Post on 05-May-2017
June 2009 Resource and Reserve Declarationwith updates on:
S th DSouth DeepThe Gold Mine Of the Future Taking Shape
St IvesA Transformation underway.
Gold Fields Limited5 October 2009
2
Forward Looking StatementINTRODUCTIONINTRODUCTION
Certain statements in this document constitute “forward looking statements” within themeaning of Section 27A of the US Securities Act of 1933 and Section 21E of the USmeaning of Section 27A of the US Securities Act of 1933 and Section 21E of the USSecurities Exchange Act of 1934.
Such forward looking statements involve known and unknown risks, uncertainties and otherimportant factors that could cause the actual results, performance or achievements of thecompany to be materially different from the future results, performance or achievementsexpressed or implied by such forward looking statements. Such risks, uncertainties and otherimportant factors include among others: economic business and political conditions in Southimportant factors include among others: economic, business and political conditions in SouthAfrica; decreases in the market price of gold; hazards associated with underground andsurface gold mining; labour disruptions; changes in government regulations, particularlyenvironmental regulations; changes in exchange rates; currency devaluations; inflation andother macro-economic factors; and the impact of the AIDS crisis in South Africa. Theseforward looking statements speak only as of the date of this document.
The company undertakes no obligation to update publicly or release any revisions to theseThe company undertakes no obligation to update publicly or release any revisions to theseforward looking statements to reflect events or circumstances after the date of this documentor to reflect the occurrence of unanticipated events.
3
INTRODUCTIONINTRODUCTION
Nick Holland
Chief Executive OfficerChief Executive Officer
4
Attributable Global NumbersINTRODUCTIONINTRODUCTION
June 2008 Depletion June 2009
Gold Equivalent Mineral Resources
Moz 250.6 4.1 271.1
UraniumMineral Resource
Mlbs 11.4 - 77.1Mineral Resource
Gold Equivalent Moz 82 8 3 8 81 1Mineral Reserves 82.8 3.8 81.1
81 Moz OF MINERAL RESERVES = 20-YEAR LIFE OF MINE
5
Long Life ReservesINTRODUCTIONINTRODUCTION
• Long-life quality reserve base;Long life, quality reserve base;– 3rd largest mineral reserve base in the industry.– Six out of nine mines 5 Moz or greaterSix out of nine mines 5 Moz or greater.– Six out of nine mines 10-year LoM or greater.
• Externally audited;• Externally audited;– Robust gold prices used.
FOUNDATION OF THE GOLD FIELDS VALUE PROPOSITION
6Resources and ReservesStrategic PositioningINTRODUCTIONINTRODUCTION
Development is key to unlocking potential of ore bodies.p y g p
Targeting 24 months of development at South African operationsTargeting 24 months of development at South African operations.
Short term mine plans based on paylimit of R195,000/kg in South Africa and t ff d l l t d t US$650/ i Gh d P d A$850/ icut-off grades calculated at US$650/oz in Ghana and Peru and A$850/oz in
Australia.
Higher Prices = margin expansion, not lower pay limits and cut-off grades.
Mechanisation of development (safety and productivity).
OPTIMISING THE EXPLOITATION OF OUR ORE BODIES
7
Development: Key StrategyINTRODUCTIONINTRODUCTION
Managed Mineral Resources(Moz)
Mineral Reserves(Moz)
Driefontein 52.8 18.2Kloof 79.0 10.5Beatrix 17.6 6.4South Deep1 78.4 29.5Tarkwa 16.2 10.7Damang 4.3 1.8g 1.8St Ives 5.6 2.3Agnew 3 5 0 7Agnew 3.5 0.7Cerro Corona2 8.1 5.51 Including Uncle Harry’s 2 Gold equivalent ounces
TARGETING 24 MONTHS OF DEVELOPMENT
1 Including Uncle Harry s 2 Gold equivalent ounces
8
Key PointsINTRODUCTIONINTRODUCTION
Much greater confidence in South Deep ore body and mine plan.
Damang now a 9-year reserve life with significant upside.
St Ives now a 5-year reserve life with potential at the Athena camp to double this.Tarkwa a 15 year reserve life at a production rate of 750koz toTarkwa a ~15-year reserve life at a production rate of 750koz to 800koz p.a.
Cerro Corona a 5 Moz reserve with growth potentialCerro Corona a 5 Moz reserve with growth potential.
0 7 Moz in pillars and remnants removed from South African reserves0.7 Moz in pillars and remnants removed from South African reserves due to safety concerns (1.1 Moz in F2009)
GOLD FIELDS HAS WORLD CLASS ASSETS
9
AgendaINTRODUCTIONINTRODUCTION
Tim RowlandJune 2009 Mineral Resource and Mineral Reserve Declaration
Tim RowlandHead of Technical Division (Competent Person)
South Deep Vishnu PillayH d S th Af i R ip Head: South Africa Region
St Ives Glenn BaldwinSt Ives Head: Australasia Region
ConclusionConclusion Questions and Answers Nick Holland
10
JUNE 2009 MINERAL RESOURCEJUNE 2009 MINERAL RESOURCE AND MINERAL RESERVE DECLARATIONDECLARATION
Tim Rowland
Head: Technical Division & Competent Person
11
Headline Numbers1INTRODUCTIONINTRODUCTION
Managed Attributable
30 June 2008
30 June 2008
• Gold Equivalent Mineral Resource• Uranium Mineral Resource• Gold Equivalent Mineral Reserve
• Gold Equivalent Mineral Resource• Uranium Mineral Resource• Gold Equivalent Mineral Reserve
• 250.6 Moz• 11.4 Mlbs• 82.8 Moz
• 250.6 Moz• 11.4 Mlbs• 82.8 Moz
• 262.1 Moz• 11.4 Mlbs• 87.6 Moz
• 262.1 Moz• 11.4 Mlbs• 87.6 Moz
12 12 • Production Depletion from Resource• Production Depletion from Resource • 4.1 Moz• 4.1 Moz• 4.4 Moz• 4.4 MozMonthsMonths
p• Production Depletion from Reserve
p• Production Depletion from Reserve • 3.8 Moz• 3.8 Moz• 4.2 Moz• 4.2 Moz
30 June 2009
30 June 2009
• Gold Equivalent Mineral Resource• Uranium Mineral Resource• Gold Equivalent Mineral Reserve
• Gold Equivalent Mineral Resource• Uranium Mineral Resource• Gold Equivalent Mineral Reserve
• 271.1 Moz• 77.1 Mlbs• 81.1 Moz
• 271.1 Moz• 77.1 Mlbs• 81.1 Moz
• 282.4 Moz• 77.1 Mlbs• 85.7 Moz
• 282.4 Moz• 77.1 Mlbs• 85.7 Moz
1 Group Total figures are equivalent gold ounces and include APP, Cerro Corona (Au & Au-Cu Equivalents), TSF gold (Tailings Storage Facility) and Uncle Harry’s (WAPL). 30 June 2009 figures are net of production depletion and Corporate activity
GOLD PRICE OF US$800/oz
12
StrategyINTRODUCTIONINTRODUCTION
SAFE PRODUCTION
Operational ExcellenceOperational Excellence
Realise Asset Potential
Leverage Ore Body C bilit
PRODUCTION
RESERVE DefinitionRESERVE Definition
pp‘Delivery’‘Delivery’
Drive Resource
Increase Operational
flexibility and i
Capability
Sustaining the Future
‘Mine Design & Planning’ ‘Mine Design & Planning’
Investment in
Drive Resource to Reserve conversion
margin
Near Mine Exploration Thrust
exploration and discovery
Exploration SpaceExploration Space
Building a Growth Pipeline
Create Mineral Reserve Mining Flexibility
Growing the Safe Production Profilep pp p‘Discovery’‘Discovery’ Growing the Safe Production Profile
Driving Value-Creating Projects to Feasibility
Generating Free Cash Flow
CLEAR FOCUS ON KEY DRIVERSCLEAR FOCUS ON KEY DRIVERSCLEAR FOCUS ON KEY DRIVERS
13
Corporate GovernanceINTRODUCTIONINTRODUCTION
Transparency and materiality paramount
Compliance with all relevant regulatory codes
All Operations’ Mineral Resources and Mineral Reserves externally audited
~ 50% of the Mineral Reserves have been designed and scheduled at South Deep
13FULL COMPLIANCE IN REPORTING
14
Key AssumptionsINTRODUCTIONINTRODUCTION
Rigorous Mineral Resource and Mineral Reserve process and CPR reportingRigorous Mineral Resource and Mineral Reserve process and CPR reporting
Mineral Reserve prices used (US$ 800/oz) in line with SEC (2 to 3 year average)average)Mineral Resource price used (US$ 1,000/oz) 25% leverage on the Mineral Reserve price
Modifying factors based on historical averages
Copper as gold equivalent remains in headline numbersCopper as gold equivalent remains in headline numbers
14FULL DETAILED SUPPLEMENT WITH ANNUAL REPORTFULL DETAILED SUPPLEMENT WITH ANNUAL REPORTNEW TECHNICAL SHORT FORM REPORTS TO BE ISSUED AS NEW TECHNICAL SHORT FORM REPORTS TO BE ISSUED AS
SUPPLEMENT TO THE ANNUAL REPORTSUPPLEMENT TO THE ANNUAL REPORT
15
Metal PriceINTRODUCTIONINTRODUCTION
30 June 2009 30 June 2008Location Units Reserve Resource Reserve Resource
A US$/ 800 1 000 6 0 800West Africa / South America
Au - US$/oz 800 1,000 650 800
Cu - US$/lb 2.203 2.753 1.75 2.10
Australia Au - A$/oz 1 000 1 250 750 925Australia Au - A$/oz 1,000 1,250 750 925
South Africa1&2Au - ZAR/kg 230,000 285,000 150,000 180,000
U O – US$/lb - 75 - 40
1 South Deep has designed and scheduled the Upper Elsburg Reefs from 87 to 110 level in accordance with the GFI protocol.2 The remainder of South Deep is reported as per the acquisition model (low gold price and corresponding lower costs)
U3O8 – US$/lb - 75 - 40
The remainder of South Deep is reported as per the acquisition model (low gold price and corresponding lower costs).3 Whittle shells run at US$2.20/lb for Mineral Resources and US$1.75/lb for Mineral Reserves. US$2.75/lb and US$2.20/lb used to
calculate equivalent gold and to compare cash flows.
15
MINERAL RESOURCE US$25%, A$25% AND ZAR24% ABOVE MINERAL RESERVE PRICE
16
Managed Resources (Moz)GOLD FIELDS OPERATIONSGOLD FIELDS OPERATIONS
G ld E i l t S th A iGold Equivalent South America
Gold Australasia
2 PGE +Au (Growth)
Gold West Africa
Gold South Africa (IncludesTSF gold)
Note: excludes TSF (Tailing Storage Facility) and underground uranium Figures in brackets are comparable from F2009
MINERAL RESOURCE INCREASED BY 20.3 Moz– POST DEPLETION
Note: excludes TSF (Tailing Storage Facility) and underground uranium. Figures in brackets are comparable from F2009
17
GOLD FIELDS OPERATIONSGOLD FIELDS OPERATIONS Managed Reserves (Moz)
Gold Australasia
Gold Equivalent South America
Gold West Africa
Gold South Africa
Figures in brackets are comparable from F2009
MINERAL RESERVE DECREASED BY 1.9 Moz – POST DEPLETION
g p
18
Resource Status per MineSA REGIONSA REGIONGOLD FIELDS OPERATIONSGOLD FIELDS OPERATIONS
80.578.4 79.080
90
Managed Resource (Gold, 2PGE and Cu-Au Eq. oz)
71.8
60
70
80
Eq. (
Moz
)
44.4
52.8
40
50
E &
Au-
Cu
E
9 0 12.615.4 16.1
8 112.6
16.2 17.620
30
Gol
d, 2
PG
3.1 3.5 1.24.5
9.03.5 4.3 4.3 5.6
8.1
0
10
new
man
g
ojec
t
Ives
erro
ro
na
APP
rkw
a
atrix
ntei
n
Dee
p nc
le
's)
Klo
of
Ag
Da m
TSF
Pro
St
Ce
Cor
A
Tar
Bea
Drie
fon
Sout
h D
(Incl
. Un
Har
ry' K
Jun-08 Jun-09
N t l d U i t i d i TSF’ d d d
WORLD CLASS MINERAL RESOURCE BASE AT US$ 1,000/oz
Note: excludes Uranium contained in TSF’s and underground
19
Reserve Status per MineGOLD FIELDS OPERATIONSGOLD FIELDS OPERATIONS
29 5
35
Managed Reserves (Gold and Cu-Au Eq. oz)
29.129.5
25
30
(Moz
)
19.718.2
15
20
& A
u-C
u Eq
.
5.9 6.7
11.1 11.3
5.5 6.4
10.5 10.7
5
10Gol
d &
0.6 1.4 1.90.7
1.8 2.3
0
5
new
ang
ves
rro
ona
atrix loof
kwa
tein
eep
Agn
Dam
a
St I
Cer
Cor
o
Bea K
l
Tark
Drie
font
Sout
h D
e
June 08 June 09
STRONG MINERAL RESERVE BASE AT US$ 800/oz
20
Grade ReconciliationSOUTH AFRICA REGIONSOUTH AFRICA REGION
0 310.0
Driefontein Gold MineChange in Proved & Probable Reserve Grade
10.0
Kloof Gold MineChange in Proved & Probable Reserve Grade
8.6
0.3
0.3 0.5
8.13.04.05.06.07.08.09.0
Gra
de (g
/t)
8.8
0.9
0.4
0.6
7.73.04.05.06.07.08.09.0
Gra
de (g
/t)
0.01.02.03.0
F2009 Gold Price Costs Other* F2010
G
* Other - structure & model changes, increased volumes f MR & l i f hi h d ill
0.01.02.03.0
F2009 Gold Price Costs Other* F2010
* Other - structure & model changes, increased volumes f MR & l i f hi h d ill
7.0
South Deep Gold MineChange in Proved & Probable Reserve Grade
from MR & exclusion of high grade pillars from MR & exclusion of high grade pillars
0 2 0 16.0
Beatrix Gold MineChange in Proved & Probable Reserve Grade
6.3
0.2 0.1 0.3
6.52 03.04.05.06.07.0
Gra
de (g
/t)
5.0
0.2 0.1
4.92.0
3.0
4.0
5.0
Gra
de (g
/t)
0.01.02.0
F2009 Gold Price Costs Other* F2010
G
Other - re-estimation of current mine (facies application) re design
0.0
1.0
F2009 Gold Price Costs F2010
ABOVE INFRASTRUCTURE FIGURES
re-design
21
Grade ReconciliationINTERNATIONAL REGIONSINTERNATIONAL REGIONS
0 11.4
Tarkwa Gold MineChange in Proved & Probable Reserve Grade
0 2 0 11 8
Damang Gold MineChange in Proved & Probable Reserve Grade
1.2
0.1
0.10.0
0.0
1.2
0 40.60.81.01.2
Gra
de (g
/t)
1.7
0.2 0.1
0 0
1.6
0 60.8
11.21.41.61.8
rade
(g/t)
0.00.20.4
F2009 Gold Price
Costs Dilution Other* F2010
G
* Other F2009 mining marginally below ave reserve grade
00.20.40.6
F2009 Gold Price
Costs Dilution Other* F2010
G
* Other - F2009 mining marginally below ave reserve grade
0 23.0
St Ives Gold MineChange in Proved & Probable Reserve Grade
0 69.0
Agnew Gold MineChange in Proved & Probable Reserve Grade
2.3
0.10.0 0.0
0.2
2.41.0
1.5
2.0
2.5
Gra
de (g
/t)
7.7
0.50.0 0.0
0.6
7.83.04.05.06.07.08.0
Gra
de (g
/t)
0.0
0.5
F2009 Gold Price
Costs Dilution Other* F2010
G
* Oth H l t & Ath dd d t hi h d
0.01.02.03.0
F2009 Gold Price
Costs Dilution Other* F2010
G
Oth N d lli & di
GRADES AT CERRO CORONA REMAIN CONSTANT
* Other - Hamlet & Athena added at higher grade Other - New modelling & discovery
22
SOUTH AFRICA REGIONSOUTH AFRICA REGION Overview
• Mineral Resources 232 1 Moz
Driefontein, Kloof, Beatrix & South DeepDriefontein, Kloof, Beatrix & South DeepDriefontein, Kloof, Beatrix & South DeepDriefontein, Kloof, Beatrix & South Deep
• Mineral Resources 232.1 Moz• Mineral Resources include acquisition of Uncle Harry’s 14.6 Moz• Mineral Resource includes TSF gold of 4.3 Moz • Mineral Reserves 64 7 Moz• Mineral Reserves 64.7 Moz • South Deep Upper Elsburg’s (87 – 110 level) portion remodelled
and reported by GFI• Mechanisation of development gaining traction on all long life shaftsp g g g• Significant increase in exploration and resource definition drilling
(F2009 – 93.1 km versus F2008 – 66.3 km)• Improved focus on short term mine planning to reduce volatility
• Safe Production Management strategy
Drive on Safety, Quality and FlexibilityDrive on Safety, Quality and FlexibilityDrive on Safety, Quality and FlexibilityDrive on Safety, Quality and FlexibilitySafe Production Management strategy
• Reduce the grade-gap and leverage the Mine Call Factor• Increase available mineable reserves• Continued focus on secondary support and shaft infrastructure
22
Continued focus on secondary support and shaft infrastructure
FOCUS ON SAFE MINING, QUALITY AND MECHANISATION
23
Pillar Mining ReviewSOUTH AFRICA REGIONSOUTH AFRICA REGION
25 000
Pillar Mining Comparison as at 30 June 2009Kloof Driefontein
1 459
1,2581,39820,000
25,000
802 891
1,459783
10 000
15,000
Moz
8,844 8,441
1,424 1,189 16,985 16,021
5,000
10,000
0F2009 F2010 F2009 F2010
Kloof Excl Pillars Kloof Pillars Kloof Shaft Pillar
• Shaft pillars are scheduled at conservative rates
Kloof Excl. Pillars Kloof Pillars Kloof Shaft PillarDriefontein Excl. Pillars Driefontein Pillars Driefontein Shaft Pillars
REMOVED 1.8 Moz FROM DRIEFONTEIN AND KLOOF PAST 2 YEARS
24
West Wits Tailings ProjectSOUTH AFRICA REGIONSOUTH AFRICA REGION
24“5TH MINE IN SOUTH AFRICA”
25
West Wits Tailings ProjectSOUTH AFRICA REGIONSOUTH AFRICA REGION
West Wits Tailing Processing Project (TSF’s)West Wits Tailing Processing Project (TSF’s)West Wits Tailing Processing Project (TSF’s)West Wits Tailing Processing Project (TSF’s)
• Drilled 30,000 metres in F2009• Modelled and evaluated 13 TSF sites• Cut-off grade calculated per TSF at US$75 lb
F ibilit t d t b l t d b d F2010• Feasibility study to be completed by end F2010• The underground uranium Mineral Resource is based on
a LoM design & scheduled Mineral Reserve – by-product
West Wits West Wits TSFTSF
Tonnes Tonnes ((Mt)Mt)
Gold Gold GradeGrade
(g/t)(g/t)
Gold Gold Content Content
((kg)kg)
Gold Gold Content Content (('000 oz)'000 oz)
Uranium Uranium grade grade ((kg/t)kg/t)
Uranium Uranium ContentContent(000 kg)(000 kg)
Uranium Uranium Content Content (('000 lb)'000 lb)(g )(g ) (( g)g) (( )) (( g )g ) ( g)( g) (( ))
Measured 439.2 0.30 132,080 4,246 0.052 22,960 50,618Inferred 13.8 0.23 3,170 102 0.027 368 811
Total 453.0 0.30 135,250 4,348 0.052 23,328 51,429
U iU i U iU i U iU iWest Wits West Wits UndergroundUnderground
Tonnes Tonnes (Mt)(Mt)
Uranium Uranium grade grade ((kg/t)kg/t)
Uranium Uranium ContentContent(000 kg)(000 kg)
Uranium Uranium Content Content (('000 lb)'000 lb)
Inferred 157.3 0.074 11,649 25,681Total 157 3 0 074 11 649 25 681
25MINERAL RESOURCE DEFINED FOR SURFACE URANIUM AND GOLD
Total 157.3 0.074 11,649 25,681
26
WEST AFRICA REGIONWEST AFRICA REGION Overview
• Mi l R 20 5 M
Tarkwa and DamangTarkwa and DamangTarkwa and DamangTarkwa and Damang
• Mineral Resource 20.5 Moz• Mineral Reserve 12.5 Moz• Carbon In Leach (CIL) Plant expansion project at Tarkwa
commissioned in January 2009commissioned in January 2009• High Pressure Grinding Roll (HPGR) pilot project to be
commissioned in Q2 F2010 at Tarkwa• Post depletion Mineral Reserve ounces increased by 34% at
Damang• Aggressive near mine exploration drilling planned for F2010
OpportunitiesOpportunitiesOpportunitiesOpportunities
• Significant brownfields opportunities• Install secondary crusher at Damang Processing plant – objective
is to mitigate the current dependency on oxide ore
26
TARKWA PLANT EXCEEDED NAME PLATE CAPACITY (1 Mtpm) IN Q1 F2010
27
WEST AFRICA REGIONWEST AFRICA REGION Overview
• Need to test underground potential (ramps &
DPCB Extension (Huni)DPCB Extension (Huni)HuniHuni
DPCBDPCB
• Need to test underground potential (ramps & drill platforms)
• Re-optimization of the Huni Pit in F2009 revealed the existence of the ‘Huni Gap’ an i f ti t i d f 400
HuniHuni GapGapinformation constrained area of some 400m along strike.
• Drilling commenced in Q1 F2010 with 13 holes for 4,000m combined RC/DD
pp
N S
• Further drilling at Juno planned for Q2/Q3 F2010
JunoJunoDPCBDPCBHuniHuni
Huni GapInformation constrainedInformation constrained
JunoInformation constrainedInformation constrained
2.8km2.8km
27SIGNIFICANT OPPORTUNITIES
28
AUSTRALASIA REGIONAUSTRALASIA REGION Overview
• Mi l R 9 1 M
St. Ives and AgnewSt. Ives and AgnewSt. Ives and AgnewSt. Ives and Agnew
• Mineral Resource 9.1 Moz• Mineral Reserve 3.0 Moz• Extensional and brownfields discovery positive at SIGM and
AgnewAgnew• Link drive between Agnew’s Kim and Main lodes will be
completed early in F2010 (Q2)• Increase in Mineral Reserve ounces of 22 per cent net of
depletion due to increase in gold price and discovery• Termination of the Morgan Stanley Royalty (post Reserve
declaration)
OpportunitiesOpportunitiesOpportunitiesOpportunities
• Agnew: Waroonga underground depth extension• St Ives: Highly prospective lease – endowment rated high • Focus on near mine exploration
28WELL POSITIONED FOOTHOLD IN THE REGION
29
SOUTH AMERICA REGIONSOUTH AMERICA REGION Overview
• Gold Mineral Resource 4 2 Moz
Cerro CoronaCerro CoronaCerro CoronaCerro Corona
Gold Mineral Resource 4.2 Moz• Copper Mineral Resource 1,429 million pounds• Cu-Au equivalent Mineral Resource 8.1 Moz • Gold Mineral Reserves 2.8 MozGold Mineral Reserves 2.8 Moz • Copper Mineral Reserves 988 million pounds• Cu-Au equivalent Mineral Reserve 5.5 Moz• Revision to the geotechnical model has resulted in a change ofRevision to the geotechnical model has resulted in a change of
the slope angles within the pit (waste to ore ratio increases from 0.60 to 0.81)
• Production blast hole data for the initial period indicate a positive reconciliation between the long term reserve and short termreconciliation between the long-term reserve and short term Grade Control models
OpportunitiesOpportunitiesOpportunitiesOpportunities• Cerro Corona - potential to convert significant additional
resource to reserve (key management focus)
29+ 5 MILLION OUNCES Cu – Au EQUIVALENT
30
SOUTH DEEPTHE MINE OF THE FUTURE TAKING SHAPETHE MINE OF THE FUTURE TAKING SHAPE
Vishnu Pillay
Head: South Africa RegionHead: South Africa Region
31
SOUTH DEEP PROJECTSOUTH DEEP PROJECT Two Key Targets
F2010 TARGET
• Continue “Safe Production” improvements • Build-up to 300 koz (65 koz for Q1: Plan + 6%)• Commence optimisation to long hole stoping
DECEMBER 2014 TARGET
• Complete required infrastructure• Attain full production rate (~750 to 800 koz/pa)• Achieve world class productivitiesAchieve world class productivities
ON TRACK TO ACHIEVE F2010 AND F2014 TARGETS
32
F2010 Target: 300 kozSOUTH DEEP PROJECTSOUTH DEEP PROJECT
• Fully mechanised and modernised operation Jumbo drill rigs increased from 8 to 16 units over the past 8 months Jumbo drill rigs increased from 8 to 16 units over the past 8 months
Achieved success with first long hole stopes
• Motivated team in place• Motivated team in place Mark Morcombe appointed as Vice President
– Australian mechanised mining skills brought to bear
Effective incentive plan developed
• Rock hoisting Hoisting re-instated at South Shaft - additional hoisting capacity of g g p y
~60ktpm
Record hoist at Twin Main Shaft in August ‘09 of 146,781tonsg
CONSTRAINTS TO F2010 BUILD-UP BEING ADDRESSED
33
Shaft InfrastructureSOUTH DEEP PROJECTSOUTH DEEP PROJECT
Colour Coding: Red Up Cast.GreenDown CastGold Rock Handling Capacity
South Shaft
Twins Ventilation Shaft
Twins Main Shaft
Metallurgical Plant1 4km
33 Lvl
48 Lvl
49 Lvl
SV 1
50 Level Plugs SV 3
Intermediate Pump 51 Level Pump
Station
SV 2
1.4km
50 Lvl
53 Lvl
56 Lvl
58 Lvl
60 Lvl
63 Lvl
65 LvlRock Capacity of 151 ktpm
Rock Capacity 175 ktpm Rock Capacity of 195 ktpm (Design)
Shaft damaged
pStations
68 Lvl
70 Lvl
70a Lvl
71 Lvl
72 Lvl
75 Lvl
78 Lvl
(Design)
80 Level Pumps & Refrigeration
84 Level Pump Station
80 Lvl
83 Lvl
85 Lvl
87 Lvl
90 Lvl 90 Lvl
93 Lvl 93 Lvl
94 Lvl
94 Level Refrigeration
Plants
83 Level Backfill Plant
95 Lvl 95 Lvl
100 Lvl 100 Lvl
105 Lvl 105 Lvl
110 Lvl 110 Lvl
110a Lvl
95a Level Pump Station
Deepened Section
Challenge is the limited Storage from 95 Level to
95a Level
ROCK HOISTING PARTIALLY REINSTATED – SOUTH SHAFT110a Pump Station
34
Progress To F2010 TargetSOUTH DEEP PROJECTSOUTH DEEP PROJECT
50
60
70(k
oz)
History Post - Acquisition
• Reduction in VCR mining as of December ’07,hi h i fi ll t i t d i M h ’08
20
30
40
Pro
duct
ion which is finally terminated in March ’08
• Operation becomes fully mechanised post-March ‘08
0
10
20
Q1 F2009 Q2 F2009 Q3 F2009 Q4 F2009 Q1 F2010
Gol
d • 95 2-W and 95 3-W main access rampsstopped to install permanent support in May ‘08
2 000
2,500
3,000
(m)
Q1 F2009 Q2 F2009 Q3 F2009 Q4 F2009 Q1 F2010
Q1 F2009 to Q1 F2010
• Quarterly production increases from 27.3 to 65 3k
1,000
1,500
2,000
velo
pmen
t ( 65.3koz
September ‘09 production annualises at ~300koz (~9,300kg) (September actual ~775kg)
0
500
Q1 F2009 Q2 F2009 Q3 F2009 Q4 F2009 Q1 F2010
Dev • Development increases by 111%
Accelerated in support of planned production build-up
Q1 F2009 Q2 F2009 Q3 F2009 Q4 F2009 Q1 F2010
SEPTEMBER MONTH ANNUALISES AT ~300koz
35December 2014 Target:~750 to 800 kozSOUTH DEEP PROJECTSOUTH DEEP PROJECT
• Detailed design and production schedule for next 30 years
C it l t k t d li k il t• Capital programme on track to deliver key milestones
• All major infrastructure will be in place Development required to provide access to ore body
Deepening of Ventilation Shaft with rock hoisting capacity of 195ktpmp g g p y p
Ore silo capacity at shaft bottom as well as settler dams and pumps
New FPT backfill plant with associated backfill lines to workings New FPT backfill plant with associated backfill lines to workings
Fully operating refrigeration plant underground and ice plant on surfacesurface
Upgrade of metallurgical plant to mill 330ktpm
FULLY INTEGRATED PROJECT MANAGEMENT PLAN
36
Capital profile: F2010 to F2014SOUTH DEEP PROJECTSOUTH DEEP PROJECT
YearItem
Year
F2010 F2011 F2012 F2013 F2014
94 Level Refrigeration Plant94 Level Refrigeration Plant Phase 1
Twin Vent Shaft
Tailings Storage Facility
Plant Expansion to 330ktpm330ktpm
New Mine DevelopmentPhase 1
Total Capital (All projects) R1,727m R1,939m R2,199m R1,419m R1,126m
Note: Capital estimates in mid-2010 money
ALL PROJECTS ON TRACK
Note: Capital estimates in mid 2010 money
37Gold production profile & Costs: F2010 to F2015SOUTH DEEP PROJECTSOUTH DEEP PROJECT
350 000
400,000 25,000 Run rate Dec 2014 ~750 to 800 koz
300,000
350,000
20,000
g)
200,000
250,000 15,000
R/k
g
rodu
ctio
n (k
g
100,000
150,000 10,000
Gol
d Pr
~300 koz
-
50,000
-
5,000
F2010 F2011 F2012 F2013 F2014 F2015
Gold Production (kg) Operating Costs (R/kg) NCE (R/kg)
Note: Further optimisation work in progress
RUN RATE OF ~750 to 800 koz – DECEMBER 2014
Note: Further optimisation work in progress
38
F2009 Operational PlanSOUTH DEEP PROJECTSOUTH DEEP PROJECT
Destress MiningTwin Shaft Complex
95 Level
Bulk Mining
Key Milestones (next 4-years)• Commission new Tailings Dam• Deepening & equipping of Ventilation Shaft
• Current extent of mining (voids)
• Deepening & equipping of Ventilation Shaft• Complete Twin Shaft Infrastructure• Refurbish South Shaft Complex • Develop 100, 105, 110 Levels and destress
projects below 95 Level
STATUS QUO - CURRENT MINE
39
F2010 Operational PlanSOUTH DEEP PROJECTSOUTH DEEP PROJECT
Twin Shaft Complex
4 W
1-W
2-W3-W4-W
• Vent Shaft deepening starts in January 2010• Destressing in Phase 1 (3-W and 4-W)• Commissioning of Fridge Plant 1, 2 and 3
GREEN – DEVELOPMENT AND MINING IN F2010
40
F2011 Operational PlanSOUTH DEEP PROJECTSOUTH DEEP PROJECT
Twin Shaft Complex
105 Level
• 105 Level reaches the 4-W Project
RED – DEVELOPMENT AND MINING IN F2011
41
F2012 Operational planSOUTH DEEP PROJECTSOUTH DEEP PROJECT
Twin Shaft Complex
2-W
• 105 Level reaches 2-W• Destressing in Phase 1 (1-W and 2-W)• Bulk Mining in 3-W and 4-W
BLUE – DEVELOPMENT AND MINING IN F2012
42
F2013 Operational PlanSOUTH DEEP PROJECTSOUTH DEEP PROJECT
Twin Shaft Complex
Vent Shaft commissioning
110 Level1-W
• Vent Shaft commissioning in July 2012• 105 Level reaches 1-W
BROWN – DEVELOPMENT AND MINING IN F2013
43
F2014 Operational Plan SOUTH DEEP PROJECTSOUTH DEEP PROJECT
Twin Shaft Complex
110 Level towards Phase 1 South ofSouth of Wrench
• Top access to Phase 1 South of Wrench starts
MAUVE – DEVELOPMENT AND MINING IN F2014
44
Scheduled Mineral ReservesSOUTH DEEP PROJECTSOUTH DEEP PROJECT
Twin Shaft ComplexTwin Shaft Complex
Phase NoW and SoW
Phase 1 North of Wrench
• Mining of Phase 1 North of Wrench complete in F2040
110 Level110 Level
Phase 1 South of Wrench
• Mining of Phase 1 South of Wrench starts in F2019
49% OF MINERAL RESERVES HAVE BEEN SCHEDULED14.5Moz OF RESERVES DESIGNED & SCHEDULED IN DETAIL
45
Mineral Reserves: F2010SOUTH DEEP PROJECTSOUTH DEEP PROJECT
• Five-fold increase in designed
Current MineCurrent Mine3.4 Moz
Old Mine1.1 MozTwin Shaft Complex
in designed Mineral Reserves by comparison to F2009
Phase 1 NoW9.0 Moz
Phase 1 VCR1.6 Moz
Wrench Fault• Mineral Reserves
increased by 1 1% to 29 5 Moz
Uncle Harry’sPhase 1 SoW
2.1 Moz
Wrench Fault
1.1% to 29.5 Moz
• Re-estimation and mine design t ti i
Phase 2 VCR1.8 Moz to continue in
preparation for F2011 reporting
Phase 210.5 Moz
1.8 Moz
• “Old Mine” opportunities being progressed
Designed & scheduled in detailN
Note: Rounding off errors may result in minor differences with other published figures
320 KOZ BY Q1 F201049% DESIGNED AND SCHEDULED IN DETAIL
Note: Rounding off errors may result in minor differences with other published figures
46
ConclusionsSOUTH DEEP PROJECTSOUTH DEEP PROJECT
• South Deep is a long-life world class ore body Mineral Reserves total 149 4Mt at 6 1g/t (~29 5Moz) Mineral Reserves total 149.4Mt at 6.1g/t (~29.5Moz)
Ore body geometry allows for efficient exploitation by modern mechanised mining methods (viz benching & long hole stoping)mechanised mining methods (viz. benching & long hole stoping)
• Performance improving Gold production for Q1 of F2010 is 6% above plan
Continued improvement in delivery against plan (F2009: 98% of Plan)
• Capital programme is on track Fully integrated project management plan with fully staffed PMOy g p j g p y
Projects currently on time and within budget
Controls enhanced by roll-out of project management system
ON TRACK TO ACHIEVE F2010 AND F2014 TARGETS
Controls enhanced by roll out of project management system
47
ST IVESST IVESA TRANSFORMATION UNDERWAY
Glenn BaldwinGlenn Baldwin
Head: Australasia Region
48
A Significant Land PositionST IVES GOLD MINEST IVES GOLD MINE
Kalgoorlie 50 kmKalgoorlie 50 km
Cave Rocks (0.2 Cave Rocks (0.2 MozMoz))
Greater Santa Ana (0.8 Greater Santa Ana (0.8 MozMoz) (Camp Scale potential)) (Camp Scale potential)
Belleisle (0.1 Belleisle (0.1 MozMoz))
Lefroy MillLefroy Mill
Heap LeachHeap Leach
St IvesSt IvesLeviathan (3.5 Leviathan (3.5 MozMoz))
Greater Revenge (2.1 Greater Revenge (2.1 MozMoz) (Camp scale potential)) (Camp scale potential)
Emerging Athena Camp (+1.7moz inventory)Emerging Athena Camp (+1.7moz inventory)
Argo (1.1 Argo (1.1 MozMoz))
Processing FacilityProcessing Facility
Underground MinesUnderground Mines
Open Pit MinesOpen Pit Mines
Junction (2.0 Junction (2.0 MozMoz))
A 10 MOZ PRODUCER AND GROWING
49
Athena CampST IVES GOLD MINEST IVES GOLD MINE
osei
don A DEVELOPING NEW
CAMP
P
Clift
Blue Lode
Basalt
Dolerite
Reserve Conversion4 Projects
Resource Growth
naDid
oZeusA
pollo
Clifton
Pollu
x 4 Projects
Target Definition2 Projects
Ath
e
Mac
beth
Yoric
k
Ham
letDArgo •Zeus
– 2m @ 28.6 g/t– 5m @ 5.0 g/t
• Dido– 6m @ 9.7 g/tSediments M
Diana
Felsic Intrusion
– 9m @ 2.3 g/t•Athena
– 1.3 Moz inventory– 771 koz in resource– 316 koz in reserves
• Hamlet
LEGEND
Structural Interpretation
Hamlet– 0.4 Moz inventory– 251 koz in resource– 83 koz reserve
•Yorick– 11m @ 2.4g/t– 4m @ 7.3g/t
F2010 DrillTargets
0 m 500 m 1,000m
“MOST SIGNIFICANT CAMP DISCOVERY IN AUSTRALIA”
4m @ 7.3g/t– 6m @ 7.6g/t
50
Athena MineralisationST IVES GOLD MINEST IVES GOLD MINE
309mNorthSouth
OxideSedimentLong Section
0m
South Shoot2-3m wide
8-20g/t
Central Shoot5-12m wide
5-12g/t
North Shoot3-7m wide
3-9g/t
ParingaBasalt
AthenaBasalt
8 20g/t69 holes
5 12g/t127 holes
3 9g/t13 holes
-300m
500m
“RIVALS THE GREAT JUNCTION MINE”
500m
51
Athena MineralisationST IVES GOLD MINEST IVES GOLD MINE
Cross Section of the Central Shoot
•Hosted in ParingaBasalt.
•Consistent Structure.
•Mineralised for 500m on•Mineralised for 500m on strike.
•Drill defined to 600m•Drill defined to 600m below surface.
•Average Width 8mOpen on strikeand at depthAverage Width 8m. and at depth
STEEPLY DIPPING WITH WIDTH & GRADE
52
Recent IntersectionST IVES GOLD MINEST IVES GOLD MINE
VISIBLE GOLD NUGGETS : STRIKE EXTENSION DRILLING
53
Athena ProjectST IVES GOLD MINEST IVES GOLD MINE
KEY METRICS
Project start date July 2009
First ore Q1 F2011First ore Q1 F2011
Full production Q1 F2012
Annual gold at full production 85 to 95koz
Life of Mine 10 to 15 yearsy
Initial capital cost A$95 million
Average NCE at full production A$ 770/oz
REAL VALUE POTENTIAL - 10 YEAR LOM NPV5 A$270M
54
Hamlet Recent ResultsHamlet Recent ResultsST IVES GOLD MINEST IVES GOLD MINE
NorthSouth 309m
Indicated
14m@13.1g/t 10m@21.1g/t
Inferred
@ g @ g
0m
0 5
Grammetres
-200m
0-55-10
10-2020-50
50-1000Planned holes
Not drilledPrecollar Drilled
Drilled Awaiting Assays
500mPending assay
A SIGNIFICANT ORE BODY
Drilled Awaiting Assays
55
Ongoing ExplorationST IVES GOLD MINEST IVES GOLD MINE
A$25 MILLION SPEND PLANNED FOR F2010
56
Athena - Hamlet OptionsST IVES GOLD MINEST IVES GOLD MINE
TWO NEW GOLD PROJECTS ONE KILOMETRE APART
57
Athena UndergroundST IVES GOLD MINEST IVES GOLD MINE
• Mechanised long hole retreat stoping
• Top down without backfilling initially
• Proven mining methods and techniques
• Consistent orebody strike • Consistent orebody strike Uniform Stope Shapes in Highly Competent rock
• 25m floor-to-floor sublevel interval
• Two Mines 1km Apart
OPTIONALITY WITH HAMLET!
58
Athena Accelerated Plan ST IVES GOLD MINEST IVES GOLD MINE
BOX CUT COMMENCED IN JULY
59
Production ProfileST IVES GOLD MINEST IVES GOLD MINE
600
400
500 Current resource base supports sustained production past F2020
300
400 p
200
0
100
F03 F04 F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20
Historical Production Forecast Production
“MAKING THE LION ROAR” – THE GROWTH PHASE
60
Royalty TerminationST IVES GOLD MINEST IVES GOLD MINE
1200
1400 First 25% of mines by cost Second 25% of mines by cost 3rd 25% of mines 4th 25% of mines
Cash cost $AUS for March 09 Qtr
800
1000Before Royalty
TerminationAfter RoyaltyTermination
400
600
200
400
0
Rid
gew
ay
Cad
ia H
ill
Cha
lleng
er
ers
Tow
ers
Pea
k
Pau
lsen
's
Paj
ingo
JV
Mt R
awdo
n
Yan
dal
Agn
ew
San
dsto
ne
Coo
lgar
die
Cra
cow
Fost
ervi
lle
Sta
wel
l
Mt M
onge
r
Que
en-J
V
Ben
digo
Nor
sem
an
St Iv
es
Telfe
r
Padd
ingt
on
Wilu
na
aven
swoo
d
Jubi
lee
St Iv
es
Tana
mi
unris
e D
am
eaco
nsfie
ld
oorli
e W
est
Cow
al
Hen
ty
hern
Cro
ss
Sup
er P
it -…
Sup
er P
it -…
ra (G
wal
ia)
garn
Sou
th
Plu
toni
c
St Iv
es
St Iv
es
C
Cha
rte M C
San
d P
Ra
Su Be
Kal
go
Sou
th
Leon
or YilgSS
A$308 MILLION REDUCES CASH COSTS BY A$108/OZA$308 MILLION REDUCES CASH COSTS BY A$108/OZ(AT GOLD PRICE OF $1,200/OZ) (AT GOLD PRICE OF $1,200/OZ)
61
ConclusionsST IVES GOLD MINEST IVES GOLD MINE
Athena camp 4 Moz potential
Target to at least double the St Ives LoM
Five underground mines by F2011
Targeting 500koz p.a. steady state production by F2012F2012
THE TRANSFORMATION OF ST IVES
62
CONCLUSIONCONCLUSION
Nick HollandNick Holland
Chief Executive Officer
63
CONCLUSIONSCONCLUSIONS
Gold Fields has robust Reserves.
Long-term optionality for shareholders without hedge liabilitiesLong-term optionality for shareholders without hedge liabilities.
S th D t ti t li it t ti lSouth Deep starting to realise its potential.
International portfolio growing.
Uranium Mineral Resource proven up – feasibility underway
TO BE THE GLOBAL LEADER IN SUSTAINABLE GOLD MINING
64
QUESTIONS & ANSWERSQUESTIONS & ANSWERS