GOLD FIELDS LTD

Foreign Filer Report • Nov 21, 2014

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Strong operational performance generatesUS$63 million cash flow

JOHANNESBURG. 20 November 2014 , Gold Fields Limited (NYSE &JSE: GFI) today announced net earnings for the September 2014 quarterof US$19 million compared with US$19 million for the June 2014 quarterand US$9 million for the September 2013 quarter. Normalised earnings forthe September 2014 quarter of US$23 million compared with US$25 millionfor the June 2014 quarter and US$12 million for the September 2013quarter

	9	38
	1	5
18	8	37
	1	5
	12	68
	2	9

Certain 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, including, among others, those relating to the future business prospects, revenues and income of Gold Fields, wherever they may occur in this report, are necessarily estimates reflecting the best judgment of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation: • overall economic and business 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; • the ability to achieve anticipated cost savings at existing operations; • the success of exploration and development activities; • decreases in the market price of gold or copper; • the occurrence of hazards associated with underground and surface gold mining; • the occurrence of work stoppages related to health and safety incidents; • fluctuations in exchange rates, currency devaluations and other macroeconomic monetary policies; • the occurrence of labour disruptions and industrial actions; • the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms and conditions of Gold Fields’ facilities and Gold Fields’ overall cost of funding; • the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects, exploration projects or other initiatives; • changes in relevant government regulations, particularly environmental, tax, health and safety, regulations and potential new legislation affecting mining and mineral rights; and • political instability in South Africa, Ghana, Peru or regionally in Africa or South America. Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.

1for the

Operating costs Net operating costs decreased by 5 per cent from US$436 million in the June quarter to US$414 million in the September quarter.

At the South Africa region, net operating costs at South Deep decreased by 7 per cent from R687 million (US$65 million) in the June quarter to R637 million (US$59 million) in the September quarter. This was mainly due to lower production, restructuring of the cost base as a result of voluntary retrenchments and lower consumables due to lower production.

At the West Africa region, net operating costs increased by 8 per cent from US$134 million in the June quarter to US$145 million in the September quarter. This increase in net operating costs was due to the higher operational tonnes mined and treated at Tarkwa.

At the Australia region, net operating costs decreased marginally from A$199 million (US$185 million) in the June quarter to A$198 million (US$184 million) in the September quarter.

Operating profit

Operating profit for the Group decreased by 8 per cent from US$311 million in the June quarter to US$285 million in the September quarter due to the decrease in revenue, partially offset by the lower net operating costs.

Amortisation for the Group decreased by 14 per cent from US$175 million in the June quarter to US$151 million in the September quarter. This was mainly at the Australian operations due to a change in estimate in the depreciation calculation.

Other

Cash flow Cash inflow from operating activities of US$206 million in the September quarter compared with US$220 million in the June quarter mainly as a result of higher tax and royalties paid, due to the timing thereof, and higher non-recurring items, partially offset by a US$22 million release of working capital in the September quarter compared with a US$4 million investment in working capital in the June quarter.

Cash outflow from investing activities decreased from US$156 million in the June quarter to US$62 million in the September quarter. This was mainly due to the proceeds from the disposal of Chucapaca of US$81 million, as well as a decrease in capital expenditure from US$153 million in the June quarter to US$144 million in the September quarter.

In the South Africa region at South Deep, capital expenditure decreased from R194 million (US$19 million) in the June quarter to R191 million (US$18 million) in the September quarter. The majority of this expenditure was on development and infrastructure costs required in the build-up to full production.

In the South America region at Cerro Corona, capital expenditure decreased from US$20 million in the June quarter to US$12 million in the September quarter following the installation of the jaw crusher in the June quarter. In the September quarter, the majority of the expenditure was on an additional raise of the tailings storage facility.

Net operating costs increased by 4 per cent from US$400 million to US$414 million due to the inclusion of the Yilgarn South assets.

At South Deep in South Africa, net operating costs decreased by 23 per cent from R832 million (US$84 million) in the September 2013 quarter to R637 million (US$59 million) in the September 2014 quarter. This was mainly due to the lower production as well as cost restructuring, partially offset by annual wage increases and normal inflationary increases. All-in sustaining costs of R616,306 per kilogram (US$1,790 per ounce) and total all-in cost of R658,383 per kilogram (US$1,912 per ounce) in the September 2014 quarter compared with R464,500 per kilogram (US$1,446 per ounce) and R513,149 per kilogram (US$1,599 per ounce), respectively, in the September 2013 quarter.

At the West Africa region, net operating costs decreased by 13 per cent from US$166 million in the September 2013 quarter to US$145 million in the September 2014 quarter. All-in sustaining costs and total all-in cost for the region amounted to US$1,131 per ounce in the September 2014 quarter compared with US$1,224 per ounce in the September 2013 quarter. At Tarkwa, net operating costs decreased by 23 per cent from US$126 million to US$97 million. Good cost control as well as lower contractor and consumable stores costs due to the heap leach closure were partially offset by annual wage increases and increased power rates. Net operating costs were also lower due to a US$3 million gold-in-process credit to cost in the September 2014 quarter, compared with a US$10 million drawdown of stockpiles in the September 2013 quarter. All-in sustaining costs and total all-in cost amounted to US$1,096 per ounce in the September 2014 quarter compared with US$1,124 per ounce in the September 2013 quarter. At Damang, net operating costs increased by 15 per cent from US$41 million to US$47 million due to a US$3 million charge to costs in the September 2014 quarter compared with a US$5 million credit to cost in the September 2013 quarter. All-in sustaining costs and total all-in cost amounted to US$1,245 per ounce in the September 2014 quarter compared with US$1,727 per ounce in the September 2013 quarter.

At Cerro Corona in South America, net operating costs decreased by 33 per cent from US$40 million in the September 2013 quarter to US$27 million in the September 2014 quarter. This was mainly due to a US$10 million build-

(400.4)
(396.2)
(4.2)5.5| (484.6) | 887.9 |
| --- | --- |
| | 403.3 |
| (18.3) | (57.1) |
| (2.2) | (2.9)7.1 |
| 5.00.8 | |
| (5.0)- | (22.3) |
| (4.5) | |
| (13.8)(12.3) | (34.9) |
| | (47.2) |
| (19.669.8 | 205.9 |
| (38.4)50.2 | (96.1) |
| 7.5 | (88.0) |

11.844.4 (8.0)*

(6.5)
3.844.4

1.438.3

13.1(0.8)

• (1.2)| | (1.4)(2.2) | |
  | --- | --- | --- |
  | (5.3) | (1.5) | 14.2 |
  | | (3.7)(33.0) | |

5 (1)-

(1)-| | 8.2 |
| --- | --- |
| 1.5) | 5 |
| 1- | - |
| 1 | 5 |
| - | - |

11.8| 2 | 9 |
| --- | --- |
| 9.9810.70 | 0.92 |

1,274

--- 1,297.0 116.1

105.0 -- 10.0

---

10.0105.0 - 10.0105.0

159.2

148.4484.6 - 44.5 (58.5)
22.0 159.2 --

(10.4)-

-

(165.5)

• (12.8)
  (30.0)
• -

(165.5)(361.6)

43.5 122.0

2.0 -- 43.5 --

37.2 37.2 -

15.2(2.6)
325.0 446.2

9.4 0.8 3.1-

2.6 0.1 9.0 (0.1)
8.236.8

Damang| | 937952 | |
| --- | --- | --- |
| | 2,9681.4 | 5,133 |
| | 1.4 | 1.61.4 |
| 1.3 | 42.81.3 | |
| | 40.5 | 76.8 |

130.040.5	96.7
1,2751,284	1,2121,119

	1,28548	22
	4545	23
	1,2451,282	245
1,045	1,210	245
1,045	1,2821,210	307

	54.552.1	67.5
	167.1	259.4117.2
(97.1)	(47.4)	(51.4)(26.5)
	(132.9)	(102.3)(36.5)
(284.5)	(132.1)	(40.1)

1.4	2.2	(0.8)7.1	40.9
			65.8

(33.6)264.3	(5.7)34.2	(19.9)
(104.6)	(5.6)	(21.0)
47.9	(15.8)1.4	21.1
159.72.5	55.918.4	44.7
(2.8)	(1.3)0.2	(3.4)
(5.9)	1.6	17.8
153.853.1	15.01.2	41.3
	(2.1)	(11.3)(9.8)
(11.1)	(9.9)
(28.6)	--
(8.9)	(2.6)	(1.0)(1.2)
(27.3)

(10.1)	0.5	3.5
25.6	(0.7)	30.08.0
87.8	(0.9)5.1
(1.5)(1.6)	(0.1)(0.9)	(2.6)
(16.4)	(3.4)(1.6)	8.0
27.771.4	(1.0)27.4

24.1 27.9 80.3

(2.7)

(41.5)(4.8)(20.3)
(122.6)

1

Australia

1,9731,1573201363601,157320360| 1,9311,140 | 303 | 129359 | 1,1403,579 | 303917 | 1294091,120359 | |
| --- | --- | --- | --- | --- | --- | --- |
| 4.2 | 2.42.37.06.8 | 5.17.3 | 4.14.22.32.4 | 7.06.8 | 5.15.57.37.4 | |
| 4.14.0 | 2.36.7 | 5.25.56.6 | 4.02.3 | 6.7 | 5.26.6 | |
| 88.783.4 | 72.266.0 | 22.322.985.684.6 | 88.7 | 72.2 | 22.385.6 | 1,2981,591 |
| | 197.5 | 770.9 | 770.9268.7 | 197.5 | 22.968.1236.784.6 | |
| 83.4 | 66.072.2 | 22.922.3285.684.6 | 88.7 | 72.2 | 22.385.6 | 1,2981,591 |
| 770.9 | 197.5 | 68.1236.7 | 770.9268.7 | 197.5 | 22.968.1236.7 | |
| 1,307 | 1,2901,281 | 1,3001,2821,2681,275 | 1,3811,3821,3871,398 | 1,3891,377 | 1,3971,3701,372 | |
| 931,289 | 611,286 | 1,2911,280 | 1,4001,403 | 661,400 | 1,4061,393131 | |
| 96 | 6462 | | 10369 | | 137136 | |
| 1,1491,372990 | 1 1,010 | 792692 | 1,0651,1181,235 | 1,0251,083 | 1,3161,316852742 | |
| 1,0431,149 | 994953 | 1,2241,175789792 | 1,1361,3821,235 | 1,082 | 1,279859852 | |
| 1,372 | 1,010 | 1,228692 | 1,1181,472 | 1,0251,083 | 1,3161,316742 | |
| | 994 | 789 | 1,1361,382 | 1,082 | 1,279859 | |

	93.2	29.0108.5	371.3355.1123.1116.6	100.490.9	31.4116.8116.1
109.0	254.084.6	29.487.9303.0107.9	1,079.1377.1	276.5	95.7329.8
(75.0)	(46.4)(43.4)	(21.9)(46.2)(45.1)	(80.1)	(50.0)(46.7)	(23.3)(49.7)(48.2)	(637.3)(686.8)
	(127.0)(47.3)	(65.3)(141.5)	(614.9)(251.4)(76.1)	(138.3)(50.9)	(71.1)(22.5)(154.0)(47.1)	(2,038.5)(637.3)
(557.5)(220.8)(73.2)	(133.7)(45.2)	(63.4)(21.4)(139.6)45.9)	(240.4)	(145.5)(48.6)	((22.9)(69.0)(151.9)(49.1)	(686.8)
0.2	1.3(0.8)1.8	(0.7)(0.5)(2.3)0.8	(0.9)0.4(1.7)	1.50.9	(0.5)	0.8
(10.1)	44.946.86.6	(1.9)7.4(1.9)62.3	(8.0)(11.0)	48.450.4	(2.1)7.8(2.1)
115.5	34.0126.941.2	22.57.462.8	464.3125.7	36.6138.144.2	24.68.0175.867.9

(33.4)(19.3)(20.3)	(5.0)	(35.7)	(21.7)(5.1)(5.3)	(19.4)(10.5)
(93.8)(60.4)	(11.5)(34.9)	(218.6)(102.1)	(65.8)(12.6)	(37.9)

For Australia, all financial numbers are in Australian dollar.

South Africa Region

TarkwaDamang

(44.6)
(43.2)
(284.5)(132.1)

0.6 2.2

(9.0)2.6)
(27.3)(8.4)

-- --| (3.2) | - |
| --- | --- |
| (0.6)(1.1) | (0.1)0.1) |

-- -- -36.6 -- 0.5-

(0.2)
(6.9)(0.8)

(41.5)(4.8)
(122.6)(14.2)
(152.6)
(144.4)(52.0)
(157.2)) (157.2)

---

(144.4)(52.0)
(444.4)(157.2)| (144.4)(444.4) | (157.2)(52.0) |
| --- | --- |
| 140.7 | 42.840.5 |
| 1,096 | 130.01,245 |
| 1,0261,045 | 1,2821,210 |

(144.4)	(157.2)(52.0)
139.2140.7	40.5
1,096	130.01,245
1,0261,045	1,2821,210

St IvesAgnew/ Lawlers| (47.3)(45.2) | | (20.9)(21.4)(45.9) | | |
| --- | --- | --- | --- | --- |
| | | (63.4) | (2.3) | |
| | 1.86.6 | (1.9) | 0.8 | |
| | | (0.7)(0.8) | (2.8)(3.0) | |
| | (2.1) | (2.2) | (8.0) | |
| | - | -- | -- | |
| 0.2 | 0.1 | -- | -- | |
| | - | - | -- | |
| | | (0.1)- | (0.3) | |
| | (0.2) | - | 0.1 | |
| | | (0.1) | (0.8)(0.3) | |
| | | (0.2)(0.3) | (0.3)(0.6) | |
| -- | - | | - | -- |
| - | | - | - | |

0.1	0.2-
	(0.1)(0.2)	(0.4)(0.5)
(0.5)	(0.2)	(0.5)(1.3)
	(4.7)(0.4)
(20.3)	(11.5)(5.0)	(9.8)
(66.7)	(27.3)(28.1)	(67.8)(58.6)
	(80.0)-(186.9)	-
--	-(13.4)

-	--	--	--
(66.7)		(28.1)(67.8)(58.6)
		(80.0)(186.9)

(66.7)	(67.8)(58.6)
	(28.1)(80.0)(186.9
66.0	22.9	85.684.6
197.5	68.11 236.7
1,010	1,224	792692
994	1,175	789

(66.7)	(27.3)(28.1)(67.8)(58.6)
	(80.0)(186.9)	85.6
197.566.0	22.968.11 236.7	84.6
1,010	1,2241,228	792692
994	1,175	789