This is Gold Fields Our history 2013-2020
Amid a US$700/oz fall in the gold price during the year, Gold Fields' wide-ranging restructuring – announced in 2012 – appears prescient. Costs are cut by around US$450 million during 2014 after a number of corporate actions, including the cessation of marginal mining at St Ives, Agnes and Tarwa, the restructuring of corporate and regional offices, the closure of the Project and Exploration division and a 10% reduction in the global workforce. In October Gold Fields announces the acquisition of three Western Australian mines from Barrick Gold for US$270 million – Granny Smith, Darlot and Lawlers. Lawlers is immediately merged with Gold Fields' Agnew mine. Gold Fields' Integrated Annual Report continues to win awards, being ranked 1st in the Ernst Young Integrated Reporting Awards amongst others. The Company is also ranked the top SA mining company on the Dow Jones Sustainability Index. The US Securities and Exchange Commission announces a regulatory investigation into South Deep's 2010 Black Economic Empowerment transaction.
Gold Fields achieves a notable turnaround in its financial performance as the wide-ranging restructuring of the past two years takes effect with a cash inflow of US$235 million – from an outflow of the same amount in 2013. Gold Fields' new Australian portfolio achieves its one million ounce production target. The exploration and projects portfolio continues to be trimmed with the sale of Talas in Kyrgyzstan, Yanfolila in Mali and Chucapaca in Peru, amongst others, during the year. The exploration focus shifts to near-mine exploration at the Company's Australian and Ghanaian mines. A further 1,300 workers are retrenched (mostly at Gold Fields' Ghanaian mines) to ensure the long-term sustainability of the Company.