www.goldfields.co.za www.goldfields.co.za ww ww ww ww ww ww ww w w ww ww ww ww ww ww ww ww ww ww w ww ww ww ww ww ww ww ww ww ww ww w ww ww ww ww ww w w w w w ww w w w w w w w w. w. w. w w. w w. w. w w. w. w w w. w. w. w w w. w w. w w g g g g g g g g g g go go g g go go g g go go go g g go go g g g go go go go g g g go go g go g go g go go go go go o go go go go go o o o o o o o o o o o go go go go o o o o o o o o o go o o o o o o o o o o o o o o o o o o o o o o o o o o o g go o o o o o ol l l l l l l d ld d d d d d ld d d l l l d d l l l d l d l d ld l l l l ld l l d d d l d d d ld d d ld ld ld ld ld l l l d ld ld ld d d d d ld d d d d d ld d ld ld ld l ld d d l f fi fi fi i f fi i i fi fi f i f f fi f fi fi f fi fi f i i i fi fi fi fi f f f i i i i f fi fi i fi f fi fi f f f e e e e e e el el l e e el l l l e e el l e el l l e el e e el l el l el l l el l l e e el l l l l l l l el l l l l l el e e e e e el l e el e e e el e e e e e e e e e e e e e el l l e el l el el e e el el l e e e el e e e e e el e e e el el e e e el l l l l d d d d d d d d d d d d s s s s s s s d d d d d d d d d d d d ds ds s s s d d d d d d d d ds d ds s d d d d d d d ds d d d d d d d d ds s s d d d ds s d d d d d ds s d d d d d ds d d d d ds d d d d d ds s d d d d d ds d d d d ds s s s s d d d ds d d d d d d d d d ds d d d d d d d d d ds d d d d d d d d d ds d d ds d d d d d d d d d d d d d d ds d d d d d d d d d d ds d d d d d ds d d d ds s d ds d d d ds s ds d ds ds s ds ds ds s .c .c c c c .c .c c .c c c .c .c .c c c c c c .c .c c c c c .c c c c c c .c co. o. o o o. o. o o. o o. o. o. o. o. o. o o. o o. o. o o. o o o. . o. o. o. o. o. o o. o o o o. o o o o o o o o o o o o o o o z z za za z za za za za za za a za za a a za za za z za a za za za za a a za za za za z z za za a z za za za za z z za z za za za z z za a za z z za a za z Disclaimer 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. 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 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 environmental regulations; and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; inflation and other macro-economic factors, industrial action, temporary stoppages of mines for safety reasons; and the impact of the Aids crisis in South Africa. These forward looking statements speak only as of the date of this document. The company 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.
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.
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 effi ciencies and other cost savings in connection with past and future acquisitions, exploration and development activities; decreases in the market price of gold 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 environmental regulations; and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; infl ation and other macro-economic factors, industrial action, temporary stoppages of mines for safety reasons; and the impact of the Aids crisis in South Africa. These forward looking statements speak only as of the date of this document. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to refl ect events or circumstances after the date of this document or to refl ect the occurrence of unanticipated events.
MINERAL RESOURCE AND MINERAL RESERVE OVERVIEW 2009
Strategy to release valueThe Gold Fields Mineral Resource and Mineral Reserve strategy is to ensure consistency and integrity in reporting and to continue pursuing value through exploration, acquisition and sustained delivery through organic growth within existing operations.
This report details the company’s current Mineral Resource and Mineral Reserve position and looks ahead to the Group’s prospects for F2010. The information in this overview is presented on a Group and Regional basis, whereas individual operational reviews are presented as Technical Short Form Reports.
Salient highlights
• The principle that “If we cannot mine safely, we will not mine” is fundamental to the reporting of viable Mineral Reserves and underpins the safe production principles embedded in the Group.
• Managed Mineral Resource, including 2PGE, copper converted to gold-equivalent and Tailings Storage Facility gold ounces, at 282.4 Moz (net of 12 months production depletion of 4.4 Moz).
• Managed uranium Mineral Resource within the South African West Wits Operations (underground and surface) at 77.1 Mlb.
• Managed Mineral Reserve, including copper converted to gold-equivalent ounces, at 85.7 Moz (net of 12 months production depletion of 4.2 Moz).
• Significant increase in Mineral Reserve ounces at Damang and St Ives.
• Mineral Reserve base remains one of the strongest in the industry.
Salient highlights ifc
Strategic intent Page 1
Introduction Page 1
Governance Page 1
Group operations at a glance Page 2
Group Mineral Resource and Mineral Reserve Overview Page 2
Assessment and reporting criteria Page 4
Modifying factors Page 4
Exploration expenditure Page 5
Mineral Resource andMineral Reserve statement Page 6
Mineral Resource and Mineral Reserve per operation Page 7
Table of contents
IMPORTANT NOTICE:
The United States Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC,
to disclose only those mineral deposits that a company can economically and legally extract or produce from. Certain
terms are used in this report, such as “Mineral Resource”, that the SEC guidelines strictly prohibit companies from
including in filings. US investors are urged to consider closely the disclosure in our Form 20-F.
Mineral Resource and Mineral Reserve depletion and growth Page 7
South Africa Region Page 8
West Africa Region Page 12
Australasia Region Page 15
South America Region Page 18
Growth Projects
– Arctic Platinum Project Page 20
– West Wits Tailings Processing Project Page 21
Competent Persons Page 23
Abbreviations Page 23
Glossary ibc
MINERAL RESOURCE AND MINERAL RESERVE OVERVIEW 2009
has been independently audited and is
compliant with the South African Code
for the Reporting of Exploration Results,
Mineral Resources and Mineral Reserves
(2007 SAMREC Code) and also Industry
Guide 7 for reporting on the United States
Securities Exchange Commission (SEC).
The process followed in producing this
declaration is also in alignment with the
guiding principles of the Sarbanes-Oxley
Act.
This statement further compares to the
last full public declaration made, as at
30 June 2008 and therefore encompasses
a 12 month production depletion period.
The F2010 declaration aims to report on
Mineral Resource and Mineral Reserve
information that is rated as important for
disclosure and it reflects a level of detail
required for completeness, transparency
and materiality in reporting. The Group’s
Mineral Resource and Mineral Reserve
figures are estimates and may be
affected by fluctuations in the US dollar
currency exchange rates, costs and
operating parameters.
Strategic intent The key focus for each mining operation going forward is to have a robust 5 year safe production profile at acceptable profit margins, with a strong pipeline of replacement projects optimising infrastructure and orebody potential. In addition, the overall strategy is for the South Africa Region to deliver 2.2 – 2.5 million ounces per annum on a sustainable basis, while the three International Regions (West Africa, Australasia and South America) are expected to build-up to ~1 million ounces per annum within a 4 to 5 year period.
All Mineral Resource and Mineral Reserve figures reported are managed by Gold Fields unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves and both geotechnical support and stability pillars.
IntroductionGold Fields Limited (GFI) is a leading international gold mining company with a portfolio of nine mines spread across its four operating regions which are South Africa, West Africa, Australasia and South America. The Company has a robust production capability founded on its portfolio of high-quality, long-life assets and the size of its ‘gold only’ Mineral Reserve profile remains one of the strongest in the industry.
Current delivery on major operational growth projects includes the following:• A pre-feasibility study for the gold and
uranium Mineral Resource potential within the Tailings Storage Facilities (TSF’s) of the West Wits Operations (Driefontein, Kloof and South Deep Gold Mines) has been completed and a feasibility study has commenced.
• Mineral Resource modelling at South Deep has been completed for the Upper Elsburg Reefs from 87 to 110 level, inclusive of the contiguous Uncle
Harry’s ground, and a comprehensive underground and surface exploration drilling programme is ongoing;
• Secondary crusher installation at Damang Gold Mine aimed at increasing high grade fresh ore treatment;
• High Pressure Grinding Roll (HPGR) technology pilot study for improving Heap Leach recovery at Tarkwa Gold Mine is ongoing.
• The F2009 exploration campaign at St Ives successfully delineated new and additional Mineral Resource and Mineral Reserve ounces, primarily from the Athena complex;
• Production at the Cerro Corona Mine and the CIL plant expansion at Tarkwa came on stream during F2009;
GovernanceThis technical statement outlines the declared Gold Fields Mineral Resource and Mineral Reserve at each of its Business Regions per operating mine, as well as Arctic Platinum and West Wits Tailings Processing Growth Projects, as at 30 June 2009. Guided by the commitment to Corporate Governance, this statement
Gold Fields 2009 1S
ection 1: Overview
1 P1 rocrocessing PlPllantantantant, B, B, BBeateateatatrixrixrrix Go Go GoGoGooldldldldldd MinMinMinMinMinMinMiM e,e,e,e,e,e, SouSouSouSouSoSouSS thththththth AfrAfrAfrAfrAAfricaicaicaica
Gold Fields 20092
GROUP OPERATIONS AT A GLANCE
All numbers are net of 12 months mining depletion, with the previous June 2008 statement’s numbers shown in brackets for ease of comparison.• As at the end of June 2009, Gold
Fields has total attributable Mineral Resources, including: (i) platinum and copper as gold equivalents (ii) Uncle Harry’s Prospecting Area contiguous to the South Deep Gold Mine and (iii) West Wits TSF’s (excluding uranium), of 271.2 (250.6) Moz and
total attributable gold and copper as gold equivalent Mineral Reserves of 81.1 (82.8) Moz.
• Total attributable gold Mineral Resources (excluding platinum and copper as gold equivalents) are 255.4 Moz (234.5) Moz and Mineral Reserves are 78.9 (80.5) Moz, net of 4.1 and 3.8 Moz depletion from the Mineral Resource and Mineral Reserve respectively. Total attributable TSF’s and underground
uranium Mineral Resource amounts to 77.1 Mlb (excludes Beatrix).
• Following a pre-feasibility study, the TSF’s have a declared attributable uranium Mineral Resource of 51.4 (11.4) Mlb and a gold Mineral Resource of 4.3 (1.2) Moz. The underground attributable uranium Mineral Resource for the West Wits Operations has been estimated at 25.7 Mlb.
Group Mineral Resource and Mineral Reserve Overview
South America Target: ~1 Moz
APP
South Africa Target: 2.2 – 2.5 Moz
West Africa Target: ~1 Moz
Denver
Lima
Accra
Johannesburg
Legend
Offi ces
Operating Mines
Regions
Gold Fields 2009 3
Managed Mineral Resources (Moz) per Region (gold, 2PGE, and copper
as gold equivalents)
Managed Mineral Reserves (Moz) per Region (gold, 2PGE, and copper
as gold equivalents)
• North American Palladium (NAP) did not take up their option to acquire 60% of the Arctic Platinum Project (APP) and consequently the Mineral Resource Statement remains the same as historically reported 12.6 Moz (2PGE+Au).
• 30 June 2009 figures are net of production depletion and Corporate activity.
30 June 2008Precious metal and copper-gold equivalent Mineral Resource 262.1 MozUranium Mineral Resource 11.4 MlbPrecious metal and copper-gold equivalent Mineral Reserve 87.6 Moz
12 Months2 Production depletion from Mineral Resource – 4.4 MozProduction depletion from Mineral Reserve – 4.2 Moz
30 June 2009Precious metal and copper-gold equivalent Mineral Resource 282.4 MozUranium Mineral Resource 77.1 MlbPrecious metal and copper-gold equivalent Mineral Reserve 85.7 Moz
F2010 MINERAL RESERVE GOLD PRICE OF US$800/oz1Group total fi gures are managed equivalent gold ounces and include APP, Cerro Corona (gold & copper as gold equivalents), TSF
gold and Uncle Harry’s (WAPL). 2Difference between Mineral Resource and Mineral Reserve depletion is the application of modifying factors.
Headline numbers1
AustralasiaTarget: ~1 Moz
232.1
South Africa
West Africa
Australasia
South America
Growth APP
20.59.1
8.112.6
64.7
South Africa
West Africa
Australasia
South America
12.5
3.05.5
Section 1: O
verview
Perth
Assessment and reporting criteriaThe assessment and reporting criteria as outlined in the 2007 SAMREC Code have been used in the preparation of internal Competent Persons Reports (CPR), from which the numbers stated in this report are drawn. Reporting is also in accordance with Section 12 of the JSE listing requirements.
The CPR principally comprises a technical review of the Mineral Resource and Mineral Reserve, together with a techno-economic appraisal of the Mining Asset. The Mineral Resource and Mineral Reserve figures are derived from a rigorous strategic and operational planning process that is embedded at each of the operating mines.
The gold prices used for the MineralReserve declaration are in accordance with the SEC guidelines and approximate historical two to three-year average commodity prices. As such, they incorporate the lower portions of the price cycle seen during this period in terms of US$/oz.
The gold prices used for the derivation of Mineral Resources represent upside potential to that used for Mineral Reserves. The Mineral Resource price leverage is US$:25%, A$:25% and
ZAR:24% above the Mineral Reserveprice to align more with recently seen spot prices, which together with MineralReserve sensitivities of ±5%, ±10% and +25%, indicates the upside potential and risk in the orebodies.
Mineral Resource tonnages and grades are estimated in-situ over a minimum mining width, and include mineralisation below the selected cut-off grade to ensure that the Mineral Resource comprises mining blocks of adequate size and continuity.
Open pit operations are typically confined to pit shells that are defined by the price and costs used for their estimates. This approach has required the introduction of un-engineered pit shells to constrain the mineralisation to that which is economically and practically extractable under assumed economic conditions, and departs from the disclosure of a mineral inventory regardless of stripping ratios, location and continuity.
Modifying factorsMineral Reserves are that portion of the Mineral Resource, which technical and economic studies have demonstrated can justify extraction at the time of disclosure.
Mineral Reserves for the South Africa Region operations are estimated using a total cost paylimit/cut-off grade, historical mining efficiencies, cost levels at each operation and the current Life of Mine plan. The conversion ratio from Mineral Resource to Mineral Reserve in the South Africa Region is affected by the following key factors:• The exclusion from Mineral Reserves
of regional support pillars and safety pillars as designed into the current mine plan.
• Mining constraints applied to the extraction, based on the geometry of the geological structures as presently interpreted.
Mineral Reserves for West Africa are estimated using mine designs generated after standard mine optimisation methods, current cost structures and technical assumptions derived from actual production history and/or feasibility studies.
Mineral Reserve parameters for the Australasia Region vary on a mining project by project basis, and reflect specific cost structures and technical assumptions derived from actual production history or extensive feasibility work.
Cerro Corona’s Mineral Reserves are limited by the finite capacity of the Tailing Storage Facility. The Net Smelter Return cut-off calculation takes account of all cost and technical parameters.
Mineral Reserve tonnages and grade include allowances for mining dilution and mining factors, and consequently are reported as tons and grade delivered to the processing facility.
Rounding-off of figures in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant.
Gold Fields 20094
MINERAL RESOURCE AND MINERAL RESERVE OVERVIEW 2009
Region UnitJune 2009 June 2008
Resource Reserve Resource Reserve
South Africa1 Au – ZAR/kg 285,000 230,000 180,000 150,000
U3O8 – US$/lb 75 – 40 –West Africa Au – US$/oz 1,000 800 800 650
Australasia Au – A$/oz 1,250 1,000 925 750
SouthAmerica
Au – US$/oz 1,000 800 800 650
Cu – US$/lb 2.752 2.202 2.10 1.751 South Deep has designed and scheduled the Upper Elsburg Reefs from 87 to 110 level in accordance with the GFI protocol.
The remainder of South Deep continues to be reported as per the acquisition model (low gold price and corresponding lower costs).
2 Whittle shells run at US$2.20/lb for Mineral Resource US$1.75/lb for Mineral Reserve. US$2.75/lb and US$2.20/lb used to calculate equivalent gold for Mineral Resource and Mineral Reserve respectively and to compare cash fl ows.
June 2009
Resource Reserve
285,000 230,000
75 –1,000 800
1,250 1,000
1,000 800
2.752 2.202
The following currency prices were used as a basis for estimation in this declaration:
Caution should be exercised when interpreting the grade tonnage curves within the Technical Short Form Reports. The ability to high-grade (selectively mine) the deposits may be precluded by the deposit geometry, mining method and the need for practical development
of the orebody. All references to tons are metric units.
Operations are entitled to mine all declared material located within their respective mineral rights and/or mining rights and all necessary statutory mining authorisations and permits are in place
or have reasonable expectation of being granted. The exception being at Damang, where the underground rights to Abosso below 30 m are currently held by Tarkwa.
Gold Fields 2009 5S
ection 1: Overview
Operation
F2009 Exploration Drilling and Expenditure(Per Operation and Region)
Total ExpenditureF20093 F2008
Metres Drilled
ZAR(Million)
A$(Million)
US$(Million)
US$(Million)
US$(Million)
Driefontein 11,754 5.414 – – 0.605 1.403
Kloof 16,526 11.208 – – 1.252 1.717
Beatrix 8,152 3.408 – – 0.381 0.556
South Deep 26,665 52.911 – – 5.912 3.388
West Wits TSF’s1 30,012 16.247 – – 1.815 0.197
Total South Africa Region 93,109 89.188 – – 9.965 7.261
Tarkwa2 – – – – – 0.960
Damang 26,906 – – 5.005 5.005 4.104
Total West Africa Region 26,906 – – 5.005 5.005 5.064
St Ives 155,490 – 26.342 – 20.523 22.970
Agnew 134,366 – 16.651 – 12.972 17.016
Total Australasia Region 289,856 – 42.993 – 33.495 39.986
Cerro Corona2 – – – – – –
Total South America Region – – – – – –
Grand Total 409,871 89.188 42.993 5.005 48.465 52.311
Exchange rates: US$ 0.7791: A$1.00 and US$1.00:ZAR8.95. All mines exclusive of grade control and cover drilling except where it is included in the capital budget.1 Tailings Storage Facility 2 Grade control drilling only. 3 Figures include on mine exploration and South Africa
Exploration expenditureDuring F2009, the Group’s investment in exploration on-mine or near mine has remained at high levels, with expenditure for the period under review amounting to a total of US$48.5 million. The on-mine exploration centred heavily on the Australasia Region (US$33.5 million) with the South Africa Region (US$10.0 million) and the West Africa Region (US$5.0 million) accounting for the remainder. Greenfields exploration, either funded in-house or in collaboration with exploration partnerships and joint ventures amounted to a total spend of US$48.7 million.
On mine exploration metres drilled and expenditure for the 12 month period ending 30 June 2009 are summarised below: ExpExplorloratiationn DriDrillilling,ng, St St Iv Iveses GolGold Md Mineine, A, Ausustustststu tustu tu ralralralalralrallrrr iaia
F20093
US$(Million)
0.605
1.252
0.381
5.912
1.8159.965
–
5.0055.005
20.523
12.97233.495
––
48.465
Gold Fields 20096
MINERAL RESOURCE AND MINERAL RESERVE OVERVIEW 2009
Gold Fields Limited Classified Mineral Resource and Mineral Reserve Statement 1
as at 30 June 2009
Mineral Resources (100%) Mineral Reserves (100%) Attributable (%) 30 June 2009 Jun-08 30 June 2009 Jun-08 30 June 2009 Tons Grade Gold Gold Tons Grade Gold Gold Resource ReserveGOLD (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz) (%) (Moz) (Moz)
1 Mineral Resource are inclusive of Mineral Reserves; Managed, unless otherwise stated.2 Aside from the restated Upper Elsburg (87 to 110 levels) Mineral Resources and Mineral Reserves, the South Deep fi gures are as per acquisition model. 3 Uncle Harry’s Prospecting Area Inferred Mineral Resources for F2010 at a 3g/t cut-off, with Prospecting Rights held by WAPL for which the shareholding is: GFI = 74% and Peotona = 26%.4 The Agnew Deposits, Miranda and Vivien are subject to a royalty agreement.5 Gold Fields holds a 100% interest in the Arctic Platinum Project. Mineral Resource fi gures are historical and not as per current metal prices.
Gold Fields 2009 7S
ection 1: Overview
Mineral Resource and Mineral Reserve per operationThe charts below depict the Group’s managed equivalent ounces split by operation. The South Africa Region accounts for 82% (including TSF gold) of the Mineral Resource base, with the West Africa Region 7%, the Australasia Region 3%, the South America Region 3% and Growth Projects (APP) 5%. The South Africa Region accounts for 75% of the Mineral Reserve, with the West Africa Region 15%, South America Region 6% and the Australasia Region 4%.
Mineral Resource and Mineral Reserve depletion and growthThe year-on-year change in the managed Mineral Resource and Mineral Reserve statement is summarised below.
The increase in Mineral Resource ounces is primarily due to the rising gold price and discovery at St Ives, Agnew and Damang. The reduction at South Deep is due to modelling enhancements, while the adjustment at Cerro Corona is mainly due to changes in the geotechnical parameters and costs.
The growth in Mineral Reserves at Damang, Agnew, St Ives and South Deep is as a result of discovery, gold price and model enhancements. The reduction at Driefontein and Kloof is due to depletion and the removal of high risk pillars and remnants, while the reduction at Tarkwa, Cerro Corona and Beatrix is primarily due to depletion.
Mineral Reserve Ounces F2009 versus F2010 – Changes per Property
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
DamangSt IvesSouth Deep
AgnewBeatrixCerro Corona (Au-Eq)
KloofTarkwaDriefontein
Oun
ces
(Moz
)
* Excludes Uncle Harry’s ground
Gold Fields 20098
Salient features
• Best safety year ever!
• Mineral Resource 227.7 Moz (inclusive of 14.6 Moz in Uncle Harry’s)
• Mineral Reserve 64.7 Moz
• South Deep operational plan on schedule to build up to full production by end 2014
• New mine design and scheduling completed for Upper Elsburgs (87 to 110 level)
• Mechanisation of lateral development gaining traction at long life shafts
Driefontein Gold MineMineral Resource 52.8 MozMineral Reserve 18.2 Moz• 4 Shaft pillar extraction on track• Impact of metal price increase offset
by higher unit costs
Kloof Gold MineMineral Resource 79.0 MozMineral Reserve 10.5 Moz• Synergies with South Deep under
review• Major shaft infrastructure rehabilitation
completed• Focus on Mineral Resource to Mineral
Reserve conversion
Beatrix Gold MineMineral Resource 17.6 MozMineral Reserve 6.4 Moz• Renewed focus on quality mining• Drive Mineral Resource to Mineral Reserve conversion
South Deep Gold MineMineral Resource 63.8 MozMineral Reserve 29.5 Moz• Paradigm improvement in the orebody
models• Completion of major infrastructure on
schedule• South Deep Resource modelling, mine
design and scheduling for Phase 2 on track to deliver by 2010
The Witwatersrand Basin, discovered in 1886, extends from Johannesburg in the north to south of the town of Virginia, some 20 km south of Welkom, and covers an area of approximately 30,000 km2. Gold Fields’ four South Africa operations are hosted in this unique and world-renowned sedimentary basin, geographically situated in the central north northeastern parts of South Africa,
which remains the most significant gold repository in the history of mining. Gold mines in the Witwatersrand Basin have collectively produced over 50 kt of gold over a period of more than 120 years.
The South Africa operations are located in two geographical regions of the Witwatersrand Basin, namely the Far West Rand Goldfield (West Rand and
West Wits Line), some 60 to 70 km west
of Johannesburg, and the Free State
Goldfield, some 240 km southwest of
Johannesburg. The operations of the Far
West Rand Goldfield are the Driefontein,
Kloof and South Deep Gold Mines near
the towns of Carletonville and Westonaria
and in the Free State, the Beatrix Gold
Mine near Welkom.
SOUTH AFRICA REGION
Gold Fields 2009 9
Section 1: O
verview: S
outh Africa
The South Africa Region mining assets of Gold Fields Limited comprise a 100% interest in GFI Mining South Africa (Proprietary) Limited (GFIMSA), which holds a 100% interest in all four mining operations.
Annual overview
The Region has a declared attributable Mineral Resource of 223.9 (208.5) Moz, up 7% primarily due to the increase in the metal price (excludes TSF gold ounces). The South Africa Region has a Mineral Reserve of 64.7 (66.6) Moz, down 3%, net of 2.4 and 2.1 Moz depletion from the Mineral Resource and Mineral Reserve respectively. Aside from the restated Upper Elsburg Mineral Resource and Mineral Reserve figures, 87 to 110 level, the remainder are as per the original acquisition model (below 110 level, VCR and Old Mine).
The application to convert South Deep’s old order mining rights and to include Uncle Harry’s Prospecting Right into a new order mining right were submitted in Quarter 2 of F2009 to the Department of Mineral Resources (DMR) for approval.
The following points are noteworthy:
long life shafts is planned to be fully mechanised by the end of Q4 F2010. This should have a positive impact on safety and productivity, which in turn should increase available Mineral Reserves and mining flexibility;
quality mining programmes centred on improving the Mine Call Factor (MCF), optimal stope width control, optimal fragmentation, old gold reclamation and dilution controls;
Safe Production Management (SPM), a key strategic initiative on Gold Fields operations, additional pillars and remnants have been excluded from the Driefontein (-537 koz) and Kloof (-146 koz) Mineral Reserves. In addition, a strong focus remains on ensuring
that secondary support protocols, fundamental rock engineering criteria, robust mine design and layouts are incorporated into the Mineral Reserve declaration;
and financial comparison will be undertaken between deepening 9 Sub-vertical Shaft and developing declines below 5 Shaft at Driefontein;
results in the 69 line decline area below 39 Level have resulted in the original geometry of the high grade Ventersdorp Contact Reef (VCR) Sandy 1 facies being materially expanded. The extent of the Sandy 1 facies centred on the 45 level area to the south of 4 Shaft, was increased following prospective new borehole intersections;
surface exploration drilling at Beatrix in F2010 include the VS5 zone at North Section, the G Block extension and Vlakpan access areas at South Section and the Kalkoenkrans Reef channel extensions at West Section (4 Shaft); and
enhancing the resource models and
as a consequence has now designed and scheduled approximately 50% of the declared Mineral Reserve. The underground and surface exploration drilling programme to increase definition and confidence in the resource estimate continued during the year.
The creation of additional mineable face length remains key to providing increased production flexibility and is a priority focus at all operations.
Gold Fields 200910
SOUTH AFRICA REGION
Mineral Resources and Mineral Reserves1
Mineral Resources Mineral Reserves 30 June 2009 Jun-08 30 June 2009 Jun-08 Tons Grade Gold Gold Tons Grade Gold Gold (Mt) (g/t) (Moz) (Moz) (Mt) (g/t) (Moz) (Moz)
Driefontein Driefontein Measured 50.2 10.5 16.887 15.926 Proved 17.6 7.4 4.157 4.834Indicated AI 24.9 12.7 10.177 9.430 Probable AI 20.6 8.7 5.735 6.003Inferred AI 17.4 5.9 3.343 –
Total Above Infrastructure 92.5 10.2 30.407 25.356 Total Above Infrastructure 38.2 8.1 9.892 10.837
Indicated BI 2 43.2 12.4 17.262 18.847 Probable BI 2 27.4 9.2 8.097 8.668Inferred BI 2 25.9 5.9 4.899
Total Underground 161.6 10.1 52.568 44.203 Total Underground 65.6 8.5 17.989 19.505
Indicated surface rock dumps 9.6 0.7 0.213 0.197 Probable surface rock dumps 9.6 0.7 0.213 0.197
Driefontein Total 171.2 9.6 52.781 44.400 Driefontein Total 75.2 7.5 18.202 19.702
Total Above Infrastructure 145.0 9.8 45.620 49.801 Total Above Infrastructure 37.6 7.7 9.313 10.124
Indicated BI 3 79.5 12.8 32.729 21.355 Probable BI 3 3.4 8.0 0.868 0.584
Total Underground 224.6 10.9 78.350 71.156 Total Underground 41.0 7.7 10.180 10.708
Indicated surface rock dumps 30.7 0.6 0.604 0.618 Probable surface rock dumps 12.2 0.9 0.341 0.362
Kloof Total 255.2 9.6 78.954 71.774 Kloof Total 53.2 6.2 10.521 11.070
South Deep 4 South Deep 4 Measured 41.6 7.4 9.890 8.821 Proved 15.2 5.9 2.906 3.000Indicated AI 125.9 8.7 35.038 36.249 Probable AI 67.6 6.6 14.265 13.812
Total Above Infrastructure 167.5 8.3 44.928 45.070 Total Above Infrastructure 82.8 6.5 17.171 16.812
Indicated BI 5 92.6 6.3 18.898 18.898 Probable BI 5 66.6 5.8 12.315 12.315
Total Underground 260.1 7.6 63.826 63.968 Total Underground 149.4 6.1 29.486 29.127
South Deep Total 260.1 7.6 63.826 63.968 South Deep Total 149.4 6.1 29.486 29.127
Uncle Harry’s Prospecting Area (Inferred Resource) 4 78.0 5.8 14.566 16.504 Uncle Harry’s Prospecting Area – – – –
Beatrix Beatrix Measured 25.1 6.2 5.002 4.457 Proved 13.9 4.7 2.087 1.781Indicated AI 37.5 6.6 7.942 8.287 Probable AI 24.7 5.0 3.990 4.435Inferred AI 1.9 8.8 0.540 –
Total Above Infrastructure 64.5 6.5 13.484 12.744 Total Above Infrastructure 38.6 4.9 6.077 6.216
Indicated BI 6 28.6 4.5 4.114 3.362 Probable BI 6 2.4 4.8 0.371 0.480
Total Underground 93.0 5.9 17.598 16.107 Total Underground 41.0 4.9 6.448 6.696
Beatrix Total 93.0 5.9 17.598 16.107 Grand Total 41.0 4.9 6.448 6.696
Total South Africa Region(excluding TSF) 7 857.5 8.3 227.725 212.753 Total South Africa Region 318.8 6.3 64.657 66.595
AI = Above Infrastructure; BI = Below Infrastructure
Rounding off of fi gures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed signifi cant.
1 Mineral Resource are inclusive of Mineral Reserves; Managed, unless otherwise stated.2 Driefontein BI refers to material below 50 level (3,420m below surface).3 Kloof BI refers to material below 45 level (3,350m below surface).4 Aside from the restated Upper Elsburg (87 to 110 levels) Mineral Resources and Mineral Reserves, the South Deep fi gures are as per acquisition model. Uncle Harry’s Prospecting Area Mineral
Resource for F2010 at a 3g/t cut-off, held by WAPL for which the shareholding is: GFI = 74% and Peotona = 26%.5 South Deep BI refers to material below 110 level (2,888m below surface). 6 Beatrix BI refers to material below 26 level (1,341m below surface).
7 Excludes TSF gold and uranium.
30 June 2009Tons Grade Gold
(Mt) (g/t) (Moz)
50.2 10.5 16.887 24.9 12.7 10.177 17.4 5.9 3.343
92.5 10.2 30.407
43.2 12.4 17.262 25.9 5.9 4.899
161.6 10.1 52.568
9.6 0.7 0.213
171.2 9.6 52.781
71.1 11.6 26.54973.9 8.0 19.071
145.0 9.8 45.620
79.5 12.8 32.729
224.6 10.9 78.350
30.7 0.6 0.604
255.2 9.6 78.954
41.6 7.4 9.890 125.9 8.7 35.038
167.5 8.3 44.928
92.6 6.3 18.898
260.1 7.6 63.826
260.1 7.6 63.826
78.0 5.8 14.566
25.1 6.2 5.002 37.5 6.6 7.942 1.9 8.8 0.540
64.5 6.5 13.484
28.6 4.5 4.114
93.0 5.9 17.598
93.0 5.9 17.598
857.5 8.3 227.725
30 June 2009Tons Grade Gold
(Mt) (g/t) (Moz)
17.6 7.4 4.157 20.6 8.7 5.735
38.2 8.1 9.892
27.4 9.2 8.097
65.6 8.5 17.989
9.6 0.7 0.213
75.2 7.5 18.202
19.2 7.6 4.70418.4 7.8 4.609
37.6 7.7 9.313
3.4 8.0 0.868
41.0 7.7 10.180
12.2 0.9 0.341
53.2 6.2 10.521
15.2 5.9 2.906 67.6 6.6 14.265
82.8 6.5 17.171
66.6 5.8 12.315
149.4 6.1 29.486
149.4 6.1 29.486
– – –
13.9 4.7 2.087 24.7 5.0 3.990
38.6 4.9 6.077
2.4 4.8 0.371
41.0 4.9 6.448
41.0 4.9 6.448
318.8 6.3 64.657
Gold Fields 2009 11S
ection 1:Overview
: South A
frica
2 P2 Procrocessessinging PlPlantant, D, Drieriefonfonteitein Gn Goldold MiMine,ne, So Southuthuth A Africricaa
South Africa Region Mineral Reserve Sensitivity
0
20
40
60
80
+25%+10%+5%230,000-5%-10%
Gol
d (
Moz
)
Gold price (ZAR/kg)
South DeepSKloofK BeatrixBDriefonteinD
Mineral Reserve sensitivitiesThe sensitivity of Mineral Reserve ounces at all the operations is shown in the accompanying chart, at -5%, -10% and +5%, +10% and +25%, relative to the base gold price used for this declaration. South Deep has been included across the range at its base declaration price.
The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.
Gold Fields 200912
WEST AFRICA REGION
Salient features
• Significant Mineral Reserve increase at Damang
• Plant expansion at Tarkwa completed
• Installation of a secondary crusher at the Damang plant is in progress
• Mineral Resource 20.5 Moz
• Mineral Reserve 12.5 Moz
Tarkwa Gold MineMineral Resource 16.2 MozMineral Reserve 10.7 Moz• Robust long life Mineral Reserve to
anchor growth in Region• Maintenance of mining flexibility and
security of supplies remain a priority• CIL feed now optimised over the LoM
continues to grow • Mineral Reserve increased 34% year-on-year
Salient features
se at Damang
Salient features
Gold Fields’ West Africa Region operations are located in the southern area of western Ghana, 300 km by road west of the capital of Accra and some 60 to 90 km southeast of the port city of Takoradi. The orebodies are located within the Tarkwaian System, which forms a significant portion of the stratigraphy of the Ashanti Belt in Ghana.
Gold Fields acquired the Tarkwa underground gold mine from the State Gold Mining Company of Ghana on 1 July 1993. Open cast and Heap Leach operations began in 1998, while the
underground operations were suspended in mid 1999. The successful development of Tarkwa has enabled Gold Fields to increase its geographic and operational diversity by expanding internationally, while broadening its scope to include, not just deep level mining, but also surface operating mines.
Gold Fields Ghana Limited (GF Ghana) was incorporated in Ghana in 1993 and includes:• 71.1% interest in GF Ghana which
holds a 100% interest in Tarkwa Gold Mine (Tarkwa);
• IAMGold, through its affiliates, holds 18.9%; and
• Government of Ghana holds a 10% free carried interest.
• A 71.1% interest in Abosso Goldfields Limited (AGL), which holds a 100% interest in Damang Gold Mine (Damang), while Repadre International Corporation (being a wholly owned subsidiary of IAMGold) holds 18.9% and the Ghanaian government holds the remaining 10%. Gold Fields acquired the Damang Gold Mine from Ranger Minerals in January 2002.
Gold Fields 2009 13S
ection 1: Overview
:West A
frica
Annual overview
The West Africa Region Mineral Resources have increased by 8% to 20.5 (18.9) Moz, whilst the Mineral Reserves decreased by 1% to 12.5 (12.7) Moz, depleted by 1.0 and 1.0 Moz respectively.
Furthermore, at Tarkwa, the decrease in Mineral Reserves (690 koz) is largely attributable to production depletion (~800 koz) with marginal positive contributions from gold price and orebody modelling.
The post depletion Mineral Reserve ounces increased by 34% at Damang, primarily through a significant increase at Huni on the northern side of the Damang Pit Cutback (DPCB) following the pit optimisation at gold price US$800/oz. The DPCB continues to provide a window of opportunity to explore attractive targets and increase the mines operational footprint. The potential for further open pit mining at Damang will be evaluated during F2010 and is part of a three year
program to grow Damang beyond its current Life of Mine.
The following points are noteworthy:• The CIL Plant expansion project at
Tarkwa was commissioned in January 2009 and as a result, the CIL feed has been optimised in the LoM scheduling. The plant expansion increases the overall CIL capacity to 12.3 Mtpa. In addition, the Heap Leach (HL) treatment route has a capacity of 9.8 Mtpa, translating to a combined CIL and HL production of between 700 koz to 800 koz per annum;
• Processing at the South Heap Leach was phased out in December 2008 and the current focus is on constructing a High Pressure Grinding Roll (HPGR) pilot plant to conduct a 1.0 Mt plant scale test of the technology during F2010. The tests will determine the viability of increased recoveries that potentially could be achieved via this process;
• Delivery on optimising processing options, maintenance of mining flexibility and cost effective supply of commodities, fuel and power are key to ensuring Tarkwa maintains margin and Notional Cash Expenditure (NCE) targets;
• The Hellman & Schofield Multiple Indicator Kriging (MIK) model for the DPCB complex was replaced by an updated constrained composite version this year; and
• Installation of a secondary crusher at the Damang Processing Plant is planned for completion by the fourth quarter of F2010. The objective is to mitigate the current dependency on oxide ore and facilitate blending ratios of up to 95% fresh ore and 5% oxide ore.
Damang Total 74.9 1.8 4.283 3.490 Damang Total 36.1 1.6 1.820 1.354
Total West Africa Region 423.6 1.5 20.470 18.925 Total West Africa Region 306.1 1.3 12.496 12.667
Mineral Resources and Mineral Reserves1
1 Mineral Resource are inclusive of Mineral Reserves; Managed, unless otherwise stated.
30 June 2009
Tons Grade Gold
(Mt) (g/t) (Moz)
144.7 1.5 6.800
173.4 1.2 6.705
26.0 3.1 2.569
344.1 1.5 16.075
4.7 0.8 0.112
348.7 1.4 16.187
9.4 1.5 0.464
48.0 1.5 2.268
12.5 3.4 1.367
69.9 1.8 4.100
5.1 1.1 0.184
74.9 1.8 4.283
423.6 1.5 20.470
30 June 2009
Tons Grade Gold
(Mt) (g/t) (Moz)
149.6 1.3 6.220
116.0 1.2 4.354
265.6 1.2 10.575
4.4 0.7 0.101
270.0 1.2 10.676
3.5 1.8 0.207
27.5 1.6 1.429
31.0 1.7 1.636
5.1 1.1 0.184
36.1 1.6 1.820
306.1 1.3 12.496
Gold Fields 200914
WEST AFRICA REGION
Mineral Reserve sensitivitiesThe sensitivity of Mineral Reserve ounces at all the operations is shown in the accompanying chart, at -5%, -10% and +5%, +10% and +25%, relative to the base gold price used for this declaration.
The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.
West Africa Region Mineral Reserve Sensitivity
0
3
6
9
12
15
18
+25%+10%+5%800-5%-10%
Gol
d (
Moz
)
Gold Price (US$/oz)
TarkwaT DamangD
CILCILCILLC PrPPr PrP Proceocececeoceoceeessississississississississiiss ngngngngngnggnggngnggngg PlaPlaPlaPlaPlaPlaP aant,nt,nt,nt,nt,,, TaTaTaTa Ta Taa TaTa TaTaarkkkwkwwkwkwr wwwwwwwwwwwwwwwkwa Ga Ga Ga Ga Ga GGGa Ga Ga Goldoldldoldldldldldooo doooolo d MiM Mi MiMMMiMiM ne,ne,neeeeeeee,eee,, GhhGhhhGhGhanaanaanaananaanaaanana
extension ongoing• Extensional and “ore definition” drilling
accelerated• Brownfield exploration focused on
prospective “Mine Central Corridor”
The St Ives and Agnew gold mines in Western Australia represent a solid base for Gold Fields growth in Australasia and are important contributors to the stated objective of building the production for the region to ~1 Moz per annum. St Ives is located 80 km north of Kalgoorlie and 5 to 25 km south-southwest of Kambalda, near Lake Lefroy in the eastern goldfields region of Western Australia. The operation falls within the geological region known as the Archaean Norseman-Wiluna Greenstone Belt, which is well endowed in gold and nickel. St Ives takes its name from the largest of many small, historic workings scattered throughout the area, that of Ives Reward, which was
discovered by prospector Pat Ives in 1919. Mining here was discontinued for many years and was resumed in 1981 by Western Mining Corporation Resources Limited (WMC).
Agnew is located 375 km north of Kalgoorlie. The Agnew deposit, in the same geological region as St Ives, was discovered in 1895. Mining by a variety of people and companies has continued off and on since then. WMC secured the leases early in the 1980s and started operating in 1986. Agnew was acquired by Gold Fields Limited in December 2001.
The Australasia Region mining and development assets of Gold Fields include:• a 100% interest in St Ives Gold Mine
located in Western Australia, and • a 100% interest in Agnew Gold Mine
located in Western Australia.
Annual overviewThe Australasia Region has a declared Mineral Resource of 9.1 (7.7) Moz and Mineral Reserve of 3.0 (2.5) Moz, production depleted by 0.7 and 0.7 Moz respectively. The Region’s Mineral Resource base has increased by 19% net of depletion primarily because of the increase in gold price and discovery.
Gold Fields 200916
The total Mineral Reserve has increased by 22%, net of mined depletion due to the increase in gold price and discovery. The St Ives LoM has again been extended following a year of continued, successful exploration strategy implementation. The overall exploration programme and framework implemented over the past few years has consisted of systematic full field air core drill programmes, integrated with detailed geological mapping and modelling supported by regional geochemistry, multi element sampling, geophysics and visual 3D modelling.
The short term growth strategy at Agnew during the past 12 months has focused on replacing ounces mined underground from Waroonga. This has been achieved through a combination of extensional infill drilling of the known orebodies (Kim, Kim South and Main) and targeting of new ore positions (450 South).
The following points are noteworthy:• Exploration spend for F2009 was
dominated by the drill out of the Athena orebody at St Ives and other proximal targets, which has culminated in the declaration of the initial Mineral Reserve from this project area (410 koz);
• The Athena Complex, within the Condensor North mining area, now has a current mineral inventory in excess of 2.2 Moz. Further depth and extensional drilling will be completed in F2010 as options to bring this orebody into production are evaluated;
• Further contributions to the St Ives Mineral Reserve growth came from
AUSTRALASIA REGION
significant discoveries and expansion at the Argo (+151 koz) and Belleisle (+46 koz) underground mines where extension drilling and improved orebody modelling / structural control reviews were completed;
• At the St Ives Cave Rocks underground mine, geological work focused on defining orebody geometry, continuity and spatial distribution during the past year, which will also provide the framework for future extensional drilling at this site;
• The two continuous improvement programmes, the UDIP (Underground Department Improvement Programme) and the ODIP (Open Pit Department Improvement Programme) initiated in late 2008, remain fundamental initiatives to drive operational excellence at St Ives;
• The key deliverable for Mineral Resource development in the next 12 months at Agnew’s Waroonga underground mine is the drill out of the Mineral Reserve of the extensive Kim South;
• A strategic goal for Agnew in F2010 is to achieve a Mineral Reserve of 1 Moz by June 2010, which would provide a LoM of approximately 5 years;
• A geological study of the whole Waroonga Complex is underway to provide better ore definition and optimise the exploration programme;
• Outside of the Waroonga Complex, exploration will be focused within the prospective Mine Central Corridor that hosts the vast majority of the larger gold orebodies discovered in the region (Songvang, Crusader Complex and Redeemer Complex).
GolGolGolGo d Pd Pd PPd PPllanlant,t,t, AgnAgAg ewew Gold Mdd Mineeine, A, Austustralra ia.
ExpExpExExpExplorlorlorloro atiatiatiationononon dridridridrilllllllll rigrigrigrigri s os os os on Ln Ln LLakeakeakeakee Le LeLeLL frofrofrofror y, y, y,y, StSStStStSttt IveIveIveveIvees Gs Gs GGoldoldoldoldl MiM MiMiMine,ne,nn Au Au AuAA strstrstss alialia a.a.
Gold Fields 2009 17
Australasia Region Mineral Reserve Sensitivity
0
1
2
3
4
+25%+10%+5%1,000-5%-10%
Gol
d (
Moz
)
Gold Price (A$/oz)
AgnewASt IvesS
Mineral Reserve sensitivitiesThe sensitivity of Mineral Reserve ounces at all the operations is shown in the accompanying chart, at -5%, -10% and +5%, +10% and +25%, relative to the base gold price used for this declaration.
Mineral Reserve sensitivities have been derived from the application of the relevant cut-off grades to individual grade-tonnage curves of the optimised pit shells for the open-pit operations.
The Mineral Reserve sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.
Agnew Total 21.2 5.1 3.497 3.125 Agnew Total 2.9 7.8 0.722 0.615
Total Australasia Region 85.0 3.3 9.140 7.663 Total Australasia Region 33.0 2.9 3.044 2.494
Mineral Resources and Mineral Reserves1
1 Mineral Resource are inclusive of Mineral Reserves; Managed, unless otherwise stated.2 The Agnew deposits, Miranda and Vivien are subject to a royalty agreement.
30 June 2009
Tons Grade Gold
(Mt) (g/t) (Moz)
2.5 4.0 0.322
41.3 2.7 3.545
15.9 3.2 1.636
59.7 2.9 5.503
4.1 1.1 0.139
63.8 2.8 5.643
3.7 4.6 0.543
9.5 5.1 1.539
7.7 5.7 1.404
20.9 5.2 3.486
0.3 1.1 0.012
21.2 5.1 3.497
85.0 3.3 9.140
30 June 2009
Tons Grade Gold
(Mt) (g/t) (Moz)
1.9 4.3 0.260
24.1 2.5 1.922
26.0 2.6 2.182
4.1 1.1 0.139
30.1 2.4 2.322
0.6 8.9 0.186
1.9 8.7 0.526
2.5 8.7 0.712
0.3 0.9 0.010
2.9 7.8 0.722
33.0 2.9 3.044
Gold Fields 200918
SOUTH AMERICA REGION
The Cerro Corona copper-gold Mine, is located about 40 km north of the Yanacocha mine, and 80 km by road north of the departmental capital of Cajamarca in northern Peru. The deposit is hosted by a 600 – 700 m diameter sub-vertical cylindrical-shaped diorite porphyry emplaced in mid-Cretaceous limestone, marls and siliclastic rocks. Within the porphyry, copper-gold mineralisation is primarily associated with zones of stockwork quartz veining.
In January 2006, Gold Fields acquired 92% of the voting securities (80.7% of the economic interest) of what is now termed Gold Fields La Cima S.A. (GFLC), formerly known as Sociedad Minera La Cima S.A. GFLC holds Mining Concessions covering approximately 2,939 ha that encompass the deposit and adjoining areas. Gold Fields subsequently acquired all requisite additional permits to start a mine and
construction commenced in May 2006. Ore processing started in August 2008 and full production was reached in December 2008.
Exploitation of the Cerro Corona gold-copper deposit is by open pit, with the ore being processed in a standard sulphide flotation plant with an annual capacity of 6.2 Mt. Mine life is currently projected to be 15 years. The metal is contained in a high quality, copper-gold concentrate which is transported approximately 380 km to the Peruvian coast for shipment to copper smelters in Korea, Japan and Germany.
Annual overviewProduction at Cerro Corona Mine reached steady state of approximately 500 ktpm in February 2009. Construction of the Tailings Storage Facility is progressing according to schedule. Abutments
clean-up, restricted placement areas, and higher than expected precipitation are the main challenges to construction. Following the revision to the geotechnical model, the pit slope angles have been modified resulting in an increase in the waste stripping, which may exceed the current waste storage facility. The surplus tonnage would need to be accommodated at an alternative on mine site. Investigations into a potential expanded or supplementary tailings facility are in progress.
The South America Region gold only Mineral Resource, excluding gold equivalents, decreased by 10% to 4.2 (4.7) Moz and gold only Mineral Reserve decreased by 7% to 2.8 (3.0) Moz. Copper Mineral Resources and Mineral Reserves are 1,429 (1,637) and 988 (1,061) Mlb respectively. The reduction is mainly due to changes in geotechnical parameters and operating cost. The total copper gold equivalent Mineral Resource and Mineral Reserve ounces are 8.1 (9.0) and 5.5 (5.9) Moz, depleted by 0.4 and 0.4 Moz respectively.
The following points are noteworthy:• The Mineral Resources are constrained
by the Sylvita concession to the northwest as well as the eastern property limits;
• Independent Geotechnical & Tailings Review Board (IGTRB) support the original design capacity of 94.1 Mt to an elevation of 3,800 mRL subject to certain requirements and mitigations, in particular the Upstream Containment Blanket (UCB) and the Hualgayoc springs collection and pump back system;
• Further metallurgical tests are required to be undertaken on the chalcocite buckets within the hypogene domain to determine if there is any influence on the recoveries; and
• A possible supplementary TSF site is being investigated to provide flexibility and options for expansion or extension.
Salient features
• Gold equivalent Mineral Resource 8.1 Moz
• Gold equivalent Mineral Reserve 5.5 Moz
• Anchor point for growth within the Region
Cerro Corona MineGold Mineral Resource 4.2 MozCopper Mineral Resource 1,429 MlbGold Mineral Reserve 2.8 MozCopper Mineral Reserve 988 Mlb• Mining and Plant reached steady design capacity• Construction of the second phase of the tailings storage
facility is underway
Gold Fields 2009 19S
ection 1: Overview
:South A
merica
Mineral Reserve sensitivitiesThe Mineral Reserve sensitivity remains constant due to the TSF tonnage constraint, therefore the tonnage does not change from -10% to +25% variance around the base price. Minor changes in equivalent ounces may occur as a result of change in cut-off grades.
The sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.
Total Cerro Corona (Au+Cu-Au Eq) 8.140 8.974 5.539 5.874
1 Mineral Resource are inclusive of Mineral Reserves; Managed, unless otherwise stated.2 Excludes copper Mineral Resources of 0.4 % Cu containing 1,429 Mlb copper (tons are however included). Copper open pit Mineral Resources comprise Measured of 26.7 Mt @ 0.5 % Cu for 305
Mlb, Indicated of 115.6 Mt @ 0.4 % Cu for 1,076 Mlb, Inferred of 4.8 Mt @ 0.3 % Cu for 35 Mlb, and Measured stockpiles of 1.2 Mt @ 0.5 % for 14 Mlb.3 Excludes copper Mineral Reserves of 0.5 % Cu containing 988 Mlb copper (tons are however included). The copper Mineral Reserve classifi cation tonnages are the same as for gold with open pit
Proved copper Mineral Reserves of 0.6 % Cu for 266 Mlb, Probable of 0.5 % for 708 Mlb and Proved stockpiles of 0.5 % for 14 Mlb.4 Copper equivalent ounces (copper revenue converted to gold equivalent ounces). Note that these tons are repeated in the gold statement.
30 June 2009
Tons Grade Gold
(Mt) (g/t) (Moz)
27.5 1.0 0.894
116.7 0.8 2.940
4.9 0.5 0.081
149.1 0.8 3.915
6.7 1.4 0.295
155.8 0.8 4.209
155.8 0.8 4.209
Tons Grade Au-Eq
(Mt) Cu (%) (Moz)
3.931
8.140
30 June 2009
Tons Grade Gold
(Mt) (g/t) (Moz)
21.4 1.1 0.756
66.6 0.9 2.017
88.1 1.0 2.773
1.2 1.2 0.049
89.3 1.0 2.822
89.3 1.0 2.822
Tons Grade Au-Eq
(Mt) Cu (%) (Moz)
2.717
5.539
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Gold Fields 200920
GROWTH PROJECTS – ARCTIC PLATINUM PROJECT
At Gold Fields Arctic Platinum Oy, located in Finland, the JORC Mineral Resource estimates generated by Snowden Mining Industry Consultants for the Ahmavaara and Konttijarvi PGE+Au-Cu-Ni deposits and the total SK Reef package, were re-stated as of December 2004 and remain unchanged. The project Mineral Resource comprises 168.3 Mt at 2.3 g/t for 12.6 Moz of 2PGE plus gold.
A 100 % interest in the Arctic Platinum Project (APP) is currently applied. North American Palladium (NAP) did not take up their option to acquire 60% of the Arctic Platinum Project (APP) and consequently the Resource Statement remains the same as previously reported.Positive results from preliminary metal-lurgical tests, using a hydrometallurgical process have justified additional engineering work to perfect the cost
estimates for using this process on a commercial scale. During F2010 further work will be completed to assess the economic viability of the process and a decision will be made on pilot plant testing by Q4 F2010.
Tons(Mt)
Grade Metal Individual Metal Grades
Classifi cation 2PGE + Au 2PGE + Au Pd Pt Au Cu Ni
Total APP 168.3 2.33 12,601 1.76 0.45 0.12 0.19 0.09
APP Mineral Resources
BulBulBulk sk sk sampllle collectioi n ((2002 6), APP, Finland
Salient features
• Palladium, Platinum, Gold, Copper and Nickel Deposit
• Mineral Resource 12.6 Moz• Option to crystallise value being
assessed
• Hydrometallurgical process test work in progress
Gold Fields 2009 21S
ection 1: Overview
:Grow
th Projects
The West Wits Tailings Processing Project is a low grade gold and uranium recovery project which will produce sulphuric acid as a by-product for internal consumption, as well as an additional revenue stream. The Project has the potential to create substantial shareholder value.
The nature of the Mineral Resource requires large throughput volumes in order to provide critical mass and to fund the extensive metallurgical plant and infrastructure requirements in order to reclaim, reprocess and redeposit the tailings material to a central tailings storage facility.
Over the past year, the Project has advanced at a rapid pace, with significant
progress in most of the key project deliverables with the following important milestones achieved:• Completion of drilling and evaluation of
the historic tailings facilities;• Completion of the surface Mineral
Resource model;• Completion of the reclamation plan;• Completion of a feasibility study on the
concentrator;• Completion of the process pre-
feasibility study for the treatment of historic surface tailings; and
• Completion of the metallurgical test work on current horizon tailings material.
The feasibility study on the pump system and surface infrastructure
requirements are 90% complete.
The legislative and environmental impact assessment processes have progressed from the environmental screening, process development and planning phase to the scoping and public participation phase.
The metallurgical test work is ongoing and has progressed to the early stages of the metallurgical mapping, variability testing and the historical tailings pilot plant campaign.
Geotechnical investigations have started at the Driefontein 7 Shaft site for the central metallurgical plant.
Salient features
• TSF uranium Mineral Resource 51.4 Mlb• Underground uranium Mineral Resource 25.7 Mlb• Total uranium Mineral Resource 77.1 Mlb• TSF gold Mineral Resource 4.3 Moz
WEST WITS TAILINGS PROCESSING PROJECT
Driefontein TSF’sUranium Mineral Resource 22.3 MlbGold Mineral Resource 1.8 Moz• Total of 5 Tailings Facilities
Kloof TSF’sUranium Mineral Resource 20.4 MlbGold Mineral Resource 2.1 Moz• Total of 6 Tailings Facilities
South Deep TSF’sUranium Mineral Resource 8.7 MlbGold Mineral Resource 0.4 Moz• Total of 2 Tailings Facilities
GROWTH PROJECTS – WEST WITS TAILINGS PROCESSING PROJECT
Gold Fields 200922
Surface drilling of historical tailings was concluded in March 2009 and evaluation activities were completed in April 2009. The programme involved the drilling of approximately 30,000 metres of tailings material. The drilling programme generated 23,000 samples for primary analysis that were analysed by three accredited laboratories at a rate of 600 samples per day. The surface tailings resource models have been audited internally and externally.
Uranium, gold and sulphur from planned underground mining horizons make an important contribution to the project. A full project feasibility study is currently in progress and is due for completion by the end of F2010.
The Mineral Resource estimate for underground uranium as well as gold and uranium in all the TSF’s of the West Wits Line (Driefontein, Kloof and South Deep gold mines), are as follows:
South Deep surface tailings (Measured) 53.4 0.074 8.73 –
South Deep underground (Inferred) 71.6 0.073 11.58 –
South Deep Total 125.0 0.074 20.31 –
Uranium Total 610.3 0.057 77.11 11.38
West Wits TSF and Underground Uranium Mineral Resources1
1 Mineral Resource are inclusive of Mineral Reserves; Managed, unless otherwise stated.
Locality plan, West Wits TSF’s, South Africa
June 09
Tons (Mt) Grade (kg/t) Uranium (Mlb)
150.9 0.064 21.44
– – –
13.8 0.027 0.81
164.7 0.061 22.26
50.2 0.096 10.54
214.9 0.069 32.80
234.9 0.039 20.45
35.5 0.045 3.55
270.4 0.040 24.00
53.4 0.074 8.73
71.6 0.073 11.58
125.0 0.074 20.31
610.3 0.057 77.11
June 09
Tons (Mt) Grade (g/t) Gold (Moz)
150.9 0.3 1.703– – –
13.8 0.2 0.102164.7 0.3 1.805
234.9 0.3 2.145
234.9 0.3 2.145
53.4 0.2 0.399
53.4 0.2 0.399453.0 0.3 4.348
GROWTH PROJECTS – WEST WITS TAILINGS PROCESSING PROJECT
Gold Fields 2009 23
Competent Persons designated in terms of the 2007 SAMREC Code and responsible for the generation and consolidation of the Mineral Resource and Mineral Reserve Statements are listed below. Each named person is appropriately qualified and is an employee of Gold Fields. In all instances, a team of technical professionals with extensive relevant industry experience supportthe Competent Person.
Competent Person 1 Title Qualifi cationsExperience
(Years)
Tim RowlandNo. 400122/2000 2
Vice President Technical South African Operations BSc (Honours) Geology, MSc (Mineral Exploration), GDE (Mining Engineering), FGSSA; FSAIMM; GASA
23
Kevin RobertsonNo. 400127/042
Senior Consultant: Mine Planning and Resource Management
NHD (Economic Geology); GDE (Mining Engineering); M.Eng (Mining) 23
Consultant: Geology BSc (Geology); GDE (Mining Engineering); DIP. B.Admin. 32
Heinrich SchnetlerPMS 0105 3
Consultant: Survey NHD (Mine Survey); GDE (Mining Engineering); MSCC 33
Alberto Reyes Principal Mining Engineer BEng Mining 12
1 Corporate 2 Registered SACNASP Members 3 Registered PLATO Members
AbbreviationsAI Above infrastructure m2 square metre
APP Arctic Platinum Project m3/s cubic metres per second
A$ Australian dollar Mlb Million pound
A$/oz Australian dollar per ounce Moz Million ounces
Au Gold mRL metres relative level
BCM Bank cubic metres Mt Million tons
BI Below infrastructure mtpa million tons per annum
cm centimetres MW Mega Watt
Cu Copper NCE Notional cash expenditure
CW Channel width R&D Research and Development
Eq Equivalent RoM Run of Mine
F2010 Financial year 2010 SAG Semi Autogenous Grind
g/t grams per ton SV Sub vertical
Ga billion years SW Stoping width
ha hectare t metric tons
HPGR High pressure grinding roll tpd tons per day
kg kilogram tph tons per hour
km kilometre tpm tons per month
koz thousand ounces US$ American dollar
LIB Long Incline Borehole US$/oz American dollar per ounce
LoM Life of Mine ZAR South African Rand
m metre
COMPETENT PERSONS
NOTES
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Gold Fields 200924
Gold Fields 2009 28Gold Fields 2009 28
GLOSSARY OF TERMS
TERM DEFINITION
Block Width The average width at which it is estimated a block of ore will be mined.
Cut-off GradeThe lowest grade of mineralised rock which determines as to whether or not it is economic to recover its gold content by further concentration.
DilutionWaste or material below the cut-off grade that contaminates the ore during the course of mining opera-tions and thereby reduces the average grade mined.
Gold Equivalent OuncesA quantity of metal (such as copper) converted to an amount of gold in ounces, based on accepted gold and other metal prices i.e. The accepted total value of the metal based on its weight and value thereof divided by the accepted value of one troy ounce of gold.
Indicated MineralResource
That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of confi dence. It is based on information from exploration, sampling and testing of material gathered from locations such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or inappropriately spaced to confi rm geological and/or grade continuity but are spaced closely enough for continuity to be assumed.
Inferred MineralResource
That part of a Mineral Resource for which tonnage, grade and mineral content can be estimated with a low level of confi dence. It is inferred from geological evidence and sampling and assumed but not verifi ed geologically or through analysis of grade continuity. It is based on information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that may be limited or of uncertain quality and reliability.
Kriging Effi ciency (KE) Provides a measure of the reliability of block evaluations.
Life of Mine (LoM)Number of years that an operation is planning to mine and treat ore and is derived from the current min-ing plan.
Measured MineralResource
That part of a Mineral Resource for which tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confi dence. It is based on detailed and reliable information from exploration, sampling and testing of material from locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confi rm geological and grade continuity.
Mill WidthCalculated width expressing the relationship between the total reef area excavated and the total mill tons milled from underground sources.
Mine Call FactorThe ratio expressed as a percentage which the specifi c product accounted for in “recovery plus residue” bears to the corresponding product “called for” by the mine’s measuring and evaluation methods.
Mineral Reserve(Reserve)
The economically mineable material derived from a Measured and/or Indicated Mineral Resource. It is inclusive of diluting and contaminating materials and allows for losses that that are expected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project and a LoM Plan for an operation must have been completed, including consideration of, and modifi cation by, realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors (the modifying factors). Such modifying factors must be disclosed.
Mineral Resource(Resource)
A concentration or occurrence of material of economic interest in or on the earth’s crust in such form, quality and quantity that there are reasonable and realistic prospects for eventual economic extraction. The location, quantity, grade, continuity and other geological characteristics of a Mineral Resource are known, or estimated from specifi c geological evidence, sampling and knowledge interpreted from an appropriately constrained and portrayed geological model. Mineral Resources are subdivided, and must be so reported, in order of increasing confi dence in respect of geoscientifi c evidence, into Inferred, Indi-cated and Measured categories.
Paylimit The value at which it is estimated that ore can be mined at break-even.
Plant Recovery FactorThe ratio expressed as a percentage, of the mass of the specifi c mineral product actually recovered from ore treated at the plant to its total specifi c mineral content before treatment.
Probable Mineral Reserve
Economically mineable material derived from a Measured or Indicated Mineral Resource or both. It is estimated with a lower level of confi dence than a Proved Mineral Reserve. It includes diluting and con-taminating materials and allows for losses that are expected to occur when the material is mined. Appro-priate assessments to a minimum of a Pre-Feasibility Study for a project or a LoM Plan for an operation must have been carried out, including consideration of, and modifi cation by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modify-ing factors must be disclosed.
Proved Mineral Reserve
Economically mineable material derived from a Measured Mineral Resource. It is estimated with a high level of confi dence. It includes diluting and contaminating materials and allows for losses that are ex-pected to occur when the material is mined. Appropriate assessments to a minimum of a Pre-Feasibility Study for a project or a LoM Plan for an operation must have been carried out, including consideration of, and modifi cation by, realistic assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Such modifying factors must be disclosed.
Tonnage DiscrepancyDifference between the tonnage hoisted as ore and that accounted for by the plant measuring methods. Discrepancy is referred to as a shortfall when the calculated tonnage is less than the tonnage accounted for by the plant, or an excess when the opposite occurs.
Ton(s) Metric ton(s) = 1,000 kilograms.
UraniniteA strongly radioactive, brownish-black mineral, UO2, forming the chief ore of uranium (U3O8) and con-taining variable amounts of radium, lead, thorium and other elements as impurities.
