GOLD FIELDS - Quarter ended 30 September 2011

		September 2011	June 2011
Gold produced	- 000’oz	41.9	41.1
Copper produced	- tonnes	9,599	9,814
Total equivalent gold produced	- 000’ eq oz	93.9	101.0
Total equivalent gold sold	- 000’ eq oz	90.5	101.5
Yield - gold	- g/t	0.8	0.8
- copper	- %	0.60	0.60
- combined	- g/t	1.7	1.8
Total cash cost	- US$/eq oz	494	408
Notional cash expenditure	- US$/eq oz	615	526
NCE margin	- %	58	62
Gold price *	- US$/oz	1,693	1,499
Copper price *	- US$/t	9,137	9,176

* Average daily spot price for the period used to calculate total equivalent gold ounces produced.

Gold produced increased from 41,100 ounces in the June quarter to 41,900 ounces in the September quarter, while copper production decreased from 9,814 tonnes to 9,599 tonnes. These changes were mainly due to variances in head grade delivered to the plant. Equivalent production decreased from 101,000 ounces to 93,900 ounces due to the lower copper price relative to the gold price in the September quarter.

Concentrate with a payable content of 41,500 ounces of gold was sold at an average price of US$1,728 per ounce and 9,625 tonnes of copper at an average price of US$8,164 per tonne, net of treatment and refining charges. Total equivalent gold sales amounted to 90,500 ounces for the September quarter.

During the September quarter a total of 2.94 million tonnes were mined compared with 3.48 million tonnes in the June quarter. This decrease was as a result of the mine sequencing schedule. Ore mined at 1.66 million tonnes was 3 per cent lower than the 1.71 million tonnes mined in the June quarter. Gold and copper yield was similar to the previous quarter at 0.8 grams per ton and 0.60 per cent respectively.

Net operating costs increased from US$38 million (R258 million) in the June quarter to US$41 million (R289 million) in the September quarter, mainly due to an increase in the workers’ statutory participation in profits. The workers’ statutory participation in profits is calculated on taxable income which increased quarter on quarter despite a decrease in operating profit.

Total cash cost increased from US$408 per equivalent ounce in the June quarter to US$494 per equivalent ounce for the September quarter. This increase was primarily due to the decrease in equivalent ounces sold from 101,500 ounces in the June quarter to 90,500 ounces in the September quarter.

Operating profit decreased from US$104 million (R704 million) in the June quarter to US$93 million (R656 million) in the September quarter, as a result of the increased costs and the lower copper spot price received during the quarter.

Capital expenditure for the September quarter amounted to US$17 million (R118 million), compared with US$16 million (R106 million) in the June quarter. The increased expenditure was mainly spent on increasing the capacity of the tailings facility.

Notional cash expenditure increased from US$526 per equivalent ounce in the June quarter to US$615 per equivalent ounce in the September quarter. The NCE margin decreased from 62 per cent to 58 per cent.

South America region