Operational update for the quarter ended 30 September 2021
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN: ZAE 000018123
("Gold Fields" or "the Company")
Media Release
OPERATIONAL UPDATE for the quarter ended 30 SEPTEMBER 2021
SALIENT FEATURES
- 606,000 ounces of attributable gold production
- US$1,263 per ounce of all-in cost
JOHANNESBURG, 11 NOVEMBER 2021: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update
for the quarter ended 30 September 2021. Detailed financial and operational results are provided on a six-monthly
basis i.e. at the end of June and December.
STATEMENT BY CEO of Gold Fields, Chris Griffith
South Deep star performer in Q3 2021
Gold Fields had a solid September 2021 quarter, with attributable gold equivalent production for Q3 2021 of 606koz,
up 9% YoY (up 8% QoQ). South Deep in particular had a good quarter, with production up 30% QoQ. All-in cost (AIC)
increased by 18% YoY (down 3% QoQ) to US$1,263/oz largely due to the capital expenditure at Salares Norte increasing
from US$23m to US$108m, while all-in sustaining costs (AISC) increased 5% YoY (and decreased 8% QoQ) to US$1,016/oz.
AIC would have increased by 3% to US$1,050/oz from US$1,024/oz if the significant project capex at Salares Norte
and the appreciation of the Australian Dollar and South African Rand are excluded.
The Australian region produced 256koz at AIC of A$1,499/oz (US$1,102/oz) and AISC of A$1,386/oz (US$1,018/oz).
Our mines in Ghana produced on a managed basis 214koz (including 45% of Asanko) at AIC of US$1,097/oz and AISC
of US$1,072/oz. Cerro Corona in Peru produced 69koz (gold equivalent) at AIC of US$951 per gold equivalent ounce
and AISC of US$805 per gold equivalent ounce.
South Deep had a good September 2021 quarter, with managed production of 88koz at an AIC of R567,550/kg (US$1,208/oz)
and AISC of R542,660/kg (US$1,155/oz). South Deep remains on track to meet the revised guidance provided with the Q1
2021 operating update, despite certain maintenance activities planned in Q4 2021.
Balance sheet
Gold Fields remains in a strong financial position. During Q3 2021, there was a further decrease in the net debt
balance (including leases) to US$1,037m at 30 September 2021 from US$1,097m at 30 June 2021, even after taking into
account the interim dividend payment of US$132m. This translates in a net debt to EBITDA of 0.44x, compared to 0.49x
at 30 June 2021. The net debt balance (excluding leases) decreased to US$620m from US$663m at the end of June 2021.
Salares Norte
The critical path of the project remains on track, although Q3 2021 was again impacted by severe winter weather (in the
early part of the quarter) as well as ongoing COVID-19 constraints. Given the COVID-19 and weather impacts it is
unlikely that the project will achieve the previously guided 65% completion milestone by the end of 2021 and should see
completion of around 62% by year end. Importantly, all the critical path items are tracking plan. In addition, more
than 95% of imported components have arrived in Chile, so the project is not expected to be delayed by shipping
constraints currently being experienced globally. The project remains on track to deliver first gold by the end of Q1
2023. Mining and exploration were the standouts for the quarter, with both activities outperforming the plan for the
quarter.
COVID-19 update
So far this year (as at 8 November 2021), we have recorded 14 deaths among our workforce; ten at South Deep
in South Africa, and two each in Peru and Ghana. Eight of these fatalities occurred in Q3 2021, bringing the
total number of COVID-19 related deaths in the Company to 20 since the beginning of the pandemic in early 2020.
Our heartfelt condolences go out, once again, to the family, friends and colleagues of the deceased.
We have accelerated the COVID-19 vaccinations among our workforce and are collaborating closely with our host
governments in doing so. As at 8 November 2021, we have surpassed over 15,000 first vaccinations: 72% of the workforce
has received at least one vaccination and 50% is fully vaccinated. In all but Ghana, where access to vaccinations is
limited, our operations have achieved a level of at least 70% first dosage. South Deep and Salares Norte continue to
lead the way with well over 90% of employees receiving their first dose.
Where it is legally permissible, Gold Fields is considering mandatory vaccination among employees. Gold Fields
Australia has introduced its policy on the back of the Western Australian state government's mandatory vaccination
policy for all Fly-in, Fly-out (FIFO) workers (first dose no later than 1 December 2021, second dose by 1 January
2022), and have extended this to Perth office employees as well.
Mandatory vaccination is not permissible under the law in Peru and Chile, while a shortage of vaccinations makes this
unfeasible in Ghana at present.
Apart from vaccination campaigns, we continue to support our workforce through, amongst others, educational awareness,
programmes, implementing stringent safety protocols, rapid testing and offering medical assistance if employees
contract the virus.
During the first three quarters of 2021, our operations spent approximately US$16.8m on COVID-19 related initiatives
and interventions, such as specialised camp accommodation, testing equipment and facilities, additional labour costs
and transport facilities. A further US$1.7m was spent on donations to assist governments and communities in their fight
against the pandemic. In 2020, the respective figures were US$30m and US$3m.
ESG updates
While there was no fatal incident at our operations in Q3 2021, we reported three serious injuries, bringing the total
in the year to date to seven. Six serious injuries were recorded in 2020. There have been no lost time injuries at
Tarkwa, Damang and Agnew in 2021 year to date, demonstrating that eliminating fatalities and serious injuries is
possible, particularly since these results have come during the COVID-19 pandemic. The Total Recordable Injury
Frequency Rate (TRIFR) moved back to a downward trend in Q3 2021, after two years of increases, driven in part by
a drive to increase reporting transparency across the group.
We are on track to publish our environmental, social and governance (ESG) priorities, accompanied by wide-ranging
objectives and detailed 2030 targets, on 1 December 2021.
Ratings agency MSCI upgraded its ESG rating of Gold Fields from BBB to A for the first time, while rating group ISS
assigned Gold Fields a top rating of E 1 S 1 G 1.
On track to meet 2021 guidance
FY 2021 production and cost guidance, as provided in February 2021, remains intact. Attributable gold equivalent
production is expected to be between 2.30Moz and 2.35Moz. As previously guided, AISC is expected to be between
US$1,020/oz and US$1,060/oz, with AIC expected to be between US$1,310/oz to US$1,350/oz. If we exclude the very
significant project capex at Salares Norte, AIC is expected to be US$1,090/oz to US$1,130/oz. The exchange rates used
for our 2021 guidance are: US$/R15.50 and US$/A$0.75.
Chris Griffith
Chief Executive Officer
11 November 2021
Key statistics
United States Dollars
Quarter
Figures in millions unless otherwise stated Sept 2021 June 2021 Sept 2020
Gold produced* oz (000) 606 563 557
Tonnes milled/treated 000 10,638 10,627 10,433
Revenue (excluding Asanko) US$/oz 1,770 1,820 1,921
Cost of sales before gold inventory change and amortisation
and depreciation (excluding Asanko) US$/tonne 45 44 41
All-in sustaining costs US$/oz 1,016 1,107 964
Total all-in cost US$/oz 1,263 1,297 1,070
Net debt US$m 1,037 1,097 1,159
Net debt (excluding lease liabilities) US$m 620 663 796
Net debt to EBITDA ratio US$m 0.44 0.49 0.68
* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.
At 30 September 2021, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), South Deep
in South Africa (96.43%), Cerro Corona in Peru (99.5%), Gruyere JV (50%) and Asanko JV (45% equity share).
Gold produced and sold throughout this report includes copper gold equivalents of approximately 6% of Group production.
All-in-sustaining costs and total all-in cost in the key statistics table include all Gold Fields operations, projects
and offices. The tables on pages 4 and 5 presents only the mining operations.
Figures may not add as they are rounded independently.
STOCK DATA FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2021
Number of shares in issue NYSE - (GFI)
- at end September 2021 887,717,348 Range - Quarter US$7.75 - US$10.04
- average for the quarter 887,717,348 Average volume - Quarter 5,757,621 shares/day
Free float 100 per cent JSE LIMITED - (GFI)
ADR ratio 1:1 Range - Quarter ZAR117.26 - ZAR146.38
Bloomberg/Reuters GFISJ/GFLJ.J Average volume - Quarter 3,230,001 shares/day
Salient features and cost benchmarks
United States Dollars
Total Total
Mine Mine South South
operations operations African America
including excluding Region West Africa Region
equity equity Ghana Peru
Figures are in millions unless accounted accounted South Asanko* Cerro
unless otherwise stated Joint Venture Joint Venture Deep Total Tarkwa Damang 45% Corona
Operating Results
Ore milled/treated Sept 2021 10,638 9,944 755 5,354 3,493 1,167 694 1,746
(000 tonnes) June 2021 10,627 9,963 766 5,379 3,546 1,170 664 1,700
Sept 2020 10,433 9,773 563 5,295 3,468 1,167 660 1,751
Yield (grams per tonne) Sept 2021 1.8 1.9 3.6 1.2 1.2 1.5 1.0 1.2
June 2021 1.7 1.8 2.8 1.3 1.2 1.6 1.1 1.0
Sept 2020 1.7 1.8 3.6 1.2 1.1 1.6 1.0 0.9
Gold produced Sept 2021 628.4 606.1 88.2 214.4 135.7 56.4 22.3 69.4
(000 managed equivalent ounces) June 2021 585.2 562.6 67.9 218.9 134.4 61.8 22.7 52.9
Sept 2020 576.3 554.2 64.9 211.2 127.3 61.9 22.0 50.5
Gold produced Sept 2021 605.7 583.4 85.1 195.2 122.1 50.8 22.3 69.1
(000 attributable equivalent ounces) June 2021 562.9 540.3 65.5 199.3 120.9 55.6 22.7 52.7
Sept 2020 557.0 535.0 64.9 192.3 114.6 55.7 22.0 50.2
Gold sold Sept 2021 624.9 603.1 91.5 213.9 135.7 56.4 21.8 59.9
(000 managed equivalent ounces) June 2021 596.6 572.6 67.2 220.2 134.4 61.8 24.0 50.8
Sept 2020 556.1 531.9 65.9 213.5 127.3 61.9 24.3 40.6
Cost of sales before amortisation Sept 2021 (427.5) (400.7) (85.7) (134.9) (73.2) (34.9) (26.9) (33.4)
and depreciation(million) June 2021 (453.9) (425.3) (77.7) (149.3) (84.2) (36.4) (28.7) (41.4)
Sept 2020 (368.4) (337.7) (58.6) (137.0) (77.6) (28.6) (30.7) (28.1)
Cost of sales before gold inventory Sept 2021 45 45 112 29 21 46 42 28
change and amortisation and June 2021 44 44 105 31 24 50 40 25
depreciation (dollar per tonne) Sept 2020 41 41 102 32 21 59 42 20
Sustaining capital (million) Sept 2021 (157.0) (152.1) (17.9) (64.7) (55.4) (4.3) (4.9)& (9.0)
June 2021 (152.9) (149.8) (11.7) (63.4) (57.0) (3.3) (3.1)& (4.9)
Sept 2020 (107.9) (104.8) (7.7) (49.9) (41.5) (5.3) (3.1)& (5.2)
Non-sustaining capital (million) Sept 2021 (37.3) (36.7) (4.8) (2.2) - (1.5) (0.7) (8.5)
June 2021 (36.6) (35.5) (6.3) (2.9) - (1.7) (1.2) (7.1)
Sept 2020 (28.1) (22.7) (1.3) (6.8) - (1.4) (5.4) (7.4)
Total capital expenditure (million) Sept 2021 (194.3) (188.8) (22.7) (66.9) (55.4) (5.8) (5.6) (17.5)
June 2021 (189.5) (185.3) (18.0) (66.3) (57.0) (5.0) (4.3) (12.0)
Sept 2020 (136.0) (127.5) (9.0) (56.7) (41.5) (6.7) (8.5) (12.6)
All-in-sustaining costs Sept 2021 1,013 990 1,155 1,072 1,091 823 1,598 24
(dollar per ounce) June 2021 1,103 1,085 1,350 1,123 1,216 778 1,497 (78)
Sept 2020 956 930 1,055 1,030 1,099 710 1,488 271
Total all-in-cost Sept 2021 1,081 1,058 1,208# 1,097 1,091 879 1,697 342
(dollar per ounce) June 2021 1,173 1,155 1,443 1,150 1,216 833 1,595 282
Sept 2020 1,011 975 1,075 1,068 1,099 732 1,760 594
Average exchange rates were US$1 = R14.63, US$1 = R14.13 and US$1 = R16.91 for the September 2021, June 2021
and September 2020 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.74, A$1 = US$0.77 and A$1 = US$0.72 for the September 2021,
June 2021 and September 2020 quarters, respectively.
Figures may not add as they are rounded independently.
* Equity accounted Joint Venture.
& Includes Gold Fields 45% share of deferred stripping of US$2.1m and US$0.7m (100% basis US$4.7m and US$1.6m)
for the September 2021 and June 2021 quarters, respectively.
# The significant increase in AIC/oz to US$1,208/oz in Q3 2021 from US$1,075/oz in Q3 2020 is largely due to
the appreciation of the South African Rand. The AIC/oz would have been US$1,044/oz in Q3 2021 if the exchange rate was normalised.
Salient features and cost benchmarks continued
South
African
United States Dollars Australian Dollars Rand
South
Australia Region Australia Region African
Australia Australia Region
Granny Gruyere Granny Gruyere South
Figures are in millions unless otherwise stated Total St Ives Agnew Smith 50% Total St Ives Agnew Smith 50% Deep
Operating Results
Ore milled/treated (000 tonnes) Sept 2021 2,783 1,025 307 400 1,051 2,783 1,025 307 400 1,051 755
June 2021 2,781 1,021 329 438 993 2,781 1,021 329 438 993 766
Sept 2020 2,825 1,122 334 425 944 2,825 1,122 334 425 944 563
Yield (grams per tonne) Sept 2021 2.9 2.9 5.4 6.1 0.9 2.9 2.9 5.4 6.1 0.9 3.6
June 2021 2.7 2.9 5.7 4.5 0.8 2.7 2.9 5.7 4.5 0.8 2.8
Sept 2020 2.7 2.5 5.8 5.1 0.9 2.7 2.5 5.8 5.1 0.9 3.6
Gold produced Sept 2021 256.3 94.0 53.8 78.9 29.7 256.3 94.0 53.8 78.9 29.7 2,744
(000 managed equivalent ounces) June 2021 245.5 94.5 60.8 63.6 26.6 245.5 94.5 60.8 63.6 26.6 2,112
Sept 2020 249.6 90.5 62.1 69.1 28.0 249.6 90.5 62.1 69.1 28.0 2,019
Gold produced Sept 2021 256.3 94.0 53.8 78.9 29.7 256.3 94.0 53.8 78.9 29.7 2,646
(000 attributable equivalent ounces) June 2021 245.5 94.5 60.8 63.6 26.6 245.5 94.5 60.8 63.6 26.6 2,037
Sept 2020 249.6 90.5 62.1 69.1 28.0 249.6 90.5 62.1 69.1 28.0 2,019
Gold sold Sept 2021 259.5 94.0 53.1 82.0 30.4 259.5 94.0 53.1 82.0 30.4 2,847
(000 managed equivalent ounces) June 2021 258.4 99.9 64.6 65.4 28.4 258.4 99.9 64.6 65.4 28.4 2,089
Sept 2020 236.2 86.9 58.4 62.5 28.4 236.2 86.9 58.4 62.5 28.4 2,049
Cost of sales before amortisation Sept 2021 (173.6) (60.4) (42.6) (46.9) (23.7) (236.2) (82.4) (57.9) (63.8) (32.0) (1,252.5)
and depreciation (million) June 2021 (185.6) (70.7) (46.4) (49.2) (19.3) (241.1) (91.8) (60.2) (64.0) (25.1) (1,100.3)
Sept 2020 (144.7) (48.2) (40.5) (38.7) (17.3) (199.6) (65.7) (56.3) (53.6) (23.9) (990.1)
Cost of sales before gold Sept 2021 66 72 134 112 23 90 97 182 152 32 1,638
inventory change and amortisation June 2021 64 64 126 112 22 83 84 163 145 28 1,489
and depreciation(dollar per tonne) Sept 2020 59 60 115 101 19 83 85 159 141 27 1,726
Sustaining capital (million) Sept 2021 (65.5) (23.3) (15.0) (16.7) (10.5) (88.8) (31.7) (20.4) (22.5) (14.2) (260.9)
June 2021 (73.0) (27.9) (17.4) (17.4) (10.3) (94.7) (36.2) (22.5) (22.6) (13.3) (166.1)
Sept 2020 (45.1) (11.2) (12.0) (13.0) (8.9) (62.9) (15.0) (16.8) (18.4) (12.7) (130.6)
Non-sustaining capital (million) Sept 2021 (21.8) (3.9) (5.8) (11.7) (0.4) (29.5) (5.2) (7.9) (15.7) (0.6) (70.9)
June 2021 (20.4) (3.1) (8.1) (8.5) (0.7) (26.4) (4.0) (10.5) (11.0) (0.9) (89.9)
Sept 2020 (12.6) (4.7) (2.7) (4.9) (0.3) (17.7) (6.7) (3.8) (6.8) (0.3) (22.3)
Total capital expenditure (million) Sept 2021 (87.3) (27.2) (20.8) (28.4) (10.9) (118.3) (36.9) (28.3) (38.2) (14.8) (331.8)
June 2021 (93.4) (31.0) (25.5) (25.9) (11.0) (121.1) (40.2) (33.0) (33.6) (14.2) (256.0)
Sept 2020 (57.7) (15.9) (14.7) (17.9) (9.2) (80.6) (21.7) (20.6) (25.2) (13.0) (152.9)
All-in-sustaining costs Sept 2021 1,018 955 1,214 873 1,267 1,386 1,302 1,651 1,186 1,716 542,660
(dollar per ounce) June 2021 1,118 1,065 1,109 1,168 1,207 1,452 1,382 1,441 1,517 1,568 615,178
Sept 2020 931 785 1,039 965 1,076 1,288 1,071 1,448 1,342 1,505 572,447
Total all-in-cost Sept 2021 1,102# 996 1,322 1,015 1,281 1,499 1,358 1,800 1,378 1,736 567,550
(dollar per ounce) June 2021 1,197 1,096 1,234 1,298 1,232 1,554 1,423 1,603 1,686 1,601 658,180
Sept 2020 984 839 1,085 1,044 1,085 1,363 1,149 1,513 1,451 1,518 583,344
Average exchange rates were US$1 = R14.63, US$1 = R14.13 and US$1 = R16.91 for the September 2021, June 2021 and September 2020 quarters,
respectively. The Australian/US Dollar exchange rates were A$1 = US$0.74, A$1 = US$0.77 and A$1 = US$0.72 for the September 2021, June 2021
and September 2020 quarters, respectively.
Figures may not add as they are rounded independently.
# The significant increase in AIC/oz to US$1,102/oz in Q3 2021 from US$984/oz in Q3 2020 is largely due to the appreciation of the Australian Dollar.
The AIC/oz would have been US$1,079/oz in Q3 2021 if the exchange rate was normalised.
Review of Operations
Quarter ended 30 September 2021 compared with quarter ended 30 June 2021
Figures may not add as they are rounded independently.
South Africa region
South Deep
Sept June %
2021 2021 Variance
000
Ore mined tonnes 419 399 5%
000
Waste mined tonnes 60 48 25%
000
Total tonnes tonnes 479 447 7%
Grade mined - underground reef g/t 6.73 6.21 8%
Grade mined - underground total g/t 5.88 5.54 6%
Gold mined kg 2,820 2,477 14%
000'oz 90.7 79.7 14%
Destress m2 11,732 11,140 5%
Development m 1,640 1,333 23%
Secondary support m 4,343 3,560 22%
Backfill m3 83,475 77,959 7%
000
Tonnes milled - underground reef tonnes 430 389 11%
000
Tonnes milled - underground waste tonnes 45 31 45%
000
Tonnes milled - surface tonnes 280 347 (19)%
000
Total tonnes milled tonnes 755 766 (1)%
Yield - underground reef g/t 6.30 5.36 18%
Surface yield g/t 0.13 0.09 44%
Total yield g/t 3.63 2.76 32%
Gold produced kg 2,744 2,112 30%
000'oz 88.2 67.9 30%
Gold sold kg 2,847 2,089 36%
000'oz 91.5 67.2 36%
AISC R/kg 542,660 615,178 (12)%
US$/oz 1,155 1,350 (14)%
AIC R/kg 567,550 658,180 (14)%
US$/oz 1,208 1,443 (16)%
Sustaining capital expenditure Rm 260.9 166.1 57%
US$m 17.9 11.7 53%
Non-sustaining capital expenditure Rm 70.9 89.9 (21)%
US$m 4.8 6.3 (24)%
Total capital expenditure Rm 331.8 256.0 30%
US$m 22.7 18.0 26%
Gold production increased by 30% to 2,744kg (88,200oz) in the September quarter from 2,112kg (67,900oz) in the
June quarter as a result of improved volumes, improved grade and improved yield. Improved volumes are as a result
of improved stoping volumes whilst the improved grade is as a result of the improved volume mix relative to the
June quarter and in line with the annual mine plan. Gold mined increased by 14% to 2,820kg (90,700oz) in the September
quarter from 2,477kg (79,700oz) in the June quarter due to the increase in ore tonnes mined and improved broken grade.
Reef yield increased by 18% to 6.30g/t in the September quarter from 5.36g/t in the June quarter due to an increase
in broken reef grade mainly as a result of improved stoping grades (8%) including on-reef development in higher grade
areas with the addition of improved recoveries.
Total underground tonnes milled increased by 13% to 475kt in the September quarter from 420kt in the June quarter
as a result of the increase in total tonnes broken, mined and hoisted. Surface tonnes milled decreased by 19% to 280kt
in the September quarter from 347kt in the June quarter as treatment of surface tonnes was temporally slowed down due
to cyanide shortages.
Development increased by 23% to 1,640 metres in the September quarter from 1,333 metres in the June quarter. Destress
increased by 5% to 11,732m in the September quarter from 11,140m in the June quarter.
Secondary support installed increased by 22% to 4,343 metres in the September quarter from 3,560 metres in the June
quarter, which is in line with improved development and destress performance. Backfill increased by 7% to 83,475m3
in the September quarter from 77,959m3 in the June quarter due to the increase in number of stopes available for
backfilling.
All-in cost improved by 14% to R567,550/kg (US$1,208/oz) in the September quarter from R658,180/kg (US$1,443/oz) in the
June quarter mainly driven by an increase in gold sold in the September quarter compared to the June quarter, partially
offset by an increase in capital (solar plant) and operational expenditure (consumables as a result of production and
price related increases, as well as Eskom winter tariffs and an increase in consumption) in the September quarter.
Sustaining capital expenditure increased by 57% to R260.9m (US$17.9m) in the September quarter from R166.1m (US$11.7m)
in the June quarter mainly due to the delivery of electricity generating units (R35m), Solar Plant fencing and
earthworks (R20m) and Doornpoort Phase 2 expansion (R31m).
Non-sustaining capital expenditure decreased by 21% to R70.9m (US$4.8m) in the September quarter from R89.9m (US$6.3m)
in the June quarter due to a decrease in new mine infrastructure projects (conveyors, crushers and backfill pipe
installations).
South Deep production for the December quarter is forecast to decrease compared to the September quarter as a result
of scheduled critical maintenance work on key shaft infrastructure during Q4. This includes the replacement of the main
man winder brakes and bushes as well as replacing the drum on the main rock winder. These activities will impact people
and material logistics affecting productivities and cycle times over a period of approximately 28 days. In addition per
the agreement concluded with organised labour the mine will shut down for the Christmas break from 23 December 2021
to 2 January 2022 (10 days).
West Africa region
Ghana
Tarkwa
Sept June %
2021 2021 Variance
000
Ore mined tonnes 3,034 2,772 9%
000
Waste (Capital) tonnes 15,361 15,353 -%
000
Waste (Operational) tonnes 5,736 6,869 (16)%
000
Total waste mined tonnes 21,097 22,222 (5)%
000
Total tonnes mined tonnes 24,131 24,994 (3)%
Strip ratio waste/ore 7.0 8.0 (13)%
Grade mined g/t 1.36 1.41 (4)%
Gold mined 000'oz 132.9 125.2 6%
000
Tonnes milled tonnes 3,493 3,546 (1)%
Yield g/t 1.21 1.18 3%
Gold produced 000'oz 135.7 134.4 1%
Gold sold 000'oz 135.7 134.4 1%
AISC US$/oz 1,091 1,216 (10)%
AIC US$/oz 1,091 1,216 (10)%
Sustaining capital expenditure US$m 55.4 57.0 (3)%
Non-sustaining expenditure US$m - - -%
Total capital expenditure US$m 55.4 57.0 (3)%
Gold production increased by 1% to 135,700oz in the September quarter from 134,400oz in the June quarter due to higher
yield. Yield increased by 3% to 1.21g/t in the September quarter from 1.18g/t in the June quarter due to higher grade
processed. In the September quarter, 0.5Mt stockpiles at 0.85g/t were processed compared with 0.9Mt stockpiles at
0.76g/t in the June quarter, while ex-pit ore processed for the September quarter was 3Mt at 1.32g/t compared with
2.7Mt at 1.37g/t in the June quarter.
Total tonnes mined, including capital waste stripping, decreased by 3% to 24.1Mt in the September quarter from 25.
0Mt in the June quarter in line with the mining sequence. Ore mined increased by 9% to 3.0Mt in the September quarter
from 2.8Mt in the June quarter due to increased ore mining from Kobada and Teberebie pits. Operational waste decreased
by 16% to 5.7Mt in the September quarter from 6.9Mt in the June quarter mainly due to a decrease in waste mining
at the Akontansi pit, offset by an increase in activities at the Kobada pit. Strip ratio decreased by 13% to 7.0 in the
September quarter from 8.0 in the June quarter due to increased ex-pit ore mined. Gold mined increased by 6% to 132.9koz
in the September quarter from 125.2koz in the June quarter due to higher ore tonnes mined.
All-in cost decreased by 10% to US$1,091/oz in the September quarter from US$1,216/oz in the June quarter due to lower cost
of sales before amortisation and depreciation, lower capital expenditure and higher gold sold.
Capital expenditure decreased by 3% to US$55.4m in the September quarter from US$57.0m in the June quarter due to timing
of tailings storage facility construction. Tailings storage expenditure of US$2.7m in the September quarter compared with
US$5.7m in the June quarter.
Damang
Sept June %
2021 2021 Variance
000
Ore mined tonnes 1,948 2,207 (12)%
000
Waste (Capital) tonnes 173 - -%
000
Waste (Operational) tonnes 3,570 3,477 3%
000
Total waste mined tonnes 3,743 3,477 8%
000
Total tonnes mined tonnes 5,690 5,684 -%
Strip ratio waste/ore 1.9 1.6 19%
Grade mined g/t 1.40 1.53 (8)%
Gold mined 000'oz 87.8 108.2 (19)%
000
Tonnes milled tonnes 1,167 1,170 -%
Yield g/t 1.50 1.64 (9)%
Gold produced 000'oz 56.4 61.8 (9)%
Gold sold 000'oz 56.4 61.8 (9)%
AISC US$/oz 823 778 6%
AIC US$/oz 879 833 6%
Sustaining capital expenditure US$m 4.3 3.3 30%
Non-sustaining expenditure US$m 1.5 1.7 (12)%
Total capital expenditure US$m 5.8 5.0 16%
Gold production decreased by 9% to 56,400oz in the September quarter from 61,800oz in the June quarter mainly due
to lower yield. Yield decreased by 9% to 1.50g/t in the September quarter from 1.64g/t in the June quarter as a result
of lower mined and feed grade.
Total tonnes mined in the September quarter remained similar at 5.7Mt. Ore tonnes mined decreased by 12% to 1.9Mt
in the September quarter from 2.2Mt in the June quarter, while operational waste tonnes mined increased by 3% to 3.6Mt
in the September quarter from 3.5Mt in the June quarter. The decrease in ore tonnes and increase in operational waste
tonnes were mainly due to the mining sequence which required the mining of sumps to contain the rainwater during the
wet season. In addition, some ore was inaccessible at the bottom of the pit during the wet season. Capital waste mined
was 0.2Mt in the September quarter and nil in the June quarter due to the commencement of mining the Huni pit in the
September quarter 2021. Mined grade decreased by 8% to 1.40g/t in the September quarter from 1.53g/t in the June quarter
due to mining through the scattered mineralisation in the dolerite intrusive in the northern portion of the pit.
Strip ratio increased by 19% to 1.9 in the September quarter from 1.6 in the June quarter due to lower ore tonnes mined
in addition to the Huni waste stripping.
All-in cost increased by 6% to US$879/oz in the September quarter from US$833/oz in the June quarter mainly due to lower
ounces sold and higher capital expenditure, partially offset by lower cost of sales before amortisation and depreciation.
Sustaining capital expenditure increased by 30% to US$4.3m in the September quarter from US$3.3m in the June quarter
due to expenditure on Huni waste stripping and the East wall draping. Non-sustaining capital expenditure decreased
by 12% to US$1.5m in the September quarter from to US$1.7m in the June quarter due to timing of the Far East Tailings
Storage Facility (FETSF) stage 3 raise.
Asanko (Equity Accounted Joint Venture)
All figures in table on a 100% basis
Sept June %
2021 2021 Variance
000
Ore mined tonnes 1,464 1,333 10%
000
Waste (Capital) tonnes 559 1,221 (54)%
000
Waste (Operational) tonnes 9,458 7,852 20%
000
Total waste mined tonnes 10,017 9,073 10%
000
Total tonnes mined tonnes 11,481 10,406 10%
Strip ratio waste/ore 6.8 6.8 -%
Grade mined g/t 1.33 1.23 8%
Gold mined 000'oz 62.7 52.8 19%
000
Tonnes milled tonnes 1,542 1,475 5%
Yield g/t 1.00 1.06 (6)%
Gold produced 000'oz 49.5 50.4 (2)%
Gold sold 000'oz 48.4 53.3 (9)%
AISC US$/oz 1,598 1,497 7%
AIC US$/oz 1,697 1,595 6%
Sustaining capital expenditure US$m 11.0 6.9 59%
Non-sustaining expenditure US$m 1.4 2.6 (46)%
Total capital expenditure US$m 12.4 9.4 32%
Gold production decreased by 2% to 49,500oz (100% basis) in the September quarter from 50,400oz (100% basis)
in the June quarter mainly due to lower yield. The lower yield is mainly due to lower plant recoveries as a
results of feeding "Cobra" material from the Esaase pit. The "Cobra" material is characterised by high organic
carbon content which creates a preg-robbing situation in the leaching process. Mill feed in the September quarter
was sourced primarily from Esaase, augmented with Akwasiso cut 3 and lower grade stockpiles.
Total tonnes mined increased by 10% to 11.5Mt in the September quarter from 10.4Mt in the June quarter.
Waste tonnes mined increased by 10% to 10.0Mt in the September quarter from 9.1Mt in the June quarter due
to stripping at Akwasiso cut 3. Ore tonnes mined increased by 10% to 1.5Mt in the September quarter from 1.3Mt
in the June quarter with ore tonnes sourced primarily from the Esaase pit. Stripping of Akwasiso cut 3 continued
during the September quarter contributing some ore to the plant.
All-in cost increased by 6% to US$1,697/oz in the September quarter from US$1,595/oz in the June quarter mainly
due to lower gold sold and higher capital expenditure, partially offset by lower cost of sales before amortisation
and depreciation.
Sustaining capital expenditure increased by 59% to US$11.0m in the September quarter from US$6.9m in the June quarter
mainly due to timing of expenditure on the TSF stage 6 raise and deferred strip charge back. Non-sustaining capital
expenditure decreased by 46% to US$1.4m in the September quarter from US$2.6m in the June quarter mainly due to
timing of expenditure.
South America region
Peru
Cerro Corona
Sept June %
2021 2021 Variance
000
Ore mined tonnes 2,880 1,932 49%
000
Waste mined tonnes 5,705 5,474 4%
000
Total tonnes mined tonnes 8,586 7,407 16%
Grade mined - gold g/t 0.77 0.67 15%
Grade mined - copper per cent 0.42 0.40 5%
Gold mined 000'oz 71.3 41.8 71%
000
Copper mined tonnes 12,038 7,758 55%
000
Tonnes milled tonnes 1,746 1,700 3%
Gold recovery per cent 64.7 61.7 5%
Copper recovery per cent 87.0 86.0 1%
Yield - Gold g/t 0.60 0.43 40%
- Copper per cent 0.42 0.35 20%
- Combined eq g/t 1.24 0.97 28%
Gold produced 000'oz 32.3 22.5 44%
Copper produced tonnes 7,083 5,688 25%
000'
Total equivalent gold produced eq oz 69.4 52.9 31%
000'
Total equivalent gold sold eq oz 59.9 50.8 18%
AISC US$/oz 24 (78) (131)%
US$/
AISC eq oz 805 1,014 (21)%
AIC US$/oz 342 282 21%
US$/
AIC eq oz 951 1,165 (18)%
Sustaining capital expenditure US$m 9.0 4.9 84%
Non-sustaining expenditure US$m 8.5 7.1 20%
Total capital expenditure US$m 17.5 12.0 46%
Gold equivalent production increased by 31% to 69,400oz in the September quarter from 52,900oz in the June quarter
mainly due to higher gold and copper grades and higher recoveries as a result of better metallurgical conditions.
Total tonnes mined increased by 16% to 8.6Mt in the September quarter from 7.4Mt in the June quarter mainly due
to an increase in ore mined of 49% to 2.9Mt in the September quarter from 1.9Mt in the June quarter and an increase
in waste mined of 4% to 5.7Mt in the September quarter from 5.5Mt in the June quarter. This is in line with the low-grade
ore stockpiling strategy and the waste recovery plan implemented at the end of 2020, through the deployment of additional
mining fleet and equipment.
Gold and copper grades mined increased by 15% and 5% respectively, in line with the revised mining sequence after
the slope instability issues at the eastern wall of the pit, which required cleaning and stabilisation. As a consequence,
gold yield increased by 40% to 0.60g/t in the September quarter from 0.43g/t in the June quarter explained by the
increase in gold grade processed and recovery. Copper yield increased by 20% to 0.42% in the September quarter from
0.35% in the June quarter.
All-in cost per gold ounce increased by 21% to US$342/oz in the September quarter from US$282/oz in the June quarter.
The increase is mainly due to higher capital expenditure and a lower by-product credit in the September quarter
as a result of the lower copper price received, partially offset by higher gold ounces sold and lower cost of sales
before amortisation and depreciation. All-in cost per equivalent ounce decreased by 18% to US$951 per equivalent ounce
in the September quarter from US$1,165 per equivalent ounce in the June quarter mainly due to higher equivalent gold ounces
sold.
Unplanned COVID-19 related expenditure amounted to US$2.8m in the September quarter compared with US$3.2m in the June quarter.
Sustaining capital expenditure increased by 84% to US$9.0m in the September quarter from US$4.9m in the June quarter
mainly due to an increase in construction activities at the tailing storage facility. Non-sustaining capital
expenditure increased by 20% to US$8.5m in the September quarter from US$7.1m in the June quarter due to construction
activities at the Arp?n and Ana waste storage facilities related to the expansion to 2030. Construction activities at
the tailings storage facility and waste storage facilities increased in the September quarter in order to take
advantage of the improved conditions during the dry season.
Chile
Salares Norte
During Q3, Salares Norte construction progress continued to be impacted by the indirect effects of COVID-19 due to work
force availability being largely affected by COVID-19. In addition, in July the site was further impacted by days lost
due to snow events (10 days lost) although less severe than the ones in the June quarter. Towards the end of September,
the project has commendably shown a positive change in the productivity trend as we move into the spring months.
Importantly, all of the critical path items are tracking plan. In addition, more than 95% of imported components
have arrived in Chile, so the project is not expected to be delayed by shipping constraints currently being experienced
globally. It is unlikely that the project will meet the previously guided 65% completion milestone by the end of 2021
and will probably be in the region of 62%. The project remains on track to deliver first gold by the end of Q1 2023.
Cash outflow of US$70.8m for the quarter, comprised mainly US$107.5m in capex, US$4.7m in exploration and US$5.5m in
other costs, partially offset by a US$39.0m release of working capital and a credit of US$7.9m from the realised
portion of the FX hedge.
Process plant construction continued as major targets were achieved at the crusher and conveyors foundations, stockpile
tunnel concrete and backfilling. The SAG and Ball mill foundations were completed and mechanical installation
commenced. Structural steel installation at the grinding area continued progressing and the bridge crane was erected.
The installation of three out of four leaching tanks and five out of nine CIP tanks commenced. All plant thickeners
foundations were completed and mechanical erection started. The filter plant progressed significantly in pre-cast
and concrete installation.
The HME workshop main building structure was completed and siding and roofing installation is ongoing.
Most of the concrete work in the area was completed and the focus has shifted to the electrical and auxiliary buildings
terminations.
The fresh water system continued progressing with the 9km of steel pipe almost completed and progressing of the civil
works for the pumping stations.
Pre-stripping of the Brecha Principal pit increased to 12.7Mt YTD compared to a plan of 9.7Mt. Waste stripping increased
by 53% to 6.6Mt in the September quarter from 4.3Mt in the June quarter.
The team remains focused on exploring the greater district, with US$4.7m spent on district exploration in the
September quarter compared with US$5.0m spent in the June quarter. Total metres drilled in the September quarter
were 2,273 metres compared to 3,890 metres drilled in the March quarter.
Relocation of Chinchilla remains on hold until further notice from the authorities.
Australia region
St Ives
Sept June %
2021 2021 Variance
Underground
000
Ore mined tonnes 514 512 -%
000
Waste mined tonnes 224 201 11%
000
Total tonnes mined tonnes 738 713 4%
Grade mined g/t 5.01 4.59 9%
Gold mined 000'oz 82.9 75.6 10%
Surface
000
Ore mined tonnes 474 233 103%
000
Surface waste (Capital) tonnes 1,500 1,341 12%
000
Surface waste (Operational) tonnes 537 642 (16)%
000
Total waste mined tonnes 2,037 1,983 3%
000
Total tonnes mined tonnes 2,511 2,217 13%
Grade mined g/t 1.79 3.38 (47)%
Gold mined 000'oz 27.3 25.4 7%
Strip ratio waste/ore 4.3 8.5 (49)%
Total (Underground and Surface)
000
Total ore mined tonnes 988 746 32%
Total grade mined g/t 3.47 4.21 (18)%
000
Total tonnes mined tonnes 3,250 2,930 11%
Total gold mined 000'oz 110.2 101.0 9%
Tonnes milled 000 tonnes 1,025 1,021 -%
Yield - underground g/t 4.28 4.65 (8)%
Yield - surface g/t 1.53 1.77 (14)%
Yield - combined g/t 2.85 2.88 (1)%
Gold produced 000'oz 94.0 94.5 (1)%
Gold sold 000'oz 94.0 99.9 (6)%
AISC A$/oz 1,302 1,382 (6)%
US$/oz 955 1,065 (10)%
AIC A$/oz 1,358 1,423 (5)%
US$/oz 996 1,096 (9)%
Sustaining capital expenditure A$m 31.7 36.2 (12)%
US$m 23.3 27.9 (16)%
Non-sustaining capital expenditure A$m 5.2 4.0 30%
US$m 3.9 3.1 26%
Total capital expenditure A$m 36.9 40.2 (8)%
US$m 27.2 31.0 (12)%
Gold production decreased by 1% to 94,000oz in the September quarter from 94,500oz in the June quarter.
Waste mined from the underground mines increased by 11% to 224,000t in the September quarter from 201,000t
in the June quarter due to increased operational waste mined at Invincible South.
Grade mined from the underground mines increased by 9% to 5.01g/t in the September quarter from 4.59g/t
in the June quarter due to higher grade stopes mined at Invincible in accordance with the planned mining sequence.
As a result of the increased grade, gold mined from the underground mines increased by 10% to 82,900oz in the
September quarter from 75,600oz in the June quarter.
In the open pits, ore mined increased by 103% to 474,000t in the September quarter from 233,000t in the
June quarter with the Delta island open pit transitioning into ore production during the quarter.
Capital waste tonnes mined increased by 12% to 1,500,000t in the September quarter from 1,341,000t in the
June quarter and operational waste tonnes mined decreased by 16% to 537,000t in the September quarter from
642,000t in the June quarter with a focus on the pre-stripping of Delta island open pit in the first part
of the quarter.
Surface mined grade decreased by 47% to 1.79g/t in the September quarter from 3.38g/t in the June quarter
with the majority of ore sourced from the lower grade portions of the Delta island pit, following the extraction
of higher grade ore from the Neptune pit in the June quarter.
All-in cost decreased by 5% to A$1,358/oz (US$996/oz) in the September quarter from A$1,423/oz (US$1,096/oz)
in the June quarter due to lower cost of sales before amortisation and depreciation as a result of a gold inventory
credit to cost of A$17.3m (US$13.2m) in the September quarter with more ore being mined than processed compared with
a charge to cost of A$6.5m (US$5.0m) in the June quarter, where ore was being drawn from stockpiles. Total capital
expenditure was also lower in the September quarter.
Sustaining capital expenditure decreased by 12% to A$31.7m (US$23.3m) in the September quarter from A$36.2m (US$27.9m)
in the June quarter, following completion of the new paste plant at the Invincible underground mine during the quarter,
partially offset by an increase in capital waste tonnes mined. Non-sustaining capital expenditure increased by 30%
to A$5.2m (US$3.9m) in the September quarter from A$4.0m (US$3.1m) in the June quarter due to increased exploration
drilling.
Agnew
Sept June %
2021 2021 Variance
000
Underground ore mined tonnes 260 264 (2)%
000
Underground waste mined tonnes 220 226 (3)%
000
Total tonnes mined tonnes 480 489 (2)%
Grade mined - underground g/t 6.11 7.15 (15)%
Gold mined 000'oz 51.2 60.6 (16)%
000
Tonnes milled tonnes 307 329 (7)%
Yield g/t 5.44 5.75 (5)%
Gold produced 000'oz 53.8 60.8 (12)%
Gold sold 000'oz 53.1 64.6 (18)%
AISC A$/oz 1,651 1,441 15%
US$/oz 1,214 1,109 9%
AIC A$/oz 1,800 1,603 12%
US$/oz 1,322 1,234 7%
Sustaining capital expenditure A$m 20.4 22.5 (9)%
US$m 15.0 17.4 (14)%
Non-sustaining capital expenditure A$m 7.9 10.5 (25)%
US$m 5.8 8.1 (28)%
Total capital
expenditure A$m 28.3 33.0 (14)%
US$m 20.8 25.4 (18)%
Gold production decreased by 12% to 53,800oz in the September quarter from 60,800oz in the June quarter
due to lower grade of ore mined and processed and a decrease in tonnes milled.
Mined grade decreased by 15% to 6.11g/t in the September quarter from 7.15g/t in the June quarter due to
sequencing constraints within the Sheba area of New Holland with lower grade blocks only available to be
mined during the September quarter, compared to high grade mining blocks that were available to be mined
from Sheba during the June quarter. Continued labour shortages within both Gold Fields and the contractor's
workforce have impacted on tonnage movement for the quarter. As a result of the decrease in grade, gold mined
decreased by 16% to 51,200oz in the September quarter from 60,600oz in the June quarter.
All-in cost increased by 12% to A$1,800/oz (US$1,322/oz) in the September quarter from A$1,603/oz (US$1,234/oz)
in the June quarter due to decreased gold sold, partially offset by lower cost of sales before amortisation
and depreciation as well as lower capital expenditure.
Sustaining capital expenditure decreased by 9% to A$20.4m (US$15.0m) in the September quarter from A$22.5m (US$17.4m)
in the June quarter due to lower mine development at Waroonga. Non-sustaining capital expenditure decreased by 25%
to A$7.9m (US$5.8m) in the September quarter from A$10.5m (US$8.1m) in the June quarter with reduced expenditure
on the mill crushing circuit expansion.
Granny Smith
Sept June %
2021 2021 Variance
000
Underground ore mined tonnes 404 433 (7)%
000
Underground waste mined tonnes 278 260 7%
000
Total tonnes mined tonnes 682 693 (2)%
Grade mined - underground g/t 6.69 4.99 34%
Gold mined 000'oz 87.0 69.4 25%
000
Tonnes milled tonnes 400 438 (9)%
Yield g/t 6.13 4.52 36%
Gold produced 000'oz 78.9 63.6 24%
Gold sold 000'oz 82.0 65.4 25%
AISC A$/oz 1,186 1,517 (22)%
US$/oz 873 1,168 (25)%
AIC A$/oz 1,378 1,686 (18)%
US$/oz 1,015 1,298 (22)%
Sustaining capital expenditure A$m 22.5 22.6 -%
US$m 16.7 17.4 (4)%
Non-sustaining capital expenditure A$m 15.7 11.0 43%
US$m 11.7 8.5 38%
Total capital expenditure A$m 38.2 33.7 13%
US$m 28.4 25.9 10%
Gold production increased by 24% to 78,900oz in the September quarter from 63,600oz in the June quarter
due to increased grade of ore mined and processed.
Grade mined increased by 34% to 6.69g/t in the September quarter from 4.99g/t in the June quarter due to
increased development and stoping grades in zones Z110 and Z120.
Gold mined increased by 25% to 87,000oz in the September quarter from 69,400oz in the June quarter, following the 34%
increase in grade mined, partially offset by a 7% reduction in ore tonnes mined, from 433,000t in the June quarter
to 404,000t in the September quarter.
All-in cost decreased by 18% to A$1,378/oz (US$1,015/oz) in the September quarter from A$1,686/oz (US$1,298/oz)
in the June quarter due to increased gold sold, partially offset by increased capital expenditure. Sustaining capital
expenditure remained similar at A$22.5m (US$16.7m) in the September quarter. Non-sustaining capital expenditure
increased by 43% to A$15.7m (US$11.7m) in the September quarter from A$11.0m (US$8.5m) in the June quarter due to
increased development in the Z135 area and the second decline. When completed, the second decline will provide
a reduction in current congestion in the main decline and will support short interval control measures to maintain
the production profile.
Gruyere
Sept June %
2021 2021 Variance
Mine physicals in table on a 100% basis
000
Ore mined tonnes 2,591 2,602 -%
000
Waste (Capital) tonnes 6,432 7,348 (12)%
000
Waste (Operational) tonnes 1,384 73 1,796%
000
Total waste mined tonnes 7,815 7,421 5%
000
Total tonnes mined tonnes 10,407 10,023 4%
Grade mined g/t 0.88 0.87 1%
Gold mined 000'oz 73.5 72.7 1%
Strip ratio waste/ore 3.0 2.9 3%
000
Tonnes milled tonnes 2,101 1,986 6%
Yield g/t 0.88 0.83 6%
Gold produced 000'oz 59.4 53.1 12%
Gold sold 000'oz 60.7 56.8 7%
AISC A$/oz 1,716 1,568 9%
US$/oz 1,267 1,207 5%
AIC A$/oz 1,736 1,601 8%
US$/oz 1,281 1,232 4%
Sustaining capital expenditure - 50% basis A$m 14.2 13.3 7%
US$m 10.5 10.3 2%
Non-sustaining capital expenditure - 50% basis A$m 0.6 0.9 (33)%
US$m 0.4 0.7 (43)%
Total capital expenditure - 50% basis A$m 14.8 14.2 4%
US$m 10.9 11.0 (1)%
Gold production increased by 12% to 59,400oz in the September quarter from 53,100oz in the June quarter
due to increased tonnes milled as well as increased grade of ore processed.
Capital waste tonnes mined decreased by 12% to 6.43Mt in the September quarter from 7.35Mt in the June quarter
and operational waste tonnes mined increased to 1.38Mt in the September quarter from 0.07Mt in the June quarter
with Stage 2 of the Gruyere pit moving out of the pre-strip phase to more operational waste stripping in the latter
portion of the September quarter.
All-in cost increased by 8% to A$1,736/oz (US$1,281/oz) in the September quarter from A$1,601/oz (US$1,232/oz)
in the June quarter primarily due to an increase in cost of sales before amortisation and depreciation driven by
a A$2.5m (US$1.8m) increase in processing cost associated with continued over expenditure in the maintenance area
related to overcoming reliability issues around the grinding circuit, an increase in operational waste tonnes mined
and a net decrease in the GIP credit to cost of A$1.7m (US$1.5m), partially offset by increased gold sales. Improvements
in the processing area are expected to be completed by the end of Q1 2022.
Sustaining capital expenditure (on a 50% basis) increased by 7% to A$14.2m (US$10.5m) in the September quarter from
A$13.3m (US$10.3m) in the June quarter with increased expenditure on a lift at the tailings facility, partially offset
by a reduction in capital waste tonnes mined. Non-sustaining capital expenditure decreased by 33% to A$0.6m (US$0.4m)
in the September quarter from A$0.9m (US$0.7m) in the June quarter due to a decrease in exploration drilling.
Underground and surface
Total Mine
operations South
including Africa
equity Region South
accounted America
Venture West Africa Region Region Australia Region
Joint Ghana Peru Australia
Imperial ounces with metric Venture South Asanko Cerro Granny Gruyere
tonnes and grade Deep Total Tarkwa Damang 45% Corona Total St Ives Agnew Smith 50%
Tonnes mined
(000 tonnes)*
- underground ore Sept 2021 1,598 419 - - - - - 1,179 514 260 404 -
June 2021 1,608 399 - - - - - 1,209 512 264 433 -
Sept 2020 1,511 341 - - - - - 1,169 467 297 405 -
- underground waste Sept 2021 782 60 - - - - - 722 224 220 278 -
June 2021 735 48 - - - - - 687 201 226 260 -
Sept 2020 550 25 - - - - - 525 161 184 180 -
- surface ore Sept 2021 10,290 5,640 3,034 1,948 659 2,880 1,770 474 - - 1,296
June 2021 9,046 - 5,579 2,772 2,207 600 1,932 1,534 233 - - 1,301
Sept 2020 8,399 - 5,309 2,613 2,265 431 1,700 1,390 461 - - 929
- total Sept 2021 12,670 479 5,640 3,034 1,948 659 2,880 3,671 1,212 480 682 1,296
June 2021 11,389 447 5,579 2,772 2,207 600 1,932 3,430 947 489 693 1,301
Sept 2020 10,460 366 5,309 2,613 2,265 431 1,700 3,085 1,090 480 586 929
Grade mined
(grams per tonne)
- underground ore Sept 2021 6.1 6.7 - - - - - 5.8 5.0 6.1 6.7 -
June 2021 5.5 6.2 - - - - - 5.3 4.6 7.1 5.0 -
Sept 2020 5.9 6.4 - - - - - 5.8 5.6 6.4 5.6 -
- surface ore Sept 2021 1.2 - 1.4 1.4 1.4 1.3 0.8 1.1 1.8 - - 0.9
June 2021 1.2 - 1.4 1.4 1.5 1.2 0.7 1.3 3.4 - - 0.9
Sept 2020 1.3 - 1.5 1.4 1.6 1.4 0.9 1.3 1.8 - - 1.0
- total Sept 2021 1.8 5.9 1.4 1.4 1.4 1.3 0.8 3.0 3.5 6.1 6.7 0.9
June 2021 1.8 5.5 1.4 1.4 1.5 1.2 0.7 3.0 4.2 7.1 5.0 0.9
Sept 2020 2.0 5.9 1.5 1.4 1.6 1.4 0.9 3.4 3.7 6.4 5.6 1.0
Gold mined
(000 ounces)*
- underground ore Sept 2021 311.7 90.7 - - - - - 221.0 82.9 51.2 87.0 -
June 2021 285.3 79.7 - - - - - 205.7 75.6 60.6 69.4 -
Sept 2020 288.9 69.9 - - - - - 219.0 84.7 61.0 73.3 -
- surface ore Sept 2021 384.3 - 248.9 132.9 87.8 28.2 71.3 64.1 27.3 - - 36.8
June 2021 360.8 - 257.2 125.2 108.2 23.8 41.8 61.7 25.4 - - 36.4
Sept 2020 355.3 - 251.0 117.7 114.6 18.7 47.5 56.8 26.1 - - 30.7
- total Sept 2021 696.0 90.7 248.9 132.9 87.8 28.2 71.3 285.1 110.2 51.2 87.0 36.8
June 2021 646.1 79.7 257.2 125.2 108.2 23.8 41.8 267.4 101.0 60.6 69.4 36.4
Sept 2020 644.2 69.9 251.0 117.7 114.6 18.7 47.5 275.8 110.8 61.0 73.3 30.7
Ore milled/treated
(000 tonnes)
- underground ore Sept 2021 1,631 430 - - - - - 1,201 493 307 400 -
June 2021 1,550 389 - - - - - 1,161 394 329 438 -
Sept 2020 1,571 329 - - - - - 1,242 483 334 425 -
- underground waste Sept 2021 45 45 - - - - - - - - - -
June 2021 31 31 - - - - - - - - - -
Sept 2020 6 6 - - - - - - - - - -
- surface ore Sept 2021 8,962 280 5,354 3,493 1,167 694 1,746 1,582 532 - - 1,051
June 2021 9,046 347 5,379 3,546 1,170 664 1,700 1,620 628 - - 993
Sept 2020 8,856 228 5,295 3,468 1,167 660 1,751 1,583 639 - - 944
- total Sept 2021 10,638 755 5,354 3,493 1,167 694 1,746 2,783 1,025 307 400 1,051
June 2021 10,627 766 5,379 3,546 1,170 664 1,700 2,781 1,021 329 438 993
Sept 2020 10,433 563 5,295 3,468 1,167 660 1,751 2,825 1,122 334 425 944
Yield
(Grams per tonne)
- underground ore Sept 2021 5.5 6.3 - - - - - 5.2 4.3 5.4 6.1 -
June 2021 5.0 5.4 - - - - - 4.9 4.6 5.7 4.5 -
Sept 2020 5.2 6.1 - - - - - 4.9 4.2 5.8 5.1 -
- surface ore Sept 2021 1.2 0.1 1.2 1.2 1.5 1.0 1.2 1.1 1.5 - - 0.9
June 2021 1.2 0.1 1.3 1.2 1.6 1.1 1.0 1.2 1.8 - - 0.8
Sept 2020 1.1 0.1 1.2 1.1 1.6 1.0 0.9 1.1 1.2 - - 0.9
- combined Sept 2021 1.8 3.6 1.2 1.2 1.5 1.0 1.2 2.9 2.9 5.4 6.1 0.9
June 2021 1.7 2.8 1.3 1.2 1.6 1.1 1.0 2.7 2.9 5.7 4.5 0.8
Sept 2020 1.7 3.6 1.2 1.1 1.6 1.0 0.9 2.7 2.5 5.8 5.1 0.9
Gold produced
(000 ounces)*
- underground ore Sept 2021 287.7 87.1 - - - - - 200.6 67.9 53.8 78.9 -
June 2021 250.1 66.9 - - - - - 183.2 58.8 60.8 63.6 -
Sept 2020 260.4 64.3 - - - - - 196.1 64.9 62.1 69.1 -
- surface ore Sept 2021 340.7 1.1 214.4 135.7 56.4 22.3 69.4 55.8 26.1 - - 29.7
June 2021 335.1 1.0 218.9 134.4 61.8 22.7 52.9 62.3 35.7 - - 26.6
Sept 2020 315.9 0.6 211.2 127.3 61.9 22.0 50.5 53.5 25.5 - - 28.0
- total Sept 2021 628.4 88.2 214.4 135.7 56.4 22.3 69.4 256.3 94.0 53.8 78.9 29.7
June 2021 585.2 67.9 218.9 134.4 61.8 22.7 52.9 245.5 94.5 60.8 63.6 26.6
Sept 2020 576.3 64.9 211.2 127.3 61.9 22.0 50.5 249.6 90.5 62.1 69.1 28.0
Cost of sales before
gold inventory change
and amortisation depreciation
(dollar per tonne) Sept 2021 130 160 - - - - - 118 113 134 112 -
- underground June 2021 134 177 - - - - - 119 120 126 112 -
Sept 2020 114 168 - - - - - 100 88 115 101 -
- surface Sept 2021 29 30 29 21 46 42 28 27 34 - - 23
June 2021 28 18 31 24 50 40 25 25 29 - - 22
Sept 2020 28 6 32 21 59 42 20 28 39 - - 19
- total Sept 2021 45 112 29 21 46 42 28 66 72 134 112 23
June 2021 44 105 31 24 50 40 25 64 64 126 112 22
Sept 2020 41 102 32 21 59 42 20 59 60 115 101 19
* Excludes surface material at South Deep.
Certain forward-looking statements
This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933
(the Securities Act) and Section 21E of the U.S. Securities Exchange Act of 1934 (the Exchange Act) with respect
to Gold Fields' financial condition, results of operations, business strategies, operating efficiencies, competitive
position, growth opportunities for existing services, plans and objectives of management, markets for stock and other
matters.
These forward-looking statements, including, among others, those relating to the future business prospects, revenues,
income and production and operational guidance of Gold Fields, wherever they may occur in this report, are necessarily
estimates reflecting the best judgement 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:
- changes in the market price of gold, and to a lesser extent copper and silver;
- material changes in the value of Rand and non-U.S. Dollar currencies;
- difficulties, operational delays, cost pressures and impact from labour relations following its restructuring
at the South Deep operation in South Africa;
- the ability of the Group to comply with requirements that it provide benefits to affected communities;
- the effect of relevant government regulations, particularly labour, environmental, tax, royalty, health
and safety, water, regulations and potential new legislation affecting mining and mineral rights;
- court decisions affecting the South African mining industry, including, without limitation, regarding
the interpretation of mineral rights legislation and the treatment of health and safety claims;
- the challenges associated with replacing annual mineral reserve and resource depletion as well as growing
its reserve and resource base to extend the life of operations;
- the ability to achieve anticipated efficiencies and other cost savings in connection with past and future
acquisitions or joint ventures;
- the success of the Group's business strategy, development activities and other initiatives, particularly
at the Salares Norte project;
- changes in technical and economic assumptions underlying Gold Fields' mineral reserve estimates;
- supply chain shortages and increases in the prices of production imports;
- changes in health and safety regulations that could lead to claims or liability for regulatory breaches;
- the occurrence of operational disruptions such as stoppages related to environmental and industrial accidents
and pollution incidents;
- loss of senior management or inability to hire or retain sufficiently skilled employees or sufficient representation
among Historically Disadvantaged Persons in management positions;
- power cost increases as well as power stoppages, fluctuations and usage constraints;
- regulation of greenhouse gas emissions and climate change;
- high debt levels posing a risk to viability and making the Group more vulnerable to adverse economic and competitive
conditions;
- the ability of the Group to protect its information technology and communication systems and the personal data
it retains as well as the failure of such systems;
- the ability to obtain, renew and comply with, water use licences and water quality discharge standards;
- the occurrence of future acid mine drainage related pollution;
- geotechnical challenges due to the ageing of certain mines and a trend toward mining deeper pits and more complex,
often deeper underground, deposits;
- economic, political or social instability in the countries where Gold Fields operates;
- downgrades in the credit rating of South Africa and its impact on Gold Fields' ability to secure financing;
- reliance on outside contractors to conduct some of its operations;
- ageing infrastructure, unplanned breakdowns and stoppages that may delay production, increase costs and industrial
accidents;
- the inability to modernise operations and remain competitive within the mining industry;
- the effects of regional re-watering at South Deep;
- the effects of a failure of a dam at a tailings facility and the closure of adjacent mines;
- actual or alleged breach or breaches in governance processes, fraud, bribery or corruption at Gold Fields' operations
that leads to censure, penalties or negative reputational impacts;
- the occurrence of labour disruptions and industrial actions;
- the adequacy of the Group's insurance coverage;
- financial flexibility could be limited by South African exchange control regulations;
- difficulty controlling theft of gold and copper bearing materials and illegal mining on some Gold Fields properties;
- the costs and burdens associated with tenements in Australia which are subject to native title claims, including
any compensation payable to native title holders;
- the impact of HIV/AIDS, tuberculosis and the spread of other contagious diseases, such as coronavirus (COVID-19);
- the identification of a material weakness in disclosure and internal controls over financial reporting;
- difficulty with participating in future issues of securities, or in bringing an action against Gold Fields,
for shareholders outside South Africa;
- liquidity risks in trading ordinary shares on JSE Limited;
- Gold Fields' ability to pay dividends or make similar payments to its shareholders; and
- shareholders' equity interests in Gold Fields becoming diluted upon the exercise of outstanding share options.
Further details of potential risks and uncertainties affecting Gold Fields are described in Gold Fields'
filings with the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including
the Integrated Annual Report 2020 and the annual report on Form 20-F for the fiscal year ended 31 December 2020.
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.
These forward-looking statements have not been reviewed or reported on by the Company's external auditors.
Administration and corporate information
Corporate secretary Investor enquiries
Anre Weststrate Avishkar Nagaser
Tel: +27 11 562 9719 Tel: +27 11 562 9775
Mobile: +27 83 635 5961 Mobile: +27 82 312 8692
email: anre.weststrate@goldfields.com email: avishkar.nagaser@goldfields.com
Registered office Thomas Mengel
Johannesburg Tel: +27 11 562 9849
Gold Fields Limited Mobile: +27 72 493 5170
150 Helen Road email: thomas.mengel@goldfields.com
Sandown
Sandton Media enquiries
2196 Sven Lunsche
Tel: +27 11 562 9763
Postnet Suite 252 Mobile: +27 83 260 9279
Private Bag X30500 email: sven.lunsche@goldfields.com
Houghton
2041 Transfer secretaries
Tel: +27 11 562 9700 South Africa
Fax: +27 11 562 9829 Computershare Investor Services (Proprietary) Limited
Rosebank Towers
Office of the United Kingdom secretaries 15 Biermann Avenue
London
St James's Corporate Services Limited Rosebank
Suite 31, Second Floor Johannesburg
107 Cheapside 2196
London
EC2V 6DN PO Box 61051
United Kingdom Marshalltown
Tel: +44 (0) 20 7796 8644 2107
email: general@corpserv.co.uk Tel: +27 11 370 5000
Fax: +27 11 688 5248
American depository receipts transfer agent
Shareholder correspondence should be mailed to: United Kingdom
BNY Mellon Link Group
P O Box 505000 10th Floor, Central Square
Louisville, KY 40233 - 5000 29 Wellington Street
Leeds
Overnight correspondence should be sent to: LSI 4 DL
BNY Mellon England
462 South 4th Street, Suite 1600 Tel: 0371 664 0300
Louisville, KY40202
email: shrrelations@cpushareownerservices.com If you are outside the United Kingdom please call (0) 371 664 0300
Phone numbers
Tel: 866 247 3871 Domestic Calls are charged at the standard geographic rate and will vary by provider.
Tel: 201 680 6825 Foreign Calls outside the United Kingdom will be charged at the applicable international rate.
Business is open between 09:00 - 17:30, Monday to Friday excluding public holidays
in England and Wales.
email: shareholderenquiries@linkgroup.co.uk
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
1 Fricker Road
Illovo, Johannesburg 2196
South Africa
Website
www.goldfields.com
Listings
JSE / NYSE / GFI
CA Carolus+ (Chairperson) CI Griffith- (Chief Executive Officer) PA Schmidt- (Chief Financial Officer)
A Andani#+ PJ Bacchus*+ TP Goodlace+? PG Sibiya+? SP Reid^+? YGH Suleman+
^ Australian * British # Ghanaian
+ Independent Director - Non-independent Director
Date: 11-11-2021 07:05:00
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