Gold Fields Ltd.
Gold Fields is one of the world’s largest unhedged producers of gold with attributable annualised production of 3.5 million gold equivalent ounces from eight operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects in resource development and feasibility, with construction decisions expected in the next 18 to 24 months. Gold Fields has total attributable gold equivalent Mineral Reserves of 76.7 million ounces and Mineral Resources of 225.4 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX).
Review of South African Operations
The Driefontein Gold Mine
The Driefontein Gold Mine, which is located 70 kilometers west of Johannesburg, near Carletonville in the Gauteng province of South Africa, has produced more than 100 million ounces of gold during its 50-year life. Despite its prolific production history, this mine still has 52.0 million ounces of gold Mineral Resources, which includes approximately 17.2 million ounces of Mineral Reserves. Driefontein is a large, well-established deep to ultra-deep-level gold mine with its lowest working level some 3,400 meters below surface. Geologically the Driefontein Gold Mine is located on the north western rim of the famous Witwatersrand Basin, one of the greatest gold regions of the world. Three primary reefs are exploited; the Ventersdorp Contact Reef (VCR) located at the top of the Central Rand Group; the Carbon Leader Reef (CL) near the base; and the Middelvlei Reef (MR), which stratigraphically occurs some 50 to 75 meters above the CL. The mine comprises eight producing shaft systems, that mine different contributions from pillars and open ground, and three gold plants of which one plant processes mainly underground ore, with the remaining two processing surface material.
The Kloof Gold Mine, which is located 60 kilometers west of Johannesburg, near Westonaria in the Gauteng province of South Africa, has produced more than 70 million ounces of gold during its 75-year life and was, in its heyday, known as the richest gold mine in the world. While this mine is now in the late summer of its life, it still has a massive 77.9 million ounces of gold Mineral Resources, of which 9.5 million ounces are in Mineral Reserves. A significant opportunity for Kloof is to increase mining flexibility through the development of reserves, and thus extend the life of this mine. Like Driefontein, its neighbouring sister mine, Kloof is a large, well-established intermediate to ultra-deep-level gold mine with its lowest working level some 3,350 meters below surface. Geologically Kloof is located on the main north-western rim of the Witwatersrand Basin and exploits auriferous palaeoplacers (reefs), namely the Ventersdorp Contact Reef (VCR) that constitutes 85 per cent of the underground Mineral Reserve ounces, the Middelvlei Reef (MR), 11 per cent, and two per cent from the Kloof Reef (KR). Kloof consists of five producing shaft systems and two gold plants of which 1 Plant processes surface material while 2 Plant process underground ore.
Beatrix Gold Mine is situated in the geologically unique and world renowned Witwatersrand Basin, which is the world’s premier gold region. The mine is the southernmost mine in the Witwatersrand Basin, locally called the Free State Goldfield. The discovery and development of this goldfield can be traced as far back as 1885. After intense exploration, which commenced in 1936, conglomerates were identified in 1938. Further drilling led to the identification of the Basal Reef in March 1939, which led to many mines being developed in the Free State Goldfields.
The South Deep Project
The South Deep Project is situated some 45 kilometers south-west of Johannesburg, in the districts of Westonaria and Vanderbijlpark in the Gauteng province of South Africa. South Deep, which is a mine in development, was acquired by Gold Fields in December 2006. With some 78.2 million ounces of Mineral Resources (including Uncle Harry’s prospecting right area) and 29.3 million ounces of Mineral Reserves, South Deep is one of the greatest undeveloped ore bodies in the world.
Review of International Operations The Tarkwa Gold Mine is located in south-western Ghana, about 300 kilometers west of Accra, the capital of Ghana. It is situated some four kilometers west of the town of Tarkwa, which has good access roads, an established infrastructure and is served by a main road connecting to the port of Takoradi some 60 kilometers away at the Atlantic coast. The infrastructure of the mine consists of six open pits, two heap leach facilities, and a CIL plant. The ore body consists of a series of sedimentary banket quartz reef units (conglomerates) of the Tarkwain System, that are similar to those mined in the Witwatersrand Basin of South Africa. The operation is currently mining multiple-reef horizons from open pits and there is potential for underground mining in the future. Tarkwa has a Mineral Resource of 15.3 million gold ounces and a Mineral Reserve of 9.9 million ounces.
The Damang Gold Mine
The Damang Gold Mine is located in south-western Ghana, about 300 kilometers by road, west of Accra, the capital of Ghana and 30 kilometers north of the neighbouring Tarkwa Gold Mine. The mine is served by a main road connecting to the port of Takoradi, some 90 kilometers to the south-east. The mine infrastructure consists of multiple open pits, surface stockpile sources and a CIL plant. The Damang Gold Mine exploits oxide and fresh hydrothermal mineralisation in addition to Witwatersrandstyle, palaeoplacer mineralisation, similar to that of the Tarkwa Gold Mine. The mine has a Mineral Resource of 4.7 million gold ounces and a Mineral Reserve of 2.1 million ounces.
St Ives Gold Mine
The lease area of the St Ives Gold Mine extends from about five kilometers to 25 kilometers southsouth- west of the town of Kambalda in Western Australia, which is located about 630 kilometers east of Perth and 80 kilometers south of Kalgoorlie, the nearest major town.
The mine exploits structurally controlled hydrothermal gold deposits situated in the Norseman-Wiluna Greenstone Belt, which is part of the Yilgarn Craton, a 2.6 Ga granite-greenstone terrain in Western Australia. Ore is currently mined from three underground mines, three open pits and ten surface stockpile sources, and processed through a carbon in process plant and a heap leach plant. The mine has a Mineral Resource of 6.9 million ounces of gold and a Mineral Reserve of 2.3 million ounces.
The Agnew Gold Mine
The Agnew Gold Mine is located 23 kilometers west of the town of Leinster, which is about 375 kilometers north of Kalgoorlie and 1,000 kilometers north-east of Perth. Ore is mined through a single portal with two decline systems from the Kim and Main ore bodies, which form part of the Waroonga underground mining complex. Ore is processed through a carbon in pulp plant with a 1.3 million tonne per annum capacity. The ore bodies are structurally controlled hydrothermal deposits situated in the Norseman-Wiluna Greenstone Belt, which is part of the Yilgarn Craton, a 2.6 Ga granite-greenstone terrain in Western Australia. Agnew has a Mineral Resource of 4.0 million ounces and a Mineral Reserves of 1.2 million ounces.
The Cerro Corona Mine
The Cerro Corona Mine is a large open-pit mine situated in the highest part of the western Cordillera of the Andes Mountains in northern Peru, two kilometers north-west of the village of Hualgayoc in the Department of Cajamarca. This is about 600 kilometers north-east of Lima and about 80 kilometers by road north of the city of Cajamarca.
The Cerro Corona copper-gold deposit, which contains Mineral Resources of 8.7 million gold equivalent ounces and Mineral Reserves of 5.3 million gold equivalent ounces, is a porphyry style mineralisation, hosted by a 600 meter to 700 meter diameter sub-vertical cylindrical-shaped diorite porphyry, emplaced in mid-Cretaceous limestone, marls and siliclastic rocks. The project involves the production of gold and copper by conventional open-pit mining methods. The copper-gold flotation concentrate is trucked to the port of Salaverry for shipment to smelters in Japan, Korea and Europe.
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