About this report
OUR REPORT'S STAKEHOLDER and strategy FOCUS
The aim of our integrated reporting suite is to enable our stakeholders, including capital providers, to make an informed assessment of Gold Fields' long-term sustainability and ability to create enduring value. We embrace integrated thinking, and by structuring our 2020 IAR around our strategic pillars we concisely and transparently articulate how our material matters, risks and opportunities, operating environment, performance and prospects unlock value for stakeholders.
In compiling this IAR, we complied with the Global Reporting Initiative (GRI) Standards: Core option and the International Integrated Reporting Council's (IIRC's) International
REPORTING SCOPE AND BOUNDARY
This IAR presents Gold Fields' strategic pillars, business model, Group and regional risks and opportunities, stakeholder expectations and operational performance for the financial year 1 January 2020 to 31 December 2020. It includes material information relating to our nine operations in Peru, Australia, South Africa, West Africa (including our Asanko JV), and one project in Chile. Any material events after year-end and up to the Board approval date of 31 March 2021 have also been included. Our geographical footprint is detailed on where Gold Fields operates.
The term "attributable" as it relates to production and Mineral Reserves and Mineral Resources refers to 100% of our mines and projects, as well as Damang (90%), Tarkwa (90%), Gruyere (50%), Asanko (45%) and Far Southeast (FSE) (40%). The exception is attributable Mineral Reserves and Mineral Resources at South Deep (91%). The term "managed" relating to production and Mineral Reserves and Mineral Resources refers to 100% of our mines and projects, as well as Gruyere (50%), Asanko (50%) and FSE (40%). The net debt:EBITDA ratios mentioned in this report refer to adjusted EBITDA, while we present Group and mine All-in costs (AIC) and All-in sustaining costs (AISC) in terms of the original World Gold Council interpretation.
Non-financial data included in this IAR relates to our eight operating mines and excludes our non-managed Asanko JV and the Salares Norte project in Chile, unless stated. Where relevant, we include data from Darlot (sold in 2017) up to October 2017. Socio-economic development (SED) spend, includes the South Deep trusts and project spend.
We used average exchange rates for 2020 of R16.38/US$1 and US$0.69/A$1 in this report (2019: R14.46/US$1 and US$0.70/A$1; 2018: R13.20/US$1 and US$0.75/A$1). For 2021, we used forecast exchange rates of R17.50/US$1 and US$0.75/A$1.
IAR reporting boundary
Navigating our report
ICMM, GRI AND UN SDG COMPLIANCE
The IAR forms part of our compliance with the GRI Standards, as well as the reporting requirements of the International Council on Mining & Metals (ICMM) Sustainable Development Framework, Principles and Position Statements for the assurance hereof. Our compliance with the ICMM is addressed throughout this report and on our website, and details:
- How our sustainable development policies align with the ICMM's 10 Principles and mandatory Position Statements
- How we identify specific sustainable development risks and opportunities
- The systems and approaches we implemented to manage the sustainable development risks and opportunities identified
- Our performance across the identified material sustainable development risks and opportunities
We present our self-assessment of adherence with the ICMM Principles and Position Statements online. We also align with the 10 Principles of the United Nations Global Compact (UNGC). We consider that this IAR, together with additional documents available on our website, complies with the requirements of the GRI Standards.
We aim to be the global leader in sustainable gold mining. In pursuit of this vision, Gold Fields positively contributes to the UN Sustainable Development Goals (SDGs). As part of our commitment to sustainable development, we actively seek out opportunities to collaborate with partners on a global level. In this way, we can support lasting social and economic progress to play our part in bringing an end to poverty, protecting the environment and ensuring growth in prosperity, where we operate
We identified the following 11 SDGs that we believe we can impact the most, thereby enabling meaningful change in co-operation with our peers in the mining and metals sector:
The 2020 reporting suite
Integrated Annual Report
Our primary report, which details the Group's value creation story over the short, medium and long term
Annual Financial 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
Mineral Resources and Mineral Reserves Supplement
Detailed technical and operational information on our mines and growth projects
Climate Change Report
Our Climate Change Report is in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
Report to Stakeholders
A high-level outline of our contributions to our key stakeholders, as well as recent developments impacting these relationships
Creating value through our strategic pillars
Our seven strategic pillars are designed to enable the delivery of our vision. Each pillar has key performance indicators (KPIs) in terms of our Group Balanced Scorecard (BSC), as well as associated risks and opportunities.
Our goal is to eliminate all fatalities and serious injuries at our operations as well as alleviate any adverse health impacts we have on host communities.
We aim to build a strong, diverse and inclusive pipeline of talent to meet the mining industry's future needs.
We position our portfolio for sustainable cash generation by lowering AIC and extending mine life while preserving a sound balance sheet.
We aim to sustainably improve our total shareholder returns, increase margins and pursue strong cash-flow generation to share the benefits of mining with our key stakeholders.
We seek to continuously strengthen our balance sheet and fund sustainable, long-term growth.
We cultivate mutually beneficial relationships with our stakeholders to protect our reputation and social licence to operate and create enduring value where we operate.
We are committed to responsible environmental stewardship and aim to improve the areas surrounding our operations and limit our impact on our host communities.
Gold Fields' Board of Directors acknowledges its responsibility to ensure the integrity of this IAR. It is of the opinion that the 2020 IAR complies in all material respects with the relevant statutory and regulatory requirements - particularly the International
ERM Southern Africa (ERM) provided independent reasonable assurance over key 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 assured our statement on compliance with the ICMM Sustainable Development Framework, Principles and Reporting Requirements. The key sustainability performance data assured by ERM in 2020 is detailed on assurance.