GOLD FIELDS LIMITED - Gold Fields Operating Update

Release Date: 09/11/2018 08:00
Code(s): GFI
 
Wrap Text
Gold Fields Operating Update

Gold Fields Limited 
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN - ZAE 000018123

Media Release
Gold Fields Operating Update
Quarter ended 30 September 2018 


JOHANNESBURG. 9 November 2018: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for the quarter ended 
30 September 2018. Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and December. 


KEY STATISTICS
                                                                   United States Dollars 
                                                                          Quarter 
Figures are in millions unless otherwise stated            September         June    September
                                                                2018         2018         2017
Gold produced (attributable)*            oz (000)                533          504          567
  Continuing operations                                          533          504          552
  Discontinued operations                                          –            –           15
Tonnes milled/treated                        000               8,878        8,314        8,712
  Continuing operations                                        8,878        8,314        8,609
  Discontinued operations                                          –            –          103
Revenue                                   US$/oz               1,184        1,297        1,276
  Continuing operations                                        1,184        1,297        1,276
  Discontinued operations                                          –            –        1,270
Cost of sales before gold 
inventory change and amortisation 
and depreciation                       US$/tonne                  41           42           43
  Continuing operations                                           41           42           42
  Discontinued operations                                          –            –          158
All-in sustaining costs                   US$/oz                 977          973          906
  Continuing operations                                          977          973          896
  Discontinued operations                                          –            –        1,284
Total all-in cost                         US$/oz               1,140        1,187        1,032
  Continuing operations                                        1,140        1,187        1,025
  Discontinued operations                                          –            –        1,284
Net debt                                    US$m               1,564        1,393        1,302
*  Gold produced in this table is attributable and includes Gold Fields share of 45 per cent in Asanko.
   All of the key statistics are managed figures.
** Cash flow from operating activities (which is net of tax) less net capital expenditure, environmental payments and financing costs.
   All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0 per cent), Cerro Corona in Peru (99.5 per cent) and 
   Asanko JV (45 per cent equity share).
   Gold produced (and sold) throughout this report includes copper gold equivalents of approximately 7 per cent of Group production. 


STOCK DATA FOR THE 3 MONTHS ENDED 30 SEPTEMBER 2018
Number of shares in issue                          NYSE – (GFI)     
– at end September 2018       820,614,217          Range – Quarter              US$2.29 – US$3.74
– average for the quarter     820,614,217          Average Volume – Quarter     4,203,720 shares/day
Free Float                   100 per cent          JSE LIMITED – (GFI)     
ADR Ratio                             1:1          Range – Quarter              ZAR32.90 – ZAR50.25
Bloomberg/Reuters            GFISJ/GFLJ.J          Average Volume – Quarter     2,871,764 shares/day


STATEMENT BY NICK HOLLAND, 
CHIEF EXECUTIVE OFFICER OF GOLD FIELDS 

Quarter overview 
Q3 2018 was characterised by the international assets posting another strong operating performance and South Deep negatively impacted 
by the restructuring announced in August 2018. Group attributable equivalent gold production was 533koz (+6% QoQ) for the quarter at 
AISC of US$977/oz and AIC of US$1,140/oz.

Despite our strong focus on safety, regrettably, there was a fatality at South Deep post quarter end and after the mine had achieved 
2 million fatality free shifts over 18 months. We are deeply saddened to announce that our colleague Ananias Mosololi, an underground 
LHD operator, tragically succumbed to his injuries on Saturday 13 October, following an accident that occurred underground at South 
Deep on Friday 12 October. We extend our heartfelt condolences to the family, friends and colleagues of Mr Mosololi.

South Deep
On 14 August, Gold Fields announced a proposed restructuring at South Deep, which could potentially affect 1,102 permanent employees 
and 460 contractors. The company has proposed to suspend mining activities in loss making areas of the mine and reduce operational and 
support staff commensurately, as well as suspend development activities in the New Mine area. Both trade unions were served with 
section 189 notices in terms of the Labour Relations Act on 14 August, which is when the legislated minimum 60-day consultation period 
commenced. Progress with the majority union (the NUM) was slow and confrontational during the consultation period and characterised by 
a lack of consensus. This resulted in low morale in the workforce and uncertainty about job security and as such, the restructuring 
process has had a negative impact on productivity at South Deep. During Q3 2018, the mine produced 1,539kg (50koz).

The consultation period ended on 30 October. The retrenchment process is now underway, with retrenchment letters having been issued to 
affected employees. As a consequence, the NUM has embarked on industrial action. While it is a protected strike, the ‘no-work, no-pay’ 
principle will apply. As is always the case, the safety and security of our employees remains our main objective during the industrial 
action. 

Damang 
The reinvestment project at Damang continues to track ahead of plan. During Q3 2018, total tonnes mined were 20% ahead of plan at 
11.4Mt, whilst gold produced of 51koz at AISC of US$682/oz and AIC of US$1,288/oz was also ahead of expectations. Year-to-date, Damang 
has produced 141koz and is well on track to achieve full-year guidance of 160koz. 

Gruyere
Construction at Gruyere continued to make steady progress during Q3 2018 and the project remains on track for first production in 
Q2 2019. As at end-September 2018, overall project engineering and construction were 95% and 69% complete, respectively. EPC 
construction (process plant and associated infrastructure) was 55% complete. Downer, which was awarded a five-year mining contract in 
December 2017, has completed work on the mine workshops and supporting infrastructure and begun mobilising the mining fleet and 
operating team for commencement of mining operations in November 2018.

Salares Norte
The feasibility study at Salares Norte is on track for completion by the end of 2018. Results of the feasibility study are not expected 
to differ materially from the interim results which Gold Fields released in February 2018. The Environmental Impact Assessment (EIA) 
was accepted for review on 11 July 2018. We anticipate a period of 18 to 24 months for the review to be completed.

Term loan maturity extended by 12 months
The Group has successfully extended the maturity of the US$380m term loan by 12 months to 6 June 2020 (from 6 June 2019) on the same 
terms, which results in no material debt maturities in 2019. The extension has been approved by the syndicate of lending banks. Gold 
Fields continues to proactively manage the balance sheet and will consider further refinancing of its debt during the course of 2019. 

Outlook for 2018
On 6 February 2018, the Group gave guidance for the year as follows: attributable equivalent gold production of between 2.08 million 
ounces and 2.10 million ounces.  AISC of between US$990 per ounce and US$1,010 per ounce and AIC of between US$1,190 per ounce and 
US$1,210 per ounce. These expectations assumed exchange rates of R/US$:12.00 and A$/US$:0.80.

On 24 April 2018, with the release of the Q1 results, the guidance was revised as result of the lower production outlook at South Deep 
due to the revised South Deep production outlook from 10,000 kilograms (321,000 ounces) to 7,600 kilograms (244,000 ounces). 
Attributable equivalent gold production for the Group for 2018 was guided down to between 2.00 million ounces and 2.05 million ounces, 
with AISC and AIC unchanged.  

On 16 August 2018, the Group guided that attributable equivalent gold production for 2018 were expected to be on track with original 
guidance given in February, with the inclusion of Asanko, as Gold Fields expected to account for its contribution of 
43,000 attributable ounces from 31 July 2018. AISC was expected to be between US$990 per ounce and US$1,010 per ounce and AIC was 
planned to be between US$1,190 per ounce and US$1,210 per ounce, both as guided originally in February.

Taking into consideration the challenges we have been facing at South Deep, including as a result of the strike and go-slow post the 
announcement of the restructuring and assuming that the strike continues until the end of the year with the consequence of no further 
production from November month onwards at South Deep. Gold production for the year is currently estimated to be 4,800 kilograms 
(154,600 ounces).

The international operations (including our 45 per cent share of Asanko) are expected to produce 1.85 million attributable ounces, 
compared with original guidance of 1.75 million attributable ounces. This includes 45,000 attributable ounces from Asanko for 5 months.

As a consequence, Group attributable production is expected to be 2.00 million ounces. We are still on track to make our guidance on 
AISC of between US$990 per ounce and US$1,010 per ounce and AIC of between US$1,190 per ounce and US$1,210 per ounce.

N.J. Holland
Chief Executive Officer
9 November 2018


SALIENT FEATURE AND COST BENCHMARKS
                                                                              United States Dollars
                                                                        Total Mine
                                         Total Mine      Total Mine      Continuing             
                                         Operations      Operations      Operations      South Africa                   West Africa                  South America
                                          Including       Excluding       Excluding            Region                        Region                         Region
                                             Equity          Equity          Equity                                           Ghana                           Peru
Figures are in millions                   accounted       accounted       accounted             South                                      Asanko*           Cerro
unless otherwise stated               Joint Venture   Joint Venture   Joint Venture              Deep            Total    Tarkwa    Damang     45%          Corona
Ore milled/treated         Sept 2018          8,878           8,491           8,491               387            4,914     3,450     1,077     387           1,712
(000 tonnes)               June 2018          8,314           8,314           8,314               393            4,524     3,473     1,051       –           1,665
                           Sept 2017          8,712           8,712           8,609               555            4,498     3,370     1,127       –           1,690
Yield                      Sept 2018            2.0             2.0             2.0               4.0              1.2       1.1       1.6     1.4             1.5
(grams per tonne)          June 2018            2.0             2.0             2.0               3.9              1.3       1.2       1.6       –             1.3
                           Sept 2017            2.1             2.1             2.1               4.5              1.2       1.3       0.9       –             1.6
Gold produced              Sept 2018          550.7           533.1           533.1              49.5            195.5     126.5      51.3    17.6            83.2
(000 managed equivalent    June 2018          523.2           523.2           523.2              48.8            186.7     133.1      53.5       –            69.0
 ounces)                   Sept 2017          584.8           584.8           570.1              81.2            177.2     145.1      32.2       –            89.6
Gold sold                  Sept 2018          545.6           527.5           527.6              47.3            195.9     126.5      51.3    18.1            80.0
(000 managed equivalent    June 2018          522.9           522.9           522.9              50.3            186.7     133.1      53.5       –            66.5
 ounces)                   Sept 2017          585.0           585.0           570.3              81.2            177.2     145.1      32.2       –            89.9
Cost of sales before       Sept 2018         (352.2)         (338.7)         (338.7)            (66.1)          (118.6)    (76.0)    (29.1)  (13.5)          (38.9)
amortisation and           June 2018         (347.7)         (347.7)         (347.7)            (74.4)          (107.5)    (73.5)    (34.0)      –           (39.6)
depreciation (million)     Sept 2017         (342.5)         (342.5)         (325.4)            (79.0)          (105.0)    (76.0)    (29.0)      –           (38.9)
Cost of sales before 
gold inventory change 
and amortisation and       Sept 2018             41              41              41               178               26        21        34      41              23
depreciation               June 2018             42              42              42               187               23        19        37       –              23
(dollar per tonne)         Sept 2017             43              43              42               143               26        26        25       –              23
Sustaining capital         Sept 2018         (142.5)         (139.0)         (139.0)            (10.5)           (45.3)    (38.3)     (3.5)   (3.5)          (10.7)
(million)                  June 2018         (134.4)         (134.4)         (134.4)            (10.6)           (48.0)    (44.4)     (3.6)      –            (7.0)
                           Sept 2017         (150.0)         (150.0)         (149.6)            (15.3)           (45.1)    (41.8)     (3.3)      –            (9.9)
Non-sustaining capital     Sept 2018          (36.3)          (35.9)          (35.9)             (4.8)           (31.5) #      –     (31.1) # (0.4)              –
(million)                  June 2018          (39.7)          (39.7)          (39.7)             (7.4)            32.4) #      –     (32.4) #    –               –
                           Sept 2017          (38.6)          (38.6)          (38.6)             (4.4)           (34.2) #      –     (34.2) #    –               –
Total capital expenditure  Sept 2018         (178.8)         (174.9)         (174.9)            (15.3)           (76.8)    (38.3)    (34.6)   (3.9)          (10.7)
(million)                  June 2018         (174.2)         (174.2)         (174.2)            (18.0)           (80.4)    (44.4)    (36.0)      –            (7.0)
                           Sept 2017         (188.5)         (188.5)         (188.0)            (19.7)           (79.3)    (41.8)    (37.5)      –            (9.9)
All-in-sustaining costs    Sept 2018            966             960             960             1,663              900       972       682    1,018            443
(dollar per ounce)         June 2018            969             969             969             1,736              897       955       746        –            316
                           Sept 2017            892             892             881             1,203              941       909     1,084        –            124
Total all-in-cost          Sept 2018          1,038           1,034           1,034             1,764            1,061       972     1,288    1,039            443
(dollar per ounce)         June 2018          1,051           1,051           1,051             1,882            1,069       955     1,347        –            316
                           Sept 2017            963             963             954             1,257            1,134       909     2,147        –            124

                                                                                                                                South          United
                                                                                                                              African          States      Australian 
                                                 United States Dollars                       Australian Dollars                  Rand         Dollars         Dollars 
                                                      Australia                                  Australia               South Africa       Australia       Australia 
                                                         Region                                     Region                     Region          Region          Region 
                                                     Continuing                                 Continuing                               Discontinued    Discontinued 
                                                         Agnew/  Granny                             Agnew/   Granny             South       
                                        Total   St Ives Lawlers   Smith            Total   St Ives Lawlers    Smith              Deep          Darlot          Darlot 
Operating Results                                                                                                      
Ore milled/treated       Sept 2018      1,866     1,077     310     479            1,866     1,077     310      479               387               –               –
(000 tonnes)             June 2018      1,732     1,020     305     407            1,732     1,020     305      407               393               –               –
                         Sept 2017      1,866     1,123     315     428            1,866     1,123     315      428               555             103             103
Yield                    Sept 2018        3.7       2.6     6.2     4.7              3.7       2.6     6.2      4.7               4.0               –               –
(grams per tonne)        June 2018        3.9       2.9     5.8     5.2              3.9       2.9     5.8      5.2               3.9               –               –
                         Sept 2017        3.7       2.5     6.1     5.1              3.7       2.5     6.1      5.1               4.5             4.4             4.4
Gold produced            Sept 2018      222.6      89.2    61.3    72.1            222.6      89.2    61.3     72.1             1,539               –               –
(000 managed             June 2018      218.8      94.6    56.8    67.4            218.8      94.6    56.8     67.4             1,518               –               –
equivalent ounces)       Sept 2017      222.0      89.5    61.8    70.8            222.0      89.5    61.8     70.8             2,526            14.7            14.7
Gold sold                Sept 2018      222.1      88.9    61.4    71.8            222.1      88.9    61.4     71.8             1,472               –               –
(000 managed             June 2018      219.4      95.1    56.9    67.4            219.4      95.1    56.9     67.4             1,565               –               –
equivalent ounces)       Sept 2017      222.0      89.5    61.8    70.8            222.0      89.5    61.8     70.8             2,526            14.7            14.7
Cost of sales before     Sept 2018     (128.6)    (47.5)  (37.6)  (43.6)          (176.1)    (64.6)  (51.8)   (59.7)           (941.0)              –               –
amortisation and         June 2018     (126.2)    (48.0)  (37.4)  (40.8)          (166.3)    (62.9)  (49.6)   (53.8)           (930.6)              –               –
depreciation (million)   Sept 2017     (102.5)    (32.0)  (33.7)  (36.8)          (129.6)    (40.3)  (42.6)   (46.7)         (1,038.3)          (17.1)          (21.7)
Cost of sales before 
gold inventory change 
and amortisation and     Sept 2018         68        43     122      87               93        60     168      120             2,494               –               –
depreciation             June 2018         77        53     127      99              101        70     168      130             2,336               –               –
(dollar per tonne)       Sept 2017         68        44     120      91               86        57     152      116             1,884             158             201
Sustaining capital       Sept 2018      (76.0)    (36.4)  (17.7)  (21.9)          (103.9)    (49.6)  (24.2)   (30.0)           (145.7)              –               –
(million)                June 2018      (68.7)    (26.9)  (19.1)  (22.8)           (90.8)    (35.5)  (25.2)   (30.0)           (131.8)              –               –
                         Sept 2017      (78.9)    (37.8)  (21.5)  (19.6)          (100.5)    (48.0)  (27.5)   (25.0)           (204.7)           (0.4)           (0.5)
Non-sustaining capital   Sept 2018          –         –       –       –                –         –       –        –             (68.7)              –               –
(million)                June 2018          –         –       –       –                –         –       –        –             (91.4)              –               –
                         Sept 2017          –         –       –       –                –         –       –        –             (55.2)              –               –
Total capital            Sept 2018      (76.0)    (36.4)  (17.7)  (21.9)          (103.9)    (49.6)  (24.2)   (30.0)           (214.4)              –               –
expenditure              June 2018      (68.7)    (26.9)  (19.1)  (22.8)           (90.8)    (35.5)  (25.2)   (30.0)           (223.2)              –               –
(million)                Sept 2017      (78.9)    (37.8)  (21.5)  (19.6)          (100.5)    (48.0)  (27.5)   (25.0)           (259.9)           (0.4)           (0.5)
All-in-sustaining costs  Sept 2018        969       993     945     957            1,325     1,355   1,300    1,311           758,304               –               –
(dollar per ounce)       June 2018        940       839   1,044     995            1,240     1,103   1,383    1,311           697,450               –               –
                         Sept 2017        881       848     956     855            1,116     1,071   1,215    1,087           509,011           1,284           1,629
Total all-in-cost        Sept 2018        969       993     945     957            1,325     1,355   1,300    1,311           804,998               –               –
(dollar per ounce)       June 2018        940       839   1,044     995            1,240     1,103   1,383    1,311           755,930               –               –
                         Sept 2017        881       848     956     855            1,116     1,071   1,215    1,087           530,842           1,284           1,629
Average exchange rates were US$1 = R14.03, US$1 = R12.49 and US$1 = R13.14 for the September 2018, June 2018 and September 2017 quarters, respectively. 
The Australian/US dollar exchange rates were A$1 = US$0.73, A$1 = US$0.76 and A$1 = US$0.79 for the September 2018, June 2018 and September 2017 quarters, respectively. 
Figures may not add as they are rounded independently. 
# Relates to non-sustaining capital expenditure for Damang re-investment project.
* Equity accounted Joint Venture


REVIEW OF OPERATIONS 

Quarter ended 30 September 2018 compared with quarter ended 30 June 2018

South Africa region 
South Deep Project
                                             Sept      June
                                             2018      2018
Gold produced                    000’oz      49.5      48.8
                                     kg     1,539     1,518
Gold sold                        000’oz      47.3      50.3
                                     kg     1,472     1,565
Yield – underground reef            g/t      5.63      5.85
AISC                               R/kg   758,304   697,450
                                 US$/oz     1,663     1,736
AIC                                R/kg   804,998   755,930
                                 US$/oz     1,764     1,882

Gold production increased by 1 per cent from 1,518 kilograms (48,800 ounces) in the June quarter to 1,539 kilograms (49,500 ounces) 
in the September quarter.

Total underground tonnes mined decreased by 2 per cent from 326,000 tonnes in the June quarter to 319,000 tonnes in the September 
quarter. Ore tonnes mined increased by 15 per cent from 242,000 tonnes to 277,000 tonnes due to increased stoping output while 
underground waste mined decreased by 50 per cent from 84,000 tonnes to 42,000 tonnes.  The decline in underground waste was due to 
temporarily suspending New Mine Development, which is ahead of schedule, in order to curtail capital expenditure to reduce cash 
deficits in the business and to provide more focus on current mining activities to improve performance.  There was also a decrease in 
on reef access development from 58,600 tonnes to 48,800 tonnes, due to increased ground support and rehabilitation requirements. 
Underground reef grade mined decreased by 5 per cent from 6.48 grams per tonne to 6.14 grams per tonne due to lower destress and 
development grades.  Total gold mined from underground increased by 8 per cent from 1,567 kilograms (50,400 ounces) to 1,697 kilograms 
(54,600 ounces) mainly due to increased stoping output, partially offset by reduced development and destress contributions.

Total tonnes milled decreased by 2 per cent from 393,000 tonnes to 387,000 tonnes.  Underground ore tonnes milled increased by 5 per 
cent from 258,000 tonnes in the June quarter to 271,000 tonnes in the September quarter in line with ore production from underground.  
Underground waste milled decreased by 28 per cent from 60,000 tonnes to 43,000 tonnes due to reduced waste development as indicated 
above.  Surface tailings material treated decreased by 4 per cent from 75,000 tonnes to 73,000 tonnes.  Underground reef yield 
decreased by 4 per cent from 5.85 grams per tonne to 5.63 grams per tonne in line with reduced reef grade mined.

Gold recovered from underground was 1,529 kilograms (49,200 ounces) with 10 kilograms (320 ounces) being recovered from treatment of 
the surface material. 

Destress mining decreased by 28 per cent from 6,053 square metres in the June quarter to 4,356 square metres in the September quarter 
due to increased ground support and rehabilitation requirements related to slower than planned stope turnover.  

Longhole stoping increased by 57 per cent from 120,000 tonnes to 188,300 tonnes due to improved stope availability and improvements in 
drill and blast discipline.  The current mine contributed 65 per cent of the total ore tonnes in the September quarter compared with 
85 per cent in the June quarter with the balance from North of Wrench.  Total tonnes mined from longhole stoping of total tonnes broken 
increased from 37 per cent in the June quarter to 59 per cent in the September quarter. 

Development decreased by 33 per cent from 1,789 metres in the June quarter to 1,190 metres in the September quarter.  New mine capital 
development on 100 level decreased by 67 per cent from 492 metres to 160 metres due to the decision to suspend New Mine Development as 
from the end of July 2018, as well as a decrease in on reef access development.  Development in the current mine areas decreased by 
31 per cent from 747 metres to 518 metres due to additional ground support compounded by low equipment availability.  Development North 
of Wrench decreased by 7 per cent from 550 metres to 512 metres.

On 14 August, the company announced a proposed restructuring, which has affected 1,102 permanent employees and 460 contractors.  The 
company has suspended mining activities in loss making areas of the mine and reduced operational and support staff commensurately, as 
well as suspended New Mine Development activities.  This aims to reduce the cash deficit of the mine.  The mine’s two registered trade 
unions, the NUM and UASA were served with section 189 notices in terms of the Labour Relations Act.  The company elected to have 
consultations facilitated by the Commission for Conciliation, Mediation and Arbitration (CCMA).  In terms of the legislation, these 
consultations took place over the minimum period of 60 days.  The consultations have been completed and focused on the business 
rational, alternatives to avoid job losses, selection criteria, severance packages and assistance to affected employees.  Progress with 
the majority union, the NUM, was very slow and confrontational and characterised by lack of consensus.  The proposed restructuring has 
had a negative impact on productivity due to uncertainty, low morale and the disruptive nature of the engagements with the majority 
union. 

The restructuring process was completed at the end of October and retrenchment letters were served on the affected 1,102 employees. 
Affected employees were offered voluntary separation packages and 171 took up the offer.  

Taking into consideration the challenges we have been facing at South Deep, including as a result of the strike and go-slow post the 
announcement of the restructuring and assuming that the strike continues until the end of the year with the consequence of no further 
production from November month onwards at South Deep. Gold production for the year is currently estimated to be 4,800 kilograms 
(154,600 ounces).

The aim of the restructuring is to move the mine closer to breakeven and it is hoped that the strike action will be concluded before 
year-end.

Cost of sales before amortisation and depreciation increased by 1 per cent from R931 million (US$74 million) to R941 million 
(US$66 million) mainly due to increased electricity costs as a result of higher winter tariff, partially offset by a gold-in-process 
credit to costs of R34 million (US$3 million) in the September quarter compared with a charge of R12 million (US$1 million) in the 
June quarter. 

Capital expenditure decreased by 4 per cent from R223 million (US$18 million) in the June quarter to R214 million (US$15 million) in 
the September quarter. 

Sustaining capital expenditure increased by 11 per cent from R132 million (US$11 million) in the June quarter to R146 million 
(US$10 million) in the September quarter due to an increase in major component and rebuild costs for the mine’s fleet.  Non-sustaining 
capital expenditure decreased by 25 per cent from R91 million (US$7 million) to R68 million (US$5 million) due in part to the 
suspension of the new mine development.

All-in sustaining costs increased by 9 per cent from R697,450 per kilogram (US$1,736 per ounce) in the June quarter to R758,304 per 
kilogram (US$1,663 per ounce) in the September quarter mainly due to lower gold sold, higher cost of sales before amortisation and 
depreciation and higher sustaining capital expenditure. 

Total all-in cost increased by 6 per cent from R755,930 per kilogram (US$1,882 per ounce) in the June quarter to R804,998 per kilogram 
(US$1,764 per ounce) in the September quarter due to the same reasons as for all-in sustaining costs, partially offset by lower non-
sustaining capital expenditure.

West Africa region
Ghana 
Tarkwa
                                             Sept      June
                                             2018      2018
Gold produced                    000’oz     126.5     133.1
Gold sold                        000’oz     126.5     133.1
Yield                               g/t      1.14      1.18
AISC and AIC                     US$/oz       972       955

Gold production decreased by 5 per cent from 133,100 ounces in the June quarter to 126,500 ounces in the September quarter mainly due 
to lower yield.

Total tonnes mined, including capital waste stripping, increased by 8 per cent from 20.3 million tonnes in the June quarter to 
22.0 million tonnes in the September quarter.  Ore tonnes mined increased by 13 per cent from 3.1 million tonnes to 3.5 million tonnes 
due to increased mining volumes at the Akontansi pit, which has a lower strip ratio. 

Operational waste tonnes mined increased by 40 per cent from 4.8 million tonnes to 6.7 million tonnes and capital waste tonnes mined 
decreased by 5 per cent from 12.4 million tonnes to 11.8 million tonnes in line with the operational plan.  Mined grade decreased by 
8 per cent from 1.31 grams per tonne to 1.21 grams per tonne due to lower grades from the Akontansi pit.  Gold mined increased by 3 per 
cent from 132,500 ounces to 136,400 ounces as a result of increased ore tonnes mined.  The strip ratio decreased from 5.5 to 5.3. 

The CIL plant throughput remained similar at 3.5 million tonnes.  Yield decreased by 3 per cent from 1.18 grams per tonne to 1.14 grams 
per tonne, mainly due to lower grade ore mined and processed.

Cost of sales before amortisation and depreciation, increased by 3 per cent from US$74 million to US$76 million mainly due to increased 
tonnes mined, partially offset by a lower gold-in-process drawdown of US$3 million in the September quarter compared with US$9 million 
in the June quarter.

Capital expenditure decreased by 14 per cent from US$44 million to US$38 million due to lower capital stripping.

All-in sustaining costs and total all-in cost increased by 2 per cent from US$955 per ounce in the June quarter to US$972 per ounce in 
the September quarter due to lower gold sold and higher cost of sales before amortisation and depreciation, partially offset by lower 
capital expenditure.

Damang
                                             Sept      June
                                             2018      2018
Gold produced                     000’oz     51.3      53.5
Gold sold                         000’oz     51.3      53.5
Yield                                g/t     1.55      1.58
AISC                              US$/oz      682       746
AIC                               US$/oz    1,288     1,347

Gold production decreased by 4 per cent from 53,500 ounces in the June quarter to 51,300 ounces in the September quarter mainly due to 
lower head grade mined and processed from Amoanda pit.

Total tonnes mined, including capital stripping, decreased by 8 per cent from 12.4 million tonnes in the June quarter to 11.4 million 
tonnes in the September quarter in line with the operational plan.

Ore tonnes mined increased by 27 per cent from 1.04 million tonnes in the June quarter to 1.32 million tonnes in the September quarter.  
Total waste tonnes mined decreased by 11 per cent from 11.4 million tonnes to 10.1 million tonnes in line with the operational plan.  
Capital waste tonnes included in total waste tonnes decreased by 8 per cent from 8.8 million tonnes 8.1 million tonnes due to lower 
stripping volumes from the Amoanda pit which is at the later stages of the current cutback.  Operational waste tonnes mined decreased 
by 23 per cent from 2.6 million tonnes to 2.0 million tonnes also in line with the operational plan.   

Head grade mined decreased by 13 per cent from 1.97 grams per tonne to 1.72 grams per tonne due to lower grade mined south of the 
Amoanda pit due to re configuration of the main ramp to further optimise the pit. Gold mined increased by 10 per cent from 
66,100 ounces to 72,700 ounces.  The strip ratio decreased from 10.9 to 7.7 due to exposed ore surfaces mined at the Amoanda pit. 

Tonnes processed increased by 3 per cent from 1.05 million tonnes in the June quarter to 1.08 million tonnes in the September quarter 
due to higher plant overall equipment efficiency.  Yield decreased by 2 per cent from 1.58 grams per tonne to 1.55 grams per tonne due 
to lower head grade mined.  In the September quarter, tonnes milled were sourced as follows: 1.02 million tonnes at 1.75 grams per 
tonne from the pits and 0.06 million tonnes at 1.07 grams per tonne from stockpiles.  This compared with 0.89 million tonnes at 
1.94 grams per tonne from the pits and 0.16 million tonnes at 0.60 grams per tonne from stockpiles in the June quarter. 

Cost of sales before amortisation and depreciation, decreased by 15 per cent from US$34 million to US$29 million mainly due to a 
decrease in cost of sales before gold inventory change and amortisation and depreciation due to lower operating tonnes mined, as well 
as a higher gold-in-process credit to cost of US$7 million in the September quarter compared with US$4 million in the June quarter.

Capital expenditure decreased by 3 per cent from US$36 million in the June quarter to US$35 million in the September quarter as a 
result of lower capital waste tonnes mined.

Sustaining capital expenditure was similar at US$4 million.  Non-sustaining capital expenditure decreased by 3 per cent from 
US$32 million to US$31 million mainly due to lower capital waste mined (8.1 million tonnes in the September quarter compared with 
8.8 million tonnes mined in the June quarter).

All-in sustaining costs decreased by 9 per cent from US$746 per ounce in the June quarter to US$682 per ounce in the September quarter 
mainly due to lower cost of sales before amortisation and depreciation, partially offset by lower gold sold. 

All-in costs decreased by 4 per cent from US$1,347 per ounce in the June quarter to US$1,288 per ounce in the September quarter due to 
the same reasons as above as well as lower non-sustaining capital expenditure. 

At the end of the September 2018 quarter and 21 months into the Damang Reinvestment Project (DRP), total material mined amounted to 
75 million tonnes, 25 per cent ahead of the project schedule.  Gold produced during the same period was 284,300 ounces, 45 per cent 
above the DRP ounces of 196,100.  All major projects are on schedule.  The SAG mill shell replacement is on track with installation and 
commissioning planned for the December 2018 quarter. The project to date capital spent is US$240 million.

Asanko (Equity accounted Joint Venture)*
                                             Sept      June
                                             2018      2018
                                   2 months ended     
Gold produced                     000’oz     17.6         -
Gold sold                         000’oz     18.1         -
Yield                                g/t     1.41         -
AISC                              US$/oz    1,018         -
AIC                               US$/oz    1,039         -
* All figures represent Gold Fields share of 45 per cent in Asanko. 

Gold Fields acquisition of 45 per cent of Asanko Gold went unconditional on the 31 July 2018.  Accordingly, the company has equity-
accounted the results of its 45 per cent interest in Asanko for the last two months of the quarter.

Gold production for the two months ended September 2018 was 17,600 ounces.

Total tonnes mined, including deferred stripping for the two months ended September 2018 were 3.2 million tonnes. Ore tonnes mined were 
0.5 million tonnes for the same period.  Head grade mined was 1.46 grams per tonne.

Total waste tonnes mined were 2.7 million tonnes, whilst strip ratio was 5.12 for the two months ended September 2018.

The CIL plant throughput was 0.4 million tonnes for the two months ended September 2018 and yield was 1.41 grams per tonne.  

Cost of sales before amortisation and depreciation for the two months ended September 2018 was US$14 million.

Sustaining capital expenditure for the two months ended September 2018 was US$4 million and non-sustaining capital expenditure amounted 
to US$nil.

All-in sustaining costs and total all-in cost for the two months ended September 2018 was US$1,018 per ounce and US$1,039 per ounce, 
respectively.

South America region
Peru 
Cerro Corona
                                               Sept      June
                                               2018      2018
Gold produced                      000’oz      40.7      30.9
Copper produced                    tonnes     8,437     7,317
Total equivalent gold produced  000’eq oz      83.2      69.0
Total equivalent gold sold      000’eq oz      80.0      66.5
Yield        – gold                   g/t      0.77      0.60
             – copper            per cent      0.51      0.46
             – combined            eq g/t      1.51      1.29
AISC and AIC                       US$/oz       443       316
AISC and AIC                    US$/eq oz       691       795
Gold price*                        US$/oz     1,218     1,314
Copper price*                       US$/t     6,139     6,864
* Average daily spot price for the period used to calculate total equivalent gold ounces produced.

Gold production increased by 32 per cent from 30,900 ounces in the June quarter to 40,700 ounces in the September quarter due to higher 
grades mined and processed as well as higher ore processed.  Copper production increased by 15 per cent from 7,317 tonnes to 
8,437 tonnes due to higher grade and increased ore processed.  Equivalent gold production increased by 21 per cent from 69,000 ounces 
to 83,200 ounces mainly due to higher grade ore processed in line with the mining sequence, partially offset by the lower price factor. 

Gold head grade increased by 28 per cent from 0.89 grams per tonne to 1.14 grams per tonne and gold recoveries decreased from 69.7 per 
cent to 66.1 per cent, in line with the mining sequence and the operational plan. Copper head grade increased by 7 per cent from 
0.54 per cent to 0.58 per cent and copper recoveries decreased from 87.6 per cent to 86.2 per cent.  Gold yield increased by 28 per 
cent from 0.60 grams per tonne to 0.77 grams per tonne due to higher head grade, partially offset by lower recoveries.  The lower 
recoveries were due to high clay content, which required higher lime.  Copper yield increased by 11 per cent from 0.46 per cent to 
0.51 per cent due to higher head grade.

In the September quarter, concentrate with a payable content of 38,980 ounces of gold was sold at an average price of US$1,206 per 
ounce and 8,191 tonnes of copper was sold at an average price of US$5,335 per tonne, net of treatment and refining charges.  This 
compared with 28,475 ounces of gold that was sold at an average price of US$1,302 per ounce and 7,105 tonnes of copper that was sold 
at an average price of US$6,244 per tonne, net of treatment and refining charges, in the June quarter. 

Total tonnes mined increased by 4 per cent from 5.24 million tonnes in the June quarter to 5.44 million tonnes in the September quarter 
mainly due to higher ore mined in line with the mining sequence. Ore mined increased by 7 per cent from 1.62 million tonnes to 
1.74 million tonnes.  Operational waste tonnes mined increased by 2 per cent from 3.62 million tonnes to 3.70 million tonnes in line 
with the mining plan.  The strip ratio decreased from 2.24 to 2.12.  As previously mentioned the strip ratio is higher than previous 
averages due to the need to accelerate mining in line with the 2030 life extension project.

Ore processed increased by 2 per cent from 1.67 million tonnes to 1.71 million tonnes due to lower ore hardness.

Cost of sales before amortisation and depreciation, decreased by 3 per cent from US$40 million to US$39 million mainly due to a 
US$1 million gold-in-process credit to cost as a result of an increase in stockpiles in the September quarter compared with a charge 
of US$2 million due to a drawdown of stockpiles in the June quarter.

Capital expenditure increased by 57 per cent from US$7 million to US$11 million due to an increase in construction activities at the 
tailings dam and waste storage facilities during the dry season.

All-in sustaining costs and total all-in cost per gold ounce increased by 40 per cent from US$316 per ounce in the June quarter to 
US$443 per ounce in the September mainly due to higher capital expenditure and lower by-product credits due to the lower copper price 
received, partially offset by increased gold sold.  All-in sustaining costs and total all-in cost per equivalent ounce decreased by 
13 per cent from US$795 per equivalent ounce to US$691 per equivalent ounce due to the same reasons as above, as well as higher gold 
equivalent ounces sold, partially offset by higher capital expenditure.

Australia region
St Ives
                                             Sept      June
                                             2018      2018
Gold produced                     000’oz     89.2      94.6
Gold sold                         000’oz     88.9      95.1
Yield              – underground     g/t     3.74      4.60
                   – surface         g/t     2.31      2.47
                   – combined        g/t     2.58      2.89
AISC and AIC                       A$/oz    1,355     1,103
                                  US$/oz      993       839

Gold production decreased by 6 per cent from 94,600 ounces in the June quarter to 89,200 ounces in the September quarter. 

Total ore tonnes mined decreased by 27 per cent from 1.1 million tonnes in the June quarter to 0.8 tonnes in the September quarter.

Total underground ore tonnes mined increased by 52 per cent from 181,600 tonnes in the June quarter to 275,300 tonnes in the September 
quarter.

At the Hamlet underground operation, ore tonnes mined decreased by 3 per cent from 86,200 tonnes in the June quarter to 83,300 tonnes 
in the September quarter.  Head grade decreased by 14 per cent from 3.96 grams per tonne to 3.41 grams per tonne with lower grade 
stopes mined during the September quarter as per the mining schedule.  Gold mined from Hamlet underground decreased by 17 per cent from 
11,000 ounces to 9,100 ounces.

Operations at the Invincible underground mine continued to grow with ore tonnes mined increasing by 101 per cent from 95,400 tonnes in 
the June quarter to 192,000 tonnes in the September quarter.  Head grade mined decreased by 22 per cent from 5.34 grams per tonne to 
4.16 grams per tonne due to lower development ore grades, as development is no longer going through these high-grade areas, as 
anticipated. Gold mined from Invincible underground increased by 58 per cent from 16,300 ounces to 25,700 ounces.

At the open pit operations, ore tonnes mined decreased by 33 per cent from 0.9 million tonnes in the June quarter to 0.6 million tonnes 
in the September quarter with the completion of mining activities at the Invincible open pit stage 5 on 28 August 2018 as scheduled. 

Grade mined from open pits, decreased by 11 per cent from 2.63 grams per tonne to 2.35 grams per tonne due to the lower proportion of 
high grade ore delivered from Invincible following the completion of stage 5.  Gold mined from open pits decreased by 46 per cent from 
77,700 ounces to 41,600 ounces due to lower tonnes mined.  In the September quarter, tonnes mined were sourced as follows: 0.3 million 
tonnes at 3.28 grams per tonne from Invincible and 0.3 million tonnes at 1.15 grams per tonne from Neptune.  This compared with 
0.6 million tonnes at 3.17 grams per tonne from Invincible and 0.3 million tonnes at 1.52 grams per tonne from Neptune in the June 
quarter.

Operational waste tonnes mined decreased by 50 per cent from 2.2 million tonnes in the June quarter to 1.1 million tonnes in the 
September quarter and capital waste tonnes mined increased by 30 per cent from 2.3 million tonnes to 3.0 million tonnes due to the 
completion of Invincible stage 5 and relocation of the mining fleet to Neptune open pit for pre-strip activity.  Total material 
movements at the open pits decreased by 15 per cent from 5.4 million tonnes to 4.7 million tonnes.  The strip ratio increased from 
4.9 to 7.4 driven by pre strip activity at Neptune.

Ounces mined at the total St Ives complex decreased by 27 per cent from 105,100 ounces in the June quarter to 76,500 ounces in the 
September quarter due to a 40 per cent reduction in ore tonnes mined at the open pits with the completion of mining activities at 
Invincible open pit stage 5.  At the end of the September quarter, stockpiled Neptune high-grade oxide material amounted to 
65,300 ounces (997,700 tonnes at 1.57 grams per tonne), Invincible amounted to 32,200 ounces (227,200 tonnes at 2.55 grams per tonne) 
and A5 amounted to 7,900 ounces (174,000 tonnes at 1.46 grams per tonne).  This compared with Neptune high-grade oxide material 
stockpiles of 77,600 ounces (1,142,000 tonnes at 2.34 grams per tonne), Invincible stockpiles of 44,500 ounces (375,000 tonnes at 
2.81 grams per tonne) and A5 stockpiles of 7,900 ounces (174,000 tonnes at 1.46 grams per tonne), at the end of the June quarter.  
Currently, Lefroy mill can only sustain a 25 per cent oxide material blend.  The excess Neptune oxide material is stockpiled and fed 
to the mill so as to maintain the optimum blend. 

Throughput at the Lefroy mill increased by 6 per cent from 1.02 million tonnes in the June quarter to 1.08 million tonnes in the 
September quarter with higher plant availability during the quarter, following a scheduled major maintenance shutdown in the June 
quarter.  Yield decreased by 11 per cent from 2.89 grams per tonne to 2.58 grams per tonne mainly due to stockpile movements quarter-
on-quarter.

Cost of sales before amortisation and depreciation, increased by 3 per cent from A$63 million (US$48 million) to A$65 million 
(US$48 million).  The increase was due to a gold inventory credit to costs of A$nil (US$nil) in the September quarter compared with 
A$9 million (US$6 million) in the June quarter, partially offset by reduced mining costs at the open pits in the September quarter 
(A$4 million/US$3 million) due to lower operational tonnes mined, and lower processing costs (A$3 million/US$2 million) following the 
major maintenance shutdown in the June quarter.  

Capital expenditure increased by 39 per cent from A$36 million (US$27 million) to A$50 million (US$36 million) due to increased capital 
development at Invincible underground and Neptune open pit (A$8 million/US$7 million), and increased exploration drilling costs at 
Invincible underground (A$4 million/US$3 million). 

All-in sustaining costs and total all-in cost increased by 23 per cent from A$1,103 per ounce (US$839 per ounce) in the June quarter to 
A$1,355 per ounce (US$993 per ounce) in the September quarter due to higher cost of sales before amortisation and depreciation, higher 
capital expenditure at Invincible and Neptune as planned and lower gold sold. 

Agnew
                                             Sept      June
                                             2018      2018
Gold produced                     000’oz     61.3      56.8
Gold sold                         000’oz     61.4      56.9
Yield                                g/t     6.15      5.79
AISC and AIC                       A$/oz    1,300     1,383
                                  US$/oz      945     1,044

Gold production increased by 8 per cent from 56,800 ounces in the June quarter to 61,300 ounces in the September quarter mainly due to 
higher grades mined and processed.

Ore mined from underground decreased by 7 per cent from 323,900 tonnes in the June quarter to 301,800 tonnes in the September quarter.  
This was largely due to a change in the mining sequence in the FBH area at Waroonga following updated geotechnical recommendations that 
have reduced available stoping fronts for the quarter.  Head grade mined increased by 16 per cent from 6.01 grams per tonnes to 
6.97 grams per tonne with increased material mined from the high grade Bengal area at Waroonga.  Gold mined increased by 8 per cent 
from 62,600 ounces to 67,700 ounces.  In the September quarter tonnes mined were sourced as follows: 153,200 tonnes at 10.2 grams per 
tonne from Waroonga and 148,600 tonnes at 3.7 grams per tonne from New Holland.  This compared with 168,000 tonnes at 8.3 grams per 
tonne from Waroonga and 155,900 tonnes at 3.6 grams per tonne from New Holland in the June quarter.  

Tonnes processed increased by 2 per cent from 304,900 tonnes in the June quarter to 310,400 tonnes in the September quarter.  The 
combined yield increased by 6 per cent from 5.79 grams per tonne to 6.15 grams per tonne due to the higher grades mined, as a result 
of increased material from the high grade Bengal area as discussed above.

Cost of sales before amortisation and depreciation, increased by 4 per cent from A$50 million (US$37 million) in the June quarter to 
A$52 million (US$38 million) in the September quarter mainly due to an increase in mining costs of A$1 million (US$1 million) as a 
result of the increased ore development metres advanced in the September quarter.  In addition, a gold-in-circuit credit of A$nil 
(US$nil) in the September quarter compared with A$2 million (US$1 million) in the June quarter.  The credit to cost in the June quarter 
was primarily due to a build-up of stockpiles with more ore mined than processed.   

Capital expenditure decreased by 4 per cent from A$25 million (US$19 million) to A$24 million (US$18 million) mainly due to decreased 
capital development expenditure with less capital development and increased ore development costs in the September quarter.

All-in sustaining costs and total all-in cost decreased by 6 per cent from A$1,383 per ounce (US$1,044 per ounce) in the June quarter 
to A$1,300 per ounce (US$945 per ounce) in the September quarter due to lower capital expenditure and higher gold sold, partially 
offset by higher cost of sales before amortisation and depreciation. 

Granny Smith
                                             Sept      June
                                             2018      2018
Gold produced                     000’oz     72.1      67.4
Gold sold                         000’oz     71.8      67.4
Yield                                g/t     4.68      5.16
AISC and AIC                       A$/oz    1,311     1,311
                                  US$/oz      957       995

Gold production increased by 7 per cent from 67,400 ounces in the June quarter to 72,100 ounces in the September quarter mainly due to 
increased ore tonnes mined and processed. 

Ore mined from underground increased by 9 per cent from 423,700 tonnes to 460,800 tonnes. Head grade mined decreased by 6 per cent from 
5.23 grams per tonnes in the June quarter to 4.94 grams per tonne in the September quarter in line with the geotechnical sequencing 
inherent in the plan.  As a result of the 9 per cent increase in tonnes mined and the 6 per cent decrease in grade, overall ounces 
mined increased by 3 per cent from 71,300 ounces in the June quarter to 73,200 ounces in the September quarter. 

Tonnes processed increased by 18 per cent from 406,400 tonnes in the June quarter to 478,700 tonnes in the September quarter due to 
increased availability of mined ore and the timing of milling campaigns quarter on quarter.  The yield decreased by 9 per cent from 
5.16 grams per tonne to 4.68 grams per tonne due to lower head grade mined.

Cost of sales before amortisation and depreciation, increased by 11 per cent from A$54 million (US$41 million) in the June quarter to 
A$60 million (US$44 million) in the September quarter mainly due to a A$4 million (US$3 million) increase in mining costs as a result 
of increased ore mined and a A$2 million (US$2 million) gold-in-circuit charge to costs in the September quarter compared with 
A$1 million (US$1 million) in the June quarter.

Capital expenditure was similar at A$30 million (US$22 million).  During the September quarter, A$22 million (US$17 million) was 
spent on mine development and infrastructure projects and A$8 million (US$5 million) was spent on exploration activities.

All-in sustaining costs and total all-in cost was similar at A$1,311 per ounce (US$957 per ounce).  The increase in cost of sales 
before amortisation and depreciation of A$6 million (US$3 million) was offset by increased gold sold.

Gruyere
First gold remains scheduled for the June 2019 quarter, in line with the guidance issued in April 2018. The final forecast capital 
(FFC) cost estimate remains at A$621 million (level of accuracy range + 2 per cent/-2 per cent) as reported by the joint venture 
partners on 30 July 2018.

In accordance with the Joint Venture agreement entered into at the time of the acquisition, Gold Fields will fund up to 10 per cent 
of costs overruns, excluding scope changes and force majeure costs.  This translates to approximately A$51 million.  Consequently, 
Gold Fields share of the FFC is A$337 million with A$203 million having been incurred up to the end of September 2018. As at 
30 September 2018, overall project engineering and construction was 95 per cent and 69 per cent complete, respectively, with EPC 
construction (process plant and associated infrastructure) 55 per cent complete.

We believe that the long-life, low-cost nature of Gruyere will improve the Gold Fields portfolio.


UNDERGROUND AND SURFACE (UNREVIEWED)
                                  Total    Total Mine                                                 United States Dollars
                                   Mine    Continuing    South                 West                      South
                             Operations    Operations   Africa               Africa                    America                 Australia
                              Including     Including   Region               Region                     Region                    Region
                                 Equity        Equity                         Ghana                       Peru                  Continuing            Discontinued 
Imperial ounces with          accounted     accounted    South                             Asanko#       Cerro                   St    Agnew/ Granny 
metric tonnes and grade   Joint Venture Joint Venture     Deep    Total   Tarkwa   Damang      45%      Corona        Total    Ives   Lawlers  Smith        Darlot 
                                                                                                                                                                   
Tonnes mined        Sept 2018     1,314         1,314      277        –        –        –       –            –        1,037     275       302    461             – 
(000 tonnes)*       June 2018     1,171         1,171      242        –        –        –       –            –          929     182       324    424             – 
– underground ore   Sept 2017     1,305         1,205      388        –        –        –       –            –          817     100       293    424           100 
                    Sept 2018        42            42       42        –        –        –       –            –            –       –         –      –             – 
– underground waste June 2018        84            84       84        –        –        –       –            –            –       –         –      –             – 
                    Sept 2017        48            48       48        –        –        –       –            –            –       –         –      –             – 
                    Sept 2018     7,645         7,645        –    5,352    3,511    1,317     525        1,741          552     552         –      –             – 
– surface ore       June 2018     6,722         6,722        –    4,183    3,139    1,044       –        1,619          920     920         –      –             – 
                    Sept 2017     8,453         8,453        –    5,354    4,435      919       –        1,803        1,296   1,296         –      –             – 
                    Sept 2018     9,000         9,000      319    5,352    3,511    1,317     525        1,741        1,589     827       302    461             – 
– total             June 2018     7,977         7,977      326    4,183    3,139    1,044       –        1,619        1,849   1,102       324    424             – 
                    Sept 2017     9,807         9,707      436    5,354    4,435      919       –        1,803        2,113   1,395       293    424           100 
Grade mined         Sept 2018       5.6           5.6      6.1        –        –        –       –            –          5.3     3.9       7.0    4.9             – 
(grams per tonne)   June 2018       5.8           5.8      6.5        –        –        –       –            –          5.4     4.7       6.0    5.2             – 
– underground ore   Sept 2017       6.2           6.3      6.3        –        –        –       –            –          6.0     3.7       7.3    5.7           4.6 
                    Sept 2018         –             –        –        –        –        –       –            –            –       –         –      –             – 
– underground waste June 2018         –             –        –        –        –        –       –            –            –       –         –      –             – 
                    Sept 2017         –             –        –        –        –        –       –            –            –       –         –      –             – 
                    Sept 2018       1.4           1.4        –      1.2      1.7      1.5                  1.1          2.3     2.3         –      –             – 
– surface ore       June 2018       1.5           1.5        –      1.5      1.3      2.0       –          0.9          2.6     2.6         –      –             – 
                    Sept 2017       1.6           1.6        –      1.3      1.3      1.0       –          1.3          2.8     2.8         –      –             – 
                    Sept 2018       2.0           2.0      5.3      1.2      1.7      1.5                  1.1          4.3     2.9       7.0    4.9             – 
– total             June 2018       2.2           2.2      4.8      1.5      1,3      2.0       –          0.9          4.0     3.0       6.0    5.2             – 
                    Sept 2017       2.2           2.1      5.6      1.3      1.3      1.0       –          1.3          4.0     2.8       7.3    5.7           4.6 
Gold mined          Sept 2018     230.2         230.2     54.6        –        –        –                    –        175.6    34.8      67.7   73.2             – 
(000 ounces)*       June 2018     211.7         211.7     50.4        –        –        –       –                     161.3    27.3      62.6   71.3             – 
– underground ore   Sept 2017     252.5         237.5     79.2        –        –        –       –            –        158.3    12.0      69.2   77.1          15.0 
                    Sept 2018         –             –        –        –        –        –                    –            –       –         –      –             – 
– underground waste June 2018         –             –        –        –        –        –       –            –            –       –         –      –             – 
                    Sept 2017         –             –        –        –        –        –       –            –            –       –         –      –             – 
                    Sept 2018     339.6         339.6      0.4    233.7    136.4     72.7    24.7         64.0         41.6    41.6         –      –             – 
– surface ore       June 2018     322.8         322.8      0.3    198.5    132.5     66.1       –         46.2         77.7    77.7         –      –             – 
                    Sept 2017     410.6         410.6        –    219.7    189.0     30.7       –         75.7        115.3   115.3         –      –             – 
                    Sept 2018     569.9         569.9     54.9    233.7    136.4     72.7    24.7         64.0        217.3    76.5      67.7   73.2             – 
– total             June 2018     534.0         534.0     50.7    198.5    132.5     66.1       –         46.2        239.0   105.1      62.6   71.3             – 
                    Sept 2017     663.1         648.1     79.2    219.7    189.0     30.7       –         75.7        273.6   127.3      69.2   77.1          15.0 
Ore milled/treated  Sept 2018     1,264         1,264      271        –        –        –                    –          993     204       310    479             – 
(000 tonnes)*       June 2018     1,170         1,170      258        –        –        –       –            –          912     201       305    406             – 
– underground ore   Sept 2017     1,346         1,243      398        –        –        –       –            –          845     102       315    428           103 
                    Sept 2018        42            42       42        –        –        –                    –            –       –         –      –             – 
– underground waste June 2018        60            60       60        –        –        –       –            –            –       –         –      –             – 
                    Sept 2017        45            45       45        –        –        –       –            –            –       –         –      –             – 
                    Sept 2018     7,572         7,572       73    4,914    3,450    1,077     387        1,712          873     873         –      –             – 
– surface ore       June 2018     7,083         7,083       75    4,524    3,473    1,051       –        1,665          819     819         –      –             – 
                    Sept 2017     7,321         7,321      112    4,498    3,370    1,127       –        1,690        1,021   1,021         –      –             – 
                    Sept 2018     8,878         8,878      387    4,914    3,450    1,077     387        1,712        1,866   1,077       310    479             – 
– total             June 2018     8,314         8,314      393    4,524    3,473    1,051       –        1,665        1,733   1,020       305    406             – 
                    Sept 2017     8,712         8,609      555    4,498    3,370    1,127       –        1,690        1,866   1,123       315    428           103 
Yield               Sept 2018       4.9           4.9      5.6        –        –        –       –            –          4.9     3.7       6.2    4.7             – 
(Grams per tonne)   June 2018       5.1           5.1      5.8        –        –        –       –            –          5.2     4.6       5.8    5.2             – 
– underground ore   Sept 2017       5.4           5.4      6.3        –        –        –       –            –          5.3     3.5       6.1    5.1           4.4 
                    Sept 2018         –             –        –        –        –        –       –            –            –       –         –      –             – 
– underground waste June 2018         –             –        –        –        –        –       –            –            –       –         –      –             – 
                    Sept 2017         –             –        –        –        –        –       –            –            –       –         –      –             – 
                    Sept 2018       1.5           1.5      0.1      1.2      1.1      1.6     1.4          1.5          2.3     2.3         –      –             – 
– surface ore       June 2018       1.4           1.4      0.1      1.3      1.2      1.6       –          1.3          2.5     2.5         –      –             – 
                    Sept 2017       1.5           1.5      0.1      1.2      1.3      0.9       –          1.6          2.4     2.4         –      –             – 
                    Sept 2018       2.0           2.0      4.0      1.2      1.1      1.6     1.4          1.5          3.7     2.6       6.2    4.7             – 
– combined          June 2018       2.0           2.0      3.9      1.3      1.2      1.6       –          1.3          3.9     2.9       5.8    5.1             – 
                    Sept 2017       2.1           2.1      4.5      1.2      1.3      0.9       –          1.6          3.7     2.5       6.1    5.1           4.4 
Gold produced       Sept 2018     207.1         207.1     49.2        –        –        –       –            –        157.9    24.5      61.3   72.1             – 
(000 ounces)*       June 2018     202.4         202.4     48.5        –        –        –       –            –        153.9    29.7      56.8   67.4             – 
– underground ore   Sept 2017     239.9         225.2     81.0        –        –        –       –            –        144.2    11.7      61.8   70.8          14.7 
                    Sept 2018         –             –        –        –        –        –                    –            –       –         –      –             – 
– underground waste June 2018         –             –        –        –        –        –       –            –            –       –         –      –             – 
                    Sept 2017         –             –        –        –        –        –       –            –            –       –         –      –             – 
                    Sept 2018     343.8         343.8      0.3    195.5    126.5     51.3    17.6         83.2         64.7    64.7         –      –             – 
– surface ore       June 2018     320.8         320.8      0.3    186.7    133.1     53.5       –         69.0         64.9    64.9         –      –             – 
                    Sept 2017     344.9         344.9      0.2    177.2    145.1     32.2       –         89.6         77.8    77.8         –      –             – 
                    Sept 2018     550.7         550.7     49.5    195.5    126.5     51.3    17.6         83.2        222.6    89.2      61.3   72.1             – 
– total             June 2018     523.2         523.3     48.8    186.7    133.1     53.5       –         69.0        218.8    94.6      56.8   67.4             – 
                    Sept 2017     584.8         570.1     81.2    177.2    145.1     32.2       –         89.6        222.0    89.5      61.8   70.8          14.7 
Cost of sales                                                                                                                                                      
before gold                                                                                                                                                        
inventory change                                                                                                                                                   
and amortisation                                                                                                                                                   
and depreciation    Sept 2018       131           131      221        –        –        –       –            –           86      30       122     87             – 
(dollar per tonne)  June 2018       146           146      231        –        –        –       –            –          105      85       127     99             – 
– underground       Sept 2017       145           144      179        –        –        –       –            –           98      64       120     91           158 
                    Sept 2018        26            25        2       26       21       34      41           23           47      47         –      –             – 
– surface           June 2018        25            25        1       23       19       37       –           23           45      45         –      –             – 
                    Sept 2017        25            25        1       26       26       25       –           23           43      43         –      –             – 
                    Sept 2018        41            41      178       26       21       34      41           23           68      43       122     87             – 
– total             June 2018        42            42      187       23       19       37       –           23           77      53       127     99             – 
                    Sept 2017        43            42      143       26       26       25       –           23           68      44       120     91           158 
* Excludes surface material at South Deep.                                                                                                                         
# Includes only 45 per cent of Asanko (Equity accounted Joint Venture).  

CERTAIN FORWARD LOOKING STATEMENTS 
This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or 
the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to Gold 
Fields’ financial condition, results of operations, business strategies, operating efficiencies, competitive position, growth 
opportunities for existing services, plans and objectives of management, markets for stock and other matters. Such forward-looking 
statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", 
"anticipates", "aims", "continues", "expects", "hopes", "may", "will", "would" or "could" or, in each case, their negative or other 
various or comparable terminology.

These forward-looking statements, including, among others, those relating to the future business prospects, revenues and income of Gold 
Fields, wherever they may occur in this report, are necessarily estimates reflecting the best judgment of the senior management of Gold 
Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the 
forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important 
factors, including those set forth in this report. Important factors that could cause actual results to differ materially from 
estimates or projections contained in the forward-looking statements include, without limitation: 

-  overall economic and business conditions in South Africa, Ghana, Australia, Peru and elsewhere;
-  changes in assumptions underlying Gold Fields’ mineral reserve estimates; 
-  the ability of the Group to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions 
   or joint ventures; 
-  the ability of the Group to achieve anticipated efficiencies and other cost savings as a result of measures such as retrenchments;
-  the ability of the Group to achieve anticipated production cost estimates at existing operations, projects or joint ventures as 
   outlined in this report or as otherwise disclosed; 
-  the success of the Group’s business strategy, development activities and other initiatives; 
-  the ability of the Group to comply with requirements that it operate in a sustainable manner and provide benefits to affected 
   communities; 
-  decreases in the market price of gold or copper; 
-  the occurrence of hazards associated with underground and surface gold mining or contagious diseases at Gold Fields’ operations, 
   projects or joint ventures; 
-  the occurrence of work stoppages related to health and safety incidents at Gold Fields’ operations, projects or joint ventures; 
-  the Group’s loss of senior management or inability to hire or retain employees; 
-  fluctuations in exchange rates, currency devaluations and other macro-economic monetary policies; 
-  ongoing or future labour disruptions and industrial actions at Gold Fields’ operations, projects or joint ventures; 
-  power cost increases as well as power stoppages, fluctuations and usage constraints; 
-  supply chain shortages and increases in the prices of production imports; 
-  the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms and 
   conditions of Gold Fields’ facilities and Gold Fields’ overall cost of funding; 
-  the adequacy of the Group’s insurance coverage; 
-  the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects, 
   exploration project or other initiatives; 
-  changes in relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations 
   and potential new legislation affecting Gold Fields’ mining and mineral rights; 
-  fraud, bribery or corruption at Gold Fields’ operations, projects or joint ventures that leads to censure, penalties or negative 
   reputational impacts; and 
-  political instability in South Africa, Ghana, Peru or regionally in Africa or South America.  
–  Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect 
   events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

ADMINISTRATION AND CORPORATE INFORMATION
Corporate Secretary 
Lucy Mokoka 
Tel: +27 11 562 9719
Fax: +27 11 562 9829 
e-mail: lucy.mokoka@goldfields.com 

Registered office
Johannesburg 
Gold Fields Limited 
150 Helen Road 
Sandown 
Sandton 
2196 

Postnet Suite 252 
Private Bag X30500 
Houghton 
2041 
Tel: +27 11 562 9700 
Fax: +27 11 562 9829 

Office of the United Kingdom secretaries 
London 
St James’s Corporate Services Limited 
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom 
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645
e-mail: general@corpserv.co.uk

American depository receipts transfer agent 
Shareholder correspondence should be mailed to:
BNY Mellon Shareowner Services
P O Box 30170
College Station, TX 77842-3170

Overnight correspondence should be sent to:
BNY Mellon Shareowner Services
211 Quality Circle, Suite 210
College Station, TX 77845
e-mail: shrrelations@cpushareownerservices.com

Phone numbers
Tel:  888 269 2377 Domestic
Tel:  201 680 6825 Foreign

Sponsor 
J.P. Morgan Equities South Africa (Pty) Ltd
     Gold Fields Limited 
Incorporated in the Republic of South Africa 
Registration number 1968/004880/06 
Share code: GFI 
Issuer code: GOGOF 
ISIN – ZAE 000018123

Investor enquiries
Avishkar Nagaser
Tel: +27 11 562 9775
Mobile: +27 82 312 8692
e-mail: avishkar.nagaser@goldfields.com

Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
e-mail: thomas.mengel@goldfields.com

Media enquiries 
Sven Lunsche
Tel: +27 11 562 9763 
Mobile: +27 83 260 9279 
e-mail: sven.lunsche@goldfields.com 

Transfer secretaries 
South Africa 
Computershare Investor Services (Proprietary) Limited 
Rosebank Towers
15 Biermann Avenue
Rosebank
Johannesburg
2196 
P O Box 61051 
Marshalltown
2107 
Tel: +27 11 370 5000 
Fax: +27 11 688 5248 

United Kingdom 
Link Asset Services 
The Registry 
34 Beckenham Road 
Beckenham 
Kent BR3 4TU
England
Tel: 0871 664 0300 
Calls cost 12p per minute plus your phone company's access charge.
If you are outside the United Kingdom, 
please call +44 371 664 0300. 
Calls outside the United Kingdom will be charged at the applicable international rate. 
The helpline is open between 9:00am – 5:30pm. Monday to Friday excluding public holidays in England and Wales.
e-mail: enquiries@linkgroup.co.uk 

      
Website
WWW.GOLDFIELDS.COM
Listings
JSE / NYSE / GFI
SWX: GOLI


CA Carolus+ (Chair)   RP Menell+ (Deputy Chair)   NJ Holland*## (Chief Executive Officer)   PA Schmidt## (Chief Financial Officer)
A Andani#+   PJ Bacchus+   TP Goodlace+   C Letton^+   P Mahanyele##   DMJ Ncube+   SP Reid^+  YGH Suleman+   
 ^Australian   *British    #Ghanaian   
 +Independent Director    ##Non-independent Director

Date: 09/11/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story