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Our vision is to be the global leader in sustainable gold mining

The Gold Fields DNA

  • Our vision
  • Our values
  • Strategic objective
  • Our commitment
  • Operating model
  • Value model
  • Group culture
  • Our DNA

Our vision

To Be The Global Leader In Sustainable Gold Mining


“The Global Leader”

  • We don’t want to be the biggest, but we do want to be the best at everything we do
  • We seek to create the greatest enduring value from gold mining for all of our stakeholders, including our employees, our communities, our shareholders and our host governments
  • We are gold industry leaders in understanding our stakeholders’ needs and responding to them
  • Through living our values, we consistently deliver what we promise

“Sustainable”

  • If we cannot mine safely, we will not mine
  • We seek to enhance the environments in which we operate, and limit the impact that mining can cause
  • We are committed to creating “shared value” for all our stakeholders. This is our legacy and we measure ourselves against this

“Gold mining”

  • We are a gold miner – we produce gold (and by-products where they exist)
  • We believe in our product and do not hedge gold

This Is Who We Are, What We Do, and How We Work

Our values

safety

Safety

If we cannot mine safely, we will not mine.”

responsibility

Responsibility

We responsibly manage our impact on the environment and host communities.”

integrtiy

Integrity

We act with honesty, fairness and transparency.”

respect

Respect

We treat all stakeholders with trust, dignity and respect.”

innovation

Innovation

We encourage innovation and an entrepreneurial spirit.”

delivery

Delivery

We strive for excellence and do what we say we will do.”

This Is Who We Are, What We Do, and How We Work


Explaining our Values

Safety

If we cannot mine safely, we will not mine.”

We care deeply about the safety of our people. We are vigilant about identifying unsafe behaviours and are not afraid to speak up – to Stop, Fix, Verify and Continue – because we know we have the full support of the company when we do so. We are absolutely disciplined about developing, implementing and adhering to safety systems and rules, and we hold ourselves and each other accountable for this. We work towards zero harm on a daily basis – in our jobs, our homes and our communities. We never compromise on safety.

Responsibility

We responsibly manage our impact on the environment and host communities.”

We hold ourselves accountable for our actions and the impact we have on the environment and host communities – even if this does not relate to our core job. Wherever possible we use water and energy efficiently. We vigilantly monitor those areas of our business that may impact the environment and quickly report any incidents. We treat people in host communities with respect and make an attempt to understand their needs and concerns.

Integrity

We act with honesty, fairness and transparency.”

We hold ourselves to the highest ethical standards. We tell the truth, stand up for what we know is right and protect the people who have the courage to do this. We report facts and figures accurately, keep confidential information private and refuse to cover up or turn a blind eye to what we know is unethical. We use the Code of Conduct and company policies to guide us but when we are unsure of what to do, we ask. We act with the best interests of our company at heart.

Respect

We treat all stakeholders with trust, dignity and respect.”

How we behave is guided by the knowledge that every human being is valuable and deserves respect. This is why we treat other people as we would want to be treated. While we know that it is sometimes necessary to have difficult conversations, we do so in a way that ensures that the dignity of the other person always remains intact. We allow others to voice their views, even when they are different to or in conflict with our own. We embrace, value and accept diversity and difference. We do not tolerate rude, abusive or undermining behaviour and we stand up for each other.

Innovation

We encourage innovation and an entrepreneurial spirit.”

Our definition of innovation goes beyond technology – it encompasses any idea or change that can drive the business forward. We do not allow ourselves be constrained by limiting beliefs and we think beyond what other people accept as ‘possible’. We respond positively to creativity, spontaneity and innovative thought and provide people with feedback when they propose ideas. We are open to change and support new ways of working, even when the ideas may not be our own. We are optimistic about what the future can deliver.

Delivery

We strive for excellence and do what we say we will do.”

We strive to produce work that is excellent. We pay attention to detail and take pride in what we do. We work hard to deliver on time and in budget – wherever possible we strive to exceed expectations and do more with less. We understand that the delivery of one person impacts the delivery of the entire team. We take individual responsibility for our own work but we accept that no single project is more important than what we need to do together to help the company achieve its goals.

This Is Who We Are, What We Do, and How We Work


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Strategic objective

Sustainable Cash Flow to Underpin "Shared Value"

  • To structure our business to generate at least a 15% All In Sustaining Cost (AISC) Free Cash Flow Margin at any gold price
  • It is only if we generate cash on a sustainable basis that we will create sufficient value to meet our commitments to all of our stakeholders, and to grow Gold Fields
  • “Shared Value” is created when both business and social needs are addressed. At its core, “Shared Value” is a business strategy that has a positive social impact without hand-outs
  • To ensure the sustained support of our equity investors, we are committed to paying a dividend of 25% to 35% of normalised earnings

This Is Who We Are, What We Do, and How We Work

Our commitment

Employee Charter

Our commitment to Gold Fields Employees…

To be a company you can be proud of

  • We Live our values and deliver on our promises
  • We contribute to building our communities in a way that you can be proud of and we share the value we create with our communities in a way that sustains our business and the environment

To celebrate achievement

  • We celebrate the successes that you as an individual achieve as well as the successes of your team
  • We recognise and reward your performance

To treat you with respect and to work with you to ensure your health and safety

  • We treat you with respect and dignity
  • We provide a safe and healthy work environment so that you can leave work each day to return to your loved ones, and live a well-balanced life

To provide the right development & support for you to succeed

  • When you deliver, we provide you the opportunity to take on new challenges with the right development and support

With your help, to make Gold Fields “the best place to work”

  • Your contribution is critical for us to deliver on this promise
  • We encourage and expect of you to live our values, to work collaboratively, and to do what is best for Gold Fields’ enduring legacy

A Safe, Winning and Productive Team

Society and Community Charter

Our Commitment to Society and Gold Fields’ Host Communities …

To build strong relationships and trust

  • We build strong relationships with key stakeholders, based on trust and open, honest and frequent engagement

To create and share value

  • To ensure that we leave an enduring, positive legacy for the communities in which we operate, we work with our stakeholders (investors, employees, communities and governments) to create “Shared Value”

To measure our actions and impact

  • We commit to put in place measures to gauge how we are performing against our commitments to create “Shared Value”, build communities and reduce our impact on the environment

To deliver against our promises

  • We strive to reach a better understanding of all the relevant issues associated with our business, to co-create and deliver the right commitments to secure and maintain our Social Licence to Operate

The Most Trusted and Valued Mining Partner


Investor Charter

Our Commitment to Gold Fields’ Investors…

To build a quality portfolio of productive mines and assets under exploration and development

  • The quality of our asset portfolio is key to our success. What is most important, however, is our commitment to generate cash on a sustainable basis, in order for us to meet our commitments to all of our stakeholders

To provide superior returns

  • In order to be an appealing long-term investment we will deliver leverage to the gold price and attractive returns relative to our peers and the gold price

To deliver on our commitments

  • We seek to be judged on what we do rather than what we say. We will be clear and transparent on our strategy and the performance of our assets, and focus on achievements rather than on what we intend to do. To protect our credibility and integrity we will only make commitments that we can achieve

A Quality Portfolio of Producing and Growth Assets, Providing Superior Returns on Gold

Our commitment to stakeholders

Employee Charter [PDF - 18kb] Group Employee Value Proposition [PDF - 2mb] Society and Community Charter [PDF - 18kb] Investor Charter [PDF - 18kb] Stakeholder Charters [PDF - 24kb]

Operating model

Our Operating Model and Structure


  • A fit-for-purpose, low-cost, operating model and structure focussed on sustainable cash generation
  • Full operational responsibility & accountability in capable and appropriately resourced regions
  • Corporate office narrowly focussed on group functions: strategy; capital; growth; stakeholders, brand & reputation; policies & standards; compliance & reporting
our operating model and structure
GFI
Corporate Office
South African Region
South Deep project
West Africa Region
Tarkwa
Damang
Australasia Region
Agnew/Lawlers
St Ives
Darlot
Granny Smith
South America Region
Cerro Corona


This Is Who We Are, What We Do, and How We Work


Global Footprint
View detailed corporate structure

This Is Who We Are, What We Do, and How We Work


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Value creation model

Value creation and distribution

The ultimate aim of our strategy and business model is to create value for our stakeholders

Total and national value distribution

National value distribution by region and type 2018 (US$m) Government    Business   Employees   Socio- 
economic 
spend 
  Capital providers   National value distribution  
Americas 55    156   37     4   258  
Australia 121    812   128     0   1,062  
South Africa 31   176   144   32   9   336  
West Africa 90    654   83   15    13   855  
Corporate 14    15   49     121   200  
Total Gold Fields 283    1,813   442   26    147   2,711  

Governments

Payments include

Mining royalties and land-use payments, taxes, duties and levies.

Why these stakeholders matter

Governments provide us with access to ore bodies by granting mining and other licences. They also deliver the infrastructure necessary to build and maintain our mines, including roads, electricity and water supply.

2018 Contributions:
  • We paid governments US$283m (2017: US$310m) in taxes and royalties, 10% of total value distribution (2017: 11%)
  • In addition, the Ghanaian government benefited from US$15m in declared dividends relating to its 10% shareholding in Gold Fields Ghana

Business

Payments include

Operational and capital procurements.

Why these stakeholders matter

Supply chain businesses provide the equipment and services needed to develop and maintain our operations. They comprise business partners, contractors and suppliers.

2018 Contributions:
  • We paid US$1,813m to suppliers and contractors, representing 67% of total value creation (2017: US$1,857m/65%)
  • Of the total 2018 procurement expenditure of US$1,813m, US$1,542m, or 85%, was spent on businesses based in operating countries by our mines (2017: US$1,620m/88%)
  • US$441m, or 29%¹, of total procurement by our mines was spent on suppliers and contractors from host communities (2017: US$774m/45%)
1 The % decline is due to a change in the definition of host communities by our Australian operations to only include communities in their area of influence (previously Perth was included in the definition due to the FIFO nature of our mines)

Workforce

Payments include

Salaries and wages, benefits and bonus payments (including shares and payroll taxes).

Why these stakeholders matter

The technical skills, experience and activity of our people drive the day-to-day operations of our business.

2018 Contributions:
  • We paid US$442m (2017: US$506m) to employees in terms of salaries, dividends and benefits, representing 16% of total value distribution
    (2017: 18%)
  • We also provide employees (where legislated) with additional benefits such as retirement savings, healthcare assistance, life and disability insurance, housing assistance and personal accident cover
  • We prioritise the employment of members from our host communities. At end 2018 host community employment comprised 56% of our workforce

Capital providers

How we create value for communities

Payments include

Interest and dividend payments to capital providers.

Why these stakeholders matter

Financial institutions, shareholders and bond holders invest with us, thus enabling us to fund the development, maintenance and growth of our operations and our overall business.

2018 Contributions:
  • We paid US$147m (2017: US$160m) to the providers of debt and equity capital, mainly in the form of interest and dividends
  • Net debt increased by US$309m to US$1,612m
  • We paid a total dividend of R0.40/share for the 2018 financial year

Communities

Payments include

Socio-economic development (SED) spending, including infrastructure, health and wellbeing, education and training, local environmental initiatives and donations.

Why these stakeholders matter

Host communities are the source of a significant portion of our workforce and a key component of our social licence to operate.

2018 Contributions:
  • We spent US$26m (2017: US$17m) in terms of SED investment, including contributions from the South Deep trusts
  • 56% of our workforce is drawn from host communities
  • The graph below provides an analysis of our host community employment and procurement as well as other benefits and investment in communities

Host community procurement creates community jobs and supply opportunities

  • Support areas where community suppliers can participate
  • Identify community suppliers with ability to supply the mine
  • Provide skills development to close capability gaps
  • Delivery long-term, enduring value

Host community employment maximises local opportunities

  • Build skills base in community workforce through education, bursaries, etc
  • Make community the first option for hiring staff
  • Encourage contractors/suppliers to employ from the community

Community investment drives integrated investment

  • Balanced across services (health, education), enterprise development and infrastructure
  • Matched to capacity and development needs of communities
  • Shared Value projects benefit both communities and our mines. Partnering for dual prosperity

Gold Fields’ total value creation (2018)

Why the focus on communities

We believe that our host communities are one of our most critical stakeholders as they grant us our licence to operate. Over the past few years, we devoted considerable resources to sharing the value created through our mines with the communities surrounding them. This goes beyond the direct financial investment to creating sustainable surrounding economies through community employment and procurement. During 2018, we enhanced our understanding of the value created through these programmes by quantifying the impact.

Trade-offs

We continue to balance the legitimate, and at times conflicting, needs of our stakeholders in order to create value over the short, medium and long-term. These were some of the significant trade-offs we had to make during 2018.

  1. Balancing financial viability with employment
   
  • To improve financial viability, we unfortunately had to retrench 1,082 employees and 420 contractors at South Deep to right-size the business
  • At Tarkwa mine, we retrenched 2,211 employees, of which 1,714 were re-engaged by contractors or on a contractor basis
2. Improving long-term sustainability
  • By channelling funds into growth capital we aim to secure future growth by temporarily cutting back on other stakeholder spending
  3. Managing our environmental impacts
   
  • Mining is resource intensive, but we seek to minimise our environmental impacts . During 2018, we had two Level 3 water-related environmental incidents. We responded speedily to address the causes and communicated the incidents
  4. Balancing the immediate needs of communities with long-term value creation
   
  • Our focus shifted from short-term projects to long-term value creation by creating sustainable value for host communities through employment and procurement programmes
  5. Providing long-term contributions to host governments
   
  • At the Cerro Corona mine, we reduced our taxable income in the short term to fund future growth. The investment is set to provide longer-term tax and royalty revenues to the host government

Group culture

Our Group Culture and Personality

The Gold Fields culture …

  • Is dynamic, innovative and entrepreneurial
  • “acting like engaged owners and executing with a sense of urgency”
  • “no red tape, bureaucracy, politics, ego or status symbols”
  • “we say what we mean and we mean what we say”
  • “ we strive for excellence and a culture of high performance”
  • Is responsible, accountable and values driven
  • a caring organisation”
  • “responsive, interactive and team oriented”
  • “communicates well”
  • Has spirit and aims to make a difference in everything we do

This Is Who We Are, What We Do, and How We Work


Our DNA

Our Vision


To be the global leader in sustainable gold mining

Our Values


  • Safety
  • Honesty
  • Respect
  • Responsibility
  • Innovation
  • Delivery

Our Strategic Objective


Sustainable cash generation to underpin value distribution

Our Commitment to Stakeholders


  • A winning, safe and productive team
  • The most trusted and valued mining partner
  • A quality portfolio of assets, providing superior returns on gold

Our Operating Model And Structure


  • A fit-for-purpose, low-cost, operating model and structure focussed on sustainable cash generation
  • Full operational responsibility and accountability in capable and appropriately resourced regions
  • Corporate office narrowly focused only on group functions: strategy; capital; growth; stakeholders, brand and reputation; policies and standards; compliance and reporting

This Is Who We Are, What We Do, and How We Work


Download [PDF - 23kb]