Reporting boundary

REPORTING SCOPE AND BOUNDARY

Our 2022 IAR provides a detailed view of Gold Fields for the financial year ended 31 December 2022. It 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, joint ventures (JVs) and investments. It includes material information relating to our nine operations and one project in Australia, South Africa, Ghana (including our Asanko JV), Chile and Peru. We also include any material events after year-end and up to the Board approval date of 30 March 2023. We detail our geographical footprint where we operate.

The term "attributable" as it relates to production refers to 100% of our mines and projects except for Gruyere (50%), South Deep (96.43%), Damang (90%), Tarkwa (90%), Asanko (45% equity share), and Cerro Corona (99.5%). The term "attributable" as it relates to Mineral Reserves and Mineral Resources refers to 100% of our mines and projects, as well as Far Southeast (FSE) (40%), Gruyere (50%), Damang (90%), Tarkwa (90%), Asanko (45%) and Cerro Corona (99.5%). 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 FSE (40%), Gruyere (50%) and Asanko (50%). The net debt:EBITDA ratios mentioned in this report refer to adjusted EBITDA, while we present Group and mine All-in costs and All-in sustaining costs 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 JV and the Salares Norte project in Chile, unless stated otherwise. Socio-economic development spend includes spend by the South Deep trusts.

For 2022, we used average exchange rates of R16.37/US$1 and US$0.69/A$1
(2021: R14.79/US$1 and US$0.75/A$1; 2020: R16.38/US$1 and US$0.69/A$1). We used forecast exchange rates of R17.00/US$1 and US$0.70/A$1 for 2023.

Unless otherwise specified, no information has been restated from previous reporting periods.

REPORTING LANDSCAPE

In preparing this IAR and its supporting documents, we applied and complied with the following frameworks, standards and Acts:

  • Integrated Reporting Framework
  • Companies Act No 71 of 2008, as amended
  • JSE Limited Listings Requirements
  • New York Stock Exchange Listings Requirements
  • US Securities and Exchange Commission
  • King IV Report on Corporate Governance for South Africa 2016
  • International Financial Reporting Standards (IFRS) (as defined in the Annual Financial Report)

Our non-financial data has been published in accordance with, and with reference to, the Global Reporting Initiative's (GRI) Universal Standards. We consider that this IAR, together with additional documents available on our website, complies with the requirements of the GRI Standards.

We also comply with the International Council on Mining and Metals (ICMM) Sustainable Development Framework, Mining Principles, Performance Expectations and Position Statements (see About this Report for assurance).

Gold Fields completed a Self Assessment and Independent Validation Statement of our conformance to the ICMM Mining Principles, Performance Expectations and mandatory elements of the Position Statements as part of our 2021 – 2023 independent third-party validation cycle. This self-assessment and independent validation was undertaken at corporate and asset level for all managed goldproducing operations in accordance with the ICMM 2020 Assurance and Validation Procedure.

Our compliance with the ICMM is addressed throughout this report and on our website, and details:

  • How our sustainable development policies, management standards and procedures align with the ICMM's Mining Principles
  • How we identify specific sustainable development risks and opportunities based on our review of the business and expectations of its stakeholders
  • 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

Gold Fields’ rejoined the World Gold Council in January 2021, and we are on track to implement its Responsible Gold Mining Principles within the required three-year timeline. We are already able to demonstrate near complete compliance with the principles at both corporate and mine levels by applying the WGC-ICMM equivalency benchmark.

Gold Fields also subscribes to, aligns with or is a member of the following sustainability standards, reporting frameworks and indices:

  • Carbon Disclosure Project
  • Task Force on Climate-related Financial Disclosures
  • IFRS Foundation's International Sustainability Standards Board
  • United Nations Global Compact
  • United Nations Sustainable Development Goals
  • Extraction Industries Transparency Initiative
  • International Cyanide Management Code