2024
Gold Fields Limited
Integrated Annual Report
Catastrophic risks
Link to strategy |
|
| Strategic pillar 1: Deliver safe, reliable and cost-effective operations | |
| Strategic pillar 2: Deliver positive social and environmental impact | |
| Board oversight of catastrophic risks | |
| SHSD Committee | |
| 1 | TSF failure |
| Catastrophic TSF embankment failure | |
Mitigating strategy |
|
| We strive to fully comply with the Groups TSF Management Policy and Management Standard, as well as international guidelines like the Australian National Committee on Large Dams, SANS and CDA. Our combined assurance approach is bolstered by the annual Independent Geotechnical and Tailings Review Board reviews at Cerro Corona (Peru) and Tarkwa (Ghana), where our four TSFs with "extreme" or "very high" consequence category ratings are located. In addition, we continue to implement the GISTM in line with targets and timing. | |
| 2 | Geotechnical |
| Significant pit wall slope or underground failure | |
Mitigating strategy |
|
| Our portfolio comprises deep-level mines that are seismically active due to induced stresses approaching or exceeding the strength of the rock mass. Gold Fields’ geotechnical team conducts annual reviews of all geotechnical incidents and incident types at our operations to identify trends and reduce the likelihood of recurrence. We aim to use industry best practices in seismological monitoring and analysis, in addition to using dynamic ground support at relevant operations. |
|
| Deformation and seismic analyses performed by the second-line function have not identified any significant anomalies. Our combined assurance approach is supported by the work conducted by the Geotechnical Review Board – consisting of independent and internal industry experts – at South Deep for all major projects, the Australian underground operations (when necessary) and for all pit cutbacks at our other operations in Australia, Ghana, Chile and Peru. | |
| 3 | Flooding |
| Major incident causing loss of life and property damage | |
Mitigating strategy |
|
| The typical design of Gold Fields’ operations considers probable precipitation and flood modelling to ensure we have appropriate mitigation measures in place. Flooding and other associated risks form part of the ICMM’s Critical Control Management programme, where control measures are audited internally and verified by independent parties. We recently initiated a flood study across all of our operations, and we are using the preliminary outcomes to define risk mitigation priorities going forward. | |
| 4 | Transportation |
| Potential incidents while transporting people or hazardous materials by air or bus | |
Mitigating strategy |
|
| We only use reputable and accredited airline companies, and where it is necessary to charter flights, these companies must be accredited by their respective civil aviation authorities. Where we use buses to transport employees, we follow a rigorous selection process to award transport contracts. We also apply strict transportation standards, including inspection and maintenance, and fatigue management, and continually seek ways to implement new technology. We have undertaken comprehensive risk assessments to ensure compliance to relevant transportation standards. | |
| 5 | Fire and explosion |
| Major incident causing loss of life and property damage | |
Mitigating strategy |
|
| Our operations implement and adhere to mandatory codes of practice and mine standards for fire prevention and flammable gas explosions. We have second-line guidance and oversight in place across the Group to address this risk, and we are implementing a Combined Assurance Strategy. Annual independent review of our fire protection systems occurs as part of the insurance risk engineering review process. | |
| 6 | Water barrier pillars |
| Impact of Ezulwini rewatering on South Deep | |
Mitigating strategy |
|
| The reinforced concrete water plugs between South Deep and the neighbouring Ezulwini mine, owned by Sibanye-Stillwater, are regularly inspected, and an ongoing condition-monitoring programme is in place. A level two water barrier pillar review at South Deep during 2024 did not identify any anomalies. A lengthy legal process brought by Sibanye-Stillwater came to a final conclusion at the Constitutional Court in November 2023, reaffirming Ezulwini’s obligations to continue pumping water until the relevant mine closure certificate has been issued by the regulator, which will take some time. South Deep is working with Sibanye-Stillwater to ensure Ezulwini remains dewatered. | |
| 7 | Asset integrity |
| Material damage to operations or infrastructure | |
Mitigating strategy |
|
| Our technical function developed a risk-based asset management strategy that primarily focuses on the integrity of physical infrastructure and equipment across the Group. The objective is to provide a consolidated portfolio view of risk and to enhance our critical controls to ensure safe and sustainable production. | |
| During Q4 2024, the process commenced with a mine-level infrastructure and equipment risk assessment across all operations, except for Salares Norte and Cerro Corona. The assessment aimed to consolidate and standardise the classification of risks across the portfolio. The risks identified were found to be almost exclusively known and mitigated at a mine level. | |
