Stakeholder overview

HOST COMMUNITIES

Our host communities are a key Gold Fields stakeholder group, as their support underpins our social licence to operate which, in turn, impacts our ability to create enduring value. Our Group Community Policy Statement sets out our commitment to developing mutually beneficial relationships with our host communities, host governments and other key stakeholders through meaningful and transparent engagement. We aim to keep improving our social performance, strengthening our social licence to operate and delivering enduring value in collaboration with our host communities and governments.

Host communities refer to the people who live in the vicinity of our operations and who have been or could be directly affected by our exploration, construction, operational or divestment activities. Each Group operation identifies its host communities to secure its legal and social licences to operate. In total, an estimated 500,000 people live in approximately 60 communities surrounding our eight mines (excluding Asanko).

Our Group Community and Government Charter promotes an approach underpinned by building strong relationships and trust, creating and sharing enduring value, measuring our actions and impacts, and delivering against our promises. In accordance with the Charter's commitments and our vision and purpose statements, our regions successfully implemented their annually updated government and community action plans in 2022.

In 2016, Gold Fields started implementing a strategy aimed at enhancing host community value creation. At that point, we ranked losing our social licence to operate as the Group's fifth-highest risk. This risk has decreased due to the successful implementation of our targeted Host Community Value Creation Strategy (including host community procurement, job creation and SED) and other social performance and environmental management strategies.

Our community relations programmes depend on ongoing stakeholder engagement and community grievance management. All our operations have stakeholder engagement plans, as well as established grievance mechanisms, that enable us to address and resolve grievances that arise from our activities. See our 2022 grievance report on community.

We regularly conduct independent assessments to measure the quality of our relationships and understand the expectations of key stakeholders, including communities and governments. We use these assessments to inform stakeholder engagement plans that help us to build stronger, mutually beneficial relationships with these stakeholders. Over the years, we have seen a mostly positive upward trend in relationships with host communities around our operations. We will re-assess the strength of our stakeholder relationships in 2024.

Gold Fields uses social return on investment (SROI) surveys to identify SED investments that strengthen our social licence to operate. In 2022, Peru undertook a SROI analysis on selected projects, showing that its projects offer a positive return.

Our focus in 2023 will be preparing to report against the core indicators of the ICMM's new social and economic reporting framework.

Creating enduring value for our host communities

The recent global economic slowdown exacerbated economic hardships in our host communities, particularly in Peru, Ghana and South Africa. Many of these communities expect our mines to assist in alleviating their burdens by providing financial or other assistance.

We believe the greatest benefit we can provide is to empower our host communities to build the long-term social, economic and environmental resilience they require. We aim to maximise the positive socio-economic benefits of mining on our host communities while, as far as possible, avoiding or minimising adverse impacts.

We therefore continue entrenching our host community procurement and job creation programmes, as we believe this will support their economic development while also meeting the needs of our business.

Furthermore, we framed and conceptualised a pipeline of legacy programmes for implementation from 2023 to 2030. These focus on creating enduring value by addressing our host communities' most pressing development needs, while ensuring economic value creation beyond the life-of-mine and outside the mine's supply chain. The programmes seek to promote:

• Economic diversification and employment
• Climate resilience and protection of water and nature
• Sustainable and profitable agriculture
• Cultural and heritage preservation
• Quality health

These legacy programmes build on Gold Fields' 2030 ESG target to generate measurable and wide-reaching outcomes that contribute to the delivery of the UN SDGs.

Measuring community value creation

We continually enhance our understanding of the value we create for our host communities by measuring the impact of our SED investments, host community employment and host community procurement programmes. For the past seven years, we created between US$600m and US$900m in community value every year. This amounts to over US$5.3bn, which is a sustained and significant investment in the economic wellbeing of our host communities. Based on our analysis, 27% (US$913m) of the US$3.92bn in value the Group distributed in 2022 remained with our host communities, as shown below.

We have incentivised our management teams with ESG targets since 2017, which has included host community value creation. Following the launch of the Group's comprehensive 2030 ESG targets in 2021, a larger portion of incentives is allocated to ESG-related goals. Our 2030 target is to spend 30% of the total value spent in host communities. In 2022, the value we transferred to our host communities increased, although our national value contribution decreased slightly as we paid more to governments in the form of taxes and royalties.

The diagram below details the community-focused levers available to us:

OUR 2030 ESG TARGETS FOR HOST COMMUNITY VALUE CREATION

HOST COMMUNITY VALUE CREATION IN 2022

Host community procurement

We are guided by our Host Community Procurement Strategy to seek opportunities for community-based enterprises to participate in our supply chains. If implemented effectively, host community procurement holds benefits for the communities in which we operate as well as our mines.

In 2022, our total procurement spend amounted to US$2.30bn, 97% of which was spent on businesses based in the countries where we operate

(2021: US$2.32bn/96%). We spent US$747m (31%) of our total procurement spend on suppliers and contractors from our host communities (2021: US$709m/31%). Our Salares Norte project, in construction since 2021, actively pursued procurement of goods and services from its host communities totalling approximately US$39m in 2022.

(2021: US$2.32bn/96%). We spent US$747m (31%) of our total procurement spend on suppliers and contractors from our host communities (2021: US$709m/31%). Our Salares Norte project, in construction since 2021, actively pursued procurement of goods and services from its host communities totalling approximately US$39m in 2022.

Supporting SMEs is therefore critical as we work towards ensuring 30% of the total value we create is within our host communities. In 2022, we introduced preferential payment terms for SMEs in host communities, particularly those led by minority and disadvantaged groups. Payment terms have been reduced from 30 days to 14 days (from date of ratified invoice) for host community SMEs. The improved terms address the cash-flow difficulties often experienced by SME suppliers and service providers.

The table below outlines the in-country and host community value creation progress between 2021 and 2022:

Local (in-country) and host community procurement

	Local (in-country) procurement		Local (in-country) spend (% of total)		Host community procurement		Host community spend (% of total)
Country	2022 (US$m)	2021  (US$m)	2022	2021	2022 (US$m)	2021  (US$m)	2022	2021
Australia	1,085	1,035	99%	99%	284	253	27%	25%
South Africa	268	221	100%	100%	53	51	20%	23%
Ghana	840	766	94%	91%	379	371	42%	45%
Peru	226	209	94%	96%	31	34	13%	15%
Group	2,419	2,231	97%	96%	747	709	31%	31%

Host community employment

We continue to prioritise employing host community members at our operations and encourage our contractors and suppliers to do the same. This is supported by training, education and skills development initiatives to improve the local skills base.

At the end of the year, 52% of our workforce – or 9,473 people – were employed from our host communities (2021: 54%/9,330 people). Maintaining our 2021 host community performance was a challenge during 2022 amid the adverse global economic conditions. In Western Australia, the demand for labour resulted in a historically low underemployment rate (3.5%) and stiff competition for labour. The table below provides further details.

We hope to maintain and, in the longer term, increase current levels of host community employment. These jobs have significant multiplier effects, particularly in developing countries, and are critical for the estimated 500,000 residents of our host communities.

Beyond creating employment opportunities at our mines or with our contractors – where we have limited scope to create jobs – we also seek to create non-mining jobs, particularly linked to SED projects, legacy programmes and the wider supply chain.

Non-mining jobs can continue to provide benefits to host communities during and beyond the lives of our operations.

We continued our efforts to ensure our SED projects – focusing on agriculture, infrastructure development, education and skills support and economic diversification – also grow and sustain non-mining jobs. During the year, we created 794 non-mining jobs for host community members, the majority of which were in the agricultural sector (2021: 759). Due to their inherent nature, many of our SED projects do not necessarily provide long-term solutions but do create income and a measure of skills transfer.

National and host community workforce employment

	Total workforce1	% of employees – national		Host community workforce	% of workforce – host community2
Country	2022	2022	2021	2022	2022	2021
Australasia2	3,677	77%	77%	610	18%	18%
South Africa	4,880	87%	86%	3,097	63%	66%
Ghana	7,035	99%	99%	5,009	71%	70%
Americas	7,359	98%	98%	757	26%	30%
Group3	23,084	87%	87%	9,473	52%	54%

1	Workforce comprises employees and contractors and includes corporate and regional offices, as well as our projects
2	Host community employment data excludes our corporate and regional offices, as well as our projects
3	Includes Chile, corporate and regional office employees

The following projects created significant jobs during 2022:

• 450 farming jobs at the farmer enterprise projects in South Deep's labour-sending areas and host communities
• 21 farming and associated value chain jobs in the Youth in Organic Horticulture Production (YouHoP) and rubber plantation programmes at our Damang and Tarkwa mines in Ghana

Investments in socio-economic development

We invested US$21m in SED projects in our host communities during 2022 (2021: US$16.3m). Our mines have dedicated SED investment funds delivered directly or through our foundation and independent trusts. Our mines also collaborate with host governments, development organisations and NGOs to deliver these programmes.

Significant projects we implemented during the year include:

• Ongoing investment in water and sanitation provision in Hualgayoc, adjacent to our Cerro Corona mine
• Accelerating our enterprise and supplier development programme to promote host community SMEs through business skills training at our South Deep mine in South Africa
• Investing in a community-based business support hub in Westonaria, near South Deep
• Further road upgrading projects in our Tarkwa and Damang host communities in Ghana
• Working with the Salvation Army to launch the Drive for Life programme in Kalgoorlie, Western Australia

Group SED spend (US$m)¹

	2022	2021	2020
	21.2	16.6	17.2

Group SED by type (2022)2
Infrastructure	8.6
Education and training	8.6
Health and wellbeing	1.0
Economic diversification	5.9
Conservation and environment	0.5
Charitable giving	1.9
Total	21.2

1	Spend slowed in 2020 and 2021 due to Covid-19
2	Excludes spending by Salares Norte

Potential environmental impacts

Our mining activities can potentially result in adverse impacts on our communities, such as:

• Water consumption or withdrawal from surface and underground sources within our community catchments, which could deplete shared resources
• Environmental incidents, including spillages of hydrocarbons, chemicals, or processing water. This can lead to pollution of surface and groundwater sources, impact on aquatic life, land and soils, or fauna and flora
• Dust emissions from our tailings facilities, waste rock dumps, blasting and roads, which could impact ambient air quality
• Noise and vibrations from our blasting activities can impact our neighbouring communities
• Land clearance for new or expanded mining activities could impact on peoples' economic livelihoods (like agricultural activities) and cultural heritage

Our commitment to ESG and 2030 ESG targets in areas such as water , tailings and climate change seeks to ensure we meet our commitment to responsible stewardship of natural resources and the environment. This includes our responsibility to comply with regulatory requirements, obligations relating to rules, codes and standards to which we subscribe, including the International Cyanide Management Code.

Through our Group policy statements and guidelines, as well as our ISO 14001:2015 certified environmental management systems at each operation, we have processes in place to identify and assess potential risks and impacts, implement mitigation and management measures, and apply monitoring and evaluation programmes to avoid and, where we cannot prevent, manage potential environmental impacts on our host communities.

Artisanal, small-scale and illegal mining in Ghana

The Tarkwa-Nsuaem and Prestea-Huni Valley municipalities, which host our Tarkwa and Damang mines, are major centres for legal artisanal and small-scale mining (ASM), as well as illegal small-scale mining activities (known as galamsey). During 2022, we had 24 and seven illegal mining incursions at Damang and Tarkwa respectively, which occurred mostly on waste dumps and inactive satellite pits.

There has been reoccurring encroachment by illegal miners on Tarkwa's Mantraim shaft. The police evicted the miners, and multi-stakeholder negotiations are ongoing to prevent the continued invasion of the shaft.

Illegal mining is concerning for several reasons. Individuals could potentially be injured, local unrest could erupt and our reputation could be damaged, besides the loss of surface-rich ore, potential damage to mine property and assets, and mercury and cyanide contamination of our water resources.

Our strategy to address illegal mining focuses on consistent engagement with and sensitisation of community members and other stakeholders, as well as regular security patrols to demonstrate zero tolerance of illegal mining on our concessions. Any arrests and prosecutions of illegal miners by local police are undertaken in strict adherence to the Voluntary Principles on Security and Human Rights (VPSHR), for which the police and our community patrols undergo regular training.

We understand illegal mining provides income to communities where unemployment and poverty are rife. For this reason, our strategy is to create alternative jobs through community development and alternative livelihoods and graduate trainee programmes, which focus on employing young people in our host communities who might otherwise be forced into illegal mining. Our main project in this respect is the YouHoP programme which, to date, has generated jobs for 662 host community members.

Gold Fields also supports the government in its National Alternative Livelihood and Community Mining programmes, which focus on ASM– a sector that is regulated by the Minerals Commission. In 2021, the Damang mine concluded the ceding of 1,340ha of land to the Minerals Commission for community mining. The Company also provided geological information and submitted digital cadastral maps. ASM miners are currently working on the site. The Company has been under pressure to make more land available for official community mining projects.

Working with Indigenous communities in Australia

As a company operating in Australia, on the traditional lands of Aboriginal peoples, we have a responsibility to develop understanding and respect for the many diverse cultures and experiences of not only these traditional owners, but also Aboriginal and Torres Strait Islander peoples more broadly.

Our Aboriginal Engagement Strategy is built on three strategic pillars:

• Building and maintaining strong and respectful relationships with the traditional owners of the lands where our operations are located
• Empowering Aboriginal peoples by providing meaningful and sustainable opportunities
• Championing the preservation and celebration of Aboriginal lands, culture and heritage

These strategic pillars are aligned with the key elements of our Reconciliation Action Plan, which is discussed below.

Each of Gold Fields' Australian mines is situated on lands that either have a Native Title determination or an active claim. The table below describes the current claims and determinations:

Site	Native Title	Group
Agnew (north)	Determined Native Title claim	Tjiwarl People
Agnew (south)	Currently no claim or determination
Agnew (far south)	Determined Native Title claim	Darlot People
Granny Smith	Entire operation: Registered Native Title claim	Nyalpa Pirniku People
Gruyere	Entire operation: Determined Native Title claim	Yilka People and Sullivan Edwards families
St Ives	Main area of operations: Determined Native Title claim Remaining area (exploration): Registered Native Title claims	Determined: Ngadju People Claim: Marlinyu Ghoorlie People Claim: Kakarra People

The Native Title Act of 1993 details the process for traditional owners who claim traditional rights and interests on certain land, to have those rights recognised by the Federal Court of Australia in the form of a Native Title determination.

Gold Fields is required to engage with registered Native Title claimants and determined Native Title holders in relation to its activities, including before new tenements are granted. Depending on the type of activity, this may require us to enter agreements. While these agreements historically focused on ensuring the proper identification and management of Aboriginal cultural heritage, and to provide a process for the conduct of cultural heritage surveys, these agreements are now more comprehensive in nature.

A key element of our Aboriginal Engagement Strategy is our commitment to agreement-making with determined Native Title holders. These agreements can help foster strong and transparent relationships by establishing structured channels of communication; providing commitments and identifying initiatives to achieve greater education, employment and contracting outcomes; allocating funding for community programmes; building cultural competency through training and awareness; and incorporating best practice environmental and cultural heritage management practices. In addition, these agreements can provide financial benefits to Native Title parties that could settle any liability for Native Title compensation that Gold Fields may have.

At our Gruyere mine, Gold Fields is party to a comprehensive agreement with the determined Native Title holders for the area: the Yilka People and Sullivan Edwards families. Through this agreement, we explore ways to sustain and grow employment and business opportunities, as well as supporting health, education and other programmes for the Group, including the nearby Cosmo Newberry community. We also actively support and promote the Group's conservation and land management activities, including the Yilka Ranger programme.

We will look to negotiate and enter into similar comprehensive agreements at our other operations in Australia, as the Native Title landscape becomes progressively more settled across the region.

In 2018, we partnered with Reconciliation Australia (an independent, not-for-profit organisation) to embark on its Reconciliation Action Plan (RAP) programme – a strategic framework to assist organisations to take meaningful action to advance reconciliation between Indigenous and non-Indigenous Australians. Based around the core pillars of relationships, respect and opportunities, this supports our desire for First Nations peoples to participate equally in our workforce and business, feel culturally safe and empowered to deliver sustainable solutions for their communities.

Gold Fields formally launched its Reflect RAP in early 2020, focused on building and strengthening relationships, raising awareness of the process and the broader reconciliation effort. It also gave us an understanding of the barriers to progress in areas, such as employment and procurement. It informed our second (Innovate) RAP, which we launched in 2022 to implement key programmes – supporting education, training and employment, procurement, cultural competency and heritage management, as well as community development.

Our Innovate RAP is a blueprint for how we want to achieve long-term, sustainable outcomes. To support its implementation, Gold Fields has to date:

• Created dedicated Aboriginal Recruitment and Engagement positions to support the recruitment and employment of Indigenous Australians
• Improved conditions for Indigenous-owned and operated businesses to supply goods and services to our mines

Key actions in our Innovate RAP include:

• Developing a cultural learning framework to increase the understanding, value and recognition of Aboriginal peoples' cultures, histories, knowledge and rights within our organisation
• Improve employment outcomes by increasing recruitment, retention and professional development of Aboriginal peoples
• Increase the number of Indigenous-owned businesses to support improved economic and social outcomes

We already support a range of activities and programmes that directly benefit our Aboriginal communities, including through our partnerships with organisations such as Shooting Stars (which supports the education and empowerment of young Aboriginal girls and women), and Teach Learn Grow, which also supports educational outcomes for remote communities.

We continue to demonstrate good progress in employing Indigenous Australians and engaging Indigenous-owned businesses. In 2022, the number of Indigenous Australians employed increased to over 3.4%, reflecting the overall population of Indigenous Australians within Australia. A$3.5m (US$2.7m) was spent on 25 Indigenous businesses across our sites in 2022.

Cultural heritage protection

Australia

In response to the findings from the parliamentary inquiry into the Juukan Gorge incident in 2020, the Western Australian government passed the Aboriginal Cultural Heritage (ACH) Act in December 2021. While limited parts of the legislation are currently operational, the government intends for the ACH Act to substantively commence in mid-2023, subject to finalising the associated regulations and guidance materials.

The key implications of the new Act for Gold Fields are:

• A new definition of Aboriginal cultural heritage that moves beyond the current focus on sites and artefacts, capturing more diverse perspectives of cultural heritage – including its tangible and intangible elements. The concept of "cultural landscapes" has also been introduced for certain purposes
• New structures that empower Aboriginal voices in the management of Aboriginal cultural heritage, including the Aboriginal Cultural Heritage Council as the peak strategic body (with responsibility for deciding applications for permits, and the approval of Cultural Heritage Management Plans), and Local Aboriginal Cultural Heritage Services (representing knowledge holders for certain areas) to provide Aboriginal heritage services – creating more certainty on who we should engage with in relation to cultural heritage matters
• A new tiered land-use assessment and approvals system that considers the type of proposed land-use activity, and prioritises notification and consultation with Aboriginal people with a focus on agreement-making between traditional owners and land users
• Greater penalties for any unauthorised disturbance to Aboriginal heritage sites

Gold Fields supports this approach, which aligns with its commitment to consultation and agreement-making with traditional owners.

While Gold Fields anticipates that some amendment of the existing control framework (set by our Regional Aboriginal Cultural Heritage Management Standard and implemented through our site-based Cultural Heritage Management Plans) will be required to address some of the new requirements of the legislation, this framework addresses the core due diligence obligations that will remain in place. These controls include existing protocols for the recording, impact assessment and protection of identified Aboriginal cultural heritage sites, through our ground disturbance permitting process.

Chile

While no Indigenous Peoples have a relationship with our Salares Norte project site, as confirmed through the project's environmental approval process, we have engaged with the Colla Indigenous communities located some 70km from the project since 2015. We signed social development agreements with the key Colla communities and hold regular meetings to present our progress against our project plan, updates on the Chinchilla rescue and relocation programme, identify and address any concerns as well as cocreate development opportunities.

GOVERNMENTS

Host governments are among Gold Fields' most important stakeholders, as they issue mining licences, develop state policies and enforce regulations. First and foremost, this requires us to adhere to all relevant legislation, including paying taxes and other levies. We are committed to working with governments

• directly and via industry associations
• at national, regional and local levels to establish ethical, sound and transparent working relationships that benefit the countries where we operate and our host communities.

Gold Fields does not provide any financial contributions to political parties unless explicitly approved by the Board in accordance with the Company's Code of Conduct. No political donations have been made for several years.

Gold Fields' Tax Strategy is to proactively manage tax obligations in a way that is transparent, responsible and sustainable, while acknowledging differing stakeholder interests.

Find our full Tax Strategy and Policy, which now includes tax risk and governance, at www.goldfields.com/integrated-annual-reports.php

Resource nationalism

Many governments view the mining industry as an opportunity for higher taxes and other fiscal and regulatory imposts – especially during tough economic times. This is particularly relevant in Chile, Peru and Ghana, where tax revenues are declining while metal and gold prices recorded healthy gains over the past two years.

Political risk is now a top five Group risk, and addressing it requires increased actions and engagements.

Gold Fields, on its own and together with its ICMM and World Gold Council peers, seeks to address the trust gap between government and mining in several ways, including:

• Creating between US$2.5bn – US$4.5bn total annual value for our wide range of stakeholders, including governments and host communities
• Actively creating host community value through host community employment, procurement and socio-economic investment, including legacy programmes
• Working with our ICMM and World Gold Council peers to promote industry-wide best practice and demonstrate the benefits of a responsible and fairly regulated industry

We conduct independent desktop country risk assessments at least every two years, which provide valuable input on how we can increase government and community trust and confidence. The resulting key proposals reinforce many of the strategies our operations already implement, such as strengthened engagement with governments at all levels, community value creation and improved communication on mining's socio-economic benefits.

Payments to governments by Gold Fields in 2022

(US$m)	South Deep	Ghana	Peru	Australia
Royalties	3	55	8	47
Income tax	–	159	49	241
Dividends1	–	29	–	–
Dividend withholding tax	–	13	5	–
Total	3	256	62	288
% of profit before tax and royalties	1	50	55	29

1	In lieu of the Ghana government's 10% stake in the Tarkwa and Damang mines

Australia

Our engagement in Australia is largely at state level, where the incumbent Labor party government holds a substantial majority following the March 2021 state elections. The Labor party was also elected as the governing party at federal level in May 2022.

The Western Australian government has made significant progress on implementing its legislative reform agenda. The Work Health and Safety Act of 2020 (WHS Act) came into effect in March 2022, delivering on a key Western Australian government election commitment to streamline health and safety regulation. The WHS Act imposes expanded obligations, which include the identification and management of psychosocial hazards, as well as the consultation and representation of workers and contractors. It also introduces personal responsibility for officers to ensure compliance with applicable health and safety obligations.

Following the scrutiny of the Western Australian Aboriginal Heritage Act of 1971 in the wake of the Juukan Gorge incident, the state government passed the ACH Act in late 2021. The ACH Act is not yet fully operational, but is due to substantively commence in July 2023, subject to associated regulations being finalised. Gold Fields has been involved in the ongoing consultation and codesign process through the Chamber of Minerals and Energy (CME).

The ACH Act will set the highest bar among state regimes for protecting Aboriginal cultural heritage, with key features including:

• A new definition of "Aboriginal cultural heritage" that moves beyond focusing on sites and artefacts to capture broader perspectives, including tangible and intangible elements, and will also include "cultural landscapes" for the first time
• New structures that empower Aboriginal voices in cultural heritage management, including the Aboriginal Cultural Heritage Council as the peak strategic body and Local Aboriginal Cultural Heritage Services (representing knowledge holders), to provide cultural heritage services
• A new tiered land-use assessment and approvals system that considers the type of proposed land-use activity (including disturbance) and prioritises consultation with Aboriginal peoples, with a focus on agreement-making between relevant Aboriginal peoples and land users
• An expanded range of offences and increased penalty regime

A Western Australian parliamentary inquiry into the sexual harassment and assault of women in the mining sector handed down its findings and recommendations in June 2022 in the Enough is Enough report. The report made recommendations to government, industry and organisations, many of which Gold Fields is seeking to address in its Respectful Workplaces #listen programme. The Western Australian government tabled its response to the report in September 2022, in principle accepting the recommendations in full.

Gold Fields participates in the CME's Safe and Respectful Behaviours working group and engages with the government on this issue.

In November 2022, the Western Australian government announced a joint initiative with the Western Australian resources industry to establish the Resources Community Investment Initiative. Founding contributors (predominantly from the iron ore and energy sectors) collectively committed an initial investment of A$750m (US$570m) for a pipeline of legacy social infrastructure projects. The CME has been tasked with encouraging and coordinating further investment from the sector. Gold Fields and other gold sector participants are working constructively with the CME and government to assess participation options (individually or collectively). This will continue into 2023.

Ghana

During 2022, Ghana's economy experienced a dramatic recession, with the Ghana Cedi depreciating by 39% against the US Dollar and inflation hitting a 22-year high of 54% in December. The Ghana government is facing a large fiscal deficit and public debt is at record levels.

In December 2022, the Ghana government reached a preliminary agreement on a US$3bn, three-year extended credit facility with the International Monetary Fund to be finalised in H1 2023. This bail out will require economic reforms and greater fiscal discipline and, if implemented appropriately, should return a level of stability to the economy.

The deteriorating economic situation led to a near-doubling in the country's discount rate and, coupled with higher mining costs, required Gold Fields to recognise a US$325m pre-tax impairment on its Ghanaian assets.

Our investments in the country are covered by the 2016 Development Agreement (DA) with the government for the Tarkwa and Damang mines. For the DA requirements to take effect, Gold Fields was expected to spend US$500m at each mine – over an 11-year period for Tarkwa and a nine-year period for Damang. The DA provides for a decrease in the corporate tax rate from 35% to 32.5%, and a sliding scale royalty tax based on the gold price. The government also holds a 10%interest in the entities controlling the Tarkwa, Damang and Asanko mines.

Between 2017 – 2022, we invested almost US$1.5bn at both mines, and the DA has cemented our status as one of the largest contributors to the country's fiscus. Also in 2022, Gold Field contributed US$253m in the form of taxes, royalties and dividends.

However, in the wake of the fiscal crisis, the Ghanaian government has conducted increasingly stringent audits on its biggest corporate taxpayers (many of them multinationals), including Gold Fields, and has imposed additional tax liabilities, which are under discussion. In addition, we are experiencing more onerous processes in claiming and renewing rebates and exemptions under the DA.

The two audits by the Ghana Revenue Authority are a transfer pricing audit covering 2014 – 2019 and a tax audit for 2018 – 2020. The earlier audit has been resolved while we have received a tax assessment of US$124m under the findings of the 2018 – 2020 audit. We are reviewing the assessment and are disputing the findings, which include the deductibility of waste stripping costs amounting to US$63m of the assessment, among others. Negotiations are under way following the payment of the required upfront deposit.

The deteriorating fiscal situation also led to several economic actions by the government that impacted the mining sector – and Gold Fields – and required increased engagement with the authorities directly and via the Ghana Chamber of Mines:

• During 2022, the Bank of Ghana launched a domestic gold purchasing programme through which it purchases refined gold from domestic producers in the local currency. In December 2022, Gold Fields sold 26koz of gold to the Bank of Ghana in Ghana Cedis, but at prevailing gold prices and currency rates. Our DA requires that we convert at least 30% of our gold proceeds into Ghana Cedis as part of our retention obligation and to cover local costs. We foresee further domestic gold purchase sales this year, although the amounts are still being negotiated. Our retention obligation will be reduced by the gold sold under this programme
• In late 2022, the Ghanaian government launched a Gold for Oil programme, a barter arrangement whereby gold, rather than the country's US Dollar reserves, will be used to buy foreign crude oil products in a bid to strengthen the country's foreign exchange reserves. The Chamber of Mines is seeking clarity on the programme's implementation
• The government is seeking to boost the country's local refining initiative by enforcing miners to sell a portion of their production to local refineries. The Chamber has indicated its members will only participate if there is either equal contribution by each mining company or a production-based apportionment. The government has yet to respond

Chile

In Chile, most political and social stakeholders support our decision to proceed with the Salares Norte mine's construction in the Atacama region of northern Chile. In a low-investment environment impacted by Covid-19 and amid general political uncertainty, Salares Norte has been one of Chile's largest investment projects over the past few years, and it was identified by the government as a key project for economic upturn in the Atacama region. The project is governed by an investment stability agreement with the Chilean government.

The political situation in the country in 2022 generated uncertainty surrounding the mining sector's regulatory framework.

Firstly, a left-wing government under President Gabriel Boric took office in March 2022, with a strong anti-business and anti-mining agenda. However, without a large majority in the senate, the government's ability to implement its manifesto is limited.

Secondly, the government proposed a new left-leaning constitution, which was rejected by most of the population in September 2022. A new constitutional process was agreed upon, and a more moderate draft will be put to a national vote in December 2023. The regulatory risk in this second process is expected to be lower due to stronger institutional controls and the presence of more moderate lawmakers and ministers in President Boric's cabinet.

Other regulatory uncertainties continue to loom, including a proposal to charge higher royalties on copper mining, which could be extended to gold if approved. The new government has also taken an activist approach to regulate the impact of mining on the environment. Several mining projects have been halted due to interventions by the Environmental Assessment Service, the environmental regulator.

The regulator halted our endangered Chinchillas relocation at Salares Norte in November 2020 after two Chinchillas died. The restrictions have not yet been lifted, read more in Environmental stewardship. However, the regulator decided not to review Salares Norte's environmental permit after a request to do so by the Ministry of the Environment after the deaths.

In 2022, our engagements in Chile focused on supporting communities near our project in coordination with regional and local governments. These efforts focused on promoting social development initiatives in the education and health sectors and will continue as we ramp-up Salares Norte to start operating in Q4 2023.

Peru

In Peru, we engage at local, regional and national government levels to address operational, social and sustainability matters.

The left-wing government of Pedro Castillo, which came into power in 2021, was characterised by political instability and regular changes in key cabinet portfolios. President Castillo was impeached by congress, and his Vice President, Dina Boluarte, was sworn in as President in December 2022. However, the new administration has faced social unrest across the country, particularly in the south, due to political anti-establishment sentiment.

President Castillo's election and pronouncements by his government generated high expectations among mining communities, escalating community-mine conflicts, particularly in southern Peru. These have not spread widely to the Cajamarca province where our Cerro Corona mine is located.

The Castillo government also attempted to make changes to the sector's regulatory and tax framework. This was without success as the government faced strong opposition in congress and in civil society sectors. Our engagement with national government and congress, particularly on regulatory matters, is primarily via the National Chamber of Mines, Oil and Energy (SNMPE).

The industry has good working relationships with various public bodies at all levels of government. Our main challenge has been the increase in public officials' turnover at national level due to political instability.

We continue to build trust between Cerro Corona and its host communities through ongoing stakeholder engagement and Shared Value projects, including rolling out comprehensive water infrastructure. We implemented social development projects in partnership with the government, through the Works for Taxes and government grants programmes.

As Cerro Corona gradually approaches its closure in 2031, we will develop more long-term community investment programmes that extend beyond the closure. Gold Fields' first legacy programme, as part of our 2030 ESG targets, will be dairy value chain development, benefiting farmers near the mine.

South Africa

South Africa is currently experiencing negative economic growth, caused by ongoing electricity shortages, degradation of infrastructure and continued impacts of the Covid-19 pandemic. This has worsened already high levels of unemployment, particularly among the youths, rising poverty and a loss of critical skills.

In addition, South Africa continues to be confronted with challenges relating to economic disparity, poor service delivery, political instability, corruption and social instability, as a result of which there is a heightened risk of social unrest and rising social demands.

In addition, South Africa continues to be confronted with challenges relating to economic disparity, poor service delivery, political instability, corruption and social instability, as a result of which there is a heightened risk of social unrest and rising social demands.

With a general election scheduled for 2024, the weak economic environment could well lead the governing African National Congress (ANC) party to adopt more populist economic measures as it is facing opposition from leftist parties. Anti-business rhetoric is also set to increase from a number of parties, including the ANC.

From a regulatory perspective, South Deep is guided primarily by the Mineral and Petroleum Resources Development Act No 28 of 2002 (MPRDA). One of the MPRDA's key requirements is to facilitate meaningful and substantial participation of Historically Disadvantaged South Africans in the mining industry.

The Mining Charter guides this requirement by providing for a range of empowerment actions and community investment programmes with a corollary timeframe. It requires all mining rights holders to submit an annual compliance assessment detailing progress against the Charter's annual targets. Gold Fields complies with this process.

The Department of Mineral Resources and Energy published Mining Charter 3 (MC3) in September 2018. The Minerals Council South Africa (MCSA), which represents the industry, objected to certain clauses in MC3, and the Supreme Court upheld these objections in September 2021.

This ruling has de facto confirmed South Deep's current BEE ownership level of 35%, which we believe meets the principles and spirit of the Mining Charter. It has also created the framework for the ongoing transformation of South Deep.

The Charter is a framework for the industry, and the MCSA and Gold Fields believe it encourages growth and empowers the sector. The MCSA is constructively engaging with the South African government to create policy and regulatory certainty and attract greater investment into the country's exploration and mining sectors.

The MCSA and Gold Fields also engaged with the government around reforms to regulations on self-generating electricity supplied by private sector companies. The regulatory approval process around South Deep's pioneering 50MW Khanyisa solar plant assisted in easing restrictions, facilitating self-generation power supply – particularly for those using renewable energy sources.

Mining Charter Scorecard

The MPRDA requires the submission of five-year cyclical Social and Labour Plans (SLP) before granting mining rights. South Deep's mining right application was approved in 2010, and South Deep is now in its fourth cycle of SLPs after concluding the 2018 – 2022 cycle last year. A new SLP for the 2023 – 2027 cycle has been finalised and submitted to the Department of Mineral Resources and Energy for approval.

During 2022, we spent almost R88m (US$6m) on SED projects that supported education and training, infrastructure development, healthcare, supplier and enterprise development water and sanitation.

In addition, South Deep spent R110m (US$7m) on skills development and training for its employees, as well as various initiatives to upskill community members, including Adult Education programmes.

Worth noting are two youth-focused employment and skills programmes launched in 2022:

• In partnership with the Yes4Youth organisation, South Deep enrolled 80 unemployed youth from the local community to work on the mine to gain work experience and equip them for jobs in the mining industry. This programme will continue during the current SLP cycle
• The mine also partnered with the Signa Academy to engage disabled youth into a workplace emersion programme. The first group of 80 learners successfully completed their training in 2022 and a further 60 learners were enrolled for 2023

As part of the mine's empowerment structure, in 2010 South Deep established two independent trusts to channel dividend and other income to communities living near the mine and in labour-sending areas. These are the South Deep Community Trust and the South Deep Education Trust. Since their inception, these trusts have invested R15m and R91m in community and education projects, respectively.

South Deep Mining Charter 3 2022 Scorecard

Element	Description	Compliance target	Five-year implementation plan requirement
Ownership	Representation of HDPs	26%
Inclusive procurement	Inclusive procurement	70% of mining goods' procurement spend must be on South African manufactured goods (60% local value = South African manufactured goods)	Yes
		80% of service procurement spend must be sourced from South African-based companies
		Research and 90% development (R&D)
		Sample analysis across the mining value chain
Employment equity (asper the Mining Charter)	Board	% Black persons	Yes
		% Black women
	Executive management	% Black persons
		% Black women
	Senior management	% Black persons
		% Black women
	Middle management	% Black persons
		% Black women
	Junior management	% Black persons
		% Black women
	Employees with disabilities	1.5% of all employees
	Core and critical skills	HDPs represented in core and critical skills pool
Human resources development (HRD)2	HRD expenditure as % of total annual leviable amount (excluding mandatory skills development levy)	5% leviable amount
Mine community development (MCD)	Meaningful contribution towards MCD with bias towards mine communities both in terms of impact, and in keeping with the principles of the social licence to operate	100% compliance with approved SLP MCD commitments	Yes
Housing and living conditions2	Improvement of the standard of housing and living conditions of mine employees	100% compliance with commitments per the H&LCS	Yes

Year (2022) target		Measure	Year (2022) progress1
Target	Gold Fields target
		Meaningful economic participation	35%
		Full shareholder rights
10% (local content verification not required for years 1 – 3)	20%	The total mining goods procurement budget must be spent on South African manufactured goods produced by the following categories, per defined percentage:
		21% on HDSA-owned and controlled company	40%
		5% on women or youth-owned and controlled company	13%
		44% on BEE	52%
70%	80%	The total services budget must be spent on services supplied by the following categories, per defined percentage:
		50% by HDPs	70%
		15% by women-owned and controlled company	25%
		5% by youth-owned and controlled company	4%
		10% by BEE	89%
		Minimum of 70% of the total R&D budget to be spent on South African-based R&D entities	R6,256,635.30
		Utilise South African-based facilities or companies for the analysis of 100% of all mineral samples	99.98%
	67%	50% black persons with exercisable voting rights of which 20% must be female	75%
	33%		50%
	67%	50% black persons of which 15% must be black women	67%
	33%		33%
	47%	50% black persons of which 15% must be black women	42%
	12%		16%
	64%	60% black persons of which 20% must be black women	54%
	25%		19%
	67%	70% black persons of which 25% must be black women	74%
	18%		17%
	1.3%	1.5% as a percentage of all employees	3.41%
	77%	50% black persons	74%
		Invest percentage of leviable amount as defined in the HRD element in proportion to applicable demographics	In 2022, South Deep spent 5% of its annual payroll on skills development programmes
	N/A	Publish the SLP in two languages (dominant community language and English)	Yes
		Implement all approved commitments in the SLP3	During 2022, South Deep continued developing the following projects, which are at various stages of implementation: Provision of land and construction of Hillshaven Clinic (host community) Refurbishment of sports complex (host community) Construction of Westonaria TVET (host community) Construction of Zuurbekom Library (host community) Building and equipping of a science lab at TM Letlhake Secondary School (host community) Farmer support project - Jachfontein (host community) SMME funding and business hub, Westonaria (host community) Construction of a transport hub in Flagstaff, Eastern Cape (labour-sending community)
Mine to submit a Housing and Living Conditions Plan, in terms of Section 4 of the new H&LCS for the mining industry	1:1 person to room ratio	Implement all commitments per the H&LCS	The occupancy rate for 2022 was 29%. South Deep still maintains one person per room for its Dense Accommodation facilities, and promotes homeownership through interest fee loans and discount on the purchase of company homes

BEE – Black Economic Empowerment
HDP – Historically Disadvantaged Person
H&LCS = Housing and Living Condition Standard
1	This column records the mining rights holder's performance against the Mining Charter scorecard targets
2	This element has not been assured externally
3	Only the number of Community Development Commitments and its progress are externally assured

HUMAN RIGHTS

We recognise our mining activities have the potential to adversely impact the human rights of our stakeholders – particularly our workforce and members of our host communities. Gold Fields is committed to upholding and respecting the human rights of these important stakeholder groups.

Our Human Rights Policy Statement, which is embedded in our Code of Conduct, applies to everyone working for Gold Fields, including directors, contractors and suppliers.

Our Code of Conduct can be found on our website at www.goldfields.com/code-of-conduct.php

The Human Rights Policy Statement commits Gold Fields to, among other things:

• Uphold fundamental human rights and freedoms
• Undertake human rights due diligence assessments
• Provide training and guidance for all relevant employees, including security employees and contractors
• Raise awareness of human rights issues with our business partners and collaborate with them to address any concerns identified
• Encourage diversity and inclusivity in our workplace
• Provide on-site grievance mechanisms for our workforce and communities

The Human Rights Policy Statement is informed by and supports various international standards. These include the UN Guiding Principles on Business and Human Rights, the conventions of the International Labour Organization, the UN Universal Declaration of Human Rights, the Voluntary Principles on Security and Human Rights (VPSHR), the ICMM Mining Principles and Performance Expectations and the World Gold Council Responsible Gold Mining Principles.

Eight salient human rights have been identified at Gold Fields. These issues have the potential to cause the most severe negative impacts because of our activities or business relationships, and mitigating them is the focus of work by our operational teams.

In 2022, our operations and project continued to implement mitigation plans to address the findings of our most recent human rights due diligence assessments, as detailed below. Key findings from this assessment are:

• All operations have a low probability of adverse human rights impact, and no operation was identified as having a high probability of adverse human rights impact
• Physical and psychological safety, as well as procurement and gender issues, have a medium probability for adverse impact at most operations

We continued the roll-out of our elearning human rights training in 2022 to equip all our employees with a sound understanding of human rights, how these rights affect our company and stakeholders, and empower our people to uphold these rights. Over 90% of those assigned to the training completed it.

Workforce

Our Human Rights Policy Statement commits Gold Fields to protect the rights of our workforce and uphold freedom from child labour, freedom from forced or compulsory labour, freedom from discrimination (while recognising the need to affirm previously disadvantaged groups) and freedom of association and collective bargaining.

Our Diversity Policy details our commitment to equality and the zero-tolerance approach we take to discrimination.

We have internal grievance mechanisms in place to ensure employees and contractors can raise human rights concerns. Grievances are handled by Gold Fields' HR function in consultation with legal teams. A confidential third-party whistleblowing hotline is in place for stakeholders. These mechanisms will be reviewed in 2023 in response to learnings from our workforce culture review.

Performance in 2022

• We have a 2030 diversity target of 30% female representation. We achieved 23% Group-wide representation during 2022, and continue to drive and report on additional diversity and inclusion indicators see People programmes for strategic delivery
• We continued to incorporate gender diversity as a metric in our long-term incentive programme
• We updated policies related to job recruitment and selection, as well as flexible work practices
• We conducted an independent review of gender and ethnicity (South Africa) pay parity and are addressing the findings
• We adopted recognised living wage methodologies for our countries of operation, and publicly committed to pay all employees a living wage
• To address adverse findings from the extensive employee surveys we undertook in 2022, we introduced culture, leadership and operating model strategic initiatives
• We started an independent, Group-wide review to identify additional measures for safe, inclusive and respectful workplace environments. See Building a safe and respectful workplace for further information about gender safety at our mines
• Following the 2021 internal and external reviews of our workforce culture in Australia, we commenced with the implementation of our Respectful Workplaces #listen programme around creating safe, respectful and inclusive workplaces

Our Living Wage commitment can be found on our website at www.goldfields.com/living-wage.php

Community

We seek to develop mutually beneficial relationships with our host communities through meaningful engagement based on mutual respect and trust. More than for any other stakeholder, our operations have the potential to adversely impact the rights, traditions and cultures of our host communities.

Our Community Policy requires everyone working for or on behalf of Gold Fields to undertake mining activities in a way that avoids harm and builds respectful relationships with communities.

Performance in 2022

• No resettlement was undertaken at our operations
• We continued the roll-out of our ASM Strategy at our Ghanaian operations
• Our Australian sites aligned their plans with the region's revised Aboriginal Engagement Strategy and Cultural Heritage Management Standard by developing detailed engagement and cultural see heritage management plans

Community grievance mechanisms

We are committed to addressing community issues and concerns relating to our operations timeously and effectively, where possible. We rely on an external grievance reporting system to maintain confidence and transparent communication with our stakeholders. This mechanism enables and encourages community members to voice their complaints freely, while obligating our mines to address the grievances within an agreed period. Where our team is not able to resolve grievances, they are escalated to independent mediation.

During 2022, our operations dealt with 92 (2021: 65) grievances lodged by our communities, of which 16 related to jobs and procurement, 29 to social and 48 to environmental-related issues. We resolved 84% of these grievances within the agreed timeframes. The grievances that took longer to resolve mostly concerned our contractors and suppliers.

Suppliers

Our suppliers are required to comply with the principles of the Group Code of Conduct and our Human Rights Policy Statement, among others, as a standard provision in all third-party contractual agreements. An external third-party screening system evaluates new and existing suppliers and contractors monthly for an array of pre-defined risk categories, including workers and other human rights and related violations and/or transgressions.

Gold Fields is committed to responsible materials stewardship. We support global efforts to prevent the use of newly mined gold from financing conflict. We implement the World Gold Council's Conflict-Free Gold Standard. No infractions were incurred in 2022.

Further information is available at www. goldfields.com/sustainability-reporting.php

Performance in 2022

• Gold Fields registered its second Modern Slavery Compliance Statement with the Australia Federal Government
• Gold Fields Australia continued to implement a new cloud-based supplier sustainability solution to enhance its responsible sourcing programme in the areas of human rights, with the option to expand its use in the future for supply chain decarbonisation

Security

Gold Fields' protection services teams work with private and public security providers to protect our workers and assets effectively and responsibly. Our operations are aligned with the VPSHR, a commitment we first made in 2017.

All Gold Fields and private security contractors receive human rights training during the induction process and at least annually thereafter, including the VPSHR. Security is managed at regional level because each region has its specific context.

Performance in 2022

• There were no incidents of human rights abuse by private security or public law enforcement at our operations
• A total of 49 police officers deployed to our Damang and Tarkwa sites in Ghana received VPSHR training
• Training of security officers at South Deep meets the International Code of Conduct for Private Security Providers, and covered topics on the use of force by security officers, handling of firearms, health and safety, reporting and complaints handling
• Training in the VPSHR was provided to 488 members of Peru's National Police
• Implementation of the VPSHR continued at our Salares Norte project
• There were 32 illegal mining incidents at our Ghana operations – all minor in nature – which were resolved peacefully in accordance with our ASM Strategy and our VPSHR commitment