Wrap Text
Operational Update for the Quarter ended 31 March 2021
GOLD FIELDS Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN: ZAE000018123
("Gold Fields" or “the Company”)
JOHANNESBURG, 6 MAY 2021: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for the
quarter ended 31 March 2021. Detailed financial and operational results are provided on a six-monthly basis i.e. at
the end of June and December.
OPERATIONAL UPDATE FOR THE QUARTER ENDED 31 MARCH 2021
STATEMENT BY NEWLY APPOINTED CEO OF GOLD FIELDS, CHRIS GRIFFITH
Being in the seat for 36 days, confirmed my expectations that Gold Fields is well on its way to being a global leader
in sustainable gold mining. The deliberate strategy of moving away from labour-intensive, conventional mining to focus
on mechanised open pit and underground operations, with majority international exposure, has served the company well.
In addition, the reinvestment programme over the past four years has placed Gold Fields in a position where it can maintain
and even grow its production profile over the next decade. Salares Norte is indeed a world class project and delivering
the project on time and on budget is one of the key focus areas in the coming years. Our ESG work continues to evolve
and we remain on track to provide more definitive targets for our key ESG priorities by year-end.
It is with deep sadness that within my first month of being at Gold Fields, we lost a colleague at our South Deep mine
in a mining incident. Vumile Mgcine (46), a shaft timberman, succumbed from injuries sustained while attempting to
unblock a chute outlet on an underground conveyor belt. There is no more tragic reminder of the overriding importance
of safety at our mines than the death of a colleague. My heartfelt condolences go out to Vumile's family, friends and
colleagues.
Notwithstanding the impact of COVID-19 on Q1 2021 (particularly impacting Cerro Corona and South Deep), Group
attributable equivalent gold production was 541koz, largely flat YoY (down 9% QoQ). Group production remains on track to
deliver the guidance provided in February 2021. Group AISC for the quarter was US$1,078/oz, up 11% QoQ and YoY. AIC for the
Group was US$1,249/oz, 18% higher YoY (up 12% QoQ) as capital expenditure at Salares Norte starts to ramp up. Net debt at
the end of the quarter was US$1,224m, compared to US$1,069m at the end of December 2020, primarily driven by the payment
of the final dividend of US$190m. The net debt to EBITDA at the end of the quarter was 0.59x, largely unchanged QoQ. The
balance sheet remains in a strong position.
COVID-19
Since we last reported our COVID-19 statistics, two further colleagues have passed as a result of their COVID-19 infections.
This brings the total for Gold Fields to 11 employees and contractors. These are tragic losses and our heartfelt condolences
go out to the family members, friends and colleagues of these men. So far we have had a total of 3,457 positive cases in the
Group, of which 62 were active as at 2 May 2021 with seven receiving care in hospitals. There have been no cases to date at
our Australian mines.
SALIENT FEATURES
541,000
ounces of attributable gold production
US$1,249
per ounce of all-in cost
The table below provides an overview of the number of COVID-19 infections at our mines to date, as well as recovery
rates and other data.
COVID-19 report (as at 2 May 2021) Total
Tested 95,735
Positive 3,457
Negative 92,152
Awaiting results 126
Active cases 62
Hospitalised 7
Recovered 3,384
Died 11
*Note: "Awaiting results", "Active cases" and "Hospitalised" refers to the current figures.
Numbers exclude Asanko/Galiano.
During 2020 our operations spent approximately US$30m on COVID-19 related initiatives and interventions such as
specialised camp accommodation, testing equipment and facilities, additional labour costs and transport facilities.
A further US$3m was spent on donations to assist governments and communities in their fight against the pandemic.
In Q1 this year the respective figures were US$6.3m and US$280,000.
Our operations are also starting to work closely with their respective governments on the rollout of vaccines, not
just to employees and contractors, but also to communities. In the countries that we operate, mining has been classified
as an essential service which means that our employees will be among the earlier groups to receive vaccinations.
Q1 2021 operational performance
The Australian region produced 236koz at AIC of A$1,529/oz (US$1,181/oz) and AISC of A$1,442/oz (US$1,115/oz).
Our mines in Ghana produced 221koz (including 45% of Asanko) at AIC of US$1,078/oz and AISC of US$1,038/oz.
Production at Cerro Corona in Peru was impacted by unusually high rainfall during the March quarter, with the mine
producing 46koz (gold equivalent) at AIC of US$1,160 per gold equivalent ounce and AISC of US$1,067 per gold equivalent
ounce.
Despite the second wave of COVID-19 that affected South Africa during December 2020 and the early parts of 2021,
production at South Deep was only marginally lower YoY. The mine produced 60koz during the first quarter at AIC of
R694,685/kg (US$1,444/oz) and AISC of R667,614/kg (US$1,388/oz).
Encouragingly, productivity trends continued to improve across key leading indicators during the quarter, with stoping
productivity being the focus area for improvement over the remainder of the year.
Update on Salares Norte
Salares Norte maintained its positive momentum and continued to track ahead of the project schedule during Q1 2021.
US$86.9m was spent on the project during the quarter, comprising US$58.6m in capex, US$7.6m in exploration, a US$27.6m
investment in working capital and a credit of US$9.7m from the realised portion of the FX hedge. Encouragingly, the
detailed engineering was completed in January. Pre-stripping of the Brecha Principal pit started on 6 January 2021 and
volumes continued to track ahead of schedule during the quarter. All other key activities continue to track ahead of plan.
For a detailed update on the project refer below.
ESG
At the end of March we released a suite of reports under the umbrella of the Integrated Annual Report (IAR). These
include the IAR itself, the Annual Financial Report (including our Governance Report) and the Mineral Resource and
Reserve supplement. This was followed up at the end of April with a suite of ESG reports, namely our 2020 Report
to Stakeholders, the GRI Content Index and the 2020 Climate Change Report, the latter produced in line with the
recommendations of the Task Force on Climate-related Financial Disclosure (TCFD). We also launched the online version
of the IAR and a portal detailing our work on Tailings Storage Facilities (TSF) on our website.
Gold Fields was one of 380 companies globally included in the 2021 Bloomberg Gender-Equality Index (GEI), the third
consecutive year it achieved this. Companies in the GEI are recognised for their efforts in achieving workplace gender
equality and their disclosure of key gender equality metrics. This is the third year in a row that Gold Fields has been
listed in the GEI, which measures gender policies across five pillars: female leadership and talent pipeline, equal pay
and gender pay parity, inclusive culture, sexual harassment policies, and pro-women brand.
South Deep Solar Plant
The Gold Fields Board this week gave the green light for the construction of a 40MW solar plant at the South Deep mine
in South Africa. This follows the granting of a licence by the National Energy Regulator of South Africa on 25 February
2021. The 40MW solar plant will generate over 20% of the average electricity consumption of the mine. It will comprise
116,000 solar panels and cover a 118ha area roughly the size of 200 soccer fields and will be on mine property. The
estimated capital investment for the plant is R660m, including contingencies, but the use of self-generated, renewable
energy will translate into savings of around R120m on the cost of electricity a year. South Deep is currently finalising
procurement strategies and contractor criteria for the construction of the plant, which will begin during Q2 2021. The
plant is expected to be commissioned during Q2 2022.
The South Deep solar plant is the latest step in our renewable energy journey and follows the plants that are in
operation at Agnew and Granny Smith as well as the plans for solar plants at Gruyere and Salares Norte.
FY 2021 guidance unchanged
As previously guided, 2021 is a high capital expenditure year for Gold Fields (US$1.177bn). Two additional projects
were approved post quarter end:
- the development of the Huni Pit at Damang, which adds incremental production to the project and provides
flexibility on the mining front, at a cost of US$43m, with approximately US$15m to be incurred in 2021; and
- the solar plant at South Deep, with R318m (US$21m) capex being incurred in 2021.
Despite this additional expenditure, we maintain our cost guidance provided in February 2021. For 2021, attributable
gold equivalent production is expected to be between 2.30Moz and 2.35Moz. AISC is expected to be between US$1,020/oz and
US$1,060/oz, with AIC expected to be US$1,310/oz to US$1,350/oz. If we exclude the very significant project capex at
Salares Norte, AIC is expected to be US$1,090/oz to US$1,130/oz. The exchange rates used for our 2021 guidance are:
R/US$15.50 and US$/A$0.75.
Group production guidance also remains unchanged, however two mines within the group have been impacted by COVID-19
during Q1 2021. As a result, production at South Deep is expected to be 300kg (9.3koz) lower at 8,700kg (280.0koz).
Gold production at Cerro Corona is expected to be 20koz lower at 110koz, with copper production remaining at similar
levels. However, the higher copper price has more than offset this impact on a gold equivalent ounce basis. Consequently,
Group guidance remains intact.
Chris Griffith
Chief Executive Officer
6 May 2021
KEY STATISTICS
United States Dollars
Quarter
March December March
Figures in millions unless otherwise stated 2021 2020 2020
Gold produced* oz (000) 541 593 537
Tonnes milled/treated 000 10,378 10,700 10,346
Revenue (excluding Asanko) US$/oz 1,778 1,866 1,561
Cost of sales before gold inventory change and
amortisation and depreciation (excluding Asanko) US$/tonne 43 40 39
All-in sustaining costs US$/oz 1,078 971 975
Total all-in cost US$/oz 1,249 1,113 1,060
Net debt US$m 1,224 1,069 1,260
Net debt (excluding lease liabilities) US$m 788 640 957
Net debt to EBITDA ratio US$m 0.59 0.56 0.94
* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.
At 31 March 2021, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), South Deep
in South Africa (96.43%), 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 4% of
Group production.
Figures may not add as they are rounded independently.
STOCK DATA FOR THE 3 MONTHS ENDED 31 MARCH 2021
Number of shares in issue NYSE - (GFI)
- at end March 2021 887,564,061 Range - Quarter US$8.16 - US$10.52
- average for the quarter 886,139,691 Average volume - Quarter 6,863,946 shares/day
Free float 100 per cent JSE LIMITED - (GFI)
ADR ratio 1:1 Range - Quarter ZAR121.93 - ZAR158.79
Bloomberg/Reuters GFISJ/GFLJ.J Average volume - Quarter 3,397,964 shares/day
SALIENT FEATURES AND COST BENCHMARKS
United States Dollars
Total Total South
Mine Mine South West Africa America
operations operations African Region Region
including excluding Region Ghana Peru
equity equity
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 March 2021 10,378 9,728 707 5,269 3,436 1,183 650 1,635
(000 tonnes) Dec 2020 10,700 10,053 741 5,304 3,452 1,205 647 1,680
March 2020 10,346 9,716 546 5,259 3,479 1,150 630 1,675
Yield (grams per tonne) March 2021 1.7 1.7 2.6 1.3 1.1 1.9 1.3 0.9
Dec 2020 1.8 1.8 2.6 1.3 1.1 1.9 1.4 0.9
March 2020 1.7 1.7 3.5 1.1 1.1 1.0 1.5 1.2
Gold produced March 2021 562.9 535.9 59.7 221.1 122.5 71.7 27.0 46.4
(000 managed Dec 2020 613.0 583.4 61.5 230.1 127.2 73.3 29.5 47.9
equivalent ounces) March 2020 553.8 523.9 60.6 193.9 127.1 36.9 29.8 62.3
Gold produced March 2021 541.3 514.3 57.6 201.8 110.3 64.5 27.0 46.2
(000 attributable Dec 2020 592.6 563.1 61.5 210.0 114.5 66.0 29.5 47.7
equivalent ounces) March 2020 536.9 507.1 60.6 177.4 114.4 33.2 29.8 62.0
Gold sold (000 managed March 2021 558.1 529.7 57.2 222.5 122.5 71.7 28.3 52.6
equivalent ounces) Dec 2020 625.7 598.4 63.2 227.9 127.2 73.3 27.3 51.9
March 2020 551.1 520.6 58.0 194.6 127.1 36.9 30.5 60.4
Cost of sales before March 2021 (433.1) (406.2) (70.2) (138.9) (73.2) (38.8) (26.9) (49.9)
amortisation and Dec 2020 (405.8) (384.3) (67.0) (118.6) (57.2) (40.0) (21.4) (47.6)
depreciation (million) March 2020 (409.3) (389.3) (61.9) (159.6) (82.6) (57.0) (20.1) (34.0)
Cost of sales before gold inventory March 2021 43 43 101 30 21 45 45 25
change and amortisation and Dec 2020 40 40 91 29 19 50 43 26
depreciation (dollar per tonne) March 2020 40 39 114 30 24 40 42 25
Sustaining capital (million) March 2021 (113.2) (111.5) (8.3) (55.0) (50.7) (2.6) (1.7)& (2.2)
Dec 2020 (128.2) (123.8) (22.1) (47.4) (38.2) (4.9) (4.4)& (9.6)
March 2020 (76.0) (75.2) (7.5) (31.2) (28.7) (1.6) (0.8)& (4.5)
Non-sustaining capital (million) March 2021 (28.8) (25.4) (3.2) (5.9) - (2.5) (3.4) (4.6)
Dec 2020 (24.3) (18.7) (3.2) (5.6) - - (5.6) (8.4)
March 2020 (23.5) (22.0) (0.5) (4.2) - (2.6) (1.6) (7.1)
Total capital expenditure (million) March 2021 (142) (136.9) (11.5) (60.9) (50.7) (5.1) (5.1) (6.8)
Dec 2020 (152.5) (142.5) (25.3) (53.0) (38.2) (4.9) (10.0) (18.0)
March 2020 (99.5) (97.2) (8.0) (35.4) (28.7) (4.2) (2.4) (11.6)
All-in-sustaining costs (dollar per ounce) March 2021 1,071 1,066 1,388 1,038 1,190 733 1,158 136
Dec 2020 964 954 1,443 962 996 824 1,174 513
March 2020 968 978 1,227 1,105 994 1,734 805 446
Total all-in-cost (dollar per ounce) March 2021 1,132 1,121 1,444 1,078 1,190 791 1,323 358
Dec 2020 1,007 988 1,494 991 996 824 1,418 834
March 2020 1,015 1,023 1,236 1,130 994 1,804 881 647
Average exchange rates were US$1 = R14.96, US$1 = R15.61 and US$1 = R15.03 for the March 2021, December 2020
and March 2020 quarters, respectively.
The Australian/US dollar exchange rates were A$1 = US$0.77, A$1 = US$0.73 and A$1 = US$0.67 for the March 2021,
December 2020 and March 2020 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$1.1m and US$3.3m (100% basis US$2.4m and US$7.3m)
for the March 2021 and December 2020 quarters, respectively.
SALIENT FEATURES AND COST BENCHMARKS continued
South
African
United States Dollars Australian Dollars Rand
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 March 2021 2,767 1,027 297 385 1,058 2,767 1,027 297 385 1,058 707
(000 tonnes) Dec 2020 2,974 1,180 324 417 1,053 2,974 1,180 324 417 1,053 741
March 2020 2,867 1,154 322 429 963 2,867 1,154 322 429 963 546
Yield (grams per tonne) March 2021 2.6 2.8 5.3 4.7 1.0 2.6 2.8 5.3 4.7 1.0 2.6
Dec 2020 2.9 2.8 6.3 5.0 1.0 2.9 2.8 6.3 5.0 1.0 2.6
March 2020 2.6 2.5 4.6 4.8 1.0 2.6 2.5 4.6 4.8 1.0 3.5
Gold produced (000 managed March 2021 235.7 94.0 50.9 57.6 33.1 235.7 94.0 50.9 57.6 33.1 1,858
equivalent ounces) Dec 2020 273.4 106.4 65.3 66.4 35.4 273.4 106.4 65.3 66.4 35.4 1,914
March 2020 236.9 93.1 47.4 66.6 29.8 236.9 93.1 47.4 66.6 29.8 1,885
Gold produced (000 attributable March 2021 235.7 94.0 50.9 57.6 33.1 235.7 94.0 50.9 57.6 33.1 1,792
equivalent ounces) Dec 2020 273.4 106.4 65.3 66.4 35.4 273.4 106.4 65.3 66.4 35.4 1,914
March 2020 236.9 93.1 47.4 66.6 29.8 236.9 93.1 47.4 66.6 29.8 1,885
Gold sold (000 managed March 2021 225.8 88.6 47.9 57.1 32.2 225.8 88.6 47.9 57.1 32.2 1,778
equivalent ounces) Dec 2020 282.8 109.8 69.6 68.8 34.6 282.8 109.8 69.6 68.8 34.6 1,965
March 2020 238.1 93.3 48.3 66.6 29.9 238.1 93.3 48.3 66.6 29.9 1,803
Cost of sales before March 2021 (174.1) (65.8) (42.5) (47.5) (18.3) (225.3) (85.2) (55.0) (61.4) (23.7) (1,049.9)
amortisation and depreciation Dec 2020 (172.6) (62.3) (43.2) (47.3) (19.9) (237.6) (85.6) (59.3) (65.3) (27.3) (1,055.4)
(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)
Cost of sales before gold March 2021 64 61 142 127 21 82 79 184 164 27 1,505
inventory change and amortisation Dec 2020 55 49 123 111 18 75 67 168 152 25 1,429
and depreciation (dollar per tonne) March 2020 52 48 114 93 19 79 72 172 140 28 1,718
Sustaining capital (million) March 2021 (47.7) (17.4) (10.8) (8.6) (10.9) (61.8) (22.6) (13.9) (11.1) (14.1) (124.0)
Dec 2020 (49.1) (17.2) (9.7) (13.7) (8.4) (67.6) (23.7) (13.2) (18.9) (11.7) (357.1)
March 2020 (32.8) (16.5) (8.8) (5.1) (2.4) (49.4) (24.8) (13.2) (7.7) (3.7) (112.7)
Non-sustaining capital (million) March 2021 (15.1) (2.8) (6.2) (6.0) (0.1) (19.5) (3.6) (8.0) (7.8) (0.1) (48.1)
Dec 2020 (7.1) (3.0) (1.0) (2.7) (0.4) (9.3) (4.1) (1.2) (3.4) (0.6) (52.3)
March 2020 (11.7) (1.5) (2.0) (8.0) (0.2) (17.6) (2.3) (3.1) (12.0) (0.2) (7.7)
Total capital expenditure March 2021 (62.8) (20.2) (17.0) (14.6) (11.0) (81.3) (26.2) (21.9) (18.9) (14.2) (172.1)
(million) Dec 2020 (56.2) (20.2) (10.7) (16.4) (8.8) (76.9) (27.8) (14.4) (22.3) (12.3) (409.4)
March 2020 (44.5) (18.0) (10.8) (13.1) (2.6) (67.0) (27.1) (16.3) (19.7) (3.9) (120.4)
All-in-sustaining costs March 2021 1,115 1,027 1,271 1,145 1,068 1,442 1,329 1,645 1,482 1,382 667,614
(dollar per ounce) Dec 2020 903 816 893 1,023 960 1,243 1,123 1,226 1,413 1,324 734,814
March 2020 876 891 1,047 770 785 1,316 1,339 1,574 1,157 1,180 592,925
Total all-in-cost March 2021 1,181 1,058 1,400 1,250 1,070 1,529 1,370 1,812 1,618 1,385 694,685
(dollar per ounce) Dec 2020 928 843 907 1,062 971 1,276 1,160 1,244 1,463 1,340 761,455
March 2020 925 907 1,090 890 791 1,390 1,364 1,637 1,338 1,188 597,181
Average exchange rates were US$1 = R14.96, US$1 = R15.61 and US$1 = R15.03 for the March 2021, December 2020
and March 2020 quarters, respectively.
The Australian/US dollar exchange rates were A$1 = US$0.77, A$1 = US$0.73 and A$1 = US$0.67 for the March 2021,
December 2020 and March 2020 quarters, respectively.
Figures may not add as they are rounded independently.
REVIEW OF OPERATIONS
Quarter ended 31 March 2021 compared with quarter ended 31 December 2020
Figures may not add as they are rounded independently
South Africa region
South Deep
March Dec %
2021 2020 Variance
Ore mined 000 tonnes 346 304 14%
Waste mined 000 tonnes 39 45 (13)%
Total tonnes 000 tonnes 385 349 10%
Grade mined - underground reef g/t 5.63 6.30 (11)%
Grade mined - underground total g/t 5.06 5.49 (8)%
Gold mined kg 1,948 1,915 2%
000'oz 62.6 61.6 2%
Destress m2 12,032 10,054 20%
Development m 1,086 1,012 7%
Secondary support m 2,821 2,577 9%
Backfill m3 42,803 68,821 (38)%
Ore milled - underground 000 tonnes 362 324 12%
Ore milled - underground waste 000 tonnes 26 37 (30)%
Ore milled - surface 000 tonnes 318 380 (16)%
Total tonnes milled 000 tonnes 707 741 (5)%
Yield - underground reef g/t 5.03 5.76 (13)%
Surface yield g/t 0.11 0.13 (18)%
Total yield g/t 2.63 2.58 2%
Gold produced kg 1,858 1,914 (3)%
000'oz 59.7 61.5 (3)%
Gold sold kg 1,778 1,965 (9)%
000'oz 57.2 63.2 (9)%
AISC - revised interpretation
guidance (WGC November 2018) R/kg 667,614 734,814 (9)%
US$/oz 1,388 1,443 (4)%
AIC R/kg 694,685 761,455 (9)%
US$/oz 1,444 1,494 (3)%
Sustaining capital expenditure Rm 124.0 357.1 (65)%
US$m 8.3 22.1 (63)%
Non-sustaining capital expenditure Rm 48.1 52.3 (8)%
US$m 3.2 3.2 -%
Total capital expenditure Rm 172.2 409.4 (58)%
US$m 11.5 25.4 (55)%
South Deep continued to show positive traction on a number of key performance indicators during the March quarter
including activities such as total tonnes mined, destress m?, development metres and secondary support, notwithstanding the
negative impact of the second wave of COVID-19 on the operation during the quarter.
Gold production decreased by 3% to 1,858kg (59,700oz) in the March quarter from 1,914kg (61,500oz) in the December
quarter as a result of lower tonnes milled, partially offset by a marginally higher total yield. Gold mined increased by 2%
to 1,948kg (62,600oz) in the March quarter from 1,915kg (61,600oz) in the December quarter largely influenced by the
increase in destress and reef access development.
Reef yield decreased by 13% to 5.03g/t in the March quarter from 5.76g/t in the December quarter in line with the
reduction in broken grade, which reduced by 11%, as lower grade stopes were mined and treated.
Underground tonnes milled increased by 7% to 388kt in the March quarter from 361kt in the December quarter due to increased
volumes mined from stopes and destress. Surface ore tonnes milled decreased by 16% to 318kt in the March quarter from 380kt in
the December quarter in line with reduced backfill requirements. As a result of the lower surface tonnes and higher
underground tonnes processed, the total yield increased by 2% quarter-on-quarter.
Development increased by 7% to 1,086 metres in the March quarter from 1,012 metres in the December quarter and
destress increased by 20% to 12,032m2 in the March quarter from 10,054m2 in the December quarter. The increase in development
and destress will set the mine up for the projected production ramp-up in the coming months.
Secondary support increased by 9% to 2,821 metres in the March quarter from 2,577 metres in the December quarter which is
in line with increased development and destress, while backfill decreased quarter-on-quarter by 38% to 42,803m? in the March
quarter from 68,821m? in the December quarter due to stope unavailability as there was active mining in line with
increased stoping volumes.
All-in cost decreased by 9% to R694,685/kg (US$1,444/oz) in the March quarter from R761,455/kg (US$1,494/oz) in the
December quarter mainly driven by lower capital expenditure in the current quarter compared to the December quarter,
partially offset by the decrease in gold sold in the current quarter.
Sustaining capital expenditure decreased by 65% to R124.0m (US$8.3m) in the March quarter from R357.1m (US$22.1m) in
the December quarter mainly due to lower expenditure on fleet and infrastructure change-outs in the current quarter. In
addition, the Metallurgical Plant fence, main entrance to Twin Shaft and on-site power generation projects are near
completion with the major portion of these projects completed in the previous quarter resulting in lower spend in the current
quarter.
Non-sustaining capital expenditure decreased by 8% to R48.1m (US$3.2m) in the March quarter from R52.3m (US$3.2m) in
the December quarter mainly due to decreased expenditure on new mine development activities.
Revised guidance
At the time of providing the original guidance in February 2021 it was stated that guidance excludes any impacts due
to COVID-19 as these were indeterminable. As a result of the impact of the second wave of COVID-19 on the operation
during the March quarter it became necessary to update the 2021 guidance for South Deep to the following:
- Gold produced - 8,700kg (280,000oz), original guidance 9,000kg (289,300oz);
- Sustaining capital expenditure - R1,219m (US$82m) including the solar plant, original guidance R889m (US$57m);
- All-in sustaining costs - R672 000/kg (US$1,410/oz), original guidance R620,000/kg (US$1,240/oz); and
- Total all-in cost - R712 000/kg (US$1,495/oz), original guidance R660,000/kg (US$1,320/oz).
The remainder of the guidance numbers remain unchanged.
The potential risk of further disruptions due to COVID-19 for the remainder of the year have not been factored into
the revised guidance.
West Africa region
Ghana
Tarkwa
March Dec %
2021 2020 Variance
Ore mined 000 tonnes 2,405 2,922 (18)%
Waste (Capital) 000 tonnes 12,859 14,016 (8)%
Waste (Operational) 000 tonnes 6,132 4,938 24%
Total waste mined 000 tonnes 18,991 18,954 -%
Total tonnes mined 000 tonnes 21,397 21,876 (2)%
Strip ratio waste/ore 7.9 6.5 22%
Grade mined g/t 1.46 1.54 (5)%
Gold mined 000'oz 112.6 144.6 (22)%
Tonnes milled 000 tonnes 3,436 3,452 -%
Yield g/t 1.11 1.15 (3)%
Gold produced 000'oz 122.5 127.2 (4)%
Gold sold 000'oz 122.5 127.2 (4)%
AISC - revised interpretation
guidance (WGC November 2018) US$/oz 1,190 996 19%
AIC US$/oz 1,190 996 19%
Sustaining capital expenditure US$m 50.7 38.2 33%
Non-sustaining expenditure US$m - - -%
Total capital expenditure US$m 50.7 38.2 33%
Gold production decreased by 4% to 122,500oz in the March quarter from 127,200oz in the December quarter due to lower
realised yield. Realised yield decreased by 3% to 1.11g/t in the March quarter from 1.15g/t in the December quarter due
to higher volumes of stockpile processed in the March quarter. In the March quarter, 1.4Mt stockpiles at 0.74g/t were
processed compared with 1.2Mt at 0.80g/t in the December quarter.
Stockpile balance at the end of the March quarter was 8.9Mt at an average grade of 0.85g/t compared to 9.9Mt at an
average grade of 0.83g/t at the end of the December quarter.
Total tonnes mined, including capital waste stripping, decreased by 2% to 21.4Mt tonnes in the March quarter from
21.9Mt in the December quarter. Ore mined decreased by 18% to 2.4Mt in the March quarter from 2.9Mt in December quarter in
line with the plan. Capital waste decreased by 8% to 12.9Mt in the March quarter from 14.0Mt in the December quarter in
line with the planned mining sequence. Operational waste increased by 24% to 6.1Mt in the March quarter from 4.9Mt in
December quarter due to increased focus on waste mining to expose ore.
All-in cost increased by 19% to US$1,190/oz in the March quarter from US$996/oz in the December quarter due to higher
cost of sales before amortisation and depreciation, higher capital expenditure and lower ounces sold.
Capital expenditure increased by 33% to US$50.7m in the March quarter from US$38.2m in the December quarter due to
higher capital waste expenditure as a result of higher mining unit cost rates, partially offset by lower capital waste tonnes
mined, higher tailings storage and timing of other capital expenditure.
Damang
March Dec %
2021 2020 Variance
Ore mined 000 tonnes 2,071 2,204 (6)%
Waste (Capital) 000 tonnes - - -%
Waste (Operational) 000 tonnes 4,050 5,254 (23)%
Total waste mined 000 tonnes 4,050 5,254 (23)%
Total tonnes mined 000 tonnes 6,121 7,458 (18)%
Strip ratio waste/ore 1.96 2.38 (18)%
Grade mined g/t 1.63 1.81 (10)%
Gold mined 000'oz 108.2 128.0 (15)%
Tonnes milled 000 tonnes 1,183 1,205 (2)%
Yield g/t 1.88 1.89 -%
Gold produced 000'oz 71.7 73.3 (2)%
Gold sold 000'oz 71.7 73.3 (2)%
AISC - revised interpretation
guidance (WGC November 2018) US$/oz 733 824 (11)%
AIC US$/oz 791 824 (4)%
Sustaining capital expenditure US$m 2.6 4.9 (47)%
Non-sustaining expenditure US$m 2.5 - 100%
Total capital expenditure US$m 5.1 4.9 4%
Gold production decreased by 2% to 71,700oz in the March quarter from 73,300oz in the December quarter mainly due to
lower mill throughput and yield. Yield decreased marginally to 1.88g/t in the March quarter from 1.89g/t in the December.
Total tonnes mined decreased by 18% to 6.1Mt tonnes in the March quarter from 7.5Mt in the December quarter in line
with the plan. Ore tonnes mined decreased by 6% to 2.1Mt tonnes in the March quarter from 2.2Mt in the December quarter.
In the March quarter, ore tonnes mined remained higher than tonnes processed with preferential processing of higher
grade ore and stockpiling of lower grade material. This is in line with the mining sequence as per the Damang Reinvestment
Project (DRP).
Gold mined decreased by 15% to 108.2koz in the March quarter from 128.0koz in the December quarter due to lower ore
tonnes and lower grade mined.
Mined grade decreased by 10% to 1.63/t in the March quarter from 1.81g/t in the December quarter due to mining in the
slightly lower grade portion of the orebody in the far northern and southern portions of the pit in the March quarter to
expose relatively better grades in the lower benches for the second half of 2021.
All-in cost decreased by 4% to US$791/oz in the March quarter from US$824/oz in the December quarter mainly due to
lower cost of sales before amortisation and depreciation resulting from lower operating tonnes mined, partially offset by
higher capital expenditure and lower ounces sold.
Sustaining capital expenditure decreased by 47% to US$2.6m in the March quarter from US$4.9m in the December quarter
due to timing of expenditure. Non-sustaining capital expenditure increased from nil in the December quarter to US$2.5m in
the March quarter due to expenditure incurred on the stage 3 construction of the Far East Tailings Storage Facility
(FETSF).
Revised guidance
Post quarter end the development of the Huni Pit at Damang was approved, which adds incremental production to the
project and provides flexibility on the mining front. Total cost is US$43m, with approximately US$15m to be incurred in
2021. As a result the original guidance for Damang is revised as follows:
- Growth capital expenditure - US$25m, original guidance US$10m; and
- Total all-in cost - US$840/oz, original guidance US$790/oz.
The remainder of the guidance numbers remain unchanged.
Asanko (Equity accounted Joint Venture)
All figures in table on a 100 per cent basis
March Dec %
2021 2020 Variance
Ore mined 000 tonnes 1,841 1,964 (6)%
Waste (Capital) 000 tonnes 258 1,175 (78)%
Waste (Operational) 000 tonnes 9,294 10,597 (12)%
Total waste mined 000 tonnes 9,552 11,772 (19)%
Total tonnes mined 000 tonnes 11,393 13,736 (17)%
Strip ratio waste/ore 5.2 6.0 (13)%
Grade mined g/t 1.30 1.42 (8)%
Gold mined 000'oz 76.7 89.4 (14)%
Tonnes milled 000 tonnes 1,444 1,438 -%
Yield g/t 1.29 1.42 (9)%
Gold produced 000'oz 60.0 65.6 (8)%
Gold sold 000'oz 62.9 60.7 4%
AISC - revised interpretation
guidance (WGC November 2018) US$/oz 1,158 1,174 (1)%
AIC US$/oz 1,323 1,418 (7)%
Sustaining capital expenditure US$m 3.7 9.7 (62)%
Non-sustaining expenditure US$m 7.6 12.5 (39)%
Total capital expenditure US$m 11.3 22.2 (49)%
Gold production decreased by 8% to 60,000oz (100% basis) in the March quarter from 65,600oz (100% basis) in the
December quarter mainly due to lower yield. Yield decreased by 9% to 1.29g/t in the March quarter from 1.42g/t in the December
quarter.
Total tonnes mined decreased by 17% to 11.4Mt tonnes in the March quarter from 13.7Mt in the December quarter. Waste
tonnes mined decreased by 19% to 9.6Mt tonnes in the March quarter from 11.8Mt in the December quarter. In the December
quarter, the focus was on waste mining in order to expose ore. Ore tonnes mined decreased by 6% to 1.8Mt tonnes in the
March quarter from 2.0Mt in the December quarter due to depletion of the Akwasiso cut 2 pit.
All-in cost decreased by 7% to US$1,323/oz in the March quarter from US$1,418/oz in the December quarter due to lower
capital expenditure and higher gold sold, partially offset by higher cost of sales before amortisation and depreciation.
Sustaining capital expenditure decreased by 62% to US$3.7m in the March quarter from US$9.7m in the December quarter
mainly due to timing of expenditure. Non-sustaining capital expenditure decreased by 39% to US$7.6m in the March quarter
from US$12.5m in the December quarter due to timing of expenditure on the Tetrem relocation project (Tetrem RAP) as the
project comes to conclusion.
South America region
Peru
Cerro Corona
March Dec %
2021 2020 Variance
Ore mined 000 tonnes 1,099 1,343 (18)%
Waste mined 000 tonnes 4,995 3,975 26%
Total tonnes mined 000 tonnes 6,094 5,319 15%
Grade mined - gold g/t 0.86 0.96 (10)%
Grade mined - copper per cent 0.48 0.47 2%
Gold mined 000'oz 30.5 41.5 (26)%
000 tonnes 5,241 6,265 (16)%
000 tonnes 1,635 1,680 (3)%
Gold recovery per cent 57.40 59.12 (3)%
Copper recovery per cent 85.91 87.20 (1)%
Yield - Gold g/t 0.40 0.48 (18)%
- Copper per cent 0.35 0.37 (3)%
- Combined eq g/t 0.88 0.89 (1)%
Gold produced 000'oz 20.0 25.0 (20)%
Copper produced tonnes 5,559 5,895 (6)%
Total equivalent gold produced 000' eq oz 46.4 47.9 (3)%
Total equivalent gold sold 000' eq oz 52.6 51.9 1%
AISC - revised interpretation guidance
(WGC November 2018) US$/oz 136 513 (73)%
AISC US$/eq oz 1,067 1,220 (13)%
AIC US$/oz 358 834 (57)%
AIC US$/eq oz 1,160 1,392 (17)%
Sustaining capital expenditure US$m 2.2 9.6 (77)%
Non-sustaining expenditure US$m 4.6 8.4 (45)%
Total capital expenditure US$m 6.8 18.0 (62)%
As communicated at the end of the December 2020 quarter, Cerro Corona commenced with a waste recovery plan to mitigate
the COVID-19 impacts during 2020 which includes the recovery of about 9Mt delayed tonnes. The recovery will take place
over the next 3 years, at a rate of about 3Mt per year of accelerated stripping. The waste recovery plan, although
implemented, was not fully achieved during the March quarter due to the impact of the 2nd wave of COVID-19 as well as
the impact of the abnormally high rainy season.
Gold equivalent production decreased by 3% to 46,400oz in the March quarter from 47,900oz in the December quarter due
to a lower gold grade and a lower gold recovery as a result of different metallurgical conditions.
Total tonnes mined increased by 15% to 6.1Mt tonnes in the March quarter from 5.3Mt in the December quarter mainly due
to an increase in waste tonnes mined of 26% to 5.0Mt tonnes in the March quarter from 4.0Mt in the December quarter.
This is line with the waste recovery plan implemented at the end of 2020, through the employment of additional mining
fleet and equipment (total of 45 trucks, 6th shovel and 6th drill-rig on site). Ore tonnes mined decreased by 18% to
1.1Mt tonnes in the March quarter from 1.3Mt in the December quarter with focus directed at catching up of waste tonnes
delayed in 2020 as a result of the COVID-19 restrictions.
Gold yield decreased by 18% to 0.40g/t in the March quarter from 0.48g/t in the December quarter. This is mainly
due to a decrease in gold grade mined of 10%, the processing of about 0.5Mt of low grade stockpiles and lower
recovery due to the mining of different metallurgical domains. The copper yield decreased by 3% to 0.35% in the
March quarter from 0.37% in the December quarter mainly due to lower copper head grade and lower recovery in the
March quarter.
All-in cost per gold ounce decreased by 57% to US$358/oz in the March quarter from US$834/oz in the December quarter
driven by higher by-product credits resulting from the higher copper price and lower capital expenditure, partially
offset by higher cost of sales before amortisation and depreciation and lower gold ounces sold. All-in cost per
equivalent ounce decreased by 17% to US$1,160 per equivalent ounce in the March quarter from US$1,392 per equivalent
ounce in the December quarter due to lower capital expenditure and higher equivalent ounces sold in the March quarter
compared to the December quarter, partially offset by higher cost of sales before amortisation and depreciation.
Unplanned COVID-19 related expenditure amounted to US$3m during the March quarter.
Capital expenditure decreased by 62% to US$6.8m in the March quarter from US$18.0m in the December quarter mainly due
to reduced activities during the rainy season.
Salares Norte
Salares Norte maintained its positive momentum and continued to track ahead of the project schedule during Q1 2021.
US$86.9m was spent on the project during the quarter, comprising US$58.6m in capex, US$7.6m in exploration, a US$27.6m
investment in working capital and a credit of US$9.7m from the realised portion of the FX hedge. Encouragingly, the
detailed engineering was completed in January and pending work is being tracked through a punch list. Relocation of
Chinchilla remains on hold and we continue to work with the authorities around a revised plan. The team continues to
monitor the two Chinchilla that had already been relocated.
Construction progressed 7.7% during the quarter, bringing the overall construction progress at the end of March to
23.3%, ahead of the planned 18.8%. Camp construction was completed three months ahead of schedule and included an
additional module to accommodate COVID-19 restriction measures and allow for distancing of employees. The plant office
complex progressed to 90%, two months ahead of the plan, and the plant canteen became fully operational on 1 April.
Most of the mass earthworks were completed during the March quarter with minor works remaining in Q2 2021. The main
plant and truck shop contractors started construction in January 2021 with pre-cast concrete, in situ concrete and
steel structure installation in progress. Installation of the Primary crusher wall has commenced and the filter plant
earthworks are ongoing. Pre-cast installation at the grinding, stockpile, leaching and CIP areas continues to plan and
the contractor has commenced the structural steel installation at the grinding area. The HME workshop contractor has
begun the structural steel installation which is progressing to plan. Fabrication of thickeners 2, 6 & 7 was completed
during the quarter and transportation to site has commenced. The water system contract was awarded during March 2021.
Pre-stripping of the Brecha Principal pit started on 6 January 2021, nine days earlier than planned. Volumes continued
to track ahead of plan during the quarter, with 1.8Mt moved by the end of March compared to the planned 1.35Mt.
The team remains focused on exploring the greater district, with US$7.6m spent on district exploration during the
March quarter. A total of 8,580 metres were drilled, slightly more than planned.
Australia region
St Ives
March Dec %
2021 2020 Variance
Underground
Ore mined 000 tonnes 446 428 4%
Waste mined 000 tonnes 183 167 10%
Total tonnes mined 000 tonnes 629 596 6%
Grade mined g/t 5.13 5.15 -%
Gold mined 000'oz 73.6 70.9 4%
Surface
Ore mined 000 tonnes 412 446 (8)%
Surface waste (Capital) 000 tonnes 832 883 (6)%
Surface waste (Operational) 000 tonnes 627 751 (16)%
Total waste mined 000 tonnes 1,459 1,634 (11)%
Total tonnes mined 000 tonnes 1,871 2,080 (10)%
Grade mined g/t 2.33 2.74 (15)%
Gold mined 000'oz 30.8 39.2 (21)%
Strip ratio waste/ore 3.5 3.7 (3)%
Total (Underground and Surface)
Total ore mined 000 tonnes 858 874 (2)%
Total grade mined g/t 3.78 3.92 (3)%
Total tonnes mined 000 tonnes 2,500 2,676 (7)%
Total gold mined 000'oz 104.4 110.1 (5)%
Tonnes milled 000 tonnes 1,027 1,180 (13)%
Yield - underground g/t 4.57 4.26 7%
Yield - surface g/t 1.57 1.64 (5)%
Yield - combined g/t 2.85 2.80 2%
Gold produced 000'oz 94.0 106.4 (12)%
Gold sold 000'oz 88.6 109.8 (19)%
AISC - revised interpretation guidance A$/oz 1,329 1,123 18%
(WGC November 2018) US$/oz 1,027 816 26%
AIC A$/oz 1,370 1,160 18%
US$/oz 1,058 843 25%
Sustaining capital A$m 22.6 23.7 (5)%
expenditure US$m 17.4 17.2 1%
Non-sustaining capital A$m 3.6 4.1 (12)%
expenditure US$m 2.8 3.0 (7)%
Total capital A$m 26.2 27.8 (6)%
expenditure US$m 20.2 20.2 -%
Gold production decreased by 12% to 94,000oz in the March quarter from 106,400oz in the December quarter due to
decreased tonnes processed during the March quarter.
Waste tonnes mined at the underground mines increased by 10% to 183,000t in the March quarter from 167,000t in
the December quarter, with higher development rates achieved at Hamlet North.
Operational waste tonnes mined in the open pits decreased by 16% to 627,000t in the March quarter from 751,000t
in the December quarter, in accordance with the mine plan.
Surface mined grade decreased by 15% to 2.33g/t in the March quarter from 2.74g/t in the December quarter with
lower grade ore sourced from Neptune stage 5 pit during the March quarter.
Throughput at Lefroy mill decreased by 13% to 1,027kt in the March quarter from 1,180kt in the December quarter,
with a planned maintenance shutdown and a reduction in draw-down of stockpiles to supplement production during the
March quarter.
All-in cost increased by 18% to A$1,370/oz (US$1,058/oz) in the March quarter from A$1,160/oz (US$843/oz) in the
December quarter mainly due to decreased gold sold, partially offset by lower capital expenditure.
Capital expenditure decreased by 6% to A$26.2m (US$20.2m) in the March quarter from A$27.8m (US$20.2m) in the
December quarter with decreased expenditure on mine infrastructure during the March quarter. Non-sustaining capital
expenditure decreased by 12% to A$3.6m (US$2.8m) in the March quarter from A$4.1m (US$3.0m) in the December quarter
due to decreased near mine exploration drilling in the March quarter.
Agnew
March Dec %
2021 2020 Variance
Underground ore mined 000 tonnes 258 296 (13)%
Underground waste mined 000 tonnes 239 170 40%
Total tonnes mined 000 tonnes 497 466 7%
Grade mined - underground g/t 6.12 6.89 (11)%
Gold mined 000'oz 50.8 65.5 (22)%
Tonnes milled 000 tonnes 297 324 (8)%
Yield g/t 5.33 6.26 (15)%
Gold produced 000'oz 50.9 65.3 (22)%
Gold sold 000'oz 47.9 69.6 (31)%
AISC - revised interpretation guidance
(WGC November 2018) A$/oz 1,645 1,226 34%
US$/oz 1,271 893 42%
AIC A$/oz 1,812 1,244 46%
US$/oz 1,400 907 54%
Sustaining capital expenditure A$m 13.9 13.2 5%
US$m 10.8 9.7 10%
Non-sustaining capital expenditure A$m 8.0 1.2 567%
US$m 6.2 1.0 520%
Total capital expenditure A$m 21.9 14.4 52%
US$m 17.0 10.7 59%
Gold production decreased by 22% to 50,900oz in the March quarter from 65,300oz in the December quarter due to
decreased tonnes milled and grade of ore mined and processed during the March quarter.
Ore mined decreased by 13% to 258,000t in the March quarter from 296,000t in the December quarter, with focus during
the March quarter on development of the Kath orebody at Waroonga and the Sheba ore body at New Holland resulting in
a 40% increase in waste tonnes mined of 239,000t in the March quarter from 170,000t in the December quarter. This
horizontal and vertical development sets the mine up to deliver higher ore tonnes for the remainder of the year.
Mined grade decreased by 11% to 6.12g/t in the March quarter from 6.89g/t in the December quarter, with lower grade
material mined at New Holland, in accordance with the mine plan.
Yield was impacted by the lower grade of ore mined, decreasing by 15% to 5.33g/t in the March quarter from 6.26g/t in
the December quarter.
All-in cost increased by 46% to A$1,812/oz (US$1,400/oz) in the March quarter from A$1,244/oz (US$907/oz) in the
December quarter due to lower gold sold and increased capital expenditure, partially offset by lower cost of sales
before amortisation and depreciation.
Total capital expenditure increased by 52% to A$21.9m (US$17.0m) in the March quarter from A$14.4m (US$10.7m) in the
December quarter. Non-sustaining capital expenditure increased by 567% to A$8.0m (US$6.2m) in the March quarter from
A$1.2m (US$1.0m) in the December quarter with development under way to access the Kath Lower and Sheba Extension ore
bodies as well as a ramp up of exploration activities at the Redeemer Complex.
Granny Smith
March Dec %
2021 2020 Variance
Underground ore mined 000 tonnes 395 424 (7)%
Underground waste mined 000 tonnes 187 165 13%
Total tonnes mined 000 tonnes 582 589 (1)%
Grade mined - underground g/t 5.04 5.28 (4)%
Gold mined 000'oz 64.1 72.0 (11)%
Tonnes milled 000 tonnes 385 417 (8)%
Yield g/t 4.65 4.96 (6)%
Gold produced 000'oz 57.6 66.4 (13)%
Gold sold 000'oz 57.1 68.8 (17)%
AISC - revised interpretation guidance
(WGC November 2018) A$/oz 1,482 1,413 5%
US$/oz 1,145 1,023 12%
AIC A$/oz 1,618 1,463 11%
US$/oz 1,250 1,062 18%
Sustaining capital expenditure A$m 11.1 18.9 (41)%
US$m 8.6 13.7 (37)%
Non-sustaining capital expenditure A$m 7.8 3.4 129%
US$m 6.0 2.7 124%
Total capital expenditure A$m 18.9 22.3 (15)%
US$m 14.6 16.3 (11)%
Gold production decreased by 13% to 57,600oz in the March quarter from 66,400oz in the December quarter due to
decreased tonnes milled, as well as lower grades of ore mined and processed.
Underground waste mined increased by 13% to 187,000t in the March quarter from 165,000t in the December quarter with
677 meters advanced at the second decline during the March quarter (December quarter - 113 meters).
Gold mined decreased by 11% to 64,100oz in the March quarter from 72,000oz in the December quarter. The decrease in
gold mined was mainly due to a 7% decrease in underground ore mined, as a result of paste fill sequence delays in
Zones 110 and 120.
All-in cost increased by 11% to A$1,618/oz (US$1,250/oz) in the March quarter from A$1,463/oz (US$1,062/oz) in the
December quarter due to a decrease in gold sold, partially offset by lower cost of sales before amortisation and
depreciation and lower capital expenditure.
Capital expenditure decreased by 15% to A$18.9m (US$14.6m) in the March quarter from A$22.3m (US$16.3m) in the
December quarter. Sustaining capital expenditure decreased by 41% to A$11.1m (US$8.6m) in the March quarter from
A$18.9m (US$13.7m) in the December quarter due to reduced capital works expenditure and a focus on the development of
the second decline in the March quarter which is included as non-sustaining. Non-sustaining capital expenditure increased
by 129% to A$7.8m (US$6.0m) in the March quarter from A$3.4m (US$2.7m) in the December quarter due to increased development
at the second decline. When completed, the second decline will provide a reduction in current congestion in the main decline
and will support short interval control measures to maintain the production profile.
Gruyere
March Dec %
2021 2020 Variance
Mine physicals in table on a 100 per cent basis
Ore mined 000 tonnes 1,946 2,268 (14)%
Waste (Capital) 000 tonnes 6,227 5,656 10%
Waste (Operational) 000 tonnes 99 407 (76)%
Total waste mined 000 tonnes 6,325 6,063 4%
Total tonnes mined 000 tonnes 8,271 8,331 (1)%
Grade mined g/t 1.07 1.18 (9)%
Gold mined 000'oz 67.2 86.4 (22)%
Strip ratio waste/ore 3.3 2.7 22%
Tonnes milled 000 tonnes 2,116 2,106 -%
Yield g/t 0.97 1.05 (7)%
Gold produced 000'oz 66.2 70.8 (6)%
Gold sold 000'oz 64.4 69.2 (7)%
AISC - revised A$/oz 1,382 1,324 4%
interpretation guidance (WGC November 2018) US$/oz 1,068 960 11%
AIC A$/oz 1,385 1,340 3%
US$/oz 1,070 971 10%
Sustaining capital A$m 14.1 11.7 20%
expenditure - 50% basis US$m 10.9 8.4 29%
Non-sustaining capital A$m 0.1 0.6 (81)%
expenditure - 50% basis US$m 0.1 0.4 (79)%
Total capital expenditure - A$m 14.2 12.3 16%
50% basis US$m 11.0 8.8 24%
Gold production decreased by 6% to 66,200oz in the March quarter from 70,800oz in the December quarter due to
decreased grade of ore mined and processed.
Ore tonnes mined decreased by 14% to 1.95Mt in the March quarter from 2.27Mt in the December quarter with a greater
portion of capital waste material mined during the quarter.
Capital waste mined increased by 10% to 6.23Mt tonnes in the March quarter from 5.66Mt in the December quarter with
increased pre-strip activities at Stages 2 and 3 of the pit.
Operational waste mined decreased by 76% to 99Kt in the March quarter from 407Kt in the December quarter with focus
during the quarter on pre-stripping of Stages 2 and 3.
Grade mined decreased by 9% to 1.07g/t in the March quarter from 1.18g/t in the December quarter in accordance with
the mine plan.
Gold mined was impacted by the reduction in ore tonnes mined and lower grades, decreasing by 22% to 67,200oz in
the March quarter from 86,400oz in the December quarter.
All-in cost increased by 3% to A$1,385/oz (US$1,070/oz) in the March quarter from A$1,340/oz (US$971/oz) in the
December quarter due to lower gold sold and higher capital expenditure, partially offset by lower cost of sale before
amortisation and depreciation.
Capital expenditure (on a 50% basis) increased by 15% to A$14.2m (US$11.0m) in the March quarter from A$12.3m
(US$8.8m) in the December quarter reflecting increased development at Stages 2 and 3 of the pit.
Underground and surface
Total Mine
operations South South
including Africa America
equity Region West Africa Region Region Australia Region
accounted Ghana Peru Australia
Imperial ounces with Joint South Asanko# Cerro Granny Gruyere
metric tonnes and grade Venture Deep Total Tarkwa Damang 45% Corona Total St Ives Agnew Smith 50%
Tonnes mined March 2021 1,446 346 - - - - - 1,100 446 258 395 -
(000 tonnes)* Dec 2020 1,452 304 - - - - - 1,148 428 296 424 -
- underground ore March 2020 1,398 275 - - - - - 1,123 358 348 418 -
March 2021 648 39 - - - - - 609 183 239 187 -
- underground waste Dec 2020 547 45 - - - - - 502 167 170 165 -
March 2020 547 8 - - - - - 539 230 186 123 -
March 2021 7,789 - 5,305 2,405 2,071 828 1,099 1,385 412 - - 973
- surface ore Dec 2020 8,933 - 6,010 2,922 2,204 884 1,343 1,580 446 - - 1,134
March 2020 9,2.5 - 4,919 3,319 740 860 2,795 1,552 633 - - 919
March 2021 9,883 385 5,305 2,405 2,071 828 1,099 3,093 1,041 497 582 973
- total Dec 2020 10,932 349 6,010 2,922 2,204 884 1,343 3,231 1,041 466 589 1,134
March 2020 11,211 283 4,919 3,319 740 860 2,795 3,214 1,221 534 540 919
Grade mined March 2021 5.4 5.6 - - - - - 5.3 5.1 6.1 5.0 -
(grams per tonne) Dec 2020 5.8 6.3 - - - - - 5.6 5.1 6.9 5.3 -
- underground ore March 2020 5.1 5.9 - - - - - 5.0 4.7 4.8 5.4 -
March 2021 1.4 - 1.5 1.5 1.6 1.3 0.9 1.4 2.3 - - 1.1
- surface ore Dec 2020 1.5 - 1.6 1.5 1.8 1.4 1.0 1.6 2.7 - - 1.2
March 2020 1.2 - 1.4 1.3 1.4 1.5 0.8 1.3 1.6 - - 1.1
March 2021 2.0 5.1 1.5 1.5 1.6 1.3 0.9 3.2 3.8 6.1 5.0 1.1
- total Dec 2020 2.0 5.5 1.6 1.5 1.8 1.4 1.0 3.3 3.9 6.9 5.3 1.2
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
Gold mined March 2021 251.1 62.6 - - - - - 188.5 73.6 50.8 64.1 -
(000 ounces)* Dec 2020 269.9 61.6 - - - - - 208.4 70.9 65.5 72.0 -
- underground ore March 2020 231.0 52.1 - - - - - 178.9 53.5 53.3 72.1 -
March 2021 350.3 - 255.3 112.6 108.2 34.5 30.5 64.4 30.8 - - 33.6
- surface ore Dec 2020 436.7 - 312.8 144.6 128.0 40.2 41.5 82.4 39.2 - - 43.2
March 2020 349.9 - 214.3 137.9 33.6 42.8 71.3 64.4 33.2 - - 31.2
March 2021 601.4 62.6 255.3 112.6 108.2 34.5 30.5 253.0 104.4 50.8 64.1 33.6
- total Dec 2020 706.6 61.6 312.8 144.6 128.0 40.2 41.5 290.8 110.1 65.5 72.0 43.2
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
Ore milled/treated March 2021 1,482 362 - - - - - 1,120 437 297 385 -
(000 tonnes) Dec 2020 1,588 324 - - - - - 1,264 523 324 417 -
- underground ore March 2020 1,429 291 - - - - - 1,138 388 322 429 -
March 2021 26 26 - - - - - - - - - -
- underground waste Dec 2020 37 37 - - - - - - - - - -
March 2020 5 5 - - - - - - - - - -
March 2021 8,870 318 5,269 3,436 1,183 650 1,635 1,648 590 - - 1,058
- surface ore Dec 2020 9,074 380 5,304 3,452 1,205 647 1,680 1,710 657 - - 1,053
March 2020 8,913 250 5,259 3,479 1,150 630 1,675 1,729 766 - - 963
March 2021 10,378 707 5,269 3,436 1,183 650 1,635 2,767 1,027 297 385 1,058
- total Dec 2020 10,700 741 5,304 3,452 1,205 647 1,680 2,974 1,180 324 417 1,053
March 2020 10,346 546 5,259 3,479 1,150 630 1,675 2,867 1,154 322 429 963
Yield March 2021 4.9 5.0 - - - - - 4.8 4.6 5.3 4.7 -
(Grams per tonne) Dec 2020 5.2 5.8 - - - - - 5.0 4.3 6.3 5.0 -
- underground ore March 2020 4.9 6.4 - - - - - 4.6 4.2 4.6 4.8 -
March 2021 1.2 0.1 1.3 1.1 1.9 1.3 0.9 1.2 1.6 - - 1.0
- surface ore Dec 2020 1.2 0.1 1.3 1.1 1.9 1.4 0.9 1.3 1.6 - - 1.0
March 2020 1.1 0.1 1.1 1.1 1.0 1.5 1.2 1.3 1.6 - - 1.0
March 2021 1.7 2.6 1.3 1.1 1.9 1.3 0.9 2.6 2.8 5.3 4.7 1.0
- combined Dec 2020 1.8 2.6 1.3 1.1 1.9 1.4 0.9 2.9 2.8 6.3 5.0 1.0
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
Gold produced March 2021 231.5 58.6 - - - - - 172.9 64.3 50.9 57.6 -
(000 ounces)* Dec 2020 263.3 60.0 - - - - - 203.3 71.6 65.3 66.4 -
- underground ore March 2020 226.3 59.7 - - - - - 166.5 52.6 47.4 66.6 -
March 2021 331.4 1.1 221.1 122.5 71.7 27.0 46.4 62.8 29.7 - - 33.1
- surface ore Dec 2020 349.7 1.6 230.1 127.2 73.3 29.5 47.9 70.1 34.7 - - 35.4
March 2020 327.5 0.9 193.9 127.1 36.9 29.8 62.3 70.4 40.6 - - 29.8
March 2021 562.9 59.7 221.1 122.5 71.7 27.0 46.4 235.7 94.0 50.9 57.6 33.1
- total Dec 2020 613.0 61.5 230.1 127.2 73.3 29.5 47.9 273.4 106.4 65.3 66.4 35.4
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
Cost of sales before gold
inventory change and
amortisation and depreciation March 2021 133 169 - - - - - 121 101 142 127 -
(dollar per tonne) Dec 2020 115 166 - - - - - 101 79 123 111 -
- underground March 2020 117 206 - - - - - 94 79 114 93 -
March 2021 27 17 30 21 45 45 25 25 32 - - 21
- surface Dec 2020 27 19 30 19 50 43 26 21 25 - - 18
March 2020 27 6 30 24 40 42 25 25 32 - - 19
March 2021 43 101 30 21 45 45 25 64 61 142 127 21
- total Dec 2020 40 91 30 19 50 43 26 55 49 123 111 18
March 2020 40 114 30 24 40 42 25 52 48 114 93 19
* 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 2020 and the annual report on Form 20-F for the fiscal year ended 31 December 2020. 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. These
forward-looking statements have not been reviewed or reported on by the Company's external auditors.
Administration and corporate information
Corporate secretary Investor enquiries
Anre Weststrate Avishkar Nagaser
Tel: +27 11 562 9719 Tel: +27 11 562 9775
Mobile: +27 83 635 5961 Mobile: +27 82 312 8692
email: anre.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: +27 11 562 9829 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 Group
BNY Mellon The Registry
P O Box 505000 10th Floor, Central Square
Louisville, KY 40233 - 5000 29 Wellington Street
Leeds
Overnight correspondence should be sent to: LSI 4 DL
BNY Mellon England
462 South 4th Street, Suite 1600 Tel: 0371 664 0300
Louisville, KY40202
email: shrrelations@cpushareownerservices.com If you are outside the United Kingdom please call (0) 371 664 0300
Phone numbers Calls are charged at the standard geographic rate and will vary by
Tel: 866 269 2377 Domestic provider. Calls outside the United Kingdom will be charged at the
Tel: 201 680 6825 Foreign applicable international rate. Business is open between 09:00 - 17:30,
Monday to Friday excluding public holidays in England and Wales.
Sponsor email: shareholderenquiries@linkgroup.co.uk
J.P. Morgan Equities South Africa
Proprietary Limited
1 Fricker Road
Illovo, Johannesburg 2196
South Africa
Website
www.goldfields.com
Listings
JSE / NYSE / GFI
CA Carolus* (Chair) CI Griffith~ (Chief Executive Officer) PA Schmidt~ (Chief Financial Officer) A Andani^* PJ Bacchus+*
TP Goodlace* C Letton#* PG Sibiya* SP Reid#* YGH Suleman*
#Australian +British ^Ghanaian
*Independent Director ~Non-independent Director
www.goldfields.com
Date: 06-05-2021 08:00:00
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