Integrated Annual Review 2012 Annual Financial Report 2012 Mineral Resources and Mineral Reserves Regional overview  


Operations   Highlights

Gold Fields NCE margin (post-unbundling), excluding South Deep

Decline in Fall-of-Ground fatalities

Additional face time as a result of new South Deep operating model



Our Vision of global leadership in sustainable gold mining requires us to:

  • Create the greatest enduring value from gold, by delivering optimal financial returns to our investors
  • Consistently deliver what we promise across all our operations,by achieving and maintaining stability, predictability and consistency at our operations – and only providing guidance for what we know we can deliver
  • Adhere to our commitment that if we cannot mine safely, we will not mine, which means demonstrating our real prioritisation of the safety and wellbeing of those at our operations above all other considerations
  • Seek to protect and enhance the environments in which we operate, by achieving the kind of environmental and socio-economic performance that will enhance our stakeholder relationships and contribute to an enduring and positive legacy in the areas in which we operate

It is these requirements that sit behind our strategic objective of ‘optimising our operations’.

Figure 5.1: Group operational performance (pre-unbundling)

Key operating statistics 2012   2011   2010   2009   2008  
Gold produced – attributable (kg) 101,216   108,408   108,802   111,421   103,541  
Gold produced – attributable (’000oz) 3,254   3,485   3,497   3,582   3,329  
Total cash cost (R/kg) 235,451   184,515   165,526   146,456   138,665  
Total cash cost (US$/oz) 894   795   703   540   526  
Notional Cash Expenditure (R/kg) 362,331   272,224   239,796   210,215   210,827  
Notional Cash Expenditure (US$/oz) 1,376   1,173   1,019   776   800  
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 profit (Rm) 20,976   21,112   14,469   13,589   9,427  
Operating costs (Rm) 24,674   21,312   20,082   18,368   16,026  
Operating margin (%) 46   50   42   43   37  
NCE margin (%) 17   25   16   20   8  

Relevant stakeholder promises:

  • A winning, safe and productive team: If we cannot mine safely, we will not mine. We seek to eliminate all harm to our people. Motivated and loyal employees act as our ambassadors. They enable safe production and exceptional value creation. Our ability to attract and retain top talent creates a key competitive advantage
  • The most trusted and valued mining partner: We build strong relationships with key stakeholders in the communities and societies in which we operate. We measure the contributions we make as we create and share value to leave an enduring, positive legacy
  • A quality portfolio of productive mines and assets under exploration and development: The quality of our asset portfolio is key to our success – but what is most important is that we maximise the value that this can generate and that we pursue ‘full potential’ asset returns
  • Superior return on gold: To be an appealing long-term investment we must deliver leverage to the gold price and attractive returns relative to our peers