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Integrated Annual Report 2019
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About this report

Our Report's Stakeholder Focus

The aim of our integrated reporting is to enable our stakeholders, including investors, to make a more informed assessment of the value of Gold Fields as well as its long-term prospects. By structuring the Gold Fields' 2019 IAR around what we believe are the material matters facing the Group (our material matters), we seek to articulate how we unlock value for stakeholders and how we strive to mitigate the adverse impacts of mining.

Gold Fields' IAR was compiled to comply with the GRI Standards: Core option and the International Integrated Reporting Council's (IIRC's) Reporting Framework (IIRC <IR> Framework). We embrace integrated thinking, and therefore take an integrated approach to value creation. We also reference a broad range of additional codes, frameworks and standards, including the King IV Report on Corporate Governance for South Africa 2016 (King IV). The full list can be found on Corporate governance report in our Annual Financial Report (AFR). On occasion we use non-International Financial Reporting Standards (IFRS) measures in the IAR. These have been defined in the management's discussion and analysis of the financial statement section of the AFR.

Given our commitment to sustainable development, we believe Gold Fields also makes an important and lasting contribution towards the United Nations' Sustainable Development Goals (SDGs). To this end, we seek to collaborate with partners to enable lasting social and economic progress that supports an end to poverty, protects the planet and ensures growth in prosperity. Details of our commitment to the relevant SDGs can be found on our website www.goldfields.com>sustainability.

ICMM and GRI compliance

The IAR forms part of our adherence to the Global Reporting Initiative (GRI) Standards and the reporting requirements of the International Council on Mining & Metals (ICMM) Sustainable Development Framework. Our self-assessment of adherence with the ICMM Principles and Position Statements is presented online. We also align with the 10 Principles of the United Nations Global Compact.

Gold Fields complies with the ICMM Sustainable Development Framework, Principles, Position Statements and Reporting Requirements (see Independent assurance statement to the board of directors and stakeholders of gold fields limited – sustainability information for the assurance hereof). Compliance with the ICMM is addressed throughout this report and on our website. This detail covers:

  • The alignment of sustainable development policies against the ICMM 10 principles and mandatory position statements
  • The process for identifying specific sustainable development risks and opportunities
  • The existence and implementation of systems and approaches for managing sustainable development risks and opportunities
  • Gold Fields' performance across a selection of identified material sustainable development risks and opportunities

We consider that this IAR, together with additional documents available on our website, complies with the requirements of the GRI Standards.

Disclosures in accordance with the GRI Standards can be accessed at www.goldfields.com>sustainability

ASSURANCE

ERM Southern Africa (ERM) provided independent reasonable assurance over selected sustainability information in this report, which is prepared in accordance with the GRI Standards: Core option. As a member of the ICMM, we are committed to obtaining assurance in line with the ICMM Sustainable Development Framework: Assurance Procedure. ERM has provided assurance over our statement on compliance with the ICMM Sustainable Development Framework, Principles and Reporting Requirements. The key sustainability performance data assured by ERM in 2019 can be found on Independent assurance statement to the board of directors and stakeholders of Gold Fields Limited – sustainability information.

During the Assurance process, ERM provided observations on Gold Fields' processes (see Independent assurance statement to the board of directors and stakeholders of gold fields limited – sustainability information and Independent assurance statement to the board of directors and stakeholders of gold fields limited – south african mining charter). Gold Fields has either implemented or is in the process of addressing these observations.

THE 2019 IAR SUITE

Our 2019 IAR suite comprises the following reports:

Integrated Annual Report

Our primary report and details of the Group’s value creation story over the short, medium and long term

Our online IAR portal, which can be accessed at www.goldfields.com/integrated-annual-reports.php

 

Climate Change Report

Our Climate Change Report in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)

Annual Financial Report

AFR, including the Governance Report: Our full Corporate Governance Report, Board and Board committee reports, Directors’ Report, Remuneration Report and our Annual Financial Statements, fulfilling our statutory financial reporting requirements

 

GRI Content Index

The IAR is compiled to comply with the GRI Standards:
Core option

Mineral Resources and Mineral Reserves Supplement

Detailed technical and operational information on our mines and growth projects

 

Notice of Annual General Meeting (AGM)

The resolutions to be tabled to shareholders at our Annual General Meeting

The Notice of AGM will be posted to shareholders during May 2020.

         

 

OUR REPORT SCOPE AND BOUNDARY

This IAR provides an overview of our nine operations (including our Asanko JV) in Peru, Australia, South Africa and West Africa and one project in Chile for the financial year 1 January 2019 to 31 December 2019. Any material events after 31 December 2019 and up to Board approval date of 30 March 2020 have also been included. Details on the exact locations of our operations and project can be found on where gold fields operates.

The term "attributable" relating to production and Mineral Reserves and Resources refers to 100% of our mines and projects as well as Damang (90%), Tarkwa (90%), Gruyere (50%), Asanko (45%) and Far Southeast (40%). The exception is attributable Mineral Reserves and Resources at South Deep (91%). The term "managed" relating to production and Mineral Reserves and Resources refers to 100% of our mines and projects, as well as Gruyere (50%), Asanko (50%) and Far Southeast (40%). The net debt:EBITDA ratios mentioned in the IAR refer to adjusted EBITDA, while all Group and mine All-in sustaining costs (AISC) have been presented in terms of the original interpretation.

Non-financial data for 2019 only covers our eight operating mines, including Gruyere from 1 May onwards, but excludes our non-managed Asanko JV and the Salares Norte project. Where relevant, data from Darlot (which was sold in 2017) is included for the period January to October 2017.

Average exchange rates for 2019 of R14.46/US$1 and US$0.70/A$1 (2018: R13.20/US$1 and US$0.75/A$1; 2017: R13.33/US$1 and US$0.77/A$1) have been used in this report. For 2020, we used forecast exchange rates of R14.50/US$1 and US$0.69/A$1.

Board approval

The Gold Fields Board of Directors acknowledges its responsibility to ensure the integrity of this IAR and has applied its collective mind throughout the preparation of this report. The Board considers that this IAR complies in all material respects with the relevant statutory requirements of the various regulations governing disclosure and reporting by Gold Fields and that the Annual Financial Statements comply in all material respects with the South African Companies Act No 71 of 2008, as amended, as well as with IFRS.

As such, the Board unanimously approved the content of the 2019 IAR, including the 2019 AFR, and authorised its release on 30 March 2020.

Cheryl Carolus

NAVIGATING OUR IAR

Our stakeholders

  Identifies information that has been assured
  Further information available online
  Further reading within this report
 
  linkedin.com/company/gold-fields
  business.facebook.com/GoldFieldsLTD
  @GoldFields_LTD
  instagram.com/goldfields_ltd/

Send us your feedback

We value your feedback. To ensure that we report on issues that matter to our stakeholders, please provide any feedback and questions to investors@goldfields.com or sustainability@goldfields.com, or visit www.goldfields.com to download the feedback form.

Forward-looking statements

This IAR contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933 (the Securities Act) and section 21E of the U.S. Securities Exchange Act of 1934 (the Exchange Act) with respect to Gold Fields' financial condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. Such forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "anticipates", "aims", "continues", "expects", "hopes", "may", "will", "would" or "could" or, in each case, their negative or other various or comparable terminology.

These forward-looking statements, including, among others, those relating to the future business prospects, revenues and income of Gold Fields, wherever they may occur in this IAR, are necessarily estimates reflecting the best judgement of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this IAR. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

  Refer to the full forward-looking statements on www.goldfields.com.

Delivering value for a sustainable future

Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV), as well as one project in Chile. We have total attributable annual gold-equivalent production of 2.2Moz, attributable gold-equivalent Mineral Reserves of 51.3Moz and Mineral Resources of 115.7Moz. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Stock Exchange (NYSE).

The cover photo of our 2019 Integrated Annual Report (IAR) shows the first three gold doré bars poured at our Gruyere mine on 30 June 2019. The pouring of the gold bars signalled the commencement of production at Gruyere, a 50/50 joint venture with ASX-listed Gold Road Resources. By end-December 2019, the mine was running at full capacity.



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