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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 International Operations

Damang Gold Mine

PDF format Technical short form report (PDF - 1MB)

Driefontein’s No 1 plant during winter at dusk  
Mineral Resources at 10.0 Moz.
Mineral Reserves at 3.4 Moz.
A strong near-mine and greenfields growth pipeline.
Realising the potential to 2025 and beyond.
Life of Mine extended to 2024 (+5 years).

 

West Africa is host to world-class gold deposits and is a premier mining destination. The Damang Gold Mine, in particular, will leverage off this and provide a new lease on life and contribute to Gold Fields’ vision, “To be the global leader in sustainable gold mining”.

     
PRODUCTION: 6,772 kg (218,000 ozs) TOTAL CASH COSTS: US$701/oz

Damang Gold Mine is owned and operated by Abosso Goldfields Limited (AGL), a Ghanaian registered company. With Gold Fields’ acquisition of IAMGold’s indirect 18.9% stake in the Damang Gold Mine in June 2011, Gold Fields now owns 90% of the issued shares of AGL with the Ghanaian government owning the remaining 10% free carried interest. The Damang Gold Mine consists of two mining leases, namely the Damang mining lease and the Lima South mining lease, covering a combined total of 8,111 hectares as well as four prospecting licences.

The Damang Gold Mine is located in southwestern Ghana near the southern end of what is commonly referred to as the Tarkwa Basin, 300 kilometres by road west of Accra, the capital of Ghana. The mine exploits oxide and fresh hydrothermal mineralisation in addition to Witwatersrand-style palaeoplacer gold. The hydrothermal mineralisation is located in Tarkwaian sediments and is the only deposit of its kind located on the eastern side of the Ashanti Belt in south-west Ghana. Damang’s main ore body is located close to the closure of an antiform, while all other known palaeoplacer mineralisation is located on the eastern and western limbs of the anticline.

The Damang plant currently processes 5.2 Mtpa from a blend of approximately 5% oxide ore and 95% fresh ore. The ore is sourced from various open pit mining operations and existing surface stockpiles. Process feed for the 12-month period to 31 December 2011 comprised 4.9 Mt at a yield of 1.37 g/t for 218 koz.

This technical short form report reflects the latest Life of Mine plan input parameters, together with an updated Mineral Resource and Mineral Reserve statement. The declared Mineral Reserve as at 31 December 2011 has increased by 1.3 Moz of gold when reconciled against the December 2010 statement, predominantly due to new discovery.

All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves.

    Units Dec
2011
  Dec
20101
June
2010
June
2009
June
2008
 
  Open pit mining                
  Total mined kt 23,515   7,144 12,529 19,459 31,422  
  – Waste mined kt 18,735   4,962 8,658 15,057 27,300  
  – Ore mined kt 4,780   2,182 3,871 4,402 4,092  
  Mined grade g/t 1.7   1.9 1.6 1.6 1.6  
  Strip ratio (tonnes) waste : ore 3.9   2.3 2.2 3.4 6.7  
  Processing                
  – Mill tonnes kt 4,942   2,491 5,028 4,991 4,516  
  Total tonnes kt 4,942   2,491 5,028 4,991 4,516  
  – Mill head grade g/t 1.5   1.6 1.3 1.3 1.4  
  Total head grade g/t 1.5   1.6 1.3 1.3 1.4  
  Combined yield g/t 1.4   1.5 1.3 1.2 1.3  
  Plant recovery factor % 91.8   93.3 92.9 93.1 93.8  
  Gold produced                
  – Mill koz 218   117 207 200 194  
  Total gold produced koz 218   117 207 200 194  
  kg 6,772   3,637 6,451 6,233 6,041  
  Gold sold koz 218   117 207 200 194  
  Financials                
  Surface operating cost US$/oz 653   632 630 692 608  
  Total cash cost US$/oz 701   636 660 661 551  
  Capital expenditure US$ million 88.0   56.3 29.8 16.9 28.1  
  Notional cash expenditure (NCE) US$/oz 1,056   1,114 774 745 753  
  General                
  Employees (TEC) number 1,588   1,423 1,478 1,598 1,613  
  Mineral Reserves Mt 61.7   40.5 41.9 36.1 25.5  
  Mineral Reserve Head Grade g/t 1.7   1.6 1.6 1.6 1.7  
  Mineral Reserves Moz 3.4   2.1 2.1 1.8 1.4  
  Expected Life of Mine years 13   9 9 9 5  
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.