2024
Gold Fields Limited
Integrated Annual Report
South Deep
South Deep is a bulk, mechanised underground gold mine situated in the Witwatersrand Basin of South Africa. It is Gold Fields' only South African operation, with one of the world's largest known gold ore bodies. South Deep is a long-life asset that continues to focus on improving productivity and profitability. Gold Fields' holds 96.4% of South Deep, with the remainder owned by its BEE partners.
Key developments during 2024
South Deep had a tough start to 2024, with operational momentum impacted by a fatal incident on 2 January 2024. This was compounded by reduced stope access owing to increased backfill rehandling and slow drilling through crushed ground, resulting in slower stope turnaround.
Gold production decreased by 17% to 8,313kg (267koz) in 2024 from 10,021kg (322koz) in 2023, largely driven by lower longhole stoping volumes and lower grade and gold contribution from destress cuts. Lower volumes from the longhole stopes were due to increased backfill rehandling restricting access to stopes and slower stope turnaround.
Reef grade mined decreased by 10% to 5.77g/t from 6.41g/t in 2023 in line with the business plan, largely driven by the mining footprint and mining mix between longhole stoping and destress. AIC increased by 32% to R1,057,462/kg (US$1,794/oz) in 2024 from R800,097/kg (US$1,349/oz) in 2023, mainly due to the lower gold sold, higher cost of sales before amortisation and depreciation and higher capex.
Capex increased by 19% to R2,046m (US$112m) in 2024 from R1,717m (US$93m) in 2023, mainly due to legislative requirement to safely manage machine and human interaction CAS level 9, annual major components replacements and fleet refurbishments as well as new mine development. South Deep generated an adjusted FCF of R3,070m (US$168m) in 2024 compared to R3,755m (US$204m) in 2023. The 18% decrease is mainly due to a decrease in gold sold, partially offset by the higher gold price received.
Outlook
South Deep is expected to produce between 8,700kg – 9,500kg (280koz – 305koz) in 2025. AISC and AIC are expected to be R1,037,300/kg – R1,132,700/kg (US$1,745/oz – US$1,905/oz).
2024 performance
Deliver safe, reliable and cost-effective operations
2024 performance
- One fatality and one serious injury
- TRIFR of 4.8
- Adjusted FCF of R3,070m (US$168m)
- Backfill issues addressed in H2 2024
Deliver positive social and environmental impact
2024 performance
- 2,613 employees and 2,653 contractors – 61% of our people are employed from our host community
- 28% of employees are women
- 431kt CO2e Scope 1 and 2 carbon emissions
Grow the value and quality of our portfolio of assets
2024 performance
- Gold Mineral Resources of 25Moz and Mineral Reserves of 28Moz
- Progressed with development towards the South of Wrench fault
South Deep's gold Mineral Reserves decreased by 241koz, due largely to depletion. At 31 December 2024, South Deep had attributable gold Mineral Reserves of 28.0Moz. Brownfields exploration is focused on the South of Wrench (new mine) area. The mine's LOM is 85 years given new long-term production forecasts.
Mineral Reserve reconciliation Gold (koz)
| 2025 guidance | 2024 actual | 2024 guidance (revised) | 2023 actual | ||||
| Production | AIC | Production | AIC | Production | AIC | Production | AIC |
| (kg (koz)) | (R/kg (US$/oz)) | (kg (koz)) | (R/kg (US$/oz)) | (kg (koz)) | (R/kg (US$/oz)) | (kg (koz)) | (R/kg (US$/oz)) |
| 8,700 – 9,500 | 1,037,300 – 1,132,700 | 8,313 (267) | 1,057,462 (1,794) | 7,800 – 8,200 | 1,120,966 – 1,174,345 | 10,021 (322) | 800,097 (1,349) |
| (280 – 305) | (1,745 – 1,905) | (250 – 264) | (1,890 – 1,980) | ||||
