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Gold Fields is a significant unhedged producer of gold with attributable annualised production of approximately 2.0 million gold equivalent ounces from six operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects at resource development or feasibility level. Gold Fields has total managed gold-equivalent Mineral Reserves of 64 million ounces and Mineral Resources of 155 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX). In February 2013, Gold Fields unbundled its KDC and Beatrix mines in South Africa into an independent and separately listed company, Sibanye Gold



Review of South African Operations

Beatrix Gold Mine

PDF format Technical short form report (PDF - 2MB)

Beatrix, South Africa  
Mineral Resources at 11.3 Moz.
Mineral Reserves at 5.0 Moz.
Grow West Section to align production to ore body capability.
Optimisation of surface and underground processing.
The Beatrix LoM plan extends to 2025.

The Beatrix Gold Mine has shown that low grade ore deposits can be profitably mined with a corresponding high level of productivity and contribute to Gold Fields’ long-term stated vision, “To be the global leader in sustainable gold mining”, which is underpinned by safety, human capital, the environment and the social licence to operate.

     
PRODUCTION: 347 ounces NOTIONAL CASH EXPENDITURE: US$1,206/oz

The South Africa Region’s mining assets of Gold Fields Limited comprise a 100% interest in GFI Mining South Africa (Proprietary) Limited (GFIMSA), which holds a 100% interest in Beatrix Gold Mine. The mine has a new order mining right valid from 7 February 2007 to 6 February 2019 in respect of a mining right totalling 16,874 hectares in the Magisterial District Matjhabeng in the Free State Province.

Beatrix consists of four surface operating shafts that mine various gold-bearing reefs from open ground and remnants at depths between 600 and 2,155 metres below surface. Underground ore and low-grade surface stockpiles are processed at two metallurgical plants with mill throughput of approximately 3.7 Mtpa. The mine has a workforce of approximately 9,563 employees.

The 2011 geological and evaluation models of Beatrix have been updated to reflect the latest available data. These models are coupled with an integrated and holistic mine design and scheduled plan that is based on current performance levels. In summary, the Mineral Resource base has decreased by 29.6% while the overall Mineral Reserve base has decreased by 8.9% since the December 2010 declaration, mainly due to depletion, lower MCF, tail end management, geological changes and specific exclusions. A considerable increase in electricity, consumables and labour costs has further offset increased gold price revenues.

      Units Dec
2011
Dec
20101
June
2010
June
2009
June
2008
 
  Surface mining                
  Total mined   kt 1,476 613 190  
  SRD material to plant (screened)   kt 1,476 613 190  
  SRD Head grade   g/t 0.4 0.6 1.1  
  TSF material to plant   kt  
  TSF Head grade   g/t  
  Underground mining                
  Ore mined   kt 2,052 1,133 2,435 2,481 2,646  
  Mined grade   g/t 7.0 7.1 6.7 6.3 6.4  
  Primary development   km 23.4 12.7 29.8 32.6 40.8  
    Advanced km 5.7 3.5 5.5 6.7 8.3  
  Primary reef development                
    Value cm.g/t 1,237 1,001 1,492 963 974  
  Processing                
  – Underground tonnes   kt 2,341 1,352 2,861 2,991 3,215  
  – Surface tonnes   kt 1,476 613 190  
  Total tonnes treated   kt 3,817 1,965 3,051 2,991 3,215  
  – Mill head grade (underground)   g/t 4.6 4.6 4.4 4.3 4.4  
  – Mill head grade (surface)   g/t 0.4 0.6 1.1  
  Total head grade   g/t 3.0 3.3 4.2 4.3 4.4  
  – Yield Underground g/t 4.4 4.4 4.2 4.1 4.2  
Surface SRD g/t 0.3 0.5 1.0  
Surface TSF g/t  
  Combined yield   g/t 2.8 3.2 4.0 4.1 4.2  
  Plant recovery factor Underground % 95.4 95.5 95.6 95.7 96.1  
Surface SRD % 93.1 93.1 93.1  
Surface TSF %  
  Gold Produced                
  Underground   kg 10,313 6,001 11,996 12,164 13,625  
    Surface SRD kg 474 281 192  
  Surface                
    Surface TSF kg  
  Total gold produced   koz 347 202 392 391 438  
  kg 10,787 6,282 12,188 12,164 13,625  
  Gold sold   oz 346,810 201,971 391,853 391,082 438,054  
  Financial                
  Operating cost   R/kg 224,073 199,639 189,352 167,513 126,588  
Underground R/t 987 886 794 681 536  
  R/kg 206,559 126,179 9,251  
Surface R/t 66 58 9  
      R/kg 222,073 192,104 180,358 159,799 120,382  
  Total cash cost   R/t 628 614 721 650 510  
      US$/oz 957 837 740 552 515  
  Capital expenditure   R million 611 305 651 629 577  
  R/kg 56,642 48,489 53,384 51,736 42,322  
  US$/oz 244 211 219 179 181  
      R/kg 279,957 244,842 239,867 219,254 168,903  
  Notional cash expenditure (NCE)                
      US$/oz 1,206 1,067 984 757 723  
  General                
  Employees (TEC)   number 9,563 9,738 10,216 10,516 10,769  
  Mineral Reserves   Mt 39.5 41.4 38.6 41.0 41.5  
  Mineral Reserve Head Grade   g/t 3.9 4.1 4.6 4.9 5.0  
  Mineral Reserves   Moz 5.0 5.5 5.7 6.5 6.7  
  Expected Life of Mine   years 14 15 12 13 12  
1
Figures shown represent the six months to 31 December 2010. Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant. SRD: Surface Rock Dump and TSF: Tailings Storage Facility.