Gold Fields

Annual
Financial Report

2018

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Annual Financial Report including Governance Report 2018

Operating and financial information by mine

SOUTH AFRICA REGION

    South Deep      
            Gold produced       Net earnings      
    Tonnes 
Milled 
    Yield*
g/tonne 
    Kilograms      ’000 
ounces 
    All-in    
costs**
US$/oz    
   SA Rand 
million 
    US$ 
million 
   
Year to 30 June                                                          
2007#   1,104,000       4.6       5,076       163       595       (46.8)     (6.5)    
2008   1,367,000       5.3       7,220       232       727       (143.1)     (19.7)    
2009   1,241,000       4.4       5,434       175       717       (10.9)     (1.2)    
2010   1,681,000       4.9       8,236       265       811       (81.0)     (10.7)    
Six months to December 2010   1,101,000       4.1       4,547       146       939       (96.5)     (13.5)    
Year to 31 December                                                          
2011   2,440,000       3.5       8,491       273       1,073       146.4       20.3      
2012   2,106,000       4.0       8,411       270       1,105       122.1       14.9      
2013   2,347,000       4.0       9,397       302       1,045       (206.9)     (21.6)    
2014   1,323,000       4.7       6,236       200       1,732       (897.7)     (83.0)    
2015   1,496,000       4.1       6,160       198       1,559       (700.5)     (55.2)    
2016   2,248,000       4.0       9,032       290       1,234       191.1       13.0      
2017   2,081,000       4.2       8,748       281       1,400       (337.6)     (25.3)    
2018   1,320,000       3.7       4,885       157       2,012       (3,009.2)     (224.7)    
Total   21,855,000       4.2       91,873       2,954                              

# For the seven months ended 30 June 2007, since acquisition control.
* Combined surface and underground yield.
** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

WEST AFRICA REGION

   Ghana division
Tarkwa mine – total managed
 
  
   Gold produced     Net 
earnings 
(before 
minorities) 
  
   Tonnes 
treated 
   Yield 
g/tonne 
   Kilograms     ’000 
ounces 
   All-in     
costs** 
US$/oz    
   US$ 
million 
  
Year to 30 June                                     
1994 – 2005  91,612,600     1.2     108,546     3,490     n/a      210.9    
2006  21,487,000     1.0     22,060     709     292      97.8    
2007  22,639,000     1.0     21,684     697     333      116.9    
2008  22,035,000     0.9     20,095     646     430      147.8    
2009  21,273,000     0.9     19,048     612     521      100.0    
2010  22,716,000     1.0     22,415     721     536      187.9    
Six months to December 2010  11,496,000     1.0     11,261     362     562      135.6    
Year to 31 December                                     
2011  23,138,000     1.0     22,312     717     556      401.4    
2012  22,910,000     1.0     22,358     719     673      263.7    
2013  19,275,000     1.0     19,664     632     816      (16.2)   
2014  13,553,000     1.3     17,363     558     1,068      83.7    
2015  13,520,000     1.3     18,229     586     970      87.5    
2016  13,608,000     1.3     17,669     568     959      116.9    
2017  13,527,000     1.3     17,617     566     940      85.4    
2018  13,791,000     1.2     16,330     525     951      40.1    
Total  346,580,600     1.1     376,651     12,110                

Surface operation from F1999.
** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.

   Damang mine – total managed    
   Gold produced     Net 
earnings 
(before 
minorities) 
  
   Tonnes 
treated 
   Yield 
g/tonne 
   Kilograms     ’000 
ounces 
   All-in    
costs**
US$/oz    
   US$ 
million 
  
Year to 30 June                                     
2002# – 2005  17,279,000     1.8     30,994     996     n/a      76.1    
2006  5,328,000     1.4     7,312     235     341      27.2    
2007  5,269,000     1.1     5,843     188     473      16.0    
2008  4,516,000     1.3     6,041     194     551      25.9    
2009  4,991,000     1.2     6,233     200     660      9.0    
2010  5,028,000     1.3     6,451     207     660      45.9    
Six months to December 2010  2,491,000     1.5     3,637     117     636      39.4    
Year to 31 December                                     
2011  4,942,000     1.4     6,772     218     701      100.5    
2012  4,416,000     1.2     5,174     166     918      36.3    
2013  3,837,000     1.2     4,760     153     1,060      (118.3)   
2014  4,044,000     1.4     5,527     178     1,175      3.4    
2015  4,295,000     1.2     5,220     168     1,326      (89.3)   
2016  4,268,000     1.1     4,594     148     1,254      (4.5)   
2017  4,590,000     1.0     4,467     144     1,827      20.4    
2018  4,205,000     1.3     5,630     181     1,506      (8.3)   
Total  79,499,000     1.4     108,655     3,493                

# F2002 – For the five months ended 30 June, since acquisition.
** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Before 2014, cash cost was used.

   Asanko mine#    
   Gold produced     Net
earnings
(before
minorities)
  
   Tonnes 
treated 
   Yield 
g/tonne 
   Kilograms     ’000 
ounces 
   All-in    
costs**
US$/oz    
   US$ 
million 
  
Year to 30 June                                     
2018*  944     1,5     1,400     45     1,175      (1.1)   
Total  9,44     2     1,400     45                
# Equity accounted joint venture. For the purpose of the review of the Group results by the Chief Operating Decision Maker (“CODM”), in terms of IFRS 8
Operating Segments, Asanko is proportionately consolidated. As a result, the operating and financial information by mine includes analysis of Asanko’s results.
* Asanko has been equity accounted since 31 July 2018.
** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Before 2014, cash cost was used.

AUSTRALIA REGION

  Australia division St Ives mine  
  Gold produced      
  Tonnes
treated
  Yield
g/tonne
  Kilograms   ’000
ounces
  All-in    
costs**
US$/oz    
  US$
million
 
Year to 30 June                        
2002# – 2005 21,960,000   2.7   59,838   1,924   254     379  
2006 6,690,000   2.3   15,440   496   339     453  
2007 6,759,000   2.2   15,146   487   424     540  
2008 7,233,000   1.8   12,992   418   582     649  
2009 7,262,000   1.8   13,322   428   596     805  
2010 6,819,000   1.9   13,097   421   710     806  
Six months to December 2010 3,284,000   2.3   7,557   243   710     757  
Year to 31 December                        
2011 6,745,000   2.1   14,449   465   901     873  
2012 7,038,000   2.0   13,992   450   931     899  
2013 4,763,000   2.6   12,525   403   833     861  
2014 4,553,000   2.5   11,246   362   1,164     1,289  
2015 3,867,000   3.0   11,566   372   969     1,287  
2016 4,046,000   2.8   11,290   363   949     1,273  
2017 4,198,000   2.7   11,319   364   916     1,198  
2018 4,251,000   2.7   11,415   367   902     1,207  
Total 99,468,000   2.4   235,194   7,562          
# F2002 – For the seven months ended 30 June, since acquisition.
** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.
  Agnew mine  
  Gold produced  
  Tonnes
treated
Yield
g/tonne
  Kilograms ’000
ounces
  All-in    
costs**
US$/oz    
Cash    
Cost**
A$/oz    
 
Year to 30 June                  
2002# – 2005 4,299,000 4.6   19,911 640   236   357  
2006 1,323,000 5.2   6,916 222   266   355  
2007 1,323,000 5.0   6,605 212   295   377  
2008 1,315,000 4.8   6,336 204   445   496  
2009 1,066,000 5.6   5,974 192   401   541  
2010 883,000 5.8   5,140 165   539   611  
Six months to December 2010 417,000 5.9   2,477 80   621   662  
Year to 31 December                  
2011 935,000 6.5   6,035 194   696   675  
2012 943,000 5.8   5,494 177   827   799  
2013 974,000 6.9   6,705 216   625   646  
2014 1,246,000 6.8   8,419 271   990   1,096  
2015 1,218,000 6.0   7,360 237   959   1,276  
2016 1,176,000 6.1   7,134 229   971   1,301  
2017 1,235,000 6.1   7,502 241   977   1,276  
2018 1,178,000 6.3   7,434 239   1,026   1,374  
Total 19,531,000 5.6   109,442 3,519        
# For the seven months ended 30 June, since acquisition.
** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.
  Darlot mine  
  Gold produced  
  Tonnes
treated
Yield
g/tonne
  Kilograms ’000
ounces
  All-in   
costs**
US$/oz   
Cash    
Cost**
A$/oz    
 
Year to 31 December                  
2013 From October 158,000 3.9   613 20   1,025   1,059  
2014 525,000 5.0   2,601 84   1,222   1,353  
2015 457,000 5.3   2,440 78   1,057   1,403  
2016 454,000 4.6   2,066 66   1,238   1,662  
2017# 338,000 3.6   1,219 39   1,432   1,874  
Total 1,932,000 4.6   8,940 287        
# Sale completed on 2 October 2017.
** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.
  Granny Smith mine  
  Gold produced  
  Tonnes
treated
Yield
g/tonne
  Kilograms ’000
ounces
  All-in   
costs**
US$/oz   
Cash    
Cost**
A$/oz    
 
Year to 31 December                  
2013 from October 330,000 5.9   1,935 62   786   812  
2014 1,472,000 6.7   9,804 315   809   896  
2015 1,451,000 6.5   9,365 301   764   1,017  
2016 1,446,000 6.1   8,827 284   834   1,119  
2017 1,726,000 5.2   9,030 290   896   1,171  
2018 1,778,000 4.9   8,709 280   925   1,239  
Total 8,203,000 5.8   47,670 1,533        
** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.
   St Ives/Agnew/Lawlers/
Darlot/Granny Smith
 
  
   Net earnings    
   US$ million  A$ million    
Year to 30 June           
2002# – 2005  181.2  296.2    
2006  39.3  52.6    
2007  41.5  52.8    
2008  36.8  41.2    
2009  69.8  94.3    
2010  81.0  89.9    
Six months to December 2010  60.9  64.9    
Year to 31 December          
2011  189.6  183.8    
2012  88.9  85.8    
2013  (138.9) (143.6)   
2014  94.5  104.7    
2015  175.5  233.3    
2016  219.5  294.4    
2017*  219.2  266.8    
2018  190.2  254.5    
Total  1,549,0  1,971,6    
F2002 – For the seven months ended 30 June 2002, since acquisition.
* Sale of Darlot completed on 2 October 2017.

AUSTRALIA REGION

  Peru division
Cerro Corona – total managed
 
  Gold produced  
  Tonnes
treated
Yield
g/tonne
  Kilograms ’000
ounces
  All-in   
costs**
US$/oz   
Net 
earnings 
(before 
minorities)
US$ million 
 
Year to 31 December                  
2009# 4,547,000 1.5   6,822 219   369   25.4  
2010 6,141,000 2.0   12,243 394   348   90.8  
Six months to December 2010 3,102,000 2.0   6,206 200   395   93.3  
Year to 31 December                  
2011 6,593,000 1.8   11,915 383   437   208.5  
2012 6,513,000 1.6   10,641 342   492   217.6  
2013 6,571,000 1.5   9,851 317   491   80.5  
2014 6,797,000 1.5   10,156 327   702   66.5  
2015 6,710,000 1.4   9,196 296   777   (93.4)  
2016 6,977,000 1.2   8,405 270   762   (73.1)  
2017 6,796,000 1.4   9,540 307   673   97.4  
2018 6,644,000 1.5   9,767 314   699   42.6  
Total 67,391,000 1.6   104,742 3,367        
# Transition from project to operation from September 2008.
* Cerro Corona is a gold and copper mine. As such, gold produced and all-in costs are based on gold equivalent ounces.
** All-in costs: as from 2014 per the new World Gold Council Standard issued on 27 June 2013. Up to 2014, cash cost was the key metric.