Gold Resource increased by 2%
123.1Moz (120.4Moz) driven primarily by discovery in Australia (+0.5Moz), a reconfiguration of the Resource footprint in South Deep’s South of Wrench (SoW) area and a positive shift toward the west in the ore body sub-crop position (+3.3Moz)


Australia region

  • Resources grew by 3% – strong contribution from Granny Smith (+9%) and St Ives (+17%)
  • Reserves grew by 7% – good contributions from Granny Smith (+30%) and Agnew (+5%)

Gold Reserve increased by 2%
53.1Moz (52.1Moz) driven primarily by discovery and resource conversion in Australia (+0.4Moz) and life extension at Cerro Corona in Peru (+0.6Moz)


West Africa region

  • Resources decreased by 2% – Damang grew by 2% and Tarkwa decreased by 5%
  • Reserves decreased by 2% – Damang grew by 3% and Tarkwa decreased by 3%

Company strategy has delivered:

  • Discovery (Granny Smith and Agnew)
  • Reinvestment (Damang)
  • Life extension (Cerro Corona)
  • Rebase (South Deep)
  • Project advancement (Salares Norte)
  • Acquisition and build (Gruyere)


Americas region

  • Resources steady year-on-year – 6.2Moz (6.3Moz)
  • Reserves grew by 49% due to a seven-year life extension at Cerro Corona – 1.9Moz (1.3Moz)

Portfolio optimisation resulted in the sale of Darlot and Arctic Platinum (APP). The Group continues to enhance its portfolio by aiming to:

  • Reduce Group AIC
  • Increase free cash flow per ounce
  • Drive brownfifields exploration
  • Extend Reserve lives

South Africa region

  • Resources grew by 5% – 66.3Moz (63.0Moz)
  • Reserves steady year-on-year – 37.4Moz (37.3Moz)

Note * - all variances are post depletion

Mineral Resource change per region (Moz) Mineral Reserve change per region (Moz)

The charts above depict the Group's comparative 2017 versus 2016 managed gold Mineral Resource and Mineral Reserve ounces split by region and growth projects.

  • Salares Norte and Gruyere JV are included in the Americas and Australia regions respectively
  • With the divestment of Arctic Platinum (APP), the growth project resource now only reflects the FSE project
  • FSE accounts for 16% of the total 2017 Mineral Resource base
  • Australia region includes the sale of Darlot in 2017
  • Mineral Resources comprise 16% Australia, 14% West Africa, 6% Americas and 64% South Deep
  • Mineral Reserves comprise 12% Australia, 14% West Africa, 4% Americas and 70% South Deep

Important notices

  1. All Mineral Resource and Mineral Reserve figures reported are 100% managed by Gold Fields unless otherwise stated
  2. The Gruyere joint venture (GJV) project is reported as 50% of the 'managed joint venture'. Gruyere is reported by Gold Fields as part of the GJV with Gold Road Resources. The SAMREC and JORC compliant Mineral Resources and Mineral Reserves reported match the figures in the February 2018 Gold Road Resources' ASX announcement for Gruyere main pit, Attila and Alaric but this Supplement excludes YAM14, Argos and Montagne Mineral Resources due to the timing of respective JV publications
  3. Mineral Resources are reported inclusive of Mineral Reserves (December 2016 statement numbers are shown in brackets) and Mineral Resources include stability pillars when appropriate
  4. The Mineral Resources and Mineral Reserves are estimated at a point in time and will be affected by changes in the gold price, US dollar currency exchange rates, permitting, legislation, costs and operating parameters
  5. Rounding-off of figures in this report may result in minor computational discrepancies
  6. All references to tonnes (t) are metric units
  7. The 31 December 2017 Mineral Resource and Mineral Reserve figures are net of 2017 production depletion
  8. Locations on maps are indicative only
  9. All metals (gold, silver and copper) are reported individually and not as metal equivalents, except where alternatively specified

Guiding principles

The key elements driving the Mineral Resource and Mineral Reserve strategy are centred on sustaining and growing cash-flow, profitability, return on investment and life extension. Strategic priorities include:

  • Intensify investment and activity in brownfields exploration (on-lease) to drive discovery and ongoing Mineral Reserve replacement and growth
  • Building a quality portfolio of productive mines through active portfolio management leveraging lower-cost, longer-life assets
  • Emphasis on capital allocation to open up the ore bodies timeously with supporting infrastructure to deliver the plan and secure flexibility
  • Focus on quality, cash-accretive ounces while minimising marginal mining and avoiding high grading
  • Application of appropriate I&T to improve operating efficiencies, reduce costs and realise ore body full potential
  • Ensuring a strong social and regulatory licence to operate, with emphasis on LoM water and power security and Shared Value creation with stakeholders
  • Divest mines or growth projects that are not closely aligned with the Company's business objectives

For reporting Mineral Resources and Mineral Reserves, the Gold Fields over arching principle is to ensure transparency, materiality and competency in reporting, compliance with public regulatory codes and internal standards, and to inform all stakeholders of material issues regarding the status of the Group's fundamental asset base.

The information in this report is presented on a Group and regional basis, summarising the changes and current status at each operation and growth project. This report should be read in conjunction with the Integrated Annual Report (IAR), which provides additional information regarding the operations and their financial performance.