Wrap Text
Operational update for the quarter ended 30 September 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 30 September 2020
SALIENT FEATURES
- 557,000 ounces of attributable gold production
- US$1,070 per ounce of all-in-cost
STATEMENT BY NICK HOLLAND, CHIEF EXECUTIVE OFFICER
Q3 2020 was a period of recovery for our operations that were most severely disrupted by COVID-19, namely South Deep
and Cerro Corona. The business in general performed well during the quarter and continues to settle into the 'new'
normal created by COVID-19. While the impact of COVID-19 has been largely contained at our operations, a second wave has
commenced in certain parts of the world (mainly in the Northern hemisphere). However, we cannot rule out a second wave in
the countries in which we operate and we must ensure that the necessary protocols are maintained across the business.
Attributable gold equivalent production for Q3 2020 was 557koz, up 7% YoY (up 1% QoQ). All-in costs (AIC) decreased by
1% YoY (flat QoQ) to US$1,070/oz, while all-in sustaining costs (AISC) increased 2% YoY (and decreased 3% QoQ) to
US$964/oz.
The Australian region produced 250koz at AIC of A$1,363/oz (US$984/oz) and AISC of A$1,288/oz (US$931/oz). Our mines
in Ghana produced 211koz (including 45% of Asanko) at AIC of US$1,068/oz and AISC of US$1,030/oz. Cerro Corona in Peru
produced 51koz (gold equivalent) at AIC of US$1,146 per gold equivalent ounce and AISC of US$953 per gold equivalent
ounce.
South Deep had a strong recovery after a disrupted Q2 2020, producing 65koz at an AIC of R583,344/kg (US$1,075/oz) and
AISC of R572,447/kg (US$1,055/oz). The mine is generating meaningful cashflow at current prices.
COVID-19 update
As at 9 November 2020, the number of active cases among Gold Fields' workforce was only 26 with none in hospital.
Since the beginning of the pandemic in March, Gold Fields has conducted more than 41,000 tests among its workforce,
of which 1,745 were positive.
COVID-19 status report (as at 9 November 2020) Total
Tested 41,273
Positive 1,745
Negative 39,435
Awaiting results* 93
Active cases* 26
Recovered 1,716
Died 3
* "Awaiting results" and "Active cases" refers to the current figures.
The high level of testing is a tribute to the work done by our operations to keep our employees safe. Remarkably, we
have had no single positive case in our Australian operations. Other key activities to ensure safe operations include:
- Strict adherence to all government regulations/protocols;
- Closure of offices and imposition of travel restrictions;
- Standard operating procedures on return to work;
- Social distancing, sanitisation and mask wearing mandatory;
- Regular communication to employees about COVID-19, assisting them to work remotely and how to deal with the
fall-out of the pandemic;
- Dedicated COVID-19 information portal;
- Mental health support programmes; and
- Social media awareness and return-to-work communication campaigns for employees, communities and others.
JOHANNESBURG 12 November 2020: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for
the quarter ended 30 September 2020. Detailed financial and operational results are provided on a six-monthly basis
i.e. at the end of June and December.
Balance sheet
Gold Fields remains in a strong financial position. During Q3 2020, there was a further decrease in the net debt
balance (including leases) to US$1,159m at 30 September 2020 from US$1,239m at 30 June 2020, after taking into account
the interim dividend payment of US$85m. This implies a net debt to EBITDA of 0.68x, compared to 0.84x at end June 2020.
The net debt balance (excluding leases) decreased to US$796m from US$876m at the end of June 2020.
Post quarter end, Gold Fields repaid the 2020 bond that were outstanding from a combination of cash resources and by
drawing on our US$ debt facilities.
In a report released on 2 November 2020, Standard and Poor's Global ratings revised its outlook on Gold Fields to
positive from stable, and affirmed the 'BB+/B' global scale ratings and 'zaAAA/zaA-1+' South Africa national scale ratings.
Salares Norte
The Salares Norte project continued its positive momentum during Q3 2020. Year-to-date, US$78m has been spent on the
project, including pre-development costs of US$11m (incurred during Q1 2020), district exploration of US$11m, camp Phase
1 construction costs of US$13m and initial capex of US$43m. At the end of September 2020, engineering progress was 85.3%
compared to plan of 83.0%.
At the end of Q3 2020, construction progress stood at 8.8% vs. plan of 4.9%, contributing towards total project
progress of 19.4% coming in slightly ahead of plan of 18.1%. Camp Phase I construction was completed during Q3 2020 while
Phase II construction was three months ahead of schedule at the end of the quarter. The diversion channel earthworks and
precast installation progressed as planned during Q3 and the bulk earthworks contractor commenced activities on 21
September. The mining contractor completed mobilisation and began pioneering works on 1 October, as planned. The pre-strip
and construction of the process plant is expected to commence at the end of the year.
Although no district exploration drilling was planned for Q3 2020, 1,650 metres were drilled during September. This
allowed the team to catch up on the metres that were planned but not drilled during Q2 due to COVID-19 related
restrictions. At the end of Q3 2020, total district exploration metres stood at 10,108 metres for the year compared to
plan of 9,084 metres.
At the end of September 78% of the project Estimate at Completion (EAC) budget (excluding remaining contingency) had a
fixed and firm price (excluding inflation factors) through contracts and purchase orders awarded, significantly
reducing the risk of price differences.
Outlook and guidance
FY 2020 production and cost guidance remains unchanged from the update in August 2020. Attributable equivalent gold
production for 2020 for the Group is expected to be between 2.200Moz and 2.250Moz (original guidance: 2.275Moz -
2.315Moz).
AISC is expected to be between US$960/oz and US$980/oz (original guidance: US$920/oz - US$940/oz) and AIC is expected
to be between US$1,070/oz and US$1,090/oz (original guidance: US$1,035/oz - US$1,055/oz).
Potential further COVID-19 related disruptions increases the risk to Group production and cost guidance.
We have maintained the view that the appropriate level of sustaining capital expenditure for our business is
US$250-300/oz. In recent years, we have spent at the lower end of this range due to high project capital expenditure.
However, our most recent business planning process shows that for next year, we will be required to spend closer to the upper
end of the range. This will enable us to spend on key projects that will allow us to sustain our production base for the next
8-10 years. Specifically in Australia, to ensure that we maintain the 1Moz production base, we will need to spend
additional capital to extend the mine life at Agnew; develop a second decline at Wallaby at Granny Smith; and continue to
invest in the ever-growing Invincible complex at St Ives.
Nick Holland
Chief Executive Officer
12 November 2020
Key statistics
United States Dollars
Quarter
Figures in millions unless otherwise stated Sept June Sept
2020 2020 2019
Gold produced* oz (000) 557 550 523
Tonnes milled/treated 000 10,433 11,227 9,850
Revenue (excluding Asanko) US$/oz 1,921 1,709 1,469
Cost of sales before gold inventory
change and amortisation
and depreciation (excluding Asanko) US$/tonne 41 35 44
All-in sustaining costs US$/oz 964 998 947
Total all-in cost US$/oz 1,070 1,070 1,084
Net debt (IFRS 16 impact included) US$m 1,159 1,239 1,735
Net debt (pre -IFRS 16) US$m 796 876 1,401
Net debt to EBITDA ratio US$m 0.68 0.84 1.51
* 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.
STOCK DATA FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2020
Number of shares in issue NYSE - (GFI)
- at end September 2020 883,333,518 Range - Quarter US$9.27 - US$14.54
- average for the quarter 883,333,518 Average volume - Quarter 8,330,299 shares/day
Free float 100 per cent JSE LIMITED - (GFI)
ADR ratio 1:1 Range - Quarter ZAR157.00 - ZAR255.69
Bloomberg/Reuters GFISJ/GFLJ.J Average volume - Quarter 4,002,686 shares/day
SALIENT FEATURES AND COST BENCHMARKS
United States Dollars
Total Total South
Mine Mine West Africa Region America
operations operations South Region
including excluding African
equity equity Region Ghana Peru
Figures are in millions accounted accounted South Asanko Cerro
unless otherwise stated Joint Venture Joint Venture Deep Total Tarkwa Damang 45% Corona
Operating Results
Ore milled/treated Sept 2020 10,433 9,773 563 5,295 3,468 1,167 660 1,751
(000 tonnes) June 2020 11,227 10,490 408 5,849 3,835 1,277 737 1,690
Sept 2019 9,850 9,202 563 5,242 3,437 1,158 648 1,648
Yield (grams per tonne) Sept 2020 1.7 1.8 3.6 1.2 1.1 1.6 1.0 0.9
June 2020 1.6 1.6 3.0 1.2 1.2 1.2 1.3 0.9
Sept 2019 1.8 1.7 3.4 1.2 1.2 1.3 1.3 1.2
Gold produced (000 Sept 2020 576.3 554.2 64.9 211.2 127.3 61.9 22.0 50.5
managed equivalent June 2020 569.4 538.3 39.8 226.4 144.5 50.8 31.1 46.3
ounces) Sept 2019 540.7 512.6 61.0 205.1 127.3 49.7 28.1 64.8
Gold sold (000 managed Sept 2020 556.1 531.9 65.9 213.5 127.3 61.9 24.3 40.6
equivalent ounces) June 2020 578.8 551.2 39.8 223.0 144.5 50.8 27.6 52.6
Sept 2019 523.2 494.9 58.4 205.4 127.3 49.7 28.4 65.6
Cost of sales Sept 2020 (368.4) (337.7) (58.6) (137.0) (77.6) (28.6) (30.7) (28.1)
before amortisation June 2020 (399.9) (378.0) (41.4) (147.7) (79.6) (46.3) (21.9) (44.8)
and depreciation (million) Sept 2019 (374.8) (350.7) (64.2) (141.2) (82.7) (34.5) (24.0) (39.3)
Cost of sales before Sept 2020 41 41 102 32 21 59 42 20
gold inventory June 2020 35 35 98 27 19 45 34 23
change and amortisation Sept 2019 46 44 120 28 25 34 32 25
and depreciation
(dollar per tonne)
Sustaining capital Sept 2020 (107.9) (104.8) (7.7) (49.9) (41.5) (5.3) (3.1)& (5.2)
(million) June 2020 (108.8) (104.2) (6.5) (45.4) (38.8) (2.1) (4.6)& (4.4)
Sept 2019 (79.7) (74.7) (8.0) (33.9) (27.1) (1.9) (4.9) (12.6)
Non-sustaining capital Sept 2020 (28.1) (22.7) (1.3) (6.8) - (1.4) (5.4) (7.4)
(million) June 2020 (20.2) (14.5) (0.1) (7.7) - (2.1) (5.6) (3.4)
Sept 2019 (55.4) (54.3) - (18.2) - (17.1) (1.1) (3.1)
Total capital Sept 2020 (136.0) (127.5) (9.0) (56.7) (41.5) (6.7) (8.5) (12.6)
expenditure (million) June 2020 (128.9) (118.7) (6.6) (53.1) (38.8) (4.2) (10.2) (7.7)
Sept 2019 (135.1) (129.0) (8.0) (52.1) (27.1) (19.0) (6.0) (15.7)
All-in-sustaining costs Sept 2020 956 930 1,055 1,030 1,099 710 1,488 271
(dollar per ounce) June 2020 987 983 1,227 1,021 982 1,108 1,067 669
Sept 2019 940 925 1,258 967 969 842 1,179 604
Total all-in-cost (dollar Sept 2020 1,011 975 1,075 1,068 1,099 732 1,760 594
per ounce) June 2020 1,025 1,011 1,231 1,060 982 1,149 1,305 783
Sept 2019 1,057 1,042 1,258 1,067 969 1,185 1,301 698
Average exchange rates were US$1 = R16.91, US$1 = R17.98 and US$1 = R14.63 for the September 2020, June 2020 and
September 2019 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.72, A$1 = US$0.65 and A$1 = US$0.69 for the September 2020,
June 2020 and September 2019 quarters, respectively.
Figures may not add as they are rounded independently.
- Equity accounted Joint Venture.
& Includes Gold Fields 45% share of deferred stripping of US$1.5m and US$1.4m (100% basis US$3.4m and US$3.1m) for
the September 2020 and June 2020 quarters, respectively.
SALIENT FEATURES AND COST BENCHMARKS continued
South African
Rand
United States Dollars Australian Dollars
South
Australia Australia Africa
Region Region Region
Australia Australia
Figures are in millions Granny Gruyere Granny Gruyere South
unless otherwise stated Total St Ives Agnew Smith 50% Total St Ives Agnew Smith 50% Deep
Operating Results
Ore milled/treated Sept 2020 2,825 1,122 334 425 944 2,825 1,122 334 425 944 563
(000 tonnes) June 2020 3,280 1,362 377 448 1,094 3,280 1,362 377 448 1,094 408
Sept 2019 2,396 1,070 307 464 555 2,396 1,070 307 464 555 563
Yield (grams per tonne) Sept 2020 2.7 2.5 5.8 5.1 0.9 2.7 2.5 5.8 5.1 0.9 3.6
June 2020 2.4 2.2 4.8 4.7 1.0 2.4 2.2 4.8 4.7 1.0 3.0
Sept 2019 2.7 2.2 5.1 4.7 0.8 2.7 2.2 5.1 4.7 0.8 3.4
Gold produced (000 Sept 2020 249.6 90.5 62.1 69.1 28.0 249.6 90.5 62.1 69.1 28.0 2,019
managed equivalent ounces) June 2020 256.9 94.9 58.5 67.5 35.9 256.9 94.9 58.5 67.5 35.9 1,238
Sept 2019 209.8 75.2 50.4 69.7 14.6 209.8 75.2 50.4 69.7 14.6 1,897
Gold sold (000 managed Sept 2020 236.2 86.9 58.4 62.5 28.4 236.2 86.9 58.4 62.5 28.4 2,049
equivalent ounces) June 2020 263.4 103.8 57.2 67.4 35.1 263.4 103.8 57.2 67.4 35.1 1,238
Sept 2019 193.7 78.2 45.7 69.8 - 193.7 78.2 45.7 69.8 - 1,818
Cost of sales before Sept 2020 (144.7) (48.2) (40.5) (38.7) (17.3) (199.6) (65.7) (56.3) (53.6) (23.9) (990.1)
amortisation and June 2020 (166.0) (63.4) (42.1) (41.7) (18.8) (255.9) (97.8) (64.8) (64.3) (29.0) (774.3)
depreciation (million) Sept 2019 (130.1) (53.2) (36.2) (40.7) - (189.7) (77.6) (52.8) (59.2) - (936.5)
Cost of sales before gold Sept 2020 59 60 115 101 19 83 85 159 141 27 1,726
inventory change and June 2020 49 44 113 92 16 76 68 173 141 25 1,846
amortisation and depreciation Sept 2019 78 57 140 88 - 114 82 203 127 - 1,742
(dollar per tonne)
Sustaining capital (million) Sept 2020 (45.1) (11.2) (12.0) (13.0) (8.9) (62.9) (15.0) (16.8) (18.4) (12.7) (130.6)
June 2020 (52.5) (17.0) (12.9) (15.5) (7.0) (80.6) (26.3) (19.9) (23.7) (10.8) (118.0)
Sept 2019 (25.1) (9.9) (8.9) (6.3) - (36.6) (14.5) (13.0) (9.1) - (117.1)
Non-sustaining capital Sept 2020 (12.6) (4.7) (2.7) (4.9) (0.3) (17.7) (6.7) (3.8) (6.8) (0.3) (22.3)
(million) June 2020 (9.0) (2.3) (2.7) (3.5) (0.4) (13.9) (3.6) (4.2) (5.5) (0.6) (3.2)
Sept 2019 (34.1) (13.8) (6.3) (11.4) (2.5) (50.0) (20.1) (9.5) (16.7) (3.7) -
Total capital expenditure Sept 2020 (57.7) (15.9) (14.7) (17.9) (9.2) (80.6) (21.7) (20.6) (25.2) (13.0) (152.9)
(million) June 2020 (61.4) (19.3) (15.6) (19.0) (7.4) (94.4) (29.8) (24.0) (29.2) (11.4) (121.2)
Sept 2019 (59.2) (23.7) (15.2) (17.7) (2.5) (86.6) (34.6) (22.5) (25.8) (3.7) (117.1)
All-in-sustaining costs Sept 2020 931 785 1,039 965 1,076 1,288 1,071 1,448 1,342 1,505 572,447
(dollar per ounce) June 2020 959 878 1,119 991 874 1,476 1,353 1,723 1,524 1,345 735,521
Sept 2019 878 873 1,061 763 - 1,280 1,275 1,548 1,109 - 588,855
Total all-in-cost Sept 2020 984 839 1,085 1,044 1,085 1,363 1,149 1,513 1,451 1,518 583,344
(dollar per ounce) June 2020 993 900 1,167 1,043 886 1,529 1,388 1,796 1,606 1,363 738,079
Sept 2019 1,054 1,050 1,200 927 - 1,538 1,533 1,756 1,347 - 588,855
Average exchange rates were US$1 = R16.91, US$1 = R17.98 and US$1 = R14.63 for the September 2020, June 2020 and
September 2019 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.72, A$1 = US$0.65 and A$1 = US$0.69 for the September 2020,
June 2020 and September 2019 quarters, respectively.
Figures may not add as they are rounded independently.
REVIEW OF OPERATIONS
Quarter ended 30 September 2020 compared with quarter ended 30 June 2020
Figures may not add as they are rounded independently.
South Africa region
South Deep
Sept June %
2020 2020 Variance
000
Ore mined tonnes 341 215 59%
000
Waste mined tonnes 25 8 213%
000
Total tonnes tonnes 366 223 64%
Grade mined -
underground reef g/t 6.37 6.74 (5)%
Grade mined -
underground total g/t 5.94 6.51 (9)%
kg 2,174 1,452 50%
Gold mined 000'oz 69.9 46.7 50%
Destress m2 10,533 5,751 83%
Development m 995 638 56%
Secondary support m 3,322 1,273 161%
Backfill m3 113,027 50,923 122%
Ore milled - 000
underground reef tonnes 329 210 57%
Ore milled - 000
underground waste tonnes 6 8 (25)%
000
Ore milled - surface tonnes 228 191 19%
000
Total tonnes milled tonnes 563 408 38%
Yield - underground reef g/t 6.07 5.80 5%
Surface yield g/t 0.08 0.10 (20)%
Total yield g/t 3.59 3.03 18%
Gold produced kg 2,019 1,238 63%
000'oz 64.9 39.8 63%
Gold sold kg 2,049 1,238 66%
000'oz 65.9 39.8 66%
AISC - revised R/kg 572,447 735,521 (22)%
interpretation guidance
(WGC November 2018) US$/oz 1,055 1,227 (14)%
R/kg 583,344 738,079 (21)%
AIC US$/oz 1,075 1,231 (13)%
Sustaining capital Rm 130.6 118.0 11%
expenditure US$m 7.7 6.5 18%
Non-sustaining capital Rm 22.3 3.2 597%
expenditure US$m 1.3 0.1 1200%
Rm 152.9 121.2 26%
Total capital expenditure US$m 9.0 6.6 36%
South Deep was significantly impacted by the COVID-19 pandemic and related lockdown restrictions during Q2 2020. The
mine has slowly ramped up production as labour numbers returned to normal, while adherence to COVID-19 protocols has
continued in order to manage the pandemic.
Gold production increased by 63% to 2,019kg (64,900oz) in the September quarter from 1,238kg (39,800oz) in the June
quarter due to an increase in volume mined.
Underground reef grade mined decreased by 6% to 6.37g/t in the September quarter from 6.74g/t in the June quarter as a
result of an increase in destress mining as well as mining lower grade stopes compared to Q2. The reduction in broken
grade is in line with the mining sequence. Reef yield increased by 5% to 6.07g/t in the September quarter from 5.80g/t
in the June quarter.
Development increased by 56% to 995m in the September quarter from 638m in the June quarter, while destress increased
by 83% to 10,533m2 in the September quarter from 5,751m2 in the June quarter. These increases are mainly as a result of
production ramp-up post COVID-19 restrictions. Similarly, secondary support and backfill increased by 161%
quarter-on-quarter and 122% quarter-on-quarter, respectively.
All-in cost decreased by 21% to R583,344/kg (US$1,075/oz) in the September quarter from R738,079/kg (US$1,231/oz) in
the June quarter mainly driven by higher gold sold, partially offset by higher cost of sales before amortisation and
depreciation and higher capital expenditure.
West Africa region
Ghana
Tarkwa
Sept June %
2020 2020 Variance
000
Ore mined tonnes 2,613 3,024 (14)%
000
Waste (Capital) tonnes 12,804 13,495 (5)%
000
Waste (Operational) tonnes 6,281 7,382 (15)%
000
Total waste mined tonnes 19,085 20,877 (9)%
000
Total tonnes mined tonnes 21,698 23,901 (9)%
waste/ore
Strip ratio 7.3 6.9 6%
Grade mined g/t 1.40 1.37 2%
Gold mined 000'oz 117.7 133.2 (12)%
000
Tonnes milled tonnes 3,468 3,835 (10)%
Yield g/t 1.14 1.17 (3)%
Gold produced 000'oz 127.3 144.5 (12)%
Gold sold 000'oz 127.3 144.5 (12)%
AISC - revised
interpretation guidance
(WGC November 2018) US$/oz 1,099 982 12%
AIC US$/oz 1,099 982 12%
Sustaining capital
expenditure US$m 41.5 38.8 7%
Non-sustaining
expenditure US$m - - -%
Total capital expenditure US$m 41.5 38.8 7%
Gold production decreased by 12% to 127,300oz in the September quarter from 144,500oz in the June quarter mainly due
to lower tonnes milled as a result of lower production days. Yield decreased by 3% to 1.14g/t in the September quarter
from 1.17g/t in the June quarter. The difference between the mined grade of 1.40g/t and the yield of 1.14g/t is
attributable to lower grade stockpiles processed.
Ore processed in the September quarter included 1.0Mt of stockpiles at an average head grade of 0.78g/t compared to
1.1Mt of stockpiles at an average head grade of 0.80g/t processed in the June quarter.
All-in cost increased by 12% to US$1,099/oz in the September quarter from US$982/oz in the June quarter due to lower
gold sold and higher capital expenditure, partially offset by lower cost of sales before amortisation and depreciation.
Capital expenditure increased by 7% to US$41.5 million in the September quarter from US$38.8 million in the June
quarter.
All-in cost for Tarkwa is expected to be US$1,020/oz, above original guidance for 2020 (US$970/oz), mainly as a result
of higher royalties on the back of a higher gold price realised and additional COVID-19 costs. The higher cost guidance
is already factored into Group guidance.
Damang
Sept June 2020 %
2020 Variance
000
Ore mined tonnes 2,265 1,470 54%
000
Waste (Capital) tonnes - - -%
000
Waste (Operational) tonnes 5,609 6,671 (16)%
000
Total waste mined tonnes 5,609 6,671 (16)%
000
Total tonnes mined tonnes 7,874 8,141 (3)%
waste/ore
Strip ratio 2.5 4.5 (44)%
Grade mined g/t 1.57 1.51 4%
Gold mined 000'oz 114.6 71.2 61%
000
Tonnes milled tonnes 1,167 1,277 (9)%
Yield g/t 1.65 1.24 33%
Gold produced 000'oz 61.9 50.8 22%
Gold sold 000'oz 61.9 50.8 22%
AISC - revised
interpretation guidance
(WGC November 2018) US$/oz 710 1,108 (36)%
AIC US$/oz 732 1,149 (36)%
Sustaining capital
expenditure US$m 5.3 2.1 152%
Non-sustaining
expenditure US$m 1.4 2.1 (33)%
Total capital expenditure US$m 6.7 4.2 60%
Gold production increased by 22% to 61,900oz in the September quarter from 50,800oz in the June quarter mainly due to
higher yield. Yield increased by 33% to 1.65g/t in the September quarter from 1.24g/t in the June quarter due to higher
grades fed from the Damang Pit Cutback as the mining transitioned from the Huni Sandstones to the better mineralised
lithologies. Mining transitioned through the bulk of the Huni Sandstone during the quarter, with minimal volumes of Huni
Sandstone remaining.
Total tonnes mined decreased by 3% to 7.9Mt in the September quarter from 8.1Mt in the June quarter mainly due to less
production days following the change in the production calendar in the June quarter. However, ore tonnes mined
increased by 54% to 2.3Mt in the September quarter from 1.5Mt in the June quarter due to improved equipment availability
and mining in exposed ore areas.
Gold mined increased by 61% to 115koz in the September quarter from 71koz in the June quarter due to higher ore tonnes
and grade mined.
All-in cost decreased by 36% to US$732/oz in the September quarter from US$1,149/oz in the June quarter mainly due to
higher gold sold and lower cost of sales before amortisation and depreciation, partially offset by higher capital
expenditure.
Sustaining capital expenditure increased by 152% to US$5.3m in the September quarter from US$2.1m in the June quarter
mainly due to expenditure incurred on engineering projects, gravity screens and a Knelson concentrator. Non-sustaining
capital expenditure decreased by 33% to US$1.4m in the September quarter from US$2.1m in the June quarter due to timing
of capital expenditure for the second phase of the Far East Tailings Storage Facility (FETSF) raise.
Asanko (Equity accounted Joint Venture)
Sept June %
2020 2020 Variance
000
Ore mined tonnes 958 1,361 (30)%
000
Waste (Capital) tonnes 3,161 1,680 88%
000
Waste (Operational) tonnes 8,160 6,448 27%
000
Total waste mined tonnes 11,321 8,128 39%
000
Total tonnes mined tonnes 12,279 9,488 29%
waste/
Strip ratio ore 11.8 6.0 97%
Grade mined g/t 1.35 1.41 (4)%
Gold mined 000'oz 41.6 61.8 (33)%
000
Tonnes milled tonnes 1,467 1,638 (10)%
Yield g/t 1.04 1.31 (21)%
Gold produced 000'oz 49.0 69.0 (29)%
Gold sold 000'oz 53.9 61.4 (12)%
AISC - revised
interpretation guidance
(WGC November 2018) US$/oz 1,488 1,067 39%
AIC US$/oz 1,760 1,305 35%
Sustaining capital
expenditure US$m 7.0 10.2 (31)%
Non-sustaining
expenditure US$m 12.1 12.5 (3)%
Total capital expenditure US$m 19.1 22.7 (16)%
All figures in table on a 100% basis.
Gold production decreased by 29% to 49,000oz (100% basis) in the September quarter from 69,000oz (100% basis) in the
June quarter mainly due to lower yield and tonnes milled. Yield decreased by 21% to 1.04g/t in the September quarter from
1.31g/t in the June quarter.
Total tonnes mined increased by 29% to 12.3Mt in the September quarter from 9.5Mt in the June quarter on the back of
increased stripping at the Esaase and Akwasiso pits. Ore tonnes mined decreased by 30% to 1Mt in the September quarter
from 1.4Mt in the June quarter. The Nkran Cut 2 west wall failure has forced the team to look for other ore sources and as
a result has required the acceleration of stripping activities to expose more ore.
Waste tonnes mined increased by 39% to 11.3Mt in the September quarter from 8.1Mt in the June quarter due to
accelerated stripping of the Esaase main pit to expose ore source for Q4. Further updates will be given in the March 2021
quarter after review of the long term plan.
The accelerated stripping to expose new ore sources has significantly increased costs. This increased stripping
together with increased exploration activity has resulted in a 35% increase in all-in cost to US$1,760/oz in the September
quarter from US$1,305/oz in the June quarter.
Sustaining capital expenditure decreased by 31% to US$7.0m in the September quarter from US$10.2m in the June quarter
mainly due to timing of expenditure on the TSF raise. Non-sustaining capital expenditure decreased by 3% to US$12.1m in
the September quarter from US$12.5m in the June quarter due to timing.
South America region
Peru
Cerro Corona
Sept June %
2020 2020 Variance
000
Ore mined tonnes 1,700 1,465 16%
000
Waste mined tonnes 2,645 1,116 137%
000
Total tonnes mined tonnes 4,345 2,581 68%
Grade mined - gold g/t 0.87 0.85 2%
Grade mined - copper per cent 0.40 0.44 (9)%
Gold mined 000'oz 47.5 39.9 19%
000
Copper mined tonnes 6,799 6,417 6%
000
Tonnes milled tonnes 1,751 1,690 4%
Gold recovery per cent 67.1 67.1 -%
Copper recovery per cent 87.2 87.7 (1)%
Yield - Gold g/t 0.56 0.53 6%
- Copper per cent 0.36 0.38 (5)%
- Combined eq g/t 0.90 0.85 6%
Gold produced 000'oz 30.1 27.4 10%
Copper produced tonnes 5,973 6,084 (2)%
Total equivalent gold produced 000'
eq oz 50.5 46.3 9%
000' 40.6 52.6 (23)%
Total equivalent gold sold eq oz
AISC - revised US$/oz 271 669 (59)%
interpretation guidance
(WGC November 2018) US$/ 953 1,086 (12)%
AISC eq oz
AIC US$/oz 594 783 (24)%
US$/ 1,146 1,152 (1)%
AIC eq oz
Sustaining capital US$m 5.2 4.4 18%
expenditure
Non-sustaining US$m 7.4 3.4 118%
expenditure
Total capital expenditure US$m 12.6 7.7 64%
Gold equivalent gold production increased by 9% to 50,500oz in the September quarter from 46,300oz in the June quarter
due to higher gold grades processed, together with a higher price factor, resulting from the higher copper price during
the September quarter.
Total tonnes mined increased by 68% to 4.3Mt in the September quarter from 2.6Mt in the June quarter due to the
increase in the workforce and mining fleet after COVID-19 restrictions were lifted. A waste recovery plan has been
implemented, which includes progressive increase of the mining fleet and building an access ramp on the north of the pit to
implement an additional mining front in 2021.
Gold yield increased by 6% to 0.56g/t in the September quarter from 0.53g/t in the June quarter due to a 6% increase
in gold head grade processed to 0.83g/t in the September quarter from 0.78g/t in the June quarter. The copper yield
decreased by 5% to 0.36% in the September quarter from 0.38% in the June quarter on the back of a decrease in copper head
grade processed.
All-in cost per gold ounce decreased by 24% to US$594/oz in the September quarter from US$783/oz in the June quarter
driven by lower operating expenses and the positive impact of inventory movement resulting from higher closing
concentrate stocks, partially offset by lower by-product credits, lower gold ounces sold and higher capital expenditure.
All-in cost per equivalent ounce decreased by 1% to US$1,146 per equivalent ounce in the September quarter from US$1,152 per
equivalent ounce in the June quarter driven mainly by the positive impact of the inventory movement.
Capital expenditure increased by 64% to US$12.6 million in the September quarter from US$7.7 million in the June
quarter due to increased construction activities at the tailings dam and waste storage facilities following the impact of
COVID-19 restrictions in the June quarter.
All-in cost for Cerro Corona is expected to be US$1,120/oz gold equivalent (US$790/oz gold), above original guidance
for 2020 (US$830/oz gold equivalent, US$575/oz gold), mainly as a result of lower production on the back of COVID-19
interruptions, additional COVID-19 costs and additional royalties due to higher metal prices. The higher cost guidance
is already factored into Group guidance.
Australia region
St Ives
Sept June %
2020 2020 Variance
Underground
000
Ore mined tonnes 467 484 (4)%
000
Waste mined tonnes 161 214 (25)%
000
Total tonnes mined tonnes 628 698 (10)%
Grade mined g/t 5.64 5.46 3%
Gold mined 000'oz 84.7 85.0 -%
Surface
000
Ore mined tonnes 461 791 (42)%
000
Surface waste (Capital) tonnes 11 1,331 (99)%
Surface waste (Operational) 000
tonnes 1,628 1,970 (17)%
000
Total waste mined tonnes 1,639 3,300 (50)%
000
Total tonnes mined tonnes 2,100 4,092 (49)%
Grade mined g/t 1.76 1.21 45%
Gold mined 000'oz 26.1 30.7 (15)%
waste/
Strip ratio ore 3.6 4.2 (15)%
Total (Underground
and Surface)
000
Total ore mined tonnes 928 1,275 (27)%
g/t 3.71 2.82 32%
Total grade mined
Total tonnes mined 000
tonnes 2,728 4,789 (43)%
Total gold mined 000'oz 110.8 115.6 (4)%
000
Tonnes milled tonnes 1,122 1,362 (18)%
Yield - underground g/t 4.18 4.58 (9)%
Yield - surface g/t 1.24 1.06 17%
Yield - combined g/t 2.51 2.17 16%
Gold produced 000'oz 90.5 94.9 (5)%
Gold sold 000'oz 86.9 103.8 (16)%
AISC - revised A$/oz 1,071 1,353 (21)%
interpretation guidance
(WGC November 2018) US$/oz 785 878 (11)%
A$/oz 1,149 1,388 (17)%
AIC US$/oz 839 900 (7)%
Sustaining capital A$m 15.0 26.3 (43)%
expenditure
US$m 11.2 17.0 (34)%
Non-sustaining capital
expenditure A$m 6.7 3.6 86%
US$m 4.7 2.3 104%
Total capital A$m 21.7 29.8 (27)%
expenditure US$m 15.9 19.3 (18)%
Gold production decreased by 5% to 90,500oz in the September quarter from 94,900oz in the June quarter as an 18%
decrease in tonnes milled was partially offset by a 16% increase in yield.
Total tonnes mined at the underground mines decreased by 10% to 628,000t in the September quarter from 698,000t in the
June quarter due to less production days in the September quarter compared to the June quarter. During the September
quarter the underground development fleet was rationalised and emphasis shifted to ore production.
Total waste tonnes mined in the open pits decreased by 50% to 1.6 Mt in the September quarter from 3.3Mt in the June
quarter. Capital waste tonnes decreased by 99% to 11,000t in the September quarter from 1.3Mt in the June quarter,
following the conclusion of pre-strip activities at Neptune stage 6 pit early in the September quarter. Operational waste
tonnes decreased by 17% to 1.6Mt in the September quarter from 2.0Mt in the June quarter. Year-to-date the open pit
production is in line with the planned mining sequence and during Q3 the mining fleet was also utilised to focus on
additional progressive rehabilitation. In addition the current quarter had a reduced number of days compared to the
previous quarter.
Ore tonnes mined at the open pits decreased by 42% to 461,000t in the September quarter from 791,000t in the June
quarter, with all open pit ore being sourced from Neptune pit stages 5 and 6. Pre-strip activities of Neptune stage
7 pit will commence in November 2020.
Surface mined grade increased by 45% to 1.76g/t in the September quarter from 1.21g/t in the June quarter with high
grade ore sourced from Neptune stage 6 pit.
Total tonnes processed decreased by 18% to 1.12Mt in the September quarter from 1.36Mt in the June quarter due to less
production days in the September quarter compared to the June quarter and a four day planned mill shutdown to replace
liners.
All-in cost decreased by 17% to A$1,149/oz (US$839/oz) in the September quarter from A$1,388/oz (US$900/oz) in the
June quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure, partially
offset by lower gold sold.
Capital expenditure decreased by 27% to A$22 million (US$16 million) in the September quarter from A$30 million
(US$19 million) in the June quarter following the conclusion of Neptune stage 6 pre-strip activities during the
September quarter.
Agnew
Sept June %
2020 2020 Variance
Underground ore mined 000 297 354 (16)%
tonnes
Underground waste mined 000 184 210 (12)%
tonnes
Total tonnes mined 000 481 564 (15)%
tonnes
Grade mined - underground g/t 6.39 5.33 20%
Gold mined 000'oz 61.0 60.6 1%
Tonnes milled 000 334 377 (11)%
tonnes
Yield g/t 5.78 4.83 20%
Gold produced 000'oz 62.1 58.5 6%
Gold sold 000'oz 58.4 57.2 2%
AISC - revised A$/oz 1,448 1,723 (16)%
interpretation guidance
(WGC November 2018) US$/oz 1,039 1,119 (7)%
A$/oz 1,513 1,796 (16)%
AIC US$/oz 1,085 1,167 (7)%
Sustaining capital A$m 16.8 19.9 (16)%
expenditure US$m 12.0 12.9 (7)%
Non-sustaining capital A$m 3.8 4. (10)%
expenditure US$m 2.7 2.7 -%
Total capital A$m 20.6 24.0 (14)%
expenditure US$m 14.7 15.6 (6)%
Gold production increased by 6% to 62,100oz in the September quarter from 58,500oz in the June quarter due to an
increase in grade of ore mined and processed.
Total tonnes mined decreased by 15% to 481,000t in the September quarter from 564,000t in the June quarter mainly due
to less production days in the September quarter compared to the June quarter.
Mined grade increased by 20% to 6.39g/t in the September quarter from 5.33g/t in the June quarter, with mining of the
higher grade Waroonga North lower and Kath areas continuing, together with improved grades achieved from the New Holland
Sheba area.
Tonnes processed decreased by 11% to 334,000t in the September quarter from 377,000t in the June quarter due to less
production days in the September quarter compared to the June quarter.
All-in cost decreased by 16% to A$1,513/oz (US$1,085/oz) in the September quarter from A$1,796/oz (US$1,167/oz) in the
June quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure, as well as
increased gold sold.
Capital expenditure decreased by 14% to A$21 million (US$15 million) in the September quarter from A$24 million
(US$16 million) in the June quarter with decreased capital development in the Sheba and Kath areas.
Granny Smith
Sept June %
2020 2020 Variance
000 405 452 (10)%
Underground ore mined tonnes
000 180 169 7%
Underground waste mined tonnes
000 585 621 (6)%
Total tonnes mined tonnes
Grade mined - underground g/t 5.63 5.05 11%
Gold mined 000'oz 73.3 73.5 -%
Tonnes milled 000 425 448 (5)%
tonnes
Yield g/t 5.06 4.68 8%
Gold produced 000'oz 69.1 67.5 2%
Gold sold 000'oz 62.5 67.4 (7)%
AISC - revised A$/oz 1,342 1,524 (12)%
interpretation guidance
(WGC November 2018) US$/oz 965 991 (3)%
A$/oz 1,451 1,606 (10)%
AIC US$/oz 1,044 1,043 -%
Sustaining capital A$m 18.4 23.7 (22)%
expenditure US$m 13.0 15.5 (16)%
Non-sustaining capital A$m 6.8 5.5 24%
expenditure US$m 4.9 3.5 40%
Total capital expenditure A$m 25.2 29.2 (14)%
US$m 17.9 19.0 (6)%
Gold production increased by 2% to 69,100oz in the September quarter from 67,500oz in the June quarter due to higher
grades mined and processed.
Grade mined increased by 11% to 5.63g/t in the September quarter from 5.05g/t in the June quarter as high-grade stopes
were mined during the quarter, in line with the mining sequence. In addition, higher grade development ore was
realised.
All-in cost decreased by 10% to A$1,451/oz (US$1,044/oz) in the September quarter from A$1,606/oz (US$1,043/oz) in the
June quarter due to lower cost of sales before amortisation and depreciation and lower capital expenditure, partially
offset by a decrease in gold sold.
Capital expenditure decreased by 14% to A$25 million (US$18 million) in the September quarter from A$29 million
US$19 million) in the June quarter following the purchase of a replacement underground drill rig in the June quarter.
Non-sustaining capital expenditure increased by 24% to A$7 million (US$5 million) from A$6 million (US$4 million) in
the June quarter due to increased capital development in the Zone 135 area. Stoping activities in this area are scheduled
to commence in 2022.
Gruyere
Sept June %
2020 2020 Variance
000 1,858 2,125 (13)%
Ore mined tonnes
000 5,140 2,879 79%
Waste (Capital) tonnes
000 548 946 (42)%
Waste (Operational) tonnes
000 5,688 3,825 49%
Total waste mined tonnes
000 7,546 5,950 27%
Total tonnes mined tonnes
Grade mined g/t 1.03 1.06 (3)%
Gold mined 000'oz 61.4 72.4 (15)%
Strip ratio waste/ore 3.1 1.8
000 1,889 2,187 (14)%
Tonnes milled tonnes
Yield g/t 0.92 1.02 (10)%
Gold produced 000'oz 55.9 71.9 (22)%
Gold sold 000'oz 56.8 70.2 (19)%
AISC - revised A$/oz 1,505 1,345 12%
interpretation guidance
(WGC November 2018) US$/oz 1,076 874 23%
A$/oz 1,518 1,363 11%
AIC US$/oz 1,085 886 22%
Sustaining capital A$m 12.7 10.8 18%
expenditure - 50% basis US$m 8.9 7.0 27%
Non-sustaining capital A$m 0.3 0.6 (43)%
expenditure - 50% basis US$m 0.3 0.4 (37)%
Total capital expenditure - A$m 13.0 11.4 15%
50% basis US$m 9.2 7.4 23%
Mine physicals in table on a 100% basis.
Gold production decreased by 22% to 55,900oz in the September quarter from 71,900oz in the June quarter due to
decreased ore processed and decreased yield.
Ore tonnes mined decreased by 13% to 1.86Mt in the September quarter from 2.13Mt in the June quarter as mining
activity focused on stripping in stages 2 and 3 of the pit.
Yield decreased by 10% to 0.92g/t in the September quarter from 1.02g/t in the June quarter due to the processing of
low grade stockpiles together with a decrease in grade of ore from source.
Tonnes processed decreased by 14% to 1.89Mt in the September quarter from 2.19Mt in the June quarter with decreased
availability at the processing plant due to less production days in the September quarter compared to the June quarter,
combined with an extended planned shutdown to perform a full reline on the SAG mill and crusher. A ball mill bearing
failure on restarting the process plant after the shutdown impacted production for a further seven days. A specialist team
was mobilised and the root cause of the failure was determined and rectified prior to the installation of a replacement
bearing.
All-in cost increased by 11% to A$1,518/oz (US$1,085oz) in the September quarter from A$1,363/oz (US$886/oz) in the
June quarter due to lower gold sold and increased capital expenditure, partially offset by lower cost of sale before
amortisation and depreciation.
Capital expenditure (on a 50% basis) increased by 15% to A$13 million (US$9 million) in the September quarter from
A$11 million (US$7 million) in the June quarter with pre-strip activities at the Gruyere pit stage 3 continuing during the
quarter.
All-in cost for Gruyere is expected to be A$1,350/oz (US$945/oz), above original guidance for 2020 (A$1,150/oz,
US$795/oz), mainly as a result of lower production due to plant downtime resulting from a ball mill motor bearing failure
(previously reported on by Gold Road) and mill configuration changes to cater for increased fresh rock processing, higher
processing and COVID-19 relating expenditure, as well as additional royalties due to a higher gold price realised. The
higher cost guidance is already factored into Group guidance.
UNDERGROUND AND SURFACE
South South
Africa America
Total Mine Region West Africa Region Region Australia Region
operations
including
equity Ghana Peru Australia
accounted
Imperial ounces with metric Joint South Asanko Cerro Granny Gruyere
tonnes and grade Venture Deep Total Tarkwa Damang 45% Corona Total St Ives Agnew Smith 50%
Tonnes mined Sept 2020 1,511 341 - - - - - 1,169 467 297 405 -
(000 tonnes)* June 2020 1,506 215 - - - - - 1,290 484 354 452 -
- underground ore Sept 2019 1,441 328 - - - - - 1,113 302 360 451 -
- underground waste Sept 2020 550 25 - - - - - 525 161 184 180 -
June 2020 600 8 - - - - - 593 214 210 169 -
Sept 2019 572 11 - - - - - 561 225 161 175 -
- surface ore Sept 2020 8,399 - 5,309 2,613 2,265 431 1,700 1,390 461 - - 929
June 2020 8,425 - 5,107 3,024 1,470 612 1,465 1,854 791 - - 1,062
Sept 2019 9,403 - 5,163 3,666 1,000 497 2,070 2,170 1,115 - - 1,055
- total Sept 2020 10,460 366 5,309 2,613 2,265 431 1,700 3,085 1,090 480 586 929
June 2020 10,531 223 5,107 3,024 1,470 612 1,465 3,737 1,489 564 621 1,062
Sept 2019 11,416 339 5,163 3,666 1,000 497 2,070 3,844 1,642 521 626 1,055
Grade mined Sept 2020 5.9 6.4 - - - - - 5.8 5.6 6.4 5.6 -
(grams per tonne) June 2020 5.5 6.7 - - - - - 5.3 5.5 5.3 5.1 -
- underground ore Sept 2019 4.9 5.7 - - - - - 4.7 3.9 4.9 5.1 -
- surface ore Sept 2020 1.3 - 1.5 1.4 1.6 1.4 0.9 1.3 1.8 - - 1.0
June 2020 1.3 - 1.4 1.4 1.5 1.4 0.8 1.1 1.2 - - 1.1
Sept 2019 1.2 - 1.3 1.2 1.6 1.5 1.0 1.2 1.6 - - 0.9
- total Sept 2020 2.0 5.9 1.5 1.4 1.6 1.4 0.9 3.4 3.7 6.4 5.6 1.0
June 2020 1.9 6.5 1.4 1.4 1.5 1.4 0.8 2.8 2.8 5.3 5.1 1.1
Sept 2019 1.6 5.5 1.3 1.2 1.6 1.5 1.0 2.4 2.1 4.9 5.1 0.9
Gold mined Sept 2020 288.9 69.9 - - - - - 219.0 84.7 61.0 73.3 -
(000 ounces)* June 2020 265.8 46.7 - - - - - 219.1 85.0 60.6 73.5 -
- underground ore Sept 2019 229.0 60.2 - - - - - 168.8 37.8 56.7 74.3 -
- surface ore Sept 2020 355.3 - 251.0 117.7 114.6 18.7 47.5 56.8 26.1 - - 30.7
June 2020 339.0 - 232.2 133.2 71.2 27.8 39.9 66.9 30.7 - - 36.2
Sept 2019 371.3 - 217.8 143.1 51.3 23.5 66.8 86.7 56.9 - - 29.8
- total Sept 2020 644.2 69.9 251.0 117.7 114.6 18.7 47.5 275.8 110.8 61.0 73.3 30.7
June 2020 604.8 46.7 232.2 133.2 71.2 27.8 39.9 286.0 115.6 60.6 73.5 36.2
Sept 2019 600.3 60.2 217.8 143.1 51.3 23.5 66.8 255.5 94.7 56.7 74.3 29.8
Ore milled/treated Sept 2020 1,571 329 - - - - - 1,242 483 334 425 -
(000 tonnes) June 2020 1,462 210 - - - - - 1,252 427 377 448 -
- underground ore Sept 2019 1,458 321 - - - - - 1,137 366 307 464 -
- underground waste Sept 2020 6 6 - - - - - - - - - -
June 2020 8 8 - - - - - - - - - -
Sept 2019 7 7 - - - - - - - - - -
- surface ore Sept 2020 8,856 228 5,295 3,468 1,167 660 1,751 1,583 639 - - 944
June 2020 9,757 191 5,849 3,835 1,277 737 1,690 2,028 935 - - 1,094
Sept 2019 8,384 234 5,242 3,437 1,158 648 1,648 1,259 704 - - 555
- total Sept 2020 10,433 563 5,295 3,468 1,167 660 1,751 2,825 1,122 334 425 944
June 2020 11,227 408 5,849 3,835 1,277 737 1,690 3,280 1,362 377 448 1,094
Sept 2019 9,850 563 5,242 3,437 1,158 648 1,648 2,396 1,070 307 464 555
Yield Sept 2020 5.2 6.1 - - - - - 4.9 4.2 5.8 5.1 -
(Grams per tonne) June 2020 4.9 5.8 - - - - - 4.7 4.6 4.8 4.7 -
- underground ore Sept 2019 4.7 5.8 - - - - - 4.4 3.4 5.1 4.7 -
- surface ore Sept 2020 1.1 0.1 1.2 1.1 1.6 1.0 0.9 1.1 1.2 - - 0.9
June 2020 1.1 0.1 1.2 1.2 1.2 1.3 0.9 1.0 1.1 - - 1.0
Sept 2019 1.2 0.2 1.2 1.2 1.3 1.3 1.2 1.2 1.6 - - 0.8
- combined Sept 2020 1.7 3.6 1.2 1.1 1.6 1.0 0.9 2.7 2.5 5.8 5.1 0.9
June 2020 1.6 3.0 1.2 1.2 1.2 1.3 0.9 2.4 2.2 4.8 4.7 1.0
Sept 2019 1.7 3.4 1.2 1.2 1.3 1.3 1.2 2.7 2.2 5.1 4.7 0.8
Gold produced Sept 2020 260.4 64.3 - - - - - 196.1 64.9 62.1 69.1 -
(000 ounces)* June 2020 228.2 39.2 - - - - - 189.0 63.0 58.5 67.5 -
- underground ore Sept 2019 219.2 59.7 - - - - - 159.5 39.4 50.4 69.7 -
- surface ore Sept 2020 315.9 0.6 211.2 127.3 61.9 22.0 50.5 53.5 25.5 - - 28.0
June 2020 341.2 0.6 226.4 144.5 50.8 31.1 46.3 67.9 31.9 - - 35.9
Sept 2019 321.5 1.3 205.1 127.3 49.7 28.1 64.8 50.3 35.7 - - 14.6
- total Sept 2020 576.3 64.9 211.2 127.3 61.9 22.0 50.5 249.6 90.5 62.1 69.1 28.0
June 2020 569.4 39.8 226.4 144.5 50.8 31.1 46.3 256.9 94.9 58.5 67.5 35.9
Sept 2019 540.7 61.0 205.1 127.3 49.7 28.1 64.8 209.8 75.2 50.4 69.7 14.6
Cost of sales before Sept 2020 114 168 - - - - - 100 88 115 101 -
gold inventory change June 2020 111 176 - - - - - 100 97 113 92 -
and amortisation and Sept 2019 125 204 - - - - - 103 90 140 88 -
depreciation (dollar per
tonne) - underground
- surface Sept 2020 28 6 32 21 59 42 20 28 39 - - 19
June 2020 24 9 27 19 45 34 23 18 20 - - 16
Sept 2019 28 2 29 25 34 35 25 39 39 - - -
- total Sept 2020 41 102 32 21 59 42 20 59 60 115 101 19
June 2020 35 98 27 19 45 34 23 49 44 113 92 16
Sept 2019 43 120 29 25 34 35 25 78 57 140 88 -
* Excludes surface material at South Deep.
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-US 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 Investor enquiries
Anr? Weststrate Avishkar Nagaser
Tel: +27 11 562 9719 Tel: +27 11 562 9775
Fax: +086 720 2704 Mobile: +27 82 312 8692
email: anr?.weststrate@goldfields.com email: avishkar.nagaser@goldfields.com
Registered office Thomas Mengel
Johannesburg Tel: +27 11 562 9849
Gold Fields Limited Mobile: +27 72 493 5170
150 Helen Road email: thomas.mengel@goldfields.com
Sandown
Sandton Media enquiries
2196 Sven Lunsche
Tel: +27 11 562 9763
Postnet Suite 252 Mobile: +27 83 260 9279
Private Bag X30500 email: sven.lunsche@goldfields.com
Houghton
2041 Transfer secretaries
Tel: +27 11 562 9700 South Africa
Fax: +086 720 270 Computershare Investor Services (Proprietary) Limited
Rosebank Towers
Office of the United Kingdom secretaries 15 Biermann Avenue
London Rosebank
St James's Corporate Services Limited Johannesburg
Suite 31, Second Floor 2196
107 Cheapside
London PO Box 61051
EC2V 6DN Marshalltown
United Kingdom 2107
Tel: +44 (0) 20 7796 8644 Tel: +27 11 370 5000
email: general@corpserv.co.uk Fax: +27 11 688 5248
American depository receipts transfer agent United Kingdom
Shareholder correspondence should be mailed to: Link Asset Services
BNY Mellon The Registry
P O Box 505000 34 Beckenham Road
Louisville, KY 40233 - 5000 Beckenham
Kent BR3 4TU
Overnight correspondence should be sent to: England
BNY Mellon Tel: 0371 664 0300
462 South 4th Street, Suite 1600
Louisville, KY40202 If you are outside the United Kingdom please
email: shrrelations@cpushareownerservices.com call (0) 371 664 0300
Phone numbers Calls are charged at the standard geographic rate
Toll Free: 866 247 3871 Domestic Tel: 888 269 2377 Domestic and will vary by provider. Calls outside the
Tel: 201 680 6825 Foreign 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
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
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: 12-11-2020 08:00:00
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