Wrap Text
Operational update for the quarter ended 30 September 2024
Gold Fields Limited
Reg. No. 1968/004880/06)
Incorporated in the Republic of South Africa)
JSE, NYSE, DIFX Share Code: GFI
ISIN Code:ZAE000018123
(Gold Fields or the Company)
Operational update for the quarter ended 30 September 2024
- Attributable production 12% higher (QoQ) at 510koz
- All-in sustaining costs (AISC) 3% lower (QoQ) at US$1,694/oz
- All-in costs (AIC) 5% lower (QoQ) at US$1,909/oz
JOHANNESBURG, 14 November 2024: Gold Fields Limited (NYSE & JSE: GFI) is pleased to provide an operational update for
the quarter ended 30 September 2024. Detailed financial and operational results are provided on a six-monthly basis
i.e. at the end of June and December.
Statement by Mike Fraser, CEO
Improved performance in Q3
Our operations achieved notable improvements in the quarter delivering a 12% increase in production to 510koz, and
a 5% decrease in all-in cost (AIC) quarter on quarter (QoQ).
At the start of the year, I highlighted five key priority areas for 2024 in line with the delivery of our strategy.
As a reminder these were:
- Ensuring the physical and psychological safety of our people.
- Safe delivery against our production and cost targets.
- Delivery of the Salares Norte ramp-up.
- Continuing to improve the value and quality of our portfolio.
- Continuing progress towards meeting our 2030 ESG targets.
Below I provide an update on performance against these priorities.
Ensuring the physical and psychological safety of our people
The health, safety and wellbeing of our people remains our number one value and is core to everything that we do. As a
leadership team, we believe that we can achieve a serious injury and fatality-free business, guaranteeing that everyone
who works at Gold Fields goes home safe and well every day.
Our safety trends for Q3 2024 were encouraging, with no serious injuries reported during the quarter. The total
recordable injury frequency rate improved during Q3 to 2.26 per million hours worked from 3.14 in H1 2024. To maintain
ongoing focus on safety, we continue to prioritise the actions underpinning our safety improvement roadmap, detailed
below, with additional risk containment support being deployed in areas of higher risk across the business.
Earlier this year, we undertook a review of the Group's safety culture, systems and practices, and identified a number
of areas for improvement. The insights and expertise from employees and business partners were integral to this review,
which now serves as the foundation of our safety improvement roadmap.
This roadmap aims to bring about improvement to our safety performance through a multi-year Group-wide safety
programme, which seeks to:
- Develop and empower leaders across all levels to shift safety mindsets.
- Improve our safety and risk systems to reduce risk and eliminate serious injuries and fatalities.
- Partner with business partners on our safety guarantee through a standard business partner framework.
Fostering respectful workplaces is fundamental to our culture and is essential to delivering on our safety guarantee.
We continue to make good progress in implementing the recommendations made in last year's Respectful Workplace
independent across our business.
Safe delivery against our production targets
We recorded material improvement in our operating performance across the portfolio in the quarter under review, with
notable increases in production delivered at Gruyere (+10% QoQ), Granny Smith (+16% QoQ), St Ives (+20% QoQ), South
Deep (+23% QoQ), Tarkwa (+11% QoQ) and Cerro Corona (+14% QoQ).
Group attributable gold-equivalent production for Q3 2024 was therefore 12% higher QoQ at 510koz (Q2 2024: 454koz),
but 6% lower YoY (Q3 2023: 542koz).
A further step-up is expected in Q4 2024, underpinned by continued improvements at Gruyere, St Ives, South Deep, Tarkwa
and Cerro Corona, together with Salares Norte's first meaningful quarterly contribution.
Group AIC for Q3 2024 decreased by 5% QoQ to US$1,909/oz (Q2 2024: US$2,008/oz) mainly due to the higher gold sold.
It was, however, 18% higher YoY (Q3 2023: US$1,622/oz) due to lower gold sold compared to Q3 2023, coupled with higher
capital expenditure. AISC for Q3 2024 of US$1,694/oz was 3% lower QoQ benefiting from higher gold production (Q2 2024:
US$1,751/oz) but 23% higher YoY (Q3 2023: US$1,381/oz).
Net debt decreased by US$30m to US$1,123m at the end of September 2024, mainly due to strong cash generation which was
partially offset by payment of the interim dividend of US$152m (June 2024: US$153m). We remain in a strong financial
position with a net debt to EBITDA of 0.47x at the end of Q3 2024, compared to 0.53x in Q2 2024.
Post the quarter-end we paid US$1.39bn (C$1.93bn), net of cash received, in full and final settlement of the
Osisko Mining Inc (Osisko) acquisition which was completed on 25 October 2024. This was paid from cash on hand,
undrawn debt facilities and liquidity facilities totalling US$750m that were executed in October 2024.
Update on South Deep: Operational improvements in Q3
South Deep gold production increased by 23% (411kg) to 2,229kg (71.7koz) in Q3 2024 with higher production underpinned
by improved stope availability (following positive progress made with backfill rehandling) and improved long hole stope
drilling. Access to and turnaround of stopes was therefore markedly improved in the quarter.
The mine made significant progress in rehandling backfill material. Backfill leakage was also reduced and in Q3 was
less than 1% of total backfill volumes placed.
Reef grade improved by 15% from 5.53g/t to 6.34g/t, as the mine gained access to previous destress areas and with the
opening of the mining footprint.
Delivery of the Salares Norte ramp-up
Ramp-up of Salares Norte recommenced slightly ahead of the planned plant restart date of 30 September 2024 and the mine
produced 198oz- eq during Q3 2024. The quarter under review was focused on unfreezing and purging remaining material in
the primary circuits Installation of by-pass circuits early in the winter ensured that the main components of the plant
could continue to run and circulate solution while the main circuit was being cleaned.
Despite experiencing a late snow event in early October 2024, ramp-up has continued according to plan and is expected
to proceed into H1 2025, with commercial levels of production set to be achieved in Q2 2025. Steady state throughput on
a monthly basis is expected in Q4 2025.
Guidance for Salares Norte remains unchanged for 2024 at 40koz-eq - 50koz-eq. 2025 gold-equivalent production is
expected to be between 325koz-eq - 375koz-eq at AISC of US$975/oz-eq - US$1,125/oz-eq, depending on the ramp-up
progress. 2026 is anticipated to be the first full year of steady-state production.
The capture and relocation of the Chinchillas was put on hold in Q3 2024, in line with our plan to halt activities
during the winter months. The urgent and transitional measure (MUT) issued by Chile's Superintendence of Environment
(SMA) ordering the suspension of dismantling activities at Rockery Area No 3, located at the North waste dump of the
mine, expired on 3 October 2024. During the quarter, we had constructive engagement with the SMA, following which we
have implemented several improvements to our planned processes.
Capture and relocation activities are scheduled to recommence at Rockery Area No 3 in November 2024. Suspension of the
capture and relocation programme during the winter period has had no impact on the current operations or future plans
for Salares Norte's production.
Continuing to improve the value and quality of our portfolio
Acquisition of Osisko, consolidating 100% ownership in Windfall, a quality, multi-decade asset
On 12 August, Gold Fields announced an all-cash offer to acquire 100% of the outstanding shares of Osisko. Gold Fields
paid C$1.93bn (US$1.39bn) net of cash received, in settlement of the transaction. The transaction was finalised on
25 October 2024, following receipt of all regulatory approvals and approval by 99.5% of the Osisko shareholders voting
at a special shareholder meeting held on 17 October 2024.
The transaction consolidates Gold Fields' 50% stake into full ownership and control of the Windfall Project and its
entire exploration district (c.2,500km(2)) in Quebec, Canada. It also eliminates our existing obligation of a C$300m
deferred cash payment and a C$75m exploration commitment, which formed part of the original JV agreement.
Current focus for the project is obtaining the required environmental permitting for full scale construction and
undertaking the engineering work required to take the project to our Board for a final investment decision.
Construction will commence following Board approval and is expected to take approximately 18 to 24 months. We will
provide a more definitive timeline for the project in the new year.
Key members of the current Windfall team have remained with the project and we are currently working to integrate the
team into Gold Fields. Engagements for the execution of an Impact Benefit Agreement with the Cree First Nation of
Waswanipi and the Cree Nation Government are also ongoing.
Update on the Tarkwa/Iduapriem JV in Ghana
As per our joint announcement released on SENS on 7 November 2024, notwithstanding constructive engagement with the
Government of Ghana since the announcement of the proposed joint venture on 16 March 2023, the requisite approvals by
the Government for the JV have not yet been obtained. Gold Fields and AngloGold Ashanti have sought to secure these
approvals ahead of the October 2024 parliamentary recess before the Ghana national elections set for December 2024.
Both companies continue to believe that a combination of these two neighbouring mines into a single managed entity is
compelling, given that it is anticipated to extend life-of-mine, increase production and lower costs, thereby creating
value for all stakeholders.
In the absence of the requisite approvals from the Government of Ghana and clear timelines for execution of an
agreement, Gold Fields and AngloGold Ashanti will maintain engagement in relation to a potential asset combination
while separately continuing to pursue improvements to their respective assets.
Continuing progress towards our 2030 ESG targets
We are progressing our commitment to decarbonise our mines and reduce energy costs. During the quarter, construction
continued on the St Ives Renewables Project, which we expect to be operational in 2026. Once completed it is expected
to deliver over 70% of the mine's electricity requirements and reduce the mine's electricity costs to a third of
previously projected 2026 costs.
Construction of the renewable project has been slightly delayed resulting in some of the capital planned for 2024 being
pushed into 2025. As such, capital spend on the project during 2024 will be lower than originally planned.
During the quarter we also commenced with expansion of our solar farm at Granny Smith. Upon completion, scheduled for
early 2025, the mine will have a total of 19MW of solar capacity - an increase of 11MW - as well as additional 7MW
capacity through a battery energy storage system. The expansion will enable up to 21% of the mine's energy requirements
to be generated through renewable energy sources.
Subsequent to the quarter-end, on 11 October 2024, the environmental impact assessment for in-pit tailings deposition
at our Cerro Corona mine was approved by the relevant authorities. The approval effectively extends the mine's expected
life to 2031. Mining activities at the mine will continue at current levels until the end of 2025, after which the mine
will process stockpiled ore until 2031.
In August, the Gold Fields Ghana Foundation handed over the newly constructed and refurbished Tarkwa & Abosso (T&A)
Stadium in Tarkwa, to the country's National Sports Authority. Rehabilitation work on the T&A Stadium started in
January 2020 and was completed this year at a total cost of US$16.2m. This significant investment has transformed the
400-seat football park into an 8,000-plus seater world-class stadium, which is capable of hosting international matches
and will be home to Medeama SC, a Ghana Premier League team. The stadium is also expected to boost business activities,
nurture young talent, and facilitate the development of football in the region, including women's football.
Leadership appointments
In August, we announced the appointment of Phil Murnane as Gold Fields' Chief Financial Officer and an executive
director of the Company. We are currently finalising Phil's commencement date. Alex Dall will continue as Interim CFO
and will work with Phil to ensure a smooth transition.
At the beginning of September, Chris Gratias joined us as EVP Strategy & Corporate Development. Prior to joining Gold
Fields, Chris was Global Head of Mining at Canadian investment bank CIBC.
The appointments of Shannon McCrae and Zarina Bassa as non- executive directors to the Company's Board, announced with
our H1 2024 results, took effect on 1 August 2024. Zarina also joined the Audit Committee of the Board.
2024 guidance unchanged
We expect a further step up in production in Q4 2024 and are keeping Group FY2024 guidance unchanged from that released
with our interim results in August. This is underpinned by increased production at all our operations, with St Ives set
to record the largest QoQ increase in Q4 as the Swiftsure and Invincible Footwall South open pits start contributing
meaningfully.
Group attributable gold-equivalent production for 2024 is expected to be at the lower end of our guidance of
2.05Moz - 2.15Moz, with AISC of between US$1,580/oz - US$1,670/oz and AIC of between US$1,820/oz - US$1,910/oz.
This implies H2 2024 attributable gold-equivalent production of between 1.11Moz - 1.21Moz. H2 2024 unit costs are
expected be lower than those reported for H1 2024, with AISC forecast between US$1,460/oz - US$1,580/oz and AIC set
to be between US$1,630/oz - US$1,750/oz for H2 2024.
Mike Fraser
Chief Executive Officer
14 November 2024
Key statistics
United States Dollar
Quarter
September June September
Figures in millions unless otherwise stated 2024 2024 2023
Gold produced* oz (000) 510 454 542
- Continuing operations oz (000) 510 454 526
- Discontinued operations oz (000) n/a n/a 16
Tonnes milled/treated 000 10,172 9,854 10,933
- Continuing operations 000 10,172 9,854 10,225
- Discontinued operations 000 n/a n/a 708
Revenue (excluding Asanko) US$/oz 2,493 2,337 1,924
Cost of sales before gold inventory change
and amortisation and depreciation (excluding Asanko) US$/tonne 54 53 48
AISC# US$/oz 1,694 1,751 1,381
- Continuing operations US$/oz 1,694 1,751 1,380
- Discontinued operations US$/oz n/a n/a 1,427
Total AIC# US$/oz 1,909 2,008 1,622
- Continuing operations US$/oz 1,909 2,008 1,622
- Discontinued operations US$/oz n/a n/a 1,632
Net debt US$m 1,123 1,153 1,141
Net debt (excluding lease liabilities) US$m 684 720 749
Net debt to adjusted EBITDA ratio 0.47 0.53 0.48
* Gold produced in this table is attributable.
At 30 September 2024, all operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%),
South Deep in South Africa (96.43%), Cerro Corona in Peru (99.5%) and Gruyere JV (50%).
Gold produced and sold throughout this report includes copper gold equivalents of approximately 4% of
Group production.
# AISC and total AIC in the key statistics table include all Gold Fields operations, projects and offices.
Figures may not add as they are rounded independently.
All-in cost reconciliation
United States Dollar
Quarter
September June September
Figures in millions unless otherwise stated 2024 2024 2023
Total AIC for mining operations
including Salares Norte US$/oz 1,840 1,937 1,562
Windfall US$/oz 49 54 48
Corporate and other US$/oz 20 17 12
Total AIC US$/oz 1,909 2,008 1,622
Currencies and metal prices
United States Dollar
Quarter
September June September
Figures in millions unless otherwise stated 2024 2024 2023
US$1-ZAR 17.97 18.56 18.65
A$-US$ 0.67 0.66 0.65
Gold price (US$/oz) 2,493 2,337 1,924
Copper price (US$/tonne) 9,204 9,751 8,356
Stock data for the quarter ended September 2024
Number of shares in issue NYSE - (GFI)
- at 30 September 2024 895,024,247 Range - Quarter US$13.34 - US$17.20
- average for nine months 894,833,605 Average Volume - Quarter 3,339,627 shares/day
Free float 100 per cent JSE Limited - (GFI)
ADR ratio 1:1 Range - Quarter ZAR235.00 - ZAR319.20
Bloomberg/Reuters GFISJ/GFLJ.J Average volume - Quarter 2,787,539 shares/day
Salient features and cost benchmarks
United States Dollar South African Rand
Total
Mine Peru Chile Ghana South Africa
operations Project
and Salares Cerro Salares South South
Figures are in millions unless otherwise stated Norte Corona Norte Tarkwa Damang Deep Deep
Operating results
Ore milled/treated (000 tonnes) Sept 2024 10,172 1,539 6 3,733 1,254 789 789
Jun 2024 9,854 1,433 12 3,667 1,236 753 753
Yield (grams per tonne) Sept 2024 1.6 0.8 1.1 1.1 0.8 2.8 2.8
Jun 2024 1.5 0.8 1.3 1.0 0.9 2.4 2.4
Gold produced (000 managed equivalent ounces) Sept 2024 529.0 41.5 0.2 128.9 33.2 71.7 2,229
Jun 2024 471.2 36.5 0.5 115.9 37.3 58.5 1,818
Gold produced (000 attributable equivalent ounces) Sept 2024 510.1 41.3 0.2 116.0 29.9 69.1 2,149
Jun 2024 453.7 36.3 0.5 104.3 33.5 56.4 1,753
Gold sold (000 managed equivalent ounces) Sept 2024 524.9 35.2 0.1 131.3 34.1 70.8 2,203
Jun 2024 491.7 37.9 0.5 120.8 37.9 59.6 1,855
Cost of sales before amortisation and
depreciation (million) Sept 2024 (561.9) (36.1) 4.7 (127.3) (60.8) (94.0) (1,694.2)
Jun 2024 (570.8) (45.3) (0.4) (132.6) (59.5) (88.8) (1,650.6)
Cost of sales before gold inventory change and
amortisation and depreciation (Dollar per tonne) Sept 2024 54 35 697 36 28 118 2,131
Jun 2024 53 40 147 33 25 119 2,214
Sustaining capital (million) Sept 2024 (225.8) (4.6) (37.5) (53.3) - (26.6) (480.6)
Jun 2024 (211.9) (4.5) (35.1) (57.9) (1.8) (26.0) (483.4)
Non-sustaining capital (million) Sept 2024 (67.8) (0.3) (46.5) - - - -
Jun 2024 (83.1) (0.2) (61.4) - - - -
Total capital expenditure (million) Sept 2024 (293.6) (4.9) (84.0) (53.3) - (26.6) (480.6)
Jun 2024 (295.0) (4.7) (96.5) (57.9) (1.8) (26.0) (483.4)
All-in sustaining costs (Dollar per ounce) Sept 2024 1,677 396 453,930 1,667 2,008 1,747 1,012,837
Jun 2024 1,737 546 74,677 1,897 1,787 1,924 1,149,439
Total all-in cost (Dollar per ounce) Sept 2024 1,840 502 1,002,151 1,667 2,008 1,747 1,012,837
Jun 2024 1,937 672 206,790 1,897 1,787 1,924 1,149,439
Average exchange rates were US$1 = R17.97, US$1 = R18.56 for the September 2024 and June 2024 quarters.
The Australian/US Dollar exchange rates were A$1 = US$0.67, A$1 = US$0.66 for the September 2024 and June 2024 quarters.
Figures may not add as they are rounded independently.
Salient features and cost benchmarks continued
United States Dollar Australian Dollar
Australia Australia
Granny Gruyere Granny Gruyere
Figures are in millions unless otherwise stated Agnew St Ives Smith 50% Agnew St Ives Smith 50%
Operating results
Ore milled/treated (000 tonnes) Sept 2024 298 986 402 1,164 298 986 402 1,164
Jun 2024 313 1,039 360 1,041 313 1,039 360 1,041
Yield (grams per tonne) Sept 2024 6.3 2.6 5.8 0.9 6.3 2.6 5.8 0.9
Jun 2024 5.7 2.1 5.5 0.9 5.7 2.1 5.5 0.9
Gold produced (000 managed equivalent ounces) Sept 2024 60.9 83.8 74.4 34.4 60.9 83.8 74.4 34.4
Jun 2024 57.0 70.1 64.2 31.3 57.0 70.1 64.2 31.3
Gold produced (000 attributable equivalent ounces) Sept 2024 60.9 83.8 74.4 34.4 60.9 83.8 74.4 34.4
Jun 2024 57.0 70.1 64.2 31.3 57.0 70.1 64.2 31.3
Gold sold (000 managed equivalent ounces) Sept 2024 60.3 86.2 74.4 32.5 60.3 86.2 74.4 32.5
Jun 2024 59.3 71.4 72.9 31.2 59.3 71.4 72.9 31.2
Cost of sales before amortisation and depreciation (million) Sept 2024 (61.8) (100.0) (61.5) (25.2) (92.5) (149.5) (91.9) (37.6)
Jun 2024 (59.4) (90.7) (63.6) (30.4) (90.1) (137.7) (96.5) (46.1)
Cost of sales before gold inventory change
and amortisation and depreciation (Dollar per tonne) Sept 2024 196 91 148 22 293 137 221 33
Jun 2024 166 82 152 25 251 124 230 38
Sustaining capital (million) Sept 2024 (7.0) (52.2) (16.3) (28.4) (10.3) (78.2) (24.4) (42.6)
Jun 2024 (15.5) (37.4) (14.8) (19.0) (23.5) (56.8) (22.5) (28.8)
Non-sustaining capital (million) Sept 2024 (8.6) (8.0) (4.4) - (12.9) (12.0) (6.5) -
Jun 2024 (5.9) (6.8) (8.7) - (9.0) (10.2) (13.3) -
Total capital expenditure (million) Sept 2024 (15.6) (60.2) (20.7) (28.4) (23.2) (90.2) (30.9) (42.6)
Jun 2024 (21.4) (44.2) (23.5) (19.0) (32.5) (67.0) (35.8) (28.8)
All-in sustaining costs (Dollar per ounce) Sept 2024 1,302 1,896 1,180 1,928 1,945 2,838 1,764 2,884
Jun 2024 1,390 1,913 1,188 1,774 2,110 2,903 1,802 2,691
Total all-in cost (Dollar per ounce) Sept 2024 1,519 2,056 1,253 1,949 2,271 3,077 1,873 2,915
Jun 2024 1,518 2,064 1,316 1,784 2,303 3,132 1,997 2,707
Average exchange rates were US$1 = R17.97, US$1 = R18.56 for the September 2024 and June 2024 quarters.
The Australian/US Dollar exchange rates were A$1 = US$0.67, A$1 = US$0.66 for the September 2024 and June 2024 quarters.
Figures may not add as they are rounded independently.
Review of operations
Quarter ended 30 September 2024 compared with quarter ended 30 June 2024
Figures may not add as they are rounded independently.
Gruyere
September June %
2024 2024 Variance
Mine physicals in table on a 100% basis
000
Ore mined tonnes 1,806 1,052 72 %
000
Waste (Capital) tonnes 12,339 9,219 34 %
000
Waste (Operational) tonnes 38 39 (3) %
000
Total waste mined tonnes 12,377 9,258 34 %
000
Total tonnes mined tonnes 14,183 10,310 38 %
Grade mined g/t 1.29 1.33 (3) %
Gold mined 000'oz 75.2 44.8 68 %
Strip ratio waste/ore 6.9 8.8 (22) %
000
Tonnes milled tonnes 2,329 2,082 12 %
Yield g/t 0.92 0.93 (1) %
Gold produced 000'oz 68.8 62.5 10 %
Gold sold 000'oz 65.0 62.4 4 %
AIC and capital in table on a 50% basis
AISC A$/oz 2,884 2,691 (7) %
US$/oz 1,928 1,774 (8) %
AIC A$/oz 2,915 2,707 (7) %
US$/oz 1,949 1,784 (8) %
Sustaining capital expenditure A$m 42.6 28.8 (32) %
US$m 28.4 19.0 49 %
Non-sustaining capital expenditure A$m - - - %
US$m - - - %
Total capital expenditure A$m 42.6 28.8 48 %
US$m 28.4 19.0 49 %
As previously reported Gruyere was affected by a significant rainfall event in March 2024 which negatively impacted
the mine's operational performance and results in the first half of the year. In the quarter under review, production
improved considerably, with total tonnes mined increasing by 38% to 14.2Mt compared to 10.3Mt in the June quarter.
Gold production was consequently 10% higher at 68,800oz in the September quarter up from 62,500oz in the June quarter
due to increased ore processed. Gold production is expected to increase further in Q4 2024.
Despite the higher gold produced, AIC increased by 7% to A$2,915/oz (US$1,949/oz) in the September quarter from
A$2,707/oz (US$1,784/oz) in the June quarter mainly due to increased capital expenditure as pre-stripping of
Stages 4 and 5 of the Gruyere pit continued.
Total capital expenditure (on a 50% basis) was 48% higher at A$43m (US$28m) in the September quarter compared to
A$29m(US$19m) in the June quarter. The focus remains on pre-stripping at Stages 4 and 5 of the Gruyere pit in line
with the revised mine plan to catch up on the shortfall in pre-strip mining following the rainfall event.
Granny Smith
September June %
2024 2024 Variance
000
Underground ore mined tonnes 385 373 3 %
000
Underground waste mined tonnes 138 140 (1) %
000
Total tonnes mined tonnes 523 513 2 %
Grade mined - underground g/t 6.16 5.86 5 %
Gold mined 000'oz 76.3 70.2 9 %
000
Tonnes milled tonnes 402 360 12 %
Yield g/t 5.76 5.55 4 %
Gold produced 000'oz 74.4 64.2 16 %
Gold sold 000'oz 74.4 72.9 2 %
AISC A$/oz 1,764 1,802 2 %
US$/oz 1,180 1,188 1 %
AIC A$/oz 1,873 1,997 7 %
US$/oz 1,253 1,316 5 %
Sustaining capital expenditure A$m 24.4 22.5 8 %
US$m 16.3 14.8 10 %
Non-sustaining capital expenditure A$m 6.5 13.3 (51) %
US$m 4.4 8.7 (49) %
Total capital expenditure A$m 30.9 35.8 (14) %
US$m 20.7 23.5 (12) %
Gold production increased by 16% to 74,400oz in the September quarter from 64,200oz in the June quarter due to higher
tonnes processed and increased yield. Tonnes processed increased by 12% while yield was 4% higher as additional areas
were opened allowing for more volumes to be mined at better grades.
Higher gold sold and lower capital expenditure resulted in a 7% decrease in AIC to A$1,873/oz (US$1,253/oz) in the
September quarter from A$1,997/oz (US$1,316/oz) in the June quarter.
Total capital expenditure decreased by 14% to A$31m (US$21m) in the September quarter from A$36m (US$24m) in the
June quarter with less development completed in the Z135 area due to ventilation restrictions and increased ground
support requirements.
St Ives
September June %
2024 2024 Variance
Underground
000
Ore mined tonnes 522 423 23 %
000
Waste mined tonnes 210 210 - %
000
Total tonnes mined tonnes 732 633 16 %
Grade mined g/t 4.35 4.19 4 %
Gold mined 000'oz 73.0 57.0 28 %
Surface
000
Ore mined tonnes 12 - 100 %
000
Waste (Capital) tonnes 3,966 2,659 49 %
000
Waste (Operational) tonnes - - - %
000
Total waste mined tonnes 3,966 2,659 49 %
000
Total tonnes mined tonnes 3,978 2,659 50 %
Grade mined g/t 1.02 - 100 %
Gold mined 000'oz 0.4 - 100 %
Strip ratio waste/ore 344.1 - 100 %
Total (underground and surface)
000
Total ore mined tonnes 534 423 26 %
Total grade mined g/t 4.28 4.19 2 %
000
Total tonnes mined tonnes 4,710 3,292 43 %
Total gold mined 000'oz 73.4 57.0 29 %
Tonnes milled 000 tonnes 986 1,039 (5) %
Yield - underground g/t 4.08 3.03 35 %
Yield - surface g/t 1.19 0.99 20 %
Yield - combined g/t 2.64 2.10 26 %
Gold produced 000'oz 83.8 70.1 20 %
Gold sold 000'oz 86.2 71.4 21 %
AISC A$/oz 2,838 2,903 2 %
US$/oz 1,896 1,913 1 %
AIC A$/oz 3,077 3,132 2 %
US$/oz 2,056 2,064 - %
Sustaining capital
expenditure A$m 78.2 56.8 38 %
US$m 52.2 37.4 40 %
Non-sustaining capital
expenditure A$m 12.0 10.2 18 %
US$m 8.0 6.8 18 %
Total capital
expenditure A$m 90.2 67.0 35 %
US$m 60.2 44.2 36 %
Gold production increased by 20% 83,800oz in the September quarter from 70,100oz in the June quarter due to higher ore
processed from underground sources. In line with the mine plan, production is expected to increase further in Q4 2024
when the Swiftsure and Invincible Footwall South open pits transition from capital waste mining to ore production.
AIC decreased by 2% to A$3,077/oz (US$2,056/oz) in the September quarter from A$3,132/oz (US$2,064/oz) in the
June quarter due to higher gold sold which was partially offset by increased capital expenditure.
Total capital expenditure increased by 35% to A$90m (US$60m) in the September quarter from A$67m (US$44m) in the
June quarter with increased expenditure on the Renewables Power Project and higher capital waste strip at Swiftsure
and Invincible Footwall South open pits.
Agnew
September June %
2024 2024 Variance
Underground
000
Ore mined tonnes 277 315 (12) %
000
Waste mined tonnes 272 237 15 %
000
Total tonnes mined tonnes 549 552 (1) %
Grade mined g/t 6.66 5.54 20 %
Gold mined 000'oz 59.3 56.0 6 %
Tonnes milled 000 tonnes 298 313 (5) %
Yield - underground g/t 6.35 5.66 12 %
Yield - surface g/t - - - %
Yield - combined g/t 6.35 5.66 12 %
Gold produced 000'oz 60.9 57.0 7 %
Gold sold 000'oz 60.3 59.3 2 %
AISC A$/oz 1,945 2,110 8 %
US$/oz 1,302 1,390 6 %
AIC A$/oz 2,271 2,303 1 %
US$/oz 1,519 1,518 - %
Sustaining capital
expenditure A$m 10.3 23.5 (56) %
US$m 7.0 15.5 (55) %
Non-sustaining capital
expenditure A$m 12.9 9.0 43 %
US$m 8.6 5.9 46 %
Total capital
expenditure A$m 23.2 32.5 (29) %
US$m 15.6 21.4 (27) %
Gold production increased by 7% to 60,900oz in the September quarter from 57,000oz in the June quarter due
to the increased grade of ore mined and processed.
AIC decreased by 1% to A$2,271/oz (US$1,519oz) in the September quarter from A$2,303/oz (US$1,518oz) in the
June quarter, due to higher gold sold and lower capital expenditure, partially offset by higher cost of sales
before amortisation and depreciation as a result of increased operational development metres achieved.
Total capital expenditure decreased by 29% to A$23m (US$16m) in the September quarter from A$33m (US$21m) in
the June quarter due to decreased capital development at Waroonga following unfavourable ground conditions in
the lower levels of the Kath ore body. Remedial rehabilitation work is underway to establish access to the
work areas.
South Deep
September June %
2024 2024 Variance
000
Ore mined tonnes 449 445 1 %
000
Waste mined tonnes 83 99 (16) %
000
Total tonnes tonnes 532 544 (2) %
Grade mined - underground reef g/t 6.34 5.53 15 %
Grade mined - underground total g/t 5.35 4.52 18 %
Gold mined kg 2,847 2,459 16 %
000'oz 91.5 79.1 16 %
Development m 3,346 3,206 4 %
Secondary support m 3,614 2,557 41 %
Backfill m3 102,141 153,382 (33) %
000
Ore milled - underground reef tonnes 433 418 4 %
000
Ore milled - underground waste tonnes 49 53 (8) %
000
Total underground tonnes milled tonnes 482 471 2 %
000
Ore milled - surface tonnes 307 282 9 %
000
Total tonnes milled tonnes 789 753 5 %
Yield - underground reef g/t 5.08 4.28 19 %
Surface yield g/t 0.09 0.10 (10) %
Total yield g/t 2.82 2.41 17 %
Gold produced kg 2,229 1,818 23 %
000'oz 71.7 58.5 23 %
Gold sold kg 2,203 1,855 19 %
000'oz 70.8 59.6 19 %
AISC R/kg 1,012,837 1,149,439 12 %
US$/oz 1,747 1,924 9 %
AIC R/kg 1,012,837 1,149,439 12 %
US$/oz 1,747 1,924 9 %
Sustaining capital expenditure Rm 480.6 483.4 (1) %
US$m 26.6 26.0 2 %
Non-sustaining capital expenditure Rm - - - %
US$m - - - %
Total capital expenditure Rm 480.6 483.4 (1) %
US$m 26.6 26.0 2 %
Gold produced increased by 23% to 2,229kg (71 700oz) in the September quarter from 1,818kg (58 500oz) in the
June quarter, driven by improved grades as mining moved into higher grade areas in line with mining sequence
while tonnes mined remained steady.
AIC reduced by 12% to R1,012,837/kg (US$1,747/oz) in the September quarter from R1,149,439/kg (US$1,924/oz) in
the June quarter, mainly due to the higher gold sold in the current quarter.
Total capital expenditure decreased by 1% to R481m (US$27m) in the September quarter from R483m (US$26m) in
the June quarter. The main expenditure items relate to underground fleet refurbishments, shaft infrastructure
maintenance and new mine development.
Damang
September June %
2024 2024 Variance
000
Tonnes milled tonnes 1,254 1,236 1 %
Yield g/t 0.82 0.94 (13) %
Gold produced 000'oz 33.2 37.3 (11) %
Gold sold 000'oz 34.1 37.9 (10) %
AISC US$/oz 2,008 1,787 (12) %
AIC US$/oz 2,008 1,787 (12) %
Sustaining capital expenditure US$m - 1.8 (100) %
Non-sustaining capital expenditure US$m - - - %
Total capital expenditure US$m - 1.8 (100) %
Gold production decreased by 11% to 33,200oz in the September quarter from 37,300oz in the June quarter as the mine
continued to process stockpiled ore. The lower production was mainly due to a 13% decrease in yield to 0.82g/t in the
September quarter as lower grade stockpiled material was processed in the quarter under review.
AIC increased by 12% to US$2,008/oz in the September quarter from US$1,787/oz in the June quarter mainly due to lower
gold sold.
Total capital expenditure was nil in the September quarter decreasing from US$2m in the June quarter mainly due to the
completion of the Far East Tailings Storage Facility Stage 4 raise project in the June quarter.
Tarkwa
September June %
2024 2024 Variance
000
Ore mined tonnes 3,809 3,600 6 %
000
Waste (Capital) tonnes 8,428 9,406 (10) %
000
Waste (Operational) tonnes 13,364 11,446 17 %
000
Total waste mined tonnes 21,792 20,852 5 %
000
Total tonnes mined tonnes 25,601 24,452 5 %
waste/
Strip ratio ore 5.7 5.4 6 %
Grade mined g/t 1.18 1.06 11 %
Gold mined 000'oz 144.1 122.5 18 %
000
Tonnes milled tonnes 3,733 3,667 2 %
Yield g/t 1.07 0.98 9 %
Gold produced 000'oz 128.9 115.9 11 %
Gold sold 000'oz 131.3 120.8 9 %
AISC US$/oz 1,667 1,897 12 %
AIC US$/oz 1,667 1,897 12 %
Sustaining capital
expenditure US$m 53.3 57.9 (8) %
Non-sustaining capital
expenditure US$m - - - %
Total capital expenditure US$m 53.3 57.9 (8) %
Gold production increased by 11% to 128,900oz in the September quarter from 115,900oz in the June quarter due to higher
yield. Yield increased by 9% to 1.07g/t in the September quarter from 0.98g/t in the June quarter due to higher feed
grade in the September quarter with key ore blocks now being exposed following the increased waste stripping in H1 2024.
In the September quarter, 3.01Mt was fed from ex-pit at a grade of 1.23g/t and 0.73Mt from stockpile at a grade of 0.78g/t
compared to 2.78Mt at 1.15g/t from ex-pit and 0.89Mt from stockpile at a grade of 0.79g/t in the June quarter.
AIC decreased by 12% to US$1,667/oz in the September quarter from US$1,897/oz in the June quarter due to higher gold
sold, lower capital expenditure and lower cost of sales before depreciation and amortisation.
Total capital expenditure decreased by 8% to US$53m in the September quarter from US$58m in the June quarter due to
lower capital waste tonnes mined in the September quarter.
Salares Norte
September June %
2024 2024 Variance
000
Ore mined tonnes 254 - - %
000
Waste (capital) tonnes 3,347 8,388 (60) %
000
Waste (operational) tonnes 297 - 100 %
000
Total waste mined tonnes 3,644 8,388 (57) %
000
Total tonnes mined tonnes 3,898 8,388 (54) %
waste/
Strip ratio ore 14.34 - 100 %
Grade mined - gold g/t 3.93 - 100 %
Grade mined - silver g/t 86.58 - 100 %
Gold mined 000'oz 32.1 - 100 %
Silver mined 000'oz 707.1 - 100 %
000
Tonnes milled tonnes 6 12 (50) %
Gold recoveries per cent - 0.2 (100) %
Silver recoveries per cent - 0.2 (100) %
Yield - Gold g/t 1.0 1.3 (23) %
- Silver per cent 6.3 6.4 (2) %
- Combined eq g/t 1.1 1.3 (15) %
Gold produced 000'oz 0.2 0.5 (60) %
Silver produced 000'oz 1.2 2.4 (50) %
000'
Total equivalent gold produced eq oz 0.2 0.5 (60) %
000'
Total equivalent gold sold eq oz 0.1 0.5 (80) %
AISC US$/oz 453,930 74,677 100 %
US$/
AISC eq oz 425,211 70,142 100 %
AIC US$/oz 1,002,151 206,790 100 %
US$/
AIC eq oz 938,580 193,973 100 %
Sustaining capital expenditure US$m 37.5 35.1 7 %
Non-sustaining expenditure US$m 46.5 61.4 (24) %
Total capital expenditure US$m 84.0 96.5 (13) %
During the September quarter, the focus at Salares Norte was on setting up the plant for a safe and sustainable
restart and ramp-up. Activities involved the unfreezing and purging of remaining material in the primary circuits.
Ramp-up recommenced slightly ahead of the planned plant restart date of 30 September 2024 and the mine produced
gold-equivalent production of 198oz during Q3 2024.
Total capital expenditure decreased by 13% to US$84m in the September quarter from US$97m with most of the capital
relating to costs being capitalised as ramp-up capital, as commercial levels of production have not yet been achieved.
Cerro Corona
September June %
2024 2024 Variance
000
Ore mined tonnes 3,223 3,167 2 %
000
Waste mined tonnes 3,913 3,357 17 %
000
Total tonnes mined tonnes 7,136 6,524 9 %
waste/
Strip ratio ore 1.2 1.1 9 %
Grade mined - gold g/t 0.59 0.44 34 %
Grade mined - copper per cent 0.36 0.32 13 %
Gold mined 000'oz 60.9 44.5 37 %
000
Copper mined tonnes 11,705 10,281 14 %
000
Tonnes milled tonnes 1,539 1,433 7 %
Gold recovery per cent 60.1 71.4 (16) %
Copper recovery per cent 89.0 89.7 (1) %
Yield - Gold g/t 0.44 0.38 16 %
- Copper per cent 0.38 0.34 12 %
- Combined eq g/t 0.84 0.79 6 %
Gold produced 000'oz 20.8 16.8 24 %
Copper produced tonnes 5,586 4,707 19 %
000'
Total equivalent gold produced eq oz 41.5 36.5 14 %
000'
Total equivalent gold sold eq oz 35.2 37.9 (7) %
AISC US$/oz 396 546 27 %
US$/
AISC eq oz 1,489 1,498 1 %
AIC US$/oz 502 672 25 %
US$/
AIC eq oz 1,541 1,557 1 %
Sustaining capital expenditure US$m 4.6 4.5 2 %
Non-sustaining capital expenditure US$m 0.3 0.2 50 %
Total capital expenditure US$m 4.9 4.7 4 %
Gold-equivalent production increased by 14% to 41,500oz in the September quarter from 36,500oz in the June quarter,
mainly due to higher tonnes and higher gold and copper grades processed, in line with the mine sequence. As previously
reported, Cerro Corona, experienced inclement weather in Q1 2024 affecting the stability of the North wall of the pit,
resulting in a resequencing of mining to lower grade areas. Stability of the North wall was addressed during the
June quarter with mining at Cerro Corona expected to continue to recover in Q4 2024.
AIC per gold ounce sold decreased by 25% to US$502/oz in the September quarter from US$672/oz in the June quarter,
mainly due to a higher gold inventory credit to cost due to higher concentrate stock at the end of September compared
to June.
Total capital expenditure increased by 4% to US$5m in the September quarter from US$5m in the June quarter, driven by
the TSF Water Treatment Plant construction plan and TSF Coronation Channel construction.
Underground and surface
Total South
Mine Peru Chile Ghana Africa Australia
operations
Imperial ounces with metric and Salares Cerro Salares South Granny Gruyere
tonnes and grade Norte Corona Norte Tarkwa Damang Deep Agnew St Ives Smith 50%
Tonnes mined
(000 tonnes)*
- underground ore Sept 2024 1,634 - - - - 449 277 522 385 -
Jun 2024 1,555 - - - - 445 315 423 373 -
- underground waste Sept 2024 703 - - - - 83 272 210 138 -
Jun 2024 686 - - - - 99 237 210 140 -
- surface ore Sept 2024 8,201 3,223 254 3,809 - - - 12 - 903
Jun 2024 7,293 3,167 - 3,600 - - - - - 526
- total Sept 2024 10,538 3,223 254 3,809 - 532 549 744 523 903
Jun 2024 9,534 3,167 - 3,600 - 544 552 633 513 526
Grade mined
(grams per tonne)
- underground ore Sept 2024 5.7 - - - - 6.3 6.7 4.3 6.2 -
Jun 2024 5.2 - - - - 5.5 5.5 4.2 5.9 -
- surface ore Sept 2024 1.0 0.6 3.9 1.2 - - - 1.0 - 1.3
Jun 2024 0.8 0.4 - 1.1 - - - - - 1.3
- total Sept 2024 1.8 0.6 3.9 1.2 - 5.3 6.7 4.3 6.2 1.3
Jun 2024 1.6 0.4 - 1.1 - 4.5 5.5 4.2 5.9 1.3
Gold mined
(000 ounces)*
- underground ore Sept 2024 300.1 - - - - 91.5 59.3 73.0 76.3 -
Jun 2024 262.3 - - - - 79.1 56.0 57.0 70.2 -
- surface ore Sept 2024 275.0 60.9 32.1 144.1 - - - 0.4 - 37.6
Jun 2024 189.3 44.5 - 122.5 - - - - - 22.4
- total Sept 2024 575.1 60.9 32.1 144.1 - 91.5 59.3 73.4 76.3 37.6
Jun 2024 451.6 44.5 - 122.5 - 79.1 56.0 57.0 70.2 22.4
Ore milled/treated
(000 tonnes)
- underground ore Sept 2024 1,629 - - - - 433 298 496 402 -
Jun 2024 1,655 - - - - 418 313 564 360 -
- underground waste Sept 2024 49 - - - - 49 - - - -
Jun 2024 53 - - - - 53 - - - -
- surface ore Sept 2024 8,494 1,539 6 3,733 1,254 307 - 490 - 1,164
Jun 2024 8,145 1,433 12 3,667 1,236 282 - 475 - 1,041
- total Sept 2024 10,172 1,539 6 3,733 1,254 789 298 986 402 1,164
Jun 2024 9,854 1,433 12 3,667 1,236 753 313 1,039 360 1,041
Yield
(Grams per tonne)
- underground ore Sept 2024 5.2 - - - - 5.1 6.3 4.1 5.8 -
Jun 2024 4.4 - - - - 4.3 5.7 3.0 5.5 -
- surface ore Sept 2024 0.9 0.8 1.1 1.1 0.8 0.1 - 1.2 - 0.9
Jun 2024 0.9 0.8 1.3 1.0 0.9 0.1 - 1.0 - 0.9
- combined Sept 2024 1.6 0.8 1.1 1.1 0.8 2.8 6.3 2.6 5.8 0.9
Jun 2024 1.5 0.8 1.3 1.0 0.9 2.4 5.7 2.1 5.5 0.9
Gold produced
(000 ounces)*
- underground ore Sept 2024 271.1 - - - - 70.8 60.9 65.0 74.4 -
Jun 2024 233.8 - - - - 57.6 57.0 55.0 64.2 -
- surface ore Sept 2024 257.9 41.5 0.2 128.9 33.2 0.9 - 18.8 - 34.4
Jun 2024 237.4 36.5 0.5 115.9 37.3 0.9 - 15.1 - 31.3
- total Sept 2024 529.0 41.5 0.2 128.9 33.2 71.7 60.9 83.8 74.4 34.4
Jun 2024 471.2 36.5 0.5 115.9 37.3 58.5 57.0 70.1 64.2 31.3
Cost of sales before gold
inventory change and amortisation
and depreciation (US Dollar per tonne) Sept 2024 162 - - - - 173 196 141 148 -
Jun 2024 146 - - - - 168 166 112 152 -
- surface Sept 2024 33 35 697 36 28 33 - 41 - 22
Jun 2024 33 40 147 33 25 38 - 45 - 25
- total Sept 2024 54 35 697 36 28 118 196 91 148 22
Jun 2024 53 40 147 33 25 119 166 82 152 25
* Excludes surface material at South Deep.
Forward-looking statements
This announcement contains forward-looking statements within the meaning of the "safe harbour" provisions of the
Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in
this announcement may be forward-looking statements. Forward-looking statements may be identified by the use of words
such as "aim", "anticipate", "will", "would", "expect", "may", "could", "believe", "target", "estimate", "project" and
words of similar meaning.
These forward-looking statements, including among others, those relating to Gold Fields' future business strategy,
development activities (including the permitting, development and operations of the Windfall Project) and other
initiatives, business prospects, financial positions, production and operational guidance 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. By their
nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances
and should be considered in light of various important factors, including those set forth in Gold Fields' Integrated
Annual Report 2023 filed with the Johannesburg Stock Exchange and the Annual Report on Form 20-F filed with the
United States Securities and Exchange Commission (SEC) on 28 March 2024 (SEC File no. 001-31318). Readers are cautioned
not to place undue reliance on such statements. These forward-looking statements speak only as of the date they are made.
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 announcement 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.
This presentation includes certain non-International Financial Reporting Standards (IFRS) financial measures, including
earnings before interest, taxes, depreciation, and amortisation (EBITDA), All-in Sustaining Cost (AISC), All-in Cost
(AIC), all-in costs net of by-products, net debt, free cash flow and adjusted free cash flow. These measures may not be
comparable to similarly-titled measures used by other companies and are not measures of Gold Fields; financial
performance under IFRS. These measures should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The financial information contained in this presentation has not been
reviewed or reported on by Gold Fields' external auditors.
Administration and corporate information
Corporate Secretary Investor enquiries
Anre Weststrate Jongisa Magagula
Tel: +27 11 562 9719 Tel: +27 11 562 9775
Mobile: +27 83 635 5961 Mobile: +27 67 419 5903
email: anre.weststrate@goldfields.com email: jongisa.magagula@goldfields.com
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Tel: +27 11 562 9700 South Africa
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Website
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Listings
JSE / NYSE
YGH Suleman- (Chairperson) MJ Fraser- (Chief Executive Officer) A Andani#- PJ Bacchus*- ZBM Bassa-
MC Bitar@- TP Goodlace- SL McCrae^^- JE McGill^- PG Sibiya- SP Reid^ CAT Smit-
^Australian *British @Chilean #Ghanaian ^^Canadian
-Independent Director -Non-independent Director
Date: 14-11-2024 07:05:00
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