expenditure
June 2010 395.1 308.5 86.6
March 2010 352.7 288.8 63.9
Financial year ended 1,352.4 1,126.3 226.1
SOUTH AFRICAN RAND
South
America
Region
Peru
Cerro Corona Total
Operating Results
Ore milled/treated
(000 tons)
June 2010 1,485 1,930
March 2010 1,554 1,833
Financial year ended 6,141 7,702
Yield (grams per ton)
June 2010 2.0 2.4
March 2010 2.2 2.5
Financial year ended 2.0 2.4
Gold produced
(kilograms)
June 2010 3,001 4,640
March 2010 3,428 4,612
Financial year ended 12,243 18,237
Gold sold (kilograms)
June 2010 2,806 4,640
March 2010 3,442 4,612
Financial year ended 12,127 18,237
Gold price received
(Rand per kilogram)
June 2010 266,358 290,991
March 2010 256,450 264,853
Financial year ended 257,162 265,356
Total cash cost
(Rand per kilogram)
June 2010 89,202 169,655
March 2010 73,068 164,050
Financial year ended 84,737 161,315
Notional cash
expenditure
(Rand per kilogram)
June 2010 121,326 260,690
March 2010 128,238 224,588
Financial year ended 136,650 231,239
Operating costs
(Rand per ton)
June 2010 172 415
March 2010 166 431
Financial year ended 167 392
Financial Results
(Rand million)
Revenue
June 2010 747.4 1,350.2
March 2010 882.7 1,221.5
Financial year ended 3,118.6 4,839.3
Operating costs, net
June 2010 242.0 778.7
March 2010 253.9 736.1
Financial year ended 1,014.0 2,921.0
- Operating costs
June 2010 256.1 801.8
March 2010 257.5 789.4
Financial year ended 1,024.2 3,018.3
- Gold inventory
change
June 2010 (14.1) (23.1)
March 2010 (3.6) (53.3)
Financial year ended (10.2) (97.3)
Operating profit
June 2010 505.4 571.5
March 2010 628.8 485.4
Financial year ended 2,104.6 1,918.3
Amortisation of
mining assets
June 2010 109.2 265.7
March 2010 103.0 231.7
Financial year ended 419.1 885.4
Net operating profit
June 2010 396.2 305.8
March 2010 525.8 253.7
Financial year ended 1,685.5 1,032.9
Other
(expenses)/income
June 2010 (36.4) (9.2)
March 2010 (68.4) (21.6)
Financial year ended (403.9) (44.1)
Profit/(loss)
before taxation
June 2010 359.8 296.6
March 2010 457.4 232.1
Financial year ended 1,281.6 988.8
Mining and income
taxation
June 2010 156.2 115.7
March 2010 219.8 92.1
Financial year ended 593.0 388.3
- Normal taxation
June 2010 64.3 4.4
March 2010 43.3 -
Financial year ended 310.2 4.4
- Royalties
June 2010 20.9 35.6
March 2010 13.7 29.0
Financial year ended 78.2 120.9
- Deferred taxation
June 2010 71.0 75.7
March 2010 162.8 63.1
Financial year ended 204.6 263.0
Profit/(loss) before
exceptional items
June 2010 203.6 180.9
March 2010 237.6 140.0
Financial year ended 688.6 600.5
Exceptional items
June 2010 (0.1) -
March 2010 - -
Financial year ended 0.1 -
Net profit/(loss)
June 2010 203.5 180.9
March 2010 237.6 140.0
Financial year ended 688.7 600.5
Net profit/(loss)
excluding gains and
losses on
foreign exchange,
financial instruments
and exceptional items
June 2010 194.6 184.1
March 2010 250.5 144.5
Financial year ended 825.7 604.0
Capital expenditure
June 2010 108.0 407.8
March 2010 182.1 246.4
Financial year ended 648.8 1,198.8
SOUTH AFRICAN RAND
Australasia Region #
Australia
St Ives Agnew
Operating Results
Ore milled/treated
(000 tons)
June 2010 1,746 184
March 2010 1,619 214
Financial year ended 6,819 883
Yield (grams per ton)
June 2010 2.1 5.4
March 2010 2.1 5.9
Financial year ended 1.9 5.8
Gold produced
(kilograms)
June 2010 3,654 986
March 2010 3,342 1,270
Financial year ended 13,097 5,140
Gold sold (kilograms)
June 2010 3,654 986
March 2010 3,342 1,270
Financial year ended 13,097 5,140
Gold price received
(Rand per kilogram)
June 2010 291,927 287,525
March 2010 264,692 265,276
Financial year ended 266,588 262,218
Total cash cost
(Rand per kilogram)
June 2010 167,022 179,412
March 2010 176,361 131,654
inancial year ended 173,085 131,323
Notional cash
expenditure
(Rand per kilogram)
June 2010 236,754 349,391
March 2010 239,707 184,803
Financial year ended 238,345 213,132
Operating costs
(Rand per ton)
June 2010 363 916
March 2010 381 810
Financial year ended 343 767
Financial Results
(Rand million)
Revenue
June 2010 1,066.7 283.5
March 2010 884.6 336.9
Financial year ended 3,491.5 1,347.8
Operating costs, net
June 2010 596.5 182.2
March 2010 566.4 169.7
Financial year ended 2,239.9 681.1
- Operating costs
June 2010 633.2 168.6
March 2010 616.1 173.3
Financial year ended 2,341.2 677.1
- Gold inventory
change
June 2010 (36.7) 13.6
March 2010 (49.7) (3.6)
Financial year ended (101.3) 4.0
Operating profit
June 2010 470.2 101.3
March 2010 318.2 167.2
Financial year ended 1,251.6 666.7
Amortisation of
mining assets
June 2010
March 2010
Financial year ended
Net operating profit
June 2010
March 2010
Financial year ended
Other
(expenses)/income
June 2010
March 2010
Financial year ended
Profit/(loss)
before taxation
June 2010
March 2010
Financial year ended
Mining and income
taxation
June 2010
March 2010
Financial year ended
- Normal taxation
June 2010
March 2010
Financial year ended
- Royalties
June 2010
March 2010
Financial year ended
- Deferred taxation
June 2010
March 2010
Financial year ended
Profit/(loss) before
exceptional items
June 2010
March 2010
Financial year ended
Exceptional items
June 2010
March 2010
Financial year ended
Net profit/(loss)
June 2010
March 2010
Financial year ended
Net profit/(loss)
excluding gains and
losses on
foreign exchange,
financial instruments
and exceptional items
June 2010
March 2010
Financial year ended
Capital expenditure
June 2010 231.9 175.9
March 2010 185.0 61.4
Financial year ended 780.4 418.4
# 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
Total
Mine Operations Total Driefontein
Operating Results
Ore milled/treated
(000 tons)
June 2010 14,863 3,931 1,594
March 2010 14,263 3,580 1,402
Financial year ended 56,702 15,115 6,084
Yield
(ounces per ton)
June 2010 0.067 0.124 0.117
March 2010 0.062 0.110 0.105
Financial year ended 0.068 0.128 0.117
Gold produced
(000 ounces)
June 2010 990.8 488.2 185.9
March 2010 880.2 395.4 147.1
Financial year ended 3,841.0 1,933.0 709.8
Gold sold (000 ounces)
June 2010 984.6 488.2 185.9
March 2010 880.6 395.4 147.1
Financial year ended 3,837.3 1,933.0 709.8
Gold price received
(dollars per ounce)
June 2010 1,191 1,199 1,199
March 2010 1,102 1,107 1,107
Financial year ended 1,085 1,085 1,086
Total cash cost
(dollars per ounce)
June 2010 688 778 727
March 2010 703 889 811
Financial year ended 646 740 692
Notional cash expenditure
(dollars per ounce)
June 2010 974 1,129 969
March 2010 1,003 1,288 1,074
Financial year ended 923 1,072 924
Operating costs
(dollars per ton)
June 2010 46 98 85
March 2010 44 102 88
Financial year ended 45 98 83
Financial Results
($ million)
Revenue
June 2010 1,169.2 583.9 222.3
March 2010 971.2 438.8 163.3
Financial year ended 4,164.3 2,097.5 770.9
Operating costs, net
June 2010 673.1 38 6.1 135.4
March 2010 627.6 364.4 123.4
Financial year ended 2,505.6 1,478.1 505.6
- Operating costs
June 2010 678.1 386.1 135.4
March 2010 634.1 364.4 123.4
Financial year ended 2,529.1 1,478.1 505.6
- Gold inventory change
June 2010 (5.0) - -
March 2010 (6.5) - -
Financial year ended (23.5) - -
Operating profit
June 2010 496.1 197.8 87.0
March 2010 343.6 74.4 39.9
Financial year ended 1,658.7 619.4 265.4
Amortisation of mining
assets
June 2010 176.3 87.7 25.2
March 2010 147.4 71.6 18.6
Financial year ended 619.0 318.7 82.0
Net operating profit
June 2010 320.0 110.1 61.7
March 2010 196.2 2.8 21.3
Financial year ended 1,039.7 300.6 183.4
Other (expenses)/income
June 2010 (29.1) (18.6) (3.7)
March 2010 (30.1) (13.9) (1.9)
Financial year ended (129.1) (55.9) (12.2)
Profit/(loss) before
taxation
June 2010 290.8 91.6 58.0
March 2010 166.1 (11.1) 19.4
Financial year ended 910.6 244.7 171.2
Mining and income
taxation
June 2010 115.1 36.6 22.1
March 2010 72.8 0.6 5.3
Financial year ended 352.1 91.8 59.1
- Normal taxation
June 2010 46.0 11.7 11.1
March 2010 18.8 (2.7) (2.1)
Financial year ended 132.5 29.8 26.8
- Royalties
June 2010 28.8 6.4 4.6
March 2010 15.8 1.7 1.2
Financial year ended 71.1 8.1 5.8
- Deferred taxation
June 2010 40.3 18.6 6.5
March 2010 38.1 1.6 6.2
Financial year ended 148.5 54.0 26.5
Profit/(loss) before
exceptional items
June 2010 175.6 55.0 35.9
March 2010 93.3 (11.7) 14.2
Financial year ended 558.5 152.9 112.1
Exceptional items
June 2010 (1.2) (1.2) (0.1)
March 2010 (0.1) (0.1) -
Financial year ended (1.3) (1.3) 0.1
Net profit/(loss)
June 2010 174.4 53.8 35.8
March 2010 93.2 (11.8) 14.2
Financial year ended 557.2 151.6 112.2
Net profit/(loss)
excluding gains and
losses on
foreign exchange,
financial instruments
and exceptional items
June 2010 170.6 54.5 35.8
March 2010 96.7 (11.9) 14.2
Financial year ended 573.0 152.6 112.1
Capital expenditure
June 2010 285.2 164.2 44.3
March 2010 248.8 144.7 34.6
Financial year ended 1,016.9 594.7 150.3
South Africa Region
Kloof Beatrix South Deep
Operating Results
Ore milled/treated
(000 tons)
June 2010 1,157 717 463
March 2010 1,028 726 424
Financial year ended 4,299 3,051 1,681
Yield
(ounces per ton)
June 2010 0.121 0.128 0.151
March 2010 0.105 0.114 0.137
Financial year ended 0.132 0.128 0.158
Gold produced
(000 ounces)
June 2010 140.5 91.8 70.0
March 2010 107.5 82.9 57.9
Financial year ended 566.5 391.9 264.8
Gold sold (000 ounces)
June 2010 140.5 91.8 70.0
March 2010 107.5 82.9 57.9
Financial year ended 566.5 391.9 264.8
Gold price received
(dollars per ounce)
June 2010 1,197 1,199 1,202
March 2010 1,105 1,108 1,106
Financial year ended 1,082 1,084 1,090
Total cash cost
(dollars per ounce)
June 2010 813 784 834
March 2010 987 855 956
Financial year ended 768 740 811
Notional cash expenditure
(dollars per ounce)
June 2010 1,136 1,077 1,611
March 2010 1,358 1,138 1,914
Financial year ended 1,054 984 1,638
Operating costs
(dollars per ton)
June 2010 102 103 129
March 2010 108 101 134
Financial year ended 105 98 131
Financial Results
($ million)
Revenue
June 2010 167.8 109. 9 83.9
March 2010 119.4 92. 0 64.1
Financial year ended 613.2 424. 6 288.7
Operating costs, net
June 2010 117.4 73.8 59.5
March 2010 110.7 73.4 56.9
Financial year ended 451.8 299.9 220.9
- Operating costs
June 2010 117.4 73.8 59.5
March 2010 110.7 73.4 56.9
Financial year ended 451.8 299.9 220.9
- Gold inventory change
June 2010 - - -
March 2010 - - -
Financial year ended - - -
Operating profit
June 2010 50.4 36.0 24.4
March 2010 8.7 18.6 7.2
Financial year ended 161.5 124.8 67.8
Amortisation of mining
assets
June 2010 27.8 18.2 16.5
March 2010 22.4 15.8 14.9
Financial year ended 105.6 71.5 59.7
Net operating profit
June 2010 22.6 17.8 7.9
March 2010 (13.7) 2.8 (7.6)
Financial year ended 55.9 53.3 8.1
Other (expenses)/income
June 2010 (6.1) (1.3) (7.4)
March 2010 (2.8) (1.6) (7.7)
Financial year ended (13.9) (5.7) (24.1)
Profit/(loss) before
taxation
June 2010 16.5 16.6 0.5
March 2010 (16.4) 1.2 (15.4)
Financial year ended 42.0 47.6 (16.0)
Mining and income
taxation
June 2010 7.1 6.7 0.6
March 2010 0.5 1.0 (6.2)
Financial year ended 19.1 19.6 (6.0)
- Normal taxation
June 2010 0.4 0.2 -
March 2010 (0.6) - -
Financial year ended 2.7 0.3 -
- Royalties
June 2010 0.9 0.5 0.4
March 2010 0.2 0.2 0.1
Financial year ended 1.1 0.7 0.5
- Deferred taxation
June 2010 5.8 6.1 0.2
March 2010 1.0 0.8 (6.3)
Financial year ended 15.4 18.6 (6.5)
Profit/(loss) before
exceptional items
June 2010 9.4 9.8 (0.1)
March 2010 (17.0) 0.2 (9.1)
Financial year ended 22.8 28.0 (10.1)
Exceptional items
June 2010 (0.3) (0.3) (0.4)
March 2010 - 0.1 (0.2)
Financial year ended (0.1) (0.7) (0.6)
Net profit/(loss)
June 2010 9.1 9.5 (0.5)
March 2010 (16.9) 0.3 (9.4)
Financial year ended 22.8 27.3 (10.7)
Net profit/(loss)
excluding gains and
losses on
foreign exchange,
financial instruments
and exceptional items
June 2010 9.1 10.0 (0.4)
March 2010 (17.0) 0.2 (9.3)
Financial year ended 22.8 28.0 (10.3)
Capital expenditure
June 2010 42.0 24.9 53.0
March 2010 35.2 20.9 53.9
Financial year ended 145.7 85.8 212.8
Average exchange rates were US$1 = R7.51 and US$1 = R7.50 for the June and
March 2010 quarters respectively.
The Australian dollar exchange rates were A$1 = R6.66 and A$1 = R6.76 for the
June 2010 and March 2010 quarters respectively.
Operating and financial results
UNITED STATES DOLLARS
West Africa Region South
America
Region
Ghana Peru
Total Tarkwa Damang Cerro
Corona
Operating Results
Ore milled/treated
(000 tons)
June 2010 7,517 6,192 1,325 1,485
March 2010 7,296 5,942 1,354 1,554
Financial year ended 27,744 22,716 5,028 6,141
Yield (ounces
per ton)
June 2010 0.034 0.032 0.043 0.065
March 2010 0.031 0.029 0.040 0.071
Financial year ended 0.033 0.032 0.041 0.064
Gold produced
(000 ounces)
June 2010 257.0 200.2 56.8 96.5
March 2010 226.5 172.6 53.8 110.2
Financial year ended 928.1 720.7 207.4 393.6
Gold sold (000 ounces)
June 2010 257.0 200.2 56.8 90.2
March 2010 226.5 172.6 53.8 110.7
Financial year ended 928.1 720.7 207.4 389.9
Gold price received
(dollars per ounce)
June 2010 1,197 1,196 1,198 1,103
March 2010 1,114 1,111 1,122 1,064
Financial year ended 1,096 1,096 1,094 1,055
Total cash cost
(dollars per ounce)
June 2010 623 599 704 369
March 2010 589 565 667 303
Financial year ended 564 536 660 348
Notional cash
expenditure
(dollars per ounce)
June 2010 795 771 881 502
March 2010 783 783 783 532
Financial year ended 750 743 774 561
Operating costs
(dollars per ton)
June 2010 20 18 29 23
March 2010 18 16 25 22
Financial year ended 19 17 26 22
Financial Results
($ million)
Revenue
June 2010 306.6 238.7 67.9 99.4
March 2010 252.4 191.9 60.4 117.4
Financial year ended 1,017.0 790.1 226.9 411.4
Operating costs, net
June 2010 151.3 113.3 38.0 32.2
March 2010 131.3 96.3 35.0 33.9
Financial year ended 508.3 375.6 132.8 133.8
- Operating costs
June 2010 151.4 113.0 38.4 34.1
March 2010 130.3 96.6 33.7 34.3
Financial year ended 517.7 387.0 130.7 135.1
- Gold inventory
change
June 2010 (0.1) 0.3 (0.4) (1.9)
March 2010 1.0 (0.3) 1.3 (0.4)
Financial year ended (9.3) (11.4) 2.1 (1.3)
Operating profit
June 2010 155.3 125.4 29.9 67.2
March 2010 121.0 95.6 25.4 83.5
Financial year ended 508.6 414.5 94.1 277.7
Amortisation of mining
assets
June 2010 38.8 33.5 5.4 14.5
March 2010 31.2 27.2 4.0 13.8
Financial year ended 128.2 111.0 17.2 55.3
Net operating profit
June 2010 116.5 91.9 24.6 52.7
March 2010 89.9 68.4 21.5 69.7
Financial year ended 380.4 303.5 76.9 222.4
Other (expenses)
/income
June 2010 (4.6) (3.7) (0.9) (4.9)
March 2010 (4.0) (3.2) (0.8) (9.3)
Financial year ended (14.2) (10.9) (3.3) 53.3)
Profit/(loss) before
taxation
June 2010 111.9 88.2 23.7 47.8
March 2010 85.9 65.2 20.7 60.4
Financial year ended 366.2 292.6 73.6 169.1
Mining and income
taxation
June 2010 43.9 34.3 9.6 20.7
March 2010 30.5 23.1 7.4 29.1
Financial year ended 132.4 104.7 27.8 78.2
- Normal taxation
June 2010 25.2 17.6 7.6 8.6
March 2010 15.7 11.2 4.5 5.8
Financial year ended 61.3 41.2 20.1 40.9
- Royalties
June 2010 15.4 12.0 3.5 2.7
March 2010 8.2 6.3 1.8 1.9
Financial year ended 37.3 29.0 8.2 10.3
- Deferred taxation
June 2010 3.3 4.7 (1.5) 9.4
March 2010 6.6 5.6 1.0 21.4
Financial year ended 33.9 34.4 (0.5) 27.0
Profit/(loss) before
exceptional items
June 2010 68.0 54.0 14.1 27.1
March 2010 55.4 42.1 13.3 31.4
Financial year ended 233.8 187.9 45.9 90.8
Exceptional items
June 2010 - - - -
March 2010 - - - -
Financial year ended - - - -
Net profit/(loss)
June 2010 68.0 54.0 14.1 27.1
March 2010 55.4 42.1 13.3 31.3
Financial year ended 233.8 187.9 45.9 90.8
Net profit/(loss)
excluding gains
and losses on foreign
exchange, financial
instruments and exceptional
items
June 2010 68.2 54.1 14.1 25.9
March 2010 55.3 42.1 13.2 33.3
Financial year ended 234.3 188.4 45.9 108.9
Capital expenditure
June 2010 52.5 41.0 11.5 14.4
March 2010 46.9 38.4 8.5 24.3
Financial year ended 178.4 148.6 29.8 85.6
Australasia Region
Australia #
Total St Ives Agnew
Operating Results
Ore milled/treated
(000 tons)
June 2010 1,930 1,746 184
March 2010 1,833 1,619 214
Financial year ended 7,702 6,819 883
Yield (ounces
per ton)
June 2010 0.077 0.067 0.172
March 2010 0.081 0.066 0.190
Financial year ended 0.076 0.062 0.187
Gold produced
(000 ounces)
June 2010 149.2 117.5 31.7
March 2010 148.1 107.3 40.7
Financial year ended 586.3 421.1 165.2
Gold sold (000 ounces)
June 2010 149.2 117.5 31.7
March 2010 148.1 107.3 40.7
Financial year ended 586.3 421.1 165.2
Gold price received
(dollars per ounce)
June 2010 1,205 1,209 1,191
March 2010 1,098 1,098 1,100
Financial year ended 1,089 1,094 1,076
Total cash cost
(dollars per ounce)
June 2010 703 692 743
March 2010 681 732 547
Financial year ended 662 710 539
Notional cash
expenditure
(dollars per ounce)
June 2010 1,080 981 1,447
March 2010 931 994 766
Financial year ended 949 978 875
Operating costs
(dollars per ton)
June 2010 55 48 122
March 2010 57 51 108
Financial year ended 52 45 101
Financial Results
($ million)
Revenue
June 2010 179.3 141.6 37.7
March 2010 162.7 117.7 45.0
Financial year ended 638.4 460.6 177.8
Operating costs, net
June 2010 103.4 79.2 24.1
March 2010 98.1 75.5 22.6
Financial year ended 385.4 295.5 89.9
- Operating costs
June 2010 106.5 84.1 22.4
March 2010 105.1 82.0 23.1
Financial year ended 398.2 308.9 89.3
- Gold inventory
change
June 2010 (3.1) (4.9) 1.8
March 2010 (7.0) (6.5) (0.4)
Financial year ended (12.8) (13.4) 0.5
Operating profit
June 2010 75.9 62.4 13.6
March 2010 64.6 42.3 22.3
Financial year ended 253.1 165.1 88.0
Amortisation of mining
assets
June 2010 35.3
March 2010 30.8
Financial year ended 116.8
Net operating profit
June 2010 40.6
March 2010 33.7
Financial year ended 136.3
Other (expenses)
/income
June 2010 (1.1)
March 2010 (2.9)
Financial year ended (5.6)
Profit/(loss) before
taxation
June 2010 39.6
March 2010 30.8
Financial year ended 130.6
Mining and income
taxation
June 2010 13.9
March 2010 12.6
Financial year ended 49.7
- Normal taxation
June 2010 0.6
March 2010 -
Financial year ended 0.6
- Royalties
June 2010 4.2
March 2010 4.1
Financial year ended 15.5
- Deferred taxation
June 2010 9.1
March 2010 8.6
Financial year ended 33.6
Profit/(loss) before
exceptional items
June 2010 25.7
March 2010 18.2
Financial year ended 81.0
Exceptional items
June 2010 -
March 2010 -
Financial year ended -
Net profit/(loss)
June 2010 25.7
March 2010 18.2
Financial year ended 81.0
Net profit/(loss)
excluding gains
and losses on foreign
exchange, financial
instruments and exceptional
items
June 2010 22.0
March 2010 20.0
Financial year ended 77.2
Capital expenditure
June 2010 54.1 30.8 23.3
March 2010 32.9 24.7 8.2
Financial year ended 158.2 103.0 55.2
AUSTRALIAN DOLLARS
Australasia Region #
Total St Ives Agnew
Operating Results
Ore milled/treated
(000 tons)
June 2010 1,930 1,746 184
March 2010 1,833 1,619 214
Financial year ended 7,702 6,819 883
Yield (ounces
per ton)
June 2010 0.077 0.067 0.172
March 2010 0.081 0.066 0.190
Financial year ended 0.076 0.062 0.187
Gold produced
(000 ounces)
June 2010 149.2 117.5 31.7
March 2010 148.1 107.3 40.7
Financial year ended 586.3 421.1 165.2
Gold sold (000 ounces)
June 2010 149.2 117.5 31.7
March 2010 148.1 107.3 40.7
Financial year ended 586.3 421.1 165.2
Gold price received
(dollars per ounce)
June 2010 1,359 1,363 1,343
March 2010 1,219 1,218 1,221
Financial year ended 1,236 1,241 1,221
Total cash cost
(dollars per ounce)
June 2010 792 780 838
March 2010 755 811 606
Financial year ended 751 806 611
Notional cash
expenditure
(dollars per ounce)
June 2010 1,217 1,106 1,632
March 2010 1,033 1,103 850
Financial year ended 1,077 1,110 992
Operating costs
(dollars per ton)
June 2010 62 54 138
March 2010 64 56 120
Financial year ended 59 51 115
Financial Results
($ million)
Revenue
June 2010 202.1 159.7 42.5
March 2010 180.8 131.0 49.8
Financial year ended 724.4 522.7 201.8
Operating costs, net
June 2010 116.5 89.3 27.3
March 2010 108.9 83.8 25.1
Financial year ended 437.3 335.3 102.0
- Operating costs
June 2010 120.1 94.8 25.3
March 2010 116.8 91.2 25.6
Financial year ended 451.8 350.5 101.4
- Gold inventory
change
June 2010 (3.5) (5.5) 2.0
March 2010 (8.0) (7.4) (0.5)
Financial year ended (14.6) (15.2) 0.6
Operating profit
June 2010 85.6 70.4 15.2
March 2010 71.9 47.2 24.7
Financial year ended 287.2 187.4 99.8
Amortisation of mining
assets
June 2010 39.8
March 2010 34.3
Financial year ended 132.5
Net operating profit
June 2010 45.8
March 2010 37.6
Financial year ended 154.6
Other (expenses)
/income
June 2010 (1.4)
March 2010 (3.2)
Financial year ended (6.6)
Profit/(loss) before
taxation
June 2010 44.4
March 2010 34.4
Financial year ended 148.0
Mining and income
taxation
June 2010 17.3
March 2010 13.6
Financial year ended 58.1
- Normal taxation
June 2010 0.7
March 2010 -
Financial year ended 0.7
- Royalties
June 2010 5.3
March 2010 4.3
Financial year ended 18.1
- Deferred taxation
June 2010 11.3
March 2010 9.3
Financial year ended 39.4
Profit/(loss) before
exceptional items
June 2010 27.0
March 2010 20.8
Financial year ended 89.9
Exceptional items
June 2010 -
March 2010 -
Financial year ended -
Net profit/(loss)
June 2010 27.0
March 2010 20.8
Financial year ended 89.9
Net profit/(loss)
excluding gains
and losses on foreign
exchange, financial
instruments and exceptional
items
June 2010 28.3
March 2010 22.3
Financial year ended 93.1
Capital expenditure
June 2010 61.1 34.7 26.3
March 2010 36.3 27.3 9.0
Financial year ended 179.5 116.8 62.6
# 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
Total South Africa Region
Mine
Operations Total Driefontein Kloof
Operating
costs (1)
June 2010 5,102.5 2,904.5 1,018.8 882.9
March 2010 4,758.3 2,732.8 925.0 830.5
Financial year
ended 19,170.3 11,203.9 3,832.1 3,424.3
Gold-in-process
and
inventory
change*
June 2010 (19.6) - - -
March 2010 (19.8) - - -
Financial year
ended (103.7) - - -
Less:
Rehabilitation
costs
June 2010 30.4 22.2 8.9 6.9
March 2010 31.0 22.3 8.9 6.9
Financial year
ended 121.6 89.3 35.7 27.7
Production taxes
June 2010 (4.5) (4.5) 0.9 (7.8)
March 2010 7.5 7.5 1.6 3.4
Financial year
ended 17.3 17.3 5.1 2.4
General and
admin
June 2010 183.2 79.5 28.8 25.6
March 2010 178.6 86.1 30.3 29.2
Financial year
ended 706.4 329.9 118.7 106.4
Cash operating
costs
June 2010 4,873.8 2,807.3 980.2 858.2
March 2010 4,521.4 2,616.9 884.2 791.0
Financial
year ended 18,221.3 10,767.4 3,672.6 3,287.8
Plus:
Production
taxes
June 2010 (4.5) (4.5) 0.9 (7.8)
March 2010 7.5 7.5 1.6 3.4
Financial year
ended 17.3 17.3 5.1 2.4
Royalties
June 2010 220.7 48.3 34.3 6.8
March 2010 117.3 12.9 9.3 1.4
Financial year
ended 542.9 61.2 43.6 8.2
TOTAL CASH
COST (2)
June 2010 5,090.0 2,851.1 1,015.4 857.2
March 2010 4,646.2 2,637.3 895.1 795.8
Financial
year ended 18,781.5 10,845.9 3,721.3 3,298.4
Plus:
Amortisation*
June 2010 1,310.2 660.8 190.0 209.5
March 2010 1,076.3 536.2 139.1 167.0
Financial
year ended 4,617.8 2,416.1 621.7 800.3
Rehabilitation
June 2010 30.4 22.2 8.9 6.9
March 2010 31.0 22.3 8.9 6.9
Financial year
ended 121.6 89.3 35.7 27.7
TOTAL
PRODUCTION
COST (3)
June 2010 6,430.6 3,534.1 1,214.3 1,073.6
March 2010 5,753.5 3,195.8 1,043.1 969.7
Financial
year
ended 23,520.9 13,351.3 4,378.7 4,126.4
Gold sold
- thousand
ounces
June 2010 984.6 488.2 185.9 140.5
March 2010 880.6 395.4 147.1 107.5
Financial
year ended 3,837.3 1,933.0 709.8 566.5
TOTAL CASH
COST
- US$/oz
June 2010 688 778 727 813
March 2010 703 889 811 987
Financial
year ended 646 740 692 768
TOTAL CASH
COST
- R/kg
June 2010 166,215 187,770 175,584 196,201
March 2010 169,538 214,467 195,650 237,978
Financial
year ended 157,360 180,392 168,568 187,154
TOTAL
PRODUCTION
COST -
US$/oz
June 2010 870 964 870 1,018
March 2010 871 1,078 946 1,203
Financial
year ended 809 911 814 961
West Africa Region
Ghana
Beatrix South Total Tarkwa
Deep
Operating
costs (1)
June 2010 555.2 447.6 1,140.1 850.9
March 2010 550.2 427.1 978.6 725.5
Financial year
ended 2,272.9 1,674.6 3,923.9 2,933.4
Gold-in-process
and
inventory
change*
June 2010 - - 6.5 9.8
March 2010 - - 15.2 5.5
Financial year
ended - - (20.1) (35.9)
Less:
Rehabilitation
costs
June 2010 4.0 2.4 2.3 1.8
March 2010 4.1 2.4 2.9 2.6
Financial year
ended 16.3 9.6 8.8 7.6
Production taxes
June 2010 1.0 1.4 - -
March 2010 1.2 1.3 - -
Financial year
ended 4.6 5.2 - -
General and
admin
June 2010 14.9 10.2 58.8 47.8
March 2010 16.3 10.3 51.7 44.2
Financial year
ended 63.8 41.0 211.5 181.8
Cash operating
costs
June 2010 535.3 433.6 1,085.5 811.1
March 2010 528.6 413.1 939.2 684.2
Financial
year ended 2,188.2 1,618.8 3,683.5 2,708.1
Plus:
Production
taxes
June 2010 1.0 1.4 - -
March 2010 1.2 1.3 - -
Financial year
ended 4.6 5.2 - -
Royalties
June 2010 4.1 3.1 115.9 90.1
March 2010 1.3 0.9 61.6 47.5
Financial year
ended 5.4 4.0 282.6 220.1
TOTAL CASH
COST (2)
June 2010 540.4 438.1 1,201.4 901.2
March 2010 531.1 415.3 1,000.8 731.7
Financial
year ended 2,198.2 1,628.0 3,966.1 2,928.2
Plus:
Amortisation*
June 2010 136.8 124.5 285.6 245.0
March 2010 118.3 111.8 227.3 197.3
Financial
year ended 541.6 452.5 921.1 791.0
Rehabilitation
June 2010 4.0 2.4 2.3 1.8
March 2010 4.1 2.4 2.9 2.6
Financial year
ended 16.3 9.6 8.8 7.6
TOTAL
PRODUCTION
COST (3)
June 2010 681.2 565.0 1,489.3 1,148.0
March 2010 653.5 529.5 1,231.0 931.6
Financial
year
ended 2,756.1 2,090.1 4,896.0 3,726.8
Gold sold
- thousand
ounces
June 2010 91.8 70.0 257.0 200.2
March 2010 82.9 57.9 226.5 172.6
Financial
year ended 391.9 264.8 928.1 720.7
TOTAL CASH
COST
- US$/oz
June 2010 784 834 623 599
March 2010 855 956 589 565
Financial
year ended 740 811 564 536
TOTAL CASH
COST
- R/kg
June 2010 189,216 201,333 150,307 144,748
March 2010 206,092 230,594 141,877 136,156
Financial
year ended 180,358 197,669 137,397 130,636
TOTAL
PRODUCTION
COST -
US$/oz
June 2010 988 1,075 772 764
March 2010 1,052 1,219 725 720
Financial
year ended 928 1,041 696 682
South Australasia
America Region
Region
Ghana Peru
Damang Cerro Total
Corona
Operating
costs (1)
June 2010 289.2 256.1 801.8
March 2010 253.1 257.5 789.4
Financial year
ended 990.5 1,024.2 3,0183
Gold-in-process
and
inventory
change*
June 2010 (3.3) (9.2) (16.9)
March 2010 9.7 (2.4) (32.6)
Financial year
ended 15.8 (5.6) (78.0)
Less:
Rehabilitation
costs
June 2010 0.5 3.0 2.9
March 2010 0.3 3.0 2.8
Financial year
ended 1.2 12.1 11.4
Production taxes
June 2010 - - -
March 2010 - - -
Financial year
ended - - -
General and
admin
June 2010 11.0 14.5 30.4
March 2010 7.5 14.3 26.5
Financial year
ended 29.7 57.1 107.9
Cash operating
costs
June 2010 274.4 229.4 751.6
March 2010 255.0 237.8 727.5
Financial
year ended 975.4 949.4 2,821.0
Plus:
Production
taxes
June 2010 - - -
March 2010 - - -
Financial year
ended - - -
Royalties
June 2010 25.8 20.9 35.6
March 2010 14.1 13.7 29.1
Financial year
ended 62.5 78.2 120.9
TOTAL CASH
COST (2)
June 2010 300.2 250.3 787.2
March 2010 269.1 251.5 756.6
Financial
year ended 1,037.9 1,027.6 2,941.9
Plus:
Amortisation*
June 2010 40.6 104.3 259.5
March 2010 30.0 101.8 211.0
Financial
year ended 130.1 414.5 866.1
Rehabilitation
June 2010 0.5 3.0 2.9
March 2010 0.3 3.0 2.8
Financial year
ended 1.2 12.1 11.4
TOTAL
PRODUCTION
COST (3)
June 2010 341.3 357.6 1,049.6
March 2010 299.4 356.3 970.4
Financial
year
ended 1,169.2 1,454.2 3,819.4
Gold sold
- thousand
ounces
June 2010 56.8 90.2 149.2
March 2010 53.8 110.7 148.1
Financial
year ended 207.4 389.9 586.3
TOTAL CASH
COST
- US$/oz
June 2010 704 369 703
March 2010 667 303 681
Financial
year ended 660 348 662
TOTAL CASH
COST
- R/kg
June 2010 169,892 89,202 169,655
March 2010 160,179 73,068 164,050
Financial
year ended 160,890 84,737 161,315
TOTAL
PRODUCTION
COST -
US$/oz
June 2010 800 528 937
March 2010 742 429 874
Financial
year ended 744 492 859
Australia
St Ives Agnew
Operating
costs (1)
June 2010 633.2 168.6
March 2010 616.1 173.3
Financial year
ended 2,341.2 677.1
Gold-in-process
and
inventory
change*
June 2010 (26.9) 10.0
March 2010 (30.0) (2.6)
Financial year
ended (79.2) 1.2
Less:
Rehabilitation
costs
June 2010 2.3 0.6
March 2010 2.3 0.5
Financial year
ended 9.2 2.2
Production taxes
June 2010 - -
March 2010 - -
Financial year
ended - -
General and
admin
June 2010 21.5 8.9
March 2010 16.3 10.2
Financial year
ended 73.6 34.3
Cash operating
costs
June 2010 582.5 169.1
March 2010 567.5 160.0
Financial
year ended 2,179.2 641.8
Plus:
Production
taxes
June 2010 - -
March 2010 - -
Financial year
ended - -
Royalties
June 2010 27.8 7.8
March 2010 21.9 7.2
Financial year
ended 87.7 33.2
TOTAL CASH
COST (2)
June 2010 610.3 176.9
March 2010 589.4 167.2
Financial
year ended 2,266.9 675.0
Plus:
Amortisation*
June 2010
March 2010
Financial
year ended
Rehabilitation
June 2010
March 2010
Financial year
ended
TOTAL
PRODUCTION
COST (3)
June 2010
March 2010
Financial
year
ended
Gold sold
- thousand
ounces
June 2010 117.5 31.7
March 2010 107.3 40.7
Financial
year ended 421.1 165.2
TOTAL CASH
COST
- US$/oz
June 2010 692 743
March 2010 732 547
Financial
year ended 710 539
TOTAL CASH
COST
- R/kg
June 2010 167,022 179,412
March 2010 176,361 131,654
Financial
year ended 173,085 131,323
TOTAL
PRODUCTION
COST -
US$/oz
June 2010
March 2010
Financial
year ended
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
amortisation/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 = R7.51 and US$1 = R7.50 for the June 2010 and
the March 2010 quarters respectively. F2010 US$1 = R7.58.
Capital expenditure
Figures are in South African rand millions unless otherwise stated
Total South Africa Region
Mine
Operations Total Driefontein
Sustaining capital
June 2010 1,609.7 799.3 296.2
March 2010 1,322.4 649.6 227.9
Financial year ended 5,553.9 2,757.2 1,002.2
Project capital
June 2010 398.7 398.7 -
March 2010 404.1 404.1 -
Financial year ended 1,613.3 1,613.3 -
Uranium capital
June 2010 37.7 37.7 37.7
March 2010 31.6 31.6 31.6
Financial year ended 137.4 137.4 137.4
Brownfields
exploration
June 2010 100.5 - -
March 2010 108.4 - -
Financial year ended 403.3 - -
Total capital
expenditure
June 2010 2,146.6 1,235.7 333.9
March 2010 1,866.5 1,085.3 259.5
Financial year ended 7,707.9 4,507.9 1,139.6
South Africa Region
Kloof Beatrix South Total
Deep
Sustaining capital
June 2010 315.6 187.5 - 369.3
March 2010 264.6 157.1 - 327.4
Financial year ended 1,104.4 650.6 - 1,275.1
Project capital
June 2010 - - 398.7 -
March 2010 - - 404.1 -
Financial year ended - - 1,613.3 -
Uranium capital
June 2010 - - - -
March 2010 - - - -
Financial year ended - - - -
Brownfields
exploration
June 2010 - - - 25.8
March 2010 - - - 25.3
Financial year ended - - - 77.3
Total capital
expenditure
June 2010 315.6 187.5 398.7 395.1
March 2010 264.6 157.1 404.1 352.7
Financial year ended 1,104.4 650.6 1,613.3 1,352.4
West Africa Region South
America
Region
Ghana Peru
Tarkwa Damang Cerro Corona
Sustaining capital
June 2010 308.5 60.8 108.0
March 2010 288.8 38.6 182.1
Financial year ended 1,126.3 148.8 648.8
Project capital
June 2010 - - -
March 2010 - - -
Financial year ended - - -
Uranium capital
June 2010 - - -
March 2010 - - -
Financial year ended - - -
Brownfields
exploration
June 2010 - 25.8 -
March 2010 - 25.3 -
Financial year ended - 77.3 -
Total capital
expenditure
June 2010 308.5 86.6 108.0
March 2010 288.8 63.9 182.1
Financial year ended 1,126.3 226.1 648.8
Australasia Region
Australia
Total St Ives Agnew
Sustaining capital
June 2010 333.1 184.2 148.9
March 2010 163.3 125.5 37.8
Financial year ended 872.8 582.3 290.5
Project capital
June 2010 - - -
March 2010 - - -
Financial year ended - - -
Uranium capital
June 2010 - - -
March 2010 - - -
Financial year ended - - -
Brownfields
exploration
June 2010 74.7 47.7 27.0
March 2010 83.1 59.5 23.6
Financial year ended 326.0 198.1 127.9
Total capital
expenditure
June 2010 407.8 231.9 175.9
March 2010 246.4 185.0 61.4
Financial year ended 1,198.8 780.4 418.4
Notional cash expenditure ##
Figures are in South African rand millions unless otherwise stated
Total South Africa Region
Mine
Operations Total Driefontein
Operating costs
June 2010 5,102.5 2,904.5 1,018.8
March 2010 4,758.3 2,732.8 925.0
Financial year
ended 19,170.3 11,203.9 3,832.1
Capital
expenditure
June 2010 2,146.6 1,235.7 333.9
March 2010 1,866.5 1,085.3 259.5
Financial year
ended 7,707.9 4,507.9 1,139.6
Notional cash
expenditure
- R/kg
June 2010 235,223 272,669 233,910
March 2010 241,860 310,490 258,907
Financial year
ended 224,979 261,323 225,208
Notional cash
expenditure
- US$/oz
June 2010 974 1,129 969
March 2010 1,003 1,288 1,074
Financial year
ended 923 1,072 924
South Africa Region
Kloof Beatrix South
Deep
Operating costs
June 2010 882.9 555.2 447.6
March 2010 830.5 550.2 427.1
Financial year
ended 3,424.3 2,272.9 1,674.6
Capital
expenditure
June 2010 315.6 187.5 398.7
March 2010 264.6 157.1 404.1
Financial year
ended 1,104.4 650.6 1,613.3
Notional cash
expenditure
- R/kg
June 2010 274,319 260,049 388,925
March 2010 327,482 274,466 461,521
Financial year
ended 256,962 239,867 399,211
Notional cash
expenditure
- US$/oz
June 2010 1,136 1,077 1,611
March 2010 1,358 1,138 1,914
Financial year
ended 1,054 984 1,638
West Africa Region
Ghana
Total Tarkwa Damang
Operating costs
June 2010 1,140.1 850.9 289.2
March 2010 978.6 725.5 253.1
Financial year
ended 3,923.9 2,933.4 990.5
Capital
expenditure
June 2010 395.1 308.5 86.6
March 2010 352.7 288.8 63.9
Financial year
ended 1,352.4 1,126.3 226.1
Notional cash
expenditure
- R/kg
June 2010 192,068 186,219 212,677
March 2010 188,730 188,742 188,690
Financial year
ended 182,786 181,115 188,591
Notional cash
expenditure
- US$/oz
June 2010 795 771 881
March 2010 783 783 783
Financial year
ended 750 743 774
South Australasia Region
America
Region
Peru Australia
Cerro Corona Total St Ives Agnew
Operating costs
June 2010 256.1 801.8 633.2 168.6
March 2010 257.5 789.4 616.1 173.3
Financial year
ended 1,024.2 3,018.3 2,341.2 677.1
Capital
expenditure
June 2010 108.0 407.8 231.9 175.9
March 2010 182.1 246.4 185.0 61.4
Financial year
ended 648.8 1,198.8 780.4 418.4
Notional cash
expenditure
- R/kg
June 2010 121,326 260,690 236,754 349,391
March 2010 128,238 224,588 239,707 184,803
Financial year
ended 136,650 231,239 238,345 213,132
Notional cash
expenditure
- US$/oz
June 2010 502 1,080 981 1,447
March 2010 532 931 994 766
Financial year
ended 561 949 978 875
## 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
Total South Africa Region
Mine
Operations Total Driefontein
Operating Results
Ore milled /
treated (000 ton)
- underground
June 2010 3,144 2,580 841
March 2010 2,469 2,027 651
Financial year
ended 11,714 9,644 2,920
- surface
June 2010 11,719 1,351 753
March 2010 11,794 1,553 751
Financial year
ended 44,988 5,471 3,164
- total
June 2010 14,863 3,931 1,594
March 2010 14,263 3,580 1,402
Financial year
ended 56,702 15,115 6,084
Yield
(grams per ton)
- underground
June 2010 5.4 5.4 6.1
March 2010 5.6 5.6 6.2
Financial year
ended 5.7 5.8 6.7
- surface
June 2010 1.2 0.9 0.9
March 2010 1.1 0.7 0.7
Financial year
ended 1.2 0.8 0.8
- combined
June 2010 2.1 3.9 3.6
March 2010 1.9 3.4 3.3
Financial year
ended 2.1 4.0 3.6
Gold produced
(kilograms)
- underground
June 2010 16,929 14,034 5,142
March 2010 13,892 11,255 4,065
Financial year
ended 67,017 55,880 19,532
- surface
June 2010 13,889 1,150 641
March 2010 13,499 1,042 510
Financial year
ended 52,453 4,244 2,544
- total
June 2010 30,818 15,184 5,783
March 2010 27,391 12,297 4,575
Financial year
ended 119,470 60,124 22,076
Operating costs
(Rand per ton)
- underground
June 2010 1,046 1,083 1,129
March 2010 1,243 1,300 1,324
Financial year
ended 1,075 1,123 1,222
- surface
June 2010 155 82 92
March 2010 143 63 84
Financial year
ended 146 69 84
- total
June 2010 343 739 639
March 2010 334 763 660
Financial year
ended 338 741 630
South Africa Region
Kloof Beatrix South
Operating Results Deep #
Ore milled /
treated (000 ton)
- underground
June 2010 599 697 443
March 2010 454 610 312
Financial year
ended 2,378 2,861 1,485
- surface
June 2010 558 20 20
March 2010 574 116 112
Financial year
ended 1,921 190 196
- total
June 2010 1,157 717 463
March 2010 1,028 726 424
Financial year
ended 4,299 3,051 1,681
Yield
(grams per ton)
- underground
June 2010 6.5 4.1 6.3
March 2010 6.6 4.0 6.2
Financial year
ended 6.8 4.2 6.3
- surface
June 2010 0.9 0.9 0.5
March 2010 0.6 1.0 0.6
Financial year
ended 0.7 1.0 0.6
- combined
June 2010 3.8 4.0 4.7
March 2010 3.3 3.5 4.2
Financial year
ended 4.1 4.0 4.9
Gold produced
(kilograms)
- underground
June 2010 3,887 2,838 2,167
March 2010 2,991 2,462 1,737
Financial year
ended 16,225 11,996 8,127
- surface
June 2010 482 18 9
March 2010 353 115 64
Financial year
ended 1,399 192 109
- total
June 2010 4,369 2,856 2,176
March 2010 3,344 2,577 1,801
Financial year
ended 17,624 12,188 8,236
Operating costs
(Rand per ton)
- underground
June 2010 1,408 796 1,008
March 2010 1,770 900 1,345
Financial year
ended 1,398 794 1,119
- surface
June 2010 70 10 60
March 2010 47 8 66
Financial year
ended 52 9 62
- total
June 2010 763 774 967
March 2010 808 758 1,007
Financial year
ended 797 745 996
West Africa Region South
America
Region
Ghana Peru
Total Tarkwa Damang Cerro
Operating Results Corona
Ore milled /
treated (000 ton)
- underground
June 2010 - - - -
March 2010 - - - -
Financial year
ended - - - -
- surface
June 2010 7,517 6,192 1,325 1,485
March 2010 7,296 5,942 1,354 1,554
Financial year
ended 27,744 22,716 5,028 6,141
- total
June 2010 7,517 6,192 1,325 1,485
March 2010 7,296 5,942 1,354 1,554
Financial year
ended 27,744 22,716 5,028 6,141
Yield
(grams per ton)
- underground
June 2010 - - - -
March 2010 - - - -
Financial year
ended - - - -
- surface
June 2010 1.1 1.0 1.3 2.0
March 2010 1.0 0.9 1.2 2.2
Financial year
ended 1.0 1.0 1.3 2.0
- combined
June 2010 1.1 1.0 1.3 2.0
March 2010 1.0 0.9 1.2 2.2
Financial year
ended 1.0 1.0 1.3 2.0
Gold produced
(kilograms)
- underground
June 2010 - - - -
March 2010 - - - -
Financial year
ended - - - -
- surface
June 2010 7,993 6,226 1,767 3,001
March 2010 7,054 5,374 1,680 3,428
Financial year
ended 28,866 22,415 6,451 12,243
- total
June 2010 7,993 6,226 1,767 3,001
March 2010 7,054 5,374 1,680 3,428
Financial year
ended 28,866 22,415 6,451 12,243
Operating costs
(Rand per ton)
- underground
June 2010 - - - -
March 2010 - - - -
Financial year
ended - - - -
- surface
June 2010 152 137 218 172
March 2010 134 122 187 166
Financial year
ended 141 129 197 167
- total
June 2010 152 137 218 172
March 2010 134 122 187 166
Financial year
ended 141 129 197 167
Australasia Region
Australia
Total St Ives Agnew
Operating Results
Ore milled /
treated (000 ton)
- underground
June 2010 564 405 159
March 2010 442 290 152
Financial year
ended 2,070 1,424 646
- surface
June 2010 1,366 1,341 25
March 2010 1,391 1,329 62
Financial year
ended 5,632 5,395 237
- total
June 2010 1,930 1,746 184
March 2010 1,833 1,619 214
Financial year
ended 7,702 6,819 883
Yield
(grams per ton)
- underground
June 2010 5.1 4.8 6.0
March 2010 6.0 4.9 8.0
Financial year
ended 5.4 4.4 7.6
- surface
June 2010 1.3 1.3 1.5
March 2010 1.4 1.4 0.9
Financial year
ended 1.3 1.3 1.0
- combined
June 2010 2.4 2.1 5.4
March 2010 2.5 2.1 5.9
Financial year
ended 2.4 1.9 5.8
Gold produced
(kilograms)
- underground
June 2010 2,895 1,946 949
March 2010 2,637 1,425 1,212
Financial year
ended 11,137 6,223 4,914
- surface
June 2010 1,745 1,708 37
March 2010 1,975 1,917 58
Financial year
ended 7,100 6,874 226
- total
June 2010 4,640 3,654 986
March 2010 4,612 3,342 1,270
Financial year
ended 18,237 13,097 5,140
Operating costs
(Rand per ton)
- underground
June 2010 874 814 1,030
March 2010 985 936 1,078
Financial year
ended 852 783 1,006
- surface
June 2010 226 226 196
March 2010 255 259 152
Financial year
ended 223 227 116
- total
June 2010 415 363 916
March 2010 431 381 810
Financial year
ended 392 343 767
# June quarter includes 98,000 tons (March quarter 34,000 tons and for the year
196,000 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
June 2010 quarter
Carbon Main VCR
Reef Leader
Advanced (m) 4,418 648 1,349
Advanced on reef (m) 608 172 173
Sampled (m) 558 114 108
Channel width (cm) 100 42 79
Average value - (g/t) 18.9 8.8 17.4
- (cm.g/t) 1,884 372 1,369
March 2010 quarter
Carbon Main VCR
Reef Leader
Advanced (m) 3,468 582 1,311
Advanced on reef (m) 580 55 140
Sampled (m) 672 72 111
Channel width (cm) 80 59 44
Average value - (g/t) 27.5 5.2 40.5
- (cm.g/t) 2,210 305 1,792
F2010
Carbon Main VCR
Reef Leader
Advanced (m) 15,411 2,568 5,713
Advanced on reef (m) 2,686 284 522
Sampled (m) 2,505 297 375
Channel width (cm) 81 53 70
Average value - (g/t) 22.2 6.7 20.3
- (cm.g/t) 1,789 355 1,422
Kloof
June 2010 quarter
Reef Kloof Main VCR
Advanced (m) 241 1,022 4,600
Advanced on reef (m) 13 231 848
Sampled (m) 22 243 711
Channel width (cm) 145 69 99
Average value - (g/t) 7.7 13.9 29.2
- (cm.g/t) 1,118 953 2,904
March 2010 quarter
Reef Kloof Main VCR
Advanced (m) 226 907 3,537
Advanced on reef (m) 12 174 629
Sampled (m) 11 156 568
Channel width (cm) 119 101 134
Average value - (g/t) 17.7 7.6 20.2
- (cm.g/t) 2,116 770 2,709
F2010
Reef Kloof Main VCR
Advanced (m) 872 4,731 17,522
Advanced on reef (m) 98 904 2,965
Sampled (m) 111 768 2,471
Channel width (cm) 182 95 122
Average value - (g/t) 14.2 8.6 23.6
- (cm.g/t) 2,582 813 2,880
Beatrix
June 2010 quarter
Reef Beatrix Kalkoenkrans
Advanced (m) 5,839 2,151
Advanced on reef (m) 1,153 384
Sampled (m) 1,062 366
Channel width (cm) 98 96
Average value - (g/t) 7.7 17.2
- (cm.g/t) 748 1,643
March 2010 quarter
Reef Beatrix Kalkoenkrans
Advanced (m) 5,146 1,743
Advanced on reef (m) 886 291
Sampled (m) 774 267
Channel width (cm) 110 115
Average value - (g/t) 12.8 27.5
- (cm.g/t) 1,417 3,174
F2010
Reef Beatrix Kalkoenkrans
Advanced (m) 21,863 7,909
Advanced on reef (m) 3,938 1,573
Sampled (m) 3,354 1,533
Channel width (cm) 113 96
Average value - (g/t) 9.0 26.3
- (cm.g/t) 1,019 2,526
South Deep June 2010 March 2010
quarter quarter F2010
Reef Elsburgs 1,2 Elsburgs 1,2 Elsburgs 1,2
Main Advanced (m) 2,449 2,321 10,091
- Main above 95 level (m) 1,369 1,440 5,558
- Main below 95 level (m) 1,080 881 4,533
Advanced on reef (m) 1,280 1,227 5,036
Average value (g/t) 4.4 5.1 4.8
1) Trackless development in the Elsburg reefs is evaluated by means of the
resource model.
2) 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) 839 1188
Mobile: (+857) 241 7127
e-mail: willie.jacobsz@gfexpl.com
Nikki Catrakilis-Wagner
Tel: (+2711) 562 9706
Mobile: (+27) 83 309 6720
e-mail: nikki.catrakilis-wagner@goldfields.co.za
Media Enquiries
Sven Lunsche
Tel: (+2711) 562 9763
Mobile: (+27) 83 260 9279
e-mail: sven.lunsche@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: 0871 664 0300 (calls cost 10p a minute
plus network extras, lines are open
8.30am-5.30pm Mon-Fri) or
(from overseas) +44 20 8639 3399
Fax: +44 20 8658 3430
e-mail: ssd@capitaregistrars.com
Website
http://www.goldfields.co.za
Listings
JSE / NYSE / NASDAQ Dubai: GFI
NYX: GFLB
SWX: GOLI
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
Office of the United Kingdom Secretaries
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 (Chair)
M A Ramphele (Deputy Chair)
N J Holland *? (Chief Executive Officer)
PA Schmidt ? (Chief Financial Officer)
K Ansah #
CA Carolus
R Danino **
A R Hill ?
R P Menell
D N Murray
D M J Ncube
R L Pennant-Rea *
C I von Christierson
G M Wilson
*British #Ghanaian ? =Canadian ** Peruvian
Independent Director ? Non-independent Director
1 Joined the Board on 1 July 2010
Date: 05/08/2010 08:00:01 Produced by the JSE SENS Department.
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