Operational update for the quarter ended 30 September 2022
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")
Operational update For the quarter ended 30 September 2022
STATEMENT BY CHRIS GRIFFITH, CEO
South Deep outperforming expectations
Gold Fields had a stable September 2022 quarter, with attributable gold equivalent production for Q3 2022 of 597koz, down 1% YoY
(down 4% QoQ). South Deep in particular had another good quarter, with production up 2% QoQ. All-in cost (AIC) increased by 1% YoY
(down 7% QoQ) to US$1,279/oz, while all-in sustaining costs (AISC) increased 4% YoY (and decreased 7% QoQ) to US$1,061/oz. AIC would
have decreased by 6% QoQ to US$1,145/oz from US$1,220/oz if we exclude the significant project capex at Salares Norte.
The Australian region produced 258koz at AIC of A$1,707/oz (US$1,159/oz) and AISC of A$1,517/oz (US$1,029/oz). On a managed basis,
our mines in Ghana produced 215koz (including 45% of Asanko) at AIC of US$1,134/oz and AISC of US$1,101/oz. Cerro Corona in Peru
produced 60koz (gold equivalent) at AIC of US$1,035 per gold equivalent ounce and AISC of US$948 per gold equivalent ounce. South
Deep reported managed production of 88koz at an AIC of R649,812/kg (US$1,176/oz) and AISC of R624,701/kg (US$1,131/oz).
Gold Fields remains in a strong financial position
During Q3 2022, there was an increase in the net debt balance (including leases) to US$997m at 30 September 2022 from US$851m at
30 June 2022, mainly due to the interim dividend payment of US$151m. This translates into a net debt to EBITDA of 0.40x, compared to
0.33x at 30 June 2022. The net debt balance (excluding leases) increased to US$603m from US$451m at the end of June 2022.
Salares Norte
Q3 2022 construction activities at Salares Norte were again impacted by Covid together with severe weather conditions that flowed
over from the second quarter. US$80.5m was spent on the project during the quarter, comprising mainly US$70.9m in capital expenditure,
US$3.5m in exploration, a US$3.7m investment in working capital and a realised loss of US$3.7m on the forex hedge. A total of US$253m
was spent on the project during the nine months ended 30 September 2022.
Total project progress stood at 82.0% at the end September compared to 77.0% at the end of H1 2022. Construction progressed 7.0%
during the September quarter, impacted by various snow and white wind events in July and high winds for the remainder of the quarter.
The overall construction progress at the end of September was 80.0% compared to 73.0% at the end of June. Plant construction progressed
9.6% during Q3 2022, bringing cumulative plant construction to 73.2%. The main power plant progressed to 75.3% and the main fuel station
was completed as at 30 September.
Pre-stripping at the Brecha Principal pit continued as planned and 7.3Mt was stripped during Q3 2022, bringing total volumes moved for
the project to date to 50.0Mt. Pre-stripping was completed on 10 October 2022, slightly ahead of plan.
The team remains focused on exploring the greater district, with US$3.5m on district exploration during the September quarter. A total
of 12,172 metres were drilled during the first nine months of 2022, comfortably ahead of the planned 9,057 metres.
SALIENT FEATURES
- 597,000 ounces of attributable production
- US$1,061 per ounce of all-in sustaining cost
- US$1,279 per ounce of all-in cost
JOHANNESBURG, 03 November 2022: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for the quarter ended
30 September 2022. Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and December.
Relocation of Chinchilla remains on hold until further notice from the authorities, however the team continues to monitor the two
surviving Chinchilla that had already been relocated.
As reported in August, first production is expected to be up to three months delayed. We anticipate being able to provide an update to
production guidance at the end of the year. The original guidance is for first production at the end of March 2023 which will result in
200koz eq being produced in 2023. In the event that there is a one-month delay and first production is only achieved on 30 April 2023,
Salares Norte will produce 165koz eq in 2023. If the delay is slightly longer and first gold is poured on 31 May, Salares Norte will
produce 118koz eq in 2023 or at the end of June 2023, the mine will produce 102koz eq in 2023.
Update on Yamana transaction
We continue to make good progress on the transaction. The circular providing the full details of the transaction and incorporating the
notice convening the Gold Fields General Meeting was posted to Gold Fields shareholders on Monday, 24 October 2022. The Gold Fields
General Meeting is expected to be held on 22 November 2022.
Gold Fields has also received approval of the Transaction from the Government of Canada pursuant to the Investment Canada Act.
ESG updates
Gold Fields tragically had a fatal incident at its St Ives mine in Western Australia on 11 October 2022, post the end of the reporting
period. A raise bore operator working for one of our contractors at the Hamlet underground mine was dismantling the raise bore head when
the incident occurred. The incident is being investigated by the regulator, police and an external specialist. This is the first fatality
at any of our mines in Australia since Gold Fields started operating in the country in 2001. Our heartfelt condolences go out to the
relatives, friends and colleagues of the deceased.
During Q3 we recorded two serious injuries, bringing the total for the year-to-date to five. The Total Recordable Injury Frequency Rate
(TRIFR) for the quarter improved to 1.72 injuries per million hours worked.
Gold Fields continues to report significant progress in the rollout of renewable energy at its operations. In Australia, the US$20m, 12MW solar,
4.4MW battery plant at Gruyere became fully operational in August. The 50MW Khanyisa solar plant at South Deep was completed and fully commissioned
in October, with the team optimising the electricity transmission to the mine. The plant has already achieved peak production of 47.5 MW and to
date has generated 8.3 GWh of energy.
FY 2022 guidance unchanged
Given the solid operational performance year-to-date in 2022, we are on track to achieve the Group production guidance provided in February 2022.
Mining cost inflation has been higher than initially expected, however, the weaker exchange rates (R/US$16.49 and US$/A$0.69) have partially offset
the higher cost inflation. Consequently, we are leaving our cost guidance for the year unchanged.
For 2022, attributable gold equivalent production (excluding Asanko) is expected to be between 2.25Moz and 2.29Moz (2021 comparable 2.25Moz).
Including Asanko, attributable gold equivalent production is expected to be between 2.31Moz and 2.36Moz. AISC (excluding Asanko) is expected to be
between US$1,140/oz and US$1,180/oz, with AIC (excluding Asanko) expected to be US$1,370/oz to US$1,410/oz. The exchange rates used for our 2022
guidance are: R/US$15.55 and US$/A$0.76.
South Deep has been tracking well against its production targets throughout the year. As a result, the team has revised gold production guidance to
10,000kg (321,500ozs) for the year ending December 2022. Previous guidance was 9,600kg (308,600ozs) to 9,700kg (311,800ozs).
Chris Griffith
Chief Executive Officer
03 November 2022
Key statistics
United States Dollars
Quarter
Sept Sept
Figures in millions unless otherwise stated 2022 June2022 2021
Gold produced* oz (000) 597 621 606
Tonnes milled/treated 000 10,352 10,689 10,638
Revenue (excluding Asanko) US$/oz 1,699 1,820 1,770
Cost of sales before gold inventory change and amortisation US$/tonne 50 48 45
and depreciation (excluding Asanko)
All-in sustaining costs US$/oz 1,061 1,146 1,016
Total all-in cost US$/oz 1,279 1,382 1,263
Net debt US$m 997 851 1,037
Net debt (excluding lease liabilities) US$m 603 451 620
Net debt to EBITDA ratio US$m 0.40 0.33 0.44
* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.
At 30 September 2022, 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 5% 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 5 and 6 present only the mining operations.
Figures may not add as they are rounded independently.
All-in cost reconciliation
United States Dollars
Quarter
Figures in millions unless otherwise stated Sept 2022 June 2022 Sept 2021
All-in cost for mining operations US$/oz 1,128 1,210 1,081
Salares Norte US$/oz 134 162 178
Corporate and other US$/oz 17 10 4
Total all-in cost US$/oz 1,279 1,382 1,263
Currencies and metal prices
United States Dollars
Quarter
Figures in millions unless otherwise stated Sept 2022 June 2022 Sept 2021
US$1-ZAR 17.05 15.58 14.63
A$-US$ 0.68 0.71 0.73
Gold price (US$/oz) 1,699 1,820 1,770
Copper price (US$/tonne) 7,742 9,529 9,372
STOCK DATA FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2022
Number of shares in issue NYSE - (GFI)
- at end September 2022 891,248,083 Range - Quarter US$7.15 - US$9.55
- average for the period 891,248,083 Average volume - Quarter 7,591,366 shares/day
Free float 100 per cent JSE LIMITED - (GFI)
ADR ratio 1:1 Range - Quarter ZAR128.58 - ZAR161.00
Bloomberg/Reuters GFISJ/GFLJ.J Average volume - Quarter 2,769,514 shares/day
Salient features and cost benchmarks
United States Dollars
Total Mine Total Mine South West Africa South America
operations operations African Region Region
including excluding Region Ghana Peru Chile
Figures are in equity- equity- Salares
millions unless accounted accounted South Asanko* Cerro Norte
otherwise stated Joint Venture Joint Venture Deep Total Tarkwa Damang 45% Corona Project
Operating results
Ore milled/treated Sept 2022 10,352 9,712 747 5,284 3,435 1,208 640 1,627 -
(000 tonnes) June 2022 10,689 10,057 764 5,331 3,518 1,180 632 1,687 -
Sept 2021 10,638 9,944 755 5,354 3,493 1,167 694 1,746 -
Yield (grams Sept 2022 1.9 1.9 3.7 1.3 1.2 1.5 1.0 1.1 -
per tonne) June 2022 1.9 1.9 3.5 1.3 1.1 1.7 1.1 1.4 -
Sept 2021 1.8 1.9 3.6 1.2 1.2 1.5 1.0 1.2 -
Gold produced (000 Sept 2022 619.8 600.1 87.9 214.6 134.7 60.1 19.8 59.8 -
managed equivalent June 2022 643.3 620.8 85.9 214.5 128.8 63.2 22.5 73.9 -
ounces) Sept 2021 628.4 606.1 88.2 214.4 135.7 56.4 22.3 69.4 -
Gold produced (000 Sept 2022 596.9 577.2 84.8 195.1 121.2 54.1 19.8 59.5 -
attributable equivalent June 2022 620.7 598.2 82.9 195.3 115.9 56.9 22.5 73.5 -
ounces) Sept 2021 605.7 583.4 85.1 195.2 122.1 50.8 22.3 69.1 -
Gold sold (000 Sept 2022 617.6 597.1 87.9 215.3 134.7 60.1 20.5 59.4 -
managed equivalent June 2022 644.8 624.0 85.9 212.8 128.8 63.2 20.8 70.8 -
ounces) Sept 2021 624.9 603.1 91.5 213.9 135.7 56.4 21.8 59.9 -
Cost of sales before Sept 2022 (436.8) (417.6) (73.1) (143.0) (83.7) (40.1) (19.2) (40.0) -
amortisation and June 2022 (493.5) (469.8) (84.8) (151.0) (95.7) (31.5) (23.8) (46.9) -
depreciation (million) Sept 2021 (427.5) (400.7) (85.7) (134.9) (73.2) (34.9) (26.9) (33.4) -
Cost of sales before gold Sept 2022 48 50 109 32 32 38 23 35 -
inventory change and June 2022 47 48 112 30 27 41 30 36 -
amortisation and Sept 2021 45 45 112 29 21 46 42 28 -
depreciation (dollar
per tonne)
Sustaining capital Sept 2022 (161.8) (160.8) (24.7) (68.2) (53.5) (13.8) (1.0) (9.5) -
(million) June 2022 (180.1) (178.7) (29.3) (81.2) (63.0) (16.9) (1.3) (9.5) -
Sept 2021 (157.0) (152.1) (17.9) (64.7) (55.4) (4.3) (4.9) (9.0) -
Non-sustaining capital Sept 2022 (101.4) (99.9) (3.9) (4.2) - (2.6) (1.6) (4.3) (70.9)
(million) June 2022 (116.1) (115.9) (5.5) (2.8) - (2.6) (0.2) (1.8) (82.1)
Sept 2021 (144.8) (144.2) (4.8) (2.2) - (1.5) (0.7) (8.5) (107.5)
Total capital Sept 2022 (263.2) (260.7) (28.6) (72.4) (53.5) (16.4) (2.6) (13.8) (70.9)
expenditure (million) June 2022 (296.2) (294.6) (34.8) (84.0) (63.0) (19.5) (1.5) (11.3) (82.1)
Sept 2021 (301.8) (296.3) (22.7) (66.9) (55.4) (5.8) (5.6) (17.5) (107.5)
All-in-sustaining costs Sept 2022 1,044 1,039 1,131 1,101 1,126 1,019 1,178 518 -
(dollar per ounce) June 2022 1,137 1,127 1,347 1,213 1,342 876 1,431 650 -
Sept 2021 1,013 990 1,155 1,072 1,091 823 1,598 24 -
Total all-in-cost Sept 2022 1,128 1,121 1,176 1,134 1,126 1,088 1,319 686 -
(dollar per ounce) June 2022 1,210 1,199 1,410 1,246 1,342 961 1,519 722 -
Sept 2021 1,081 1,058 1,208 1,097 1,091 879 1,697 342 -
Average exchange rates were US$1 = R17.05, US$1 = R15.58 and US$1 = R14.63 for the September 2022, June 2022 and September 2021 quarters,
respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.68, A$1 = US$0.72 and A$1 = US$0.74 for the September 2022, June 2022 and
September 2021 quarters, respectively.
Figures may not add as they are rounded independently.
* Equity-accounted Joint Venture.
Salient features and cost benchmarks continued
South African Rand
United States Dollars Australian Dollars South Africa
Australia Region Australia Region Region
Figures are in Australia Australia
millions unless Granny Gruyere Granny Gruyere South
otherwise stated Total St Ives Agnew Smith 50% Total St Ives Agnew Smith 50% Deep
Operating results
Ore milled/treated Sept 2022 2,694 899 295 410 1,090 2,694 899 295 410 1,090 747
(000 tonnes) June 2022 2,907 1,020 292 388 1,206 2,907 1,020 292 388 1,206 765
Sept 2021 2,783 1,025 307 400 1,051 2,783 1,025 307 400 1,051 755
Yield (grams Sept 2022 3.0 2.9 6.1 5.5 1.2 3.0 2.9 6.1 5.5 1.2 3.7
per tonne) June 2022 2.9 2.9 6.1 5.8 1.1 2.9 2.9 6.1 5.8 1.1 3.5
Sept 2021 2.9 2.9 5.4 6.1 0.9 2.9 2.9 5.4 6.1 0.9 3.6
Gold produced (000 Sept 2022 257.5 84.5 58.1 73.0 41.8 257.5 84.5 58.1 73.0 41.8 2,735
managed equivalent June 2022 269.0 96.4 57.4 72.4 42.8 269.0 96.4 57.4 72.4 42.8 2,673
ounces) Sept 2021 256.3 94.0 53.8 78.9 29.7 256.3 94.0 53.8 78.9 29.7 2,744
Gold produced (000 Sept 2022 257.5 84.5 58.1 73.0 41.8 257.5 84.5 58.1 73.0 41.8 2,638
attributable equivalent June 2022 269.0 96.4 57.4 72.4 42.8 269.0 96.4 57.4 72.4 42.8 2,577
ounces) Sept 2021 256.3 94.0 53.8 78.9 29.7 256.3 94.0 53.8 78.9 29.7 2,646
Gold sold (000 managed Sept 2022 254.9 84.6 57.6 73.0 39.7 254.9 84.6 57.6 73.0 39.7 2,735
equivalent ounces) June 2022 275.3 95.9 56.4 78.5 44.5 275.3 95.9 56.4 78.5 44.5 2,673
Sept 2021 259.5 94.0 53.1 82.0 30.4 259.5 94.0 53.1 82.0 30.4 2,847
Cost of sales before Sept 2022 (180.7) (60.6) (43.4) (50.9) (25.8) (266.5) (89.9) (63.9) (74.9) (37.8) (1,257.6)
amortisation and June 2022 (210.8) (77.1) (47.3) (59.4) (27.0) (295.2) (108.1) (66.3) (83.0) (37.7) (1,320.7)
depreciation (million) 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)
Cost of sales before Sept 2022 71 77 150 121 26 105 113 220 179 39 1,855
gold inventory change June 2022 67 62 159 142 25 94 86 222 199 35 1,738
and amortisation and Sept 2021 66 72 134 112 23 90 97 182 152 32 1,638
depreciation
(dollar per tonne)
Sustaining capital Sept 2022 (59.3) (21.6) (12.4) (15.8) (9.5) (87.3) (32.1) (18.3) (23.0) (13.9) (422.8)
(million) June 2022 (60.1) (27.2) (15.4) (10.8) (6.7) (84.3) (38.2) (21.6) (15.1) (9.4) (454.8)
Sept 2021 (65.5) (23.3) (15.0) (16.7) (10.5) (88.8) (31.7) (20.4) (22.5) (14.2) (260.9)
Non-sustaining capital Sept 2022 (18.1) (4.5) (4.1) (9.5) - (26.7) (6.5) (6.3) (13.9) - (68.7)
(million) June 2022 (23.9) (3.9) (9.9) (10.1) - (33.4) (5.4) (13.9) (14.1) - (85.5)
Sept 2021 (21.8) (3.9) (5.8) (11.7) (0.4) (29.5) (5.2) (7.9) (15.7) (0.6) (70.9)
Total capital Sept 2022 (77.4) (26.1) (16.5) (25.3) (9.5) (114.0) (38.6) (24.6) (36.9) (13.9) (491.5)
expenditure (million) June 2022 (84.0) (31.1) (25.3) (20.9) (6.7) (117.7) (43.6) (35.5) (29.2) (9.4) (540.3)
Sept 2021 (87.3) (27.2) (20.8) (28.4) (10.9) (118.3) (36.9) (28.3) (38.2) (14.8) (331.8)
All-in-sustaining costs Sept 2022 1,029 1,036 1,083 992 1,001 1,517 1,536 1,599 1,457 1,468 624,701
(dollar per ounce) June 2022 1,076 1,153 1,240 981 871 1,508 1,616 1,738 1,373 1,220 673,899
Sept 2021 1,018 955 1,214 873 1,267 1,386 1,302 1,651 1,186 1,716 542,660
Total all-in-cost Sept 2022 1,159 1,152 1,258 1,157 1,038 1,707 1,704 1,855 1,697 1,521 649,812
(dollar per ounce) June 2022 1,183 1,222 1,431 1,132 874 1,657 1,712 2,005 1,585 1,225 705,902
Sept 2021 1,102 996 1,322 1,015 1,281 1,499 1,358 1,800 1,378 1,736 567,550
Average exchange rates were US$1 = R17.05, US$1 = R15.58 and US$1 = R14.63 for the September 2022, June 2022 and September 2021 quarters,
respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.68, A$1 = US$0.72 and A$1 = US$0.74 for the September 2022, June 2022 and
September 2021 quarters, respectively.
Figures may not add as they are rounded independently.
Review of operations
Quarter ended 30 September 2022 compared with quarter ended 30 June 2022
Figures may not add as they are rounded independently.
South Africa region
South Deep
June
Sept 2022 2022 % Variance
Ore mined 000 tonnes 417 451 (8)%
Waste mined 000 tonnes 40 36 11%
Total tonnes 000 tonnes 457 487 (6)%
Grade mined - underground reef g/t 6.41 6.05 6%
Grade mined - underground total g/t 5.86 5.60 5%
Gold mined kg 2,675 2,728 (2)%
000'oz 86.0 87.7 (2)%
Development m 3,098 2,889 7%
Secondary support m 2,728 3,145 (13)%
Backfill m3 83,017 67,381 23%
Tonnes milled - underground reef 000 tonnes 387 415 (7)%
Tonnes milled - underground waste 000 tonnes 45 22 105%
Total underground tonnes milled 000 tonnes 432 437 (1)%
Ore milled - surface 000 tonnes 315 327 (4)%
Total tonnes milled 000 tonnes 747 764 (2)%
Yield - underground reef g/t 6.98 6.32 10%
Surface yield g/t 0.10 0.14 (29)%
Total yield g/t 3.66 3.49 5%
Gold produced kg 2,735 2,673 2%
000'oz 87.9 85.9 2%
Gold sold kg 2,735 2,673 2%
000'oz 87.9 85.9 2%
AISC R/kg 624,701 673,899 (7)%
US$/oz 1,131 1,347 (16)%
AIC R/kg 649,812 705,902 (8)%
US$/oz 1,176 1,410 (17)%
Sustaining capital expenditure Rm 422.8 454.8 (7)%
US$m 24.7 29.3 (16)%
Non-sustaining capital expenditure Rm 68.7 85.5 (20)%
US$m 3.9 5.5 (29)%
Total capital expenditure Rm 491.5 540.3 (9)%
US$m 28.6 34.8 (18)%
Gold production increased by 2% to 2,735kg (87,900oz) in the September quarter from 2,673kg (85,900oz) in the June quarter as a result
of improved yields and ore phasing. Underground mined reef grade increased by 6% to 6.41g/t in the September quarter from 6.05g/t in the
June quarter as a result of;
? Changes in the geology model (i.e -0.02g/t).
? Volume blends (i.e +0.01g/t), and
? Quality of mining of long hole stopes (i.e +0.28g/t).
Underground reef yield increased by 10% to 6.98g/t in the September quarter from 6.32g/t in the June quarter due to higher underground reef
grade mined, improved mine call factor, plant recoveries, and ore phasing.
Total gold mined marginally decreased by 2% to 2,675kg (86,000oz) in the September quarter from 2,728kg (87,700oz) in the June quarter due to a
decrease in ore mined volumes.
Total development increased by 8% to 3,098 metres in the September quarter from 2,889 metres in the June quarter as a result of an increase in
rig production rates, which is in line with the production plan.
Secondary support installed decreased by 13% to 2,728 metres in the September quarter from 3,145 metres in the June quarter, due to intermittent
support rig machine availability and the redeployment of rigs to conduct support rehabilitation. Backfill increased by 23% to 83,017m3 in the
September quarter from 67,381m3 in the June quarter due to increase stope availability.
Total underground tonnes milled decreased by 1% to 432kt in the September quarter from 437kt in the June quarter and surface tonnes milled
decreased by 4% to 315kt in the September quarter from 327kt in the June quarter.
All-in cost decreased by 8% at R649,812/kg (US$1,176/oz) in the September quarter from R705,902/kg (US$1,410/oz) in the June quarter due to
lower cost of sales before amortisation and depreciation, lower capital expenditure and higher gold sold.
Total capital expenditure decreased by 9% to R492m (US$29m) in the September quarter from R540m (US$35m) in the June quarter.
Sustaining capital expenditure decreased by 7% to R423m (US$25m) in the September quarter from R455m (US$29m) in the June quarter mainly due
to lower spend at the Doornpoort tailings facility and the solar plant as these projects near completion.
Non-sustaining capital expenditure decreased by 20% to R69m (US$4m) in the September quarter from R86m (US$6m) in the June quarter due to
lower spend on future ore handling infrastructure.
The construction of the 50MW solar project is complete. The focus now is optimising the output of the plant by balancing the generated power
to electrical demand. Supply of electricity from the plant commenced in August 2022 with a total of 8.3GWh of electricity been generated to date.
Expenditure on the project to date is R647m (US$41m). The total expenditure is estimated to be R715m (US$45m).
Guidance
South Deep have been tracking well with production targets and have revised gold production guidance to 10,000kg (321,500ozs) for the year ending
December 2022. Previous guidance was 9,600kg (308,600ozs) to 9,700kg (311,800ozs).
AISC and AIC guidance as provided in February 2022 remain unchanged.
West Africa region
Ghana
Tarkwa
June
Sept 2022 2022 % Variance
Ore mined 000 tonnes 3,893 3,058 27%
Waste (Capital) 000 tonnes 10,937 11,374 (4)%
Waste (Operational) 000 tonnes 7,929 6,869 15%
Total waste mined 000 tonnes 18,866 18,243 3%
Total tonnes mined 000 tonnes 22,759 21,301 7%
Strip ratio waste/ore 4.8 6.0 (20)%
Grade mined g/t 1.27 1.12 13%
Gold mined 000'oz 159.1 109.7 45%
Tonnes milled 000 tonnes 3,435 3,518 (2)%
Yield g/t 1.22 1.14 7%
Gold produced 000'oz 134.7 128.8 5%
Gold sold 000'oz 134.7 128.8 5%
AISC US$/oz 1,126 1,342 (16)%
AIC US$/oz 1,126 1,342 (16)%
Sustaining capital expenditure US$m 53.5 63.0 (15)%
Non-sustaining expenditure US$m - - -%
Total capital expenditure US$m 53.5 63.0 (15)%
Gold production increased by 5% to 134,700oz in the September quarter from 128,800oz in the June quarter due to higher yield. Yield increased by
7% to 1.22g/t in the September quarter from 1.14g/t in the June quarter due to higher grades mined and processed. In the September quarter, 0.2Mt
stockpiles at 0.94g/t were processed compared with 0.6Mt stockpiles at 1.66g/t in the June quarter, while ex-pit ore processed for the September
quarter was 3.2Mt at 1.29g/t compared with 2.9Mt at 1.12g/t in the June quarter.
Total tonnes mined, including capital waste stripping, increased by 7% to 22.8Mt in the September quarter from 21.3Mt in the June quarter in line
with the revised schedule. Ore mined increased by 27% to 3.9Mt in the September quarter from 3.1Mt in the June quarter due to increased ore mining
from the Teberebie pits. Operational waste increased by 15% to 7.9Mt in the September quarter from 6.9Mt in the June quarter mainly due to an increase
in waste mining at the Kobada pit. Strip ratio decreased by 20% to 4.8 in the September quarter from 6.0 in the June quarter due to increased ex-pit
ore mined. Gold mined increased by 45% to 159.1koz in the September quarter from 109.7koz in the June quarter due to higher ore tonnes and grade mined.
All-in cost decreased by 16% to US$1,126/oz in the September quarter from US$1,342/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 15% to US$54m in the September quarter from US$63m in the June quarter due to lower capital waste tonnes mined.
Damang
June
Sept 2022 2022 % Variance
Ore mined 000 tonnes 1,441 1,735 (17)%
Waste (Capital) 000 tonnes 1,933 2,650 (27)%
Waste (Operational) 000 tonnes 1,152 1,623 (29)%
Total waste mined 000 tonnes 3,085 4,273 (28)%
Total tonnes mined 000 tonnes 4,526 6,008 (25)%
Strip ratio waste/ore 2.1 2.5 (16)%
Grade mined g/t 1.48 1.62 (9)%
Gold mined 000'oz 68.8 90.4 (24)%
Tonnes milled 000 tonnes 1,208 1,180 2%
Yield g/t 1.55 1.67 (7)%
Gold produced 000'oz 60.1 63.2 (5)%
Gold sold 000'oz 60.1 63.2 (5)%
AISC US$/oz 1,019 876 16%
AIC US$/oz 1,088 961 13%
Sustaining capital expenditure US$m 13.8 16.9 (18)%
Non-sustaining expenditure US$m 2.6 2.6 -%
Total capital expenditure US$m 16.4 19.5 (16)%
Gold production decreased by 5% to 60,100oz in the September quarter from 63,200oz in the June quarter due to lower yield. Yield decreased by 7% to
1.55g/t in the September quarter from 1.67g/t in the June quarter due to lower grade ex-pit material mined and fed in line with the plan.
Total tonnes mined decreased by 25% to 4.5Mt in the September quarter from 6.0Mt in the June quarter in line with the plan. Ore tonnes mined decreased
by 17% to 1.4Mt in the September quarter from 1.7Mt in the June quarter. The decrease in ore tonnes mined is in line with plan due to the Damang main
pit being near completion. In addition, the unrealised scattered mineralisation within the Huni sandstone lithology at the Huni pit resulted in lower
ore tonnage and lower grade.
Mined grade decreased by 9% to 1.48g/t in the September quarter from 1.62g/t in the June quarter in line with the mining sequence. Operational waste
tonnes mined decreased by 29% to 1.2Mt in the September quarter from 1.6Mt in the June quarter. Capital waste tonnes mined decreased by 27% to 1.9Mt
in the September quarter from 2.7Mt in the June quarter. The decrease in operational waste and capital waste tonnes mined is in line with the mining
sequence.
All-in cost increased by 13% to US$1,088/oz in the September quarter from US$961/oz in the June quarter mainly due to higher cost of sales before
amortisation and depreciation and lower gold sold partially offset by lower capital expenditure.
Total capital expenditure decreased by 16% to US$16m in the September quarter from US$20m in the June quarter. Sustaining capital expenditure
decreased by 18% to US$14m in the September quarter from US$17m in the June quarter due to lower capital waste stripping from Huni. Non-sustaining
capital expenditure remained similar at US$3m in the September quarter.
Asanko (Equity accounted Joint Venture)
All figures in table on a 100% basis
June
Sept 2022 2022 % Variance
Ore mined 000 tonnes 144 675 (79)%
Waste (Capital) 000 tonnes - - -%
Waste (Operational) 000 tonnes 107 1,320 (92)%
Total waste mined 000 tonnes 107 1,320 (92)%
Total tonnes mined 000 tonnes 251 1,995 (87)%
Strip ratio waste/ore 0.7 2.0 (65)%
Grade mined g/t 1.82 1.59 14%
Gold mined 000'oz 8.4 34.4 (76)%
Tonnes milled 000 tonnes 1,423 1,406 1%
Yield g/t 0.96 1.11 (14)%
Gold produced 000'oz 43.9 50.0 (12)%
Gold sold 000'oz 45.5 46.2 (2)%
AISC US$/oz 1,178 1,431 (18)%
AIC US$/oz 1,319 1,519 (13)%
Sustaining capital expenditure US$m 2.2 3.0 (27)%
Non-sustaining expenditure US$m 3.5 0.5 600%
Total capital expenditure US$m 5.7 3.5 63%
Gold production decreased by 12% to 43,900oz (100% basis) in the September quarter from 50,000oz (100% basis) in the June quarter mainly due to
lower yield. The lower yield is mainly due to lower grades fed primarily from the stockpile.
Total tonnes mined decreased by 87% to 0.3Mt in the September quarter from 2.0Mt in the June quarter mainly due to mining activities ending in
July 2022 at the Akwasiso Cut3. Operational waste tonnes mined decreased by 92% to 0.1Mt in the September quarter from 1.3Mt in the June quarter.
Ore tonnes mined decreased by 79% to 0.1Mt in the September quarter from 0.7Mt in the June quarter with ore tonnes sourced primarily from the
Akwasiso Cut3.
All-in cost deceased by 13% to US$1,319/oz in the September quarter from US$1,519/oz in the June quarter mainly due to lower cost of sales before
amortisation and depreciation, partially offset by lower gold sold and higher capital expenditure.
Total capital expenditure increased by 63% to US$6m in the September quarter from US$4m in the June quarter.
Sustaining capital expenditure decreased by 27% to US$2m in the September quarter from US$3m in the June quarter mainly due to reduction in capital
expenditure in line with operational scale back strategy. Non-sustaining capital expenditure increased by 600% to US$4m in the September quarter from
US$1m in the June quarter mainly due to timing of expenditure.
South America region
Peru
Cerro Corona
June
Sept 2022 2022 % Variance
Ore mined 000 tonnes 4,110 3,185 29%
Waste mined 000 tonnes 4,578 4,053 13%
Total tonnes mined 000 tonnes 8,688 7,238 20%
Grade mined - gold g/t 0.61 0.76 (20)%
Grade mined - copper per cent 0.36 0.41 (12)%
Gold mined 000'oz 81.3 77.8 4%
Copper mined 000 tonnes 14,693 13,049 13%
Tonnes milled 000 tonnes 1,627 1,687 (4)%
Gold recovery per cent 70.5 67.9 4%
Copper recovery per cent 89.6 88.0 2%
Yield - Gold g/t 0.62 0.70 (11)%
- Copper per cent 0.41 0.46 (11)%
- Combined eq g/t 1.14 1.36 (16)%
Gold produced 000'oz 31.3 36.4 (14)%
Copper produced tonnes 6,381 7,397 (14)%
Total equivalent gold produced 000' eq oz 59.8 73.9 (19)%
Total equivalent gold sold 000' eq oz 59.4 70.8 (16)%
AISC US$/oz 518 650 (20)%
AISC US$/ eq oz 948 921 3%
AIC US$/oz 686 722 (5)%
AIC US$/ eq oz 1,035 957 8%
Sustaining capital expenditure US$m 9.5 9.5 -%
Non-sustaining expenditure US$m 4.3 1.8 139%
Total capital expenditure US$m 13.8 11.3 22%
Gold equivalent production decreased by 19% to 59,800oz in the September quarter from 73,900oz in the June quarter mainly due to lower gold and
copper grades in line with the planned mining sequence for the September quarter. Full year production is still in line with guidance provided
in February 2022.
Total tonnes mined increased by 20% to 8.7Mt in the September quarter from 7.2Mt in the June quarter, mainly due to favourable climate conditions
(dry season). Ore mined increased by 29% to 4.1Mt in the September quarter from 3.2Mt in the June quarter, and waste mined increased by 13% to 4.6Mt
in the September quarter from 4.1Mt in the June quarter.
Gold and copper grades mined decreased by 20% and 12% respectively, in line with the mining sequence planned for the September quarter. Consequently,
gold yield decreased by 11% to 0.62g/t in the September quarter from 0.70g/t in the June quarter and copper yield decreased by 11% to 0.41% in the
September quarter from 0.46% in the June quarter.
As a result of the lower total equivalent production, total equivalent gold sold decreased by 16% to 59,400oz in the September quarter from 70,800oz
in the June quarter.
All-in cost per gold ounce sold decreased by 5% to US$686/oz in the September quarter from US$722/oz in the June quarter mainly due to lower cost of
sales before amortisation and depreciation partially offset by lower gold sold and higher capital expenditure. All-in cost per equivalent ounce
increased by 8% to US$1,035 per equivalent ounce in the September quarter from US$957 per equivalent ounce in the June quarter mainly due to lower
equivalent ounces and higher capital expenditure, partially offset by the lower cost of sales before amortisation and depreciation.
Total capital expenditure increased by 22% to US$14m in the September quarter from US$11m in the June quarter mainly due to an increase in construction
activities at the tailings dam and waste storage facilities during the dry season.
Sustaining capital expenditure was similar at US$10m in September quarter. Non-sustaining capital expenditure increased by 139% to US$4m in the September
quarter from US$ 2m in the June quarter mainly due to an increase in construction activities at the waste storages facilities taking advantage of the dry
season.
Chile
Salares Norte
The Salares Norte project continued progressing during Q3 2022. Total project progress at the end of September was 82% compared to 77% at the end of Q2 2022.
Construction progress decreased to 7.0% for the three months ended 30 September 2022 compared with 9.3% for the three months ended 30 June 2022. Quarter progress
was severely impacted by extreme weather conditions with various snow and white winds events in July and very high wind and low temperature during the entire quarter.
Construction progress at the end of September 2022 was 80% compared to 73% at the end of June 2022.
US$80.5m was spent on the project during the quarter, comprising US$70.9m in capital expenditure, US$3.5m in exploration, a US$3.7m investment in working
capital and a realised loss of US$3.7m on the FX hedge partially offset by other income of US$1.3m. US$94.2m was spent on the project during Q2 2022.
Pre-stripping at the Brecha Principal pit continued as planned and 7.3Mt was stripped during Q3 2022 compared with 9.0Mt for Q2 2022. Project to date pre-stripping is
50.0Mt and pre striping was completed on 10 October 2022, ahead of plan.
The exploration team remains focused on exploring the district, with 1,069 metres drilled for the three months ended 30 September 2022 compared with 4,955 metres for
the three months ended 30 June 2022.
Australia region
St Ives
June
Sept 2022 2022 % Variance
Underground
Ore mined 000 tonnes 455 385 18%
Waste mined 000 tonnes 225 221 2%
Total tonnes mined 000 tonnes 680 606 12%
Grade mined g/t 4.90 4.63 6%
Gold mined 000'oz 71.6 57.2 25%
Surface
Ore mined 000 tonnes 296 201 47%
Surface waste (Capital) 000 tonnes 1,478 3,310 (55)%
Surface waste (Operational) 000 tonnes 1,116 - -%
Total waste mined 000 tonnes 2,594 3,310 (22)%
Total tonnes mined 000 tonnes 2,890 3,511 (18)%
Grade mined g/t 1.08 1.08 -%
Gold mined 000'oz 10.2 7.0 46%
Strip ratio waste/ore 8.8 16.4 (46)%
Total (Underground and Surface)
Total ore mined 000 tonnes 751 586 28%
Total grade mined g/t 3.39 3.41 (1)%
Total tonnes mined 000 tonnes 3,570 4,117 (13)%
Total gold mined 000'oz 81.8 64.2 27%
Tonnes milled 000 tonnes 899 1,020 (12)%
Yield - underground g/t 4.55 5.03 (10)%
Yield - surface g/t 1.19 1.13 5%
Yield - combined g/t 2.93 2.94 -%
Gold produced 000'oz 84.5 96.4 (12)%
Gold sold 000'oz 84.6 95.9 (12)%
AISC A$/oz 1,536 1,616 (5)%
US$/oz 1,036 1,153 (10)%
AIC A$/oz 1,704 1,712 -%
US$/oz 1,152 1,222 (6)%
Sustaining capital expenditure A$m 32.1 38.2 (16)%
US$m 21.6 27.2 (21)%
Non-sustaining capital expenditure A$m 6.5 5.4 20%
US$m 4.5 3.9 15%
Total capital expenditure A$m 38.6 43.6 (11)%
US$m 26.1 31.1 (16)%
Gold production decreased by 12% to 84,500oz in the September quarter from 96,400oz in the June quarter due to a 12% reduction in ore milled due to
haulage constraints as a result of haulage contractor manning issues.
At the underground operations, ore mined increased by 18% to 455,000t in the September quarter from 385,000t in the June quarter with increased ore
from Invincible underground mine, in line with the mine schedule.
Grade mined from underground operations increased by 6% to 4.90g/t in the September quarter from 4.63g/t in the June quarter due to higher grades
mined at Invincible underground mine. As a result of the increased ore mined at higher grades, gold mined increased by 25% to 71,600oz in the September
quarter from 57,200oz in the June quarter.
Ramp-up of production continued at Neptune open pit stage 7 in the September quarter. Ore mined increased by 47% to 296,000t in the September quarter
from 201,000t in the June quarter and gold mined increased by 46% to 10,200oz in the September quarter from 7,000oz in the June quarter. With the
ramp-up of production, capital waste mined decreased by 55% to 1.48Mt in the September quarter from 3.31Mt in the June quarter and 1.12Mt of operational
waste was mined in the September quarter (June quarter - nil). Following the overall reduction in waste mined of 22% and increased ore mined in the
September quarter, the overall strip ratio decreased with 46% to 8.8 from 16.4 in the June quarter.
Total tonnes milled decreased by 12% to 899,000t in the September quarter from 1,020,000t in the June quarter due torestricted availability of ore at
the Lefroy Mill ROM, following manning issues from the hauling contractor.
All-in cost at A$1,704/oz (US$1,152/oz) for the September quarter was similar in AUD terms to the June quarter at A$1,712/oz (US$1,222/oz).
Total capital expenditure decreased by 11% to A$39m (US$26m) in the September quarter from A$44m (US$31m) in the June quarter.
Sustaining capital expenditure decreased by 16% to A$32m (US$22m) in the September quarter from A$38m (US$27m) in the June quarter due to decreased
development at Neptune open pit stage 7.
Non-sustaining capital expenditure increased by 20% to A$7m (US$4m) in the September quarter from A$5m (US$4m) in the June quarter with development
of Invincible Deeps ongoing.
Agnew
June
Sept 2022 2022 % Variance
Underground ore mined 000 tonnes 282 260 8%
Underground waste mined 000 tonnes 199 225 (12)%
Total tonnes mined 000 tonnes 481 485 (1)%
Grade mined - underground g/t 6.80 6.71 1%
Gold mined 000'oz 61.8 56.0 10%
Tonnes milled 000 tonnes 295 292 1%
Yield g/t 6.12 6.11 -%
Gold produced 000'oz 58.1 57.4 1%
Gold sold 000'oz 57.6 56.4 2%
AISC A$/oz 1,599 1,738 (8)%
US$/oz 1,083 1,240 (13)%
AIC A$/oz 1,855 2,005 (7)%
US$/oz 1,258 1,431 (12)%
Sustaining capital expenditure A$m 18.3 21.6 (15)%
US$m 12.4 15.4 (19)%
Non-sustaining capital expenditure A$m 6.3 13.9 (55)%
US$m 4.1 9.9 (59)%
Total capital expenditure A$m 24.6 35.5 (31)%
US$m 16.5 25.3 (35)%
Gold production increased by 1% to 58,100oz in the September quarter from 57,400oz in the June quarter due to a 1% increase in ore processed with
yield remaining similar.
Total tonnes mined decreased by 1% to 481,000t in the September quarter from 485,000t in the June quarter.
Underground ore mined increased by 8% to 282,000t in the September quarter from 260,000t in the June quarter, mainly at New Holland.
Underground waste mined decreased by 12% to 199,000t in the September quarter from 225,000t in the June quarter, predominantly due to lower operating
development and increased focus on ore mining at New Holland, in line with the mine schedule. As a result, the increased ore mined at New Holland
resulted in an overall 10% increase in gold mined to 61,800oz in the September quarter from 56,000oz in the June quarter.
All-in cost decreased by 7% to A$1,855/oz (US$1,258/oz) in the September quarter from A$2,005/oz (US$1,431/oz) in the June quarter, due to lower capital
expenditure, higher gold sold and lower cost of sales before amortisation and depreciation.
Total capital expenditure decreased by 31% to A$25m (US$17m) in the September quarter from A$36m (US$25m) in the June quarter.
Sustaining capital expenditure decreased by 15% to A$18m (US$12m) in the September quarter from A$22m (US$15m) in the June quarter, with lower exploration
expenditure during the September quarter.
Non-sustaining capital expenditure decreased by 55% to A$6m (US$4m) in the September quarter from A$14m (US$10m) in the June quarter, following completion
of the mill crushing circuit expansion and the Waroonga North Extension drill drive.
Granny Smith
June
Sept 2022 2022 % Variance
Underground ore mined 000 tonnes 399 398 -%
Underground waste mined 000 tonnes 200 176 14%
Total tonnes mined 000 tonnes 599 574 4%
Grade mined - underground g/t 5.88 6.31 (7)%
Gold mined 000'oz 75.5 80.9 (7)%
Tonnes milled 000 tonnes 410 388 6%
Yield g/t 5.54 5.80 (4)%
Gold produced 000'oz 73.0 72.4 1%
Gold sold 000'oz 73.0 78.5 (7)%
AISC A$/oz 1,457 1,373 6%
US$/oz 992 981 1%
AIC A$/oz 1,697 1,585 7%
US$/oz 1,157 1,132 2%
Sustaining capital expenditure A$m 23.0 15.1 52%
US$m 15.8 10.8 46%
Non-sustaining capital expenditure A$m 13.9 14.1 (1)%
US$m 9.5 10.1 (6)%
Total capital expenditure A$m 36.9 29.2 26%
US$m 25.3 20.9 21%
Gold production increased by 1% to 73,000oz in the September quarter from 72,400oz in the June quarter due to increased ore processed.
Underground waste mined increased by 14% to 200,000t in the September quarter from 176,000t in the June quarter due to increased capital development in
the Z110 and Z120 areas.
Grade mined decreased by 7% to 5.88g/t in the September quarter from 6.31g/t in the June quarter due to increased volumes at lower grades mined from the
Z100 area. As a result of the decrease in grade of ore mined, gold mined decreased by 7% to 75,500oz in the September quarter from 80,900oz in the June
quarter.
All-in cost increased by 7% to A$1,697/oz (US$1,157/oz) in the September quarter from A$1,585/oz (US$1,132/oz) in the June quarter due to a decrease in
gold sold and increased capital expenditure, partially offset by decreased cost of sales before amortisation and depreciation.
Capital expenditure increased by 26% to A$37m (US$25m) in the September quarter from A$29m (US$21m) in the June quarter.
Sustaining capital expenditure increased by 52% to A$23m (US$16m) in the September quarter from A$15m (US$11m) in the June quarter due to increased capital
development in the Z110 and Z120 areas as well as increased expenditure on a new tailings storage facility.
Non-sustaining capital expenditure decreased by 1% to A$14m (US$10m) in the September quarter from A$14m (US$10m) in the June quarter due to timing of
exploration expenditure.
Gruyere
Sept June
2022 2022 % Variance
Mine physicals in table on a 100% basis
Ore mined 000 tonnes 2,140 2,672 (20)%
Waste (Capital) 000 tonnes 4,497 3,750 20%
Waste (Operational) 000 tonnes 2,614 3,003 (13)%
Total waste mined 000 tonnes 7,111 6,753 5%
Total tonnes mined 000 tonnes 9,251 9,425 (2)%
Grade mined g/t 1.18 1.19 (1)%
Gold mined 000'oz 81.5 102.6 (21)%
Strip ratio waste/ore 3.3 2.5 32%
Tonnes milled 000 tonnes 2,179 2,412 (10)%
Yield g/t 1.19 1.10 8%
Gold produced 000'oz 83.6 85.7 (2)%
Gold sold 000'oz 79.4 88.9 (11)%
AISC A$/oz 1,468 1,220 20%
US$/oz 1,001 871 15%
AIC A$/oz 1,521 1,225 24%
US$/oz 1,038 874 19%
Sustaining capital expenditure - 50% basis A$m 13.9 9.4 48%
US$m 9.5 6.7 42%
Non-sustaining capital expenditure - 50% basis A$m - - -%
US$m - - -%
Total capital expenditure - 50% basis A$m 13.9 9.4 48%
US$m 9.5 6.7 42%
Gold production decreased by 2% to 83,600oz in the September quarter from 85,700oz in the June quarter due to a 10% reduction in ore processed, partially
off-set by an 8% increase in yield.
For the September quarter, focus was on pre-stripping stage 4 of the Gruyere Pit, which resulted in a 20% increase in capital waste mined to 4.50Mt in the
September quarter from 3.75Mt in the June quarter. As a result of the increased pre-stripping mined, ore mined decreased by 20% to 2.14Mt in the September
quarter from 2.67Mt in the June quarter and operational waste mined decreased by 13% to 2.61Mt in the September quarter from 3.0Mt in the June quarter.
As a result of the 20% decrease in ore mined, gold mined decreased by 21% to 81,500oz in the September quarter from 102,600oz in the June quarter.
Tonnes milled decreased by 10% to 2.18Mt in the September quarter from 2.41Mt in the June quarter, due to the accelerated maintenance in the primary crusher
and SAG mill liner wear components.
All-in cost increased by 24% to A$1,521/oz (US$1,038/oz) in the September quarter from A$1,225/oz (US$874/oz) in the June quarter due to decreased gold sold
and higher capital expenditure.
Sustaining capital expenditure (on a 50% basis) increased by 48% to A$14m (US$10m) in the September quarter from $9m (US$7m) in the June quarter due to the
pre-stripping of stage 4 of the Gruyere pit in the September quarter.
Underground and surface
Total Mine South South
Imperial ounces operations Africa America
with metric including Region West Africa Region Region Australia Region
tonnes and grade equity- Ghana Peru Australia
Tonnes mined accounted South Asanko Cerro Granny Gruyere
(000 tonnes)* Joint Venture Deep Total Tarkwa Damang 45% Corona Total St Ives Agnew Smith 50%
- underground ore Sept 2022 1,554 417 - - - - - 1,137 455 282 399 -
June 2022 1,494 451 - - - - - 1,043 385 260 398 -
Sept 2021 1,598 419 - - - - - 1,179 514 260 404 -
- underground waste Sept 2022 663 40 - - - - - 624 225 199 200 -
June 2022 659 36 - - - - - 623 221 225 176 -
Sept 2021 782 60 - - - - - 722 224 220 278 -
- surface ore Sept 2022 10,876 - 5,399 3,893 1,441 65 4,110 1,366 296 - - 1,070
June 2022 9,819 - 5,097 3,058 1,735 304 3,185 1,537 201 - - 1,336
Sept 2021 10,290 5,640 3,034 1,948 659 2,880 1,770 474 - - 1,296
- total Sept 2022 13,093 457 5,399 3,893 1,441 65 4,110 3,127 976 482 599 1,070
June 2022 11,971 487 5,097 3,058 1,735 304 3,185 3,203 807 485 574 1,336
Sept 2021 12,670 479 5,640 3,034 1,948 659 2,880 3,671 1,212 480 682 1,296
Grade mined
(grams per tonne)
- underground ore Sept 2022 5.9 6.4 - - - - - 5.7 4.9 6.8 5.9 -
June 2022 5.9 6.0 - - - - - 5.8 4.6 6.7 6.3 -
Sept 2021 6.1 6.7 - - - - - 5.8 5.0 6.1 6.7 -
- surface ore Sept 2022 1.0 - 1.3 1.3 1.5 1.8 0.6 1.2 1.1 - - 1.2
June 2022 1.1 - 1.3 1.1 1.6 1.6 0.8 1.2 1.1 - - 1.2
Sept 2021 1.2 - 1.4 1.4 1.4 1.3 0.8 1.1 1.8 - - 0.9
- total Sept 2022 1.6 5.9 1.3 1.3 1.5 1.8 0.6 3.2 3.4 6.8 5.9 1.2
June 2022 1.7 5.6 1.3 1.1 1.6 1.6 0.8 3.0 3.4 6.7 6.3 1.2
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
Gold mined
(000 ounces)*
- underground ore Sept 2022 294.9 86.0 - - - - - 208.9 71.6 61.8 75.5 -
June 2022 281.7 87.7 - - - - - 194.0 57.2 56.0 80.9 -
Sept 2021 311.7 90.7 - - - - - 221.0 82.9 51.2 87.0 -
- surface ore Sept 2022 363.9 - 231.7 159.1 68.8 3.8 81.3 51.0 10.2 - - 40.7
June 2022 351.7 - 215.6 109.7 90.4 15.5 77.8 58.3 7.0 - - 51.3
Sept 2021 384.3 - 248.9 132.9 87.8 28.2 71.3 64.1 27.3 - - 36.8
- total Sept 2022 658.8 86.0 231.7 159.1 68.8 3.8 81.3 259.8 81.8 61.8 75.5 40.7
June 2022 633.4 87.7 215.6 109.7 90.4 15.5 77.8 252.3 64.2 56.0 80.9 51.3
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
Ore milled/treated
(000 tonnes)
- underground ore Sept 2022 1,558 387 - - - - - 1,171 465 295 410 -
June 2022 1,569 415 - - - - - 1,154 473 292 388 -
Sept 2021 1,631 430 - - - - - 1,201 493 307 400 -
- underground waste Sept 2022 45 45 - - - - - - - - - -
June 2022 22 22 - - - - - - - - - -
Sept 2021 45 45 - - - - - - - - - -
- surface ore Sept 2022 8,749 315 5,284 3,435 1,208 640 1,627 1,523 433 - - 1,090
June 2022 9,098 327 5,331 3,518 1,180 632 1,687 1,753 547 - - 1,206
Sept 2021 8,962 280 5,354 3,493 1,167 694 1,746 1,582 532 - - 1,051
- total Sept 2022 10,352 747 5,284 3,435 1,208 640 1,627 2,694 899 295 410 1,090
June 2022 10,689 764 5,331 3,518 1,180 632 1,687 2,907 1,020 292 388 1,206
Sept 2021 10,638 755 5,354 3,493 1,167 694 1,746 2,783 1,025 307 400 1,051
Yield
(Grams per tonne)
- underground ore Sept 2022 5.7 7.0 - - - - - 5.3 4.5 6.1 5.5 -
June 2022 5.8 6.3 - - - - - 5.6 5.0 6.1 5.8 -
Sept 2021 5.5 6.3 - - - - - 5.2 4.3 5.4 6.1 -
- surface ore Sept 2022 1.2 0.1 1.3 1.2 1.5 1.0 1.1 1.2 1.2 - - 1.2
June 2022 1.2 0.1 1.3 1.1 1.7 1.1 1.4 1.1 1.1 - - 1.1
Sept 2021 1.2 0.1 1.2 1.2 1.5 1.0 1.2 1.1 1.5 - - 0.9
- combined Sept 2022 1.9 3.7 1.3 1.2 1.5 1.0 1.1 3.0 2.9 6.1 5.5 1.2
June 2022 1.9 3.5 1.3 1.1 1.7 1.1 1.4 2.9 2.9 6.1 5.8 1.1
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
Gold produced
(000 ounces)*
- underground ore Sept 2022 286.0 86.9 - - - - - 199.1 68.0 58.1 73.0 -
June 2022 290.8 84.4 - - - - - 206.4 76.6 57.4 72.4 -
Sept 2021 287.7 87.1 - - - - - 200.6 67.9 53.8 78.9 -
- surface ore Sept 2022 333.8 1.1 214.6 134.7 60.1 19.8 59.8 58.4 16.5 - - 41.8
June 2022 352.4 1.5 214.5 128.8 63.2 22.5 73.9 62.6 19.8 - - 42.8
Sept 2021 340.7 1.1 214.4 135.7 56.4 22.3 69.4 55.8 26.1 - - 29.7
- total Sept 2022 619.8 87.9 214.6 134.7 60.1 19.8 59.8 257.5 84.5 58.1 73.0 41.8
June 2022 643.3 85.9 214.5 128.8 63.2 22.5 73.9 269.0 96.4 57.4 72.4 42.8
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
Cost of sales before gold
inventory change and
amortisation and
depreciation (dollar
per tonne)
- underground Sept 2022 135 167 - - - - - 123 107 150 121 -
June 2022 144 184 - - - - - 129 99 159 142 -
Sept 2021 130 160 - - - - - 118 113 134 112 -
- surface Sept 2022 33 28 32 32 38 23 35 32 46 - - 26
June 2022 30 14 30 27 41 30 36 26 29 - - 25
Sept 2021 29 30 29 21 46 42 28 27 34 - - 23
- total Sept 2022 48 109 32 32 38 23 35 71 77 150 121 26
June 2022 47 112 30 27 41 30 36 67 62 159 142 25
Sept 2021 45 112 29 21 46 42 28 66 72 134 112 23
* 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 necessary 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 2021 and the annual report on Form 20-F for the fiscal year
ended 31 December 2021. 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 Rosebank
St James's Corporate Services Limited Johannesburg
107 Cheapside 2196
Second Floor
London PO Box 61051
EC2V 6DN Marshalltown
United Kingdom 2107
Tel: +44 (0) 20 7796 8644 Tel: +27 11 370 5000
email:general@corpserv.co.uk Fax: +27 11 688 5248
American depository receipts transfer agent United Kingdom
Shareholder correspondence should be mailed to: Link Group
BNY Mellon 10th Floor, Central Square
P O Box 505000 29 Wellington Street
Louisville, KY 40233 - 5000 Leeds
LSI 4 DL
Overnight correspondence should be sent to: England
BNY Mellon Tel: 0371 664 0300
462 South 4th Street, Suite 1600
Louisville, KY40202
email: shrrelations@cpushareownerservices.com
Phone numbers
Tel: 866 247 3871 Domestic
Tel: 201 680 6825 Foreign
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
1 Fricker Road If you are outside the United Kingdom please call (0) 371 664 0300
Illovo, Johannesburg 2196 Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United
South Africa 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
Website
www.goldfields.com
Listings
JSE / NYSE / GFI
YGH Suleman- (Chairperson) CI Griffith- (Chief Executive Officer) PA Schmidt- (Chief Financial Officer) A Andani#- PJ Bacchus*- MC Bitar@-
TP Goodlace- JE McGill^ PG Sibiya- SP Reid^-
^Australian *British @Chilean #Ghanaian
-Independent Director -Non-independent Director
Date: 03-11-2022 07:05:00
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