Where we operate
Gold Fields has nine operating mines in Australia, South Africa, Ghana (including the Asanko joint venture (JV)) and Peru and one project in Chile. We have total attributable annual gold-equivalent production of 2.40Moz, Proved and Probable gold Mineral Reserves of 46.1Moz, Measured and Indicated Mineral Resources of 31.1Moz (excluding Mineral Reserves) and Inferred Mineral Resources of 11.2Moz (excluding Mineral Reserves). Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary shares trade on the New York Stock Exchange (NYSE).
(Hover over the flags on the map)
Ghana region
3 mines
| Asanko JV |
| Damang |
| Tarkwa |
South Africa region
1 mine
| South Deep |
Australia region
4 mines
| Agnew |
| Granny Smith |
| Gruyere JV |
| St Ives |
Chile region
1 project
| Salares Norte |
Peru region
1 mine
| Cerro Corona |
The Group at a glance
| 2022 | 2021 | |
| Safety | ||
| Fatal incidents | 1 | 1 |
| Serious injuries | 5 | 9 |
| Total recordable injury frequency rate (TRIFR) | 2.04 | 2.16 |
| Workforce | ||
| Employees | 6,364 | 5,957 |
| Contractors | 16,720 | 16,153 |
| Attributable production (koz) | 2,399 | 2,340 |
| All-in costs (AIC) (US$/eq-oz) | 1,320 | 1,297 |
| Adjusted free cash-flow (US$m)1 | 431 | 463 |
| Gold Mineral Resources (Moz)2 | 42.30 | 44.10 |
| Gold Mineral Reserves (Moz)3 | 46.10 | 47.40 |
| Carbon emissions (kt CO2e) | 2,279 | 2,256 |
| Gender diversity (% of total) | 23 | 22 |
2022 Performance
AUSTRALIA 
| Mines: St Ives, Granny Smith, Agnew and Gruyere (50/50 JV) (open-pit and underground mines) | |||
| Safety (TRIFR) | 5.80 | ||
| Fatality | 1 | ||
| Workforce | |||
| Employees | 1,866 | ||
| Contractors | 1,881 | ||
| Attributable production (koz) | 1,061 | ||
| AIC (US$/oz) | 1,150 | ||
| Adjusted free cash-flow (US$m)4 | 431 | ||
| Gold Mineral Resources (Moz)2 | 8.71 | ||
| Gold Mineral Reserves (Moz)3 | 7.97 | ||
| Carbon emissions (kt CO2e) | 819 | ||
| Gender diversity (% of total) | 22 | ||
For more information refer to Production and cost performance
SOUTH AFRICA 
| Mine: South Deep (underground mine) | |||
| Safety (TRIFR) | 3.27 | ||
| Workforce | |||
| Employees | 2,495 | ||
| Contractors | 2,385 | ||
| Attributable production (koz) | 316 | ||
| AIC (US$/oz) | 1,356 | ||
| Adjusted free cash-flow (US$m)4 | 129 | ||
| Gold Mineral Resources (Moz)2 | 26.19 | ||
| Gold Mineral Reserves (Moz)3 | 28.68 | ||
| Carbon emissions (kt CO2e) | 553 | ||
| Gender diversity (% of total) | 27 | ||
For more information refer to Production and cost performance
GHANA 
| Mines: Tarkwa, Damang and Asanko (50/50 JV) in Ghana (open-pit mines) | |||
| Safety (TRIFR)5 | 0.20 | ||
| Workforce5 | |||
| Employees | 1,054 | ||
| Contractors | 5,981 | ||
| Attributable production (koz)5 | 762 | ||
| AIC (US$/oz)5 | 1,220 | ||
| Adjusted free cash-flow (US$m)4,6 | 219 | ||
| Gold Mineral Resources (Moz)2 | 6.39 | ||
| Gold Mineral Reserves (Moz)3 | 5.16 | ||
| Carbon emissions (kt CO2e) | 801 | ||
| Gender diversity (% of total) | 11 | ||
For more information refer to Production and cost performance
AMERICAS 
| Mine: Cerro Corona in Peru – copper, gold (open-pit mine) | |||
| Project: Salares Norte in Chile – gold, silver deposit | |||
| Safety (TRIFR) (Cerro Corona) | 0.29 | ||
| Workforce | |||
| Employees | 828 | ||
| Contractors | 6,531 | ||
| Attributable gold-eq production (koz) | 259 | ||
| AIC (US$/eq-oz) | 998 | ||
| Adjusted free cash-flow (US$m)4 | 76 | ||
| Gold Mineral Resources (Moz)2 | 0.91 | ||
| Gold Mineral Reserves (Moz)3 | 4.33 | ||
| Carbon emissions (kt CO2e) | 106 | ||
| Gender diversity (% of total) | 26 | ||
For more information refer to Production and cost performance
| 1 | Cash-flow from operating activities less net capital expenditure, environmental payments, lease payment and redemption of Asanko preference shares |
| 2 | Attributable, Measured, Indicated and Inferred Gold Mineral Resources (excluding Mineral Reserves), excluding Asanko |
| 3 | Attributable Proved and Probable Gold Mineral Reserves, excluding Asanko |
| 4 | Cash-flow from operating activities less net capital expenditure, environmental payments and lease payment from the eight mining operations |
| 5 | Excludes 45% of Asanko |
| 6 | Includes 45% of Asanko |
Our business model
INPUTS
(The resources we rely on)
Resource constraints
Our employees and contractors drive our strategy through their skills, expertise and commitment to entrenching our culture.
- 6,364 employees (2021: 5,957)
- 16,720 contractors (2021: 16,153)
- US$9.0m spent on training and development (2021: US$8.3m)
- Attracting, developing and retaining top skills in a highly competitive environment
- Sourcing and developing the right skills from our host communities
- Increasing workforce diversity and inclusivity
- Maintaining a strong health and safety culture
- Inclusion of mental and psychological wellbeing in our definition of zero harm
We rely on access to land to extract gold and copper resources, and on water security and reliable energy supply for our mining and processing activities.
- 46.1Moz attributable Mineral Reserves (2021: 47.4Moz)
- 42.3Moz attributable Mineral Resources excluding Mineral Reserves (EMR) (2021: 44.1Moz)
- 14.1PJ energy consumed (2021: 13.9PJ)
- 18.3GL water withdrawn (2021: 18.5GL)
- Mitigating our contribution to and 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
- Replacing depleted Mineral Reserves
The quality of our stakeholder relationships supports the sustainability and licence to operate of our business.
- US$21m invested in socio-economic development (SED) programmes and projects in our host communities (2021: US$16m)
- 2,336 stakeholder engagements with our host communities, capital providers and governments (2021: 2,350)
- 87% of our employees are from our countries of operation and 97% of all goods and services are procured in-country
- Addressing the trust gap between governments, communities and mining companies
- Skills constraints in host communities as we seek to source employees from these communities
- Access to water is shared with neighbouring communities
- Pressures on companies to address major societal issues
- Constraints in local government capacity and resources in emerging countries
Banks, shareholders and bondholders provide our financial capital, which enables us to create value across all capitals.
- US$4,340m total equity (2021: US$4,130m)
- US$1,069m capital expenditure (excluding Asanko) (2021: US$1,089m)
- US$431m adjusted free cash-flow generated (2021: US$463m)
- Managing the impact of market sentiment and geopolitical developments on key cost drivers
- Investing in our mines to extend their longevity
Our investment in machinery, equipment, technology and ICT infrastructure enable us to deliver our products.
- Nine operating mines (including our Asanko JV) and one project
- US$656m sustaining capital and US$413m growth capital (2021: US$576m; US$513m)
- Maintaining and monitoring ageing infrastructure at our older mines
- Modernising and digitising our mines while reducing costs
- Ensuring our people are equipped to work in an increasingly automated and digitised work environment
Our people and partners' intellectual input informs our strategic objectives, drives innovation and efficiencies and supports risk management.
- US$1,411 per employee invested in training (2021: US$1,397)
- Modernisation plan stretching over three horizons
- Group-wide job architecture detailing knowledge, skills, qualifications, behavioural and technical competencies required for all roles
- Developing the right talent to meet the needs of an increasingly mechanised, modernising and automated mining industry
- Reskilling the existing workforce to ensure we can retain their experience and knowledge
- Review of culture to strengthen workforce diversity and inclusivity
BUSINESS PROCESSES
(How we create value)
Our diversified portfolio (with nine mines and one project in five countries) creates value through:
EXPLORATION
Our near-mine and selected greenfields exploration, in partnership with junior miners, focuses on resource extension to enhance the long-term sustainability of our portfolio
DEVELOPMENT
We invest in the development of projects that, once brought to fruition, will improve the cost and production profile of our portfolio
MINING
We extract gold and copper-bearing ore from open-pit and underground mines through mechanised processes in Australia, South Africa, Ghana and Peru – either by our own teams or by contractors
PROCESSING
We generate additional value through the physical and chemical processing of ore, which results in semi-pure gold doré and copper-gold concentrate. The doré is externally refined into gold bullion
MINE CLOSURE
We seek to responsibly manage mine closure and optimise our closure liabilities through integrated closure planning and progressive rehabilitation. Post-closure social and economic sustainability requires consultation with and investment in impacted communities during the life-of-mine
OUTPUTS
(What we produce)
2.40Moz
attributable gold-equivalent production (2021: 2.34Moz)
27kt
attributable copper production(2021: 25.9kt)
205Mt
OUTCOMES
(The value we create, preserve or erode)
Maximise the potential from our current assets through people and innovation
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Continued investment in South Deep, South Africa’s largest bulk, mechanised, underground gold mine |
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Increased use of real-time data to enable decisions that facilitate safer and more productive mines |
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Increased use of remote mining that takes people away from potentially dangerous operations |
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US$468m paid in salaries and benefits |
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One fatal incident |
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Two new cases of Silicosis submitted to health authorities |
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Five serious injuries |
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23% of our total workforce are women, including women in leadership (2021: 22%) |
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US$855m in adjusted free cash-flow from operations |
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US$411m paid in interest and dividends |
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3% rise in AIC, largely due to Salares Norte capex and mining cost inflation |
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Net debt decreased to US$704m |
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JSE share price up 1%; NYSE share price down 6% |
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Received US$300m break fee from Yamana Gold |
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Total dividend of R7.45/share |
Build on our leading commitment to ESG
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Zero Level 3 – 5 environmental incidents for the fourth consecutive year |
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Recycled 75% of water withdrawn and reduced our freshwater intake by 41% against a 2018 baseline |
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12th successive Top 5 mining ranking in DJSI |
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Achieved an A- score in the CDP's Water Disclosure Project |
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Continued membership of Bloomberg Gender-Equality Index |
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2.3Mt Scope 1 – 3 CO2e emissions |
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205Mt of total material moved |
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All mines implemented at least 88% of their progressive rehabilitation plans |
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92 community grievances (84% resolved during 2022) |
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South Deep’s and Gruyere’s newly constructed solar plants commissioned |
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52% of workforce employed from our host communities |
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31% (or US$748m) of total procurement costs spent with host community enterprises |
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US$913m in host community value creation |
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US695m paid to governments in taxes and royalties |
Grow the value and quality of our portfolio of assets
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US$565m in gross mining closure liabilities |
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US$230m spent on Salares Norte project capital |
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Invested US$107m in near-mine exploration (including Salares Norte) |
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Mineral Reserves down 3% post-depletion |
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South Deep’s successful ramp-up to 328koz |
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Yamana Gold acquisition terminated |
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Investment in junior miners to expand greenfields exploration |
Positive outcomes Negative outcomes