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The impact of Covid-19 on Gold Fields operations

Thursday, 28 May 2020

Johannesburg, 28 May 2020: Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI) provides an update on the impact of the Covid-19 pandemic on the Company’s operations.

Our operations have followed government-imposed protocols and implemented stringent measures to prevent the spread of the virus and care for our people that have been infected. This includes screening and testing at our mines, restricted access to our operations, new shift structures to limit the movement of people coming on and off shifts at remote mine sites, enforcing physical distancing and setting up quarantine and isolation facilities.

To date the impact on Group gold production has been limited, with revised guidance announced with our Q1 2020 Operational Update on 23 April 2020.

Attributable equivalent gold production for 2020 for the Group is expected to be between 2.20Moz and 2.25Moz. Cost guidance is unchanged (from February 2020) with AISC expected to be between US$920/oz and US$940/oz and AIC expected to be between US$1,035/oz and US$1,055/oz.

However, the situation is fluid and should there be further lockdowns and restrictions in the countries in which we have a presence it may lead to production disruptions in future.

The following provides an update on the situation in each Region and the number of Covid-19 positive cases as at 27 May 2020:

The company is in a strong financial position with significantly reduced debt at the end of March 2020, with a net debt to EBITDA ratio of below 1x. At the time of this release Gold Fields had approximately US$800m in cash and in excess of US$1.5bn of committed, unutilised debt facilities.

“We have sufficient liquidity to withstand an interruption in our operations for a considerable period of time, but will nevertheless will work towards minimising the impact of Covid-19 on our operations,” said Gold Fields CEO Nick Holland. “We will review the situation at regular intervals to decide on further actions if required and will keep the market updated accordingly.”


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