Gold Fields


US$180 million
free cash flow*
US$399 million
free cash flow from operations
1.104 million
ounces of attributable gold production
per ounce of all-in cost
per ounce of all-in sustaining costs
* Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares.


H1 2021

The past four and a half months as the new CEO has been an interesting one. Living in the current COVID-19 world means the majority of my interactions with my team and the operations has been virtual. But, we have achieved a lot in these past months. Firstly, the operations have had a good six months, despite the ongoing challenges presented by the pandemic. We continue to deliver the higher gold price to the bottom line, with a further increase in normalised earnings. Despite the ramp up in project capex at Salares Norte, the business has generated strong free cash flow in H1 2021. We maintain both our production and cost guidance for the full year and expect to have a strong H2 2021.

We also want to pay tribute to Vumile Mgcine, our colleague at South Deep, who we lost in a mining incident in April of this year. There is no more tragic reminder of the overriding importance of safety at our mines than the death of a colleague. This year we also lost 15 colleagues (as at 6 August 2021) to COVID-19 in South Africa and Peru. Our heartfelt condolences go out to the families, friends and colleagues of all the colleagues we have lost.

A large part of my time in recent months has been focused on interrogating the strategy of the Company. I'm pleased to say, that, as I anticipated, the business is in a strong position. We have a solid production profile above 2Moz a year for the next decade. However, during that time we anticipate that our annual production will grow to 2.7Moz by 2024 before declining as some of our mines come to the end of their lives. We believe that we must now start looking at ways of preserving the value we have created beyond 2024.

We will maintain our current strategic focus on a portfolio of quality assets in good geographical and political jurisdictions, growing our Mineral Reserve and Resource base, as well as focusing on value creation and capital discipline. This strategy has worked well for us over the past number of years.

In addition we will increase our efforts to maximise the value potential from our existing assets and organic growth options, work to increase the value and quality of our portfolio of assets and build on our leading commitment to Environmental, Social, Governance (ESG). This may entail value-accretive acquisition opportunities to enhance our pipeline of projects as well as in-production assets to expand our current production base beyond 2030.

Our work on these strategic focus areas will continue in the coming months and we will provide a more holistic strategic view at the appropriate time.

JOHANNESBURG, 19 August 2021: Gold Fields Limited (NYSE & JSE: GFI) today announced profit attributable to owners of the parent for the six months to 30 June 2021 of US$387m (US$0.44 per share). This compared with profit of US$156m (US$0.18 per share) for the six months to 30 June 2020. Normalised profit of US$431m for the six months to 30 June 2021 compared with profit of US$323m for the six months to 30 June 2020. An interim dividend of 210 SA cents per share (gross) is payable on 13 September 2021.
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