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Assurance report

Assurance report

REPORT OF THE INDEPENDENT ASSURERS

To the Board of Directors and Management of Gold Fields Limited

Introduction

We have been engaged by the management of Gold Fields Limited (“Gold Fields”) to conduct an independent limited assurance engagement in respect of selected subject matter reported in Gold Fields’ annual report 2010 for the year ended 30 June 2010 (“the Report”). This assurance report applies only to the subject matter as referenced herein.

Subject matter

The subject matter as listed below was selected for an expression of limited assurance. We refer to this information collectively as the “Identified Sustainability Information”.

  • The alignment of Gold Fields’ sustainability policies to the International Council of Mining and Metals (ICMM) 10 Sustainable Development Principles (Development">page 93 and website: www.goldfields.co.za)
  • Gold Fields’ material sustainable development risks and opportunities based on its own review of the business and the views and expectations of its stakeholders (page 139 and 140).
  • The systems and approaches that Gold Fields has implemented to manage its material sustainable development priorities as related to the Key Performance Indicators (KPIs) listed below.
  • Gold Fields’ performance on its sustainable development priorities by way of the selected KPIs:
    –– Number of fatalities (page 107).
    –– Medically Treated Injury Frequency Rate (MTIFR) (page 107).
    –– Lost Time Injury Frequency Rate (LTIFR) (page 107).
    –– Percentage of workforce on the voluntary counselling and testing (VCT) programme (page 109).
    –– Number of people on high-active anti-retroviral treatment (Haart) (page 107, 109).
    –– Percentage historically disadvantaged South Africans (HDSA) in management (page 103).
    –– Number of women in mining (page 103).
    –– Total amount of corporate social investment (CSI) spend in ZAR (page 98, 99).
    –– Amount of CO2 emissions in tonnes (page 115).
    –– Average quality of water discharged in milli-Siemens/metre (mS/m) (page 111).
    –– Total number of level 2 and level 3 environmental incidents reported (page 111 and 113).
    –– Statement that all operations are ISO 14001 certified (page 94).
    –– Statement that an appropriate protocol is in place to ensure that all employees are trained on the code of ethics (page 133).
  • Gold Fields’ self-declared A+ GRI G3 application level (page 93).

Directors’ responsibility

Gold Fields’ directors are responsible for the selection, preparation and presentation of the identified subject matter and GRI application self-declaration in accordance with the GRI’s new generation (G3) guidelines and the ICMM sustainable development framework.

Responsibility of the independent assurers

Our responsibility is to conduct a limited assurance engagement and, based on our assurance procedures, report our conclusions to the directors.

Work performed

We conducted our engagement in accordance with the International Standards for Assurance Engagements 3000, “Assurance Engagements other than audits or reviews of historical financial information” (ISAE 3000) issued by the International Auditing and Assurance Standards Board; and the ICMM Sustainable Development Framework Assurance Procedure.

The requirements as set out by both the ICMM Sustainable Development Framework Assurance Procedure and the reporting criteria as stipulated by the GRI new generation (G3) guidelines, have been applied as assurance criteria. Gold Fields’ internal corporate reporting procedures were applied as criteria for testing the selected KPIs in the scope of assurance.

Our work consisted of:

  • Reviewing Gold Fields’ implementation of the ICMM requirements;
  • Obtaining an understanding of the systems used to generate, aggregate and report data at selected operations in South Africa, Ghana, and Peru;
  • Conducting interviews with management at the sampled operations and at head office;
  • Applying the assurance criteria in evaluating the data generation and reporting processes;
  • Performing key controls testing;
  • Testing the accuracy of data reported on a sample basis;
  • Reviewing the consistency between the subject matter and related statements in the report; and
  • Reviewing the validity of Gold Fields’ self-declared GRI application level in the annual report.

Inherent limitations

Non-financial data is subject to more inherent limitations than financial data, given both the nature and the methods used for determining, calculating, sampling or estimating such data. Qualitative interpretations of relevance, materiality and the accuracy of data are subject to individual assumptions and judgements.

The evidence gathering procedures for limited assurance are more restricted than for reasonable assurance and therefore less assurance is obtained with limited assurance than for reasonable assurance.

Conversion factors used to derive emissions and energy used from fuel and electricity consumed, are based upon information and factors derived by independent third parties. Our assurance work has not included an examination of the derivation of those factors and other third party information.

We have not carried out any work on data reported for prior reporting periods, nor in respect of future projections and targets. We have not conducted any work outside of the agreed scope and therefore restrict our opinion to the agreed subject matter.

Conclusion

We were unable to express an opinion on the percentage of workforce on the VCT programme reported, as the data collection and record keeping system for this KPI had not been operational for the full reporting period.

In our opinion, except for the percentage of workforce on the VCT programme referred to above, nothing has come to our attention causing us to believe that the Identified Sustainability Information selected for limited assurance for the year ended 30 June 2010 is misstated in any material respects.

PricewaterhouseCoopers Inc
Director: Wessie van der Westhuizen
Registered Auditor

Johannesburg
10 September 2010