SUSTAINABILITY 
Government and public policy
Our host governments are among Gold Fields key stakeholders, as they issue mining licences, develop state policies and enforce regulations. This requires us to adhere to all relevant legislation, including paying taxes and other levies. We are committed to working with governments – directly and via industry associations – at national, regional and local levels to establish ethical, sound and transparent working relationships that benefit the countries where we operate and our host communities.
We do not provide any financial contributions to political parties unless explicitly approved by the Board in accordance with the Company's Code of Conduct, and have not made any political donations for several years.
Driven by our Tax Strategy, we aim to proactively manage tax obligations transparently, responsibly and sustainably – while acknowledging differing stakeholder interests. As part of our commitment to enhancing transparency in responsible mining practices, we started reporting on seven of the ICMM's SERF indicators in 2023. We have committed to publish our 2024 reporting on indicator 1 (country-by-country reporting of business activities, revenue, profit and tax) in late 2025.
Our full Tax Strategy and Policy, which now includes tax risk and governance.
Country and regulatory risk remains a top Group risk for 2024, and addressing this risk requires increased actions and engagements by our Group and country teams.
Gold Fields seeks to improve trust between government and mining in several ways, including:
As a significant contributor to the tax income of our host countries, Gold Fields fully aligns with all national regulations and adheres to all fiscal payments. During 2024, Gold Fields paid US$687m in contributions to its host governments. In Ghana, Gold Fields has consistently been among the top three corporate taxpayers. During 2024, we paid USS$305m in taxes, royalties and dividends to the government.
The following high-level political overviews of our operating countries have been provided by our External Affairs teams in-country.
Payments to governments in 2024
| (US$m) | Australia | South Africa | Ghana | Peru |
| Royalties | 54.1 | 3.2 | 73.5 | 5.4 |
|---|---|---|---|---|
| Income tax1 | 256.9 | 0.3 | 192.0 | 60.2 |
| Dividends | – | 1.9 | 26.42 | – |
| Dividend withholding tax | – | – | 13.1 | – |
| Total | 311.0 | 5.4 | 305.0 | 65.6 |
| % of profit before royalties, taxes and non-recurring items |
27.3% | 2.4% | 44.7% | 51.6% |
| 1 South Deep has carry-forward losses and allowances for offset against taxable income | ||||||
| 2 In respect of the Ghana government's 10% stake in the Tarkwa and Damang mines |
Australia
Against a background of high national inflation, low unemployment and interest rate rises, the mining sector continues to buoy the Western Australian economy and state government finances.
Proposed industrial relations reforms, like "Same Job, Same Pay", have highlighted the importance of equitable employment practices in the mining sector. In August 2024, new legislation was introduced that provided our employees with a protected right to disconnect from work after hours.
Throughout the year, we continued to work with the Western Australian and Federal government through our membership to the Chamber of Minerals and Energy of Western Australia and the Gold Industry Group on issues impacting the gold sector and the mining sector.
We also partnered with the Western Australian government to pilot the Respect in Mining programme, which aims to increase awareness and knowledge of the impact of gender inequality on women's safety and the impact of gendered division in leadership within the resources sector. This initiative builds on Gold Fields' existing Respectful Workplaces initiative and aligns with findings from the EB&Co workplace culture review.
Ghana
The main opposition party, the National Democratic Congress, won the presidential and parliamentary elections in December 2024, ousting the New Patriotic Party and securing a significant majority in parliament. The new government inherited a high inflation rate and weak Ghanaian Cedi. The country's debt situation improved during 2024, mainly driven by the International Monetary Fund's disbursement of US$1.92bn out of the total agreed US$3bn debt facility. However, the International Monetary Fund highlighted ongoing risks to economic recovery, debt sustainability concerns and ongoing inflationary pressures.
Gold Fields' fiscal relationship with the government is governed by 2016 Development Agreements (DAs) for Damang and Tarkwa. In terms of the existing DAs, Gold Fields must invest in the two operations over a specific timeframe in return for some concessions, including a corporate tax rate of 32.5% and a royalty tax based on a sliding scale driven by the gold price, capped at 5% (see Performance of our operations).
In 2024, under the Domestic Gold Purchase programme, Gold Fields sold 100koz gold (2023: 127koz) to the Bank of Ghana (BOG), pursuant to a gold purchasing agreement. The BOG paid in Ghanaian Cedi at the prevailing gold market price, which forms part of our DA requirement to convert at least 30% of our gold proceeds into the local currency to cover local costs. On this, and many other critical industry issues, Gold Fields works closely with the Ghana Chamber of Mines to seek interventions and advocate for improved policies, particularly in the fiscal realm.
The Tarkwa/Iduapriem JV approval process progressed during 2024, with Gold Fields and AngloGold Ashanti collaborating to obtain approvals from the Ghanaian government to ensure the JV becomes operational. Several joint meetings were held with relevant government ministries and agencies of the previous administration – including the Ministry of Lands and Natural Resources, Ministry of Finance, the Ghana Revenue Authority and the Minerals Commission – to confirm the modalities of the JV and address concerns. However, engagements stalled due to the country's 2024 general election. Gold Fields and AngloGold Ashanti are working to engage the new administration to advance the proposed JV and receive the necessary approvals in 2025.
Chile
The Chilean economy recorded moderate growth in 2024. Relevant to the mining industry are a recently approved tax compliance bill and measures to accelerate permitting. Initiatives aimed at reducing regulatory barriers, promoting investment in green energy and formalising labour were identified as fundamental to boosting the country's growth. In advocating for these issues, Gold Fields worked closely with peers via various national and regional industry associations.
Within this context, our engagement mainly focused on strengthening our relationship with regional and national authorities in the mining, environmental and safety sectors. At the same time, we worked on a communications strategy that will position and strengthen Gold Fields' brand across national and regional levels. We continued with critical public-private collaboration initiatives aimed at promoting social development and strengthening local governments.
Peru
In Peru, we engage at local, regional and national government levels to address operational, social and sustainability matters. Community unrest, long a challenge for miners in the country, has become far more isolated in recent years and is mostly limited to the south of the country. Even during the height of social unrest, when certain mines were targeted, protests were not widely spread or violent in the Cajamarca province where our Cerro Corona mine is located.
National, regional and local elections will take place in 2026. Electoral process creates a context where certain risks could materialise. As in previous elections, mining is expected to be part of the public debate and Gold Fields' new exploration projects could come under scrutiny from anti-mining detractors, especially in a pre-electoral context.
Our engagement with national government and congress, particularly on regulatory matters, primarily takes place through the National Chamber of Mines, Oil and Energy. The industry has good working relationships with various public bodies at all levels of government.
Peru is challenged by an increase in illegal mining. Pressure groups are likely to uphold a regulatory framework that enables the growth of illegal or informal mining. The National Chamber of Mines, Oil and Energy is working with policymakers to develop advocacy actions and communication campaigns to raise public awareness of the impacts of illegal mining.
We implemented social development projects in partnership with the government through the Works for Taxes mechanism and government grants, focused on water and sanitation infrastructure and agricultural development.
Québec, Canada
In 2024, the Québec and Canadian mining sectors continued to show resilience, particularly within gold exploration and development, with Québec province maintaining its status as a key player. On the regulatory front, significant changes were introduced that will impact mining activities in Québec. Notably, Bill 63 – an amendment to the Mining Act – came into effect in December 2024, marking a major overhaul of the provincial mining regulations. Key changes are reflected by shifting from the traditional "free entry" system to a more structured and accountable process for granting mining rights. This reform also increased the scrutiny on exploration activities by imposing new conditions for renewing exploration rights.
The new Impact Exploration Authorisation, effective from May 2024, added another layer of environmental scrutiny by requiring exploration projects to undergo comprehensive assessments before work can start. Additionally, the bill introduced provisions that would facilitate First Nations' participation in land-use decisions, recognising their role in stewarding natural resources.
These changes align with broader trends in Canada, where First Nations communities have increasingly won court cases requiring consultations on mining activities in their traditional territories. This is also reflected by a landmark court decision involving the Mitchikanibikok Inik First Nation in October 2024, requiring the province to consult before granting mining claims on certain lands, marking a significant shift in how mining rights are handled. This ruling, however, is being contested by the government.
As evidenced by our exchanges with provincial elected officials, and especially the visit of a delegation of several ministers to the Windfall project site in mid-2024, Gold Fields' relations with the regional government and regulators are good and political support is building to move the project forward. Since the closing of the transaction leading to the complete acquisition of the Windfall project, many representations meetings were organised to present Gold Fields and, above all, ensure the support for the project remain strong, both with the party forming the government and with the main opposition party in the Québec parliament.
South Africa
During the general election held in May 2024, the governing African National Congress lost its majority for the first time since 1994 and worked with opposition parties – including the country's second-largest party, the Democratic Alliance – to form a Government of National Unity. This coalition government tempered more populist economic policies, with some investor confidence returning to the economy.
From a regulatory perspective, South Deep is guided primarily by the Mineral and Petroleum Resources Development Act No 28 of 2002. One of the Act's key requirements is to facilitate meaningful and substantial participation of Historically Disadvantaged South Africans (HDSAs) in the mining industry, and the Mining Charter provides several empowerment actions and community investment programmes with a corollary timeframe. All mining right holders must submit an annual compliance plan that details progress against the Mining Charter and their SLP, a mechanism used to achieve the objectives of the Mining Charter.
The latest version of the charter – Mining Charter 3 – was tabled in September 2018, and mining companies continue to report their progress against its requirements. The charter de facto confirmed South Deep's current black economic empowerment (BEE) ownership level of 35%, which we believe meets the principles and spirit of the charter. It also created the framework for the mine's ongoing transformation.
As part of the mine's empowerment structure, South Deep established two independent trusts in 2010 – the South Deep Community Trust and the South Deep Education Trust – to channel dividend and other income to communities living near the mine and in labour-sending areas. Between 2012 and 2023, South Deep Community Trust and the South Deep Education Trust have invested R15m and R76m in community and education projects, respectively.
Through the Minerals Council South Africa, the mining industry is actively supporting the South African government's efforts to strengthen two parastatals, Eskom and Transnet, both of which provide critical services to mining companies and other businesses. The regulatory approval process around South Deep's pioneering 50MW Khanyisa solar plant assisted in the more widespread adoption of renewable energy sources. South Deep is now exploring additional renewable energy supply sources.
Mining Charter Scorecard
South Deep is committed to strengthening socio-economic development in its surrounding and labour-sending communities, and prioritises meaningful contributions to community development – aiming to uphold its social licence to operate while meeting regulatory requirements. These efforts form part of South Deep's broader strategy to create lasting value for both the mine and its host communities.
Following the Department of Mineral Resources and Energy's review of its third SLP submission, South Deep agreed to realign the Social Labour Plan (SLP) cycle to cover the period 2020 – 2024 instead of 2023 – 2027. As programmes for 2020 – 2022 had already been submitted, the revised SLP focused on targets and initiatives for 2023 and 2024. Since the reconstituted SLP III was only approved in October 2024, the identified local economic development projects will be delivered between 2025 and 2026 at estimated construction costs totalling R21m (US$1m). Mining companies have the full period of the SLP cycle to achieve targets.
Between 2020 – 2024, South Deep invested R245m (US$13.4m) in projects to enhance the lives of host communities, not including direct procurement from host community businesses, which amounted to R4.7bn (US$256.4m). Key initiatives included:
South Deep also focused on youth employment and skills development through two main programmes:
| 1 | This column records the mining rights holder's performance against the Mining Charter scorecard targets |
| 2 | During 2004, and prior to Gold Fields acquiring South Deep, GFI Mining South Africa (Pty) Ltd (GFIMSA), acquired Gold Fields' South African assets, funded by Mvelaphanda Gold (Pty) Ltd, for a 15% stake in GFIMSA. In September 2021, the Johannesburg High Court judgment, in a case commonly known as the Mining Charter III challenge, confirmed the "once-empowered always empowered" principle, with effect that any mining right holder, prior to the publication of Mining Charter III, that achieved the minimum required B-BBEE shareholding, will be recognised as compliant for the duration of the mining right. By 2006, GFIMSA gained 100% ownership of GFI Joint Venture Holdings (Pty) Ltd and Gold Fields Operations Ltd (South Deep Joint Venture), both wholly-owned subsidiaries of Newshelf 899 (Pty) Ltd. In 2010, a series of BEE empowerment transactions were concluded to meet ownership targets. Firstly, an employee share ownership plan was established, issuing 13.5m Gold Fields shares, representing 10.75% effective indirect beneficial interest in GFIMSA, Of this, 12.6m were allocated to HDSA employees. Secondly, a 1% indirect beneficial interest in GFIMSA (excluding South Deep) was donated to a broad-based education trust and several black businesses and community leaders (BEECO). Thirdly, the BEECO and South Deep Community Trust acquired a 10% shareholding in South Deep |
| 3 | South Deep does not have an executive management structure |
| South Deep Mining Charter 3 2024 scorecard | |||||
| Element | Description | Compliance target | Mining Charter 3 target | Measure | Year (2024) progress1 |
| Employment equity (as per the Mining Charter) (five-year implementation plan required) |
Junior management | % black persons | 70% | 70% black persons of which 25% must be black women | 76%RA |
| % black women | 30% | 18%RA | |||
| Employees with disabilities | 1.5% of all employees | 1.5% | 1.5% as a percentage of all employees | 2.7%RA | |
| Core and critical skills | HDPs represented in core and critical skills poo | 60% | 50% black persons | 76%RA | |
| Human resources development (HRD)2 | HRD expenditure as % of total annual leviable amount (excluding mandatory skills development levy) | 5% leviable amount | 5% | Invest percentage of leviable amount as defined in the HRD element in proportion to applicable demographics | In 2024, South Deep spent 5% of its annual payroll on skills development programmes |
| Mine community development (MCD) (five-year implementation plan required) | Meaningful contribution towards MCD with bias towards mine communities both in terms of impact, and in keeping with the principles of the social licence to operate | 100% compliance with approved SLP MCD commitments | Publish the SLP in two languages (dominant community language and English) | Completed | |
| Implement approved commitments in the SLP3 | During 2024, South Deep continued executing host community SLP projects which are at various stages of implementation. These included the following:
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| Housing and living conditions2 | Improvement of the standard of housing and living conditions of mine employees | 100% compliance with commitments per the Housing and Living Condition Standard | Mine to submit a Housing and Living Conditions Plan, in terms of Section 4 of the new Housing and Living Condition Standard for the mining industry | Implement all commitments per the Housing and Living Condition Standard | The occupancy rate for 2024 was 70%. South Deep still maintains one person per room in its accommodation facilities, and promotes home ownership through interest-fee loans and discount on the purchase of Company homes |
| 1 | This column records the mining rights holder's performance against the Mining Charter scorecard targets |
| 2 | This element has not been assured externally |
| 3 | Only the number of community development commitments and its progress are externally assured |
