GOLD FIELDS LIMITED - Gold Fields Operations Update on COVID-19 Impact

Gold Fields’ Operations – Update on COVID-19 Impact

Gold Fields Limited
(Reg. No. 1968/004880/06)
(Incorporated in the Republic of South Africa)
(“Gold Fields” or “the Company”)
JSE, NYSE, DIFX Share Code: GFI
ISIN Code:     ZAE000018123

MEDIA RELEASE


GOLD FIELDS’ OPERATIONS – UPDATE ON COVID-19 IMPACT


Johannesburg, 24 March 2020: Gold Fields Limited (Gold Fields) (JSE,
NYSE: GFI) fully supports the measures and policies to curb the
Covid-19 pandemic implemented by the countries in which we operate.

“The world finds itself facing an unprecedented situation - the
Covid-19 pandemic has forced governments across the globe to take
decisive actions to safeguard the lives of their people. Gold Fields
is fully committed to first and foremost protecting the health and
safety of our people and communities, and supports all governments’
efforts to contain the spread of the virus,” says Gold Fields CEO
Nick Holland.

“In particular, we note yesterday’s announcement by South African
President Cyril Ramaphosa of a 21-day lockdown commencing this
Friday. It is a painful, but necessary and bold decision and one
that we support to the fullest,” he adds.

The nature and extent of incidences of infections at our global
operations will determine the company’s action with regards to
continued operations at the mine sites.

The following provides an update on the situation in each Region and
the additional measures we have now put in place:

-   Our South Deep mine in South Africa will be safely put on
    care and maintenance as from 27 March 2020. South Deep is seeking
    permission from the regulator for the following activities to
    continue: pumping, security, essential plant maintenance,
    managerial oversight and medical services. Employees who will be
    providing these essential services will be accommodated in our
    residences. The majority of employees will be sent home as from
    Thursday and will continue to receive their base pay during the
    21-day lock-down period. Where possible, select employees will
    work from home. Based on the current run-rate, the 21-day
    lockdown is expected to result in 16koz (500kg) of lost
    production at South Deep.
-   Peru imposed a 15-day curfew on 16 March 2020. Our Cerro
    Corona mine is still continuing operations as the workforce stays
    in a self-contained camp on-site. We have just over 700 employees
    currently at Cerro Corona. Once the curfew period has ended we
    will reassess our ability to safely continue operations depending
    on the government’s next actions.
-   Our Tarkwa and Damang mines in Ghana continue operating and
    production has to date not been impacted.
-   While there are restrictions on interstate travel in
    Australia, this currently does not apply to our Fly-In Fly-Out
    employees who continue to travel to and from our mines in Western
    Australia. Production has also not been impacted to date.
-   In Chile, a three-month curfew-based lockdown was imposed on
    19 March 2020. Project activities at Salares Norte continue, with
    construction only scheduled to begin later this year. Non-
    critical employees have been demobilized.
-   All corporate office employees will be working from home from
    27 March 2020 until the lockdown period in South Africa is
    lifted.

The company is in a strong financial position with significantly
reduced debt at the end of December 2019. At the time of this
release Gold Fields had approximately US$600m in cash and in excess
of US$1.5bn of committed, unutilised debt facilities. “We have
sufficient liquidity to withstand an interruption to our operations
for a considerable period of time, but will work towards minimising
the impact of Covid-19 on our operations,” Holland says

We will review the situation at regular intervals to decide on
further actions if required and will keep the market updated
accordingly.

Ends




Enquiries

Investors

Avishkar Nagaser
Tel: +27 11 562-9775
Mobile: +27 82 312 8692
Email : Avishkar.Nagaser@goldfields.com

Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email: Thomas.Mengel@goldfields.com

Media

Sven Lunsche
Tel: +27 11 562-9763
Mobile: +27 83 260 9279
Email : Sven.Lunsche@goldfields.com

ends


Notes to editors

About Gold Fields
Gold Fields Limited is a globally diversified gold producer with
nine operating mines (including our Asanko Joint Venture) and
projects in Australia, Chile, Ghana, Peru and South Africa, with
total attributable annual gold-equivalent production of
approximately 2Moz. It has attributable gold Mineral Reserves of
around 48.1Moz and gold Mineral Resources of around 96.6Moz.
Attributable copper Mineral Reserves total 691 million pounds and
Mineral Resources 4,816 million pounds. Gold Fields has a primary
listing on the Johannesburg Stock Exchange (JSE) Limited, with a
secondary listing on the New York Stock Exchange (NYSE).

Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd




03 March 2020
Sponsor:
JP Morgan Equities Limited

Date: 24-03-2020 05:05:00
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