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Corporate governance

Corporate governance

The financial 2010 statement outlines the Gold Fields Mineral Resource and Mineral Reserve at each of its operating mines and growth projects, as at 30 June 2010. The Mineral Resource and Mineral Reserve information reported is considered important for disclosure and it reflects a level of detail required for completeness, transparency and materiality. The Group’s Mineral Resource and Mineral Reserve figures, which have been carefully prepared and verified, are estimates and can be affected by changes in the gold price, fluctuations in the US dollar exchange rates, costs and operating factors. Mineral Resources are reported inclusive of Mineral Reserves and stability pillars in underground operations.

Gold Fields is in the process of changing its financial year-end from June to December to align with the company’s peers in the gold mining industry. As a result, the compilation of the annual Mineral Resource and Mineral Reserve supplement, which normally accompanies the annual report, will only be published with the new annual report for the financial period to 31 December 2010. Consequently, the 30 June 2010 Mineral Resources and Mineral Reserves primarily reflect mining depletion of last year’s figures, except where material differences were encountered for technical or economic reasons, in which case suitably revised models and schedules were implemented.

This statement has been compiled in alignment with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), which is aligned to section 12 of the Johannesburg Stock Exchange (JSE Limited) Listings Requirements and Industry Guide 7 for reporting on the United States Securities and Exchange Commission (SEC). Cognizance is taken of other relevant international codes, where geographically applicable, such as the Australian JORC Code and Canadian NI 43-101. The process followed in producing the declaration is aligned to the guiding principles of the Sarbanes- Oxley (SOX) Act of 2002.

  Operation
Methodology applied
Mineral Resources Mineral Reserves
  Driefontein 30 June 2009 – depleted 30 June 2009 – depleted
  Kloof 30 June 2009 – depleted 30 June 2009 – depleted
    plus exclusions at 7 Shaft plus exclusions of lower grade ore at 7 Shaft and high
      grade pillars for safety reasons
  Beatrix 30 June 2009 – depleted 30 June 2009 – depleted
      plus exclusions of specific mining areas as a result of
      infrastructure and footprint reduction
  South Deep 30 June 2009 – depleted 30 June 2009 – depleted
  Tarkwa 30 June 2009 – depleted Additional exploration drilling incorporated and new model
      for the ridge portion of Akontansi, updated Reserve costs,
      optimisation and schedule
  Damang Additional exploration drilling incorporated, owner Additional exploration drilling incorporated, owner mining
    mining costs, updated Resource models costs, updated Reserve schedules
  St Ives Additional exploration drilling incorporated, updated Additional exploration drilling incorporated,
    Resource models updated Reserve schedules
  Agnew Additional exploration drilling incorporated, owner Additional exploration drilling incorporated, owner mining
    mining costs, updated Resource models costs, and updated Reserve schedules
  Cerro Corona Sylvita Concession cut-back incorporated, revised Sylvita Concession cut-back incorporated, revised costs
    costs, steeper slope angles, updated grade control and prices, steeper slope angles, updated grade control
    model included in overall Resource model, waste model included in overall Resource model, capacity of TSF
    constraint of 160 Mt increased by 6 Mt

Resources and Mineral Reserves (2007 SAMREC Code), which is aligned to section 12 of the Johannesburg Stock Exchange (JSE Limited) Listings Requirements and Industry Guide 7 for reporting on the United States Securities and Exchange Commission (SEC). Cognizance is taken of other relevant international codes, where geographically applicable, such as the Australian JORC Code and Canadian NI 43-101. The process followed in producing the declaration is aligned to the guiding principles of the Sarbanes- Oxley (SOX) Act of 2002.

Covering the entire Group’s Mineral Resource Management (MRM) function, the rigorous internal control process is accepted as being SOX compliant, leading to world-class corporate governance practices.

The commodity prices used for the Mineral Resource and Mineral Reserve declaration are in accordance with the SEC guidelines and approximate the historical two to three-year average commodity prices.

The SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Certain terms referencing Mineral Resources are used in this report, such as “Measured, Indicated and Inferred Mineral Resource”, that the SEC guidelines strictly prohibit companies from including in filings, as the latter are restricted to Mineral Reserves only. United States (USA) investors are urged to consider closely the disclosure in the company’s Form 20-F.