This is Gold Fields Our history 2008-2012
Gold Fields suspends all mining activities for a week at its South African operations in response to a request by Eskom to reduce its electricity load – reflecting South Africa’s broader energy infrastructure challenges. In addition, the Arctic Platinum Project in Finland reverts to Gold Fields after North American Palladium Limited declined to follow its rights in terms of a Letter of Intent entered into between the parties.
Gold Fields and Mvelaphanda Resources successfully complete the final step of a R4,1 billion Black Economic Empowerment transaction initiated in 2004. Gold Fields becomes the first mining group registered as a signatory with the International Cyanide Management Institute to obtain accreditation for all its eligible operations in terms of the International Cyanide Management Code.
The Kloof and Driefontein mines are merged into the Kloof-Driefontein Complex (KDC) to harness management efficiencies, reduce operational overheads and secure the future of both operations. In addition, the South African Department of Mineral Resources approves the South Deep new order mining right. Outside South Africa, Gold Fields enters into option agreements to acquire a 60% interest in the undeveloped gold-copper Far Southeast (FSE) deposit in the Philippines. Dr Mamphela Ramphele becomes the first black Chair of Gold Fields. The Company also successfully completes a 10-year, US$1 billion bond offer to international investors. The industry-leading Gold Fields Framework for Sustainable Development is introduced and Gold Fields is ranked joint first in the JSE Top 100 Carbon Disclosure Leadership Index (CDLI).
Gold Fields buys out minority stakes in its Damang and Tarkwa mines for US$667 million, as well as in its Cerro Corona mine for US$379 million. The Company also makes its second downpayment of US$66 million with respect to its option to acquire a 60% interest in the Far Southeast deposit in the Philippines. Meanwhile, an innovative carbon credit project at the Beatrix mine is registered as an official Clean Development Mechanism due to its role in reducing carbon emissions and for its potential generation of clean energy. Gold Fields is awarded first place in the JSE Top 100 Carbon Disclosure Leadership Index by the global Carbon Disclosure. Project, while the Johannesburg Stock Exchange rated Gold Fields as one of its most consistent performers in its Socially Responsible Investment (SRI) Index for five years running. The company is also ranked as the top rated South African miner on the Dow Jones Sustainability Index.
Bought upon by growing investor disenchantment with gold equities CEO Nick Holland announces the need for a re-think of the gold industry model at a presentation to the Melbourne Mining Club in July 2012. In the second half of the year, Gold Fields commences the most far-reaching transformation in the Company’s recent history with the aim of shifting its operating model from a focus on production ounces to cashflow generation. Gold Fields also decides to specialise as a mechanised mining operation with a portfolio of open pit and shallow underground mines in Australia, Ghana and Peru as well as the mechanised South Deep project in South Africa. In November it is announced that the matter underground Kloof, Driefontein and Beatrix mines in South Africa are unbundled into Sibanye Gold, which is listed separately on the JSE and NYSE in February 2013. Cheryl Carolus takes over as Chair of Gold Fields from Dr Mamphela Ramphele.