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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

South Deep Gold Mine

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

Backfill distribution plant  
Managed Mineral Resources at 81.4 Moz.
Managed Mineral Reserves at 39.6 Moz.
Declared Mineral Resources and Mineral Reserves now modelled, designed and scheduled in accordance with Gold Fields protocols.
Old Mine and VCR mostly excluded, pending further exploration and feasibility studies.
Production build-up continues to gather
The current Life of Mine is estimated to extend to 2080 (69 years).

The South Deep Gold Mine is a key asset for Gold Fields and the flagship growth project in South Africa. South Deep’s production build-up is on track to deliver the required volume to achieve full production by 2016, in line with Gold Fields’ long-term stated vision, “To be the global leader in sustainable gold mining”

     
PRODUCTION: 8,491 kg (273 ozs) TOTAL CASH COSTS: R249,146/kg (US$1,073/oz)

Newshelf 899 (Pty) Limited (Newshelf), which is a 90% subsidiary of Gold Fields Limited, holds a 100% interest in the South Deep Gold Mine. The remaining 10% is held by outside shareholders as part of the BEE Transaction completed in December 2010. The Mine, situated 45 kilometres southwest of Johannesburg, is an intermediate to deep level gold mine comprising two shaft systems, the older South Shaft complex with its main shaft and two sub-vertical shafts, and the newer complex known as Twin Shafts. Ore is processed at a central metallurgical plant. The mining right area totals 4,268 hectares, which includes the area previously known as Uncle Harry’s.

South Deep has been designated by Gold Fields as a developing mine and a project to increase ore production to 330,000 tonnes per month, is currently in progress. This project includes the establishment of a new tailings storage facility, the deepening and equipping of the ventilation shaft at the Twin Shaft Complex to hoist both reef and waste material, increasing the metallurgical plant capacity and establishing the underground infrastructure to access Mineral Reserves to the south of the current workings. In order to further improve the confidence in the Mineral Resource estimate of this area, a major surface drilling project is also underway.

The primary economic target is the Upper Elsburg Reef package, which, due to its geometry, lends itself to a mine design that is fully mechanised, and the Ventersdorp Contact Reef as a secondary economic target. It is planned that South Deep will be able to mine 330,000 tonnes per month by 2015. At this production rate, South Deep will produce approximately 700 koz per annum. It is currently estimated that South Deep will be able to maintain this profile until 2057, with the end of life expected to be in 2080.

      Units Dec
2011
  Dec
2010*
June
2010
June
2009
June
2008
 
  Surface mining                  
  Total mined   kt 397   109 196 203 301  
  SRD material to plant (screened)   kt 397   109 196 203 301  
  SRD Head grade   g/t 0.7   1.0 0.6 1.4 0.9  
  Underground mining                  
  Ore mined (reef only stope + dev)   kt 1,497   778 1, 177 773 750  
  Mined grade (reef only)   g/t 5.8   6.0 6.0 6.2 7.3  
  Primary development   m 12,018   6,078 10,091 7,152 5,850  
  Primary reef development Advanced m 5,804   3,573 5,036 4,262 3,065  
  Value g/t 4.8   5.3 4.8 5.9 6.0  
  Processing                  
  – Underground tonnes (Inc waste)   kt 2,043   992 1,485 1,038 1,066  
  – Surface tonnes   kt 397   109 196 203 301  
  Total tonnes treated   kt 2,440   1,101 1,681 1,241 1,367  
  – Mill head grade (underground)   g/t 4.2   4.7 5.7 5.2 6.7  
  – Mill head grade (surface)   g/t 0.8   1.0 0.6 1.4 0.9  
  Total head grade   g/t 3.7   4.3 5.0 4.5 5.5  
  – Yield Underground g/t 4.0   4.5 5.7 5.0 6.5  
  Surface Rock Dump g/t 0.7   1.0 0.6 1.3 0.8  
  Combined yield   g/t 3.5   4.1 4.9 4.9 5.3  
  Plant recovery factor Underground % 95.2   96.3 97.2 96.7 97.2  
  Surface Rock Dump % 95.2   96.3 97.2 96.7 97.2  
  Gold produced                  
  Underground   kg 8,205   4,443 8,127 5,178 6,967  
  Surface   kg 286   104 109 256 253  
  Total gold produced   koz 273   146 265 175 232  
      kg 8,491   4,547 8,236 5,434 7,220  
  Gold sold   koz 273   146 265 175 232  
  Financial                  
  Operating cost Underground R/kg 256,215   222,442 204,560 227,362 179,108  
  R/t 1,029   996 1,119 1,134 1,170  
  Surface R/kg 127,706   74,354 111,835 42,106 62,961  
  R/t 92   71 62 53 54  
  Total cash cost   R/kg 249,146   215,659 197,669 207,803 169,889  
    US$/oz 1,073   939 811 717 727  
  Capital expenditure   R million 1,982   1,003 1,613 1,021 785  
    R/kg 233,471   220,632 195,895 187,799 108,682  
  Notional cash expenditure (NCE)   R/kg 485,314   439,675 399,211 406,423 283,712  
    US$/oz 2,091   1,915 1,638 1,403 1,214  
  General                  
  Employees (TEC)   number 3,579   3,820 3,628 3,011 5,076  
  Mineral Reserves   Mt 225.0   192.6 148.2 149.4 149.7  
  Mineral Reserve Head Grade   g/t 5.5   5.6 6.1 6.2 6.1  
  Mineral Reserves   Moz 39.6   34.5 29.3 29.5 29.1  
  Expected Life of Mine   years 69   54 43 43 44  
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.