A globally diversified gold miner
Gold Fields has nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV) and one project in Chile. We have total attributable annual gold-equivalent production of 2.34Moz, attributable gold-equivalent Mineral Reserves of 48.6Moz and Mineral Resources of 111.8Moz. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Stock Exchange (NYSE).
ATTRIBUTABLE PRODUCTION
GROUP OVERVIEW
| Safety | |
| Fatal incident | 1 |
| TRIFR | 2.16 |
| Workforce | |
| Employees | 5,957 |
| Contractors | 16,153 |
| Attributable production (koz) | 2,340 |
| AIC (US$/eq-oz) | 1,297 |
| Adjusted free cash-flow (US$m)1 | 463 |
| Attr Gold-eq Mineral Resources (Moz)3 | 111.80 |
| Attr Gold-eq Mineral Reserves (Moz) | 48.60 |
| Carbon emissions (kt CO2e) | 2,256 |
| Gender diversity (% of total) | 22 |
ATTRIBUTABLE PRODUCTION
2021 Performance
AMERICAS 
| Mine: Cerro Corona in Peru – copper, gold (open-pit mine) | |
| Project: Salares Norte in Chile – gold, silver deposit | |
| Safety (TRIFR) (Cerro Corona) | 0.90 |
|---|---|
| Workforce | |
| Employees | 639 |
| Contractors | 6,264 |
| Attributable gold-eq production (koz) | 247 |
| AIC (US$/eq-oz) | 1,040 |
| Adjusted free cash-flow (US$m)2 | 57 |
| Attr Gold Mineral Resources (Moz) | 5.74 |
| Attr Gold Mineral Reserves (Moz) | 4.57 |
| Carbon emissions (kt CO2e) | 133 |
| Gender diversity (% of total) | 27 |
AUSTRALIA 
| Mines: St Ives, Granny Smith, Agnew and Gruyere (50/50 JV) (open pit and underground mines) | |
| Safety (TRIFR) | 6.21 |
|---|---|
| Workforce | |
| Employees | 1,773 |
| Contractors | 1,667 |
| Attributable production (koz) | 1,019 |
| AIC (US$/oz) | 1,146 |
| Adjusted free cash-flow (US$m)2 | 446 |
| Attr Gold Mineral Resources (Moz) | 20.07 |
| Attr Gold Mineral Reserves (Moz) | 7.87 |
| Carbon emissions (kt CO2e) | 776 |
| Gender diversity (% of total) | 22 |
SOUTH AFRICA 
| Mine: South Deep (underground mine) | |
| Safety | |
| Fatal incident | 1 |
|---|---|
| TRIFR | 3.02 |
| Workforce | |
| Employees | 2,317 |
| Contractors | 2,193 |
| Attributable gold-eq production (koz) | 282 |
| AIC (US$/eq-oz) | 1,379 |
| Adjusted free cash-flow (US$m)2 | 97 |
| Attr Gold Mineral Resources (Moz) | 55.36 |
| Attr Gold Mineral Reserves (Moz) | 29.13 |
| Carbon emissions (kt CO2e) | 536 |
| Gender diversity(% of total) | 24 |
WEST AFRICA 
| Mine: Tarkwa, Damang and Asanko (50/50 JV) in Ghana – open pit mines | |
| Safety (TRIFR)4 | 0.41 |
|---|---|
| Workforce4 | |
| Employees | 1,109 |
| Contractors | 6,029 |
| Attributable production(koz)4 | 793 |
| AIC (US$/-oz)4 | 1,112 |
| Adjusted free cash-flow (US$m)2,5 | 292 |
| Attr Gold Mineral Resources (Moz) | 12.92 |
| Attr Gold Mineral Reserves (Moz) | 5.80 |
| Carbon emissions (kt CO2e) | 812 |
| Gender diversity(% of total) | 11 |
| 1 | Cash-flow from operating activities less net capital expenditure, environmental payments, lease payment and redemption of Asanko preference shares |
| 2 | Cash-flow from operating activities less net capital expenditure, environmental payments and lease payment from the eight mining operations |
| 3 | Includes Gold-eq Mineral Resources from Far Southeast |
| 4 | Excludes 45% of Asanko |
| 5 | Includes 45% of Asanko |
Our business model
INPUTS
Constraints to the availability of our inputs
Our employees and contractors provide the manpower, skills and expertise that drive our strategy.
- 5,957employees
- 16,153 contractors
- Ethical, accountable and transparent leadership
- Attracting, developing and retaining top skills in a highly competitive environment
- Sourcing the right skills from our host communities
- Increasing the diversity of our workforce
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.
- 13.9PJ of energy consumption
- 18.5GL water withdrawn
- Mitigating the impact of climate change on our operations and host communities
- Operating in water-stressed regions
- Securing a steady power supply and managing the increased cost of energy
The quality and strength of our stakeholder relationships – including governments – as well as partnerships with host communities, support our licence to operate and the sustainability of our business.
- 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
- Addressing the trust gap between governments, miners and communities
We require financial capital to expand our footprint, which is provided by banks, shareholders and bond-holders.
- US$1,089m capital expenditure (excluding Asanko)
- US$463m adjusted free cash-flow generated
- Managing 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$576m sustaining capital and US$513m growth capital
- Strong Mineral Reserves and Resources position
- Maintaining and monitoring ageing infrastructure at our older mines
- Balancing the requirement of modernising our mines with reducing costs
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
BUSINESS PROCESSES
Our vision and new purpose statement manifests through our three strategic pillars, enabling us to deliver sustainable value for our stakeholders.
We have built a geographically diversified portfolio with nine mines and one project in five countries by focusing on:
EXPLORATION
DEVELOPMENT
MINING
PROCESSING
MINE CLOSURE
We manage our portfolio actively and aim to continually improve its quality by decreasing All-in Costs (AIC) and, ultimately, increasing free cash-flow (FCF) margin per ounce of gold produced.
Across these activities, we:
- Acquire or develop lower-cost (than Group average), longer-life assets
- Extend our current assets' lives-of-mine through near-mine brownfields exploration
- Capture in-country opportunities to leverage our existing footprint
- Dispose 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
2.34Moz of attributable gold-eq production
25.9kt of attributable copper production
155Mt mining waste produced
58Mt of tailings waste
9.4Gl of freshwater used
2.26Mt CO2-e emissions
OUTCOMES FOR THE BUSINESS AND STAKEHOLDERS DURING 2021
+ Positive outcomes - Negative outcomes
HUMAN CAPITAL
US$463m paid in salaries and benefits
US$8.3m spent on training and development
One fatal incident
17 deaths among our people due to Covid-19-related illnesses
12 new cases of Silicosis submitted to health authorities
Nine serious injuries
22% of our total workforce are women, including women in leadership (2020: 20%)
NATURAL CAPITAL
Zero Level 3 - 5 environmental incidents for the third consecutive year
Recycled 75% of water withdrawn and reduced our freshwater intake by 35% against a 2018 baseline
Achieved an A- score in the CDP's Water Disclosure Project
2.26Mt CO2e emissions (2020: 2.12Mt CO2e)
213Mt of total material moved
All mines implemented at least 93% of their progressive rehabilitation plans
Six community grievances relating to environmental stewardship
SOCIAL AND RELATIONSHIP CAPITAL
US$16m invested in programmes and projects that benefit our host communities
54% of workforce employed from our host communities
31% (or US$709m) of total procurement costs spent with host community enterprises
86% of our employees are from our countries of operation and 96% of all goods and services are procured in-country
US$558m paid to governments in taxes and royalties
65 community grievances (59 resolved during 2021)
FINANCIAL CAPITAL
US$913m in adjusted free cash-flow from operations
US$457m paid in interest and dividends
Net debt decreased to US$969m
JSE share price up 27%; NYSE share price up 19%
Total dividend of R4.70/share declared
US$510m in gross mining closure liabilities
US$29m spent on Covid-19-related programmes to assist our employees, communities and governments
MANUFACTURED CAPITAL
US$375m spent on Salares Norte project capital
Invested US$61m in near-mine exploration (including Salares Norte)
Damang Reinvestment project set to reach peak production in 2022 before output falls
Lost 29.6koz of production due to impact of the Covid-19 pandemic
Mineral Reserves down 7% post-depletion
20% rise in AIC, largely due to Salares Norte capex and stronger exchange rates
Continued improvement in production and costs at the South Deep mine amid successful implementation of restructuring initiatives
INTELLECTUAL CAPITAL
Continued investment in South Deep, South Africa's largest bulk, mechanised, underground gold mine
South Deep constructing a 50MW solar plant
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
