Foreign Filer Report • Aug 21, 2014
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Statement by Nick Holland, Chief Executive Officer of Gold Fields:
Safety It is with deep regret that I have to report that South Deep had two fatal accidents in short succession on 17 and 27 May 2014. Our deepest sympathy and condolences are extended to the family, friends and colleagues of the deceased. These were industrial-type accidents associated with workshops and equipment, and precipitated the issuing of a Section 54 order by the Department of Minerals Resources, placing a moratorium on all workshop-related activities across the mine and effectively stopping production for a total of about two weeks. During this time a mine-wide reassessment of safety control systems was undertaken on the mechanised mining fleet as well as on working practices in all workshops.
Coinciding with but independent from the closure of the mine by the DMR, the new management team appointed at the beginning of 2014, concluded a comprehensive mine-wide review of all safety protocols, procedures and standards. This is in line with the team’s mandate to improve the mechanised mining culture on the mine, with specific emphasis on introducing international best practice standards on equipment availability and utilisation as well as the mechanised mining skills of employees. As a result of the safety review, it was determined that approximately 1,000 metres of legacy ground support in some of the ramps serving production areas in the older part of the mine on 95-level and above, were below the international best practice standards applied at our international mines and presented a serious latent safety risk. Approximately 70 per cent of current production is sourced from these areas.
As a result of the safety review, and in line with our first value – ‘If we cannot mine safely we will not mine’ – all production and destress activities in the affected areas were stopped and a ground support remediation programme implemented. This programme is expected to be completed by the end of September.
While this intervention comes at an unfortunate time, it will contribute to de-risking South Deep’s build-up plan; will make themine safer; and has provided management with an opportunity to fast-track a wide range of other interventions that will contribute to placing South Deep on a more stable footing over its 70-year mine life; and position the mine for an improved performance in 2015. These interventions are discussed in more detail in the South Deep section below.
-The disposal of non-core assets from our international project portfolio.
Despite the lower production expected from South Deep for the year, the Group remains on track to achieve its full-year guidance of AISC of US$1,125/oz and AIC of US$1,150/oz on attributable production of approximately 2.2 million gold equivalent ounces.
Our strong cash generation for the year to date has enabled the Group to declare an interim dividend of 20 SA cents per share. This is in line with our well-established dividend policy of paying out between 25 per cent and 35 per cent of normalised earnings to shareholders.
In pursuit of this objective, we reached agreement with our group of bankers during the quarter to amend and extend certain facilities under our syndicated bank credit facilities agreement. Under the amended agreement, the maturity date of commitments totaling US$715 million has been extended, on the same terms, by two years from November 2015 to November 2017.
In addition, during the June 2014 quarter, we reduced our net debt by a further US$52 million to US$1,635 million. This is in addition to the US$49 million repaid in the March quarter, which brings our net debt reduction for the year to date to US$101 million. Based on a 12-month rolling historical average our net debt to EBITDA ratio improved from 1.53 in the March 2014 quarter to 1.47 in the June 2014 quarter. If the June quarter EBITDA ratio is annualised it is 1.44. Our medium-term objectiveis to reduce our net debt to EBITDA ratio to approximately 1 times, which is consistent with our long-stated comfort zone.
Setting South Deep up for long-term success At South Deep all mining related activities were severely curtailed towards the end of May, for the final one month of the quarter, following two fatal accidents in quick succession, as well as the separate and unrelated introduction of an extensive ground support remediation programme. As a consequence South Deep’s production declined by 14 per cent from 1,840 kilograms (59,200 ounces) in the March quarter to 1,591 kilograms (51,100 ounces) in the June quarter.
The remediation programme, which took all of the legacy haulages and arterial routes on 95-level and above - from where approximately 70 per cent of current production is sourced - out of service. The programme will continue for the entire September quarter with a commensurate impact on production (three months in the September quarter vs one month in the June quarter). While normal production is expected to resume at the start of the December quarter, the ground support remediation programme is delaying the opening up of a number of long-hole stopes that were planned to be mined in the December 2014 quarter, with a commensurate knock-on effect on production during that quarter.
Considering the total impact of the safety stoppages as well as the ground support remediation programme, production during the second half of the year is expected to be approximately similar to that of the first half of the year.
A positive consequence of the ground support intervention, and in the absence of normal production pressures, is that it has afforded management the opportunity to fast track a number of other critical interventions aimed at setting South Deep up for long-term success:
The leadership structure on the mine has undergone a fit for purpose transformation aimed at the introduction and enforcement of greater levels of accountability and responsibility through-out the operation;
Management has embarked on a programme to address the surplus of old high cost equipment and people on the mine, both of which are prerequisites for an improved safety culture and improved productivity, and are deemed critical to de-risk the mine’s build-up to full production. After extensive discussions with the trade unions, a voluntary separation process was implemented which resulted in a rationalisation of the employee body by approximately 550 people (representing 14 per cent of employees). Further rationalisation is expected as certain contractors are exited and existing employees redeployed to fill their roles. Post the voluntary separation process, South Deep currently has 3,431 employees, as well as 1,909 contractors;
The process of rationalising the equipment is currently underway and includes the removal of surplus and redundant equipment as well as the limited introduction of more appropriate, specialised new equipment in certain areas;
In addition, management and the trade unions have reached agreement on changes to the shift roster which is expected to lead to the optimal re-deployment of employees to further improve productivity. The implementation of the amended shift roster is currently underway; and
The mine has utilised the hiatus in normal production activities to fast-track an extensive training programme aimed at improving the mechanised mining skills of employees.
It is expected that the ground support remediation programme will contribute to de-risking South Deep’s build-up plan to full production (a run rate of between 650,000 ounces and 700,000 ounces by the end of 2017); will make the mine safer; and will position the mine for an improved performance in 2015. Assuming current spot prices, South Deep is still anticipated to reach cash break-even by the middle of 2015, as previously advised.
Soon after the appointment of the new management team in February 2014, and in line with the team’s overall mandate to improve the mechanised mining culture on the mine, an International Geotechnical Advisory Board (IGAB), consisting of industry leaders from around the world, was appointed to review South Deep’s current destress mining methodology. The IGAB’s mandate was to consider the latest developments in the industry as well as the accumulation of new knowledge and experience in the application of the destress methodology at South Deep over the past five years, to determine if it was still themost appropriate method to use, and if there were safer and more cost effective alternative methods. After extensive studies and investigations over the past seven months, the IGAB has concluded that there are two alternative mining methods that hold significant promise and could potentially replace the current destress mining method.
The first method is the 4X4 Meter Destress Method , which effectively reduces destress mining from a three-pass system to a one-pass system by increasing the destress excavation dimensions from 2.2m high and 5.0m wide, to 4.0m high and 4.0m wide. This will allow for the use of conventional equipment throughout the mine as opposed to low-profile equipment which is currently used in destress areas. In addition to removing the need for footwall stripping to increase cavity sizes before mining, this will alleviate logistical constraints and facilitate a fully mechanised mining process.
Both of these methods, if successful, could significantly de-risk the South Deep build-up plan and future production profiles, and have a meaningful impact on costs. Both methods will be piloted in discrete areas of the mine during the period from Q4 2014 toQ2 2015. It is too early to assess whether either of these methods could be commercially deployed, the results of the pilot studies will determine this.
Normalising of production at Tarkwa in Ghana At Tarkwa, the transition from a mixed heap leach and Carbon in Leach (CIL) operation, to a CIL only operation, progressed well after stacking was suspended at the North heap leach operations during the March quarter, resulting in the feed of all medium and high grade material to the CIL plant. There was a commensurate increase in yield from the CIL plant from 1.19 grams per tonne in the March quarter to 1.29 grams per tonne in the June quarter. The higher CIL head grades also benefit the much higher recoveries obtained in the CIL circuit, resulting in production of 140,700 ounces at an AIC of US$1,026/oz for the quarter.
With year to date production of 285,900 ounces at an AIC of US$1,021/oz, Tarkwa remains on track to achieve its 2014 guidance of 520,000 ounces of production at an AIC of US$1,100/oz. Tarkwa is a steady performer and is contributing significantly to the Group’s cash generation objectives.
During the quarter, Damang delivered another strong performance despite a nine-day mill shutdown, as a result of which gold production decreased by 13 per cent from 46,700 ounces to 40,500 ounces and AIC increased by 15 per cent from US$1,111/oz to US$1,282/oz.
With year to date production of 87,200 ounces at an AIC of US$1,192/oz, Damang remains on track to achieve its 2014 guidance of 165,000 ounces of production at an AIC of US$1,240/oz. Despite the unplanned nine-day mill shutdown, Damang has now consolidated its return to profitability from a loss making position a year ago, and is expected to continue to deliversteady performances for the foreseeable future.
The strategy of revisiting historically mined open pits along the 27 kilometres of strike between Damang and Tarkwa, which were last drilled when the gold price was between US$300/oz and US$400/oz, is starting to bear fruit and is expected to contribute to an appreciable addition to Reserves and Resources by the time of the next declaration early in 2015. Success in this programme will redefine the future of Damang in the Gold Fields portfolio, and has the potential to extend the life of thismine substantially.
Further consolidation and optimisation of our operations in Australia, in particular the newly acquired Yilgarn South assets
Central to this performance are the newly acquired Yilgarn South assets which have now been fully integrated into the Australiaregion and are exceeding our expectations. The star performer was the Granny Smith mine which contributed 84,600 ounces at an AIC of US$692/oz for the quarter. Year to date, the mine has produced 151,100 ounces at an AIC of US$788/oz, against full year guidance of 240,000 ounces at an AIC of US$1,060/oz.
A key focus of the Australian portfolio is the accelerated US$52 million near-mine exploration programme at all of the mines inthe region, aimed at increasing the Resource and Reserve position of these mines by the end of 2014. Appreciable progress has been made, in particular, at St Ives with the newly discovered high-grade-Invincible deposit, and at Granny Smith where exploration results are indicating significant Resource and Reserve expansion potential at the Wallaby underground deposit. Good progress is also being made at Agnew/Lawlers with potential extensions to the Waroonga underground mine as well as the New Holland and Genesis underground ore bodies. During the quarter, we hosted a series of site visits to our Australian mines, to give the investment community some insight into the outstanding potential of these assets. The presentations are available on our website at
www.goldfields.com
During the quarter, the Australian legislature repealed the controversial carbon tax laws which will bring welcome tax relief to the gold mining sector in particular. The savings to the mines in the Gold Fields portfolio is approximately A$15 million per annum.
The disposal of non-core assets from our international project portfolio During the quarter, good progress was made with the disposal of two further non-core assets in our International Projects portfolio, with the disposal of both the Yanfolila project in Mali as well as the Chucapaca project in Peru.
Gold Fields sold its 85 per cent interest in the Yanfolila project in Mali to London-listed Hummingbird Resources for US$20 million in the form of Hummingbird shares. The consideration represents an acquisition price of US$16/oz, which was higher than both (a) the weighted average enterprise value per resource ounce of listed West African gold companies; and (b) recent M&A precedents of West African exploration/development assets, of US$14/oz. Through our shareholding in Hummingbird, which also holds the Dugbe asset in Liberia, we see real potential for Gold Fields to receive significant growth in the value of its shareholding, which was a key consideration in favouring this bid.
The latest sale is that of the Chucapaca project in southern Peru. Gold Fields has agreed to sell its 51 per cent stake in Canteras del Hallazgo S.A.C (the Chucapaca project) to its joint venture partner in the project, Compañía de Minas Buenaventura S.A.A. (Buenaventura). Buenaventura is Peru’s largest publicly traded, precious metals mining company and previously owned 49 per cent in the Chucapaca project. The total agreed sale price is US$81 million all paid on closing of theagreement and Gold Fields will also receive an uncapped 1.5 per cent net smelter royalty on all future gold, silver and copper sales emanating in the area of interest. Not only does the consideration ensure that all of our historical costs on the project are recouped, the consideration also represents an acquisition price of US$26 per attributable gold ounce (gold resource of 6.07 Moz), which is higher than the weighted average enterprise value per resource ounce of listed companies with projects in Latin America (average of US$22/oz) and those with open pit projects globally (average of US$26/oz). The royalty of 1.5 per cent on all future production provides us with further future upside, especially as we see a quality company like Buenaventura moving this project swiftly ahead. As a result, the Chucapaca project has been classified as held for sale at 30 June 2014.
The sale of our holdings in these projects is in line with our strategy of focusing on growing cash flow through quality assets.This focus has also led us to move away from greenfields exploration as a strategy for growth, in favour of the acquisition of in-production ounces such as the Yilgarn South assets and near-mine exploration and development at our Australian, Ghanaian and Peruvian assets
45 240 1,104
22
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;
for the Group
A Lost Time Injury (LTI) is a work-related injury resulting in the employee or contractor being unable to attend work for a period of one or more days after the day of the injury. The employee or contractor is unable to perform any functions.
Royalties Government royalties for the Group were similar at US$22 million.
Taxation The taxation charge for the Group of US$30 million in the June quarter compared with US$29 million in the March quarter.
Earnings Net profit attributable to owners of the parent amounted to US$19 million or US$0.02 per share in the June quarter compared with net losses of US$0.3 million or US$0.00 per share in the March quarter.
Headline earnings of US$18 million or US$0.02 per share in the June quarter compared with headline earnings of US$5 million or US$0.01 per share in the March quarter.
Normalised earnings of US$25 million or US$0.03 per share in the June quarter compared with normalised earnings of US$21 million or US$0.03 per share in the March quarter.
Cash flow Cash inflow from operating activities of US$220 million in the June quarter compared with US$198 million in the March quarter, an increase of 11 per cent, mainly due to lower tax and royalties paid and lower non-recurring items, partially offset by a US$4 million investment in working capital in the June quarter compared with a US$27 million release in the March quarter.
Cash outflow from investing activities increased from US$144 million in the March quarter to US$156 million in the June quarter. This was mainly due to the increase in capital expenditure from US$141 million in the March quarter to US$153 million in the June quarter.
Cash inflow from operating activities less net capital expenditure and environmental payments amounted to US$65 million in the June quarter compared with US$54 million in the March quarter, a 20 per cent increase. The US$65 million in the June quarter comprised: US$109 million generated by the eight mining operations, less US$22 million of interest paid (this excludes any interest paid by the mines), US$13 million for exploration (this excludes any mine based brownfields exploration which is included in the US$109 million above) and US$9 million on non-mine based costs. In the March quarter, the US$54 million comprised: US$92 million generated by the operations, less US$22 million of interest paid, US$10 million for exploration and US$6 million on non-mine based tax payments and costs.
In the South Africa region at South Deep, capital expenditure decreased from R282 million (US$26 million) in the March quarter to R194 million (US$19 million) in the June quarter. The majority of this expenditure was on development and infrastructure costs required in the build-up to full production.
At the West Africa region, capital expenditure was similar at US$46 million. Tarkwa increased from US$39 million to US$41 million with expenditure mainly incurred on pre-stripping, the tailings storage facility and major fleet components. Capital expenditure at Damang decreased from US$7 million to US$5 million with the majority of the expenditure on the tailings storage facility.
In the South America region at Cerro Corona, capital expenditure increased from US$7 million in the March quarter to US$20 million in the June quarter with the majority of the expenditure on an additional raise of the tailings storage facility and the installation of a jaw- crusher in the processing plant, to compensate for the effects of harder material.
At the Australia region, capital expenditure increased from A$71 million (US$63 million) in the March quarter to A$73 million (US$68 million) in the June quarter. At St Ives, capital expenditure decreased
In addition, higher operating costs and higher sustaining capital expenditure were partially offset by the increase in by-product credits and the higher gold sold. All-in sustaining costs and total all-in cost per equivalent ounce increased by 36 per cent from US$581 per equivalent ounce to US$789 per equivalent ounce.
At the Australia region, all-in sustaining costs and total all-in cost per ounce decreased by 9 per cent from A$1,234 per ounce (US$1,103 per ounce) in the March quarter to A$1,118 per ounce (US$1,042 per ounce) in the June quarter mainly due to the higher gold sold, lower operating costs, the gold-in-process credit to cost in the June quarter compared with a charge to cost in the March quarter, partially offset by higher capital expenditure.
The Group has shifted focus from principally ounces of gold in production to cash generation, reflecting our new goal of a Group 15 per cent free cash flow margin at a gold price of US$1,300 per ounce. The free cash flow (FCF) margin is revenue less cash outflow divided by revenue expressed as a percentage. The FCF for the Group for the June 2014 quarter is calculated as follows:
The Group achieved a FCF margin of 18 per cent in the June quarter compared with 13 per cent in the March quarter.
Net debt (long-term loans plus the current portion of long-term loans less cash and deposits) decreased from US$1,686 million at the end of March to US$1,635 million at the end of June, a US$51 million decrease.
Gold production decreased by 14 per cent from 1,840 kilograms (59,200 ounces) in the March quarter to 1,591 kilograms (51,100 ounces) in the June quarter. This was mainly as a result of lost production due to the two fatalities which occurred on 17 and 27 May as well as the safety stoppages to remediate ground support in the main mining areas across the mine.
Quarter ended 30 June 2014 compared with quarter ended 30 June 2013
It should be noted that the claims lie only against Gold Fields Operations Limited, whose only interest is a 50 per cent stake in the South Deep mine. This alleged liability is historic and relates to a period of time prior to the Group purchasing the company. Gold Fields Operations Limited’s assessment remains that it has sustainable defences to these claims and, accordingly, Gold Fields Operation Limited’s attorneys were instructed to vigorously defend the claims.The company has no further STC credits available and the Dividend Withholding Tax of 15 per cent (fifteen per centum) will be applicable to this dividend;
The net local dividend amount is 17.00000 SA cents per ordinary share for shareholders liable to pay the dividends tax;
Gold Fields currently has 774 508 626 ordinary shares in issue (included in this number are 856 330 treasury shares); and Gold Fields’ income tax number is 9160035607.
Native Title Claim Shareholders are advised of the following dates in respect of the interim dividend:
Gold Fields advised the market on 7 July 2014 that a decision had been handed down by a single judge of the Federal Court of Australia on 3 July 2014, in which the Court had accepted the submissions of the Ngadju People that the re-grant of certain St Ives’ tenements by the State of Western Australia in 2004 was not compliant with the correct processes set out in the Native Title Act 1993 (Cth), and as such, the re-granted tenements are invalid to the extent the exercise of rights under the tenements is inconsistent with the Ngadju People’s native title rights. The parties now have to undertake a process of agreeing the terms of the determination, which will give effect to the decision. This process can take a number of months.
Interim dividend number 80:20 SA cents per share Last date to trade cum-dividend:Friday5 September 2014 Sterling and US dollar conversion date: Monday8 September 2014 Shares commence trading ex-dividend: Monday8 September 2014 Record date:Friday12 September 2014 Payment of dividend:Monday15 September 2014
Share certificates may not be dematerialised or rematerialised between Monday, 8 September 2014 and Friday, 12 September 2014, both dates inclusive.
The decision does not affect the grant of mining tenure to St Ives under the Mining Act 1978 (WA). St Ives still validly holds all of the tenements which underpin its mining operations at St Ives, and as these proceedings are not an action against St Ives for failure to take certain steps, the Court has no ability to impose any sort of penalty against St Ives. Operations at St Ives will continue as usual pending the outcome of the determination process.
Outlook
The Group reaffirms the guidance provided on 13 February 2014, despite variations between the different operations. Attributable equivalent gold production for the Group for the year ending December 2014 is forecast at around 2.2 million gold ounces. While South Deep’s production will be lower than previously estimated, as discussed earlier, the shortfall is expected to be offset by improved performances from Granny Smith, Tarkwa and Cerro Corona.
Gold Fields is both surprised and disappointed by this finding, and remains strongly of the view that it has at all times complied with its obligations under the Native Title Act 1993 (Cth) in respect of its dealings with these tenements. Gold Fields will now take time to consider the written judgment with its legal advisers. It is likely that Gold Fields will appeal to the Full Court of the Federal Court of Australia (3 Judges), and, if necessary, the High Court of Australia. Gold Fields will also take all steps necessary to ensure that the St Ives operations are unaffected whilst this matter is resolved through the relevant Court processes.
All-in sustaining cost is forecast at US$1,125 per ounce and total all in cost is forecast at US$1,150 per ounce, again in line with the guidance given in February 2014.
Capital expenditure for the year is forecast at US$640 million, in line with guidance.
SEC investigation
Gold Fields Limited was informed in September 2013 that it is the subject of a regulatory investigation in the United States by the US Securities and Exchange Commission relating to the Black Economic Empowerment transaction (BEE Transaction) associated with the granting of the mining license for its South Deep operation. In South Africa, the Directorate for Priority Crime Investigation (the “Hawks”) informed the Company that it has started a preliminary investigation into the BEE transaction to determine whether or not to proceed with a formal investigation, following a complaint by the Democratic Alliance. The investigations are in early stages and it is not possible to determine what the ultimate outcome of these investigations will be on the Company or the timing thereof.The above is subject to safety performance which limits the impact of safety-related stoppages and the forward looking statement on pages 6 and 28.
Basis of accounting
The unaudited condensed consolidated quarterly financial statements are prepared in accordance with International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards Council and the requirements of the Companies Act of South Africa.
Cash dividend The accounting policies applied in the preparation of these quarterly financial statements are in terms of International Financial Reporting Standards and are consistent with those applied in the previous annual financial statements.
In line with the company’s dividend policy to pay out a dividend of between 25 and 35 per cent of its earnings, the Board has approved and declared an interim dividend number 80 of 20 SA cents per ordinary share (gross) in respect of the six months ended 30 June 2014. The interim dividend will be subject to the Dividend Withholding Tax that was introduced with effect from 1 April 2012. In accordance with paragraphs 11.17(a)(i) and 11.17(c) of the JSE Listings Requirements, the following additional information is disclosed:
N.J. Holland Chief Executive Officer 21 August 2014
The dividend has been declared out of income reserves; The local dividends tax rate is 15 per cent (fifteen per centum); The gross local dividend amount is 20 SA cents per ordinary
share for shareholders exempt from dividends tax;
(858.6)| | 603.0 |
| --- | --- |
| | (333.3) |
| (13.6)96.9 | 269.7 |
| | (37.7)(1.5) |
| -12.7 | 1.0 |
| (4.0) | (16.1)(0.1) |
| (12.4) | - |
| (21.5)(8.2) | (26.6) |
| (11.6) | |
| | 161.5 |
52.9 (18.6)
(12.8)(42.0)
2.2(135.7)
(8.2)
(1.6)
(6.6)
(136.5)
5.3
0.3
(67.8)(0.6)
(8.1)
(34.9)
9.6
(36.0)45.1
(5)6 10.69
1,372
The unaudited consolidated financial statements for the quarter ended 30 June 2014 have been prepared by the corporate accounting staff of Gold Fields Limited headed by Mrs Tzvet Ilarionova, the Group's Financial Controller. This process was supervised by Mr Paul Schmidt, the Group's Chief Financial Officer.
(10.4)
(0.3)
(142.8)
(2.2)(1.9)
22.4 (80.5)
418.2 -
(15.7)- (15.7)-| (187.2) | (294.7)1.0 |
| --- | --- |
| 0.1 | - |
| (0.9) | |
| (0.9) | 2.0 |
| (187.5) | (299.6)(6.3) |
131.4(71.3)
141.1
0.9 - 8.9131.4
21.2 - -
350.7
122.7
142.7
1,500.0 97.0
Damang
1.3 1.3 1.3
46.7
1,294 1,287 45 41 2743
1,111 1,282 1,192
(43.2)
(44.3)
2.8
(5.6)
(4.5)
14.5 17.0
1.2 12.2 106.1
(7.6)
(3.0)
(5.6)
(0.9)
(80.3)(11.5)
Average exchange rates were US$1 = R10.53 and US$1 = R10.85 for the June 2014 and March 2014 quarters respectively. The Australian/ US dollar exchange rates were A$1 = US$0.93 and A$1 = US$0.89 for the June 2014 and March 2014 quarters respectively.
| 1,282 | 303129144 | 359401 | 1,9311,140 | |||
|---|---|---|---|---|---|---|
| 2,422 | 597273 | 760 | 2,1212,422 | 73 | 401760 | |
| 3.62.3 | 6.86.35.0 | 5.2 | 3.62.32.3 | 6.36.85.55.0 | 7.3 | |
| 3.92.3 | 6.55.2 | 6.2 | 3.92.3 | 6.55.2 | 6.25.2 | |
| 256.9 | 66.022.9 | 84.6 | 83.4 | 66.0 | 1,591 |
| 245.2 | 22.9 | 151.166.5 | 245.2502.1180.096.6 | 125.259.245.822.9 | 151.166.5 | 1,840 |
|---|---|---|---|---|---|---|
| 245.2256.9 | 66.0 | 84.6 | 256.983.483.4 | 66.066.022.922.9 | 84.684.6 | |
| 502.1180.0 | 125.222.945.8 | 66.5 | 256.9245.296.6 | 59.222.9 | 66.5 | |
| 1,2861,2711,307 | 1,2861,2811,2821,293 | 1,3041,275 | 1,4381,3821,4221,398 | 1,4391,3771,3701,446 | 1,4581,372 | |
| 1,288149 | 1,287166 | 128 | 160 | 1,409 | 2,346 | |
| 140 | 14615512462 | 15560 | 159 | 1,8362,055 | ||
| 1,372 | 1,0101,0251,075 | 1,234 | 1,4441,1181,1471,472 | 1,0831,316 | 9101,018742 | 505,974469,227 |
| 1,2031,114 | 863 | 485,998 | ||||
| 1,372 | 1,0251,0751,228 | 692910 | 1,1181,444 | 1,0831,1471,3161,203 | 742 | 570,575557,078 |
| 1,329 | 1,017788 | 1,149 | 1,258 | 1,018863 | 562,807 |
| 109.0122.9 | 84.676.229.629.4 | 86.6107.9 | 355.1352.7116.6137.4 | 90.931.433.2 | 116.196.9 | ||
|---|---|---|---|---|---|---|---|
| 231.9 | 160.859.0 | 194.5 | 85.2 | 213.0 | 1,527.8 | ||
| March 2014 | (195.6)(75.0)(86.5) | (43.4)(37.2)(21.9)(21.8) | (50.1) | (80.1)(96.7) | (46.7)(41.6)(23.4) | (48.2)(56.1) | (686.8)(714.4) |
| Year to dateJune 2014 | (185.6)(73.2) | (80.6)(45.2)(21.4) | (88.3)(78.3) | (22.9) | (104.3) | ||
| March 2014 | (188.9)(76.8) | (41.2) | (23.6)(46.1 | (55.7) | (686.8)(714.4) | ||
| Year to date | (374.5) | (1,401.2) |
(1.8)0.81.80.8
(7.1)6.3(1.3)0.4| 41.2 | 36.57.4 | 8.8133.9 | 40.8 | 119.4 |
| --- | --- | --- | --- | --- |
| | | 290.5 | | 126.6 |
(173.4)
49.1
18.6
45.9| (33.3)(20.9)(20.3) | (8.0) |
| --- | --- |
| (66.7) | (7.4) |
South Africa
(43.2)
(44.3)| 1.5 | (0.8) | 2.8 | |
| --- | --- | --- | --- |
| | | (5.6) | (2.8)(1.6) |
| | - | - | |
| | | - | (0.8)(1.5) |
| | (0.4)(0.9) | (0.1)(0.1) | |
| | | | (1.1) |
32.5
(2.3)(0.8)
(6.7)
(104.0)
(104.0)
40.5 71.4 1,111
(147.4)
87.271.4 1,111
Lawlers (45.9)
(41.2)
4.0
(0.8)(3.0)
(1.6)(0.7)
-- ---- - (0.6)(0.6)
(0.2)
(1.1)
-
(0.5)(0.1
(1.8)(7.1)
(6.8)
(60.7)
(52.6)(119.1)
--(10.3)
(24.6)
(119.1)
(60.7)(60.5)
22.9
59.222.9 125.2
1,075 1,0171,149
(58.6)
(60.5)
22.984.6
151.1
1,149788
lines are open 8.30am – 5pm Mon-Fri] or [from overseas] +44 20 8639 3399 Fax:+44 20 8658 3430 e-mail:[email protected]
Sponsor J.P. Morgan Equities South Africa (Pty) Ltd
• 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
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