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GOLD FIELDS LIMITED - Gold Fields publishes its 2019 Integrated Annual Report

Release Date: 30/03/2020 17:40
Code(s): GFI     PDF:  
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Gold Fields publishes its 2019 Integrated Annual Report

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


Gold Fields publishes
2019 Integrated Annual Report

Johannesburg, 30 March 2020: Gold Fields Limited (Gold Fields) (JSE,
NYSE: GFI) today published its Integrated Annual Report 2019 (IAR)
and a number of associated reports on its website.

These are the statutory Annual Financial Report 2019 (AFR),
including the Governance Report, containing the audited separate and
consolidated financial statements for the year ended 31 December
2019, the 2019 Mineral Resources and Mineral Reserves Supplement,
Gold Fields’ Global Reporting Initiative (GRI) Content Index 2019
and Gold Fields’ 2019 Climate Change Report.         These audited
results contain no modifications       to   the   financial   results
published on 12 February 2020.

The Notice to Shareholders of the AGM will be published and posted
to shareholders by the end of April 2020.

The IAR and the AFR incorporate all aspects of the Group’s business,
including reviews of the South African, West African, Australian and
South American operations, the Group’s project activities, as well
as detailed financial, operational and sustainable development

PwC Inc. have audited the financial statements for the year ended 31
December 2019, and their Independent Auditor's Report is included in
the AFR.

The IAR, the AFR, the Mineral Resources and Mineral Reserves
Supplement, the Climate Change Report and the GRI Content Index are
available at

COVID-19 update

The IAR also provides an update by CEO Nick Holland on the impact of
the Covid-19 pandemic on Gold Fields and its operations, detailing
the actions taken by the Company to date, both in response to
government directives and on its own accord. This include putting
the South Deep mine in South Africa on care and maintenance for the
current three-week lockdown period in South Africa from 27 March
2020 to 16 April 2020.

Apart from South Deep, the rest of the Group production has been
largely uninterrupted. However, increasingly stricter regulations
are being put in place by governments around the world. As a result,
we caution that our production and cost guidance for the 2020
financial year provided in February 2020 has an elevated level of

On the position of the Company going forward, Holland says: “We have
evaluated the potential effects of a three-month operational closure
period across the Group (period used is based on periods of lockdown
experienced China and South Korea). Over this period there could
potentially be no production and approximately 50% savings on cost
and capital. Gold Fields is of the view that it will be a stable,
going concern for the foreseeable future. However, this estimate is
inherently uncertain as it is based on expectations of future
events, including the length of the closure period, which is
currently unknown.”

The CEO report is on pages 30-34 of the IAR.

Mineral Resources and Mineral Reserves Supplement 2019

The Gold Fields Mineral Resources and Mineral Reserves Supplement
2019 contains a comprehensive overview of Gold Fields’ Mineral
Resource and Mineral Reserve status as well as a detailed breakdown
for its operations and projects.

As at 31 December 2019, Gold Fields had attributable gold-equivalent
Mineral Reserves of 51Moz (2018: 50Moz) and gold-equivalent Mineral
Resources of 116Moz (2018: 108Moz). The contribution to Group gold-
eq Reserves from operation outside of South Africa increased to
22Moz in 2019 (2018: 20Moz), representing 42% of the Group’s Reserve
base. As recently as 2015 only 28% of Reserves were not from South
Deep, our only South African operation.

The Group’s attributable copper Mineral Reserves totalled 616
million pounds in 2019 (2018: 691 million pounds) and copper Mineral
Resources 882 million pounds (2018: 844 million pounds). The copper
Resources and Reserves exclude Far Southeast. Attributable silver
Reserves were 39Moz and silver Resources 44Moz, both unchanged from
2018. Stated figures are net of annual production depletion.

The SAMREC Code (2016 edition) compliant Mineral Reserves are based
on gold, copper and silver prices of US$1,200/oz (A$1,600/oz,
R550,000/kg), US$2.60/lb for 2020 and US$2.80/lb from 2021 owards
and US$17.50/oz respectively. Relevant modifying factors, tonnes,
grades, classification, reconciliations and Competent Persons are
detailed in the Supplement.



Avishkar Nagaser
Tel: +27 11 562-9775
Mobile: +27 82 312 8692
Email :

Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170


Sven Lunsche
Tel: +27 11 562-9763
Mobile: +27 83 260 9279
Email :


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 one
project 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

Date: 30-03-2020 05:40:00
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