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Introduction
Figure 1: Key operating statistics (pre-unbundling)
| Mine | Managed production (Au-Eq ’000oz) |
Attributable production (Au-Eq ’000oz) |
Total cash cost (US$/oz |
NCE margin (%) |
Mineral Reserves (million Au oz)1 |
Mineral Resources (million Au oz)1 |
Mine employee2 |
Lost-time injury frequency rate |
||||||||
| Australasia | ||||||||||||||||
| Agnew | 177 | 177 | 827 | 29 | 1.15 | 3.50 | 256 | 3.933 | ||||||||
| St Ives | 450 | 450 | 931 | 4 | 2.19 | 4.72 | 652 | 3.494 | ||||||||
| South Africa | ||||||||||||||||
| Beatrix | 289 | 289 | 1,118 | 16 | 3.36 | 8.43 | 9,222 | 3.54 | ||||||||
| KDC | 935 | 935 | 1,076 | 16 | 10.17 | 65.81 | 26,159 | 8.10 | ||||||||
| South Deep | 270 | 270 | 1,105 | (37) | 36.02 | 73.03 | 3,540 | 1.95 | ||||||||
| South America | ||||||||||||||||
| Cerro Corona | 342 | 337 | 492 | 52 | 2.74 | 3.65 | 373 | 0.00 | ||||||||
| West Africa | ||||||||||||||||
| Damang | 166 | 149 | 918 | 2 | 3.68 | 7.59 | 1,132 | 0.36 | ||||||||
| Tarkwa | 719 | 647 | 673 | 37 | 9.07 | 13.11 | 2,769 | 0.15 |
| 1 | Attributable |
| 2 | Includes permanent employees and temporary employees (i.e. contractors on the payroll) at the mining operations |
| 3 | Excluding restricted work cases; 16.69 if restricted work cases are included |
| 4 | Excluding restricted work cases; 23.17 if restricted work cases are incl |
About Gold Fields
Gold Fields (following the unbundling of Sibanye Gold) is a large unhedged producer of gold with attributable annual production of approximately 2 million gold ounces from six operating mines in Australia, Ghana, Peru and South Africa. The new Gold Fields also has an extensive and diverse global growth pipeline with four major projects in resource development and feasibility.
The new Gold Fields has total attributable gold Mineral Reserves of 54.9 million ounces and Mineral Resources of 125.5 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX).
In February 2013, Gold Fields unbundled its KDC and Beatrix mines in South Africa into a separately listed company, Sibanye Gold.
| Forward looking statements
Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in Australia, Ghana, Peru, South Africa and elsewhere; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, exploration and development activities; decreases in the market price of gold and/or copper; hazards associated with underground and surface gold mining; labour disruptions; availability, term and deployment of capital or credit; changes in government regulations, particularly environmental, and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; inflation and other macro-economic factors; industrial action; temporary stoppages of mines for safety and unplanned maintenance; and the impact of the HIV/AIDS crisis in South Africa. These forward looking statements speak only as of the date of this document. The Company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. |
Figure 2: Average exchange rates and commodity prices
| 2012 | 2011 | 2010 | |||||
| R/US$ | 8.19 | 7.22 | 7.32 | ||||
| US$/A$ | 1.04 | 1.03 | 0.92 | ||||
| Gold (US$/oz) | 1,654 | 1,569 | 1,220 | ||||
| Gold (R/kg) | 435,584 | 364,216 | 287,150 | ||||
| Gold (A$/oz) | 1,613 | 1,541 | 1,323 |
About this report
Our Integrated Annual Report 2012, which covers the year to end-December 2012 is made up of the following three volumes:
- The Integrated Annual Review 2012, which examines the integrated nature of our operational and sustainability performance
- The Annual Financial Report 2012, which fulfils our statutory financial reporting requirements. The financial results of Sibanye Gold are treated as ‘discontinued operations’ in the financial statements
- The Mineral Resources and Mineral Reserves Overview 2012, which provides detailed technical and operational information on our mines and growth projects
This Integrated Annual Review provides an overview of Gold Fields six global operations on a Group and mine-by-mine basis – as well as the two discontinued operations now under Sibanye Gold (which is also producing its own separate 2012 Annual Report). The report also describes our exploration and business development activities. We do this using an integrated approach to reporting that examines our operational, sustainability and financial performance.
The aim of our integrated approach is to enable investors and other stakeholders – including host governments, local communities and our employees – to make a more informed assessment of the value of Gold Fields and our ability to flourish in the new growth environments of tomorrow.
We believe the Integrated Annual Review, together with additional documents held online, represents an A+ application of the Global Reporting Initiative (GRI) G3.1 Sustainability Reporting Guidelines, which is the widely recognised best-practice benchmark for corporate reporting.
Our auditors KPMG have provided assurance on selected sustainability information in this report. As a member of the International Council on Mining & Metals (ICMM) we are committed to obtain assurance in line with the ICMM Sustainable Development Framework: Assurance Procedure. KPMG has provided assurance on all five subject matters of the ICMM, which include our GRI A+ self-declaration as well as our selected sustainability performance data. The assured data and KPMG’s Assurance opinion are on pages 164 and 159 respectively.
This Integrated Annual Review also forms part of our Communication on Progress to the United Nations Global Compact. A summary of our compliance with the GRI and the 10 Principles of the United Nations Global Compact – as well as our alignment with related standards including the Millennium Development Goals (MDGs) and the ICMM 10 Principles – is presented online.
“Integrated Reporting brings together the material information about an organisation’s strategy, governance, performance and prospects in a way that reflects the commercial, social and environmental context within which it operates. It provides a clear and concise representation of how an organisation demonstrates stewardship and how it creates value, now and in the future.” International Integrated Reporting Committee, Towards Integrated Reporting – Communicating Value in the 21st Century. |
 www.sibanyegold.co.za |
| www.globalreporting.org |
| www.unglobalcompact.org |
| www.un.org |
| www.icmm.com |
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External web link provides reference to online disclosure |
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Further content online |
| Names |
| Unless otherwise indicated, all references to ‘Gold Fields’ refers to Gold Fields as at 31 December 2012 (i.e. includes Sibanye Gold assets). All references to ‘New Gold Fields’ refers to Gold Fields following the unbundling of Sibanye Gold. |
Gold Fields in numbers
Figure 3: Group operating statistics (pre-unbundling and broken-down)
| Category | 2012 | 2011 | 2010 | 2009 | 2008 | |||||
Gold produced – attributable (kg) |
101,216 | 108,408 | 108,802 | 111,421 | 103,541 | |||||
| Discontinued operations (Sibanye Gold) | 38,059 | 45,005 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 63,157 | 63,403 | – | – | – | |||||
Gold produced – attributable ('000oz) |
3,254 | 3,485 | 3,497 | 3,582 | 3,329 | |||||
| Discontinued operations (Sibanye Gold) | 1,224 | 1,447 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 2,030 | 2,038 | – | – | – | |||||
Total cash cost (R/kg) |
235,451 | 184,515 | 165,526 | 146,456 | 138,665 | |||||
| Discontinued operations (Sibanye Gold) | 285,851 | 220,224 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 206,531 | 161,548 | – | – | – | |||||
Total cash cost (US$/oz) |
894 | 795 | 703 | 540 | 526 | |||||
| Discontinued operations (Sibanye Gold) | 1,086 | 949 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 784 | 696 | – | – | – | |||||
Notional Cash Expenditure (NCE) (R/kg) |
362,331 | 272,224 | 239,796 | 210,215 | 210,827 | |||||
| Discontinued operations (Sibanye Gold) | 367,338 | 284,055 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 359,448 | 264,615 | – | – | – | |||||
Notional Cash Expenditure (NCE) (US$/oz) |
1,376 | 1,173 | 1,019 | 776 | 800 | |||||
| Discontinued operations (Sibanye Gold) | 1,395 | 1,224 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 1,365 | 1,140 | – | – | – | |||||
Gold price (R/kg) |
435,584 | 364,216 | 287,150 | 261,517 | 228,160 | |||||
Gold price (US$/oz) |
1,654 | 1,569 | 1,220 | 965 | 865 | |||||
Operating costs (Rm) |
24,674 | 21,312 | 20,082 | 18,368 | 16,026 | |||||
| Discontinued operations (Sibanye Gold) | 10,874 | 9,861 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 13,800 | 11,451 | – | – | – | |||||
Operating costs (US$m) |
3,013 | 2,952 | 2,743 | 2,174 | 1,954 | |||||
| Discontinued operations (Sibanye Gold) | 1,328 | 1,366 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 1,685 | 1,586 | – | – | – | |||||
Operating profit (Rm) |
20,976 | 21,112 | 14,469 | 13,589 | 9,427 | |||||
| Discontinued operations (Sibanye Gold) | 5,680 | 6,752 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 15,296 | 14,360 | – | – | – | |||||
Operating profit (US$m) |
2,561 | 2,924 | 1,977 | 1,608 | 1,150 | |||||
| Discontinued operations (Sibanye Gold) | 693 | 935 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 1,868 | 1,989 | – | – | – | |||||
Operating margin (%) |
46 | 50 | 42 | 43 | 37 | |||||
| Discontinued operations (Sibanye Gold) | 34 | 41 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 53 | 57 | – | – | – | |||||
NCE margin (%) |
17 | 25 | 16 | 20 | 8 | |||||
| Discontinued operations (Sibanye Gold) | 16 | 23 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 18 | 27 | – | – | – |
Figure 4: Group financial statistics (pre-unbundling and broken-down)
| Category | 2012 | 2011 | 2010 | 2009 | 2008 | |||||
Revenue (Rm) |
45,469 | 41,877 | 34,391 | 31,772 | 25,360 | |||||
| Discontinued operations (Sibanye Gold) | 16,553 | 16,613 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 28,916 | 25,264 | – | – | – | |||||
Basic earnings – cents per share |
778 | 973 | 161 | 492 | 400 | |||||
| Discontinued operations (Sibanye Gold) | 433 | 348 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 345 | 625 | – | – | – | |||||
Headline earnings – cents per share |
816 | 970 | 177 | 611 | 406 | |||||
| Discontinued operations (Sibanye Gold) | 434 | 348 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 382 | 622 | – | – | – | |||||
Dividends declared – cents per share |
235 | 330 | 140 | 130 | 215 | |||||
Total assets (Rm) |
95,046 | 83,352 | 71,061 | 66,276 | 66,402 | |||||
| Discontinued operations (Sibanye Gold) | 20,413 | n/a | – | – | – | |||||
| Continuing operations (New Gold Fields) | 74,632 | n/a | – | – | – | |||||
Shareholders' equity (Rm) |
53,157 | 48,062 | 46,623 | 44,725 | 43,282 | |||||
Cash and cash equivalents (Rm) |
5,619 | 6,049 | 5,464 | 1,828 | 1,054 | |||||
| Discontinued operations (Sibanye Gold) | 423 | n/a | – | – | – | |||||
| Continuing operations (New Gold Fields) | 5,196 | n/a | – | – | – | |||||
Cash flows from operating activities (Rm) |
8,864 | 14,213 | 12,373 | 8,597 | 7,362 | |||||
| Discontinued operations (Sibanye Gold) | 3,937 | 6,145 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 4,927 | 8,068 | – | – | – | |||||
Cash generated/(utilised) (Rm) |
(769) | (80) | 3,867 | 852 | (533) | |||||
| Discontinued operations (Sibanye Gold) | 5,030 | 3,141 | – | – | – | |||||
| Continuing operations (New Gold Fields) | (5,799) | (3,221) | – | – | – | |||||
| EBITDA (Rm) | 20,976 | 21,112 | 14,469 | 13,589 | 9,427 | |||||
| Discontinued operations (Sibanye Gold) | 5,680 | n/a | – | – | – | |||||
| Continuing operations (New Gold Fields) | 15,296 | n/a | – | – | – | |||||
| Net debt (Rm) | 14,617 | 9,460 | 3,974 | 6,669 | 9,354 | |||||
| Discontinued operations (Sibanye Gold) | 3,797 | n/a | – | – | – | |||||
| Continuing operations (New Gold Fields) | 10,820 | n/a | – | – | – | |||||
| Net debt: EBIDTA | 0.70 | 0.45 | 0.27 | 0.49 | 0.99 | |||||
| Discontinued operations (Sibanye Gold) | 0.67 | n/a | – | – | – | |||||
| Continuing operations (New Gold Fields) | 0.71 | n/a | – | – | – |
Figure 5: Group sustainability statistics (pre-unbundling and broken-down)1
| Category | 2012 | 2011 | 2010 | 2009 | 2008 | |||||
Total economic contribution (Rm) |
34,611 | 26,629 | 25,658 | 22,794 | 20,557 | |||||
Total economic contribution (US$m) |
4,226 | 3,688 | 3,506 | 2,704 | 2,506 | |||||
Socio-economic development spend (US$m) |
1362 | 54 | 67 | 11 | 14 | |||||
| Discontinued operations (Sibanye Gold) | 111 | 39 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 24 | 14 | – | – | – | |||||
Total employees |
48,1203 | 46,378 | 47,268 | 51,122 | 49,325 | |||||
| Discontinued operations (Sibanye Gold) | 38,436 | 38,263 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 9,684 | 8,115 | – | – | – | |||||
Employee wages and benefits (Rm) |
8,790 | 7,951 | 7,514 | 6,612 | 5,804 | |||||
| Discontinued operations (Sibanye Gold) | 5,791 | 5,592 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 2,999 | 2,359 | – | – | – | |||||
Fatalities |
16 | 20 | 18 | 26 | 31 | |||||
| Discontinued operations (Sibanye Gold) | 16 | 19 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 0 | 1 | – | – | – | |||||
Lost-time injury frequency rate (LTIFR) |
5.164 | 4.69 | 4.39 | 3.91 | 5.34 | |||||
| Discontinued operations (Sibanye Gold) | 6.90 | 6.71 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 0.91 | 0.35 | – | – | – | |||||
CO2 emissions ('000 tonnes)5 |
5,112 | 5,298 | 5,350 | 5,507 | 5,212 | |||||
| Discontinued operations (Sibanye Gold) | 3,878 | 4,094 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 1,234 | 1,203 | – | – | – | |||||
Electricity consumption (MWh) |
5,219,652 | 5,469,784 | 5,580,332 | 5,465,628 | 5,185,927 | |||||
| Discontinued operations (Sibanye Gold) | 3,835,194 | 4,070,499 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 1,384,459 | 1,399,285 | – | – | – | |||||
Water withdrawal (million liters) |
88,477 | 78,236 | 76,326 | 72,403 | 75,950 | |||||
| Discontinued operations (Sibanye Gold) | 64,788 | 49,197 | – | – | – | |||||
| Continuing operations (New Gold Fields) | 23,688 | 29,040 | – | – | – |
| 1 | Assured sustainability data for the year ended 31 December 2012 are provided on p164 and p165 |
| 2 | Higher figure reflects the inclusion of maintenance provisions and operating costs in 2012 |
| 3 | This number includes employees at Growth and International Projects for the first t |
| 4 | Including restricted work cases for Australasia; 4.66 if Australasia restricted work cases are excluded |
| 5 | Does not include fugitive mine methane emissions |
Figure 6: Group currency and share price statistics
| Category | 2012 | 2011 | 2010 | 2009 | 2008 | |||||
Closing rate US$1 = R |
8.57 | 8.13 | 6.75 | 7.51 | 9.65 | |||||
Ordinary share price – high (R) |
115.10 | 143.00 | 125.90 | 123.50 | 135.00 | |||||
Ordinary share price – low (R) |
84.16 | 95.60 | 83.80 | 77.37 | 54.00 | |||||
Ordinary share price – year – end (R) |
90.95 | 109.23 | 120.60 | 97.98 | 91.90 | |||||
Average daily volume of shares traded in JSE (million) |
2.3 | 2.2 | 2.3 | 2.9 | 3.1 | |||||
American Depository Receipts (ADRs) (US$) – high |
14.56 | 18.55 | 18.49 | 15.82 | 17.61 | |||||
American Depository Receipts (ADRs) (US$) – low |
9.74 | 13.80 | 11.08 | 7.94 | 4.90 | |||||
American Depository Receipts (ADRs) (US$) – year end |
10.75 | 16.28 | 18.13 | 13.11 | 9.93 | |||||
Average daily volume of shares traded in NYSE (million) |
4.0 | 4.0 | 4.9 | 6.7 | 7.5 | |||||
Number of shares in issue at year – end (million) |
729.5 | 723.7 | 720.8 | 705.4 | 653.4 | |||||
Market capitalisation at year – end (Rbn) |
75.7 | 90.2 | 86.9 | 69.1 | 60.1 | |||||
Total asset value per share (R) |
129.76 | 115.17 | 98.59 | 93.96 | 101.62 |
Figure 7: Group attributable Mineral Resources and Mineral Reserves
| Resources, including growth projects and Sibanye | Reserves, including growth projects and Sibanye | |
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Figure 8: Total economic contribution compared between 2008 and 2012 (US$m – pre-unbundling)
| 2008 (US$2,504 million) | 2012 (US$4,226 million) | |
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