| Thu 2 Aug 2001, 0:00 | | GOLD FIELDS LIMITED - QUARTERLY AND YEAR-END RESUL |
|
QUARTERLY AND YEAR-END RESULTS
JUNE 2001
Quarter ended June 2001
STOCK DATA
Number of shares in issue 455 836 608
Free Float 100%
ADR Ratio 1:1
Bloomberg / Reuters GFISJ / GFLJ.J
JSE SECURITIES EXCHANGE SOUTH AFRICA - ÝGFI¨
Range - Quarter SAR31.00 - SAR39.70
Average Volume - Quarter 840 000 shares / day
NASDAQ - ÝGOLD¨
Range - Quarter $3.75 to $5.23
Average Volume - Quarter 565 000 shares / day
INVESTOR RELATIONS
Europe & South Africa
Willie Jacobsz
Tel: +27 11 644-2460
Fax: +27 11 484-0639
E-mail: investors@goldfields.co.za
North America
Cheryl A. Martin
Tel: +1 303 796-8683
Fax: +1 303 796-8293
E-mail: camartin@gfexpl.com
www.goldfields.co.za www.gold-fields.com
* Beatrix accident results in tragic loss of 13 lives.
* Net earnings before exceptionals of R221 million, or 48 cents per share,
an increase of 8%.
* Cash costs maintained at US$193 per ounce.
* Asset impairments effected at Oryx (Beatrix 4 shaft), 8 and 9 shafts at
Kloof and St Helena.
* Dividend of 40 cents declared.
Dear Shareholders,
Gold Fields Limited's net earnings before exceptional items for the June
2001 quarter were R221 million or 48 cents per share compared with a
restated R205 million or 45 cents per share for the previous quarter.
Similarly, operating profit was little changed at R467 million compared with
R457 million in the March quarter. After exceptional items the loss for the
quarter was R1,564 million compared to net earnings of R224 million.
Exceptional items include several year-end impairment write-downs, which
after tax amount to R1,694 million. Principal amongst the write-downs are
pre-tax charges of R1,926 million for Oryx and R131 million and R64 million
for Libanon and St. Helena respectively.
Oryx has consistently failed to perform profitably despite having all the
necessary means to do so and a decision was taken to reduce the carrying
value to R500 million. Libanon is now largely shutdown and St. Helena is
expected to close over the next two years, accordingly, the carrying value
of both assets has been reduced.
For the quarter, gold production amounted to 888,000 ounces compared with
923,000 in the previous three months. Considering the impact of the Beatrix
accident and associated shutdown plus the problems we had anticipated at
Kloof it is indeed pleasing to report flat to marginally improved earnings.
Tarkwa too, had a build up quarter as a large increase in tonnage milled put
more ounces on the pads. These ounces will only show in the September
quarter.
Pleasingly, St. Helena managed a small operating profit for the quarter
in contrast to the string of losses for the previous several months. This
reflects the shift to a focus on recovering "old gold" while the mine slowly
shifts into shutdown mode. Oryx remains a stubborn problem and our patience
with this mine, which has little excuse not to be profitable, is running
out.
The flammable gas explosion at Beatrix on May 8 was the second in a
little over two years. In the first, 7 people died and in the second 13
people died. Both were unacceptable, but the second was a severe shock to
all of us especially the management at Beatrix who have otherwise had such a
good safety record. Every effort is being made to ensure this does not
happen again. A tripartite committee with representatives from management,
the unions and the Department of Minerals and Energy has been created to
review and make recommendations for the future. The Department of Minerals
& Energy has signalled its new approach to safety by shutting down Beatrix
while an initial investigation was undertaken of the accident. No finding
of non-compliance has to date been made against the mine. A judicial
enquiry continues.
The gold market remains subdued with the price in a $265 to $275 range,
below a level needed to reactivate new mines and at a level that will
inevitably lead to continuing mine or shaft closures over the coming years
in South Africa. In this climate, one in which the costs of dealing with
the ravages of HIV/AIDS will not help, it is disturbing to be threatened
with strikes by our principal unions despite aggregate wage increases
offered in excess of 10%. This industry is rushing fast enough to
extinction selling a product it has not bothered to market properly.
Excessive annual labour cost increases will only grease this already
slippery slope for all the workers who depend on this employment source for
theirs and their children's livelihood.
The Arctic Platinum Project (APP) continues as an encouraging point in
our outlook. We have recently announced a resource of 117 million tons with
an average of 1.6 grams/ton of platinum group metals. This tonnage will
almost certainly grow. Provided platinum and palladium prices remain above
$350 per ounce we are encouraged to expect that we can turn these properties
into profitable mines. The next 12 months are crucial as we finalise
metallurgical test work and complete a feasibility study.
CHRIS THOMPSON
CHAIRMAN & CHIEF EXECUTIVE OFFICER
SA RAND SALIENT FEATURES US DOLLARS
Quarter Quarter
Mar 2001 Jun 2001 Jun 2001 Mar 2001
27,660 26,567 kg Gold produced* oz (000) 854 889
48,189 49,736 R/kg Cash costs $/oz 193 192
7,060 7,782 000 Tons milled 000 7,782 7,060
66,497 69,470 R/kg Revenue $/oz 269 264
208 191 R/ton Operating costs $/ton 24 27
457 467 Rm Operating profit $m 58 58
Earnings before
205 221 Rm exceptional items $m 28 26
- net of taxation
45 48 SA c.p.s. and minorities US c.p.s. 6 6
224 (1,564) Rm Net earnings/(loss) $m (195) 29
49 (343) SA c.p.s. US c.p.s. (43) 6
March figures have been adjusted to include provisions for deferred taxation
at Tarkwa and post retirement health care.
* Attributable - All companies wholly owned except for Tarkwa (71.1%)
COMMENTARY
HEALTH AND SAFETY
Management and the Board of Gold Fields were deeply shocked by the flammable
gas explosion at Beatrix 2 shaft on 8 May 2001 where 13 of our employees
tragically lost their lives. This accident, the worst ever at Beatrix,
caused by a flammable gas explosion at the Beatrix 2 shaft, led to the
Department of Minerals and Energy to mandate a cessation of operations at
Beatrix 1 and 2 shafts for a period of 2 weeks.
Following the accident the Department of Minerals and Energy submitted a
series of recommendations aimed at improving current established practices
to avoid a similar incident in future. A Manager Mining is tasked on a full-
time basis to make sure that these recommendations are implemented, and
progress is measured on a weekly basis. Full commitment is given to a
tripartite approach between management, government and the unions to put
measures in place to ensure that a similar accident will not occur again.
Our deepest condolences go out to the families and friends of our departed
colleagues.
Despite this setback, the Group's commitment to safety continues and lost
time and injury frequency rates continue to decline across all operations.
FINANCIAL
Net earnings before exceptionals for the June 2001 quarter were R221 million
compared to the R205 million (restated from R242 million) in the previous
quarter. The restatement of the previous quarterly results relates to an
increase in the provision for post retirement health care of R11 million
arising from an actuarial valuation completed in the June quarter and a
provision for deferred taxation at Tarkwa of R36 million before making an
adjustment for the amount attributable to minorities. After taking into
account exceptional items of R1,784 million after tax, including an
impairment write-down of assets of R1,694 million after tax, a loss of
R1,564 million was recorded for the quarter compared to earnings of R224
million (restated from R261 million) in the March 2001 quarter.
But for the predicted decline in production at Kloof and the mandated
cessation of operations at Beatrix for almost two weeks, earnings could have
been better than reported because of the higher price received.
Revenue increased marginally by R10 million over the March quarter
despite a reduction in total gold output of 4 per cent, from 923,000 ounces
in the March quarter to 888,000 ounces in the June quarter. The lower
production was offset by the weakening of the Rand:Dollar exchange rate from
R7.82 in the March quarter to R8.03 for the June quarter, and with the
Dollar gold price increasing to US$269 per ounce from US$264 per ounce over
the same period this resulted in the Rand per kilogram price increase to
R69,470 from R66,497. The decrease in gold production resulted from lower
volumes at Kloof and a decline in underground grades at Driefontein as well
as the impact of public holidays in April, which include the traditional
Easter holidays and the long weekend resulting from Freedom day and Workers
day.
Operating costs at all operations were marginally down compared to the
March quarter, except at Tarkwa where increased volume and a marginally
higher stripping ratio resulted in an increase in costs. The continued
tight control over costs coupled with the increased revenue, resulted in an
operating profit of R467 million, R10 million more than the previous
quarter. Profit before tax and exceptional items for the June quarter was
R335 million, the same as the previous quarter.
Following a recent geological study, the Beatrix 4 shaft ore reserve has
been reduced from 6.9 million ounces to 2.9 million ounces. This has
necessitated a reassessment of the carrying value of the operation and
accordingly an asset impairment of R1,926 million has been charged against
earnings (R1,557 million after associated deferred tax release) which
reduces the carrying value of the Beatrix 4 shaft assets to R500 million.
Given the curtailment of operations at Kloof 8 and 9 shafts (old Libanon)
it has been further decided to write-off these remaining assets (excluding
the plant which continues to be used to process surface material). The
consequent charge against earnings is R131 million (R73 million after
associated deferred tax release). Arising from the decision announced last
quarter to commence a phased shut down of operations at St Helena it was
deemed prudent to write-off the remaining assets of R64 million. Total
asset impairments after tax thus amount to R1,694 million. Additional
exc eptional items include a write-down of various investments to market
values prevailing at financial year-end. The investments affected are the
group's 30 per cent investment in Eldorado Gold Corporation and minority
stakes in Acquest Resources and Brazilian Gold Fields, which are exploration
companies listed on the Toronto Stock Exchange. Remaining exceptional items
relate mainly to a write-off of R19 million in respect of the aborted Franco-
Nevada merger and retrenchment costs of the same amount.
After exceptional items the loss for the June quarter was R1,564 million
compared to net earnings of R224 million in the previous quarter (restated
from R261 million).
Capital expenditure in the June quarter amounted to R381 million as
compared to R251 million in the March quarter and remains concentrated on
the Group's key projects, being the 4 sub-vertical shaft at Kloof, the 1 and
5 shaft complexes at Driefontein and Beatrix 3 shaft. The increase over the
previous quarter includes the metallurgical upgrades at Driefontein and
Kloof. These enhancements, which have a short payback in terms of reduced
operating costs and improved efficiencies, have meant that it is no longer
necessary to consider a new greenfields plant for the West Wits region.
Cash flow from operations increased from R442 million in the March
quarter to R498 million for the June quarter mainly as a result of a R123
million improvement in working capital. Cash at quarter end amounted to
R190 million an increase of R35 million compared to the cash available at
the end of March 2001.
Earnings for the financial year before exceptionals amount to R871
million as compared to R824 million for the year ended 30 June 2000. This
is despite a lower total managed gold output of 3.78 million ounces compared
to 3.94 million ounces the previous year, the decline due to restructuring
at Kloof, lower underground volumes at the West Wits operations and lower
grades at Driefontein.
Net earnings for the year, after the impairments described above, amount
to a loss of R906 million compared to a profit of R651 million the previous
year.
OPERATIONS
After the tragic accident referred to above the cessation of operations at
Beatrix 1 and 2 shafts was lifted after nearly two weeks as a result of the
preliminary finding of an investigation by the Department of Minerals and
Energy. The closure impacted negatively on the mine's results despite the
effort made by employees and the co-operation of various union
representatives to address output lost. The accident was the main reason
for gold production for the quarter being 4,576 kilograms as compared to
5,000 kilograms in the previous quarter. Beatrix did however treat 200,000
tons of surface material during the closure period yielding 0.7 grams per
ton (March 76,000 tons at 0.6 grams per ton). The impact of the lower
production on financial results was partially mitigated by a provision of
R20 million for an insurance claim related to the accident
At Driefontein gold produced was marginally lower at 10,007 kilograms
from 10,295 kilograms previously, mainly as a result of lower face grades,
recent seismicity and a fire in the high-grade area of 1 shaft which
together influenced the mining mix. Ore milled increased to 1,719,000 tons
from 1,640,000 tons in the previous quarter due to an increase of 106,000
tons from underground, albeit at an underground grade of 8.4 grams per ton
as compared to 9.9 grams per ton the previous quarter. Surface material
declined marginally to 725,000 tons from 752,000 tons with a 10 per cent
improvement in grade to 2.2 grams per ton. As a result of good cost
control, cash costs remained virtually unchanged at R45,478 per kilogram and
marginally improved in Dollar terms to US$176 per ounce. Cost per ton
reduced below R300 for the first time in many years to R287 per ton.
As was anticipated last quarter the Kloof division showed a decline in
gold production from 8,867 kilograms to 8,223 kilograms quarter on quarter
due to production constraints at Kloof 3 and 7 shafts. The Libanon plant is
being used for surface operations and a total of 353,000 tons at 0.9 grams
per ton were treated in the June quarter as compared to 86,000 tons at 0.7
grams per ton during the March quarter. However, ore milled from
underground production reduced by 31,000 tons to 777,000 tons with the
underground grade down to 10.2 grams per ton from 10.9 grams per ton in the
previous quarter. The lower production resulted in cash costs increasing 4
per cent to R54,149 per kilogram (US$210 per ounce) despite costs reducing
overall by 2 per cent. The substantial increase in surface material did
however result in a 22 per cent decrease in milling costs from R536 per ton
to R416 per ton quarter on quarter.
St Helena had an improved quarter generating a small operating profit of
R2 million, the first profit at this mine since December 1999. Gold
produced was 1,167 kilograms, more than 200 kilogram higher than the
previous quarter as a result of a focus on improving grades and recovering
old gold. Cash costs reduced from US$320 per ounce to US$255 per ounce.
Tarkwa again increased gold output by 2 per cent to 3,648 kilograms for
the quarter but at a higher cash cost of US$169 per ounce compared to the
previous quarter of US$148 per ounce. The increase in costs is due to a
marginally lower grade, increased energy costs and higher government levies.
Every effort is underway to improve efficiencies and volume throughput to
counter the cost increases. Gold output of 117,300 ounces for the June
quarter compares with 114,800 ounces during the March quarter, of which
37,700 ounces were sourced from Teberebie compared to 26,000 ounces in the
March quarter.
OUTLOOK
A major drilling programme was completed at Arctic Platinum resulting in a
significant increase in the total resource to 6.0 million ounces (117
million tonnes at 1.58 g/t) (2PGE + Au). Preliminary economic analysis
suggests that a large part of this resource will be economic. Confirmatory
metallurgical studies are underway and could lead to the completion of a
full feasibility study by September 2002.
The Group continues to focus on its most important value driver being
increased quality volume in a safe environment. To support this initiative
the Group continues to focus on additional development as a means of
providing additional mining flexibility as production builds up over the
next 24 months at the 5 sub vertical and 1 tertiary complex at Driefontein
and the 4 sub vertical shaft at Kloof. Production for the next quarter is
anticipated to be higher than the June quarter mainly due to increases from
the Free State division and an improving output trend from the Kloof and
Driefontein operations.
The Group has initiated a number of technology projects to improve the
planning and optimisation of the ore bodies. To this end a mine planning
program incorporating "Cadsmine" is currently being implemented and is
expected to be completed by the end of financial 2002.
The Group is constantly exploring avenues to reduce costs and to build on
the successful initiatives implemented during financial 2001 as a means of
improving the level of services to the Group. An investigation is underway
into the feasibility of a shared services centre for the Group. A final
decision is expected during this financial year and a robust business case
is a prerequisite for the Group to embark on this initiative.
DIVIDEND
In line with the company's policy of paying out 50 per cent of its earnings
(before taking account of impairment of assets and investment write-downs) a
final dividend of 40 cents per share has been declared payble to
shareholders registered at the close of business on 17 August 2001. The
dividend is declared in the currency of the Republic of South Africa.
Payments from the United Kingdom will be made in Sterling at the rate of
exchange ruling on 7 September 2001 or the first date thereafter on which a
rate of exchange is available. Dividend cheques will be posted on 21
September 2001.
GENERAL
The unaudited results for the quarter and the financial year have been
prepared on the International Accounting Standards basis. The detailed
financial, operational and developmental results for the June 2001 quarter
are submitted in this report.
These consolidated quarterly and condensed year-end financial statements
are prepared in accordance with IAS 34, Interim Financial Reporting.
The year-end results have been reviewed in terms of Rule 3.23 of the
listing requirements of the JSE Securities Exchange SA by the Company's
auditors PricewaterhouseCoopers. This review opinion is available on request
from the Company Secretary.
INCOME STATEMENTS
International Accounting Standards Basis
SA RAND
(Figures are in millions unless otherwise stated)
Quarter Year ended
June March June June June
2001 2001 2000 2001 2000
Revenue 1,891.8 1,881.8 1,804.3 7,690.6
7,065.3
Operating cost 1,476.8 1,462.0 1,386.3 5,908.9
5,666.0
Gold inventory change (52.1) (36.9) (27.4) (79.3) (63.0)
Operating profit 467.1 456.7 445.4 1,861.0
1,462.3
Amortisation and depreciation 147.3 152.1 143.8 614.9 633.7
Net operating profit 319.8 304.6 301.6 1,246.1 828.6
Other income 35.5 43.6 47.1 117.7 117.1
Exploration (20.0) (13.2) (27.9) (60.8) (74.3)
Profit before tax and
exceptional items 335.3 335.0 320.8 1,303.0 871.4
Exceptional gain/(loss) (2,218.7) 27.0 (108.0)
(2,208.1)(270.1)
Profit/(loss) before taxation (1,883.4) 362.0 212.8 (905.1) 601.3
Mining and income taxation (335.1) 116.2 (108.4) (66.1) (38.5)
- Normal taxation 11.7 14.4 93.5 97.9 193.8
- Deferred taxation (346.8) 101.8 (201.9) (164.0)
(232.3)
Profit/(loss) after taxation (1,548.3) 245.8 321.2 (839.0) 639.8
Minority interest 15.3 21.8 6.8 67.1 (10.9)
Net earnings/(loss) (1,563.6) 224.0 314.4 (906.1) 650.7
Headline earnings 787.9 704.7
Headline earnings
per share (cents) 173 156
Exceptional items:
Retrenchment costs (19.5) (3.2) (7.4) (38.0)
(101.8)
Impairment of assets
- Beatrix 4 shaft (1,926.1) - - (1,926.1) -
- Kloof 8 and 9 shafts (130.7) - (100.0) (130.7)
(100.0)
- St Helena (64.4) - - (64.4) -
Write-down of investments (60.5) - - (60.5) -
Hedge buy-back income/(cost) 1.8 37.9 - 39.7 (66.3)
Franco-Nevada merger costs (18.8) - - (18.8) -
Other (0.5) (7.7) (0.6) (9.3) (2.0)
Total exceptional items (2,218.7) 27.0 (108.0)
(2,208.1)(270.1)
Taxation 435.0 2.8 51.8 442.5 72.0
Minorities' share of
exceptional items (0.7) (10.9) 0.4 (11.5) 25.2
Net exceptional items after
tax and minorities (1,784.4) 18.9 (55.8)
(1,777.1)(172.9)
Net earnings/(loss)
per share (cents),
after exceptional items (343) 49 69 (199) 144
Earnings (Rm) before
exceptional items, net of
taxation and minorities 220.8 205.1 370.2 871.0 823.6
Earnings per share (cents),
before exceptional items,
net of taxation and minorities 48 45 82 192 183
Gold declared
- managed less capitalised kg 27,232 28,299 29,058 116,817
121,986
Gold price received R/kg 69,470 66,497 62,093 65,835 57,919
Cash costs R/kg 49,736 48,189 45,718 47,710 44,036
INCOME STATEMENTS
International Accounting Standards Basis
US DOLLARS
(Figures are in millions unless otherwise stated)
Quarter Year ended
June March June June June
2001 2001 2000 2001 2000
Revenue 235.6 240.6 262.6 1,010.6
1,114.4
Operating cost 183.9 187.0 201.8 776.5 893.6
Gold inventory change (6.5) (4.7) (4.0) (10.4) (9.9)
Operating profit 58.2 58.3 64.8 244.5 230.7
Amortisation and depreciation 18.3 19.5 20.9 80.8 100.0
Net operating profit 39.9 38.8 43.9 163.7 130.7
Other income 4.4 5.6 6.9 15.5 18.5
Exploration (2.5) (1.7) (4.1) (8.0) (11.7)
Profit before tax and
exceptional items 41.8 42.7 46.7 171.2 137.5
Exceptional gain/(loss) (276.3) 3.5 (15.7) (290.2) (42.6)
Profit before taxation (234.5) 46.2 31.0 (119.0) 94.9
Mining and income taxation (41.7) 14.8 (15.8) (8.6) (6.1)
- Normal taxation 1.5 1.8 13.6 12.9 30.5
- Deferred taxation (43.2) 13.0 (29.4) (21.5) (36.6)
Profit after taxation (192.8) 31.4 46.8 (110.4) 101.0
Minority interest 1.9 2.8 1.0 8.8 (1.7)
Net earnings (194.7) 28.6 45.8 (119.2) 102.7
Headline earnings 103.4 111.2
Headline earnings per share (cents) 23 25
Exceptional items:
Retrenchment costs (2.4) (0.4) (1.1) (5.0) (16.1)
Impairment of assets
- Beatrix 4 shaft (253.1) - - (253.1) -
- Kloof 8 and 9 shafts 17.1) - (14.6) (17.1) (15.8)
- St Helena (8.5) - - (8.5) -
Write-down of investments (8.0) - - (8.0) -
Hedge buy-back income/(cost) 0.2 4.8 - 5.2 (10.5)
Franco-Nevada merger costs (2.5) - - (2.5) -
Translation adjustments
and other 15.1 (0.9) - (1.2) (0.2)
Total exceptional items (276.3) 3.5 (15.7) (290.2) (42.6)
Taxation 54.2 0.4 7.5 58.1 11.4
Minorities' share of
exceptional items (0.1) (1.4) 0.1 (1.5) 4.0
Net exceptional items after tax
and minorities (222.2) 2.5 (8.1) (233.6) (27.2)
Net earnings/(loss)
per share (cents)
after exceptional items (43) 6 10 (26) 23
Earnings ($m) before exceptional
items, net of taxation
and minorities 27.5 26.1 53.9 114.4 129.9
Earnings per share (U.S. cents),
before exceptional items,
net of taxation and minorities 6 6 12 25 29
S.A. Rand/U.S. Dollar
conversion rate 8.03 7.82 6.87 7.61 6.34
Gold declared - managed less
capitalised ozs (000) 876 910 934 3,756 3,922
Gold price received $/oz 269 264 281 269 284
Cash costs $/oz 193 192 207 195 216
RECONCILIATION OF HEADLINE EARNING WITH NET EARNINGS
International Accounting Standards Basis
SA RAND
(Figures are in millions unless otherwise stated)
Year ended
June June
2001 2000
Headline earnings
per share - cents
Headline earnings per share is
calculated on the basis of
the net earnings before
impairment of mining assets
attributable to ordinary
shareholders of R787.9 million
(2000 : R704.7 million)
and 454,450,391
(2000 : 453,016,814)
shares being the weighted
average number of ordinary
shares in issue
during the year. 173 156
Net (loss)/earnings is
reconciled to headline
earnings as follows:
Net (loss)/ earnings
attributable to ordinary
shareholders (906.1) 650.7
Impairment of mining assets 2,121.2 100.0
Taxation effect of impairment
of mining assets (427.2) (46.0)
Headline earnings 787.9 704.7
US DOLLARS
(Figures are in millions unless otherwise stated)
Year ended
June June
2001 2000
Headline earnings
per share - cents
Headline earnings per share is
calculated on the basis of
the net earnings before
impairment of mining assets
attributable to ordinary
shareholders of
U.S.$ 103.4 million
(2000 : U.S.$ 111.2 million)
and 454,450,391
(2000 : 453,016,814) shares
being the weighted average
number of ordinary shares
in issue during the year. 23 25
Net (loss)/earnings is
reconciled to headline earnings
as follows:
Net (loss)/ earnings attributable
to ordinary shareholders (119.2) 102.7
Impairment of mining assets 278.7 15.8
Taxation effect of
impairment of mining assets (56.1) (7.3)
Headline earnings 103.4 111.2
BALANCE SHEETS
International Accounting Standards Basis
(Figures are in millions unless otherwise stated)
South African Rand United States Dollars
June June June June
2001 2001 2001 2000
Mining and mineral assets 11,077.2 12,326.8 1,372.6 1,820.8
Non-current assets 180.6 128.3 22.4 19.0
Investments 259.6 244.1 32.2 36.1
Current assets 1,050.1 1,079.7 130.1 159.5
- Cash and deposits 190.0 514.9 23.5 76.1
- Other current assets 860.1 564.8 106.6 83.4
Total assets 12,567.5 13,778.9 1,557.3 2,035.4
Shareholders' equity 7,075.6 8,214.4 876.8 1,213.4
Outside shareholders' interest 317.1 203.2 39.3 30.0
Deferred taxation 3,381.2 3,535.3 419.0 522.2
Long-term loan - 135.4 - 20.0
Environmental rehabilitation
provisions 530.8 319.5 65.8 47.2
Post-retirement health care
provisions 235.4 224.8 29.2 33.2
Current liabilities 1,027.4 1,146.3 127.2 169.4
- Other current liabilities 1,027.4 1,078.6 127.2 159.4
- Current portion of
long-term loan - 67.7 - 10.0
Total equity and liabilities 12,567.5 13,778.9 1,557.3 2,035.4
S.A. Rand/U.S. Dollar
conversion rate 8.07 6.77
CONDENSED STATEMENT OF CHANGES IN EQUITY
South African Rand United States Dollars
June June June June
2001 2001 2001 2000
Balance as at the beginning
of the financial year 8,214.4 7,417.6 1,213.4 1,226.1
Currency translation adjustment
and other 183.2 94.0 (161.6) (123.6)
Issue of share capital 72.4 142.8 9.5 22.5
Reduction of share premium (10.6) - (1.4) -
Dividends (477.7) (90.7) (63.9) (14.3)
Net earnings (906.1) 650.7 (119.2) 102.7
Balance as at the end of June 7,075.6 8,214.4 876.8 1,213.4
Where necessary prior year comparatives have been restated to conform with
changes in presentation.
CASH FLOW STATEMENTS
International Accounting Standards Basis
(Figures are in millions unless otherwise stated)
SA RAND Quarter Year ended to
June March June June
2001 2001 2001 2000
Cash flow from
operating activities 497.6 442.1 1,595.8 1,224.3
Profit before tax and
exceptional items 335.3 335.0 1,303.0 871.4
Exceptional gain/(loss) (2,218.7) 27.0 (2,208.1)(270.1)
Amortisation and depreciation 147.3 152.1 614.9 633.7
Change in working capital 31.8 (91.6) (239.2) 55.0
Taxation paid (13.4) (7.9) (183.1) (178.3)
Other non-cash items 2,215.3 27.5 2,308.3 112.6
Dividends paid - (477.7) (477.7) (225.2)
Cash utilised in investing
activities (468.6) (277.6) (1,264.5)(770.7)
Capital expenditure - net (381.4) (251.2) (1,114.4)(657.7)
(Purchase)/disposal of
investments - net (31.2) (20.8) (75.7) (63.3)
Investments in trust funds
and post retirement
health care payments (56.0) (5.6) (74.4) (49.7)
Cash flow from financing
activities 5.7 (173.5) (178.5) 31.0
Loan repayment - (187.8) (218.2) 24.6
Shares issued 5.7 14.3 39.7 6.4
Net cash inflow/(outflow) 34.7 (486.7) (324.9) 259.4
Cash at beginning of period 155.3 642.0 514.9 255.5
Cash at end of period 190.0 155.3 190.0 514.9
US DOLLARS Quarter Year ended to
June March June June
2001 2001 2001 2000
Cash flow from operating
activities 60.5 56.5 207.8 191.7
Profit before tax and
exceptional items 41.8 42.7 171.2 137.5
Exceptional gain/(loss) (276.3) 3.5 (290.2) (42.6)
Amortisation and depreciation 18.3 19.5 80.8 100.0
Change in working capital 3.9 (11.7) (31.4) 8.7
Taxation paid (1.7) (1.0) (25.8) (29.7)
Other non-cash items 274.5 3.5 303.2 17.8
Dividends paid - (63.9) (63.9) (36.6)
Cash utilised in investing
activities (58.1) (35.5) (166.1) (121.6)
Capital expenditure - net (47.3) (32.1) (146.4) (103.7)
(Purchase)/disposal of
investments - net (3.9) (2.7) (9.9) (10.0)
Investments in trust funds
and post retirement
health care payments (6.9) (0.7) (9.8) (7.9)
Cash flow from financing
activities 0.7 (23.2) (23.9) 4.9
Loan repayment - (25.0) (29.1) 3.9
Shares issued 0.7 1.8 5.2 1.0
Net cash inflow/(outflow) 3.1 (66.1) (46.1) 38.4
Translation adjustment 1.1 0.5 (6.5) (4.7)
Cash at beginning of period 19.3 84.9 76.1 42.4
Cash at end of period 23.5 19.3 23.5 76.1
OPERATING COSTS
(All figures are in Rand millions unless otherwise stated)
Free State
Drie- Kloof Division
fontein Division Beatrix St Tarkwa Total
Division + Helena
Operating costs (1)
June 2001 492.6 448.8 249.6 79.1 206.7 1,476.8
March 2001 500.9 458.1 257.2 79.1 166.7 1,462.0
Financial year 2,015.3 1,904.9 1,053.6 326.8 608.3 5,908.9
Gold in process change
June 2001 0.0 0.0 0.0 0.0 (48.8) (48.8)
March 2001 0.0 0.0 0.0 0.0 (33.8) (33.8)
Financial year 0.0 0.0 0.0 0.0 (92.8) (92.8)
Less: Rehabilitation costs
June 2001 3.4 0.9 0.8 0.7 0.0 5.8
March 2001 4.3 0.9 1.1 0.7 0.6 7.6
Financial year 11.8 3.6 3.0 2.8 2.2 23.4
Production taxes
June 2001 4.0 2.6 1.2 0.4 0.0 8.2
March 2001 3.0 3.3 1.3 0.2 0.0 7.8
Financial year 14.5 12.4 5.3 1.3 0.0 33.5
General and administration
June 2001 34.1 23.7 9.7 1.7 6.3 75.5
March 2001 32.4 17.2 7.1 1.2 6.0 63.9
Financial year 117.4 86.4 36.3 7.1 23.3 270.5
Cash operating costs
June 2001 451.1 421.6 237.9 76.3 151.6 1,338.5
March 2001 461.2 436.7 247.7 77.0 126.3 1,348.9
Financial year 1,871.6 1,802.5 1,009.0 315.6 490.0 5,488.7
Plus: Production taxes
June 2001 4.0 2.6 1.2 0.4 0.0 8.2
March 2001 3.0 3.3 1.3 0.2 0.0 7.8
Financial year 14.5 12.4 5.3 1.3 0.0 33.5
Royalties
June 2001 0.0 0.0 0.0 0.1 7.6 7.7
March 2001 0.0 0.0 0.0 0.0 7.0 7.0
Financial year 0.0 0.0 0.0 0.1 28.0 28.1
TOTAL CASH COSTS (2)
June 2001 455.1 424.2 239.1 76.8 159.2 1,354.4
March 2001 464.2 440.0 249.0 77.2 133.3 1,363.7
Financial year 1,886.1 1,814.9 1,014.3 317.0 518.0 5,550.3
Plus: Amortisation
June 2001 50.0 27.0 16.3 1.1 28.9 123.3
March 2001 48.9 30.9 20.2 0.7 27.2 127.9
Financial year 197.0 136.7 78.8 4.1 102.6 519.2
Rehabilitation
June 2001 3.4 0.9 0.8 0.7 0.0 5.8
March 2001 4.3 0.9 1.1 0.7 0.6 7.6
Financial year 11.8 3.6 3.0 2.8 2.2 23.4
TOTAL PRODUCTION COSTS (3)
June 2001 508.5 452.1 256.2 78.6 188.1 1,483.5
March 2001 517.4 471.8 270.3 78.6 161.1 1,499.2
Financial year 2,094.9 1,955.2 1,096.1 323.9 622.8 6,092.9
Gold produced - thousand ounces #
June 2001 321.7 251.9 147.1 37.5 117.3 875.5
March 2001 331.0 272.4 160.8 30.8 114.8 909.8
Financial year 1,351.3 1,166.3 647.1 135.6 439.8 3,740.2
TOTAL CASH COSTS - US$/oz
June 2001 176 210 202 255 169 193
March 2001 179 207 198 320 148 192
Financial year 183 204 206 307 155 195
TOTAL PRODUCTION COSTS -
June 2001 197 224 217 261 200 211
US$/oz March 2001 200 221 215 326 179 211
Financial year 204 220 223 314 186 214
DEFINITIONS
Cash costs and total production costs 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) Cash costs - Operating costs less off-mine costs, including general and
administration costs, as detailed in the table above.
(3) Total production costs - Cash costs plus amortisation/depreciation and
rehabilitation provisions, as detailed in the table above.
# Excludes gold production at Kloof 4 shaft of 389 kilogram (12,507 ounces)
for the June quarter (March 393 kilogram, 12,640 ounces), which is
capitalised.
+ Oryx has been integrated with Beatrix and results are reported as one unit
under Beatrix.
Exchange rates applied are US$1 = R8.03 and US$1 = R7.82 for the June and
March 2001 quarters respectively.
OPERATING AND FINANCIAL RESULTS
Individual Mines
SOUTH AFRICAN RAND
Operating Results
Free State
Drie- Kloof Division
fontein Division Beatrix St Tarkwa Total
Division + Helena
Ore milled / treated* (000 tons)
June 2001 1,719 1,130 951 220 3,762 7,782
March 2001 1,640 894 952 247 3,327 7,060
Financial year 6,551 3,932 3,671 925 11,667 26,746
Yield (grams per ton)
June 2001 5.8 7.3 4.8 5.3 1.0 3.5
March 2001 6.3 9.9 5.3 3.9 1.1 4.1
Financial year 6.4 9.6 5.5 4.6 1.2 4.4
Gold produced (kilograms)
June 2001 10,007 8,223 4,576 1,167 3,648 27,621
March 2001 10,295 8,867 5,000 959 3,571 28,692
Financial year 42,031 37,658 20,126 4,217 13,680 117,712
Gold declared (kilograms)
June 2001 10,007 8,223 4,576 1,167 3,648 27,621
March 2001 10,295 8,867 5,000 959 3,571 28,692
Financial year 42,031 37,658 20,126 4,217 14,164 118,196
Gold price received (Rand per kilogram)
June 2001 69,631 69,658 69,253 69,580 68,860 69,470
March 2001 66,421 66,533 66,380 65,798 66,984 66,497
Financial year 65,849 65,760 65,671 65,900 66,196 65,835
Cash costs (Rand per kilogram)
June 2001 45,478 54,149 52,251 65,810 43,640 49,736
March 2001 45,090 51,924 49,800 80,501 37,328 48,189
Financial year 44,874 50,026 50,397 75,172 37,865 47,710
Cash costs (US Dollars per ounce)
June 2001 176 210 202 255 169 193
March 2001 179 207 198 320 148 192
Financial year 183 204 206 307 155 195
Total production costs (Rand per kilogram)
June 2001 50,814 57,710 55,988 67,352 51,563 54.476
March 2001 50,257 55,676 54,060 81,960 45,113 52,977
Financial year 49,842 53,893 54,462 76,808 45,526 52,375
Operating costs (Rand per ton)
June 2001 287 416 262 360 55 191
March 2001 305 536 270 320 50 208
Financial year 308 504 287 353 52 222
Financial Results (Rand Million)
Revenue
June 2001 696.8 545.7 316.9 81.2 251.2 1,891.8
March 2001 683.8 563.8 331.9 63.1 239.2 1,881.8
Financial year 2,767.7 2,385.7 1,321.7 277.9 937.6 7,690.6
Operating costs
June 2001 492.6 448.8 249.6 79.1 206.7 1,476.8
March 2001 500.9 458.1 257.2 79.1 166.7 1,462.0
Financial year 2,015.3 1,904.9 1,053.6 326.8 608.3 5,908.9
Gold inventory change
June 2001 0.0 0.0 0.0 0.0 (52.1) (52.1)
March 2001 0.0 0.0 0.0 0.0 (36.9) (36.9)
Financial year 0.0 0.0 0.0 0.0 (79.3) (79.3)
Operating profit
June 2001 204.2 96.9 67.3 2.1 96.6 467.1
March 2001 182.9 105.7 74.7 (16.0) 109.4 456.7
Financial year 752.4 480.8 268.1 (48.9) 408.6 1,861.0
Amortisation of mining assets #
June 2001 50.0 27.0 16.3 1.1 28.9 123.3
March 2001 48.9 30.9 20.2 0.7 27.2 127.9
Financial year 197.0 136.7 78.8 4.1 102.6 519.2
Net operating profit
June 2001 154.2 69.9 51.0 1.0 67.7 343.8
March 2001 134.0 74.8 54.5 (16.7) 82.2 328.8
Financial year 555.4 344.1 189.3 (53.0) 306.0 1,341.8
Other income/(costs)
June 2001 (3.7) (0.2) 21.4 (2.9) 14.1 28.7
March 2001 8.4 1.7 11.1 (2.6) (1.7) 16.9
Financial year 5.9 11.0 47.7 (11.7) 3.5 56.4
Profit before taxation
June 2001 150.5 69.7 72.4 (1.9) 81.8 372.5
March 2001 142.4 76.5 65.6 (19.3) 80.5 345.7
Financial year 561.3 355.1 237.0 (64.7) 309.5 1,398.2
Mining and income taxation
June 2001 35.8 (52.7) (330.8) 0.0 31.4 (316.3)
March 2001 41.0 (0.8) 36.7 0.0 42.9 119.8
Financial year 131.5 (22.6) (261.1) 0.0 117.2 (35.0)
- Normal taxation
June 2001 7.3 (9.2) 0.0 0.0 12.1 10.2
March 2001 15.4 (9.8) 0.0 0.0 7.0 12.6
Financial year 57.5 2.2 0.0 0.0 32.6 92.3
- Deferred taxation
June 2001 28.5 (43.5) (330.8) 0.0 19.3 (326.5)
March 2001 25.6 9.0 36.7 0.0 35.9 107.2
Financial year 74.0 (24.8) (261.1) 0.0 84.6 (127.3)
Earnings before exceptional items
June 2001 114.7 122.4 403.2 (1.9) 50.4 688.8
March 2001 101.4 77.3 28.9 (19.3) 37.6 225.9
Financial year 429.8 377.7 498.1 (64.7) 192.3 1,433.2
Exceptional items
June 2001 (4.6) (143.1) (1,928.3) (64.3) 2.1
(2,138.2)
March 2001 (8.0) (2.2) (0.9) 0.0 38.1 27.0
Financial year (16.8) (155.2) (1,930.6) (64.5) 39.7
(2,127.4)
Net earnings
June 2001 110.1 (20.7) (1,525.1) (66.2) 52.5
(1,449.4)
March 2001 93.4 75.1 28.0 (19.3) 75.7 252.9
Financial year 413.0 222.5 (1,432.5) (129.2) 232.0 (694.2)
Capital expenditure (Rand million)
June 2001 166.2 95.2 48.8 (1.5) 69.4 378.1
March 2001 118.8 86.4 34.1 0.3 17.8 257.4
Financial year 456.3 344.1 148.7 2.2 160.7 1,112.0
Planned for next
six months to
December 2001 217.3 176.6 143.4 2.1 48.5 587.9
OPERATING AND FINANCIAL RESULTS
Individual Mines
US DOLLAR CONVERSION
Free State
Drie- Kloof Division
fontein Division Beatrix St Tarkwa Total
Division + Helena
Ore milled / treated* (000 tons)
June 2001 1,719 1,130 951 220 3,762 7,782
March 2001 1,640 894 952 247 3,327 7,060
Financial year 6,551 3,932 3,671 925 11,667 26,746
Yield (ounces per ton)
June 2001 0.187 0.234 0.155 0.171 0.031 0.114
March 2001 0.202 0.319 0.169 0.125 0.035 0.131
Financial year 0.206 0.308 0.176 0.147 0.038 0.141
Gold produced (000 ounces)
June 2001 321.7 264.4 147.1 37.5 117.3 888.0
March 2001 331.0 285.1 160.8 30.8 114.8 922.5
Financial year 1,351.3 1,210.7 647.1 135.6 439.8 3,784.5
Gold declared (000 ounces)
June 2001 321.7 264.4 147.1 37.5 117.3 888.0
March 2001 331.0 285.1 160.8 30.8 114.8 922.5
Financial year 1,351.3 1,210.7 647.1 135.6 455.4 3,800.1
Gold price received (US Dollars per ounce)
June 2001 270 270 268 270 267 269
March 2001 264 265 264 262 266 264
Financial year 269 269 268 269 271 269
Cash costs (US Dollars per ounce)
June 2001 176 210 202 255 169 193
March 2001 179 207 198 320 148 192
Financial year 183 204 206 307 155 195
Total production costs (US Dollars per ounce)
June 2001 197 224 217 261 200 211
March 2001 200 221 215 326 179 211
Financial year 204 220 223 314 186 214
Operating costs (US Dollars per ton)
June 2001 36 52 33 45 7 24
March 2001 39 69 35 41 6 27
Financial year 40 66 38 46 7 29
Financial Results (US$ Million)
Revenue
June 2001 86.8 68.0 39.5 10.1 31.3 235.6
March 2001 87.4 72.1 42.4 8.1 30.6 240.6
Financial year 363.7 313.5 173.7 36.5 123.2 1,010.6
Operating costs
June 2001 61.3 55.9 31.1 9.9 25.7 183.9
March 2001 64.1 58.6 32.9 10.1 21.3 187.0
Financial year 264.8 250.3 138.4 42.9 79.9 776.5
Gold inventory change
June 2001 0.0 0.0 0.0 0.0 (6.5) (6.5)
March 2001 0.0 0.0 0.0 0.0 (4.7) (4.7)
Financial year 0.0 0.0 0.0 0.0 (10.4) (10.4)
Operating profit
June 2001 25.4 12.1 8.4 0.3 12.0 58.2
March 2001 23.4 13.5 9.6 (2.0) 14.0 58.3
Financial year 98.9 63.2 35.2 (6.4) 53.7 244.5
Amortisation of mining assets #
June 2001 6.2 3.4 2.0 0.1 3.6 15.4
March 2001 6.3 4.0 2.6 0.1 3.5 16.4
Financial year 25.9 18.0 10.4 0.5 13.5 68.3
Net operating profit
June 2001 19.2 8.7 6.4 0.1 8.4 42.8
March 2001 17.1 9.6 7.0 (2.1) 10.5 42.0
Financial year 73.0 45.2 24.9 (7.0) 40.2 176.3
Other income/(costs)
June 2001 (0.5) 0.0 2.7 (0.4) 1.8 3.6
March 2001 1.1 0.2 1.4 (0.3) (0.2) 2.2
Financial year 0.8 1.4 6.3 (1.5) 0.5 7.4
Profit before taxation
June 2001 18.7 8.7 9.0 (0.2) 10.2 46.4
March 2001 18.2 9.8 8.4 (2.5) 10.3 44.2
Financial year 73.8 46.7 31.1 (8.5) 40.7 183.7
Mining and income taxation
June 2001 4.5 (6.6) (41.2) 0.0 3.9 (39.4)
March 2001 5.2 (0.1) 4.7 0.0 5.5 15.3
Financial year 17.3 (3.0) (34.3) 0.0 15.4 (4.6)
- Normal taxation
June 2001 0.9 (1.1) 0.0 0.0 1.5 1.3
March 2001 2.0 (1.3) 0.0 0.0 0.9 1.6
Financial year 7.6 0.3 0.0 0.0 4.3 12.1
- Deferred taxation
June 2001 3.5 (5.4) (41.2) 0.0 2.4 (40.7)
March 2001 3.3 1.2 4.7 0.0 4.6 13.7
Financial year 9.7 (3.3) (34.3) 0.0 11.1 (16.7)
Earnings before exceptional items
June 2001 14.3 15.2 50.2 (0.2) 6.3 85.8
March 2001 13.0 9.9 3.7 (2.5) 4.8 28.9
Financial year 56.5 49.6 65.5 (8.5) 25.3 188.3
Exceptional items
June 2001 (0.6) (17.8) (240.1) (8.0) 0.3 (266.3)
March 2001 (1.0) (0.3) (0.1) 0.0 4.9 3.5
Financial year (2.2) (20.4) (253.7) (8.5) 5.2 (279.6)
Net earnings
June 2001 13.7 (2.6) (189.9) (8.2) 6.5 (180.5)
March 2001 11.9 9.6 3.6 (2.5) 9.7 32.3
Financial year 54.3 29.2 (188.2) (17.0) 30.5 (91.2)
Capital Expenditure (US$ Million)
June 2001 20.7 11.9 6.1 (0.2) 8.6 47.1
March 2001 15.2 11.0 4.4 0.0 2.3 32.9
Financial year 60.0 45.2 19.5 0.3 21.1 146.1
Planned for the next
6 months to
December 2001 26.9 21.9 17.8 0.3 6.0 72.9
Exchange rates applied are US$1 = R8.03 and US$1 = R7.82 for the June 2001
and March 2001 quarters respectively. Figures may not add as they are
converted independently.
March figures have been adjusted to include provisions for deferred taxation
at Tarkwa and post retirement health care, and capital expenditure now
excludes the grossing up of $8 million as a result of assuming the
rehabilitation liability at Tarkwa .
# Excludes the fair value adjustment from the merger of Driefontein and Gold
Fields Limited.
* Ore milled at Driefontein includes 725,000 surface tons at 2.2 g/t (March
752,000 tons at 2.0 g/t) and 994,000 underground tons at 8.4 g/t (March
888,000 tons at 9.9 g/t), Kloof includes 353,000 surface tons at 0.9 g/t
(March 86,000 tons at 0.7 g/t) and 777,000 underground tons at 10.2 g/t
(March 808,000 tons at 10.9 g/t) and at Beatrix 200,000 surface tons at 0.7
g/t (March 76,000 tons at 0.6 g/t) and 751,000 underground tons at 5.9 g/t
(March 876,000 tons at 5.7 g/t).
+ Oryx has been integrated with Beatrix, these and future results will be
reported as one unit under Beatrix.
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
June 2001 March 2001 Year ended
quarter quarter June 2001
Carbon Carbon Carbon
Driefontein Reef Leader Main VCR Leader Main VCR Leader Main VCR
Advanced (m) 8,120 117 1,943 7,144 179 1,842 29,661 452
8,232
Advanced on reef (m) 1,221 18 383 1,186 47 345 4,966 129
1,324
Sampled (m) 1,080 15 291 1,092 30 192 4,710 120
1,014
Channel width (cm) 94 52 33 94 116 54 84 94 51
Average value - (g/t) 23.4 3.7 22.2 26.6 3.3 36.6 28.5 2.9
38.2
- (cm.g/t) 2,186 191 725 2,511 378 1,985 2,399 269
1,946
June 2001 March 2001 Year ended
quarter quarter June 2001
Kloof Reef Kloof Main VCR Kloof Main VCR Kloof Main VCR
Advanced (m) 232 506 10,388 398 1,271 9,805 1,534 5,953
42,996
Advanced on reef (m) 173 104 1,542 192 383 1,471 738 1,465
6,438
Sampled (m) 114 48 1,212 183 249 1,257 660 1,032
4,828
Channel width (cm) 138 114 88 109 64 72 130 58 80
Average value -(g/t) 10.9 19.7 31.1 3.2 18.4 26.0 10.1 14.1
27.7
- (cm.g/t) 1,498 2,246 2,736 348 1,182 1,875 1,312 817
2,217
June 2001 March 2001 Year ended
quarter quarter June 2001
Beatrix + Reef Beatrix Koelkrans Beatrix Koelkrans Beatrix
Koelkrans
Advanced (m) 4,802 3,442 5,685 3,361 23,183 15,809
Advanced on reef (m) 1,264 744 1,692 523 6,261 2,710
Sampled (m) 1,209 633 1,662 534 5,796 2,694
Channel width (cm) 72 112 67 118 75 106
Average value - (g/t) 13.7 14.9 14.1 19.3 12.5 13.8
- (cm.g/t) 989 1,677 950 2,278 939 1,468
June 2001 March 2001 Year ended
quarter quarter June 2001
St Helena Reef Basal Leader Basal Leader Basal Leader
Advanced (m) 1 230 185 1,524 126 5,809 905
Advanced on reef (m) 421 135 465 111 1,582 537
Sampled (m) 216 150 387 81 1,341 495
Channel width (cm) 100 155 69 151 77 120
Average value - (g/t) 6.2 4.6 9.4 4.3 10.0 4.5
- (cm.g/t) 619 712 647 657 766 538
+ Oryx has been integrated with Beatrix and results are reported as one unit
under Beatrix.
Adjustments to prior quarters figures are included above.
FORWARD LOOKING STATEMENTS
This report contains forward-looking statements. Such forward-looking
statements include, without limitations, estimates of future:
1) earnings,
2) gold production,
3) production costs,
4) cash flows,
5) deferred taxation, and
6) rehabilitation costs.
Where the company expresses an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and believed
to have a reasonable basis.
However, such forward-looking statements are subject to risks,
uncertainties and other factors that could cause actual results to differ
materially from future results expressed or implied by such forward looking
statements. Such risks include, but are not limited to, gold price
volatility, increased production costs and variances in ore grade or
recovery rates from those assumed in mining plans.
CONTACT DETAILS
Corporate Office
Gold Fields Limited
24 St Andrews Road
Parktown
Johannesburg
2193
Postnet Suite 252
Private Bag x 30500
Houghton 2041
Tel: +27 11 644-2400
Fax: +27 11 484-0626
Directors
C M T Thompson + (Chairman)
A J Wright (Deputy Chairman)
I D Cockerill * (Managing Director)
N J Holland *
J M McMahon *
G R Parker #
P J Ryan
T M G Sexwale
B R van Rooyen
C I von Christierson
+ Canadian * British # USA
London Office
St James' Corporate Services Limited
6 St James' Place
London SW1A 1 NP
Tel: +944 207 499-3916
Fax: +944 207 491-1989
Transfer Offices
Johannesburg
Computershare Services Limited
Edura 40 Commissioner Street
Johannesburg
P O Box 61051, Marshalltown, 2107
Tel: 27 11 370-7700
Fax: 27 11 836-0792
Company Secretary
V D MacDonald
24 St Andrews Road
Parktown
Johannesburg
2193
Postnet Suite 252
Private Bag x 30500
Houghton 2041
Tel: +27 11 644-2406
Fax: +27 11 484-0626
London
Capita IRG
Bourne House
34 Beckenham Road
Beckenham Kent BR3 4TU
Tel: +944 208 658-3430
Fax: +944 208 639-2000
American Depositary
Receipt Banker
Bank of New York
101 Barclay Street
New York N.Y. 10286
USA
Tel: +91 212 815-5133
Fax: +91 212 571-3050
Investor Relations
Europe & South Africa
Willie Jacobsz
Tel: +27 11 644-2460
Fax: +27 11 484-0639
E-mail: investors@goldfields.co.za
United Kingdom
46 Berkley Street
London
W1X 6AA
Tel: +944 207 322-6341
Fax: +944 207 322-6028
North America
Cheryl A. Martin
Tel: +91 303 796-8683
Fax: +91 303 796-8293
E-mail: camartin@gfexpl.com
