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H1 2016 Results KEEPING THE FOCUS DESPITE HIGHER GOLD PRICE Nick Holland 18 August 2016

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Page 1: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

H1 2016 ResultsKEEPING THE FOCUS DESPITE HIGHER GOLD PRICE

Nick Holland18 August 2016

Page 2: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

2

Forward looking statements

Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of

1933 and Section 21E of the US Securities Exchange Act of 1934.

In particular, the forward looking statements in this document include among others those relating to the Damang Exploration Target

Statement; the Far Southeast Exploration Target Statement; commodity prices; demand for gold and other metals and minerals; interest

rate expectations; exploration and production costs; levels of expected production; Gold Fields’ growth pipeline; levels and expected

benefits of current and planned capital expenditures; future reserve, resource and other mineralisation levels; and the extent of cost

efficiencies and savings to be achieved. Such forward looking statements involve known and unknown risks, uncertainties and other

important factors that could cause the actual results, performance or achievements of the company to be materially different from the future

results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other

important factors include among others: economic, business and political conditions in South Africa, Ghana, Australia, Peru and elsewhere;

the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, exploration and

development activities; decreases in the market price of gold and/or copper; hazards associated with underground and surface gold mining;

labour disruptions; availability terms and deployment of capital or credit; changes in government regulations, particularly taxation and

environmental regulations; and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; the

availability and cost of raw and finished materials; the cost of energy and water; inflation and other macro-economic factors, industrial

action, temporary stoppages of mines for safety and unplanned maintenance reasons; and the impact of the AIDS and other occupational

health risks experienced by Gold Fields’ employees.

These forward looking statements speak only as of the date of this document. 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 document or to reflect the

occurrence of unanticipated events.

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Page 3: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

3

H1 2016 results

H1 2016 H1 2015 Q2 2016 Q1 2016

Attributable gold equivalent production (koz) 1,044 1,036 529 515

All-in costs (US$/oz) 1,024 1,108 1,061 986

Net cash from operating activities (US$m) 60 1

Normalised earnings (US$m) 103 8

Normalised earnings (US$/share) 0.13 0.01

Dividend (SA cents/share) 50 4

Net debt (US$m) 1,155 1,477

Net debt to EBITDA (x) 1.05 1.44

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Salient features

Updated FY16 guidance: Production of 2.10-2.15Moz at AIC of US$1,035-1,045/oz

Appointment of four new directors – ensures continuity of skills of Board

Page 4: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

4

Regional overview

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

*Group net cash flow takes into account interest paid (US$38m), exploration (US$28m – mostly Salares Norte) and Group working capital adjustments (US$37m)

Americas RegionProduction: 128koz (12% of group)

All in costs: US$728/oz

Net cash flow: US$19m inflow

Ghana RegionProduction: 346koz (32% of group)

All in costs: US$1,052/oz

Net cash flow: US$26m inflow

South Africa RegionProduction: 140koz (13% of group)

All in costs: US$1,257/oz

Net cash flow: US$3m outflow

Australia RegionProduction: 466koz (43% of group)

All in costs: US$928/oz

Net cash flow: US$121m inflow

Strong cash generation during H1 2016

Group

Production 1,044koz

AIC US$1,024/oz

Net cash flow* US$60m

Page 5: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

5

Production and costs ahead of plan

Margin starting to widen

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

477451

496

598

557 548559 556

501

535557 566

515535

0

200

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1000

1200

1400

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1800

0

100

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700

Q1

201

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Q2

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201

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Q2

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US

$/o

z

‘000 O

unces

Attr Gold Produced Gold Price AIC

2015

Production: 2,159koz

AIC: US$1,026/oz

2014

Production: 2,219koz

AIC: US$1,087/oz

2013

Production: 2,022koz

AIC: US$1,312/oz

H1 2016

Production: 1,044koz

AIC: US$1,024/oz

Page 6: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

6

Open pit mining cost performance

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Mining costs per tonne at open pits

Good cost control and productivity

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Ma

r-1

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Jun

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p-1

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Dec-1

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Jun

-13

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Jun

-15

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Jun

-16

A$/t

St Ives

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Ma

r-1

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-12

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-13

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-14

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Dec-1

4

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r-1

5

Jun

-15

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p-1

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Dec-1

5

Ma

r-1

6

Jun

-16

US

$/t

Tarkwa

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Ma

r-1

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Jun

-12

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Dec-1

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Jun

-13

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Jun

-15

Se

p-1

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Dec-1

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Jun

-16

US

$/t

Cerro Corona

Page 7: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

7

Strong focus on cash generation

Net cash flow

US$60m net cash flow generated in 1H16

-274

42

119 117

1

122

60

1,499 1,290 1,2791,222 1,186

1,0981,220

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

-350

-250

-150

-50

50

150

250

H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 H2 2015 H1 2016

US

$/o

z

US

$ m

illio

n

Net cash flow Gold price

Net cash flow from operating activities after taking account of net capital expenditure, environmental payments, debt service costs and non-recurring items.

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

2014

Gold: US$1,249/oz

Net cash: US$236m

2013

Gold: US$1,386/oz

Net cash: (US$232m)

2015

Gold: US$1,140/oz

Net cash: US$123m

Page 8: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

8

Comfortable balance sheet, with flexibility

● Net debt of US$1,155m at 30 June 2016

● Net debt to EBITDA of 1.05x from 1.38x at end-FY15

● US$148m of Notes bought back in February 2016 at

a 12% discount

● Equity raising of R2.3bn (US$150m) in March 2016

Proceeds applied to existing US$ facilities

● Refinanced US$1,440m credit facilities in June. New

facilities amount to US$1,290m at similar rates

● First material debt maturity in June 2019 (previously

November 2017)

● Unutilised facilities of US$886m and R3.0bn

c.US$600m reduction in net debt since end-FY13

0.8

1.0

1.2

1.4

1.6

1.8

0

500

1,000

1,500

2,000

FY 2013 H1 2014 FY 2014 H1 2015 FY 2015 H1 2016

US

$m

Net debt (US$m) and Net debt/EBITDA

Net debt Net debt/EBITDA

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

0

500

1,000

1,500

2,000

2,500

3,000

US$ facilities Rand facilities Total facilities

US

$m

Debt facilities

Utilised Unutilised0

100

200

300

400

500

600

700

800

900

Dec-16 Dec-17 Dec-18 Dec-19 Dec-20

US

$m

Maturity schedule

Page 9: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

9

H1 2016: Group sustainable development performance

ESG is integrated into the business

● No fatalities recorded in H1 2016

● 35% YoY decrease in TRIFR

● Climate change:

Successful auction of carbon credits in

Australia

Gold Fields is leading the piloting of an

ICMM climate viewer data tool at

Tarkwa

Regions are currently conducting

climate change related vulnerability

assessments

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

FIFR & TRIFR

FIFR TRIFR

H1 2016 H1 2015 Q2 2016 Q1 2016

FIFR Rate 0.00 0.08 0.00 0.00

TRIFR Rate 2.24 3.47 2.41 2.05

Energy intensity GJ/oz 5.28 5.20 5.17 5.39

Water intensity Kℓ/oz 16.57 17.51 16.05 17.09

Level 3 & above

environmental incidentsNumber 3 1 0 3

17.1

14.4

8

13.8

6

17.0

9

16.0

5

5.1

3

4.9

7

4.7

9

5.3

9

5.1

7

Q 2 2 0 1 5 Q 3 2 0 1 5 Q 4 2 0 1 5 Q 1 2 0 1 6 Q 2 2 0 1 6

Energy and Water Intensity

KL/OZ GJ/OZ

Page 10: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

10

Energy initiatives

● 20% of operating cost base (14% of AISC) is energy-

linked

● Cost and security of energy supply is a risk at some

of Gold Fields operations, particularly in SA and

Ghana

● Coal- and diesel-based energy raises CO2

emissions and could attract carbon-linked taxes

Commitment to renewable energy and diversification of

energy suppliers through the following new projects:

● 2x20MW solar PV plants at South Deep

● Commissioning of 24MW gas-powered plant at

Granny Smith in June (all Australian mines now on

gas generated electricity)

● Commissioning of new gas plants in Q4 2016 by

Genser Power at Tarkwa and Damang to supply 40

MW (of 55MW total) at below grid tariffs

● Commitment to 20% renewable energy at any new

projects

Energy costs and security of energy supply are critical business risks

Commitment to energy efficiencies, reducing carbon footprint & mitigating supply risks

Solar panels at our Sandton head office

• Commissioned in November 2015

• Reduction in grid electricity consumption by 60%

between H1 2015 and H1 2016

• Reduction in grid electricity costs by 36%

between H1 2015 and H1 2016

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Page 11: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

Operational review

Page 12: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

12

H1 2016: South Africa

Increase in ZAR gold price accelerated cash breakeven

● Strong safety performance with a TRIFR of 2.89

(H1 2015: 3.03)

● FY16 guidance updated: Production of 9,000kg

(289koz) at AIC of ZAR595,000/kg (US$1,310/oz)

● Low profile destress mining completed in July

2016 – all future destress mining will employ the

high profile method, which is proving successful

● Most of the key skills are now in place

● Fleet renewal: 17 category 1 units commissioned

during H1 2016, with an additional 11 units to be

commissioned during the remainder of 2016

58 new units out of 114 planned for year-end

● Housing strategy for all employees being rolled

out

H1

2016

H1

2015

Q2

2016

Q1

2016

Production koz 140.0 75.0 76.5 63.6

AISC US$/oz 1,229 1,912 1,268 1,183

AIC US$/oz 1,257 2,020 1,293 1,21539

55

6864

77

0

500

1,000

1,500

2,000

2,500

0

10

20

30

40

50

60

70

80

90

Q2

201

5

Q3

201

5

Q4

201

5

Q1

201

6

Q2

201

6

Production (koz) and AIC (US$/oz)

Production AIC

-330

-266

-57

-113

63

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

-350

-300

-250

-200

-150

-100

-50

0

50

100

Q2

201

5

Q3

201

5

Q4

201

5

Q1

201

6

Q2

201

6

Net Cash Flow (R million) and Gold Price (R/kg)

Net cash flow Gold Price

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Page 13: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

13

South Deep: Encouraging trends

Key underground activities maintaining momentum

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

36%36% 36%37%

0

20

40

60

80

100

120

140

160

180

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Tonnes (

‘000)/

Q

Long Hole Stoping Production & Contribution

23% 33%42%

0

10

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40

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100

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

To

nn

es (

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)/Q

DestressDestress HP Destress LP

0

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2000

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

m/Q

DevelopmentCurrent Mine

New Mine

0

20

40

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80

100

120

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Cubic

Metr

es (

‘000)/

Q

Backfill Production

Page 14: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

14

100-4W

100-3W100-2bW 100-2aW

100-1bW

100-1aW

95-3W

95-2W95-1W

90-1W

High profile destress

Low profile destress

HP & LP destress completed as at July 2016

Transition to high profile destress

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Page 15: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

15

Solid global portfolio

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Production and AIC (ex South Deep)

Healthy cash generation

● Attributable production H1 2016: 904koz (Q2 2016: 453koz)

● AIC H1 2016: US$917/oz (Q2 2016: US$949/oz)

● Net cash flow from international operations H1 2016: US$166m (Q2 2016: US$97m)

0

200

400

600

800

1000

1200

H1 2014 H2 2014 H1 2015 H2 2015 H1 2016

Equivalent production (koz)

0

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H1 2014 H2 2014 H1 2015 H2 2015 H1 2016

AIC (US$/oz)

Page 16: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

16

H1 2016: Australia

FY16 production guidance increased

H1

2016

H1

2015

Q2

2016

Q1

2016

Production koz 466.1 476.4 240.7 225.4

AIC US$/oz 928 990 950 904

235

249 263

225

241

0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

300

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Production (koz) and AIC (US$/oz)

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

● Improved safety performance: H1 2016 TRIFR of

7.53 vs. 16.27 in H1 2015

● FY16 production guidance increased to 925koz

from 905koz due to outperformance relative to H1

2016 plan

● St Ives: Generated US$64m of net cash.

Transition into more open pit operation

● Agnew/Lawlers: Focus was on developing the

Cinderella ore body and mining FBH in H1 2016

● Granny Smith: Production 2% lower YoY but

strong cash generation of US$85m

● Darlot: Recently discovered Oval orebody

extends Darlot’s life and is expected to provide

the primary feed in 2017 and 2018

40

66

86

47

74

0

200

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800

1,000

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1,400

0

10

20

30

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50

60

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100

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Net Cash Flow (US$m) and Gold Price (US$/oz)

Net cash flow Gold Price

Page 17: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

17

Commitment to exploration investment

H1 2016 deliverables

Full Year Budget A$93m (4

sites)

Expenditure A$52m (Year to Date)

Drill metres = 347,456 metres on ground

Extensive geophysics & modelling – all sites

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Exploration programme starting to yield results

Delivering growth

Resource extensions Granny Smith Wallaby Z100, 110, 120

Darlot CDA Oval

Agnew FBH and Kim

St. Ives Invincible UG, Invincible South, Retribution

Growth Granny Smith Wallaby Z125, 130, 135, 140, 150, Northern

Fleet

Agnew Waroonga North

St. Ives Paleochannels

Page 18: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

18

Granny Smith (Wallaby): Growth resource extension Zone 100

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

• Mineralisation extended East & Southeast

• Targeting further extensional drill programs for

H2 2016

• Resource modelling & upgrade pending end

2016

Significant intersections include:

• WB3539UD 1.45m @ 7.41g/t Au

• WB3539UD 4.08m @ 6.52g/t Au

• WB3595UD 1.55m @ 45.1g/t Au

Zone 110

Legend

Outline – 2015 Model

N

Successful

infill drilling

Successful

infill and

extension

drilling

Successful

extension

drilling

Q4 Target

Area

Q3 Target

Area

Wallaby Z100 25x25m drill spacing

Zone 90

Zone 100

Page 19: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

19

Granny Smith (Wallaby): Growth resource extension Zones 110-120

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Zone 110-120

Zone 100

Zone 90

• Mineralisation extensions west & Southwest

for Z100 & Z120

• New drill platform required for further drilling

• New resource modelling & reserve upgrades

end 2016

Zone 110

Zone 100

Legend

Red - 2015b Model

Blue - 2016 Model

Significant intersections include:

• WB3516UD 10.6m @ 10.96g/t Au

• WB3515UD 8.05m @ 3.81g/t Au

• WB3498BUD 3.48m @ 3.33g/t Au

• WB3563UD 12.73m @ 6.10g/t Au

• WB3598UD 8.72m @ 16.12g/t Au

• WB3562UD 16.55m @ 9.30g/t Au

Page 20: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

20

Granny Smith (Wallaby): New growth Zones 125-150

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Zone 110/120

North

View West

Zone 140

1.82m @

10.19g/t

1.5m @ 7.23g/t

3.60m @ 3.89g/t

Zone 150

8.96m @ 19.98g/t

Zone

135/135HW

9.95m @ 4.04g/t

8.40m @ 7.07g/t

Zone 130

Low grade within

intrusive

Zone 125

15.03m @

12.22g/t

N

• Zone 135 mineralised footprint of 1,100m x 600m

similar to Zone 100 and Zone 110-120

• Further lateral growth expected

• Initial resource in 2017

Zone 100

WBD047UD

2.5m @

6.78g/t

WB3401UD

8.95m @

7.42g/t

WBD046UD

9.95m @ 4.04g/t

8.4m @ 7.06g/t

WB3386UD

5.44m @

3.69g/t

WB3330UD

3.3m @ 3.6g/t

Zone 135

Domain

Boundary

Central

Intrusive

WBD046UDW2

6.79m @ 6.44g/t

Zone 135

Page 21: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

21

Granny Smith: New growth Northern Fleet

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

View south across Wallaby open pit and

Lake Carey toward Northern Fleet

Wallaby mine

Page 22: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

22

Agnew: Resource extension & new growth Waroonga North

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Q4 2015

Emerging Target

Drill spacing: 100m along strike, 100m – 150m vertical

Page 23: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

23

Agnew: New growth Waroonga North

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Q2 2016

Advanced exploration

EMSD1374W3 780.66-785.36m

6.0m @ 30g/t including 4.7m @ 33.16 g/t Au

Drill spacing: 50m along strike, 100m – 150m vertical

Page 24: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

24

Agnew: Barren Lands project area

Golden Swan

Strategy

• Identify favourable coarse sandstone host

• Along strike from New Holland trend to south

• Geophysics and diamond drilling to assist

targeting

• Initial RC drill program

Program

• 2 diamond holes for 300m

• 8 RC holes for 1,200m

Results

• Positive early results

• Interpretation & follow up drilling pending

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Page 25: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

25

Agnew: Himitsu and Cinderella South

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

• 6 diamond holes for 1,662m

• Cinderella lodes to the

south along coarse

sandstone

• Extension to Himitsu 180

lode

• South holes intersected

shallow structures

• Narrow intersections with

encouraging results with

some high grades

EMSD1443

0.4m @ 28g/t from 140m

0.4m @ 16.9g/t from 153m

0.4m @ 195g/t from 163m

EMSD1440

1m @ 2.2g/t from 20m

0.6m @ 3.7g/t from 63m

EMSD1438

0.4m @ 10g/t from 14m

0.5m @ 6.9g/t from 39m

0.5m @ 8.3g/t from 50m

NSR NSR

NSR

Himitsu Structures

Page 26: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

26

Darlot: Resource extension & new growth

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Metzke

Burswood

Moses

Dacent

CDA Oval Extensional &

Resource conversion project

CDRCD0023 0.3m @ 94.0 g/t

Au

Page 27: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

27

St Ives: Invincible South resource extension and growth

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Initial Discovery History:

• Discovery hole 1994 (1m @ 0.8g/t Au)

• Re-discovered Q1 2012

• 4 of 5 DDH hit ore (14m @3.9 g/t, 12m @ 5.5g/t, 6m @ 2.3g/t, 4m @

3.0g/t)

• Maiden resource 2.3Mt @ 3.3g/t for 246koz

Current Status

• Modelling in progress

• Current Inferred Resource

Inventory 1.35Mt @ 8.4g/t for

364koz (3.5g/t COG).

• Total Greater Invincible Mining

Project Resource

• 1.8Moz since discovery

Significant Intercepts include:

LD14522W1 4.35m @ 13.6g/t Au

LD14522W1 5.6m @ 10.84g/t Au

LD14593 9.6m @ 8.79g/t Au

LD 14596 16m @ 7.92g/t Au

LD14650 10.8m @ 8.85g/t Au

LD14654 19.2m @ 11.42g/t Au

LD14595 17.4m @ 10.40g/t Au

Invincible

UG

Invincible

South

Invincible Open Pit

Legend

Blue = geological structures

Green = current inferred

resource model

Page 28: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

28

EM Survey – 400m spaced

lines

Neptune

EM Test

Drilling

80X20 drilling

All assays returned

Modelling in progress

Argo North Ext

APN

EM Survey – 400m spaced

lines

Neptune

Argo North

N

St Ives: Palaeo-channel project (additional)

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

APN

Argo

Hole IDFrom (m)

Length (m) Grade Au g/t Comment

CD18999 63 5 15.0 Supergene

WPD3897 61 10 5.5 Supergene

CD19089 65 1 32.0 Palaeochannel

TD13177 52 1 30.3 Palaeochannel

CD19106 62 1 29.8 Palaeochannel

TD13160 65 1 23.1 Palaeochannel

CD19119 63 1 23.0 Palaeochannel

WPD3893 61 1 22.4 Palaeochannel

TD13163 61 1 22.3 Palaeochannel

CD19149 62 2 9.9 Palaeochannel

TD13125 58 5 4.8 Palaeochannel

CD19092 61 3 6 Palaeochannel

CD19023 63 5 3.3 Palaeochannel

CD19089 64 4 8.5 Palaeochannel

CD19119 61 3 11.1 Palaeochannel

Page 29: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

29

H1 2016: West Africa

Key region for the Group

H1

2016

H1

2015

Q2

2016

Q1

2016

Production koz 345.5 372.5 164.4 181.1

AIC US$/oz 1,052 1,156 1,072 1,028

197.7193.8 187.6

181.1

164.4

0

200

400

600

800

1,000

1,200

0

50

100

150

200

250

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Production (koz) and AIC (US$/oz)

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

● Focus on safety continues: TRIFR of 0.66

● Development Agreement concluded in March. Highlights

include:

Reduction in corporate tax rate from 35.0% to 32.5%,

effective 17 March 2016

A change in the royalty rate from a flat 5% of revenue to a

sliding scale royalty based on the gold price, effective 1

January 2017 (3% up to US$1,300/oz gold price)

● We continue to evaluate a range of options for Damang

with additional work required following the conclusion of

the development agreement. We expect to make a

decision and update the market by year-end

● New gas plants to be commissioned in Q4 2016

Damang: 30% reduction in power unit cost to 16.0

USc/kWh

Tarkwa: 18% reduction in power unit cost to 13.5 USc/kWh

● Tarkwa FY16 AIC guidance increased to US$980/oz from

US$940/oz due to a US$38m increase in capital

expenditure on waste stripping to US$166m

38

32

0

10

16

0

200

400

600

800

1,000

1,200

1,400

-5

0

5

10

15

20

25

30

35

40

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Net Cash Flow (US$m) and Gold Price (US$/oz)

Net cash flow Gold Price

Page 30: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

30

H1 2016: South America

A steady, low cost producer

H1

2016

H1

2015

Q2

2016

Q1

2016

Au Eq Prod koz 127.5 150.2 64.6 62.9

Au Eq AIC US$/oz 728 666 750 709

AU only Prod koz 70.5 78.1 35.7 34.8

AU only AIC US$/oz 489 423 599 386

83.679.2

66.262.9 64.6

0

200

400

600

800

1,000

1,200

0

10

20

30

40

50

60

70

80

90

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Production (koz) and AIC (US$/oz)

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

● Strong safety record continued during H1

2016: TRIFR of 0.00

● Financial performance was impacted by

lower copper prices during the period

● Lower gold head grade as per mining

sequence

● Strong community relations as evidenced

by the approval from 2 communities to

conduct brownfields exploration

● Work on the life extension project

continues

24

16

0

-4

24

0

200

400

600

800

1,000

1,200

1,400

-10

-5

0

5

10

15

20

25

30

Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Net Cash Flow (US$m) and Gold Price (US$/oz)

Net cash flow Gold Price

Page 31: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

31

Conclusions

● Grow cash flow and margin with increase in gold price

● Committed to delivering on our plans in terms of both production and costs

Near-mine exploration continues

Ongoing development of orebodies is critical

● Continue to reduce net debt – Already close to net debt/EBITDA target of 1x

Balance sheet has flexibility with regards to capacity and maturity

● We are firmly focused on delivering a sustainable South Deep – on track to meet 2016

targets

● Continue to evaluate value-accretive opportunities

Keeping the focus despite higher gold price, H1 2016 Results, 18 August 2016

Strategic priorities

Focus on cash

● Attributable equivalent gold production: 2.10-2.15Moz (previously 2.05-2.10Moz)

● AISC: US$1,000-1,010/oz

● AIC: US$1,035-1,045/oz (includes US$50m for Salares Norte)

Updated 2016 Group guidance

Page 32: H1 2016 Results - Gold FieldsKeeping the focus despite higher gold price, H1 2016 Results, 18 August 2016 Salient features Updated FY16 guidance: Production of 2.10-2.15Moz at AIC

Investor Relations Contacts Media Contact

Avishkar Nagaser

Tel: +27 11 562 9775

Mobile: +27 82 312 8692

E-mail:

[email protected]

Sven Lunsche

Tel: +27 11 562 9763

Mobile: +27 83 260 9279

E-mail:

[email protected]

Thomas Mengel

Tel: +27 11 562 9849

Mobile: +27 82 315 2832

E-mail:

[email protected]