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Our business model

Gold Fields has firmly positioned itself as a global diversified gold producer with a quality portfolio of mechanised underground and open-pit mines. Our business model explains how we aim to fulfil our strategic objectives, as well as how we create, preserve or erode value for our stakeholders over time.

  • Inputs
  • Business Process
  • Outputs


Constraints to the availability of our inputs
Our employees and contractors provide the manpower, skills and expertise that drive our strategy.
  • 5,641 employees
  • 12,771 contractors
  • Ethical, accountable and transparent leadership
  • Attracting and retaining a steady supply of the right skills in a highly competitive environment
  • Sourcing the right skills from our host communities
  • Increasing the diversity of our leadership teams
Water security and reliable energy supply are critical to our mining and processing activities, while access to land enables us to extract gold and copper resources.
  • 13,128 TJ of energy consumption
  • 21.7 GL water withdrawn
  • The impact of climate change on our mines and surrounding communities
  • Operating in water-stressed regions
  • Security of power supply and cost of energy
The quality and strength of our relationships with stakeholders, including governments, as well as partnerships with host communities, support our licence to operate and the sustainability of our operations.
  • Inclusive Stakeholder Engagement and Relationship Policy
  • Sound and transparent working engagements with governments at national, regional and local levels
  • Open and honest relationships with our host communities
  • The trust gap between mining companies, governments and communities
We require financial capital to expand our footprint, which is provided by banks, shareholders and bond-holders.
  • US$584m capital expenditure
  • US$868m cash generated
  • The impact of market sentiment and geopolitical developments on the gold price and foreign exchange rates
Our manufactured capital refers to our investment in machinery, equipment, technology and ICT infrastructure at our mines and projects. It also includes the goods and services we need to develop and sustain these assets.
  • Nine operating mines (including our Asanko JV) and one project
  • US$409m sustaining capital and US$175m growth capital
  • Strong Mineral Reserves and Resources position
  • Ageing infrastructure at our older mines
  • Balancing the requirement of modernising our mines with cost reductions
Our people and partners' intellectual input informs our strategic objectives, drives innovation and efficiencies, and aids risk management. This is underpinned by a strong ethos of good governance and ethics.
  • Innovation and technology that improve cost, safety and productivity
  • Modernisation strategy
  • Business improvement initiatives
  • Developing the right talent to meet the future needs of an increasingly mechanised, modernising and automated mining industry
  • Reskilling the existing workforce to ensure we can retain their experience and knowledge


Our active portfolio management approach has enabled us to build a geographically diversified portfolio with nine mines and one project in five countries. We focus on the following elements:

Gold Fields manages its business with the overriding strategic objective to continually improve the quality of its portfolio by lowering All-in costs (AIC), thereby increasing free cash-flow (FCF) margin per ounce of gold produced.

  • 1


    Acquiring or developing lower-cost (than Group average), longer-life assets

  • 2


    Extending the life of current assets through near-mine brownfield exploration

  • 3


    In-country opportunities to leverage off our existing footprint, infrastructure and skills set, and capitalise on the experience we have gained from operating in these jurisdictions

  • 4


    Disposing of
    higher-cost, shorter-life assets that management believes can be better served by a company that has more time and resources to commit to them

  • 5


    Environmental stewardship, through which we protect and enhance relationships between our operations and host communities




Human Capital

US$480m paid in salaries and benefits

US$6.8m spent on training and development

One fatal incident

10 deaths among our people (March 2020 – March 2021) due to Covid-19-related illnesses

10 new cases of Silicosis submitted to health authorities

Six serious injuries

20% of our total workforce are women, including women in leadership

Related SDGs

Natural Capital

Zero Level 3 – 5 environmental incidents for the second consecutive year

Recycled 71% of water withdrawn and reduced our freshwater intake by 3%

Achieved an A score in the CDP's Water Disclosure Project, demonstrating leadership in water stewardship and reporting transparency

1.97Mt CO2e

200Mt of total material moved

All mines, implemented at least 93% of their progressive rehabilitation plans

12 community grievances relating to environmental stewardship

Related SDGs

Social and relationship Capital

US$17m invested in programmes and projects that benefit our host communities

Employment for 8,752 members of our host communities (53% of our total workforce)

US$536m spent with host community enterprises (29% of total procurement costs)

86% of our employees are from our countries of operation and 96% of all goods and services are procured in-country

US$381m paid to governments in taxes and royalties

139 community grievances

Released our first Report to Stakeholders, providing increased transparency on the impact of our operations on key stakeholders

Related SDGs

Financial Capital

US$868m in mine cash-flow

US$253m paid in interest and dividends

Net debt decreased to US$1,069m (2019: US$1,664m)

JSE share price up 46%; NYSE share price up 42%

Total dividend of R4.80/ share declared, up 200% from 2019

US$467m in gross mining closure liabilities

US$30m spent on
Covid-19-related programmes to assist our employees, communities and governments

Related SDGs

Manufactured Capital

US$112m spent on Salares Norte project, with construction ahead of plan

Invested US$50m in near-mine exploration (including Salares Norte)

Damang Reinvestment project in Ghana providing strong returns

South Deep and Cerro Corona closed for a number of days as part of nationwide lockdowns in response to Covid-19

Lost 3.5% of production against original market guidance due to impact of the Covid-19 pandemic

Replaced 103% of depleted Mineral Reserves

Lower production and higher costs at the Cerro Corona mine due to Covid-19-related actions

Continued improvement in production and costs at the South Deep mine amid successful implementation of restructuring initiatives

Related SDGs

Intellectual Capital

Completed one of the world’s largest renewable energy microgrids at Agnew and installed a microgrid at Granny Smith

Installed an advanced collision avoidance system in Ghana to reduce worksite accidents and injuries

Continued investment in South Deep, South Africa’s largest bulk, mechanised, underground gold mine

Salares Norte signs contract to instal 26MW microgrid, including 10MW solar

Salares Norte signs contract to use dry-stack tailings, one of the most environmentally responsible tailings solutions

Increased use of real-time data to enable decisions that facilitate safer and more productive mines

Introduction of drones underground for tasks like cavity scanning, remote drill hole surveying and cleaning

Related SDGs