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South Deep Gold MineTechnical Short Form Report31 December 2011

Gold Fields: South Deep Gold Mine – Technical Short Form Report 2011 3

Salient features

¨ Managed Mineral Resources at 81.4 Moz.

¨ Managed Mineral Reserves at 39.6 Moz.

¨ Declared Mineral Resources and Mineral Reserves now modelled, designed and scheduled in accordance with Gold Fields protocols.

¨ Old Mine and VCR mostly excluded, pending further exploration and feasibility studies.

¨ Production build-up continues to gather momentum and sustain the track-record of delivery.

¨ The current Life of Mine is estimated to extend to 2080 (69 years).

The South Deep Gold Mine is a key asset for Gold Fields and the flagship growth project in South Africa. South Deep’s production build-up is on track to deliver the required volume

to achieve full production by June 2015, in line with Gold Fields’ long-term stated vision, “To be the global leader in sustainable gold mining”.

Geographic location

Kimberley

BloemfonteinMaseru

Durban

JohannesburgPretoria

Welkom

Port Elizabeth

South DeepMining Right

Cape Town

Geographic location IFC

1. Overview Page 1

2. Key aspects Page 2

3. Operating statistics

4. Geological setting and mineralisation Page 4

5. Mining Page 6

6. Projects Page 8

7. Mineral processing Page 9

8. Sustainable development Page 9

9. Mineral Resources and Mineral Reserves Page 10

10. Regulatory codes Page 13

11. Competent Persons Page 13

12. Key technical staff Page 14

13. Brief history Page 17

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1. OverviewNewshelf 899 (Pty) Limited (Newshelf), which is a 90% subsidiary of Gold Fields Limited, holds a 100% interest in the South Deep Gold Mine. The remaining 10% is held by outside shareholders as part of the BEE Transaction completed in December 2010. The Mine, situated 45 kilometres southwest of Johannesburg, is an intermediate to deep level gold mine comprising two shaft systems, the older South Shaft complex with its main shaft and two sub-vertical shafts, and the newer complex known as Twin Shafts. Ore is processed at a central metallurgical plant. The mining right area totals 4,268 hectares, which includes the area previously known as Uncle Harry’s.

South Deep has been designated by Gold Fields as a developing mine and a project to increase ore production to 330,000 tonnes per month, is currently in progress. This project includes the establishment of a new tailings storage facility, the deepening and equipping of the ventilation shaft at the Twin Shaft Complex to hoist both reef and waste material, increasing the metallurgical plant capacity and establishing the underground infrastructure to access Mineral Reserves to the south of the current workings. In order to further improve the confidence in the Mineral Resource estimate of this area, a major surface drilling project is also underway.

The primary economic target is the Upper Elsburg Reef package, which, due to its geometry, lends itself to a mine design that is fully mechanised, and the Ventersdorp Contact Reef as a secondary economic target. It is planned that South Deep will be able to mine 330,000 tonnes per month by 2015. At this production rate, South Deep will produce approximately 700 koz per annum. It is currently estimated that South Deep will be able to maintain this profile until 2057, with the end of life expected to be in 2080.

The Technical Short Form Report reflects the latest Life of Mine plan input parameters, coupled with an updated Mineral Resource and Mineral Reserve statement, as at 31 December 2011. All Mineral Resource and Mineral Reserve figures reported are managed unless otherwise stated and Mineral Resources are inclusive of Mineral Reserves.

Cover image:

View of the Twin Shaft Complex.

Note: For abbreviations refer to page 28 and for glossary of terms refer to page 29 – “Mineral

Resources and Mineral Reserves Overview 2011”.

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2. Key aspects

Independent audit Figures reported in this declaration are as reviewed by independent external consultants as at 31 December 2011 [Optiro Pty Ltd for Mineral Resources and Snowden Mining Industry Consultants (Pty) Ltd for Mineral Reserves]. Gold Fields has been informed that the audit identified no material shortcomings in any process by which the South Deep Mineral Resources and Mineral Reserves were evaluated

Prepared by Gold Fields Limited in compliance with the SAMREC Code (2007 edition)

Effective date 31 December 2011

Source of information This technical statement is a summary of the internally sourced document entitled 2011 South Deep Competent Persons Report

Personal inspection Personal inspection is conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited

General location South Deep Gold Mine is situated in the magisterial districts of Westonaria and Vanderbijlpark (Gauteng Province), some 45 kilometres southwest of Johannesburg at latitude 26º 25’ S and longitude 27º 40’ E. It is accessed via the N12 provincial road between Johannesburg and Potchefstroom

Climate No extreme climatic conditions are experienced that may affect mining operations

Licence status and holdings

The conversion of the old order mining right to a new order mining right, as required in terms of the Minerals and Petroleum Resources Development Act No. 28, 2002 (the MPRD Act) was approved in July 2010. The aerial extent of the South Deep lease area is 4,268 hectares. All required authorisation has been obtained, and is in good standing

Operational infrastructure South Deep Gold Mine operates one gold plant and is accessed from surface through two shaft systems, the Twin Shaft Complex of which the main shaft comprises a single-drop to a depth of 2,995 metres, and the South Shaft Complex. The mine has been subdivided into four main areas. “Old Mine” comprises the area above 90 level, and is serviced primarily from the South Shaft Complex. “Current Mine”, which is serviced primarily from Twin Shaft, extends from 90 level to 95 level. Phase 1 extends below 95 level to 110 level at a depth of 3,075 metres below surface. Phase 2 falls below infrastructure at 110 level, and will extend to a depth of 3,500 metres

Deposit type Intermediate to deep level gold mine (>2,000 m below surface) exploiting auriferous palaeoplacers (reefs), i.e. the conglomerates that comprise the Upper Elsburg Reefs of the Mondeor Formation and the Ventersdorp Contact Reef (VCR) of the Venterspost Formation as a secondary reef

Life of Mine (LoM) It is estimated that the current Mineral Reserves will be depleted in 2080

Environmental/Health & Safety

South Deep obtained its ISO 14001:2004 certification in September 2008 and has maintained this certification since then. In 2011 this certification was renewed as part of a South African regional ISO 14001 certification. Policies, systems, procedures implemented by the mine conform to this international standard. Reporting on environmental issues and sustainable development is done according to the Global Reporting Initiative requirements. The mine obtained full compliance with the International Cyanide Management Code in December 2008. In December 2011 this certificate was renewed. In December 2011 the mine also obtained its water use licence

Reporting codes Gold Fields reports its Mineral Resources and Mineral Reserves in accordance with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code), and other relevant international codes such as SEC Industry Guide 7, JORC Code and NI 43 – 101. The Mineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act

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3. Operating statistics

UnitsDec

2011Dec

2010* June2010

June2009

June2008

Surface mining

Total mined kt 397 109 196 203 301

SRD material to plant (screened) kt 397 109 196 203 301

SRD Head grade g/t 0.7 1.0 0.6 1.4 0.9

Underground mining

Ore mined (reef only stope + dev) kt 1,497 778 1,177 773 750

Mined grade (reef only) g/t 5.8 6.0 6.0 6.2 7.3

Primary development m 12,018 6,078 10,091 7,152 5,850

Primary reef developmentAdvanced m 5,804 3,573 5,036 4,262 3,065

Value g/t 4.8 5.3 4.8 5.9 6.0

Processing

– Underground tonnes (Inc waste) kt 2,043 992 1,485 1,038 1,066

– Surface tonnes kt 397 109 196 203 301

Total tonnes treated kt 2,440 1,101 1,681 1,241 1,367

– Mill head grade (underground) g/t 4.2 4.7 5.7 5.2 6.7

– Mill head grade (surface) g/t 0.8 1.0 0.6 1.4 0.9

Total head grade g/t 3.7 4.3 5.0 4.5 5.5

– Yield Underground g/t 4.0 4.5 5.7 5.0 6.5

Surface Rock Dump g/t 0.7 1.0 0.6 1.3 0.8

Combined yield g/t 3.5 4.1 4.9 4.4 5.3

Plant recovery factorUnderground % 95.2 96.3 97.2 96.7 97.2

Surface Rock Dump % 95.2 96.3 97.2 96.7 97.2

Gold produced

Underground kg 8,205 4,443 8,127 5,178 6,967

Surface kg 286 104 109 256 253

Total gold produced koz 273 146 265 175 232

kg 8,491 4,547 8,236 5,434 7,220

Gold sold koz 273 146 265 175 232

Financial

Operating cost

UndergroundR/kg 256,215 222,442 204,560 227,362 179,108

R/t 1,029 996 1,119 1,134 1,170

SurfaceR/kg 127,706 74,354 111,835 42,106 62,961

R/t 92 71 62 53 54

Total cash costR/kg 249,146 215,659 197,669 207,803 169,889

US$/oz 1,073 939 811 717 727

Capital expenditureR million 1,982 1,003 1,613 1,021 785

R/kg 233,471 220,632 195,895 187,799 108,682

Notional cash expenditure (NCE)R/kg 485,314 439,675 399,211 406,423 283,712

US$/oz 2,091 1,915 1,638 1,403 1,214

General

Employees (TEC) number 3,579 3,820 3,628 3,011 5,076

Mineral Reserves Mt 225.0 192.6 148.2 149.4 149.7

Mineral Reserve Head Grade g/t 5.5 5.6 6.1 6.2 6.1

Mineral Reserves Moz 39.6 34.5 29.3 29.5 29.1

Expected Life of Mine years 69 54 43 43 441 Figures shown represent the six months to 31 December 2010. Rounding off of figures presented in this report may result in minor computational discrepancies. Where this occurs it is not deemed significant.


South Deep is situated in the geologically unique and renowned Witwatersrand Basin, which is the world’s premier gold region. The Upper Elsburgs, which subcrop with the VCR in a north-

northeast trend, comprise multiple stacked conglomerates that form part of an easterly divergent clastic wedge.

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South Deep is located in the Far West Rand Goldfields situated on the northwestern rim of the Witwatersrand Basin. The Witwatersrand Basin comprises a 6,000 metre thick sequence called the Witwatersrand Supergroup, which consists of predominantly detrital sedimentary rocks interspersed sporadically with auriferous and uraniferous quartz pebble conglomerates, termed reefs, especially in the upper parts of the succession classified as the Central Rand Group.

The South Deep mining right area is underlain by outliers of Karoo Supergroup shales and sandstones followed by the Pretoria Group sediments and the Chuniespoort Group dolomites. The Chuniespoort Group overlies the Klipriviersberg Group volcanic rocks, which in turn are underlain by the Central Rand Group that hosts the gold-bearing conglomerates (reefs), exploited by South Deep.

Local geologyThe reef horizons that are currently, or will be, exploited at South Deep include the reef horizons that comprise the Upper Elsburgs of the Mondeor Formation and the Ventersdorp Contact Reef (VCR). In the western half of the mining lease area the VCR occurs as a single reef horizon that overlies footwall lithologies of the Turffontein sub-group. The Upper Elsburgs, which subcrop with the VCR in a north-northeast trend, comprise multiple stacked reef horizons that form part of an easterly divergent clastic wedge. This ‘wedge’ attains a thickness of approximately 120 – 130 metres in the vicinity of the eastern boundary of the mining right area. The Upper Elsburg Reefs constitute 99% of the South Deep Mineral Reserves ounces while the VCR makes up the remaining 1%.

The structure at South Deep is dominated by the north-south trending primary fault systems, which include

4. Geological setting and mineralisation

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the West Rand, Panvlakte and Waterpan Faults. The West Rand Fault is a re-activated thrust fault, which now expresses itself as a normal fault with a maximum throw of 2,200 metres down to the west at the northern extreme of the property. The West Rand – Panvlakte horst block is situated between KDC East to the west and the South Deep Gold Mine to the east.Different populations of dykes also network across the mine lease. Some are orientated roughly north-south, are near vertical and can attain thicknesses up to 30 metres. The younger, post Black Reef age dykes (Gemsbokfontein No’s 1 and 2 Dykes) separate the overlying dolomites into different water compartments.

VCRA facies model was introduced for the VCR in December 2007, aimed at more accurately evaluating this conventional target and thus better supporting short-term planning. This model identifies five distinct facies types. These facies types tie in well with the younger peneplain facies identified in the distal areas of KDC East, namely the Sandy 1 (conglomerate dominated) and Sandy 2 (quartzite dominated) VCR facies.

For the purposes of South Deep, these facies were further subdivided into

single and multi-band types. These younger Sandy 1 and 2 facies were introduced from a north-western source, with sediment transported along a NW to SE palaeocurrent direction. Only the Sandy 1 facies types are considered as economically viable mining targets. At this stage no VCR mining is being conducted at South Deep, but it is planned at a later stage in the LoM.

Upper ElsburgsThe Upper Elsburg Reefs are made up of the Upper Elsburg Individuals (Waterpan Member) and the Upper Elsburg Massives (Modderfontein Member). The Upper Elsburg Individuals or ECED unit consists of four well-defined conglomeratic units, separated vertically from each other by more poorly developed conglomeratic zones and immature quartz wackes.

The reefs themselves exhibit widely varying lateral facies changes. The names of the reefs occurring within the EC unit are from bottom up, the EC Basal Band (ECBA), the EC Bottom Band (ECB), the EC Middle Band (ECM) and the EC Top Band (ECT). The EC unit is separated from the overlying Upper Elsburg Massives (Modderfontein Member) by a well-defined quartz wacke known as the ED unit.

Upper ElsburgSub-outcrop Line

UE’s = 0 m

EB Footwall

Waterpan MemberUpper Elsburg Individuals(EC & ED)

VCR

Modderfontein Member

Upper ElsburgMassives

TRACKLESTARGET

DESTRESSTARGET

(MA, MI, MB)

Subcrop

W E

10 mComposite

Distal Areas, UE’s attain130 m conformable thickness

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The Upper Elsburg Massive reefs also consist of four conglomeratic packages with widely varying lateral facies definitions. The reefs making up the Upper Elsburg Massives, from bottom to top, are the Modderfontein A Conglomerate (MAC), the Modderfontein Intermediate Bottom Band (MIB), the Modderfontein Intermediate Top Band (MIT) and the Modderfontein B Bottom Band (MBB).The Upper Elsburgs have an average dip of some 12° toward the south-southeast, but this is affected by a low amplitude, highwave length regional syncline that trends approximately north-south through the centre of the mine. This feature is more pronounced towards the south of the property.

Geological modellingGeological models are based on all available structural, grade and sedimentological data. The structural data is used to generate 3D models whilst the sedimentological, gold value and channel width (CW) data is used to delineate the geologically homogeneous local facies zones. The facies zones are used to constrain the statistical and geostatistical analyses that form the basis of the resource estimation process. The geological models are updated on an ongoing basis as new data becomes available.

The geological models are evaluated in Datamine, where resource envelopes are generated. These resource envelopes are generated directly from the evaluation models, which take cognisance of the geological models and geozones. Crossreferencing of the relevant plans and detailed checks ensure integrity of the defined envelopes.

Beyond this the resource blocks are essentially zones of geological homogeneity and take cognisance of geological structure, reef types or facies, value trends, data quantity and distribution thereof, kriging results (including kriging efficiencies and slope of regression), infrastructure, mining and method, ventilation and rock engineering.

On lease exploration and drillingSouth Deep maintains rigorous quality assurance and quality control (QA/QC) protocols on all of its exploration programmes using best industry practice in data acquisition, reputable laboratories as well as having sign-off by Competent Persons under the 2007 SAMREC and 2004 JORC Codes.

An extensive exploration programme was initiated in 2007. This programme, comprising seismic survey analysis, a surface exploration drilling programme and an underground drilling programme, is now providing the basis of the resource definition of the VCR and the evaluation of the Upper Elsburg Reefs in the areas comprising Phase 1 and Phase 2 below 95 level.

Underground drillingNine long inclined boreholes (LIB’s) have been drilled on a 300m spacing from 95 level in Phase 1 North of Wrench. The project has been temporarily stopped due to deteriorating ground conditions at the drill site. Further infill exploration drilling will continue from 100 level in the near future.

Conventional underground grid, prospect and infill grade control drilling is also planned for 2012 and will take place mainly from 95 level to evaluate the Upper Elsburg Reefs. The mine has embarked on an aggressive underground drilling programme since August 2009, to address the historically low borehole data density in the Current Mine area, which supports the geological and resource models.

A 30 metre x 30 metre grid is being targeted, comprising:i) in-stope drilling utilising two

track-mounted rigs;ii) with in-line chip sampling within the

2.5 metres high horizontal destress stopes; and

iii) drilling from footwall infrastructure ahead of current mining operations.

Thus far, 95–3W, 95–1W and 95-2W are up to date. The drilling in 87-1W and 87-2W is targeting the 2012 operational plan and will be completed at the end of 2012. Drilling from 100 level targeting corridors 3 and 4 is ongoing. This will ensure that a 30 x 30 metre grid is available during 2013 for all above mentioned planned areas of mining up to 2018.

Surface drilling The surface drilling programme that targets the Upper Elsburgs and VCR in the Phase 2 ground below 110 level, started in the first quarter of F2008. The programme is planned for 14 boreholes at an estimated cost of ~R210 million and is scheduled for completion by mid-2013. The borehole results are continually incorporated into the latest geological modelling as they become available.

The South Deep 3D seismic survey provided high-quality data and gives an excellent image of the VCR reflector and structure disrupting it (known structure incorporated into seismic interpretation). The VCR surface derived from the seismic surface serves as a reference surface for the geological modelling.

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5. Mining

Capital expenditure for 2012 is estimated at R2.5 billion, concentrating on establishing infrastructure to underpin future production and gold output. The infrastructure projects are being undertaken to increase production to 330 kt per month and 700 koz per annum by 2015.

Mining methodsA variety of mining methods are applied to safely maximise the extraction of the ore body. West of the sub-crop, only the VCR will be mined. In the past the VCR was mined by conventional mining methods, but in future, mechanised low profile mining will be applied. East of the sub-crop, the ore body gradually increases in thickness, and various methods have been applied to extract the ore body.

All mining is carried out with trackless mechanised mining equipment and several different mining methods are applied, depending on the thickness of the payable ore body.

In areas where the entire payable ore body is less than five metres thick, a mechanised stoping and benching mining method was applied. Where it is greater than five metres thick, a tabular mining cut (up to a maximum of 2.2 metres) is taken. The remainder of the payable ore is then extracted where the in-situ stress levels are appropriate to facilitate safe and efficient massive mining.

For each mining method, rock engineering principles are applied to the design of excavation dimensions, pillars, backfill and the required support. The rock engineering design considerations which require specific attention are listed with each mining method. In general, hanging wall conditions are considerably better where massive mining takes place due to the destressed environment in which the mining is carried out. A typical

South Deep is a fully mechanised operation. The focus in the immediate future will be on expediting development, accessing the ore body, completing the Twin Shaft infrastructure and

increasing the rate of mechanised destress mining.

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scattered mining layout was historically applied for all of the tabular mining. Currently the destressing is carried out using low profile trackless mechanised equipment. The bulk of this destressing consists of a series of horizontal cuts taken in target horizons, with a few exceptions where apparent dip mechanised mining is practised.

Mine planning and schedulingMine design and scheduling at South Deep is done in Mine 2-4D and Earthworks Project Scheduler (EPS) software, on a Datamine platform. All designs are based on three-dimensional resource models.

Due to the depth of the ore body, mining of destress horizons has to be scheduled such that sufficient Mineral Reserves are made available for massive mining extraction. Large mechanised targets are then

sequentially scheduled for extraction within the destress envelopes. Backfill scheduling is also incorporated in the extraction sequence, both for the destress and the massive horizons.

All designs and schedules are completed in consultation with production and technical personnel to ensure safe and efficient layouts and plans. Production efficiencies are based on past experience and production models describing activities for the different fleet combinations.

Mineral Reserve development and destress stoping will continue to be key performance indicators in 2012 and will be accelerated further in the appropriate areas. The following table details the development advanced and destress production for the last 12 months to December 2011.

Total design

Access ramps

Horizontaldestressstoping

Longholestoping

Bottom wedges

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Development and de-stress mining results

CategoryUpper

Elsburg

Advanced (m) 12,018

On-reef (m) 5,804

De-stress (m²) 24,729

Value of destressed Mineral Reserves (g/t) 7.14

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New areas included in Life of Mine Increasing the number of ore sources enhances operational flexibility. During the 2011 reserving process the following new areas were included.

(1) Old-Mine:“Old-Mine” refers to the areas within the lease boundary previously mined above 85 Level. While extensive mining has occurred here in the past, the possibility still exists of extracting viable ounces here. An addition of 72 koz was added to the reserve from Old-Mine. This contribution from Old-Mine in the December 2011 reserves is limited but is predicted to increase as additional design work is completed during 2012.

(2) 87-O line:The 87-O line project is situated to the east of the Current Mine area between 85 and 90 Level. This project adds an additional 568 koz to the Mineral Reserves and is accessible from the 87-1-West project. The project will share workshop facilities and ore-handling infrastructure with the predominantly mined out 87-1-West project.

(3) 87-1B West:The 87-1B West increases the 87-1-West Mineral Reserve by 88 koz. The project is designed to extract accessible ounces between two mined out, conventionally mined longwall stopes. The ounces will be extracted by means of the longhole stoping method.

(4) Phase-1 SoW East – O line:This project adds an additional 531 koz to the Mineral Reserve. The project is accessible from 95 and 93 Levels and therefore ore from this project can be delivered to either the Twin Shaft Complex or South Shaft.

Production and hoisting capacities

Shaft

Hoisting capacity

(tpm)

Future capacity

(tpm)

South 60,000 120,000

Twin – Main 160,000 175,000

Twin – Vent – 195,000

Plant capacities

Plant

Current capacity

(tpm)

Future capacity

(tpm)

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87-1B-West

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Mined out areas

Processing Plant

Subcrop


The following projects are on the critical path in the build-up:

Ventilation shaft deepening: The shaft is planned to be commissioned in the third quarter of 2012. The hoisting capacity will incrementally increase from 45 kt/m in July 2012 to 195 kt/m by July 2013.

Metallurgical: The new tailing storage facility has been commissioned and has been operational since August 2011. The upgrade of the gold plant to treat 330 ktpm is underway and is expected to be completed in the third quarter of 2012.

New mine development: This is to develop the mine on 100, 105, 110 and 110A levels to ensure access and logistics (ore transport and ventilation etc.) to the working areas north and south of the Wrench Fault.

Ventilation and refrigeration: This will comprise of five refrigeration plants on 94 level with a total capacity of 42.5 MW to provide cool air to the current workings and the new mine development. It also includes a new 9 MW Bulk Air Cooling (BAC) facility on surface at South Shaft. Construction of a surface ice plant at Twin Shafts, to further enhance the mine cooling facilities, will begin during 2013. All return airways will be completed by mid-2013 and additional surface fans (already installed) will be commissioned as required.

Shaft bottom infrastructure: A two vertical silo facility between each production level (6 metres diameter) is to be established for surge capacity. The vertical ore silos will be completed in two phases. Phase 1 being Silos 5 and 3 feeding the new Ventilation Shaft and Silo 1 transferring to Main Shaft to be completed by September 2013 and Phase 2 being the second leg, with Silos 6, 4 and 2, to be completed by the end of 2014, in addition to two settler dams with pumping facilities.

6. Projects

Several capital intensive projects are ongoing to facilitate the build-up to full production by December 2015 (330 ktpm reef and ~700 koz pa).

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Backfill: A new FPT (full plant tailings) backfill plant has being erected at South Shaft with a planned pipe distribution network of 24 pipes down South Shaft to the workings. This will replace the current classified cyclone tailings plant (CCT).

South Shaft: The hoisting capacity at this shaft has been reduced to 60 ktpm – this allows for the refurbishment of the pump columns and backfill pipes for the planned build-up to full production.

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7. Mineral processing

The milling circuit includes a semi-autogenous grinding (SAG) mill for primary milling and secondary milling conducted in an overflow ball mill, with classification done using a cluster of cyclones. The recovery of free gold is achieved using two Knelson concentrators, with the concentrate being tabled using a Gemini Table in the smelthouse. The cyclone overflow is thickened before the slurry reports to the leach circuit. The leach circuit has six mechanically agitated tanks each with a 3,000 m3 volume.

Gold dissolution is achieved with the use of cyanide with lime being added to ensure protective alkalinity. South Deep has an eight-stage carousel-type carbon in pulp circuit with 200 m3 tanks for gold absorption using carbon. Carbon stripping is achieved using the AARL elution system and carbon regeneration is carried out in a rotary kiln at a rate of 500 kg/hr.

Gold recovery from solution is by electro-winning using the Kemix Sludge Reactors, followed by drying and then smelting in an induction furnace to produce gold bullion. Concentrates from the Gemini Table are calcined and smelted in the

induction furnace. The gold bars are then marked appropriately and dispatched to the Rand Refinery. Installed processing capacity is 220 ktpm with modular expansion to 330 ktpm planned in the original design.

The additional plant capacity is currently under final design and construction, and is expected to be at the 330 ktpm capacity by Q3 2012.

8. Sustainable development

Gold Fields has embraced sustainable development as a business imperative, which is reflected in its vision, values and strategy. Through this, Gold Fields has introduced structures that encourage a networked interface between disciplines like safety, health, environmental engineering, natural environment, risk, stakeholder engagement, legal and communication. This approach has allowed Gold Fields to capitalise on synergies and to avoid duplication in the realm of sustainable development. In this regard, several Key Performance Indicators (KPIs) have been developed to monitor performance and are also utilised to make informed business decisions.

In terms of community involvement, South Deep supports communities around the mine and in areas where labour is sourced away from the mine. Engagement with organised labour and the Westonaria Municipality is on-going with the objective of planning and implementing local economic development projects. These include the building of 150 houses, a garment manufacturing project, bakery project and a skills development project. In the major labour-sending areas such as Limpopo, KwaZulu-Natal and Eastern Cape Provinces, South Deep is planning to implement projects in partnership with the respective local municipalities.

South Deep’s environmental initiatives are focused on reducing the impact that the mine may have on the environment through

Safety statisticsClass Units June 2007 June 2008 June 2009 June 2010 Dec 20101 Dec 2011

Fatalities Number 2 11 0 1 1 1

Fatality rate per mmhrs 0.15 0.94 0 0.07 0.12 0.04

LDIFR per mmhrs 9.60 3.67 5.78 2.82 2.40 1.671 For six months to December 2010.

Gold Fields has embraced sustainable development as a business imperative, which is reflected in its vision, values and strategy.

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concurrent rehabilitation and responsible water management. High priority issues include water and air quality management and stakeholder engagement. Monitoring programmes are in place to monitor dust, surface and groundwater. South Deep received its water use licence in December 2011.

For details on the Social and Labour Plan (SCP), refer to Section 5 in the Integrated Annual Review.


The Black Economic Empowerment (BEE) transaction concluded in December 2010, grants an empowerment consortium 10% of South Deep. Based on the relevant sliding scale of the vesting of the economic benefit attached to the 10% and the current Life of Mine profile, the Mineral Resource and Mineral Reserve portion attributable to Gold Fields is 92.4%.

Mineral ResourcesMineral Resources are reported as in situ, on an inclusive basis of which 100% are reported as Managed Resources. As at 31 December 2011, the total Mineral Resource estimate at the South Deep Gold Mine, using a gold price of R340 000/kg, was as follows:

Mineral ResourceClassificationGold

Tonnes (Mt) Grade (g/t) Gold (’000 oz)

Dec 2011

Dec 2010

June 2010

Dec 2011

Dec 2010

June 2010

Dec 2011

Dec 2010

June 2010

Underground

Measured 51.4 41.5 40.5 7.3 7.7 7.4 12,015 10,331 9,684

Indicated (AI) 199.0 250.4 125.7 7.0 6.6 8.7 44,606 53,523 35,016

Inferred (AI) 10.6 17.2 – 8.8 6.3 – 3,012 3,460 –

Total above infrastructure 261.0 309.2 166.2 7.1 6.8 8.4 59,633 67,314 44,700

Indicated (BI) 77.9 42.3 92.6 7.1 7.0 6.3 17,784 9,568 18,898

Inferred (BI) 16.9 21.8 – 6.5 6.5 – 3,557 4,572 –

Total underground 355.8 373.3 258.8 7.1 6.8 7.6 80,974 81,454 63,598

Surface

Measured – TSFs 58.9 57.5 56.5 0.2 0.2 0.2 429 421 416

Total surface 58.9 57.5 56.5 0.2 0.2 0.2 429 421 416

Grand total 414.7 430.8 315.3 6.1 5.9 6.3 81,403 81,875 64,014

Note: AI = Above Infrastructure, BI = Below Infrastructure

While quoted in this document, the TSF Mineral Resources (gold) are included in the total figures for the West Wits Tailings Treatment Project (WWTTP) that are listed in the Overview. As at 31 December 2011, the total estimated Inventory at South Deep for uranium underground and in the Tailings Storage Facility (TSF), using a uranium price of US$75/lb was as follows:

Uranium Inventory

Mineral ResourceclassificationUranium

Tonnes (Mt) Grade (g/t) Uranium (Mlb)

Dec 2011

Dec 2010

June 2010

Dec 2011

Dec 2010

June 2010

Dec 2011

Dec 2010

June 2010

Underground

Inventory (AI & BI)1 191.1 192.6 70.3 0.067 0.067 0.073 28.226 28.474 11.378

Surface tailings

Measured surface tailings 59.0 57.5 56.5 0.073 0.073 0.073 9.483 9.289 9.123

Grand total 250.1 250.1 126.8 0.068 0.068 0.073 37.720 37.763 20.5011 Underground uranium Inventory is scheduled at mill width and an MCF of 82% has been applied to the content.

Modifying factors ¨ The Measured and Indicated Mineral Resources are

inclusive of those Mineral Resources modified to produce Mineral Reserves.

¨ Unless otherwise stated, all Mineral Resources and Mineral Reserves are quoted as 100% and are not attributable with respect to ownership.

¨ All Mineral Reserves are quoted in terms of run-of-mine (RoM) grades and tonnage as delivered to the metallurgical processing facilities and are therefore fully diluted.

¨ Mineral Reserve statements include only Measured and Indicated Mineral Resources, modified to produce Mineral Reserves and contained in the Life of Mine (LoM) plan.

¨ Mineral Resources and Mineral Reserves undergo both internal and external audits during the year, and any issues identified are rectified, usually during the current reporting cycle, though it does sometimes occur that more comprehensive work requires more time for adequate completion.

9. Mineral Resources and Mineral Reserves

Geological and evaluation models have been updated to reflect the latest available data sets. These models are coupled to an integrated and holistic mine design and schedule plan that is based on current performance levels and take cognisance of the inherent risks associated with

mining operations at South Deep.

11

Mineral Resource parameters

Dec 2010

Dec 2011

Mineral Resource gold price

(US$/oz)R/kg

1,100290,000

1,450340,000

Exchange rate (R:US$) 8.24 7.42

Mineral Resource cut-off (g/t) 3.0 3.0

Mineral Reserve parameters

Dec 2010

Dec 2011

Mineral Reserve gold price

(US$/oz)(R/kg)

1,000265,000

1,300310,000

Exchange rate (R:US$) 8.24 7.42

Mineral Reserve cut-off (g/t) 3.8 3.5

Mine Call Factor (%) 108 104 – 108

Plant recovery factor % 97.3 97.3

Grade tonnage curveThe grade tonnage curve represents undiluted grade and tonnes within the total Mineral Resource. Underground Mineral Resources make provision for minor faulting and minor geological losses.

All reefs

2,000

1,600

1,200

800

400

0

12

10

8

6

4

2

010 2 3 4 5 6 7

Cut-off grade (g/t)

— A

vera

ge g

rade

abo

ve c

ut-o

ff (g

/t)

— T

onne

s (m

illio

ns)

Mineral ReservesMineral Reserve estimation at South Deep is based on development of an appropriately detailed and engineered LoM plan, which accounts for all necessary access development and stope designs. All design and scheduling work is undertaken within mine planning software.

As at 31 December 2011, the total Managed Mineral Reserve (94.2% attributable to Gold Fields Ltd) estimate at the South Deep Gold Mine, using a gold price of R310,000/kg was as follows:

Mineral Reserveclassification

Tonnes (Mt) Grade (g/t) Gold (’000 oz)

Dec 2011

Dec2010

June 2010

Dec 2011

Dec2010

June 2010

Dec 2011

Dec2010

June 2010

Underground

Proved 15.2 14.9 14.1 6.0 6.5 5.9 2,929 3,113 2,700

Probable (AI) 152.4 141.2 67.5 5.5 5.6 6.6 27,078 25,653 14,243

Probable (BI) 57.4 36.5 66.6 5.2 4.9 5.8 9,577 5,767 12,315

Total underground 225.0 192.6 148.2 5.5 5.6 6.1 39,584 34,533 29,258

Grand total 225.0 192.6 148.2 5.5 5.6 6.1 39,584 34,533 29,258

Note: AI = Above Infrastructure, BI = Below Infrastructure

Mineral Reserveclassified per mining area

Proved Probable Total Mineral Reserve

Tonnes(Mt)

Grade(g/t)

Gold(koz)

Tonnes(Mt)

Grade(g/t)

Gold(koz)

Tonnes(Mt)

Grade(g/t)

Gold(koz)

Current mine 15.2 6.0 2,929 6.6 4.2 886 21.8 5.4 3,815

Phase 1 NOW – – – 63.5 6.1 12,539 63.5 6.1 12,539

Phase 1 SOW – – – 81.9 5.2 13,581 81.9 5.2 13,581

Phase 2 – – – 57.4 5.2 9,577 57.4 5.2 9,577

South Shaft – – – 0.4 5.0 72 0.4 5.0 72

Grand total 15.2 6.0 2,929 209.8 5.4 36,655 225.0 5.5 39,584


Mineral Reserve SensitivityThe following graph indicates the Managed Mineral Reserve Sensitivity at -10%, -5%, Base, +5%, +10% and +25% to the gold price.

The sensitivities are not based on detailed depletion schedules and should be considered on a relative and indicative basis only.

Factors that affected Mineral Resource reconciliation:

¨ New data and updates in geological wireframe models, geological facies and global means; and

¨ For the area South of Wrench (SoW), a risk mitigation factor of 6% was applied to volume and 6% to gold content.

90

80

70

60

50

40

30

20

10

0

Change in Mineral Resources (Underground) December 2010 to December 2011

Old

Min

e

Dec

201

1(in

cl O

ld M

ine)

Ph2

Ph1

SoW

UH

SoW

UH

NoW

Ph1

NoW

Cur

rent

Min

e

Dep

letio

n

Dec

embe

r20

10

81.5

1.7

81.0

0.2

2.4

0.1 0.0 0.2

Gol

d (M

oz)

Factors that affected Mineral Reserve reconciliation:

¨ 0,3 Moz production depleted;

¨ Inclusion of the Old Mine, 87-O line and Phase-1 SoW East O line projects; and

¨ Increase in the Probable Reserve South of Wrench (SoW).

50454035302520151050

Change in Mineral Reserves (Underground) December 2010 to December 2011

Gol

d (M

oz)

Dec

embe

r 2

010

Dec

embe

r20

11

LoM

tail-

end

excl

usio

n

MC

F

Exc

lusi

ons

Incl

usio

ns –

exis

ting

proj

ects

Incl

usio

ns –

new

pro

ject

s

Dep

letio

n

34.5

39.6

0.3

1.2

10.9 0.4

4.7

1.7

Mineral Resources and Mineral Reserves reconciliation year-on-year

Managed Mineral Reserve Sensitivity

Gol

d (M

oz)

31.4

36.039.6 40.8 41.5 42.1

(-10%) (-5%) (+5%) (+10%) (+25%)(Base)

310,000

45

40

35

30

25

20

15

10

5

0

Gold price (ZAR/kg) Sur

face

exp

lora

tion

drilli

ng r

ig

13

10. Regulatory codes

SAMRECThis technical statement has been prepared in compliance with the South Africa Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2007 SAMREC Code).

JSEThis technical statement has been prepared in compliance with the Listings Requirements of the JSE Limited (JSE), South Africa, specifically Section 12.

Sarbanes-Oxley ActMineral Resources and Mineral Reserves are underpinned by an appropriate Mineral Resource Management process and protocol to ensure adequate corporate governance in respect of the intent of the Sarbanes-Oxley Act.

EnvironmentalSouth Deep has an environmental management team who are supported by specialists’ assistance from the South African regional office at Libanon. The systems, procedures and training are at international leading practice levels.

11. Competent Persons

Competent Persons

G Janse van Vuuren: Manager Mine Planning and Resource Management

MBA, GDE Mining Engineering, MSCoC, NHD Mineral Resource Management, PLATO (Registration number: PMS0190). Mr Janse van Vuuren has 24 years’, experience in the mining industry. He is responsible for the overall correctness, standard and compliance of this declaration.

R Pillaye: Chief Geologist

BSc (Hons) Geology, SACNASP 400247/08. Mr Pillaye has 21 years’ experience in the mining industry. He is responsible for production geology at South Deep.

N King: Chief Exploration Geologist

BSc (Hons) Geology, GDE SACNASP 400166/07. Mr King has 21 years’ experience in the mining industry. He is responsible for the surface exploration project at South Deep.

R Nii Armah: Chief Resource Geologist

MEng, BSc (Hons) Geology, SACNASP 400105/03. Mr Nii Armah has over 15 years’ experience in the mining industry. He is responsible for resource evaluation at South Deep.

A Miller: Chief Surveyor

ND (Mine Survey), Mine Survey Certificate of Competency, PLATO (Registration number: PMS 0191) Mr Miller has 31 years’ experience in the mining industry. He is responsible for surveying, reporting and historical modifying factors at South Deep.

DR Siebert: Manager Operational Planning

ND (Mine Survey), Mine Survey Certificate of Competency, PLATO (Registration number: MS 0098) Mr Siebert has 37 years’ experience in the mining industry. He is responsible for operational planning and reporting at South Deep.

Technical reviews have been conducted by the Competent Persons as listed, who are full-time employees of Gold Fields Limited.

Sur

face

exp

lora

tion

drilli

ng r

ig


Post Incumbent Qualifications Years Key responsibilities

Vice-President and Head of Operations

Ken Matthysen BSc (Mining Geology), GDE (Mining Engineering), BSc (Hons) Mining Engineering, MMC

30 Overall strategic direction, leadership and management

Senior Manager Operations

Sarel Ferreira NHD (Met Mining) MMC, MBA, M Dip Business management, Pr Cert Engineer,

30 Full operational management

Senior Financial Manager

Giel Bezuidenhout

BCom Accounting, CIS, MBA 26 Financial reporting, compliance

Human Resource Manager

Bonny Sebola BSc, MSc Environmental Management

12 Human resources management

Metallurgy Manager Stephen Joseph NHD Extraction Metallurgy 21 Metallurgical management

Mineral Resources Manager

Gerhard Janse van Vuuren

MBA, NHD, GDE, MSCOC 24 Mine planning, Mineral Resources and Mineral Reserves and compilation of CPR

Safety Manager Edwin Matlapeng NDip Safety Management 28 Safety

Engineering Manager

Clive Moses NHD Electrical Engineering, Government Certificate of Competency Electrical Engineering

25 Engineering, logistics, infrastructure and management

Office of Strategy Management

Casper van Zyl NHD (Met Mining), MMC, MDP 31 Continuous improvement

12. Key technical staff

Mec

hani

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roof

-bol

ting

and

wire

mes

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13. Brief history

The history of South Deep

1950: Commercial production of the Western Areas Gold Mine commenced in September 1961.

1959:A formal application for a mining lease was made, which resulted in the Western Areas Gold Mining Company Limited being incorporated as a public company on 8 September 1959.

1961:Johannesburg Consolidated Investment Company Limited formed a prospecting consortium that acquired the prospecting rights over the farms Waterpan, Modderfontein and Jachtfontein in the Westonaria District.

1974:The Elsburg Gold Mining Company merged with Western Areas Gold Mining Company Limited on 1 July 1974 to become part of a larger Western Areas Gold Mining Company.

1990:Western Areas Gold Mining Company Limited shareholders approved the transfer, cession and assignment of certain land and mineral rights to South Deep Exploration Company Limited in exchange for its shares.

1995:Western Areas Gold Mining Company Limited and South Deep Exploration Company Limited merged on 1 January. Development of 95 Level across to planned collar position of Twins commenced.

1998: Western Areas Gold Mining Company Limited changed its name to Western Areas Limited.

1999: On 1 April 1999, the PDWA joint venture was formed.

2000: The name of the mine was changed to South Deep Gold Mine in February 2000.

2001: Sinking of the ventilation shaft was completed.

2002: Sinking of the main shaft was completed and a 7 200 tonnes per day capacity mill commissioned.

2004:The Mineral and Petroleum Resources Development Act was promulgated into law on 1 May 2004 and the Twin Shaft Complex was commissioned in November 2004.

2005: The Twin Shaft Complex was officially opened on 4 February 2005.

2006:Barrick Gold Corporation acquired a majority interest in Placer Dome Inc. on 20 January 2006.Gold Fields Limited acquired Barricks’ 50% JV interest in the PDWA JV on 1 December 2006.

2007:Gold Fields acquired all remaining WAL shares on 10 April 2007 and consequently own 100% of South Deep Gold Mine. WAL listing terminated on 30 March 2007.

2007: Gold Fields closed the South Deep hedge book in January 2007.

2010: New-order mining right granted to South Deep, including the area known as Uncle Harry’s.

2011:Establishment of Newshelf 899 (Pty) Limited (Newshelf), which holds a 100% interest in South Deep Gold Mine. Newshelf is a 90% subsidiary of Gold Fields Limited and the remaining 10% is held by outside shareholders as part of the BEE transaction.

18

South Deep Upper Elsburg Mineral Resource classification as at 31 December 2011

South Deep Underground Mineral Resource and Mineral Reserve Classification

EXPlORATIONRESUlTS

MINERAlRESERVES

MINERAlRESOURCES

Reported as in situmineralisation estimates

Consideration of mining, metallurgical, economic, marketing, legal,environmental, social and governmental factors (the ‘modifying factors’)

355.8 Mt @ 7.1 g/t81.0 Moz

225.0 Mt @ 5.5 g/t39.6 Moz

209.8 Mt @ 5.4 g/t36.7 Moz

15.2 Mt @ 6.0 g/t2.9 Moz

27.5 Mt @ 7.4 g/t6.6 Moz

276.9 Mt @ 7.0 g/t62.4 Moz

51.4 Mt @ 7.3 g/t12.0 Moz

Reported as mineableproduction estimates

Incr

easi

ng le

vel o

f geo

scie

ntifi

c kn

owle

dge

and

confi

denc

e

MEASURED PROVED

PROBABlEINDICATED

INFERRED

legendMine BoundaryShaftsMined out Ventersdorp Contact ReefMined out Upper Elsburg ReefSubcrop

Mineral ResourcesMeasured Mineral ResourcesIndicated Mineral ResourcesInferred Mineral Resources

0 1,000 2,000 m

TWIN SHAFTS

Notes

This Technical Short Form Report (“the Report”) contains information as at 31 December 2011 (“the Effective Date of this Report”). The statements and information set out in this Report speak only as of the Effective Date of this Report. Shareholders and other interested and affected parties are therefore urged to review all public disclosures made by Gold Fields after the Effective Date of this Report, as some of the information contained in the Report may have changed or have been updated. Gold Fields does not undertake any obligation to update publicly or release any revisions to statements and information set out in this Report to reflect events or circumstances after the Effective Date of this Report or to reflect the occurrence of unanticipated events, unless obliged to do so pursuant to law or regulation. In such event, Gold Fields does not undertake to refer back to any information contained in this Report.

Met

allu

rgic

al p

lant

upg

rade

d to

trea

t 330

ktp

m


“If we cannot mine safely, we will not mine”

Gold Fields Safety Value

Registered Office South Africa:150 Helen RoadSandownSandton, 2196 JohannesburgGautengPrivate Bag X30500Houghton, 2041 South Africa

Website: http://www.goldfields.co.za Telephone: +27 (0) 11 562 9700Facsimile: +27 (0) 11 562 9838

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