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.
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
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
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
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.
In preparing this IAR, we complied with the GRI Standards:
Core option and the International Integrated Reporting
Council's (IIRC) International
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Gold Fields also subscribes to, aligns with or is a member of several sustainability standards, reporting frameworks and indices.
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.
Our primary report to stakeholders, detailing the Group's value creation story over timeOur online IAR portal can be accessed at www.goldfields.com/2021-annualreport-suite.php from end-April 2021 onwards
Our full Corporate Governance Report, Board and Board committee reports, Directors' Report, Remuneration Report and Annual Financial Statements, fulfilling our statutory financial reporting requirements
Detailed technical and operational information relating to our mines and growth projects
The resolutions to be tabled to shareholders at our Annual General Meeting (AGM)
Our Climate Change Report in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
An overview of our contributions to our key stakeholders, as well as recent developments impacting these relationships
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
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 (for the assurance hereof). Our compliance with the ICMM is addressed throughout this report and on our website, and details:
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
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
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.