q4 2014 and fy14 results -...

Gold FieldsREINVESTING FOR THE FUTURE

Diggers and Dealers, 8 August 2017

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.

Gold Fields - Reinvesting for the future, Diggers and Dealers, August 2017

3

Gold Fields overview


Americas Region

Att. production: 269koz (12% of group)

All in costs: US$762/oz

Net cash flow: US$77m inflow

Ghana Region


All in costs: US$1,020/oz


South Africa Region


All in costs: US$1,234/oz


Australia Region

Att. production:942koz (43% of

group)

All in costs: US$941/oz


Group: FY 2016

Attributable production 2,146koz

AIC US$1,006/oz

Mine net cash flow US$444m

Australia; 5.8Moz

South Africa;

34.1Moz

Americas; 1.3Moz

Ghana; 7.0Moz

Attributable reservesAs at 3 August 2017

Share price (JSE/ADR) R52.69/US$3.98

Market capitalisation (US$m) 3,270

Enterprise value (US$m) 4,510

Average daily value traded (US$m) 28

EV/EBITDA (x) 3.8

4

Gold Fields vs. global peers


Putting Gold Fields into a global context

Note: Size of bubble indicates current market cap

Gold Fields

Barrick

Newmont

AngloGold

Goldcorp

Kinross

Newcrest

Agnico

Sibanye

Randgold

600

700

800

900

1,000

1,100

1,200

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

All-

in C

osts

(U

S$/o

z)

Production (koz)

Gold Fields in Australia

6

Gold Fields Australia overview


43% of group production, 58% of group net cash flow

• Production: 942koz

• AIC: A$1,261/oz (US$941/oz)

• Net cash flow: US$256m

Gold Fields Australia


• AIC: A$1,273/oz (US$949/oz)


St Ives


• AIC: A$1,119/oz (US$834/oz)


Granny Smith


• AIC: A$1,301/oz (US$971/oz)


Agnew


• AIC: A$1,662/oz (US$1,238/oz)


Darlot

7

Darlot sale to Red 5

● Total consideration of A$18.5m

A$12m in cash - A$7m upfront and A$5m deferred for up to 24 months

130m Red 5 shares

Deferred consideration may be taken as additional shares in Red 5 or as cash

● Gold Fields will underwrite Red 5 rights issue up to A$7m

● Subject to customary conditions, including Red 5 shareholder approval

Scheduled for completion and ownership transfer in September 2017


In line with strategy to continually upgrade the portfolio

8

Gold Fields in an Australian context


Gold Fields is the 3rd largest producer in Australia, and growing

0

200

400

600

800

1,000

1,200

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

New

mon

t A

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Ne

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Go

ld A

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old

St.

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ara

Reg

is

Sa

race

n

Australian gold producers: Production vs. AISC

Production (koz) AISC (US$/oz) (rhs)

Note: AISC as reported by the companies

9

Gold Fields Australia vs. Australian peers


GFA compares favourably to Australian peers

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000G

FA

Sa

race

n

St.

Barb

ara

Evolu

tio

n

Nort

he

rn S

tar

Oce

an

aG

old

Reg

is

US$/ozMkt cap (NPV)/production oz

2.8

5.9 6.1 6.26.9

10.1

12.1

0

2

4

6

8

10

12

14

Nort

he

rn S

tar

Sa

race

n

GF

A

Reg

is

Evolu

tio

n

St.

Barb

ara

Oce

an

aG

old

Reserve life

0

100

200

300

400

500

600

700

800

900

1,000

St. Barbara NewcrestAus

Evolution Regis GFA NorthernStar

US$/ozAISC vs. AIC

AISC (US$/oz) AIC (US$/oz)

Note: Consensus NPV used as proxy for GFA mkt cap

Note: AISC as reported; AIC calculated by Gold Fields

Note: Net cash flow = Cash from operations – all capex

-600

-500

-400

-300

-200

-100

0

100

200

300

400

Oce

an

aG

old

Sa

race

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Nort

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tar

GF

A

Re

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St.

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ara

Net cash flow/production oz (US$/oz)

10

Historical Gold Production Profile - Australia


Consistency of Delivery = CREDIBILITY

Consistency of Delivery for 16 Years

-

200,000

400,000

600,000

800,000

1,000,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Australian Gold Production (oz)

Darlot

Granny Smith

Agnew

St Ives

Barrick Yilgarn SouthAcquisitionOct 2013

Significant investment in WA

Gruyere, Western Australia

South Deep, South Africa

12

Three Pillars for Growth in Australia

Focused Mergers &

Acquisitions

2002: St. Ives & Agnew

(2 Mines)

2013: Granny Smith, New

Holland, Darlot

(4 Mines)

2016: Gruyere (50%)

In development

(5 Mines)


Delivering Sustainability of Operations

Margin

Improvement

Re-structure in 2013

Focus on Free Cash Flow &

Margin

Margin Improvement Plan

2016/2017

Business Improvement

Technology focus (future)

Quality Life-Of Mines

Exploration

2015-2017: A$90-A$100m

(5 Year Strategy)

A$748m Total Exploration

Spend over 16 Years

13

Gruyere adds life and quality in WA

● Total purchase consideration = A$350m

A$250m paid on deal completion

A$100m payable according to an agreed construction

cash call schedule

● Additional 1.5% net smelter royalty on GFL’s share of

production after mine production exceeds 2Moz

● Acquisition cost of A$199 per reserve ounce and A$106

per resource ounce

Exposure to a new and emerging goldfield in Western Australia


LOM Plan

First gold Late 2018/early 2019

Life of mine 13 years

Annual production (100% basis) 270koz

AISC A$945/oz (US$690/oz)

AIC A$1,103/oz (US$805/oz)

Total capital cost (100% basis) A$507m (US$370m)

IRR at A$1,500/oz gold after taking into

account acquisition cost6%

Payback period 4.5 years

14

Progress on Gruyere

● Approval for the Project Management Plan, Mining Proposal and Mine Closure Plan was granted by the

Western Australian Department of Mines and Petroleum in February 2017 – Achieved

● Construction of 648 Room accommodation village & facilities – Completed July 2017

● EPC, bulk earthworks, SAG mill supply and primary crusher supply contracts - Awarded

● SAG & BALL Mill supply contracts – Awarded

● Clearing and top soil stripping of the process plant area and tailings storage facility – Completed

● New Airstrip clearing & excavation - Complete

● Detailed engineering and design on the process plant - Commenced

● Construction of the Anne Beadell borefield for plant construction and potable water - Completed

● Power supply contract for gas pipeline and gas generation - Executed

Gruyere is on track for first production early 2019


Gruyere accommodation

village. CompletedGruyere Process Plant -

earthworks

15

Brownfields exploration – Continues to deliver

A$90 – A$100m budgeted for exploration per annum


● A$102m exploration spend in 2016

This resulted in Reserves increasing 13%

(excluding Gruyere) after depletion

● A$89m budgeted for exploration in

2017

● Resource and Reserve Growth

Wallaby (Granny Smith)

Invincible (St Ives)

● Emerging Projects

Historic Granny Smith, Goanna, Windich Pits

(Granny Smith)

Northern Fleet (Granny Smith)

Katana & Waroonga North (Agnew)

● Strong pipeline developing

● Extensional exploration (from known

mines)

● Regional exploration (on greater

tenements)

A$10.9m

77% in ground

48,119m drilled

A$28.4m

75% in ground

140,878m

drilled

A$21.9m

74% in ground

232,438m drilledA$40.9m

72% in ground

240,946m drilled

Agnew

Darlot

Granny Smith

St. Ives

16

Wallaby – A World Class Deposit

Underpinning growth at Granny Smith –

Key Observations:

• Resources 6.5Moz (24% increase on 2015)• Reserves 1.69Moz (29% increase on 2015)

• Open at depth

• Shifting focus to reserve conversion in 2017-2018

• Zone 110-120

• 500m x 1,000m defined so far

• 250m x 200m high grade extension confirmed

• Open to the south-west for at least 450 metres

Granny Smith – Resource & Reserve growth

Wallaby DepositView West

500m0


Zone 110-

120

Zone 120

Main Lens

WB3971UD

4.7m @

11.26g/t

WB3972UD

14.2m @

6.34g/t

WB3907UD

0.95m @

8.32g/t

WB3931UD

4.7m @ 6.1g/t

3.4m @ 5.2g/t

WB3959UD

3.7m @

10.18g/t

200m0

DH Intersections

WB4013UD

14.7m @ 9.44g/t

Zone 120

Zone 110

WB3994UD

7.2m @

15.74g/t

WB3767UD

29.25m @

6.90g/t

WB3691AUD

15.41m @

14.27g/t

WB3686UD

12.75m @

13.04g/t

WB3694UD

13.06m @ 8.26g/t

Green = initial resource area

Yellow = Zone 110 resource

Blue = Zone 120 resource

Note: selected assay results reported

17

Granny Smith – Resource & Reserve growth


Wallaby Zone 135 – Continues to deliver quality resources & future growth

Resource growth to 6Moz

Wallaby DepositView West

Key Observations:

• Typical Wallaby-style mineralisation continues to be

intersected

• Mineralisation open in all directions

• Early geotech investigations & modelling underway

• Mineralisation identified to 1900m from surface (potential

Z150 location)

Target Description: Infill Z135 to 100x100m

Zone 135

OutlineWBD044UDW2

3.83m @ 25.95g/t

4.43m @ 5.37g/t

3.72m @ 21.02g/t

100m0

Intrusive

Zone 135

WB3688UDW2

Pending Assay

WB3679UDW2

12.75m @

18.12g/t

WB3481UDW1

5.24m @ 4.54g/t

WB3801UDW1

Pending Assay

500m0

WBD039UDW1

7.16m @

16.06g/t

WBD044UDW1

11.8m @ 5.26g/t

4.83m @ 5.21g/t

WB3679UDW1

18.7m @ 8.73g/t

WBD046UDW4

6.64m @ 3.98g/t

WB3688UDW1

Pending Assay

Continues to deliver quality resources and future reserve growth

Z150?


18

Granny Smith – Emerging projects

Northern Fleet (Lake Carey area)

Lake Carey East

Alabama

Raw Prawn

Raw PrawnSouth

Lake Carey South

Little

Wallaby

Dallas

West

Dallas

South

Scamp

Northern Fleet Overview


● 7.5km of anomalous gold zone

● Full field Aircore program continues

● On-going on-lake drilling programs in 2017

Alabama

Dallas S

Raw Prawn

S

Raw Prawn N

Dallas

Blurry

BIF

32 m at 1.1 g/t

8m at 4.28 g/t

14m at 0.65 g/t

37.63m @ 1.15 g/t

7.33m @ 4.40 g/t

4m @ 6.10 g/t

30m @ 1.69 g/t

inc. 2m @ 13.3 g/t

26m @ 2.01 g/t

7m @ 2.6 g/t

Max Gold


19

Granny Smith – Blurry BIF emerging Project

Target Description: Contact between

banded iron formation and intrusive

porphyry which is coincident with multiple

highly anomalous gold intersections

Potential: >1 Moz

# of Holes Drilled: 6 (6/11)

Metres: 2768 (2768/4500)

Assays: 1 (1/11)


A A’

Blurry BIF Target Area

Results:

• LCDD0055: 5.26 @ 20.4 g/t from 243m

Key Observations:

• Gold rich veins seen in LCDD0055 hosted by porphyry

• Conglomerate package on western side of target area

• Altered banded iron formation and porphyritic intrusive

Recommendations:

• Drill follow up holes along to LCDD0055

• Update geological model

LCNAC1438

Planned

LCDD0055

BIFSediments

(undifferentiated)Alabama

AA’

LCNAC1427 (AC)

32 m at 1.10 g/t (94 m)

LCNAC1438 (AC)

15m at 0.58 g/t

from 136m

LCDD0056 (DD)

VG at 140m

Results

PendingLCNAC1417 (AC)

8m at 4.28 g/t from 44m

14m at 0.65 g/t from

64m

LCDD0055 (DD)

5.26m @ 20.4 g/t

(243m)

LCDD0055 (DD)

5.26m @ 20.4 g/t

(243m)Planned


20

St Ives – Resource & Reserve growth

Invincible Complex - Continues To Grow

Underpinning growth at St Ives

Key Observations:

• Economic mineralisation intersected over 1,400m strike and

800m depth

• Open up and down plunge

• Strong geological continuity between holes

• Open pit nearing completion

• Underground portal established

Invincible Deeps• 11.30m at 6.55g/t from 853.7m (LD14682W5)

• 10.90m at 5.40g/t from 819.8m (LD14682W4)

• 9.60m at 5.89g/t from 855m (LD14682W9)

• 12.45m at 4.23g/t from 881.35m (LD14682W9)

• 11.05m at 3.45g/t from 896.95 (LD14682W11)

Invincible Mids• 29m at 2.0 g/t from 459m (LD14721)

Invincible South• 20.35m at 5.62g/t Au from 414.6m (LD14827)

• 14m at 1.36g/t Au from 439m (LD14828)

• 13m at 2.14g/t Au from 422m (LD14828)

• 8.6m at 9.08g/t Au from 421.3m (LD14830)

• 6.45m at 8.21g/t Au from 392.7m (LD14831A)

• 5.75m at 2.25g/t Au from 383.95m (LD14831A)

• 4.55m at 2.61g/t Au from 404.15m (LD14830)

Invincible Deeps

Invincible Mids

Long Section of Invincible overlying underground

mine design

800m

600m

Invincible South

Invincible South

Invincible Open Pit


Mill


21

Invincibl

e

MineVictor

y

Arg

o

Reven

ge

Juncti

on

Mill

“Greater” Invincible

• Resource growth to 1.427 Mozs

since discovery

• Open Pit mining continues circa

mid-2019

• UG mine development

commenced July 2017

• Future mine expansions at

Invincible mid & Deeps

• Invincible South – Feasibility in

2018

• Further “shoots” emerging

Speedway Trend

• 35km structural trend

• Full field aircore program

commenced

• Future “blue sky” targets expected

to emerge


St Ives – “Greater” Invincible & Speedway Trend

22

St Ives – Palaeochannel Project


Project Status

Advanced Scoping Study

Mining Several semi-continuous mining

methods are being investigated.

Processing Ongoing options study for plant

upgrade and modifications.

Geotechnical Geotechnical drill holes for pit

design completed at Argo,

Neptune & Pistol club.

Geology Model for advanced scoping study

completed.

Environmental Ongoing assessment for approval.

Power &

Infrastructure

To be assessed following mining

and processing studies.

West

Kambalda

Lefroy

Mill

Drilling Completed Since Q2 2016

Aircore Holes Metres

1,200 112,000

Argo

Neptune

InvincibleRevenge

Leviathan

23

St Ives – Palaeochannel Project

Update

Target Description: Gold hosted in

palaeochannel sands and gravels

Potential: 5Moz potential

Metres: 43,786 of 255,000m planned

Assays: 137 returned / 182 holes pending

L

Best Results:

– 19m at 34.14g/t from 71m (LD81889)

– 14m at 1.64g/t from 87m (LD15177)

– 13m at 2.37g/t from 78m (CD19660A)

– 11m at 3.64g/t from 90m (LD81734)

– 10m at 2.05g/t from 77m (LD81842)

– 9m at 3.36g/t from 78m (LD15139)

– 8m at 3.28g/t from 81m (LD15140)

– 7m at 4.71g/t from 83m (LD15135B)

– 6m at 6.58g/t from 73m (LD15115B)

– 6m at 6.12g/t from 67m (LD81741)

– 6m at 4.23g/t from 65m (LD81822A)

– 5m at 18.49g/t from 80m (LD81834)

Key Observations:

• Extensive palaeochannel network identified across St. Ives

tenements hosting alluvial gold

• High energy channels providing greatest opportunity

• Depth of palaeochannel averages 75 metres

• Some significant mineralisation identified in the lower regolith and

sap rock which may require additional, targeted drilling.



24

Waroonga North underground – Underpinning Growth

Key Observations: Multiple mineralised quartz zone intersected Resource conversion in parallel to exploration Encouraging results incl.

WNGC780155: 1.5m @ 16.3g/t

WNGC780159: 2.2m @ 20.3g/t

WNGC780161: 2.9m @ 26.5g/t

WNGC78150: 0.8m @ 38.1g/t

WNGC780124: 3.3m @ 115.1g/t

.

Underpinning growth at Agnew

Agnew – Emerging projects


6m quartz with

visible gold

Long Section Looking East

Main

Kim

Waroonga North


25Gold Fields - Reinvesting for the future, Diggers and Dealers, August 2017

Gold Fields Australia

Safe Production

Delivery

Growth

q4 2014 and fy14 results -...

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