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Our business model

Learn about the resources we rely on, our business processes, outputs and outcomes in 2024.

Inputs

The resources we rely on

Human capital

The collective knowledge, skills and expertise of our employees and contractors.

6,560 employees (2023: 6,297) and 16.330 contractors (2023: 15,229)
US$12.3m spent on training and development (2023: US$8.8m)
US$498m paid in wages, benefits and bonuses (2023: US$453m)
A refined organisational structure to provide stronger functional leadership, guidance and support to our operations
A culture that encourages us to be one, caring, inclusive and empowered team; create a safe and respectful workplace; encourages us to work together; and unlocks potential through learning and innovation

Resource constraints

Maintaining a workplace culture that holds safety, diversity and inclusivity, and respect at its core
Attracting, developing and retaining top skills in a highly competitive environment
Employing and developing people from our host communities
Ensuring we have the right leadership skills and succession planning in place to deliver on our strategy

Intellectual capital

The intellectual assets that inform our strategic objectives, drives innovation and efficiencies, and supports risk management.

US$1,930 per employee invested in training (2023: US$1,400)
An asset optimisation (AO) programme aimed at identifying opportunities across the business
Group-wide job architecture detailing knowledge, skills, qualifications, behavioural and technical competencies required for all roles

Resource constraints

Retaining the right skills, experience and knowledge to meet the needs of an increasingly mechanised, modernising and automated mining industry
Ensuring a well-balanced and effective Board, through succession planning for non-executive directors (NEDs)

Natural capital

We rely on access to land to extract gold, copper and silver resources, and on water security and reliable energy supply for our mining and processing activities.

44.3Moz gold attributable Mineral Reserves (2023: 44.6Moz)
42.0Moz gold attributable Mineral Resources EMR (2023: 40.5Moz)
14.4PJ^RA energy consumed (2023: 14.0PJ)
18.0GL^RA water withdrawn (2023: 18.3GL)

Resource constraints

Mitigating our greenhouse gas emissions and managing the impact of climate change on our operations and host communities
Reducing Group carbon emissions cost-effectively and increasing renewable energy sources while maintaining business sustainability
Operating in water-stressed regions and securing a steady power supply while managing the increased cost of energy
Replacing depleted Mineral Reserves

Social and relationship capital

The quality of our stakeholder relationships supports our sustainability and licence to operate.

Distributed US$4.2bn^RA to national economies, of which 35%^RA (US$1.27bn^RA) remained with our host communities
US$16.61m^RA invested in SED programmes and projects in our host communities (2023: US$17m)
2,052 stakeholder engagements with our host communities and governments (2023: 2,042)
Extensive one-on-one engagements with our shareholders, bond investors and analysts

Resource constraints

Addressing the trust gap between governments, communities and mining companies
Navigating skills constraints in host communities as we seek to source employees from these communities
Sharing access to water with neighbouring communities
Navigating pressures on companies to address major societal issues
Managing constraints in local government capacity and resources in emerging countries

Financial capital

Banks, shareholders and bondholders provide our financial capital, on top of the cash generated by our operations, which enables us to create value across all capitals.

US$5,367m total equity (2023: US$4,620m)
US$605m adjusted FCF generated (2023: US$367m)
Sustainability-linked loans to refinance a US$1.2bn revolving credit facility and extend a A$500m syndicated credit facility

Resource constraints

Managing the impact of market sentiment and geopolitical developments on key cost drivers
Investing in our mines to ensure safe, reliable and cost effective production while concurrently investing in their growth and extension of life
Considering strategic investment and divestment opportunities

Manufactured capital

Our mines and our ongoing investment in machinery, equipment, technology, and information and communications technology infrastructure enable us to deliver our products.

Nine operating mines and one project
US$1,183m capital expenditure (capex) (2023: US$1,055m)
US$849m sustaining capital and US$334m growth capital (2023: US$692m; US$363m)

Resource constraints

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

Business processes

How we create value

Exploration

Our near-mine and selected greenfields exploration, some of which are in partnership with junior miners, focuses on resource extension to enhance the long-term sustainability of our portfolio.

Development

We invest in developing projects that improve the cost and production profile of our portfolio.

Mining

We extract gold, silver and copper-bearing ore from open-pit and underground mines through mechanised processes – 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 LOM.

Outputs

What we produce

2.07Moz

attributable gold-equivalent production
(2023: 2.30Moz)

22kt

attributable copper production
(2023: 27kt)

145koz

attributable silver production

138Mt

mining waste produced

1,632kt CO₂

Scope 1 and 2 emissions^RA

Outcomes

The value we create, preserve or erode

Positive outcomes

Negative outcomes

Being addressed

Strategic pillar 1

Deliver safe, reliable and cost-effective operations

	Two fatalities, and a further non‑operational fatality that occurred off-site
	Zero^RA new cases of Silicosis submitted to health authorities
	Three^RA serious injuries
	Continued investment in South Deep, South Africa's largest bulk, mechanised, underground gold mine
	Increased use of real-time data and artificial intelligence (AI) to analyse it, enabling decisions that facilitate safer and more productive mines
	Increased use of remote mining and collision avoidance at South Deep, and our Ghanaian and Australian mines, which remove people from potentially dangerous areas
	US$510m paid in interest and dividends
	24% increase in AIC, largely due to lower gold sold, additional gold inventory charges, higher sustaining capex and increased royalties
	Net debt increased to US$2,086m, but still below our target
	Shareholder return of 26.5% over the five-year period to 31 August 2024 (dividends reinvested) – number 7 ranking in the Sunday Times Top 100 companies award
	Total dividend of R10/share
	South Deep's backfill issues in H1 2024 slowed production, but recovered in H2

SDGs affected

Capitals affected

Strategic pillar 2

Deliver positive social and environmental impact

	Zero serious environmental incidents, maintaining the trend since 2018
	Recycled/reused 74%^RA of water withdrawn and reduced our freshwater withdrawal by 23% against a 2018 baseline
	Achieved an A- score in the CDP's Water Disclosure Project
	Achieved greater energy supply security and reduced energy costs
	1,632kt CO₂e^RA Scope 1 and 2 emissions – 4% below the 2016 base year
	The Board approved a renewable power project at St Ives – the largest in the Group's portfolio. Construction started in mid-2024
	Commenced construction to expand Granny Smith's solar plant
	Obtained approval for the environmental impact assessment for in-pit tailings deposition at Cerro Corona
	All mines implemented at least 80% of their progressive rehabilitation plans
	41 community grievances, of which 92% were resolved within the agreed timeframe
	52%^RA of our workforce are from host communities
	41%^RA (or US$1,121m^RA) of total procurement costs spent with host community enterprises
	11,017 in host community mining value chain jobs
	US$662m^RA paid to governments in taxes, royalties and dividends
	25%^RA of our employees are women, including women in leadership (2023: 25%) against a target of 30% by 2030

SDGs affected

Capitals affected

Strategic pillar 3

Grow the value and quality of our portfolio of assets

	Salares Norte commenced production and delivered first gold – a significant milestone in a 13-year journey
	Invested US$84m in near-mine exploration (including the Windfall project)
	Acquired 100% of the outstanding shares of Osisko Mining, giving Gold Fields full ownership and control of the Windfall project and its entire exploration district
	Delay in obtaining the requisite approvals from the government of Ghana to move ahead with the proposed Tarkwa/Iduapriem JV
	Mineral Reserves down 0.7% net of depletion
	US$641m in gross mining closure liabilities (including the Windfall project)
	Investment in junior miners to expand greenfields exploration
	Disposal of non-core assets, including a 24% interest in Rusoro and a 45% in Asanko

SDGs affected

Capitals affected