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
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
Process plantGruyere village
11
Progress on Gruyere
Gruyere is on track for first production early 2019
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
● 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
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
-
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
Gold Fields, H1 2017 results, 17 August 2017
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
Gruyere, Western Australia
South Deep, South Africa
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
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
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?
Note: selected assay results reported
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
Gold Fields, H1 2017 results, 17 August 2017
● 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
Note: selected assay results reported
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)
Gold Fields, H1 2017 results, 17 August 2017
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
Note: selected assay results reported
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
Gold Fields, H1 2017 results, 17 August 2017
Mill
Note: selected assay results reported
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
Gold Fields, H1 2017 results, 17 August 2017
St Ives – “Greater” Invincible & Speedway Trend
23
St Ives – Palaeochannel Project
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
6m quartz with
visible gold
Long Section Looking East
Main
Kim
Waroonga North
Note: selected assay results reported
25
Tarkwa Exploration
Gold Fields, H1 2017 results, 17 August 2017
● 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
Gruyere, Western Australia
South Deep, South Africa
27
Regional overview
Gold Fields, H1 2017 results, 17 August 2017
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
Gold Fields, H1 2017 results, 17 August 2017
● 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
0
200
400
600
800
1 000
1 200
1 400
0
20
40
60
80
100
120
140
160
180
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
Gold Fields, H1 2017 results, 17 August 2017
● 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$13m at Damang
● Realising the benefits of the Development Agreement
● 50% of Ghana’s fuel requirements hedged until December
2019
● Gas plants operating well at both sites
Damang: 30% reduction in power unit cost to 16.0
USc/kWh
Tarkwa: 18% reduction in power unit cost to 13.5 USc/kWh
0
200
400
600
800
1 000
1 200
1 400
0
50
100
150
200
250
300
350
H1 2015 H2 2015 H1 2016 H2 2016 H1 2017
Production (koz) and AIC (US$/oz)
Production AIC
0
200
400
600
800
1 000
1 200
1 400
0
10
20
30
40
50
60
70
80
H1 2015 H2 2015 H1 2016 H2 2016 H1 2017
Net Cash Flow (US$m) and gold price (US$/oz)
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
Gold Fields, H1 2017 results, 17 August 2017
● Strong safety record continued during H1 2017:
TRIFR of 0.39
● The region generated net cash flow of US$27m in
H1 2017
● Work on the life extension is the key focus for
2017 – prefeasibility study (PFS) underway
● Salares Norte – Brecha Principal and Agua
Amarga studies merged
Mineral resources as at 31 December 2016 of
4.4Moz gold equivalent (25.6Mt at 4.6g/t Au
and 53.1g/t Ag)
0
100
200
300
400
500
600
700
800
900
1 000
0
20
40
60
80
100
120
140
160
H1 2015 H2 2015 H1 2016 H2 2016 H1 2017
Production (koz) and AIC (US$/oz)
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 Cash Flow (US$m) and gold price (US$/oz)
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$/oz 1,557 1,257 1,389 1,821
Gold Fields, H1 2017 results, 17 August 2017
0
500
1 000
1 500
2 000
2 500
0
20
40
60
80
100
120
140
160
H1 2015 H2 2015 H1 2016 H2 2016 H1 2017
Production (koz) and AIC (US$/oz)
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 Cash Flow (US$m) and gold price (US$/oz)
Net CF Gold Price
Investor Relations Contacts Media Contact
Avishkar Nagaser
Tel: +27 11 562 9775
Mobile: +27 82 312 8692
E-mail:
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
E-mail:
Sven Lunsche
Tel: +27 11 562 9763
Mobile: +27 83 260 9279
E-mail:
Gruyere Project, Western Australia