Creating enduring value beyond mining
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GOLD FIELDS LIMITED INTEGRATED ANNUAL REPORT 2021

About this report

Through our integrated reporting suite, we intend to enable stakeholders – including our capital providers – to make informed decisions relating to the Group's long-term prospects and ability to create and sustain value. This Integrated Annual Report (IAR), specifically, details how we created, preserved or eroded value during 2021. We fully embrace integrated thinking and aim to concisely and holistically unpack how our strategic pillars, material matters, risks and opportunities, operating environment and performance unlock value for stakeholders.

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 Gold Fields' future business prospects, revenues and income, and including any climate change-related statements, targets and metrics, wherever they may occur in this IAR, are necessary estimates reflecting the best judgement of Gold Fields' senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Consequently, these forward-looking statements should be considered in light of various important factors, including those outlined in this IAR. Gold Fields undertakes no obligation to publicly update 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 Gold Fields' comprehensive forward-looking statements on www.goldfields.com

ASSURANCE

ERM Southern Africa (ERM) provided independent reasonable assurance over key sustainability information in this report, which is prepared in accordance with the Global Reporting Initiative (GRI) Standard: Core option. As a member of the International Council on Mining & Metals (ICMM), we are committed to obtaining assurance in line with the ICMM sustainability report assurance requirements. ERM assured all five ICMM subject matters in line with the ICMM Assurance and Validation Procedure. The key sustainability performance data assured by ERM in 2021 is detailed in the Independent assurance statement to the Board of Directors of Gold Fields Limited

REPORTING SCOPE AND BOUNDARY

Our 2021 IAR provides a detailed view of Gold Fields for the financial year ended 31 December 2021. 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. We also include any material events after year-end and up to the Board approval date of 22 March 2022. We detail our geographical footprint in Our business.

The term "attributable" as it relates to production refers to 100% of our mines and projects except for Cerro Corona (99.5%), Damang (90%), Tarkwa (90%), Gruyere (50%), South Deep (96.43%) and Asanko (45% equity share). The term "attributable" as it relates to Mineral Reserves and Mineral Resources refers to 100% of our mines and projects, as well as Cerro Corona (99.5%), 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 (90.5%). 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 joint venture (JV) and the Salares Norte project in Chile, unless stated otherwise. Socio-economic development (SED) spend includes the South Deep trusts and project spend.

For 2021, we used average exchange rates of R14.79/ US$1 and US$0.75/A$1 (2020: R16.38/US$1 and US$0.69/ A$1; 2019: R14.46/US$1 and US$0.70/A$1). We used forecast exchange rates of R15.55/US$1 and US$0.76/A$1 for 2022.

REPORTING LANDSCAPE

In preparing this IAR, we complied with the GRI Standards: Core option and the International Integrated Reporting Council's (IIRC) International Framework. As detailed in the Reporting suit. of our AFR, we also aligned this report with a range of additional codes, frameworks and standards, including the King IV Report on Corporate Governance for South Africa 2016 (King IVTM1). On occasion, we use non-International Financial Reporting Standards (IFRS) measures in the IAR, as defined in the Environmental stewardship section of the AFR.

1 Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved

Gold Fields also subscribes to, aligns with or is a member of several sustainability standards, reporting frameworks and indices.

IAR reporting boundary

Our 2021 IAR reflects on Gold Fields' financial and non-financial performance against our three strategic pillars, and how this created, preserved or eroded value for our key stakeholders – governments, employees, business partners, capital providers and host communities. Our financial reporting boundary includes the financial performance of our subsidiaries, JVs and investments.

 

FINANCIAL REPORTING BOUNDARY

 

 

JOINT VENTURES

INVESTMENTS

SUBSIDIARIES

 

Our Key Stakeholders

 

GOVERNMENT

EMPLOYEES

BUSINESS PARTNERS

CAPITAL PROVIDERS

HOST COMMUNITIES

 

Indices, Reporting and Standards

INDICES

A-rating

(2021)

3rd miner

(2021)

3rd gold miner

(2021)

E1 S1 G1

(2021)

6th gold miner

(2021)

REPORTING FRAMEWORKS
STANDARDS

 

REPORTING SUITE

INTEGRATED ANNUAL REPORT

Our primary report to stakeholders, detailing the Group's value creation story over time

Our online IAR portal can be accessed at www.goldfields.com/2021-annualreport-suite.php from end-April 2021 onwards

ANNUAL FINANCIAL REPORT

Our full Corporate Governance Report, Board and Board committee reports, Directors' Report, Remuneration Report and Annual Financial Statements, fulfilling our statutory financial reporting requirements

MINERAL RESOURCES AND MINERAL RESERVES

Detailed technical and operational information relating to our mines and growth projects

NOTICE OF ANNUAL GENERAL MEETING

The resolutions to be tabled to shareholders at our Annual General Meeting (AGM)

CLIMATE CHANGE REPORT

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

REPORT TO STAKEHOLDERS

An overview of our contributions to our key stakeholders, as well as recent developments impacting these relationships

GRI CONTENT INDEX

The IAR is compiled to comply with the GRI Standards: Core option. The GRI Content Index cross-references to the ICMM Principles, UNGC Principles, UN SDGs and the Sustainability Accounting Standards Board (SASB), since amalgamated under the Value Reporting Foundation

ICMM, GRI AND UN SDG ALIGNMENT

The IAR forms part of our compliance with the GRI Standards and the reporting requirements of the ICMM Sustainable Development Framework, Principles and Position Statements ( Independent assurance statement to the Board of Directors of Gold Fields Limited 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.

Disclosures in accordance with the GRI Standards can be accessed at www.goldfields.com/sustainability-overview.php

As a responsible gold miner, we believe we can contribute to lasting socio-economic development in our host communities and governments. Our vision is to be the preferred gold mining company delivering sustainable, superior value and, in pursuit of this, we positively contribute directly and indirectly to 11 SDGs to enable meaningful change in our sector.

Details of our commitment to the relevant SDGs can be found on our website www.goldfields.com/sustainability

BOARD APPROVAL

Gold Fields' Board of Directors acknowledges its responsibility to ensure the integrity of this IAR. It believes that the 2021 IAR addresses all matters that could substantively impact the Group's ability to create value over the short, medium and long term, including Gold Fields' strategic objectives. The Board is also of the opinion that this report materially complies with the relevant statutory and regulatory requirements – particularly the International Framework, IFRS and the South African Companies Act No 71 of 2008 (as amended).

The preparation of this report was driven by senior management. As part of our comprehensive internal and external review process, the IAR was submitted to the Group's Audit Committee for review, who recommended it to the Board for approval. The Board unanimously approved the 2021 IAR and 2021 AFR – including our Annual Financial Statements – on 31 March 2022.

Cheryl Carolus