2024
Gold Fields Limited
Integrated Annual Report
About this report
Our reporting suite provides our stakeholders – including our providers of capital – with Gold Fields' (Gold Fields, the Company or the Group) progress against strategic plans, as well as our long-term prospects, as we create sustainable value for all stakeholders.
Our 2024 IAR provides a detailed view of Gold Fields' performance for the financial year ended 31 December 2024. It reflects on the Group's operational, financial and non-financial performance against our three strategic pillars (Our purpose, strategy and values) and how this created, preserved or eroded value for our key stakeholders (Our stakeholders).
Our financial reporting boundary includes the financial performance of our subsidiaries, joint ventures (JVs) and investments. It includes material information relating to our nine mines in Australia, South Africa, Ghana, Chile and Peru, as well as our Windfall project in Canada. In March 2024, the divestment of our 45% stake in Asanko Gold Mine in Ghana was finalised. All relevant information for 2024 is still included in this report. We detail our geographical footprint in Where we operate.
We have also included any material events after year-end and up to the Board approval date of 27 March 2025.
The term "attributable" as it relates to production refers to 100% of our operations except for Gruyere (50%), South Deep (96.4%), Damang (90%), Tarkwa (90%) 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, except for Gruyere (50%), South Deep (90.3%), Damang (90%), Tarkwa (90%) and Cerro Corona (99.5%). The term "managed" relating to production and Mineral Reserves and Mineral Resources refers to 100% of our mines and projects, except for Gruyere (50%). The net debt:EBITDA ratios mentioned refer to adjusted EBITDA, and we present Group and mine All-in costs (AIC) and All-in sustaining costs (AISC) in terms of the original World Gold Council (WGC) interpretation.
Unless stated otherwise, non-financial data included in the report relates to eight operating mines and excludes Salares Norte (which has not yet achieved commercial levels of production) and the Windfall project. Socio-economic development (SED) spend includes spend by the South Deep trusts and the Gold Fields Ghana Foundation.
We used average exchange rates of R18.33/US$1, US$0.66/A$1 and US$0.73/C$1 for 2024 (2023: R18.45/US$1, US$0.66/A$1 and US$0.74/ C$1; 2022: R16.37/US$1 and US$0.69/A$). We use guidance exchange rates of R18.50/US$1, US$0.66/A$1 and US$0.71/C$1 for 2025.
No information has been restated from previous reporting periods unless otherwise specified.
Reporting landscape
In preparing this IAR, we applied and complied with the following frameworks, standards and acts:
- Integrated Reporting Framework
- Companies Act No 71 of 2008, as amended (Companies Act)
- Johannesburg Stock Exchange (JSE) Limited Listings Requirements
- New York Stock Exchange (NYSE) Listings Requirements
- United States (US) Securities and Exchange Commission (SEC)
- King IV Report on Corporate Governance for South Africa 2016 (King IV)1
- International Financial Reporting Standards (IFRS) Accounting Standards
Our non-financial data has been published in accordance with 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.
See our disclosures in accordance with the GRI Standards at www.goldfields.com/sustainability-overview.php
We comply with the ICMM's Sustainable Development Framework, Mining Principles, Performance Expectations and Position Statements. Our compliance with 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 PrinciplesRA
- How we identify specific sustainable development risks and opportunities based on our review of the business and expectations of its stakeholdersRA
- The systems and approaches we implemented to manage the sustainable development risks and opportunities identifiedRA
- Our performance across the identified material sustainable development risks and opportunitiesRA
- Our prioritisation process for validation of Performance ExpectationsRA
Our ICMM Mining Principles and Performance Expectations conformance self-assessment is updated annually and can be accessed in the ESG databook. Our ICMM Mining Principles and Performance Expectations' Self Assessment and Independent Validation Statement report can be accessed here.
We take our commitment to producing gold in a responsible way seriously. To demonstrate this, we rejoined the WGC in January 2022 and endorse the Responsible Gold Mining Principles and conform with its Conflict-Free Gold Standard.
Our Conformance Statement to the Conflict-Free Gold Standard, along with independent external assurance is reviewed and updated annually. It can be found here.
We completed our inaugural WGC Responsible Gold Mining Principles Conformance self-assessment in 2024, which we will continue to review and update annually. The self assessment is included in our ESG databook. The independent external assurance will be disclosed on our website.
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The content of this report is guided by the Group's key material themes and material matters, which could substantively impact the Group's ability to create value in the short, medium and long term. We review and update our GRI-aligned materiality analysis annually to identify and confirm these matters.
Refer to Material matters for more information on how we determine our material themes and material matters.
Assurance
PwC Inc. provided independent reasonable assurance opinion (RA) over key sustainability information in this report, which is prepared in accordance with the GRI Universal Standards. As a member of the ICMM, we are committed to obtaining assurance in line with the ICMM Assurance and Validation Procedure. The key sustainability performance data assured by PwC Inc. in 2024 is detailed in Independent Auditor's Reasonable Assurance Report on the Selected Sustainability Information in Gold Fields Limited Integrated Annual Report.
United Nations Sustainable Development Goals
As a responsible gold miner, we believe we can create lasting socio-economic value for our people, host communities and governments. The Sustainable Development Goals (SDGs) – a universal call to action to end poverty, protect the planet and ensure that by 2030 all people enjoy peace and prosperity – are key to our purpose of creating enduring value beyond mining. While we recognise the equal importance of all 17 SDGs, we prioritise 12 where we believe we have the greatest ability to deliver meaningful impact.
We are committed to disclosing accurate information that our stakeholders can use in their decision-making. The preparation of this report was led by senior management, with oversight from our Executive Committee and Board of Directors (Board). The IAR was submitted to the Group's Audit Committee for review, who recommended it to the Board for approval.
Gold Fields' Board of Directors acknowledges its responsibility to ensure the integrity of the 2024 IAR. The Board believes this report addresses all matters that could materially 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 Company's Memorandum of Incorporation, the relevant statutory and regulatory requirements – particularly the Integrated Reporting Framework, IFRS Accounting Standards and the Companies Act.
The Board unanimously approved the 2024 IAR on 27 March 2025.
Yunus Suleman
Chairperson
To view our disclaimer on forward-looking statements contained in this IAR, visit www.goldfields.com/disclaimer.php
Refer to our website for the definitions used in preparing assured information: https://www.goldfields.com/sustainabilityperformance. php
Refer to our glossary of terms, of the Annual Financial Report.
Integrated Annual Report
Our primary report to stakeholders, detailing the Group's value creation story over time
Governance and Remuneration Report
Outline of our governance philosophy, remuneration policies and implementation approach
Notice of Annual General Meeting
The resolutions to be tabled to shareholders at our Annual General Meeting (AGM)
Annual Financial Report
Our Directors' Report, Audit Committee Report and Annual Financial Statements, fulfilling our statutory financial reporting requirements
Mineral Resources and Mineral Reserves Supplement
Detailed technical and operational information relating to our mines and growth projects
Climate Change and Environment Report
Our Climate Change and Environment 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
GRI Content Index cross-references to the ICMM Principles, United Nations (UN) Global Compact Principles, UN SDGs and the Value Reporting Foundation (to be published in April 2025)
Form 20-F
Our annual report on Form 20-F filed with the US SEC as a foreign private issuer trading on the NYSE
Gold Fields' reporting suite can be accessed online at www.goldfields.com/2024-annual-report-suite.php and is also available in PDF format.
