H1 2017 Results - Gold Fields · 2018-10-11 · 2013 Gold: US$1,386/oz Net cash: -US$232m Gold Fields, H1 2017 results, 17 August 2017 2015 Gold: US$1,140/oz Net cash: US$123m 2016

H1 2017 ResultsREINVESTING FOR THE FUTURE

17 August 2017

Invincible Pit, St Ives, Western Australia

2

Forward looking statements

Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of

1933 and Section 21E of the US Securities Exchange Act of 1934.

In particular, the forward looking statements in this document include among others those relating to the Gruyere Project; the Damang

Reinvestment Plan; the Salares Norte Exploration Target Statement; the Far Southeast Exploration Target Statement; commodity prices;

demand for gold and other metals and minerals; interest rate expectations; exploration and production costs; levels of expected production;

expected All-in Sustaining costs and All-in costs; Gold Fields’ growth pipeline; levels and expected benefits of current and planned capital

expenditures; future reserve, resource and other mineralisation levels; and the extent of cost efficiencies and savings to be achieved. Such

forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results,

performance or achievements of the company to be materially different from the future results, performance or achievements expressed or

implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business

and political conditions in South Africa, Ghana, Australia, Peru and elsewhere; the ability to achieve anticipated efficiencies and other cost

savings in connection with past and future acquisitions, exploration and development activities; decreases in the market price of gold and/or

copper; hazards associated with underground and surface gold mining; labour disruptions; availability terms and deployment of capital or

credit; changes in government regulations, particularly taxation and environmental regulations; and new legislation affecting mining and

mineral rights; changes in exchange rates; currency devaluations; the availability and cost of raw and finished materials; the cost of energy

and water; inflation and other macro-economic factors, industrial action, temporary stoppages of mines for safety and unplanned

maintenance reasons; and the impact of the AIDS and other occupational health risks experienced by Gold Fields’ employees.

These forward looking statements speak only as of the date of this document. 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 document or to reflect the

occurrence of unanticipated events.

Gold Fields, H1 2017 results, 17 August 2017

3

Member of the ICMM

Catalyst for change

● ICMM is a CEO-led international organisation that advocates for a responsible and sustainable

mining and metals sector.

Sustainable development framework

● 10 sustainability principles and 7 position statements - ethical business practices, environmental

stewardship, contribution to economic/social well-being, health and safety, and the responsible

supply and use of materials

● Transparent reporting on performance and independent assurance

Enhancing mining’s contribution to society

● ICMM works with members to make lasting social, environmental and economic progress that

supports global sustainable development goals.

Committed to responsible and sustainable mining


4

H1 2017 results

H1 2017 H1 2016 Q2 2017 Q1 2017

Attributable gold equivalent production (koz) 1,047 1,044 550 497

All-in sustaining costs (US$/oz) 980 992 949 1,016

All-in costs (US$/oz) 1,103 1,024 1,092 1,114

Net cash from operating activities (US$m) (102) 60

Normalised earnings (US$m) 77 103

Normalised earnings (US$/share) 10 13

Dividend (SA cents/share) 40 50

Net debt (US$m) 1,365 1,155

Net debt to EBITDA (x) 1.12 1.05


Salient features

● Attributable equivalent gold production: 2.10Moz – 2.15Moz

● AISC: US$1,010/oz – US$1,030/oz

● AIC: US$1,170/oz – US$1,190/oz (includes US$20m for South Deep, US$120m for Damang, US$112m

for Gruyere and US$64m for Salares Norte)

2017 Group guidance unchanged

5

Need to invest to sustain cash generation

Excluding project capex and working capital requirements of US$39m in Q1 and US$102m in Q2, net cash flow was US$4m and US$35m, respectively

US$141m project capital spent in H1 2017

-45

-229

4

3854

65 6354

-29

30

75

47

2634

15282

-35

-67

1 625

1 372 1 315 1 265 1 283 1 275 1 2651 179 1 198

1 174

1 103 1 0921 182

1 2421 329

1 198

1 216

1 247

-2 000

-1 500

-1 000

-500

0

500

1 000

1 500

2 000

-250

-200

-150

-100

-50

0

50

100

150

200

250Q

1 2

01

3

Q2

201

3

Q3

201

3

Q4

201

3

Q1

201

4

Q2

201

4

Q3

201

4

Q4

201

4

Q1

201

5

Q2

201

5

Q3

201

5

Q4

201

5

Q1

201

6

Q2

201

6

Q3

201

6

Q4

201

6

Q1

201

7

Q2

201

7

US

$/o

z

US

$ m

illio

n

Net cash flow Gold price

Net cash flow = Cash flow from operating activities (which is net of tax) less net capital expenditure, environmental payments and financing costs

2014

Gold: US$1,249/oz

Net cash: US$236m

2013

Gold: US$1,386/oz

Net cash: -US$232m


2015

Gold: US$1,140/oz

Net cash: US$123m

2016

Gold: US$1,241/oz

Net cash: US$294m

H1 2017

Gold: US$1,232/oz

Net cash: -US$102m

6

Hedging oil, A$ gold price and copper price


Short term, tactical hedging to protect the balance sheet

● In line with Group policy to protect cash flow during periods of significant expenditure, Gold Fields has

selectively hedged the oil price and Australian dollar gold price

● Oil hedge comprises:

Australia: 78m litres at an equivalent Brent Crude swap price of US$49.92/bbl for the period June 2017

to December 2019

Ghana: 126m litres at an equivalent Brent Crude swap price of US$49.80/bbl for the period June 2017

to December 2019

Volumes hedged represent 50% of annualised fuel consumption for the two regions

● Australian dollar gold price hedge comprises:

165koz with a floor price of A$1,696/oz and a cap of A$1,754/oz for the period July 2017 to December

2017

130koz at an average forward price of A$1,720 for the period July 2017 to December 2017

Gold volumes hedged represent c.70% of expected production from the Australia region for the second

half of 2017

● Copper zero cost collar in place:

8,250t hedged for the period August 2017 to December 2017 (c.70% of production)

Average floor level US$5,867/t, average cap level US$6,300/t

7

Comfortable balance sheet, with flexibility

● Net debt of US$1,365m at 30 June 2017

● Net debt to EBITDA of 1.12x at end-June 2017

from 0.95x at end-2016

● First material debt maturity in June 2019

(previously November 2017)

● Unutilised facilities of US$1.2bn and R2.1bn

● A$500m revolving credit facility to fund Gruyere

entered into in June 2017, maturing in June 2020

Net debt to increase further in H2 2017

0.0

0.5

1.0

1.5

2.0

0

500

1 000

1 500

2 000

FY2013

H12014

FY2014

H12015

FY2015

H12016

FY2016

H12017

US

$m

Net debt (US$m) and Net debt/EBITDA

Net debt Net debt/EBITDA


0

500

1 000

1 500

2 000

2 500

3 000

3 500

US$ facilities Rand facilities Total facilities

US

$m

Debt facilities

Utilised Unutilised0

100

200

300

400

500

600

700

800

900

Dec-17 Dec-18 Dec-19 Dec-20

US

$m

Maturity schedule

Investing for the future

Damang pit, Ghana

Salares Norte, Chile

Gruyere, Western Australia

South Deep, South Africa

9

Securing the longer term profile


Upgrading the quality of the portfolio

● Investment initiatives underway which enable Gold Fields to maintain the current production profile for

the next 8 to 10 years and upgrade the quality of the portfolio through lowering AIC:

Damang Reinvestment

Gruyere JV

South Deep Rebase

Brownfields exploration in Australia

● Projects add quality growth to the production profile – benefits of the investments in Damang, Gruyere

and South Deep come through from 2019 onwards

● AIC decreases significantly over the next five years to below US$900/oz

-

200

400

600

800

1 000

1 200

-

500

1 000

1 500

2 000

2 500

2018 2019 2020 2021 2022 US$/ozkoz

Production and AIC (2017 money terms)

Australia Ghana South Africa Americas AIC

Prod 2 137 2 324 2 339 2 475 2 393

AIC 1 143 1 030 965 883 865

10

Progress on Gruyere

● Approval for the Project Management Plan, Mining Proposal and Mine Closure Plan – Achieved

● Construction of 648 Room accommodation village & facilities – Completed July 2017

● EPC, bulk earthworks, SAG mill supply and primary crusher supply contracts – Awarded

● SAG & Ball Mill supply contracts – Awarded

● Clearing and top soil stripping of the process plant area and tailings storage facility – Completed

● New Airstrip clearing & excavation – Complete

● Detailed engineering and design on the process plant – Commenced

● Construction of the Anne Beadell borefield for plant construction and potable water – Completed

● Power supply contract for gas pipeline and gas generation – Executed

Gruyere is on track for first production early 2019


Process plantGruyere village

11

Progress on Gruyere

Gruyere is on track for first production early 2019


Main Access Road Airstrip and Airport Terminal Building

Processing Plant and Tailings Storage Facility

12

Update on the Damang reinvestment project

Damang reinvestment has got off to a good start


● The Damang reinvestment project commenced on 23 December 2016 with the two major contractors operating in

the Damang complex and satellite pit areas

● Good progress made to date:

Total tonnes mined in H1 2017 were 18.9Mt vs. plan of 15.2Mt

Total tonnes mined in 2017 are expected to be 41Mt vs. the project schedule of 33Mt, with the key focus on

capital waste stripping

Gold produced in H1 2017 was 77koz; AIC of US$1,702/oz; Project capex of US$53m

Construction of the Far East Tailings Storage Facility (FETSF) commenced during Q1 2017 and is on plan

● The good momentum continued in July, with tonnes mined, production and costs all better than planned

Mined but

not planned

Damang

Complex

Planned but

not mined

Planned

and mined

13

Update on South Deep


Good recovery after slow Q1 2017

● Slow start to the Rebase Plan in Q1 2017

Two fatalities and three falls of ground

Access to high grade areas and haulage infrastructure was restricted

● Good recovery in Q2 2017

Tonnes mined: 414kt in Q2 2017 vs. 365kt in Q1 2017 (13% increase)

Average reef grade: 5.73g/t in Q2 2017 vs. 5.43 in Q1 2017 (6% increase)

Production: 2,286kg (74koz) in Q2 2017 vs. 1,424kg (46koz) in Q1 2017 (61% increase), with the

recovery continuing in the July month during which 1,008kg (32koz) was produced

Destress: 11,732m2 in Q2 2017 vs. 4,402m2 in Q1 2017 (167% increase)

Development: 1,471m in Q2 2017 vs. 1,383m in Q1 2017 (6% increase)

● FY 2017 guidance maintained:

9,800kg (315koz)

AIC R585,000/kg (US$1,290/oz)

● Despite the slow start, the integrity of the rebase plan is still intact and largely on track. We believe there

is no knock-on impact into future years

14

Update on leading indicators

Integrity of Rebase Plan intact


-

500

1 000

1 500

2 000

2 500

3 000

2014 2015 2016 H1 2017

m2 Destress - monthly average

Low Profile High Profile

69%

20%

-

100

200

300

400

500

600

700

2014 2015 2016 H1 2017

metres Development - monthly average

Development Linear (Development)

-

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

2014 2015 2016 H1 2017

tonnes Longhole stoping - monthly average

LHS Linear (LHS)

-

5 000

10 000

15 000

20 000

25 000

30 000

35 000

2014 2015 2016 H1 2017

m3 Backfill placed - monthly average

Backfill Linear (Backfill )

15

Salares Norte moving up the value curve


Results of FS expected in H1 2018

● 100% Gold Fields owned gold-silver deposit in the Atacama region of northern Chile

● Mineralisation is contained in a high-sulphidation epithermal system, offering high-grade oxides

● Mineral resources as at 31 December 2016 of 4.4Moz gold equivalent (25.6Mt at 4.6g/t Au and

53.1g/t Ag) – 52% in the Indicated category

High-grade gold

High-grade silver

Low-grade

Agua Amarga

Brecha Principal

OPEN

Scale:

1cm:100m

● Milestones achieved:

Land easement secured for 30

years

Water rights obtained on 29

December 2016 with the DGA

granting Gold Fields access to

114 litres/second (more than

double the requirements of the

project)

Brecha Principal and Agua

Amarga merged into one

study

● Results of the feasibility study are

expected in the first half of 2018 –

likely to be open pit

Exploration update



17

Wallaby – A World Class Deposit

Underpinning growth at Granny Smith –

Key Observations:

• Resources 6.5Moz (24% increase on 2015)• Reserves 1.69Moz (29% increase on 2015)

• Open at depth

• Shifting focus to reserve conversion in 2017-2018

• Zone 110-120• 500m x 1,000m defined so far• 250m x 200m high grade extension confirmed • Open to the south-west for at least 450 metres

Granny Smith – Resource & Reserve growth

Wallaby DepositView West

500m0


Zone 110-120

Zone 120

Main Lens

WB3971UD

4.7m @

11.26g/t

WB3972UD

14.2m @

6.34g/t

WB3907UD

0.95m @

8.32g/t

WB3931UD

4.7m @ 6.1g/t

3.4m @ 5.2g/t

WB3959UD

3.7m @

10.18g/t

200m0

DH Intersections

WB4013UD

14.7m @ 9.44g/t

Zone 120

Zone 110

WB3994UD

7.2m @

15.74g/t

WB3767UD

29.25m @

6.90g/t

WB3691AUD

15.41m @

14.27g/t

WB3686UD

12.75m @

13.04g/t

WB3694UD

13.06m @ 8.26g/t

Green = initial resource area

Yellow = Zone 110 resource

Blue = Zone 120 resource

Note: selected assay results reported

18

Granny Smith – Resource & Reserve growth


Wallaby Zone 135 – Continues to deliver quality resources & future growth

Resource growth to 6Moz

Wallaby DepositView West

Key Observations:

• Typical Wallaby-style mineralisation continues to be

intersected

• Mineralisation open in all directions

• Early geotech investigations & modelling underway

• Mineralisation identified to 1,900m from surface (potential

Z150 location)

Target Description: Infill Z135 to 100x100m

Zone 135

OutlineWBD044UDW2

3.83m @ 25.95g/t

4.43m @ 5.37g/t

3.72m @ 21.02g/t

100m0

Intrusive

Zone 135

WB3688UDW2

Pending Assay

WB3679UDW2

12.75m @

18.12g/t

WB3481UDW1

5.24m @ 4.54g/t

WB3801UDW1

Pending Assay

500m0

WBD039UDW1

7.16m @

16.06g/t

WBD044UDW1

11.8m @ 5.26g/t

4.83m @ 5.21g/t

WB3679UDW1

18.7m @ 8.73g/t

WBD046UDW4

6.64m @ 3.98g/t

WB3688UDW1

Pending Assay

Continues to deliver quality resources and future reserve growth

Z150?


19

Granny Smith – Emerging projects

Northern Fleet (Lake Carey area)

Lake Carey East

Alabama

Raw Prawn

Raw PrawnSouth

Lake Carey South

Little

Wallaby

Dallas

West

Dallas

South

Scamp

Northern Fleet Overview


● 7.5km of anomalous gold zone

● Full field Aircore program continues

● On-going on-lake drilling programs in 2017

Alabama

Dallas S

Raw Prawn

S

Raw Prawn N

Dallas

Blurry

BIF

32 m at 1.1 g/t

8m at 4.28 g/t

14m at 0.65 g/t

37.63m @ 1.15 g/t

7.33m @ 4.40 g/t

4m @ 6.10 g/t

30m @ 1.69 g/t

inc. 2m @ 13.3 g/t

26m @ 2.01 g/t

7m @ 2.6 g/t

Max Gold


20

Granny Smith – Blurry BIF emerging Project

Target Description: Contact between

banded iron formation and intrusive

porphyry which is coincident with multiple

highly anomalous gold intersections

Potential: >1 Moz

# of Holes Drilled: 6 (6/11)

Metres: 2768 (2768/4500)

Assays: 1 (1/11)


A A’

Blurry BIF Target Area

Results:

• LCDD0055: 5.26 @ 20.4 g/t from 243m

Key Observations:

• Gold rich veins seen in LCDD0055 hosted by porphyry

• Conglomerate package on western side of target area

• Altered banded iron formation and porphyritic intrusive

Recommendations:

• Drill follow up holes along to LCDD0055

• Update geological model

LCNAC1438

Planned

LCDD0055

BIFSediments

(undifferentiated)Alabama

AA’

LCNAC1427 (AC)

32 m at 1.10 g/t (94 m)

LCNAC1438 (AC)

15m at 0.58 g/t

from 136m

LCDD0056 (DD)

VG at 140m

Results

PendingLCNAC1417 (AC)

8m at 4.28 g/t from 44m

14m at 0.65 g/t from

64m

LCDD0055 (DD)

5.26m @ 20.4 g/t

(243m)

LCDD0055 (DD)

5.26m @ 20.4 g/t

(243m)Planned


21

St Ives – Resource & Reserve growth

Invincible Complex - Continues To Grow

Underpinning growth at St Ives

Key Observations:

• Economic mineralisation intersected over 1,400m strike and

800m depth

• Open up and down plunge

• Strong geological continuity between holes

• Open pit nearing completion

• Underground portal established

Invincible Deeps• 11.3m at 6.55g/t from 853.7m (LD14682W5)

• 10.9m at 5.40g/t from 819.8m (LD14682W4)

• 9.6m at 5.89g/t from 855.0m (LD14682W9)

• 12.5m at 4.23g/t from 881.4m (LD14682W9)

• 11.1m at 3.45g/t from 897.0m (LD14682W11)

Invincible Mids• 29.0m at 2.0 g/t from 459.0m (LD14721)

Invincible South• 20.4m at 5.62g/t Au from 414.6m (LD14827)

• 14.0m at 1.36g/t Au from 439.0m (LD14828)

• 13.0m at 2.14g/t Au from 422.0m (LD14828)

• 8.6m at 9.08g/t Au from 421.3m (LD14830)

• 6.5m at 8.21g/t Au from 392.7m (LD14831A)

• 5.8m at 2.25g/t Au from 384.0m (LD14831A)

• 4.6m at 2.61g/t Au from 404.2m (LD14830)

Invincible Deeps

Invincible Mids

Long Section of Invincible overlying underground

mine design

800m

600m

Invincible South

Invincible South

Invincible Open Pit


Mill


22

Invincibl

e

MineVictor

y

Arg

o

Reven

ge

Juncti

on

Mill

“Greater” Invincible

● Resource growth to 1.427Moz

since discovery

● Open Pit mining continues circa

mid-2019

● UG mine development

commenced July 2017

● Future mine expansions at

Invincible mid & Deeps

● Invincible South – Feasibility in

2018

● Further “shoots” emerging

Speedway Trend

● 35km structural trend

● Full field aircore program

commenced

● Future “blue sky” targets expected

to emerge


St Ives – “Greater” Invincible & Speedway Trend

23

St Ives – Palaeochannel Project


Potential 5Moz; 44km drilled of 255km planned

Advanced Scoping Study

MiningSeveral semi-continuous mining

methods are being investigated.

Processing Ongoing options study for plant upgrade

and modifications.

Geotechnical

Geotechnical drill holes for pit design

completed at Argo, Neptune & Pistol

club.

GeologyModel for advanced scoping study

completed.

Environmental Ongoing assessment for approval.

Power &

Infrastructure

To be assessed following mining and

processing studies.

Drilling Completed Since Q2 2016

Aircore Holes Metres

1,200 112,000West

Kambalda

Lefroy

Mill

Argo

Neptune

InvincibleRevenge

Leviathan

24

Waroonga North underground – Underpinning Growth

Key Observations:▪ Multiple mineralised quartz zone intersected▪ Resource conversion in parallel to exploration▪ Encouraging results incl.

▪ WNGC780155: 1.5m @ 16.3g/t

▪ WNGC780159: 2.2m @ 20.3g/t

▪ WNGC780161: 2.9m @ 26.5g/t

▪ WNGC78150: 0.8m @ 38.1g/t

▪ WNGC780124: 3.3m @ 115.1g/t

.

Underpinning growth at Agnew

Agnew – Emerging projects


6m quartz with

visible gold

Long Section Looking East

Main

Kim

Waroonga North


25

Tarkwa Exploration


● Drilling outlined gold

mineralisation along

1.35km strike

● Kobada trend may

run for more than

7km in total

● New search area to

extend Kobada to the

North and South

● Infill soil defined nine

0.25g/t anomalies

ready for drilling

● Regarded as a

possible Kobada

analogue

● New targets coincide

with workings and

shear-zone

CIL

PLANT

STARTER PIT

Kobada South

Kobada North

North Hill

Badukrom

South Heap Leach

Blue Ridge

KD East

KD Far North

KD Far South

Hydrothermal potential in a larger paleoplacer trend

Regional Review



27

Regional overview


Group: H1 2017

Attributable production 1,047koz

AIC US$1,103/oz

Mine net cash flow US$52m

Group: Q2 2017

Attributable production 550koz

AIC US$1,092/oz

Mine net cash flow US$38m

Demarks growth projects in Gold Field’s portfolio

Americas RegionAtt. production: 136koz (12% of group)

All in costs: US$677/eq oz

Net cash flow: US$27m inflow

West Africa RegionAtt. production: 323koz (32% of group)

All in costs: US$1,138/oz

Net cash flow: US$21m inflow

South Africa RegionAtt. production: 119koz (13% of group)

All in costs: US$1,557/oz

Net cash flow: US$48m outflow

Australia RegionAtt. production: 469koz (43% of group)

All in costs: US$924/oz

Net cash flow: US$51m inflow (excl. Gruyere)

Salares Norte results of feasibility study

expected in H1 2018. Mineral resources as

at 31 December 2016 of 4.4Moz gold

equivalent Gruyere on track for first production in

early 2019. The mine will add attributable

annual production of 135koz at steady

state

Damang Reinvestment tracking ahead of

plan. Steady state production will increase

by c.100koz per annum

28

H1 2017: Australia

On track to meet guidance in 2017

H1

2017

H1

2016

Q2

2017

Q1

2017

Production koz 468.8 466.1 243.3 225.4

AIC* US$/oz 924 928 890 962


● H1 2017 TRIFR of 12.3 vs. 7.2 in H1 2016

● FY17 production and costs guidance remains intact:

910koz at AIC of US$1,100/oz

● Region produced net cash flow of US$51m in H1 2017

despite a US$48m tax payment related to FY 2016

● Strong cash generating base in St Ives and Granny

Smith

● Underground portals at Invincible blasted in July

● Good progress made at Gruyere

On track for first production in early 2019

● Darlot sale to Red 5 announced on 3 August

Total consideration of A$18.5m comprising A$12m in

cash and 130m Red 5 shares

Cash component of A$7m upfront, A$5m deferred up

to 24 months. Deferred consideration may be taken in

additional Red 5 shares or cash

Gold Fields to underwrite Red 5 rights issue up to

A$7m

0

200

400

600

800

1 000

1 200

0

50

100

150

200

250

300

350

400

450

500

550

H1 2015 H2 2015 H1 2016 H2 2016 H1 2017

Production (koz) and AIC (US$/oz)

Production AIC

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H1 2015 H2 2015 H1 2016 H2 2016 H1 2017

Net Cash Flow (US$m) and gold price (US$/oz)

Net CF Gold Price

* Excluding Gruyere

29

H1 2017: West Africa

Key region for the Group

H1

2017

H1

2016

Q2

2017

Q1

2017

Production koz 358.5 345.5 183.9 174.5

AISC US$/oz 995 1,052 955 1,037

AIC US$/oz 1,142 1,052 1,131 1,153


● Focus on safety continues: TRIFR of 0.51 vs. 0.66 in H1

2016

● Damang Reinvestment off to a strong start

Gold produced in H1 2017 was 77koz; AIC of

US$1,702/oz; Project capital expenditure of US$53m

Increase in forecast of total tonnes mined in 2017 to 41Mt

from original plan of 33Mt

● Tarkwa – good recovery in Q2 2017 after a slow start to

the year

● Net cash flow for the region of US$21m: inflow of

US$34m at Tarkwa and outflow of US$13m at Damang

● Realising the benefits of the Development Agreement

● 50% of Ghana’s fuel requirements hedged until December

2019

● Gas plants operating well at both sites

Damang: 30% reduction in power unit cost to 16.0

USc/kWh

Tarkwa: 18% reduction in power unit cost to 13.5 USc/kWh

0

200

400

600

800

1 000

1 200

1 400

0

50

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H1 2015 H2 2015 H1 2016 H2 2016 H1 2017


Production AIC

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H1 2015 H2 2015 H1 2016 H2 2016 H1 2017


Net CF Gold Price

30

H1 2017: South America

A steady, low cost producer

H1

2017

H1

2016

Q2

2017

Q1

2017

Au Eq Prod koz 137.0 127.5 68.4 68.7

Au Eq AIC US$/oz 677 728 724 626

AU only Prod koz 69.9 70.5 36.1 33.8

AU only AIC US$/oz 253 489 380 118


● Strong safety record continued during H1 2017:

TRIFR of 0.39

● The region generated net cash flow of US$27m in

H1 2017

● Work on the life extension is the key focus for

2017 – prefeasibility study (PFS) underway

● Salares Norte – Brecha Principal and Agua

Amarga studies merged

Mineral resources as at 31 December 2016 of

4.4Moz gold equivalent (25.6Mt at 4.6g/t Au

and 53.1g/t Ag)

0

100

200

300

400

500

600

700

800

900

1 000

0

20

40

60

80

100

120

140

160

H1 2015 H2 2015 H1 2016 H2 2016 H1 2017


Production AIC

0

200

400

600

800

1 000

1 200

1 400

0

10

20

30

40

50

60

H1 2015 H2 2015 H1 2016 H2 2016 H1 2017


Net CF Gold Price

31

H1 2017: South Africa

Good recovery in Q2 after a tough start to the year

● Improved TRIFR performance

TRIFR of 2.18 (H1 2016: 2.89)

● Good recovery in Q2 2017 after a slow Q1

2017

● FY17 production and costs guidance

unchanged

9,800kg (315koz) at AIC of R585,000/kg

(US$1,290/oz)

● Net cash outflow of US$48m (R630m) in H1

2017

● New EVP, Martin Preece, appointed

● Integrity of Rebase Plan intact despite

setbacks in Q1 2017

Steady state production of 500koz at AIC

below US$900/oz

H1

2016

H1

2016

Q2

2017

Q1

2017

Production koz 119.3 140.0 73.5 45.8

AISC US$/oz 1,521 1,229 1,352 1,784

AIC US$/oz 1,557 1,257 1,389 1,821


0

500

1 000

1 500

2 000

2 500

0

20

40

60

80

100

120

140

160

H1 2015 H2 2015 H1 2016 H2 2016 H1 2017


Production AIC

0

200

400

600

800

1 000

1 200

1 400

-70

-60

-50

-40

-30

-20

-10

0

10

20

H1 2015 H2 2015 H1 2016 H2 2016 H1 2017


Net CF Gold Price

Investor Relations Contacts Media Contact

Avishkar Nagaser

Tel: +27 11 562 9775

Mobile: +27 82 312 8692

E-mail:

[email protected]

Thomas Mengel

Tel: +27 11 562 9849

Mobile: +27 72 493 5170

E-mail:

[email protected]

Sven Lunsche

Tel: +27 11 562 9763

Mobile: +27 83 260 9279

E-mail:

[email protected]

Gruyere Project, Western Australia

mailto:[email protected]



Documents

H1 2017 Results - Gold Fields · 2018-10-11 · 2013 Gold: US$1,386/oz Net cash: -US$232m Gold Fields, H1 2017 results, 17 August 2017 2015 Gold: US$1,140/oz Net cash: US$123m 2016