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GOLD FIELDS LIMITED - Operational update for the quarter ended 31 March 2020

Release Date: 23/04/2020 08:00
Code(s): GFI     PDF:  
 
Wrap Text
Operational update for the quarter ended 31 March 2020

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
Operational update for the quarter ended 31 March 2020

SALIENT FEATURES
-  537,000 ounces of attributable gold production
-  US$1,060 per ounce of all-in costs

JOHANNESBURG. 23 April 2020: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for the quarter ended 
31 March 2020. Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and December.

STATEMENT BY NICK HOLLAND, CHIEF EXECUTIVE OFFICER
2020 will go down in history as being a year when a global pandemic disrupted and changed the world as we know it. Over the past 
months, the effects of Covid-19 have been pervasive. In addition to the devastating effect on the health and well-being of people 
around the world, the global economic and social impacts have been severe.

During the quarter, Gold Fields recorded no fatal accident at its operations compared with one fatality for the 2019 full year. 
While the Total Recordable Injury Frequency Rate (TRIFR) regressed to 3.39 in Q1, compared with the 2.19 average for 2019, this was 
the result of a higher number of less serious incidents. The number of Serious and Lost Time Injuries at 2 and 9, respectively, were 
significantly lower than the same category of injuries in Q4 2019.

Gold Fields had got off to a solid operational start in Q1 2020, with all regions tracking the annual guidance as provided on 
13 February in terms of both production and AIC. While most of our operations have continued to operate largely as normal, production 
at South Deep and Cerro Corona will likely be impacted by Covid-19 related stoppages in Q2 2020. For Q1 2020, Group attributable 
equivalent gold production was 537koz, largely flat YoY (down 9% QoQ), taking into account production is not evenly weighted between 
quarters. AIC for the Group was US$1,060/oz, marginally lower YoY (up 9% QoQ). AIC for Q1 2020 excluding expenditure on Salares Norte 
was US$1,019/oz.

The Australian region produced 237koz at AIC of A$1,390/oz (US$925/oz) and AISC of A$1,316/oz (US$876/oz). Our mines in Ghana produced 
194koz (including 45% of Asanko) at AIC of US$1,130/oz and AISC of US$1,105/oz. Cerro Corona in Peru produced 62koz (gold equivalent) 
at AIC of US$837 per gold equivalent ounce and AISC of US$714 per gold equivalent ounce. Finally, South Deep produced 61koz at AIC of 
R597,181/kg (US$1,236/oz) and AISC of R592,925/kg (US$1,227/oz). South Deep continues to perform ahead of expectations and is 
generating meaningful cashflow.

Balance sheet
Gold Fields remains in a strong financial position. During Q1 2020, there was a further decrease in the net debt balance (including 
leases) to US$1,260m at 31 March 2020 from US$1,664m at 31 December 2019. This implies a net debt to EBITDA of 0.94x, compared to 
1.29x at end December 2019. The net debt balance (excluding leases) decreased to US$957m from US$1,331m at the end of Q4 2019. 
At the end of the quarter, Gold Fields had approximately US$800m in cash on hand and in excess of US$1.5bn of committed, unutilised 
debt facilities.

Post quarter end, Gold Fields entered into two new R500m revolving credit facilities (RCF) with two South African banks. These 
facilities will mature in April 2023 and will replace the two facilities that are expiring in May 2020.

Impacts and potential impacts of Covid-19 on our operations
To date, the impact of the pandemic has been relatively muted on our operations, with production only slightly affected. However, the 
situation is fluid and there is the possibility of further lockdowns and restrictions in the countries in which we have a presence 
which may lead to production disruptions in future. The Group has put in place contingency plans in order to deal with these potential 
eventualities.

In line with the national lockdown in South Africa, our South Deep mine was placed on care and maintenance from 27 March 2020 to 
19 April 2020. Certain essential services at the mine continued and the majority of employees were sent home and have continued to 
receive their base pay during the lockdown period. While the national lockdown was extended by a further two weeks to the end of April, 
Government revised the regulations for mining during the extended lockdown, with mines allowed to operate at a maximum capacity of 50% 
of employees. As such, South Deep has commenced a staged incremental ramp up plan which includes recalling employees, making the mine 
safe and implementing Covid-19 standard operating procedures.  The initial plan will be to operate at employment levels of 
50%.  Employment levels beyond this will be subject to further South African government restrictions being lifted. Over the entire 
period of the lockdown and ramp up (should South Deep be allowed to build up to full production by end of May 2020), the lost 
production at the mine is expected to be up to 32koz (1,000kg).

Peru imposed a 15-day curfew on 16 March 2020. There have been two extensions to the curfew, which is now in place until 26 April 2020. 
Our Cerro Corona mine continued to operate largely as normal until Monday, 13 April 2020. From this point until the end of the curfew, 
the mine will be restricted to about 30% of the workforce (total workforce comprises 700 people) being on site focused on essential 
services and processing stockpiled material. Post 26 April 2020, there are likely to be restrictions on the number of people at site. 
We expect to have 50-60% of the workforce on site in May, increasing to 80% in June and a return to full capacity by end-June 2020.

At present, we estimate the impact on gold equivalent production to be approximately 25koz. In addition, rebasing the price ratio using
US$1,494/oz for gold and US$4,855/t for copper (previous guidance was based on US$1,300/oz for gold and US$5,730/t for copper),
production will be negatively impacted by approximately 30koz.

The Ghanaian government has implemented a partial lockdown, primarily in the main metropolitan areas of the country. Our Tarkwa and 
Damang mines in Ghana have continued to operate at normal levels and production has not been impacted. The partial lockdown has since 
been lifted.

While Australia is not under full lockdown, interstate travel has been halted and flights within Western Australia (WA) restricted 
to a degree. The majority of our people who live outside of WA are now temporarily based in Perth, and we have changed the 
Fly-in-Fly-out roster and de-densified flights. Our Australian mines are operating at normal levels. 

In Chile, a three-month curfew-based lockdown was imposed on 19 March 2020. Certain project activities at Salares Norte continue, 
specifically with regards to the camp expansion, which is a critical lead item to facilitate construction which is scheduled to 
commence later this year. Non-critical employees have been demobilised. 

All corporate office employees have been working from home since 27 March 2020 and will continue to do so until the lockdown period in 
South Africa is lifted.

Our response and contribution to the Covid-19 pandemic
The Covid-19 pandemic has provided a unique and unprecedented challenge in managing a global mining business. While governments in our 
operating jurisdictions have implemented varying degrees of social distancing and lockdown measures, Gold Fields has endeavoured to 
comply with all of the protocols and directives that have been imposed to contain the spread of the virus. In addition, all of our 
operating sites have developed contingency plans to deal with any incidents of Covid-19 and have set up isolation facilities should 
there be any positive cases.

Over the past month Gold Fields? operations around the globe have contributed to campaigns to prevent the spread of the Covid-19 
pandemic by funding government initiatives, continuing to support employees and suppliers, and investing in healthcare programmes in 
communities.

At the Corporate Office in Johannesburg, executives and employees have made voluntary donations to South Africa?s Solidarity Fund, 
which is supporting government programmes to fight the pandemic and other Covid-19 relief programmes. This includes donations of 
one-third of their salaries or fees for a three-month period by our CEO, CFO, Chairperson and other directors and executives.

The South Deep mine in South Africa also made a R15m contribution to the Solidarity Fund, with the mine executives and employees 
donating over R1m in their personal capacity to date. The mine has been on care and maintenance since the beginning of the lock-down 
in South Africa on March 27, which requires only about 7% of employees to be on duty for basic maintenance. The mine continued to pay 
base wages to all staff at a cost of R96m and also paid R22m to SMME contractors and service providers. It is continuing to pay the 
base wages to the 50% of the workforce that are not yet allowed back at the mine until end-April at a further cost of R60m, while 
SMMEs are receiving a further R17m during the last two weeks of April. 

Our Ghana region has contributed over US$830,000 in funding, of which US$433,000 was part of the Ghana Chamber of Mines? US$2m donation 
to the Ministry of Health to fight the pandemic. Another US$400,000 was committed to support employees and host communities around our 
Tarkwa and Damang mines with the purchase of healthcare equipment. We have also developed and sponsored community awareness programmes.

In Australia, Gold Fields committed A$250,000 (US$150,000) to the Covid-19 Community Support Initiative set up by Council for Mining 
and Energy, which is funding three organisations that are assisting rural communities: Royal Flying Doctor Service of Australia, 
Foodbank Australia and Lifeline WA. Among community initiatives, our St Ives mine donated A$23,500 to the Meals and Wheels programme 
in neighbouring Kambalda, to provide seniors with eight meals per month over a six-month period.

Our Peru region has contributed US$162,000 with the focus on providing medical and healthcare equipment to government and regional 
hospitals as well as NGOs operating in our host communities. This includes contributing to the purchase of 500,000 Covid-19 testing 
kits donated to the government by the National Society of Mining, Oil and Energy. Our Salares Norte project in Chile is funding 
sanitising and healthcare programmes in Diego de Almagro, the closest town to the project about 200km away.

Guidance and outlook for the remainder of 2020
Although production has been relatively uninterrupted at this stage of the Covid-19 pandemic, we are in full support of our host 
governments? measures and any potential future measures which might be imposed to curb the spread of the virus. Any further actions 
taken by Gold Fields going forward will be also determined by the nature and extent of incidences of infections at our mines and in 
the countries in which we operate. We believe that the Group is in a strong financial position with significantly reduced debt 
compared to prior periods and sufficient liquidity to withstand prolonged production shut downs, should they occur. Buoyant gold 
prices are expected to enhance the earnings potential of the Group.

Given the uncertainty surrounding the path that the Covid-19 virus might take going forward, together with the impact that this 
would have on production, we have only adjusted the full year guidance to take into account the production losses estimated for 
South Deep and Cerro Corona. Attributable equivalent gold production for 2020 for the Group is expected to be between 2.200Moz and 
2.250Moz (previous guidance: 2.275Moz - 2.315Moz). Cost guidance is unchanged with AISC expected to be between US$920/oz and 
US$940/oz and AIC expected to be between US$1,035/oz and US$1,055/oz. Further Covid-19 related disruptions increases the risk to 
Group guidance.

Footnote: The following exchange rate forecasts against the US Dollar are used in the guidance: A$0.63 and ZAR18.00.

Nick Holland
Chief Executive Officer
23 April 2020


KEY STATISTICS 
                                                                                      United States Dollars 
Figures are in millions unless otherwise stated                                               Quarter 
                                                                                   March       December        March
                                                                                    2020           2019         2019
Gold produced*                                                       oz (000)        537            590          542
Tonnes milled/treated                                                    000      10,346         10,519        8,879
Revenue (excluding Asanko)                                            US$/oz       1,561          1,482        1,298
Cost of sales before gold inventory change and 
amortisation and depreciation (excluding Asanko)                   US$/tonne          39             39           41
All-in sustaining costs (revised interpretation guidance - WGC)       US$/oz         975            864          858
Total all-in cost                                                     US$/oz       1,060            974        1,080
Net debt (pre-IFRS 16)                                                  US$m         957          1,331        1,614
Net debt (IFRS 16 impact included)                                      US$m       1,260          1,664        1,913
Net debt to EBITDA ratio (IFRS 16 impact included)                      US$m        0.94           1.29         1.70
* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.
All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), Cerro Corona in Peru (99.5%), Gruyere JV (50%) and 
Asanko JV (45% equity share).
Gold produced (and sold) throughout this report includes copper gold equivalents of approximately 7% of Group production.
Figures may not add as they are rounded independently.

This media release contains certain non-IFRS financial measures in respect of the Group?s financial performance, the statement of 
financial position and cash flows presented in order to provide users with relevant information and measures used by the Group to 
assess performance. Non-IFRS financial measures are financial measures other than those defined or specified under all relevant 
accounting standards. These measures constitute pro forma financial information in terms of the JSE Listings Requirements and are the 
responsibility of the Group?s Board of Directors. They are presented for illustrative purposes only and due to their nature, may not 
fairly present Gold Fields? financial position, changes in equity, results of operations or cash flows. In addition, these measures may 
not be comparable to similarly titled measures used by other companies.

The key non-IFRS measures used include normalised profit, net debt (pre and post IFRS 16), adjusted EBITDA, free cash flow margin, cash 
flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference 
shares, all-in sustaining and total all-in costs.


STOCK DATA FOR THE 3 MONTHS ENDED 31 MARCH 2020  
Number of shares in issue                                    NYSE - (GFI)                                     
- at end March 2020                    883,333,518           Range - Quarter                 US$4.00 - US$7.60
- average for the quarter              863,753,995           Average Volume - Quarter        8,410,183 shares/day
Free Float                             100 per cent          JSE LIMITED - (GFI) 
ADR Ratio                              1:1                   Range - Quarter                 ZAR68.13 - ZAR118.59
Bloomberg/Reuters                      GFISJ/GFLJ.J          Average Volume - Quarter        4,740,242 shares/day


SALIENT FEATURES AND COST BENCHMARKS
Figures are in millions unless otherwise stated                                   United States Dollars
                                                          Total Mine         Total Mine    South Africa              West Africa                   South America
                                                          operations         operations          Region                    Region                         Region
                                                    including equity   excluding equity                                          Ghana                      Peru
                                                           accounted          accounted           South                                    Asanko*         Cerro
                                                       Joint Venture      Joint Venture            Deep         Total    Tarkwa    Damang      45%        Corona
Operating Results
Ore milled/treated  (000 tonnes)     March 2020               10,346              9,716             546         5,259     3,479     1,150     630          1,675
                                       Dec 2019               10,519              9,861             563         5,254     3,426     1,171     657          1,722
                                     March 2019                8,879              8,328             259         5,146     3,445     1,150     551          1,696
Yield   
(grams per tonne)                    March 2020                  1.7                1.7             3.5           1.1       1.1       1.0     1.5            1.2
                                       Dec 2019                  1.8                1.8             3.8           1.2       1.1       1.2     1.4            1.3
                                     March 2019                  2.0                2.0             4.1           1.3       1.2       1.5     1.5            1.4
Gold produced 
(000 managed equivalent ounces)      March 2020                553.8              523.9            60.6         193.9     127.1      36.9    29.8           62.3
                                       Dec 2019                607.3              577.6            69.4         197.5     120.9      46.9    29.8           70.8
                                     March 2019                561.4              534.2            34.3         221.1     136.7      57.2    27.2           76.8
Gold sold 
(000 managed equivalent ounces)      March 2020                551.1              520.6            58.0         194.6     127.1      36.9    30.5           60.4
                                       Dec 2019                610.9              581.2            73.5         197.5     120.9      46.9    29.7           74.8
                                     March 2019                550.1              526.1            31.6         217.9     136.7      57.2    24.0           79.6
Cost of sales before amortisation 
and depreciation (million)           March 2020               (409.3)            (389.3)          (61.9)       (159.6)    (82.6)    (57.0)  (20.1)         (34.0)
                                       Dec 2019               (402.2)            (377.9)          (60.7)       (148.2)    (75.6)    (48.4)  (24.2)         (42.1)
                                     March 2019               (357.5)            (336.7)          (52.3)       (119.9)    (70.7)    (28.4)  (20.8)         (42.4)
Cost of sales before gold 
inventory change and amortisation 
and depreciation (dollar per tonne)  March 2020                   40                 39             114            30        24        40      42             25
                                       Dec 2019                   39                 39             107            27        21        39      38             27
                                     March 2019                   41                 41             217            27        23        29      42             25
Sustaining capital 
(million)                            March 2020                (76.0)             (75.2)           (7.5)        (31.2)    (28.7)     (1.6)   (0.8)&         (4.5)
                                       Dec 2019                (88.8)             (86.7)           (7.6)        (32.1)    (30.1)      0.1    (2.1)         (16.6)
                                     March 2019                (81.3)             (79.8)           (9.3)        (42.5)    (38.6)     (2.5)   (1.5)          (5.6)
Non-sustaining capital 
(million)                            March 2020                (23.5)             (22.0)           (0.5)         (4.2)        -      (2.6)   (1.6)          (7.1)
                                       Dec 2019                (42.5)             (39.9)              -         (10.3)        -      (7.7)   (2.6)          (7.6)
                                     March 2019                (93.8)             (92.0)              -         (24.4)        -     (22.5)#  (1.8)          (1.3)
Total capital expenditure 
(million)                            March 2020                (99.5)             (97.2)           (8.0)        (35.4)    (28.7)     (4.2)   (2.4)         (11.6)
                                       Dec 2019               (131.4)            (126.7)           (7.6)        (42.4)    (30.1)     (7.6)   (4.7)         (24.2)
                                     March 2019               (175.1)            (171.8)           (9.3)        (66.9)    (38.6)    (25.0)   (3.3)          (6.9)
All-in-sustaining costs  
(dollar per ounce)                   March 2020                  968                978           1,227         1,105       994     1,734     805            446
                                       Dec 2019                  854                847             932         1,024       989     1,149     969            412
                                     March 2019                  858                845           1,992           869       922       633   1,123            168
Total all-in-cost
(dollar per ounce)                   March 2020                1,015              1,023           1,236         1,130       994     1,804     881            647
                                       Dec 2019                  932                923             932         1,082       989     1,313   1,094            628
                                     March 2019                1,040              1,040           1,992           983       922     1,027   1,219            203
Average exchange rates were US$1 = R15.03, US$1 = R14.78 and US$1 = R14.04 for the March 2020, December 2019 and March 2019 quarters, respectively. 
The Australian/US dollar exchange rates were A$1 = US$0.67, A$1 = US$0.68 and A$1 = US$0.71 for the March 2020, December 2019 and March 2019 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. 
&  Includes Gold Fields 45% share of deferred stripping of US$0.4m and US$0.2m (100% basis US$0.9m and US$0.4m) for the March 2020 and December 2019 quarters, 
   respectively.


SALIENT FEATURES AND COST BENCHMARKS Continued
                                                                                                                                                    South 
                                                                                                                                                  African 
                                                              United States Dollars                       Australian Dollars                         Rand 
                                                                   Australia                                  Australia                      South Africa 
                                                                      Region                                     Region                            Region 
                                                                               Granny   Gruyere                                Granny  Gruyere      South 
                                                     Total   St Ives   Agnew    Smith       50%       Total   St Ives   Agnew   Smith      50%       Deep 
Operating Results
Ore milled/treated  
(000 tonnes)                          March 2020     2,867     1,154     322      429       963       2,867     1,154     322     429      963       546
                                        Dec 2019     2,980     1,145     338      471     1,026       2,980     1,145     338     471    1,026       563
                                      March 2019     1,778     1,099     281      398         -       1,778     1,099     281     398        -       259
Yield 
(grams per tonne)                     March 2020       2.6       2.5     4.6      4.8       1.0         2.6       2.5     4.6     4.8      1.0       3.5
                                        Dec 2019       2.8       2.9     5.1      4.7       1.1         2.8       2.9     5.1     4.7      1.1       3.8
                                      March 2019       4.0       2.9     6.3      5.4         -         4.0       2.9     6.3     5.4        -       4.1
Gold produced  
(000 managed equivalent ounces)       March 2020     236.9      93.1    47.4     66.6      29.8       236.9      93.1    47.4    66.6     29.8     1,885
                                        Dec 2019     269.6     107.8    55.7     71.1      35.0       269.6     107.8    55.7    71.1     35.0     2,159
                                      March 2019     229.2     103.0    56.9     69.3         -       229.2     103.0    56.9    69.3        -     1,069
Gold sold 
(000 managed equivalent ounces)       March 2020     238.1      93.3    48.3     66.6      29.9       238.1      93.3    48.3    66.6     29.9     1,803
                                        Dec 2019     265.2     101.9    58.4     71.1      33.7       265.2     101.9    58.4    71.1     33.7     2,286
                                      March 2019     221.0      92.9    59.0     69.1         -       221.0      92.9    59.0    69.1        -       982
Cost of sales before amortisation 
and depreciation (million)            March 2020    (153.8)    (60.2)  (37.0)   (39.4)    (17.2)     (231.1)    (90.4)  (55.6)  (59.2)   (25.9)   (930.7)
                                        Dec 2019    (151.2)    (53.1)  (44.2)   (40.2)    (13.7)     (221.0)    (77.9)  (64.6)  (58.8)   (19.7)   (897.3)
                                      March 2019    (142.9)    (61.7)  (42.3)   (38.9)        -      (200.7)    (86.7)  (59.4)  (54.6)       -    (734.1)
Cost of sales before gold inventory 
change and amortisation and 
depreciation (dollar per tonne)       March 2020        52        48     114       93        19          79        72     172     140       28     1,718
                                        Dec 2019        55        54     124       83        19          80        79     182     122       27     1,581
                                      March 2019        73        47     137       98         -         103        67     193     138        -     3,044
Sustaining capital 
(million)                             March 2020     (32.8)    (16.5)   (8.8)    (5.1)     (2.4)      (49.4)    (24.8)  (13.2)   (7.7)    (3.7)   (112.7)
                                        Dec 2019     (32.6)    (12.1)   (5.9)    (9.3)     (5.2)      (47.5)    (17.7)   (8.8)  (13.6)    (7.5)   (112.1)
                                      March 2019     (23.8)    (11.7)   (8.2)    (3.9)        -       (33.5)    (16.5)  (11.5)   (5.5)       -    (130.8)
Non-sustaining capital 
(million)                             March 2020     (11.7)     (1.5)   (2.0)    (8.0)     (0.2)      (17.6)     (2.3)   (3.1)  (12.0)    (0.2)     (7.7)
                                        Dec 2019     (24.6)    (11.7)   (0.2)   (12.7)        -       (36.4)    (17.2)   (0.7)  (18.5)       -         -
                                      March 2019     (68.1)    (13.1)  (20.3)   (11.2)    (23.5)      (95.7)    (18.4)  (28.6)  (15.7)   (33.0)        -
Total capital expenditure 
(million)                             March 2020     (44.5)    (18.0)  (10.8)   (13.1)     (2.6)      (67.0)    (27.1)  (16.3)  (19.7)    (3.9)   (120.4)
                                        Dec 2019     (57.2)    (23.8)   (6.2)   (22.0)     (5.2)      (83.9)    (34.9)   (9.5)  (32.1)    (7.5)   (112.1)
                                      March 2019     (92.0)    (24.9)  (28.5)   (15.1)    (23.5)     (129.3)    (34.9)  (40.1)  (21.3)   (33.0)   (130.8)
All-in-sustaining costs 
(dollar per ounce)                    March 2020       876       891   1,047      770       785       1,316     1,339   1,574   1,157    1,180   592,925
                                        Dec 2019       775       702     939      787       683       1,131     1,028   1,374   1,150      983   443,563
                                      March 2019       815       846     907      695         -       1,145     1,189   1,275     977        -   900,408
Total all-in-cost
(dollar per ounce)                    March 2020       925       907   1,090      890       791       1,390     1,364   1,637   1,338     1,188  597,181
                                        Dec 2019       868       817     943      966       684       1,269     1,197   1,385   1,411       983  443,563
                                      March 2019     1,138       988   1,253      857         -       1,598     1,387   1,760   1,204         -  900,408
Average exchange rates were US$1 = R15.03, US$1 = R14.78 and US$1 = R14.04 for the March 2020, December 2019 and March 2019 quarters, respectively. 
The Australian/US dollar exchange rates were A$1 = US$0.67, A$1 = US$0.68 and A$1 = US$0.71 for the March 2020, December 2019 and March 2019 quarters, 
respectively. 
Figures may not add as they are rounded independently.


REVIEW OF OPERATIONS
Quarter ended 31 March 2020 compared with quarter ended 31 December 2019

Figures may not add as they are rounded independently

South Africa region 
South Deep
                                                     March         Dec            %
                                                      2020        2019     Variance
Ore mined                          000 tonnes          275         302         (9)%
Waste mined                        000 tonnes            8          14        (43)%
Total tonnes                       000 tonnes          283         317        (11)%
Grade mined - underground reef            g/t         5.89        6.54        (10)%
Grade mined - underground total           g/t         5.72        6.25         (8)%
Gold mined                             000?oz         52.1        63.6        (18)%
                                           kg        1,620       1,978        (18)%
Destress                                   m2        9,207       8,124          13%
Development                                 m          902       1,126        (20)%
Secondary support                           m        2,332       2,165           8%
Backfill                                   m3       90,052     122,520        (27)%
Ore milled - underground           000 tonnes          291         344        (15)%
Ore milled - surface               000 tonnes          250         219          14%
Total tonnes milled                000 tonnes          546         563         (3)%
Yield - underground reef                  g/t         6.38        6.25           2%
Surface yield                             g/t         0.11        0.10          10%
Total yield                               g/t         3.45        3.83        (10)%
Gold produced                          000?oz         60.6        69.4        (13)%
                                           kg        1,885       2,159        (13)%
Gold sold                                  kg        1,803       2,286        (21)%
                                       000?oz         58.0        73.5        (21)%
AISC - revised interpretation 
guidance (WGC November 2018)             R/kg      592,925     443,563          34%
                                       US$/oz        1,227         932          32%
AIC                                      R/kg      597,181     443,563          35%
                                       US$/oz        1,236         932          33%
Sustaining capital expenditure             Rm        112.7       112.1           1%
                                         US$m          7.5         7.6         (1)%
Non-sustaining capital expenditure         Rm          7.7           -           -%
                                         US$m          0.5           -           -%
Total capital expenditure                  Rm        120.4       112.1           7%
                                         US$m          8.0         7.6           5%

Gold production decreased by 13% to 1,885 kilograms (60,600 ounces) in the March quarter from 2,159 kilograms (69,400 ounces) in the 
December quarter due to a decrease in volume and grade. Volumes decreased as a result of 10 less production days in the March quarter 
(-11%) due to the Christmas break together with a slow production build-up post the December break.

Underground reef grade mined decreased by 10% to 5.89g/t in the March quarter from 6.54g/t in the December quarter as a result of 
increased mining in the eastern lower grade distal portion of the ore-body and reduced mining in the high grade proximal part of the 
orebody per the mine plan and schedule. 

In line with the mine plan, development decreased 20% quarter-on-quarter to 902m as a result of the re-allocation of resources to 
destress activities which increased 13% quarter-on-quarter to 9,207m2. Secondary support decreased subsequent to re-allocation of 
resources to other activities and a reduction of backlog activities on which significant emphasis was placed in 2019.

Backfill placement decreased as a result of plant maintenance stoppages, campaign milling due to Eskom?s stage 4 load curtailment and 
to a lesser extent to the reduction of fillable stopes.

All-in costs increased by 35% to R597,181/kg (US$1,236/oz) in the March quarter from R443,563/kg (US$932/oz) in the December quarter. 
The cost increases were driven by lower gold sold, some preparation costs on infrastructure for starting up of non-sustaining capital 
expenditure in the new mine development and higher cost of sales before amortisation and depreciation.

West Africa region
Ghana 
Tarkwa
                                                     March         Dec            %
                                                      2020        2019     Variance
Ore mined                             000 tonnes     3,319       3,351         (1)%
Waste (Capital)                       000 tonnes     7,956       7,378           8%
Waste (Operational)                   000 tonnes    10,155       9,361           8%
Total waste mined                     000 tonnes    18,111      16,739           8%
Total tonnes mined                    000 tonnes    21,430      20,089           7%
Grade mined                                  g/t      1.29        1.21           7%
Gold mined                                000?oz     137.9       130.5           6%
Tonnes milled                         000 tonnes     3,479       3,426           2%
Yield                                        g/t      1.14        1.10           4%
Gold produced                             000?oz     127.1       120.9           5%
Gold sold                                 000?oz     127.1       120.9           5%
AISC - revised interpretation guidance 
(WGC November 2018)                       US$/oz       994         989           1%
AIC                                       US$/oz       994         989           1%
Sustaining capital expenditure              US$m      28.7        30.1         (5)%
Non-sustaining expenditure                  US$m         -           -           -%
Total capital expenditure                   US$m      28.7        30.1         (5)%

Gold production increased by 5% to 127,100 ounces in the March quarter from 120,900 ounces in the December quarter mainly due to higher 
yield. Yield increased 4% to 1.14g/t in the March quarter from 1.10g/t in the December quarter, driven by a 7% increase in grade mined 
to 1.29g/t in the March quarter in line with the mining sequence.

Total tonnes mined, including capital waste stripping, increased by 7% to 21.4 million tonnes in the March quarter from 20.1 million 
tonnes in the December quarter. 

All-in costs increased by 1% to US$994/oz in the March quarter from US$989/oz in the December quarter due to higher cost of sales 
before amortisation and depreciation, partially offset by higher gold sold. The increase in cost of sales before amortisation and 
depreciation was mainly due to the increase in operational waste tonnes mined in the March quarter.

Capital expenditure decreased by 5% to US$28.7m in the March quarter from US$30.1m in the December quarter mainly due to timing of 
infrastructure projects.

Damang
                                                     March         Dec            %
                                                      2020        2019     Variance
Ore mined                               000 tonnes     740         983        (25)%
Waste (Capital)                         000 tonnes       8       1,501        (99)%
Waste (Operational)                     000 tonnes   5,008       6,097        (18)%
Total waste mined                       000 tonnes   5,016       7,598        (34)%
Total tonnes mined                      000 tonnes   5,756       8,581        (33)%
Grade mined                                    g/t    1.41        1.57        (10)%
Gold mined                                  000?oz    33.6        49.7        (32)%
Tonnes milled                           000 tonnes   1,150       1,171         (2)%
Yield                                          g/t    1.00        1.25        (20)%
Gold produced                               000?oz    36.9        46.9        (21)%
Gold sold                                   000?oz    36.9        46.9        (21)%
AISC - revised interpretation guidance 
(WGC November 2018)                         US$/oz   1,734       1,149          51%
AIC                                         US$/oz   1,804       1,313          37%
Sustaining capital expenditure                US$m     1.6        (0.1)    (1,700)%
Non-sustaining expenditure                    US$m     2.6         7.7        (66)%
Total capital expenditure                     US$m     4.2         7.6        (45)%

Gold production decreased by 21% to 36,900 ounces in the March quarter from 46,900 ounces in the December quarter mainly due to lower 
yield. Yield decreased by 20% to 1.00g/t in the March quarter from 1.25g/t in the December quarter due to lower grades mined together 
with higher levels of lower grade stockpile being fed to supplement ore tonnes mined. The lower gold production was, however, in line 
with the plan for the quarter. As previously guided, the March quarter was again impacted by the transition through the Huni sandstone 
lithology, which is associated with higher than usual grade variability. The transition through the Huni sandstones will continue 
during Q2 2020 and be completed by mid-year, when mining will occur in the higher (and more consistent) grade Tarkwa phyllites. Mine 
grade for H2 2020 is therefore expected to improve to approximately 1.80g/t. Damang is on track to deliver the 2020 production 
guidance. 

Capital waste tonnes, included in total waste tonnes, decreased by 99% to 0.01 million tonnes in the March quarter from 1.5 million 
tonnes in the December quarter. This decrease in capital waste tonnes was due to the completion of capital waste mining at the Damang 
Complex ahead of plan.

All-in costs increased by 37% to US$1,804/oz in the March quarter from US$1,313/oz in the December quarter mainly due to lower gold 
sold and higher cost of sales before amortisation and depreciation, partially offset by lower capital expenditure. Cost of sales before 
amortisation and depreciation increased by 19% to US$57 million in the March quarter from US$48 million in the December quarter mainly 
underpinned by a higher GIP cost of US$11 million in the March quarter compared with US$3 million in the December quarter. AIl-in costs 
are in line with the 2020 plan and are expected to decrease significantly in H2 2020 when mining will occur in the higher grade ore 
body at the Damang pit.

Capital expenditure decreased by 45% to US$4.2 million in the March quarter from US$7.6 million in the December quarter due to lower 
capital waste tonnes mined as the strip ratio continues to reduce at depth.

Asanko (Equity accounted Joint Venture)
                                                     March         Dec            %
                                                      2020        2019     Variance
Ore mined                             000 tonnes     1,911       1,405          36%
Waste (Capital)                       000 tonnes       585         138         324%
Waste (Operational)                   000 tonnes     6,466       4,818          34%
Total waste mined                     000 tonnes     7,051       4,956          42%
Total tonnes mined                    000 tonnes     8,962       6,362          41%
Grade mined                                  g/t      1.55        1.63         (5)%
Gold mined                                000?oz      95.1        73.9          29%
Tonnes milled                         000 tonnes     1,400       1,460         (4)%
Yield                                        g/t      1.47        1.41           4%
Gold produced                             000?oz      66.3        66.1           -%
Gold sold                                 000?oz      67.8        66.1           3%
AISC - revised interpretation guidance 
(WGC November 2018)                       US$/oz       805         969        (17)%
AIC                                       US$/oz       881       1,094        (19)%
Sustaining capital expenditure              US$m       1.9         4.6        (59)%
Non-sustaining expenditure                  US$m       3.5         5.8        (40)%
Total capital expenditure                   US$m       5.4        10.4        (48)%
All figures in table on a 100 per cent basis

Gold production increased marginally to 66,300 ounces (100% basis) in the March quarter from 66,100 ounces (100% basis) in the 
December quarter mainly due to higher yield. Yield increased by 4% to 1.47g/t in the March quarter from 1.41g/t in the December quarter 
driven by higher grade ore fed during the quarter. 

Total tonnes mined increased by 41% to 9.0 million tonnes, in the March quarter, due to improved contractor equipment performance at 
both the Nkran and Esaase pits. Ore tonnes mined increased 36% to 1.9 million tonnes coming mainly from the Nkran and Esaase pits. 
Waste tonnes mined increased by 42% to 7.1 million tonnes mainly because of the accelerated stripping of the Esaase pit to expose ore 
earlier due to the wall failure at the Nkran pit.

All-in cost decreased by 19% to US$881/oz in the March quarter from US$1,094/oz in the December quarter underpinned by a 3% increase in 
gold sold, lower cost of sales before amortisation and depreciation and lower capital expenditure. The lower cost of sales before 
amortisation and depreciation was due to a credit from GIP because of the higher ore tonnes mined. Total capital expenditure decreased 
by 48% mainly due to expenditure on the LOM Study, Esaase haul road upgrade and pit establishment as well as Akwasiso pit preparation 
capital that was incurred in the December 2019 quarter but not repeated in the March 2020 quarter.

South America region
Peru 
Cerro Corona
                                                     March         Dec            %
                                                      2020        2019     Variance
Ore mined                             000 tonnes     2,795       2,273          23%
Waste mined                           000 tonnes     3,184       2,938           8%
Total tonnes mined                    000 tonnes     5,979       5,211          15%
Grade mined - gold                           g/t      0.79        0.99        (20)%
Grade mined - copper                    per cent      0.41        0.49        (16)%
Gold mined                                000?oz      71.3        72.6         (2)%
Copper mined                          000 tonnes    11,533      11,041           4%
Tonnes milled                         000 tonnes     1,675       1,722         (3)%
Yield - Gold                                 g/t      0.71        0.76         (7)%
      - Copper                          per cent      0.43        0.47         (9)%
      - Combined                          eq g/t      1.16        1.28         (9)%
Gold produced                             000?oz      36.9        40.4         (9)%
Copper produced                           tonnes     6,905       7,708        (10)%
Total equivalent gold produced        000? eq oz      62.3        70.8        (12)%
Total equivalent gold sold            000? eq oz      60.4        74.8        (19)%
AISC - revised interpretation guidance 
(WGC November 2018)                       US$/oz       446         412           8%
AISC                                   US$/eq oz       714         818        (13)%
AIC                                       US$/oz       647         628           3%
AIC                                    US$/eq oz       837         940        (11)%
Sustaining capital expenditure              US$m       4.5        24.2        (81)%
Non-sustaining expenditure                  US$m       7.1           -           -%
Total capital expenditure                   US$m      11.6        24.2        (52)%

Gold production decreased by 9% to 36,900 ounces in the March quarter from 40,400 ounces in the December quarter due to lower grades 
processed and a reduction in ore tonnes milled. Copper production decreased by 10% to 6,905 tonnes from 7,708 tonnes due to lower 
grades processed and lower tonnes milled. Equivalent gold production decreased by 12% to 62,300 ounces in the March quarter from 
70,800 ounces in the December quarter underpinned by the lower gold and copper production in line with the mining sequence and lower 
price factor. 

Total tonnes mined increased by 15% to 6.0 million tonnes in the March quarter from 5.2 million tonnes in the December quarter in line 
with strategy and the mine sequence of stockpiling the low grade ore, which will be treated at the end of the life of the mine. There 
has been an increase of low grade ore stocks of 1.2 million tonnes to 6.1 million tonnes in the March quarter from 4.9 million tonnes 
at the end of the December quarter. Total low grade ore stockpiled has an average gold grade of 0.66 grams per tonne and an average 
copper grade of 0.32 per cent. Gold and copper mined grades are lower in the March quarter than the December quarter, in line with the 
mine sequence.

Gold yield decreased by 7% to 0.71g/t in the March quarter from 0.76g/t in the December quarter due to a 7% decrease in gold head grade 
processed to 1.06g/t in the March quarter from 1.14g/t in the December quarter.

All-in cost per gold ounce increased by 3% to US$647/oz in the March quarter from US$628/oz in the December quarter mainly due to lower 
by-product credits driven by lower copper sales and lower gold sold, partially offset by lower capital expenditure. All-in cost per 
equivalent ounce decreased by 11% to US$837 per equivalent ounce in the March quarter from US$940 per equivalent ounce in the December 
quarter driven by lower capital expenditure.

Capital expenditure decreased by 52% to US$11.6 million in the March quarter from US$24.2 million in the December quarter due to a 
decrease in construction activities at the tailings dam and waste storage facilities during the rainy season.

Australia region
St Ives
                                                     March         Dec            %
                                                      2020        2019     Variance
Underground                    
Ore mined                               000 tonnes     358         380         (6)%
Waste mined                             000 tonnes     230         237         (3)%
Total tonnes mined                      000 tonnes     588         618         (5)%
Grade mined                                    g/t    4.66        4.32           8%
Gold mined                                  000?oz    53.5        52.8           1%
Surface                    
Ore mined                               000 tonnes     633         919        (31)%
Surface waste (Capital)                 000 tonnes     474           -           -%
Surface waste (Operational)             000 tonnes   1,532       1,854        (17)%
Total waste mined                       000 tonnes   2,006       1,854           8%
Total tonnes mined                      000 tonnes   2,639       2,772         (5)%
Grade mined                                    g/t    1.63        2.13        (23)%
Gold mined                                  000?oz    33.2        62.8        (47)%
Total ore - combined                    000 tonnes     991       1,299        (24)%
Grade mined - combined                         g/t    2.72        2.77         (2)%
Total tonnes - combined                 000 tonnes   3,227       3,390         (5)%
Total gold mined                            000?oz    86.7       115.6        (25)%
Tonnes milled                               000?oz   1,154       1,145           1%
Yield - underground                            g/t    4.22        4.09           3%
Yield - surface                                g/t    1.65        2.32        (29)%
Yield - combined                               g/t    2.51        2.93        (14)%
Gold produced                               000?oz    93.1       107.8        (14)%
Gold sold                                   000?oz    93.3       101.9         (8)%
AISC - revised interpretation guidance 
(WGC November 2018)                          A$/oz   1,339       1,028          30%
                                            US$/oz     891         702          27%
AIC                                          A$/oz   1,364       1,197          14%
                                            US$/oz     907         817          11%
Sustaining capital expenditure                 A$m    24.8        34.9        (29)%
                                              US$m    16.5        23.8        (31)%
Non-sustaining capital expenditure             A$m     2.3           -           -%
                                              US$m     1.5           -           -%
Total capital expenditure                      A$m    27.2        34.9        (22)%
                                              US$m    18.1        23.8        (24)%

Gold production decreased by 14% to 93,100 ounces in the March quarter from 107,800 ounces in the December quarter. The ounce reduction 
was the result of lower grade ore delivery from open pit mines and some draw-down of lower grade surface stockpiles. The December 
quarter also included the release of approximately 4,000 ounces left within the circuit at the end of the September quarter.

Ore tonnes mined at the open pits decreased by 31% to 633,000 tonnes in the March quarter from 919,000 tonnes in the December quarter. 
The decrease was due to the final 287,000 tonnes of ore being extracted from the Invincible open cut stage 6 during the December 
quarter with the pit now closed. Open pit mining is now sourced from the Neptune pit only.

Surface mined grade decreased by 23% to 1.63g/t in the March quarter from 2.13g/t in the December quarter, following the conclusion of 
mining activities at the high grade Neptune stage 2 pit early in the March quarter that was mined slightly ahead of schedule late in 
December 2019 and early January 2020.

The Invincible Underground Mine and Hamlet North underground ramp up has progressed according to schedule as St Ives transitions to 
predominantly high grade underground ore feed. 

All-in cost increased by 14% to A$1,364/oz (US$907/oz) in the March quarter from A$1,197/oz (US$817/oz) in the December quarter due to 
decreased gold sold and the costs of stockpiles drawn down, partially offset by reduced capital expenditure.

Capital expenditure decreased by 23% to A$27 million (US$18 million) in the March quarter from A$35 million (US$24 million) in the 
December quarter with the completion of underground infrastructure and the associated spend at Hamlet North mine during the December 
quarter. 

Agnew 
                                                     March         Dec            %
                                                      2020        2019     Variance
Underground ore mined                   000 tonnes     348         333           5%
Underground waste mined                 000 tonnes     186         118          58%
Total tonnes mined                      000 tonnes     534         451          18%
Grade mined - underground                      g/t    4.77        5.69        (16)%
Gold mined                                  000?oz    53.3        60.9        (12)%
Tonnes milled                           000 tonnes     322         338         (5)%
Yield                                          g/t    4.58        5.13        (11)%
Gold produced                               000?oz    47.4        55.7        (15)%
Gold sold                                   000?oz    48.3        58.4        (17)%
AISC - revised interpretation guidance 
(WGC November 2018)                          A$/oz   1,574       1 374          15%
                                            US$/oz   1,047         939          12%
AIC                                          A$/oz   1,637       1,385          18%
                                            US$/oz   1,090         943          16%
Sustaining capital expenditure                 A$m    13.2         9.5          39%
                                              US$m     8.8         6.2          42%
Non-sustaining capital expenditure             A$m     3.1           -           -%
                                              US$m     2.0           -           -%
Total capital expenditure                      A$m    16.3         9.5          72%
                                              US$m    10.8         6.2          74%


Gold production decreased by 15% to 47,400 ounces in the March quarter from 55,700 ounces in the December quarter due to a decrease 
in grade of ore mined and processed, as well as a decrease in tonnes processed. 

Mined grade decreased by 16% to 4.77g/t in the March quarter from 5.69g/t in the December quarter. There was increased ore development 
at Waroonga during Q1 which in part contributed to the lower grade in the quarter. The focus for the first half of 2020 is to develop 
into the Waroonga North Lower, Kath and Sheba areas. This emphasis on developing into these new areas has seen a 58% increase in waste 
material moved in the March quarter from the December quarter. The mined grade is expected to improve in the June quarter as the 
delivery of ore from Waroonga North Lower and Kath areas increases as per the mine plan.

Tonnes processed decreased by 5% to 322,000 tonnes in the March quarter from 338,000 tonnes in the December quarter due to a planned 
maintenance shutdown performed at the processing plant.

All-in cost increased by 18% to A$1,637/oz (US$1,090/oz) in the March quarter from A$1,385/oz (US$943/oz) in the December quarter due 
to decreased gold sold and increased capital expenditure, partially offset by decreased cost of sales before amortisation and 
depreciation.

Capital expenditure increased by 78% to A$16 million (US$11 million) in the March quarter from A$9 million (US$6 million) in the 
December quarter due to increased capital development in the Sheba and Kath areas, as well as increased exploration drilling in the 
March quarter.

Granny Smith
                                                     March         Dec            %
                                                      2020        2019     Variance
Underground ore mined                   000 tonnes     418         437         (4)%
Underground waste mined                 000 tonnes     123         158        (22)%
Total tonnes mined                      000 tonnes     540         595         (9)%
Grade mined - underground                      g/t    5.37        5.15           4%
Gold mined                                  000?oz    72.1        72.4           -%
Tonnes milled                           000 tonnes     429         471         (9)%
Yield                                          g/t    4.83        4.69           3%
Gold produced                               000?oz    66.6        71.1         (6)%
Gold sold                                   000?oz    66.6        71.1         (6)%
AISC - revised interpretation guidance 
(WGC November 2018)                          A$/oz   1,157       1,150           1%
                                            US$/oz     770         787         (2)%
AIC                                          A$/oz   1,338       1,411         (5)%
                                            US$/oz     890         966         (8)%
Sustaining capital expenditure                 A$m     7.7        32.1        (76)%
                                              US$m     5.1        22.0        (77)%
Non-sustaining capital expenditure             A$m    12.0           -           -%
                                              US$m     8.0           -           -%
Total capital expenditure                      A$m    19.7        32.1        (39)%
                                              US$m    13.1        22.0        (40)%


Gold production decreased by 6% to 66,600 ounces in the March quarter from 71,100 ounces in the December quarter mainly due to a 
decrease in ore processed. 

Ore mined decreased by 4% to 418,000 tonnes in the March quarter from 437,000 tonnes in the December quarter and waste mined decreased 
by 22% to 123,000 tonnes in the March quarter from 158,000 tonnes in the December quarter. The decrease in mining activity was due to 
focus on ore drive development in the Z100 area early in the March quarter and increased infrastructure, ground support and project 
development activities in Z110 & Z120 levels, in preparation for production later in the year.   

Ore processed decreased by 9% to 429,000 tonnes in the March quarter from 471,000 tonnes in the December quarter. During the December 
quarter 34,000 tonnes of ore were also processed from existing stockpiles (March quarter - nil).

All-in cost decreased by 5% to A$1,338/oz (US$890/oz) in the March quarter from A$1,411/oz (US$966/oz) in the December quarter due to 
lower capital expenditure, partially offset by a reduction in gold sold.

Capital expenditure decreased by 38% to A$20 million (US$13 million) in the March quarter from A$32 million (US$22 million) in the 
December quarter following the close-out of underground infrastructure projects and conclusion of mobile equipment purchases in the 
December quarter. 

Gruyere
                                                     March         Dec            %
                                                      2020        2019     Variance
Ore mined                             000 tonnes     1,837       2,190        (16)%
Waste (Capital)                       000 tonnes     1,460       2,434        (40)%
Waste (Operational)                   000 tonnes     1,324         187         608%
Total waste mined                     000 tonnes     2,784       2,621           6%
Total tonnes mined                    000 tonnes     4,621       4,811         (4)%
Grade mined                                  g/t      1.06        0.92          15%
Gold mined                                000?oz      62.4        65.0         (4)%
Tonnes milled                         000 tonnes     1,926       2,051         (6)%
Yield                                        g/t      0.96        1.06         (9)%
Gold produced                             000?oz      59.6        70.0        (15)%
Gold sold                                 000?oz      59.8        67.4        (11)%
AISC - revised interpretation guidance   
(WGC November 2018)                        A$/oz     1,180         983          20%
                                          US$/oz       785         683          15%
AIC                                        A$/oz     1,188         983          21%
                                          US$/oz       791         684          16%
Sustaining capital expenditure - 
50% basis                                    A$m       3.7         7.5        (51)%
                                            US$m       2.4         5.2        (54)%
Non-sustaining capital expenditure - 
50% basis                                    A$m       0.2           -           -%
                                            US$m       0.2           -           -%
Total capital expenditure - 
50% basis                                    A$m       3.9         7.5        (48)%
                                            US$m       2.6         5.2        (50)%
Mine physicals in table on a 100 per cent basis

Gold production decreased by 15% to 59,600 ounces in the March quarter from 70,000 ounces in the December quarter due to a decrease in 
yield and a decrease in tonnes processed.

Ore tonnes mined reduced 16% in the March quarter to 1,837,000 tonnes from 2,190,000 tonnes in the December quarter as the mine 
transitions into fresh rock ore. Production drill rig availability was an issue early in the quarter but was subsequently resolved.

Ore grade mined increased 15% to 1.06g/t in the March quarter from 0.92g/t in the December quarter. The grade result is a function of 
mining location in the pit as grade gradually improves when mining from south through to north. There was also less low grade ore 
defined.

Yield decreased by 9% to 0.96g/t in the March quarter from 1.06g/t in the December quarter. Gruyere had built up stockpiles of higher 
grade material during the first nine months of 2019 while construction of the processing facility was being completed and during the 
early stages of commissioning.  This higher grade material was preferentially treated and  contributed to an uplift in the yield during 
the December quarter with the same material not available in the March quarter.

Tonnes processed decreased by 6% to 1,926,000 tonnes in the March quarter from 2,051,000 tonnes in the December quarter due to an 
extended planned shutdown in the March quarter to replace mill liners,  conduct necessary works to enhance the durability of high wear 
areas in the crushing and grinding circuits and conduct reliability improvements at the processing plant.

All-in cost increased by 21% to A$1,188/oz (US$791/oz) in the March quarter from A$983/oz (US$684/oz) in the December quarter due to 
decreased gold sold and planned shutdown costs, partially offset by decreased capital expenditure.

Capital expenditure (on a 50% basis) decreased by 50% to A$4 million (US$3 million) in the March quarter from A$8 million 
(US$5 million) in the December quarter following the close-out of mining and processing infrastructure projects in the December 
quarter and due to a move from mining capital waste to operating waste.


UNDERGROUND AND SURFACE
                                        Total Mine          South                      West                            South
                                        Operations         Africa                    Africa                          America                   Australia
                                         Including         Region                    Region                           Region                      Region
                                            Equity                                    Ghana                             Peru                   Australia
Imperial ounces with                     accounted          South                                      Asanko#         Cerro                     St             Granny  Gruyere
metric tonnes and grade              Joint Venture           Deep            Total   Tarkwa   Damang       45%        Corona          Total    Ives    Agnew     Smith      50%
Tonnes mined (000 tonnes)*
- underground ore        March 2020          1,398            275                -        -        -        -              -          1,123     358      348       418        -
                           Dec 2019          1,452            302                -        -        -        -              -          1,150     380      333       437        -
                         March 2019          1,201            176                -        -        -        -              -          1,025     335      292       398        -
- underground waste      March 2020            547              8                -        -        -        -              -            539     230      186       123        -
                           Dec 2019            528             14                -        -        -        -              -            514     237      118       158        -
                         March 2019            589             36                -        -        -        -              -            553     246      185       122        -
- surface ore            March 2020          9,265              -            4,919    3,319      740      860          2,795          1,552     633        -         -      919
                           Dec 2019          9,253              -            4,966    3,351      983      633          2,273          2,014     919        -         -    1,095
                         March 2019          9,151              -            6,097    4,062    1,358      677          1,921          1,133     752        -         -      381
- total                  March 2020         11,211            283            4,919    3,319      740      860          2,795          3,214   1,221      534       540      919
                           Dec 2019         11,233            317            4,966    3,351      983      633          2,273          3,677   1,536      451       595    1,095
                         March 2019         10,941            212            6,097    4,062    1,358      677          1,921          2,711   1,333      477       520      381
Grade mined (grams per tonne)
- underground ore        March 2020            5.1            5.9                -        -       -         -              -            5.0     4.7      4.8       5.4        -
                           Dec 2019            5.3            6.5                -        -       -         -              -            5.0     4.3      5.7       5.2        -
                         March 2019            5.5            6.2                -        -       -         -              -            5.4     4.4      6.0       5.8        -
- surface ore            March 2020            1.2              -              1.4      1.3     1.4       1.5            0.8            1.3     1.6        -         -      1.1
                           Dec 2019            1.3              -              1.3      1.2     1.6       1.6            1.0            1.5     2.1        -         -      0.9
                         March 2019            1.3              -              1.3      1.2     1.6       1.4            1.0            1.4     1.7        -         -      0.8
- total                  March 2020            1.7            5.7              1.4      1.3     1.4       1.5            0.8            2.8     2.7      4.8       5.4      1.1
                           Dec 2019            1.7            6.2              1.3      1.2     1.6       1.6            1.0            2.8     2.8      5.7       5.2      0.9
                         March 2019            1.8            5.2              1.3      1.2     1.6       1.4            1.0            3.3     2.6      6.0       5.8      0.8
Gold mined (000 ounces)*
- underground ore        March 2020          231.0           52.1                -        -       -         -              -          178.9     53.5     53.3     72.1        -
                           Dec 2019          249.6           63.6                -        -       -         -              -          186.0     52.8     60.9     72.4        -
                         March 2019          213.2           35.3                -        -       -         -              -          177.9     47.5     56.6     73.8        -
- surface ore            March 2020          349.9              -            214.3    137.9    33.6      42.8           71.3           64.4     33.2        -        -     31.2
                           Dec 2019          381.3              -            213.4    130.5    49.7      33.2           72.6           95.3     62.8        -        -     32.5
                         March 2019          377.7              -            262.4    161.9    69.4      31.1           64.2           51.1     41.8        -        -      9.3
- total                  March 2020          581.0           52.1            214.3    137.9    33.6      42.8           71.3          243.3     86.7     53.3     72.1     31.2
                           Dec 2019          630.9           63.6            213.4    130.5    49.7      33.2           72.6          281.3    115.6     60.9     72.4     32.5
                         March 2019          590.9           35.3            262.4    161.9    69.4      31.1           64.2          229.0     89.3     56.6     73.8      9.3
Ore milled/treated (000 tonnes)
- underground ore        March 2020          1,429            291                -        -       -         -              -          1,138      388      322      429        -
                           Dec 2019          1,545            342                -        -       -         -              -          1,203      393      338      471        -
                         March 2019          1,214            166                -        -       -         -              -          1,048      369      281      398        -
- underground waste      March 2020              5              5                -        -       -         -              -              -        -        -        -        -
                           Dec 2019              2              2                -        -       -         -              -              -        -        -        -        -
                         March 2019             33             33                -        -       -         -              -              -        -        -        -        -
- surface ore            March 2020          8,913            250            5,259    3,479   1,150       630          1,675          1,729      766        -        -      963
                           Dec 2019          8,972            219            5,254    3,426   1,171       657          1,722          1,777      752        -        -    1,026
                         March 2019          7,632             60            5,146    3,445   1,150       551          1,696            730      730        -        -        -
- total                  March 2020         10,346            546            5,259    3,479   1,150       630          1,675          2,867    1,154      322      429      963
                           Dec 2019         10,519            563            5,254    3,426   1,171       657          1,722          2,980    1,145      338      471    1,026
                         March 2019          8,879            259            5,146    3,445   1,150       551          1,696          1,778    1,099      281      398        -
Yield (Grams per tonne)
- underground ore        March 2020            4.9            6.4                -        -       -         -              -            4.6      4.2      4.6      4.8        -
                           Dec 2019            5.0            6.2                -        -       -         -              -            4.6      4.1      5.1      4.7        -
                         March 2019            5.4            6.3                -        -       -         -              -            5.3      4.3      6.3      5.4        -
- surface ore            March 2020            1.1            0.1              1.1      1.1     1.0       1.5            1.2            1.3      1.6        -        -      1.0
                           Dec 2019            1.2            0.1              1.2      1.1     1.2       1.4            1.3            1.6      2.3        -        -      1.1
                         March 2019            1.4            0.2              1.3      1.2     1.5       1.5            1.4            2.2      2.2        -        -        -
- combined               March 2020            1.7            3.5              1.1      1.1     1.0       1.5            1.2            2.6      2.5      4.6      4.8      1.0
                           Dec 2019            1.8            3.8              1.2      1.1     1.2       1.4            1.3            2.8      2.9      5.1      4.7      1.1
                         March 2019            2.0            4.1              1.3      1.2     1.5       1.5            1.4            4.0      2.9      6.3      5.4        -
Gold produced (000 ounces)*
- underground ore        March 2020          226.3           59.7                -        -       -         -              -          166.5     52.6     47.4     66.6        -
                           Dec 2019          247.3           68.7                -        -       -         -              -          178.6     51.8     55.7     71.1        -
                         March 2019          211.7           33.9                -        -       -         -              -          177.8     51.6     56.9     69.3        -
- surface ore            March 2020          327.5            0.9            193.9    127.1    36.9      29.8           62.3           70.4     40.6        -        -     29.8
                           Dec 2019          360.0            0.7            197.5    120.9    46.9      29.8           70.8           91.1     56.1        -        -     35.0
                         March 2019          349.7            0.4            221.1    136.7    57.2      27.2           76.8           51.4     51.4        -        -        -
- total                  March 2020          553.8           60.6            193.9    127.1    36.9      29.8           62.3          236.9     93.1     47.4     66.6     29.8
                           Dec 2019          607.3           69.4            197.5    120.9    46.9      29.8           70.8          269.6    107.8     55.7     71.1     35.0
                         March 2019          561.4           34.3            221.1    136.7    57.2      27.2           76.8          229.2    103.0     56.9     69.3        -
Cost of sales before gold inventory change and amortisation and depreciation (dollar per tonne)
- underground            March 2020            117            206                -        -       -         -              -             94       79      114       93        -
                           Dec 2019            113            174                -        -       -         -              -             96       86      124       83        -
                         March 2019            131            281                -        -       -         -              -            102       78      137       98        -
- surface                March 2020             27              6               30       24      40        42             25             25       32        -        -       19
                           Dec 2019             26              2               27       21      39        38             27             27       38        -        -       19
                         March 2019             27              3               27       23      29         -             25             32       32        -        -        -
- total                  March 2020             40            114               30       24      40        42             25             52       48      114       93       19
                           Dec 2019             39            107               27       21      39        38             27             55       54      124       83       19
                         March 2019             41            217               27       23      29         -             25             73       47       137      98        -
*  Excludes surface material at South Deep.
#  Includes only 45% of Asanko (Equity Accounted JV).


CERTAIN FORWARD LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 (the Securities 
Act) and Section 21E of the U.S. Securities Exchange Act of 1934 (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.

These forward-looking statements, including, among others, those relating to the future business prospects, revenues, income and 
production and operational guidance of Gold Fields, wherever they may occur in this report, are necessarily estimates reflecting the 
best judgement 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:
-  changes in the market price of gold, and to a lesser extent copper and silver;
-  material changes in the value of Rand and non-U.S. dollar currencies;
-  difficulties, operational delays, cost pressures and impact from labour relations following its restructuring at the South Deep 
   operation in South Africa;
-  the ability of the Group to comply with requirements that it provide benefits to affected communities;
-  the effect of relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, 
   regulations and potential new legislation affecting mining and mineral rights;
-  court decisions affecting the South African mining industry, including, without limitation, regarding the interpretation of mineral 
   rights legislation and the treatment of health and safety claims;
-  the challenges associated with replacing annual mineral reserve and resource depletion as well as growing its reserve and resource 
   base to extend the life of operations;
-  the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions or joint 
   ventures;
-  the success of the Group?s business strategy, development activities and other initiatives, particularly at Damang and the Salares 
   Norte project;
-  changes in technical and economic assumptions underlying Gold Fields? mineral reserve estimates;
-  supply chain shortages and increases in the prices of production imports;
-  changes in health and safety regulations that could lead to claims or liability for regulatory breaches;
-  the occurrence of operational disruptions such as stoppages related to environmental and industrial accidents and pollution 
   incidents;
-  loss of senior management or inability to hire or retain sufficiently skilled employees or sufficient representation among 
   Historically Disadvantaged Persons in management positions;
-  power cost increases as well as power stoppages, fluctuations and usage constraints;
-  regulation of greenhouse gas emissions and climate change;
-  high debt levels posing a risk to viability and making the Group more vulnerable to adverse economic and competitive conditions;
-  the ability of the Group to protect its information technology and communication systems and the personal data it retains as well 
   as the failure of such systems;
-  the ability to obtain, renew and comply with, water use licences and water quality discharge standards;
-  the occurrence of future acid mine drainage related pollution; 
-  geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex, often deeper 
   underground, deposits;
-  economic, political or social instability in the countries where Gold Fields operates;
-  downgrades in the credit rating of South Africa and its impact on Gold Fields? ability to secure financing;
-  reliance on outside contractors to conduct some of its operations;
-  ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial accidents;
-  the inability to modernise operations and remain competitive within the mining industry;
-  the effects of regional re-watering at South Deep;
-  the effects of a failure of a dam at a tailings facility and the closure of adjacent mines;
-  actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at Gold Fields? operations that leads 
   to censure, penalties or negative reputational impacts;
-  the occurrence of labour disruptions and industrial actions;
-  the adequacy of the Group?s insurance coverage;
-  financial flexibility could be limited by South African exchange control regulations;
-  difficulty controlling theft of gold and copper bearing materials and illegal mining on some Gold Fields properties;
-  the costs and burdens associated with tenements in Australia which are subject to native title claims, including any compensation 
   payable to native title holders; 
-  the impact of HIV/AIDS, tuberculosis and the spread of other contagious diseases, such as coronavirus (COVID-19);
-  the identification of a material weakness in disclosure and internal controls over financial reporting;
-  difficulty with participating in future issues of securities, or in bringing an action against Gold Fields, for shareholders 
   outside South Africa;
-  liquidity risks in trading ordinary shares on JSE Limited; 
-  Gold Fields? ability to pay dividends or make similar payments to its shareholders; and
-  shareholders? equity interests in Gold Fields becoming diluted upon the exercise of outstanding share options.

Further details of potential risks and uncertainties affecting Gold Fields are described in Gold Fields? filings with the Johannesburg 
Stock Exchange and the United States Securities and Exchange Commission, including the Integrated Annual Report 2019 and the annual 
report on Form 20-F for the fiscal year ended 31 December 2019. 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 
Taryn Harmse 
Tel: +27 11 562 9719
Fax: +086 720 2704
email: taryn.harmse@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 (0) 20 7796 8644
Fax: +44 (0) 20 7796 8645
email: general@corpserv.co.uk

American depository receipts transfer agent 
Shareholder correspondence should be mailed to:
BNY Mellon
PO Box 505000
Louisville, KY 40233 - 5000

Overnight correspondence should be sent to:
BNY Mellon 
462 South 4th Street, Suite 1600
Louisville, KY40202
email: shrrelations@cpushareownerservices.com
Phone numbers
Tel: 888 269 2377 Domestic
Tel: 201 680 6825 Foreign

Sponsor 
J.P. Morgan Equities South Africa Proprietary Limited 
1 Fricker Road, 
Illovo, Johannesburg 2196 
South Africa

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
email: avishkar.nagaser@goldfields.com

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

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

Transfer secretaries 
South Africa 
Computershare Investor Services (Proprietary) Limited 
Rosebank Towers
15 Biermann Avenue
Rosebank
Johannesburg
2196 

PO 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 

If you are outside the United Kingdom please call (0) 371 664 0300
Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the 
applicable international rate. Business is open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales.
email: shareholderenquiries@linkgroup.co.uk

Website
http://WWW.GOLDFIELDS.COM

Listings
JSE / NYSE / GFI

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-Dabengwa+   SP Reid^+  YGH Suleman+   
 ^Australian   *British    #Ghanaian   
 +Independent Director    ##Non-independent Director

Date: 23-04-2020 08:00:00
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