Corporate

New housing complex

On 26 May 2011 a new employee housing project was opened near KDC as part of the R560 million, five year staff housing programme. The new Tembelihle Park complex represents an investment of R25 million and will offer housing accommodation to a hundred KDC employees and their families.

The complex is an integral part of the Group’s continuing programme to renovate housing, construct new family homes and upgrade and dedensify high-density accommodation at its South African mines.

Trust donates to TutuDesk campaign

South Deep Education Trust presented R2 million to Archbishop Emeritus Desmond Tutu’s 2015 TutuDesk campaign on 15 June 2011. This campaign aims to reduce classroom desk shortages affecting over 90 million African school children by 2015.

The plastic lapdesks are manufactured by the Lapdesk Company for disadvantaged school children who have no access to desks or classrooms. More than a million children have received lapdesks at schools in South Africa since the company’s formation in 2002.

Ghana acquisition approved

On 20 June 2011 further to the announcement on 15 April 2011, shareholders overwhelmingly approved the US$667 million acquisition of IamGold Corporation’s indirect 18.9 per cent stake in the Tarkwa and Damang gold mines in Ghana.

New loan facility

Gold Fields announced on 6 July 2011 that it has secured a 5-year US$1 billion revolving credit facility. The loan will replace a US$450 million three-year facility with a September 2013 maturity.

The new facility, agreed by Gold Fields with a syndicate of fourteen banks, was oversubscribed by 1.33 times.

The loan carries an interest rate of between 120 basis points and 160 basis points over the London Interbank Offered Rate (Libor) depending on the level of utilisation.

Changes to the executive

Peter Turner, the current Executive Vice President (EVP), West Africa region, has taken up the position of EVP, South African region, with effect from Monday 8 August 2011. Peter’s appointment is based on his wide-ranging experience in operating both open-cast and deep-level mines, having previously worked as Vice President, at both Driefontein and Kloof, and in his previous career at the AngloGold Ashanti Group.

Tim Rowland, who has been acting as Head of the South African region for the last eight months, will take up the position of EVP, Group Technical Services, a new position that will house the full technical function for the Group. Prior to running the South African region on an acting basis, Tim headed the Mineral Resource and Mineral Reserve portfolio for the Group. Tim’s extensive experience, both at Gold Fields and at AngloGold Ashanti over the past 25 years, makes him the ideal person to lead the Technical Services Group.

Following the retirement of Ben Zikmundovsky, EVP International Capital Projects and International Technical Services, at the end of July, the existing Exploration and Business Development portfolio was consolidated together with the International Capital portfolio. Tommy McKeith will head the consolidated Group Growth function as EVP Growth and International Projects.