Group Mineral Resources and Mineral Reserves

Gold Fields Mineral Resource and Mineral Reserve estimates

Mineral Resource headline numbers1
  Managed Mineral Resources   Attributable ounces
  December 2017   December 2016   Dec
2017		   Dec
2016		  
Gold only Tonnes
(Mt)		 Grade
(g/t)		 Au
(Moz)		 Tonnes
(Mt)		 Grade
(g/t)		 Au
(Moz)		 Gold (Moz)
Total regions2 1,010.8   3.18   103.3     955.4   3.25   99.8     95.8   92.8  
Total projects3 891.7   0.69   19.8     1,100.2   0.58   20.6     7.9   8.7  
Total operating mines and projects 1,902.5   2.01   123.1     2,055.6   1.82   120.4     103.7   101.5  
Copper and silver as gold equiv. (Moz) Individual metals detailed in table below          
Cerro Corona Cu as Au equiv.5 2.1 1.9 2.1 1.9
FSE Cu as Au equiv.6 22.7     22.7     9.1   9.1  
Salares Norte Ag as Au equiv.7 0.7     0.6     0.7   0.6  
Grand total as Au equivalents 148.6     145.5     115.6   113.1  
Operational summary1
  Managed Mineral Resources   Attributable ounces
  December 2017   December 2016   Dec
2017		   Dec
2016		  
Gold Tonnes
(Mt)		 Grade
(g/t)		 Gold
(koz)		 Tonnes
(Mt)		 Grade
(g/t)		 Gold
(koz)		 Mineral Resource
(koz)
Australia region                                    
Agnew 11.5   5.25   1,946     12.5   5.31   2,142     1,946   2,142  
Darlot —   —   —     1.2   5.97   224     —   224  
Granny Smith 38.6   5.70   7,075     35.2   5.76   6,520     7,075   6,520  
St Ives 34.4   3.47   3,847     30.1   3.40   3,297     3,847   3,297  
Gruyere 75.4   1.29   3,134     76.8   1.34   3,307     3,134   3,307  
Total Australia region 160.0   3.11   16,002     155.9   3.09   15,490     16,002   15,490  
South African region                                    
South Deep 381.6   5.41   66,318     340.0   5.76   62,971     60,350   57,483  
Total South Africa region 381.6   5.41   66,318     340.0   5.76   62,971     60,350   57,483  
Americas region                                    
Cerro Corona – Peru 115.0   0.69   2,542     97.6   0.79   2,468     2,530   2,456  
Salares Norte – Chile 23.3   4.89   3,663     25.6   4.60   3,794     3,663   3,794  
Total Americas region 138.3   1.40   6,205     123.2   1.58   6,262     6,193   6,250  
Ghanaian region                                    
Damang 86.2   2.21   6,119     84.7   2.19   5,978     5,507   5,380  
Tarkwa – open pits 172.5   1.37   7,583     183.2   1.38   8,116     6,825   7,304  
Tarkwa – stockpiles 72.2   0.46   1,074     68.4   0.44   978     967   880  
Tarkwa – total 244.7   1.10   8,657     251.6   1.12   9,094     7,792   8,184  
Total West Africa region 331.0   1.39   14,776     336.4   1.39   15,071     13,299   13,564  
GFI operations – total gold 1,010.8   3.18   103,301     955.4   3.25   99,795     95,843   92,788  
  Managed Mineral Resources   Attributable ounces
  December 2017   December 2016   Dec
2017		   Dec
2016		  
Americas region
COPPER		 Tonnes
(Mt)		 Grade
(% Cu)		 Copper
(Mlbs)		 Tonnes
(Mt)		 Grade
(% Cu)		 Copper
(Mlbs)		 Attributable Copper
(Mlbs)
Cerro Corona (Cu) only 107.9   0.39   917     90.5   0.41   815     913   811  
Americas region
SILVER		 Tonnes
(Mt)		 Grade
(g/t)		 Silver
(koz)		 Tonnes
(Mt)		 Grade
(g/t)		 Silver
(koz)		 Attributable Copper
(Mlbs)
Salares Norte (Ag) only 23.3   66.03   49,458     25.6   53.11   43,761     49,458   43,761  
Mineral Reserve headline numbers1
  Managed Mineral Reserves   Attributable ounces
  December 2017   December 2016   Dec
2017		   Dec
2016		  
Gold only Tonnes
(Mt)		 Grade
(% Cu)		 Copper
(Mlbs)		 Tonnes
(Mt)		 Grade
(% Cu)		 Copper
(Mlbs)		 Attributable Copper
(Mlbs)
Total operating mines and
projects2		 613.1   2.70   53.1     572.2   2.83   52.1     49.0   48.1  
Copper and silver as gold equiv. Individual metals detailed in table below          
Cerro Corona Cu as Au equiv.8 1.8     1.1     1.8   1.1  
Grand total as Au equivalents 54.9     53.2     50.8   49.2  
Operational summary1
  Managed Mineral Reserves   Attributable ounces
  December 2017   December 2016   Dec
2017		   Dec
2016		  
Gold Tonnes
(Mt)		 Grade
(g/t)		 Gold
(koz)		 Tonnes
(Mt)		 Grade
(g/t)		 Gold
(koz)		 Mineral Resource
(koz)
Australia region                                    
Agnew 3.0   5.54   541     3.0   5.39   515     541   515  
Darlot —   —   —     0.5   3.84   56     —   56  
Granny Smith 12.4   5.51   2,203     9.9   5.30   1,693     2,203   1,693  
St Ives 19.4   2.51   1,568     21.5   2.52   1,740     1,568   1,740  
Gruyere 48.7   1.20   1,871     45.8   1.20   1,760     1,871   1,760  
Total Australia region 83.6   2.30   6,183     80.7   2.22   5,764     6,183   5,764  
South Africa region
                                    
South Deep4 216.8   5.36   37,388     217.6   5.34   37,324     34,023   34,072  
Total South Africa region 216.8   5.36   37,388     217.6   5.34   37,324     34,023   34,072  
Americas region                                    
Cerro Corona 86.2   0.70   1,937     46.1   0.88   1,302     1,928   1,296  
Total Americas region 86.2   0.70   1,937     46.1   0.88   1,302     1,928   1,296  
Ghanaian region                                    
Damang 31.9   1.68   1,728     31.8   1.64   1,674     1,555   1,506  
Tarkwa – open pits 122.5   1.23   4,831     127.7   1.24   5,104     4,348   4,593  
Tarkwa – stockpiles 72.2   0.46   1,074     68.4   0.44   978     967   880  
Tarkwa – total 194.7   0.94   5,906     196.1   0.96   6,082     5,315   5,473  
Total West Africa region 226.6   1.05   7,634     227.9   1.06   7,755     6,871   6,980  
GFI operations – total gold 613.1   2.70   53,143     572.2   2.83   52,146     49,005   48,112  
  Managed Mineral Reserves   Attributable ounces
  December 2017   December 2016   Dec
2017		   Dec
2016		  
(PERU) – Cerro Corona
COPPER		 Tonnes
(Mt)		 Grade
(% Cu)		 Copper
(Mlbs)		 Tonnes
(Mt)		 Grade
(% Cu)		 Copper
(Mlbs)		 Attributable Copper
(Mlbs)
Copper (Cu) only 86.2   0.4   767     46.1   0.45   456     764   454  
1 Managed unless otherwise stated, Gruyere only reports the 50% share attributable to Gold Fields (GFI). Measured and Indicated Mineral Resources are reported inclusive of those Mineral Resources modified to produce Mineral Reserves
2 Gruyere and Salares Norte are included in the Australia and Americas regions respectively
3 Projects - FSE plus APP (APP for 2017 only)
4 Reserve grade is inclusive of in section development tonnes, which cannot be separated from the ore flow, however, capital waste is excluded as there is a potential to separate it in the future
5 Metal prices used for equiv oz: US$1,400/oz Au and US$3.2/lb Cu. The metallurgical recovery rate (Au=69% and Cu=87%), has not been applied to the conversion. Calculation: CuMlbs*Cu Price (917*3.2)/Au price (1,400) = 2.095 Au equivalent Moz
6 Metal prices used for equiv oz: US$1,400/oz Au and US$3.2/lb Cu. The selling cost, including refining and royalties, plus metallurgical recovery rate (Au=81.6% and Cu=92.6%), has not been applied to the conversion
7 Metal prices used for equiv oz: US$1,400/oz Au and US$20/oz Ag. Equivalency is based on the price ratio only so the metallurgical recoveries (92% Au, 70% Ag) and selling costs (US$16.76/oz Au, US$1.41/oz Ag), including refining and royalties (1%) have not been included
8 Metal prices used for equiv oz: US$1,200/oz Au and US$2.8/lb Cu. The selling cost, including refining and royalties, plus metallurgical recovery rate (Au=69% and Cu=87%), has not been applied to the conversion. Calculation: CuMlbs*Cu price (767*2.8)/Au price (1,200) = 1.790 Au equivalent Moz

Annual change in gold Mineral Resources and Mineral Reserves

The tables below depict the annual movements in the Mineral Resources and Mineral Reserves.

Ranked gold managed Resources (Moz)
Darlot Agnew Cerro
Corona		 Gruyere
(GFI
share)		 Salares
Norte		 St Ives Damang Granny
Smith		 Tarkwa FSE South
Deep
Dec 2017 — 1.95 2.54 3.14 3.66 3.85 6.12 7.07 8.66 19.80 66.32
Dec 2016 0.22 2.14 2.47 3.31 3.79 3.30 5.98 6.52 9.09 19.80 62.97
Variance (0.22) (0.20) 0.07 (0.17) (0.13) 0.55 0.14 0.55 (0.44) — 3.35

 

Copper - operations only (Mlb)
Cerro Corona Resource Reserve
December 2017 917 767
December 2016 815 456
Variance 102 311
 
Silver - Salares Norte (Moz)
Salares Norte Resource
December 2017 49.46
December 2016 43.76
Variance 5.70

Managed gold Mineral Resources

Key year-on-year changes in Mineral Resources were driven mainly by mining depletion and the following notable items:

  • South Deep's change is due to the application of 5x5x5m selective mining units (SMUs) in the South of Wrench area (SoW) as per North of Wrench (NoW) and Current Mine (CM). The reconfiguration of the resource footprint in the SoW area, to now include lower grade 'in-design' material required to be developed to access the ore body, plus drilling confirmed an adjustment to the ore body sub-crop position in NoW Corridor 4, located further west, thereby adding high-grade ounces
  • Granny Smith's growth is primarily due to exploration success and from resource conversion at Wallaby Zone 110/120 and Zone 135, with additional discoveries from the shallower Zones 70 to 100
  • St Ives' increase in resources provides the opportunity for conversion to reserves in 2018; ounces were discovered at the Invincible pit and underground, Invincible South, Hamlet, APN and Neptune areas
  • Damang marginally increased its Resource due to remodelling updates at Huni
  • Cerro Corona's Resource is largely unchanged with a new geotechnical model contributing to an increase in ounces offsetting depletion
  • Salares Norte reflects a significant improvement in Resource model resolution and confidence and is now at 95% Indicated (SAMREC) for metal; Agua Amarga tonnes decreased due to revised slope angles and modelling changes
  • Gruyere includes updates to the Attila and Alaric resources included in the JV area and minor modifications to the resource modelling parameters on estimation, costs and slope angles
  • Agnew showed a reduction in Resource despite incremental ounces discovered at FBH, Waroonga North, Himitsu, Main and Cinderella, which did not fully offset depletion; modelling changes and some sterilisation due to pillar design adjustments contributed to the decrease
  • Tarkwa's change benefited predominantly from model updates and re-optimisation/re-engineering of pit designs

Note: Refer to the operational section for detailed waterfall chart

Ranked gold managed Reserves (Moz)
Operations Darlot Agnew St Ives Damang Gruyere
(GFI
share)		 Cerro
Corona		 Granny
Smith		 Tarkwa South
Deep
December 2017 - 0.54 1.57 1.73 1.87 1.94 2.20 5.91 37.39
December 2016 0.06 0.52 1.74 1.67 1.76 1.30 1.69 6.08 37.32
Variance (0.06) 0.03 (0.17) 0.05 0.11 0.64 0.51 (0.18) 0.06

Managed gold Mineral Reserves

Key year-on-year changes in Mineral Reserves were driven by mining depletion and the following notable items:

  • Cerro Corona's material increase is due to the new life extension pre-feasibility study (PFS), which includes an in-pit tailings initiative and increased density for the tailings placed in the current TSF facility, all underpinning seven years additional life
  • Granny Smith's strong growth in Reserve from the Wallaby lodes is a result of continued in-mine drilling defining Zone 110/120 at depth and incrementally growing Reserves laterally from the shallower Zones 60 to 90
  • South Deep's Reserve was steady year-on-year and mine design criteria developed during the rebase project are now applied to all mining areas
  • Damang's life was extended by one year to 2025 through the addition of the Huni pit. The Reserves are at their highest level in five years
  • Agnew reports its first increase in Reserve in seven years mainly due to extensional drilling at FBH, Kath and Waroonga North, conversion at Kim and the addition of open pits at 450 South, Claudius and Maria
  • Gruyere's Reserves are largely unchanged year-on-year post a detailed review, reflecting robustness in the LoM plan
  • The mining depletion at St Ives was mostly offset by discovery and conversion at the Invincible Pit, Invincible underground (UG), Invincible South and Justice
  • Tarkwa's change was driven predominantly by depletion partly offset by re-engineering to the Teberebie and Akontansi pit designs and sequencing of the pit phases

Note: Refer to the operational section for detailed waterfall chart