Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN: ZAE 000018123
NEWS RELEASE
Q4 F2004 RESULTS
Results for the Quarter and Year Ended 30 June 2004
-Reviewed preliminary results-
STOCK DATA
Number of shares in issue
- at end June 2004 491,480,690
- average for the quarter 491,431,716
Free Float 100%
ADR Ratio 1:1
Bloomberg / Reuters GFISJ / GFLJ.J
JSE SECURITIES EXCHANGE SOUTH AFRICA � (GFI)
Range - Quarter ZAR85.00 � ZAR65.02
Average Volume - Quarter 1,398,900 shares / day
NYSE � (GFI)
Range - Quarter US$13.40 � US$9.77
Average Volume - Quarter 1,188,600 shares / day
INVESTOR RELATIONS
Europe & South Africa
Willie Jacobsz Nerina Bodasing
Tel : +27 11 644-2460 Tel : +27 11 644-2630
Fax: +27 11 484-0639 Fax : +27 11 484-0639
E-mail: investors@goldfields.co.za
North America
Cheryl A. Martin
Tel: +1 303 796-8683
Fax: +1 303 796-8293
E-mail: camartin@gfexpl.com
www.goldfields.co.za www.gold-fields.com
RESTRUCTURING DELIVERING RESULTS
INCREASED GOLD PRODUCTION AND LOWER COSTS
JOHANNESBURG. 29 July 2004 � Gold Fields Limited (NYSE & JSE: GFI) today
announced June 2004 quarter headline earnings of R129 million (26 cents per
share) compared with headline earnings of R221 million (45 cents per share) in
the March 2004 quarter and R494 million (104 cents per share) for the June
quarter of 2003. The reduction in earnings is largely gold price and exchange
rate related and masks a solid operating performance. In US dollar terms the
June 2004 quarter headline earnings were US$20 million (US$0.04 per share)
compared with US$32 million (US$0.07 per share) in the March 2004 quarter and
US$64 million (US$0.14 per share) for the June quarter of 2003.
June 2004 quarter salient features:
*Attributable gold production increased to 1,042,000 ounces;
*Total cash costs decreased 2 per cent to R66,218 per kilogram
(US$312 per ounce);
*Operating profit down 17 per cent to R545 million (US$83 million),
exclusively due to a 6 per cent reduction in the rand gold price to R83,731
per kilogram (US$395 per ounce);
*Organic growth projects on track in Australia and Ghana;
*Write-down of R426 million (US$62 million) at Beatrix 4 shaft.
Year ended June 2004 salient features:
*Attributable gold production of 4,158,000 ounces;
*Total cash costs R67,075 per kilogram (US$302 per ounce) 9 per cent up on
previous year;
*Mvela transaction successfully concluded;
*Sale of Driefontein's block 1C11 to AngloGold for R315 million, yielding a
profit of R240 million net of taxation;
*Strong financial position provides platform for growth;
*Offshore organic growth projects announced.
Final dividend of 40 SA cents per share, giving a total dividend of 80 SA
cents per share for the year.
Ian Cockerill, Chief Executive Officer of Gold Fields said:
"While earnings were affected by the continued strengthening of the South
African currency during the quarter, Gold Fields again had a strong operational
performance overall.
Despite the strategic repositioning of the South African operations over the
past nine months, to counterbalance the strong rand, having had the desired
effect, further interventions are being put in place in anticipation of a rand
per kilogram price of below R80,000 per kilogram.
Overall, Gold Fields is in a good position with significant progress being
made, in particular, with the international growth projects in Ghana,
Australia, Peru and Finland. Furthermore, the exploration programme has during
the quarter delivered promising results with significant improvements in the
prospect of several projects.
During the quarter Gold Fields sent a technical team to Russia to conduct
visits at the Norilsk gold operations with a view to exploring the potential
for co-operation with regards to our respective gold assets. The process of
evaluating the results of this visit are underway, and initial results are
encouraging enough to continue this process."
Salient features
SA Rand
Year ended Quarter
June June June March June
2003 2004 2003 2004 2004
Gold produced* 134,813 129,329 32,380 32,131 32,419 kg
Total cash costs 61,766 67,075 63,369 67,528 66,218 R/kg
Tons milled 42,988 46,028 10,925 11,815 11,076 000
Revenue 97,060 85,905 86,751 88,887 83,731 R/kg
Operating costs 213 204 204 199 213 R/ton
Operating profit 4,741 2,315 717 656 545 Rm
2,953 768 789 255 (186) Rm
Net earnings 626 158 167 51 (39) SA
c.p.s.
2,393 763 494 221 129 Rm
Headline earnings 507 157 104 45 26 SA
c.p.s.
Net earnings
excluding
gains and losses on 2,011 587 226 238 102 Rm
financial
instruments and
foreign debt net of 426 121 48 48 21 SA
cash and exceptional c.p.s.
items
US Dollars
Quarter Year
ended
June March June June June
2004 2004 2003 2004 2003
Gold produced* oz (000) 1,042 1,033 1,041 4,158 4,334
Total cash costs $/oz 312 309 255 302 212
Tons milled 000 11,076 11,815 10,925 46,028 42,988
Revenue $/oz 395 407 349 387 333
Operating costs $/ton 32 29 26 30 23
Operating profit $m 83 96 100 336 523
$m (25) 38 98 111 326
Net earnings US c.p.s. (5) 7 21 23 69
$m 20 33 64 111 264
Headline earnings US c.p.s. 4 7 14 23 56
Net earnings $m 16 34 34 85 222
excluding
gains and losses on
financial 4 7 8 18 47
instruments and US
c.p.s.
foreign debt net of
cash
and exceptional
items
*Attributable � All companies wholly owned except for Ghana (71.1%).
Health and Safety
During the quarter the lost day injury frequency rate at the
operations improved from 13.8 to 11.9, the serious injury frequency rate
improved from 6.5 to 5.9 and the fatal injury frequency rate unfortunately
regressed from 0.15 to 0.26. While the improvement in total safety performance
is commendable, the deterioration in the fatal injury frequency rate is a
source of concern. Health and safety of our workforce is the most important
aspect of the business and continued focus will be given to initiatives aimed
at eradicating injuries and fatalities.
Beatrix achieved two million fatality free shifts during the quarter
and Beatrix 1,2 and 3 shafts in aggregate achieved one million underground
fatality free shifts.
In addition, Damang and the Australian operations continue to be fatality
free,with Damang having recorded only one lost day injury in sixteen months.
Financial Review
Quarter ended 30 June 2004 compared with quarter ended 31 March 2004
REVENUE
Attributable gold production increased marginally to 1.042 million ounces
for the June 2004 quarter compared with 1.033 million ounces achieved in the
March 2004 quarter. However, notwithstanding the higher production in the
June quarter, revenue at R2,869 million (US$434 million) was 5 per cent lower
than the March quarter's R3,028 million (US$444 million). This decrease was due
to a 6 per cent lower rand gold price. The gold price achieved for the June
quarter was R83,731 per kilogram (US$395 per ounce), compared with R88,887 per
kilogram (US$407 per ounce) in the March quarter. Apart from the impact of a
lower dollar gold price, the rand gold price was also affected by a
strengthening of the rand against the US dollar from an average of R6.79 to
R6.60 quarter on quarter.
OPERATING COSTS
Operating costs for the June quarter at R2,364 million (US$357 million)
increased 0.5 per cent compared with the March quarter's R2,351 million
(US$345 million) evidencing continued good cost control. Although costs at
the international operations of R711 million were virtually unchanged from the
R707 million reported in the March quarter, a cost increase at St Ives
associated with additional mining volume was offset by the impact of
translating costs at the international operations into South African rand at a
stronger local exchange rate. The increased mining volume at St Ives is
reflected in a credit to gold in process of R40 million (US$6 million) compared
with a gold in process charge in the March quarter of R22 million (US$3
million), which was due to a gold in process release at the Australian
operations in the previous quarter.
OPERATING PROFIT MARGIN
The net effect of the lower revenue, despite lower costs after taking
account of gold in process movements, was an operating profit of R545 million
(US$83 million), 17 per cent lower than the R656 million (US$96 million)
achieved in the March quarter. The Group margin decreased to 19 per cent from
22 per cent in the March quarter and the South African margin decreased from 14
per cent to 9 per cent. This reduction in margin was virtually all due to the
lower price achieved. The margin at the international operations increased to
36 per cent from 34 per cent in the March quarter.
AMORTISATION
Amortisation for the June quarter at R332 million (US$50 million) was 12 per
cent higher than the March quarter's R298 million (US$44 million). This
increase was due to increased mining volumes at the international operations,
which carries a higher rate of amortisation than the local operations.
Amortisation at the South African operations was virtually unchanged.
OTHER INCOME
Net interest and investment income at R28 million (US$4 million) increased
from negative R4 million (US$1 million negative) quarter on quarter. This was
due to interest earned on the net Mvela cash receipts of R3.8 billion received
on 17 March, partly offset by the interest payable on the Mvela debt arising
from this transaction. Gains on foreign debt and cash amounted to R76 million
(US$11 million), compared with a loss of R34 million (US$5 million negative) in
the March quarter. Included in this income is an accounting exchange gain of
R86 million (US$12 million) on the settlement of an offshore inter-company
loan with no attendant cash flow implications, partly offset by an exchange
loss on offshore funds held in euros of R10 million (US$1 million). Euro 176
million is currently held offshore and arises from the capital raising
undertaken in November 2003. The loss on the euros is due to the strengthening
of the US dollar from 1.2270 euros to the US dollar at the start of the quarter
to 1.2175 at the end of June.
A loss on financial instruments of R71 million (US$10 million) was
incurred, which includes a loss on rand/US dollar forward cover of R19 million,
and a marked to market loss on an interest rate swap of R52 million (US$8
million). The interest rate swap was established in relation to the loan from
Mvela Gold, a wholly owned subsidiary of Mvela Resources and converted a fixed
interest rate exposure to a floating rate. This instrument was established as
short-term rates are significantly lower than long-term rates and the resultant
upward sloping yield curve is expected to prevail for some time. Despite the
marked to market loss associated with a change in the profile of the five year
yield curve, this strategy is yielding positive results with an R18 million
cash benefit in the period to end June 2004 and a R12 million cash benefit
locked in for the three month period to September 2004. More detail on these
financial instruments is given on page 11 of this report.
Other income reduced from a positive R26 million (US$4 million) to a
negative R31 million (US$4 million negative) in the June quarter. This change
was mainly due to gains realised on the exchange of exploration joint venture
interests for equity in the previous quarter along with positive adjustments to
the Group's post-retirement health care provisions in that period, together
with costs incurred during the current quarter associated with projects aimed
at optimising stores consumption and procurement practices in the Group
and restructuring costs in the Group's Shared Services division. To this end,
an e-auction on conveyor belting used as a pilot study has already resulted in
an annual saving of R10 million, which translates to a reduction of some 40
per cent.
Exploration expenditure increased from R44 million (US$7 million) to R62
million (US$9 million) in the June quarter in line with the planned increase in
activity, mainly in West Africa and Latin America.
The exceptional loss of R432 million (US$62 million) is primarily as a
result of the impairment at Beatrix 4 shaft (formerly Oryx) of R426 million
(US$62 million) being R315 million (US$45 million) after the associated
taxation effect. The post write-down carrying value of Beatrix 4 shaft is R75
million. Last quarter's exceptional gain amounted to R21 million (US$3 million)
and included profit on the sale of the remaining shares in Harmony and
Committee Bay, partly offset by the write-off of certain mineral rights.
TAXATION
A taxation credit of R124 million (US$18 million) was realised in the
June quarter compared with a charge of R64 million (US$9 million) in the
March quarter. This is mainly due to a deferred tax credit on the impairment
at Beatrix of R111 million (US$17 million) and a tax credit of R26 million on
the loss on financial instruments. Further deferred tax credits of R76 million
were generated due to increases in unredeemed capital expenditure balances at
all of the South African operations. This was partially offset by a R30 million
(US$5 million) deferred tax charge as a consequence of the Mvela transaction.
EARNINGS
After accounting for minority interests, a loss of R186 million (US$25 million)
was incurred or negative 39 SA cents per share (US$0.05 per share
negative), compared with earnings of R255 million (US$38 million) or 51 SA
cents per share (US$0.07 per share) in the previous quarter.
Headline earnings i.e. earnings less the after tax effect of asset
sales, impairments and the sale of investments, amounted to R129 million
(US$20 million) or 26 SA cents per share (US$0.04 per share) compared with
R221 million (US$32 million) or 45 SA cents per share (US$0.07 per share)
last quarter. The main reason for this decrease was the fall in net operating
profit associated with lower achieved prices received in the June quarter.
Earnings, excluding exceptional items as well as net gains on
financial instruments and foreign debt net of cash after taxation, amounted to
R102 million (US$16 million) or 21 SA cents per share (US$0.04 per share)
compared with R238 million (US$34 million) or 48 SA cents per share (US$0.07
per share) achieved last quarter.
CASH FLOW
Cash flow from operating activities for the quarter was R436 million
(US$66 million), compared with operating cash flow in the March quarter of
R528 million (US$77 million). The decrease reflects the decline in operating
profit. Capital expenditure was R938 million (US$139 million) compared with
R749 million (US$109 million) in the March quarter. The increase is mainly due
to increased expenditure on organic growth projects in Ghana and Australia.
R185 million (US$33 million) was expended at the South African operations. This
is an increase of R32 million (US$5 million) over the previous quarter,
the majority at Kloof 4 shaft. The Australian operations incurred
capital expenditure of R308 million (A$83 million). The mill project at St
Ives accounted for R224 million (A$45 million) of this expenditure as compared
to R91 million (A$19 million) in the March quarter. The balance on this
project, the majority of which will be spent during the September quarter,
amounts to A$61 million. At the Ghanaian operations, capital expenditure
amounted to R401 million (US$67 million). R361 million (US$58 million) was
spent on the new mill and on the project to convert from contract mining to
owner mining. This compares with R263 million (US$43 million) in the previous
quarter. The balance on these projects, the majority of which will be spent in
the next two quarters, amounts to US$30 million. Major projects are still
forecast to be in line with approved votes except for a possible small over
expenditure on the mill project at Tarkwa, which will depend on currency moves
over the next quarter.
Net cash outflow for the quarter was R497 million (US$74 million). The
cash balance at the end of the June quarter was R4,135 million (US$656 million)
compared with R4,701 million (US$721 million) at the end of the March quarter.
Detailed and Operational Review
Group Overview
Attributable gold production for the June 2004 quarter increased marginally
to 1,042,000 ounces when compared with the March quarter. Attributable
production from the international operations was virtually unchanged at 342,000
ounces, which is approximately one third of the Group's total attributable
production. Production from the Australian operations increased 6 per cent to
196,300 ounces this quarter due to increased volumes from St Ives. Operating
profit from the Australian operations increased 34 per cent to R159 million
(A$33 million, US$24 million) for the quarter, primarily as a result of the
increased production and increased gold price. The gold price in Australian
dollars increased 4 per cent from A$536 per ounce to A$556 per ounce quarter
on quarter. The Ghanaian operations showed a 5 per cent decrease in
attributable gold production to 146,200 ounces, partly due to reduced ore
volumes associated with lack of flexibility in the pits exacerbated by poor
equipment availability.
Ghana contributed operating profit of R224 million (US$34 million), a 15
per cent decrease on the previous quarter's operating profit. The reduced
operating profit is due to the decrease in gold production and the cost of
accelerated stripping at Tarkwa.
The international operations contributed R383 million (US$58 million) of
the total operating profit of R545 million (US$83 million) or 70 per cent,
compared with R382 million (US$56 million) of the total operating profit of
R656 million (US$96 million) or 58 per cent last quarter.
At the South African operations, production was 699,700 ounces, similar to
the previous quarter. The decrease at Beatrix related to lost days due to
the elections and the Easter break, was offset by a 3 per cent increase in
output at Kloof due to an increase in underground tonnage. Operating profit at
the South African operations decreased from R274 million (US$40 million) to
R163 million (US$25 million) mainly as a consequence of the lower gold price.
Group ore milled decreased from 11.82 million tons to 11.08 million tons due
to an 11 per cent decrease in surface tons, mainly at Beatrix, Tarkwa and St
Ives. The overall yield increased from 2.9 grams per ton in the March quarter
to 3.1 grams per ton in the current quarter. Total cash costs in rand terms
decreased from R67,528 per kilogram to R66,218 per kilogram quarter on quarter
mainly as a result of the increased production. In US dollar terms, total cash
costs were virtually unchanged at US$312 per ounce compared with US$309 per
ounce.
Operating cost per ton at R213 increased from R199 last quarter due to the
lower surface tonnage.
South African Operations
During the September 2003 quarter management took a view that the South
African currency would remain stronger for longer. As a result it was decided
to reposition the South African operations. This was presented as reverting
from the "Wal-Mart" strategy (more volume at lower grade) to the "SAKS 5th
Avenue" strategy (less volume at higher grade).
To support this switch in strategy, management introduced an initiative
called Project 500, which, in turn, was split into two sub-projects called:
Project 400 and Project 100.
Project 400 aims to optimise revenue such that an additional R400 million
is generated per annum. The aim is to improve the quality and quantity of
our outputs by replacing surface tonnage to the plant with increased tonnage
from underground and ensuring output of a better quality, by mining the
higher grades at marginally reduced volume.
This strategy has started to deliver results as was evidenced in the
March quarter at Kloof and Driefontein, which both reported increased
underground grades, and has continued into this quarter.
It should be emphasised that the operations are producing in line with
the proven reserve grades for life of mine. Naturally, paylimits have to change
to reflect current earnings and despite some ill-informed market commentary,
Gold Fields continues to prudently manage its ore reserves and is not high
grading as the table below clearly shows.
Quarter ended Sep Dec Mar Jun
2003 2003 2004 2004
Driefontein:
Life of mine head grade as per the 8.7 8.7 8.7 8.7
2003annual report
Life of mine head grade adjusted for 8.4 8.4 8.4 8.4
estimated metallurgical recoveries
Driefontein (underground yields 8.1 7.5 8.6 8.5
achieved)
Kloof:
Life of mine head grade as per the 9.8 9.8 9.8 9.8
2003annual report
Life of mine head grade adjusted for
estimated metallurgical recoveries 9.5 9.5 9.5 9.5
Kloof (underground yields achieved) 8.1 8.6 10.0 9.5
Beatrix:
Life of mine head grade as per the 5.1 5.1 5.1 5.1
2003annual report
Life of mine head grade adjusted for 4.9 4.9 4.9 4.9
estimated metallurgical recoveries
Beatrix (underground yields achieved) 4.4 4.7 4.5 4.7
Project 100 is designed to save a minimum of R100 million a year from improved
standards and norms by reducing wastage and making sure that the mines use only
what is required for a successful blast.
Having carefully examined the prospects for Project 100 it soon became
clear that initial estimates of R100 million savings were conservative.
Consequently, the bar has been raised and Gold Fields is also aiming to achieve
R200 million to R300 million in savings per annum from improved procurement
practices in the medium term. The group spends in excess of R3 billion on
materials and services, of which R1.5 billion is spent on materials used on the
mines and more than R1.4 billion is spent on total services provided. The aim
is to reduce procurement spend by 7 to 10 per cent by improving efficiencies,
leveraging off Group buying power and adopting strategic sourcing techniques.
Forming business partnerships with suppliers, entering into risk reward type
sharing arrangements, increasing supply coverage, as well as rationalising
vendors without compromising on quality, would be some of the aspects
considered in this regard.
Over the past 15 months Gold Fields has reduced total stores inventory by
some 30 per cent. This was achieved by combining all the stores into one on the
West Wits. This rationalisation of stores has resulted in a reduction in line
items from 16,000 to 3,000. Vendor price increases have been controlled at
between one and two percent below PPI and there has been a marked reduction in
vendors, from 3,000 to the current 870.
Project 500 will reinstate more respectable margins at current prices and aims
to achieve the following at Driefontein, Kloof and Beatrix:
Driefontein
* Mine in a range of between 1,900 and 2,100 centimetre grams per ton ("cmg/
t"). This translates to an estimated underground recovered yield of above 8.0
grams per ton.
* Implement restructuring and cost saving measures of R2.0 million per month.
* Maintain the production profile at + 1 million ounces per annum. Kloof
* Mine in a range of between 2,200 and 2,350 cmg/t. This translates to an
estimated underground recovered yield of above 9.0 grams per ton.
* Implement restructuring and cost saving measures of R2.0 million per month.
* Maintain the production profile at + 1 million ounces per annum. Beatrix
* Mine in a range of between 1,000 and 1,100 cmg/t at number 1, 2 and 3 shafts
and in a range of between 1,400 and 1,500 cmg/t at number 4 shaft. This
translates to an estimated combined underground recovered yield of 4.8 grams
per ton.
* Implement restructuring and cost saving measures of R1.5 million per month.
* Maintain the production profile of +600 thousand ounces per annum.
A full explanation of project 500 can also be found on the Gold Fields website
� www.goldfields.co.za
General
The South African operations have, over the past 48 months undergone
extensive restructuring and renewal to reposition for the future. On each of
our operations, we have invested significantly in the construction and
development of new long life shafts. At Driefontein, capital has been invested
into 5 east and 1 tertiary shafts; at Kloof the new 4 shaft; and Beatrix the
new 3 shaft. In addition, our metallurgical plants have been upgraded.
Environmental conditions at all shafts have and are being improved through the
on going lowering of temperatures, and infrastructure bottlenecks are being
resolved. Over this period Gold Fields has also invested significantly in the
development of its ore bodies, with all the key long life shafts now having an
average of 20 months of mineable developed ore reserves in place.
Occupational health care services are made available by Gold Fields employees
from its existing facilities. There is a risk that the cost of providing such
services could increase in the future depending upon changes in the nature of
underlying legislation and the profile of employees. This increased cost,
should it transpire, is currently indeterminate. The Group is monitoring
developments in this regard.
DRIEFONTEIN
June March
2004 2004
Gold produced - 000'ozs 290.3 289.6
Yield - underground - g/t 8.5 8.6
- overall - g/t 5.6 5.4
Total cash costs - R/kg 67,372 67,607
- US$/oz 317 310
Production at Driefontein at 290,300 ounces was similar to the previous
quarter.
Underground tonnage increased 11 per cent from 838,000 tons to 927,000 tons.
This was due to the impact of the Christmas break last quarter. The
underground yield achieved was 8.5 grams per ton, which was in line with the
previous quarter. Surface tonnage was 15 per cent lower at 695,000 tons due to
lower volumes from surface clean up, in line with our forecast. Surface yields
decreased from 2.2 grams per ton to 1.7 grams per ton for the quarter
following the conclusion of processing of high grade material and plant clean
up.
Operating costs were virtually unchanged at R637 million (US$96 million)
despite the increase in underground volumes. Total cash costs in rand
terms were marginally below the March quarter at R67,372 per kilogram and
increased 2 per cent in US dollar terms to US$317 per ounce due to the stronger
rand.
Operating profit was down from R158 million (US$23 million) in the
March quarter to R121 million (US$18 million) in the June quarter as a result
of the lower gold price received
Capital expenditure amounted to R40 million (US$7 million) compared with R29
million (US$6 million) in the March quarter. As a result of the lower gold
price and reduced earnings, capital expenditure continues to be reprioritised
and non crucial items deferred.
Gold output in the September quarter is expected to be marginally lower
than the June quarter. This is due to increased seismicity in July at 5 east
shaft, lower flexibility resulting from the stoppage of marginal areas and
the conclusion of plant clean up. Improvements to ventilation will enable
increased face length going forward, resulting in improved flexibility. This
should result in a steady production performance over the remainder of the
year. Costs will increase by some 3 per cent due to the annual wage increase,
effective from July.
KLOOF
June March
2004 2004
Gold produced - 000'ozs 259.2 250.9
Yield - underground - g/t 9.5 10.0
- overall - g/t 6.6 6.4
Total cash costs - R/kg 74,191 75,920
- US$/oz 350 348
Gold production at Kloof increased 3 per cent to 259,200 ounces in the
June quarter from 250,900 ounces in the March quarter. Underground
tonnage increased 10 per cent to 818,000 tons this quarter from 744,000 tons in
the March quarter, which was negatively affected by the extended Christmas
break. Surface tons decreased from 483,000 tons to 407,000 tons as a result of
the increased underground volumes. The underground yield has as planned
decreased from 10.0 grams per ton last quarter to 9.5 grams per ton this
quarter, with the combined yield increasing from 6.4 grams per ton to 6.6
grams per ton, due to the improved mix from the higher grade underground
tonnage. Operating costs at R621 million (US$94 million) for the quarter were
virtually unchanged when compared with the previous quarter's costs of R617
million (US$91 million). Total cash costs at R74,191 per kilogram were 2 per
cent lower than the previous quarter's R75,920 per kilogram. In US dollar terms
total cash costs were virtually unchanged at US$350 per ounce. Operating
profit decreased by one third to R49 million (US$7 million) compared to R75
million (US$11 million) the previous quarter due to the lower gold price
received this quarter.
Capital expenditure increased from R57 million (US$10 million) in the
March quarter to R76 million (US$14 million) in the June quarter. The majority
of this expenditure was on reprioritising and accelerating the capital at 4
shaft.
The gold production outlook for the September quarter is expected to be
slightly up on the June quarter, with operating costs forecast to increase some
3 per cent due to the annual wage increases.
BEATRIX
June March
2004 2004
Gold produced - 000'ozs 150.2 154.7
Yield - underground - g/t 4.7 4.5
- overall - g/t 3.8 3.3
Total cash costs - R/kg 81,978 78,143
- US$/oz 386 358
Gold production at Beatrix decreased 3 per cent from 154,700 ounces in
the March quarter to 150,200 ounces in the June quarter. Underground ore was
down 3 per cent from 1,003,000 tons to 968,000 tons due mainly to the impact of
the public holidays over Easter, the election break and a one day work
stoppage because of the implementation of an internal restructuring programme
to reduce costs. Underground yields increased marginally to 4.7 grams per ton.
In particular, 2 shaft and 4 shaft have seen positive volume and
grade improvements and are well positioned for the coming quarter. The stoping
and development build up at 3 shaft, as well as accompanying exploration
drilling is progressing well and results are in line with forecast. Beatrix
experienced lower mine call factors (MCF) during the past two quarters and
specific focus has been applied towards improved quality of sweepings, water
usage and fragmentation. Surface tons decreased significantly from 450,000 tons
to 254,000 tons as last quarter included surface tons milled over the Christmas
break. The surface yield remained at the March quarter level of 0.6 grams per
ton and this is the forecast going forward.
Operating costs increased from R390 million (US$57 million) to R395 million
(US$60 million) and total cash costs increased 5 per cent from R78,143
per kilogram (US$358 per ounce) to R81,978 per kilogram (US$386 per ounce) due
to the lower gold production. An operating loss of R7 million (US$1 million)
was incurred due to the lower production and the previously discussed lower
gold price, as compared with a profit of R40 million (US$6 million) in the
March quarter.
Beatrix 4 shaft (formerly Oryx) was impaired R426 million (US$62 million)
during the quarter, with the after tax effect amounting to R315 million
(US$45 million).
The impairment was based on a calculated net present value, using a gold
price of R90,000 per kilogram at a real discount rate of 5 per cent. The
carrying value of Beatrix 4 shaft after the write-down is R75 million.
Capital expenditure amounted to R69 million (US$12 million), similar to
the March quarter. The majority of this expenditure was spent on development at
3 shaft and the Sand River block adjacent to 4 shaft. Gold production will be
flat for the September quarter due to cessation of toll milling at Joel, who
have given notice that they will stop our toll treatment at the end of July
2004. Costs will be affected by the July wage increase which has an impact of
approximately 3 per cent on total working costs.
International Operations
Ghana
TARKWA
June March
2004 2004
Gold produced - 000'ozs 123.1 137.4
Total cash costs - US$/oz 251 237
Tarkwa's June quarter gold production was disappointing at 123,100 ounces,
down 10 per cent on the previous quarter, contrary to expectations
reported previously. This drop in gold production was primarily due to a
reduction in ore mining volumes and thus recoverable ounces that were stacked
on the leach pads, particularly in the April and May months. Mined grade was
stable quarter on quarter at 1.44 gram per ton. The drop in ore mining rate was
caused by a lack of flexibility in the open pits, in particular the
availability of ores in the high grade pits, compounded by mining equipment
availability. The former problem is being resolved with additional waste
stripping that was pursued during the quarter. The strip ratio in the June
quarter was 3.4 against 2.7 in the March quarter. The equipment availability
will clearly be addressed by the conversion to owner mining and the associated
commissioning of a new mining fleet that was largely complete by month end
(refer later in this report for details of the Owner Mining Project). By
quarter end the mining operations had improved significantly and have continued
to do so to the time of reporting. The increased flexibility and build up in
volumes from the new mining fleet resulted in increased tonnage through the
crushing plants towards the end of the quarter at higher grades, but too late
to recover the gold from the heaps by quarter end. This resulted in an increase
in gold in process of 8,255 ounces.
Operating costs at US$31 million (R219 million), including gold in
process adjustments, were slightly lower than the previous quarter despite
total mining volumes being some 2.3 million tons ahead of that mined in the
previous quarter, at 18.5 million tons. Operating costs were US$8.63 per ton
against US$8.06 per ton in the March quarter, primarily reflecting the increase
in stripping ratio. With the head grade stable, the higher strip ratio and
lower gold volumes translated into a 6 per cent increase in total cash costs
to US$251 per ounce. The net result was a drop in operating profit from
US$23 million (R159 million) to US$18 million (R116 million).
The majority of the increase in capital expenditure, from US$45 million
(R281 million) to US$65 million (R392 million) in the June quarter
reflects expenditure on the major projects i.e. the mill construction and owner
mining projects. Refer to Tarkwa Expansion Project commentary.
Gold production is expected to increase in the September quarter, closer
to levels seen in the March quarter, subject to gold in process movements,
which remain difficult to predict. Operating costs in the September quarter
are expected to be lower than the current period as a result of the transition
to owner mining, reaching completion in this period
DAMANG
June March
2004 2004
Gold produced - 000'ozs 82.5 78.1
Total cash costs - US$/oz 205 219
Gold production for the quarter increased to 82,500 ounces compared to
78,100 ounces in the March quarter. This reflects a 7 per cent increase in
mill throughput to 1,391,000 tons this quarter, a record performance, with the
head grade stable at 2.1 grams per ton. The March quarter included a
maintenance shut down. The tons mined decreased by 9 per cent to 3.6 million
tons, with the stripping ratio reducing from 1.82 to 1.71.
Operating costs quarter on quarter including gold in process adjustments
were flat at US$17 million (R113 million), with the reduction in mining volumes
and costs offset by the increase in milling volumes and costs. Unit costs per
ton treated therefore decreased to US$12.24 per ton from US$13.05 per ton in
the March quarter. Total cash costs however reduced from US$219 per ounce to
US$205 per ounce quarter on quarter, as a result of the increase in gold
production. The net result was an increase in operating profit to US$16 million
(R107 million) from US$15 million (R104 million) in the previous quarter.
Capital expenditure of US$1.5 million (R9 million) was spent during
the quarter, mainly on drilling at Abosso Deeps and the Damang Extension
Project. Refer Damang Extension Project commentary. Gold production is expected
to be considerably lower in the September quarter with the expected reduction
in high grade sources of ore at Damang, particularly the Damang pit, which was
due for depletion in the middle of the F2005 year.
There will be a concomitant effect on unit costs.
Australia
ST IVES
June March
2004 2004
Gold produced - 000'ozs 143.6 131.8
Total cash costs - A$/oz 422 442
- US$/oz 304 338
Gold production for the quarter increased 9 per cent to 143,600 ounces
when compared to 131,800 ounces produced in the March quarter. This increase
largely reflects a substantial improvement in head grades to the St Ives mill
and toll treatment facility. (The March quarter included a maintenance shutdown
at the mill). The improvement in grade reflects resolution of the grade
recovery problems reported in the March quarter in the Mars open pit but also
the ongoing increase in the volume of high grade ores from the new
underground mines, particularly the Argo mine, while the Junction mine also
performed well. Toll treatment delivered some 33,000 ounces, from 325,000 tons
treated for the quarter, against 26,000 ounces in the March quarter. The
decrease in ore volumes treated from 1.72 million tons to 1.49 million tons, is
largely due to a reduction in tonnage at the heap leach plant, as that plant's
crusher had to be used to augment volumes through the St Ives mill crusher, due
to problems with the mantle and bowl in that unit. This was resolved by quarter
end.
Operating costs, including gold in process adjustments, were marginally
lower at A$59 million (R281 million; US$43 million) compared with the March
quarter's A$60 million (R310 million; US$45 million). Total cash costs
decreased from A$442 per ounce (US$338 per ounce) to A$422 per ounce (US$304
per ounce), reflecting the increase in gold production.
Operating profit from St Ives amounted to A$21 million (R99 million;
US$15 million) compared to A$11 million (R58 million; US$9 million) achieved in
the March quarter, reflecting the increase in sales volumes and a 3 per
cent increase in received price to A$556 per ounce.
Capital expenditure for the June quarter amounted to A$75 million (R284
million; US$48 million) compared with A$50 million (R239 million; US$39
million) in the March quarter. The majority of this expenditure was incurred on
the mill optimisation project (see below for more detail) and expenditure at
Mars pit to bring it to full production.
St Ives completed the toll treatment programme according to plan at the end
of the June quarter. Consequently, gold production from this mine will be lower
in the September quarter, though not to the extent of the full tolling
volumes. The tolling program was undertaken in F2004 to augment cash flows and
support gold production given the ramp up in production from the new
underground sources and the uncertainties on the Junction mine. However, the
cost of toll treatment is more than twice that of treating ore through the new
St Ives mill.
With that plant due for commissioning by the end of the December
Quarter, further tolling was considered imprudent from a value point of view.
The surface mining fleet, which had produced the majority of ore for toll
treatment will continue to operate at full capacity of 800,000 to 900,000 bcm's
per month, with the stripping of the Mars and Pluton pits consuming the
additional mining capacity. Total cash costs should continue to improve
incrementally in the coming quarter with the ongoing improvement in the new
underground mines. The full benefits of the mill will only be seen in the
middle of F2005.
AGNEW
June March
2004 2004
Gold produced - 000'ozs 52.7 52.8
Total cash costs - A$/oz 306 304
- US$/oz 221 233
Gold produced at Agnew for the quarter was constant at 52,700 ounces,
contrary to previous forecasts. These forecasts had assumed a significant
reduction in the volume of mining from the Crusader/Deliverer underground mine,
This mine, which mined 10,000 ounces in the quarter against 14,000 ounces in
the March quarter, remains in a scale down mode and operations are now largely
focused on remnant recovery which is difficult to predict. The Kim underground
mine performed exceptionally well, producing some 37,000 ounces, offsetting
the reduction at Crusader. The low grade stockpiles contributed a stable
10,000 ounces to the mill feed.
Operating costs, including gold in process charges, were unchanged at
A$16 million (R79 million; US$12 million). Total cash costs increased
marginally to A$306 per ounce, while decreasing 5 per cent in US dollar terms
to $221 per ounce due to the weaker Australian dollar. Agnew's contribution to
operating profit was A$13 million (R61 million; US$9 million), similar to the
March quarter.
Capital expenditure increased to A$8 million (R24 million; US$4 million)
from A$7 million (R30 million; US$5 million) the previous quarter. Expenditure
was incurred on pre-production development at Main Lode underground
and metallurgical upgrades.
Gold production in the September quarter is expected to be lower than the
June quarter as production from the Crusader/Deliverer declines. Unit costs
will be affected accordingly.
Quarter ended 30 June 2004 compared with quarter ended 30 June 2003
Attributable gold production was unchanged at 1,042,000 ounces in the June 2004
quarter compared with the June 2003 quarter. Slightly lower production at the
South African operations was offset by an increase at the
international operations.
Revenue decreased 3 per cent in rand terms (increased 13 per cent in US dollar
terms) from R2,971 million (US$383 million) to R2,869 million (US$434 million).
This was due to a reduction in the rand gold price achieved from R86,751
per kilogram (US$349 per ounce) in the June 2003 quarter to R83,731 per
kilogram (US$395 per ounce) in the June 2004 quarter. Group operating costs in
rand terms increased by 6 per cent or R140 million (US$77 million) to R2,364
million (US$357 million). At the South African operations operating costs
increased by only 5 per cent or R83 million (US$53 million) despite an
effective 13 per cent wage increase from 1 July 2003. The increase at the
international operations amounted to 9 per cent, from R654 million (US$83
million) to R711 million (US$107 million). This increase resulted from
increased volumes mined in Australia and an increase in waste mined at Tarkwa
to improve mining flexibility.
Partially offsetting this is the effect of translating costs at Ghana
into South African rand at a 15 per cent stronger rand/US dollar exchange rate
than the corresponding quarter in the previous year. The average exchange
rate strengthened from R7.74 to the US dollar in the June 2003 quarter to R6.60
in the current quarter. The effect of translating costs at the
Australian operations was small, with the average exchange rate strengthening
from ZAR4.89 to ZAR4.75 rand to the Australian dollar in comparative periods.
Operating profit at R545 million (US$83 million) for the June 2004
quarter compares to R717 million (US$100 million) for the June 2003 quarter as
a result of the above factors.
Loss before tax amounted to R279 million (US$38 million) compared with a
pre- tax profit of R968 million (US$124 million) in the June 2003 quarter.
This decrease was due to the lower operating profit described above as well as
a loss on financial instruments of R71 million (US$10 million) compared to a
gain in the June 2003 quarter of R311 million (US$35 million) and an
exceptional loss of R432 million (US$62 million) compared to an exceptional
gain of R272 million (US$31 million) in the June 2003 quarter.
Earnings decreased from R789 million (US$98 million) in the June 2003
quarter to a loss of R186 million (US$25 million) in the June 2004 quarter.
Year ended 30 June 2004 compared with year ended 30 June 2003
Attributable gold production decreased 4 per cent from 4,334,000 ounces to
4,158,000 ounces due to a reduction at the South African operations from
3,081,000 ounces to 2,804,000 ounces. Production at the international
operations increased by 8 per cent from 1,253,000 ounces to 1,354,000 ounces
year on year. The decline at the South African operations is due to lower
grades
and the sale of St Helena. St Helena accounted for 43,700 of these ounces.
Gold output from Kloof and Driefontein decreased by 120,000 ounces and
105,000 ounces respectively. International operations performed well during the
period with Agnew having a spectacular year.
Revenue decreased by 15 per cent in rand terms (increased 11 per cent in US
dollar terms) from R13,893 million (US$1,532 million) to R11,773 million
(US$1,706 million). This was due to the decrease in production and a decrease
in the gold price, from R97,060 per kilogram (US$333 per ounce) to R85,905 per
kilogram (US$387 per ounce) for the year ended 30 June 2004.
Operating costs increased 3 per cent from R9,142 million (US$1,008 million)
to R9,411 million (US$1,364 million). However, due to the lower production,
total cash costs increased 9 per cent to R67,075 per kilogram from R61,766
per kilogram in the prior period. The increase in operating costs at the
South African operations of 6 per cent was offset by the lower costs at
the International operations, as a result of translating the Ghanaian
operations at a 24 per cent stronger rand, which strengthened from an average
of R9.07 to R6.90 to the US dollar year on year. The rand when compared with
the Australian dollar had a similar effect when translating the Australian
operations, though smaller at 7 per cent, strengthening from an average of 5.29
to 4.92 rand to the Australian dollar.
Operating profit was R2,315 million (US$336 million), which decreased
from R4,741 million (US$523 million) for the year to 30 June 2003. Profit
before tax amounted to R978 million (US$142 million) down from R4,445 million
(US$490 million) for the same period last year due to the lower operating
profit described above and the effect of the following items. Gains on
financial instruments of R129 million (US$19 million) decreased 72 per cent
from R461 million (US$51 million) for the year to June 2003. Finance income of
R29 million (US$4 million) decreased from R158 million (US$18 million) in the
prior period. The exceptional gains last year were R572 million (US$63 million)
compared with the current year's loss of R176 million (US$26 million).
Net earnings were reduced from R2,953 million (US$326 million) to R768 million
(US$111 million) for the current year to 30 June 2004.
Capital and development projects
ST IVES EXPANSION PROJECT
All aspects of the St Ives new mill project progressed satisfactorily
during the quarter with the overall project schedule and budget remaining on
target. Of significant note during the quarter were the completion of all the
large civil foundations and the installation of the 36 foot diameter SAG
mill. Installation of the gearless drive and electrical motor components
commenced in July 2004.
Civil construction and earthworks are largely complete while leach tank
and thickener construction reached some 80 per cent in the quarter.
Equipment procurement is now complete with attention focussing on
expediting the ordered items. While delivery of the gyratory crusher remains on
the critical path, commissioning is still expected by the end of the second
quarter of F2005.
Capital expenditure and commitment on the project at the end of the
June quarter totalled A$65 million and A$95 million respectively against the
overall approved budget of A$125 million. Actual expenditure for the June
quarter was A$45 million.
TARKWA EXPANSION PROJECT
CIL Process Plant
During the quarter, this project continued to track ahead of schedule.
In particular, the new crusher was commissioned and brought on line to crush
ore for the north leach plant, while that plant's crusher has been taken off
line for upgrading. Further, erection of the leach tanks was completed while
the SAG mill shell was assembled, and by quarter end was ready for drive and
liner installation. Other key focus areas included mechanical and piping
installation reaching some 66 per cent and 33 per cent respectively, and
electrical and instrumentation at some 28 per cent complete. The tailings
storage facility construction continues to advance satisfactorily with the
majority of the embankment at final height.
At this stage cold commissioning is expected during the September quarter
and mill commissioning on ore due in the December quarter. The project is
still forecast to completion within the Feasibility capital costs of US$85
million, excluding some US$6 million of foreign exchange exposures on the
Project. To date US$78million has been spent.
Conversion to owner mining
A smooth transition from contract mining to owner mining took place on 25
June. At this time all operating and support staff have been transferred from
the contractor to Tarkwa's employment while 17 haul trucks, 5 excavators and
5 drill rigs have been brought into operation. The build up of the
remaining fleet will occur in the coming quarter. The contractor has been
retained to provide back- up mining volumes to Tarkwa's new mining fleet during
the September quarter.
During the June quarter expenditure on this project more than doubled to
US$36 million, and outstanding expenditure on this project is some
US$17million, due in the coming quarter. This project has been successfully
executed, both within budget and on schedule, reflecting the commitment and
planning of the mine team but also that of the workforce, (AMS) - the current
contract miner, and the new equipment vendors and service suppliers.
ARCTIC PLATINUM PROJECT
Activity at APP continued to focus on the two large tonnage open
pittable deposits at Suhanko, namely Konttijarvi and Ahmavaara. The
Environmental Permit Application for the Suhanko project was submitted to the
Northern Permitting Authority in Oulu in mid June. Exploration work was focused
on interpretation and modelling of the year's drilling results. Resource models
based on the new information are scheduled for completion at the end of July.
A bulk sample of 5,300 tons was mined from the two deposits during the
June quarter. The sample was transported to the pilot plant and processing at
the pilot scale commenced. The pilot plant has so far successfully
demonstrated continuity of the process at this scale and has produced batches
of bulk concentrate for downstream processing test work. The pilot scale
concentrator campaign and the subsequent downstream treatment test work remain
the critical path to completion of the feasibility study on this project. It is
planned to reach an investment decision by the end of this calendar year with
permitting expected to be completed in the first half of 2005.
DAMANG EXPANSION PROJECT
As previously reported, a dedicated project team was mobilised earlier
this year to evaluate the various options for the Damang operation arising from
the exploration programmes undertaken through to the end of December 2003.
This evaluation has indicated that ores from the Rex, Amoanda and Tomento
orebodies could add an additional year of life to this mine. While this aspect
is disappointing, the most important outcome of this project has been
the definition of additional high grade ore in a possible cut back of the
Damang pit, which has the potential to add a further 300,000 to 400,000 ounces
to mineable inventory at Damang. Detailed drilling of this option is
still underway.
Exploration drilling of the Abosso Deeps also commenced during this
quarter. This target comprises a narrow reef conglomerate target located in the
southern end of the Damang lease area, on strike from the old Abosso
underground mine. While permitting and community negotiations regarding
exploitation of the Rex and Amoanda orebodies has progressed well it is
unlikely either of them will be brought to production in the second half of the
financial year. Similarly, the lead time on detailed drilling of the Damang pit
cut back is unlikely to be undertaken in the next two quarters and so the
benefits of these options will only be seen in the second half of F2005.
Exploration and Corporate
Development
CERRO CORONA IN PERU
Following the successful completion of due diligence review of the Cerro
Corona project in the March Quarter, project development activities have moved
into full swing. The critical path to a decision on this project is
the environmental permitting, and during the quarter the baseline
environmental study was updated while community relationship building exercises
were advanced. In parallel, the feasibility study of this project is
being revisited, and all aspects of the study were mobilised in this period.
At this stage permitting is expected to be completed in the 4th quarter
of 2005, facilitating an investment decision then.
FURTHER CHINA VENTURES
Activities continued in China during the quarter with government
approvals being received for the formation of the Heishan joint venture (70 per
cent Sino GFI joint venture and 30 per cent Shandong Bureau of Geology and
Mineral Resources) and the agreement to option an interest in the Sandi joint
venture (80 per cent Sino GFI joint venture and 20 per cent Shandong MMI), both
a result of activities generated by the Sino Gold � Gold Fields Shandong
joint venture. In Fujian province, an agreement was reached with Fujian Zijin
Mining Corporation for further cooperation on gold exploration in that
province.
OTHER PROJECTS
During the quarter Gold Fields completed drilling on eight of its extensive
inventory of exploration projects.
Gold Fields continues to be very active in the African exploration region.
A 25,000 metre drilling programme continued on the Mampehia prospect within
our 100 per cent owned Bibiani project in Ghana. Over the last two years,
Gold Fields has discovered extensive surface indications on this project that
is immediately adjacent to Newmont's Ahafo project. Based upon results seen
to date, we are hopeful of presenting an initial resource statement at
Mampehia during the first quarter of F2005. Elsewhere in Africa, a third phase
of drilling was approved and nearly completed at the Essakane project in
Burkina Faso and significant results were reported by our joint venture partner
Orezone Resources Inc. This joint venture project would allow Gold Fields to
earn up to 60 per cent interest from Orezone Resources. A drill programme was
also completed and a second phase programme initiated on the Mansounia prospect
in Guinea, a joint venture with Afminex Limited. Drilling was also completed
at the 80 per cent owned Kisenge prospect in the southern DRC and initiated at
the Tembo joint venture in Tanzania. An option agreement was signed with the
DRC parastatal OKIMO on a portion of concession C38 in the historic Moto
region.
In South America, drill programmes were completed at the CaAffticapa prospect
in Ecuador as part of the Condor joint venture with IAMGold. Results did not
meet GFI's expectations and it has subsequently relinquished its rights under
that agreement. Drilling was also completed at the Chucapaca prospect in
southern Peru. GFI converted its joint venture interest in the Tireo joint
venture in the Dominican Republic with MinMet plc, for stock in a newly formed
Canadian company, GoldQuest, in which we also participated in the IPO. Gold
Fields retains a back-in right on prospects within the original Tireo joint
venture area.
In North America, an abbreviated winter drilling programme was completed at
the Three Bluffs prospect. Our joint venture partner, Committee Bay Resources
has released results of this program and the summer season drilling has
just commenced on this attractive project.
NORILSK
During the June quarter, a technical team visited the Russian gold assets
of Norilsk. This is consistent with the previously stated approach to explore
the potential for co-operation with regards to our respective gold assets. The
process of evaluating the results of this visit are underway, and
initial results are encouraging enough to continue this process.
We have been advised by Norilsk Nickel that all necessary approvals,
with respect to the acquisition of the 20 per cent Gold Fields share block
purchased from Anglo American on 29 March 2004, have been received. Norilsk
have also stated that it is their clear intent to use this block to create a
common strategy with regard to our respective gold assets.
Corporate matters
LEGAL
A lawsuit was filed by Zalumzi Singleton Mtwesi against Gold Fields Limited
in the State of New York on 6 May 2003. Mr. Mtwesi alleges, inter alia,
that during the apartheid era, he was subjected to human rights violations.
Mr. Mtwesi filed the lawsuit on behalf of himself and as representative of
all other victims and all other persons similarly situated. In summary, Mr.
Mtwesi and the plaintiffs' class demand an order certifying the plaintiffs'
class and compensatory damages from Gold Fields Limited. A complaint has not
been served on Gold Fields Limited. If and when service of the complaint takes
place it will be vigorously contested. On July 9, 2004, a lawsuit was filed in
a federal district court in New York by six individuals against Gold Fields and
a number of other defendants including IBM Corporation, Anglo American PLC, UBS
AG, Union Bank of Switzerland, Fluor Corporation, Strategic Minerals
Corporation, the Republic of South Africa and President Thabo Mbeki. The
lawsuit alleges, among other things, that one of the plaintiffs was a victim of
apartheid, including by virtue of acts committed at Gold Fields' facilities in
Randfontein, South Africa, and that Gold Fields is liable for various wrongful
acts and property expropriation, as well as violations of international law,
allegedly committed during the apartheid era in South Africa.
The plaintiffs are seeking, on each of two counts, unspecified
compensatory damages, punitive damages and interest and costs and seeks those
penalties against the various defendants jointly and severally. A complaint has
not been served on Gold Fields. If and when service of the complaint takes
place it will be vigorously contested.
DIVIDEND
In line with the company's policy of paying out 50 per cent of its
earnings, subject to investment opportunities and excluding impairments, a
final dividend has been declared payable to all shareholders as follows:
- final dividend number 61: 40 SA cents per share
- last date to trade cum-dividend: Friday 13 August 2004
- sterling and US dollar conversion date: Monday 16 August 2004
- trading commences ex-dividend: Monday 16 August 2004
- record date: Friday 20 August 2004
- payment date: Monday 23 August 2004
Share certificates may not be dematerialised or rematerialised between Monday,
16 August 2004 and Friday, 20 August 2004, both dates inclusive.
Outlook for September 2004 quarter
Shareholders are advised that the expected net earnings for the quarter
ending 30 September 2004 will be lower than those achieved for the quarter
ended 30 June 2004 excluding the impact of the impairment, net of tax, at
Beatrix 4 shaft of R315 million (US$45 million). This is mainly due to:
* a reduction in the gold price in rand terms from R83,731 per kilogram in the
June quarter to below R80,000 per kilogram in the September quarter based on
the price level prevailing at the time of issuing this report;
* an increase in operating costs, mainly due to above inflation wage increase
in South Africa effective from 1 July;
* a small reduction in gold produced, mainly from the international operations.
Basis of accounting
The unaudited quarter and year-end results have been prepared on
the International Financial Reporting Standards (IFRS) basis. The
detailed financial, operational and development results for the June 2004
quarter and financial 2004 are submitted in this report.
These consolidated quarterly statements are prepared in accordance with
IFRS 34, Interim Financial Reporting. The accounting policies are consistent
with those applied at the previous year-end.
Audit review
The year-end results have been reviewed in terms of Rule 3.23 of the
listing requirements of the JSE Securities Exchange SA by the Company's
auditors, PricewaterhouseCoopers Inc. This unqualified review opinion is
available upon request form the Company Secretary and on the web site.
I.D. Cockerill
Chief Executive Officer
29 July 2004
Income Statement
International Financial Reporting Standards Basis
(Figures are in millions unless otherwise stated)
Quarter
June March June
2004 2004 2003
Revenue 2,869.2 3,028.3 2,970.7
Operating costs 2,363.5 2,350.8 2,223.8
Gold inventory change (39.5) 22.0 29.7
Operating profit 545.2 655.5 717.2
Amortisation and depreciation 332.2 297.8 306.4
Net operating profit 213.0 357.7 410.8
Finance income/(cost) 104.0 (38.5) 94.8
- Net interest and investment
income/(cost) 27.9 (4.4) 28.6
- Exchange gain/(loss) on foreign debt
and cash 76.1 (34.1) 66.2
(Loss)/gain on financial instruments (71.1) 44.2 311.4
Other (expenses)/income (31.3) 25.5 (20.1)
Exploration (61.7) (44.4) (100.4)
Profit before taxation and exceptional 152.9 344.5 696.5
items
Exceptional gain/(loss) (432.2) 20.6 271.7
(Loss)/profit before taxation (279.3) 365.1 968.2
Mining and income taxation (124.2) 63.8 151.1
- Normal taxation 48.3 70.5 (8.4)
- Deferred taxation (172.5) (6.7) 159.5
(Loss)/profit after taxation (155.1) 301.3 817.1
Minority interest 30.4 46.8 27.7
Net earnings (185.5) 254.5 789.4
Exceptional items:
Profit on sale of investments - 47.2 301.8
Write-off of mineral rights (0.1) (24.7) -
Profit on sale of mineral rights - - -
Settlement of post-retirement health
care
obligations - (5.0) (26.7)
Profit on disposal of St Helena - - -
Impairment of assets (426.2) - -
Other (5.9) 3.1 (3.4)
Total exceptional items (432.2) 20.6 271.7
Taxation 112.8 (3.4) (1.7)
Net exceptional items after tax &
minorities share (319.4) 17.2 270.0
Net earnings per share (cents) (39) 51 167
Headline earnings 128.9 220.8 494.4
Headline earnings per share (cents) 26 45 104
Diluted earnings per share (cents) (40) 51 166
Net earnings excluding gains and losses
on
financial instruments, 102.3 237.8 225.9
foreign debt and exceptional items
Net earnings per share excluding gains
and
losses on financial 21 48 48
instruments, foreign debt and
exceptional
items (cents)
Gold sold � managed kg 34,267 34,069 34,244
Gold price received R/kg 83,731 88,887 86,751
Total cash costs R/kg 66,218 67,528 63,369
SA RAND Year ended
June June
(Figures are in millions unless otherwise 2004 2003
stated)
Revenue 11,772.8 13,892.8
Operating costs 9,410.8 9,142.3
Gold inventory change 46.9 10.0
Operating profit 2,315.1 4,740.5
Amortisation and depreciation 1,236.3 1,340.9
Net operating profit 1,078.8 3,399.6
Finance income/(cost) 132.3 239.8
- Net interest and investment income/(cost) 29.1 158.4
- Exchange gain/(loss) on foreign debt and 103.2 81.4
cash
(Loss)/gain on financial instruments 129.0 460.9
Other (expenses)/income 10.1 (15.8)
Exploration (196.5) (211.8)
Profit before taxation and exceptional items 1,153.7 3,872.7
Exceptional gain/(loss) (175.7) 571.8
(Loss)/profit before taxation 978.0 4,444.5
Mining and income taxation 60.5 1,363.5
- Normal taxation 206.6 728.6
- Deferred taxation (146.1) 634.9
(Loss)/profit after taxation 917.5 3,081.0
Minority interest 149.9 128.0
Net earnings 767.6 2,953.0
Exceptional items:
Profit on sale of investments 95.6 479.7
Write-off of mineral rights (24.8) -
Profit on sale of mineral rights 187.2 -
Settlement of post-retirement health care (5.0) (26.7)
obligations
Profit on disposal of St Helena - 121.7
Impairment of assets (426.2) -
Other (2.5) (2.9)
Total exceptional items (175.7) 571.8
Taxation 154.8 (37.7)
Net exceptional items after tax & minorities (20.9) 534.1
share
Net earnings per share (cents) 158 626
Headline earnings 763.1 2,393.4
Headline earnings per share (cents) 157 507
Diluted earnings per share (cents) 156 621
Net earnings excluding gains and losses on
financial
instruments, 586.9 2,010.9
foreign debt and exceptional items
Net earnings per share excluding gains and
losses on
financial
instruments, foreign debt and exceptional
items
(cents) 121 426
Gold sold � managed kg 137,044 143,136
Gold price received R/kg 85,905 97,060
Total cash costs R/kg 67,075 61,766
Income Statement
International Financial Reporting Standards Basis
US DOLLARS
(Figures are in millions unless otherwise
stated)
Quarter
June March June
2004 2004 2003
Revenue 434.3 444.4 383.2
Operating costs 357.1 345.3 280.5
Gold inventory change (5.5) 3.2 3.2
Operating profit 82.7 95.9 99.5
Amortisation and depreciation 50.0 43.8 39.0
Net operating profit 32.7 52.1 60.5
Finance income/(cost) 15.1 (5.3) 11.3
- Net interest and investment income/ 4.0 (0.6) 3.9
(cost)
- Exchange gain/(loss) on foreign debt 11.1 (4.7) 7.4
and cash
(Loss)/gain on financial instruments (9.9) 6.6 35.1
Other (expenses)/income (4.4) 3.7 (2.3)
Exploration (9.2) (6.6) (11.6)
Profit before taxation and exceptional 24.3 50.5 93.0
items
Exceptional gain/(loss) (62.1) 3.4 31.4
(Loss)/profit before taxation (37.8) 53.9 124.4
Mining and income taxation (17.7) 9.3 22.8
- Normal taxation 7.3 10.2 2.8
- Deferred taxation (25.0) (0.9) 20.0
(Loss)/profit after taxation (20.1) 44.6 101.6
Minority interest 4.6 6.9 3.6
Net earnings (24.7) 37.7 98.0
Exceptional items:
Profit on sale of investments 0.2 6.9 34.2
Write-off of mineral rights (1.6) (2.0) -
Profit on sale of mineral rights 1.9 - -
Settlement of post-retirement health
care
obligations - (0.7) (3.0)
Profit on disposal of St Helena - - 0.6
Impairment of assets (61.8) - -
Other (0.8) (0.8) (0.4)
Total exceptional items (62.1) 3.4 31.4
Taxation 16.4 (0.4) (0.4)
Net exceptional items after tax &
minorities
share (45.7) 3.0 31.0
Net earnings per share (cents) (5) 7 21
Headline earnings 20.0 32.4 64.2
Headline earnings per share (cents) 4 7 14
Diluted earnings per share (cents) (5) 7 21
Net earnings excluding gains and losses
on
financial instruments, 15.9 34.4 34.0
foreign debt and exceptional items
Net earnings per share excluding gains
and
losses on financial 4 7 8
instruments, foreign debt and
exceptional items
(cents)
Exchange rate � SA rand/US dollar 6.60 6.79 7.74
Gold sold � managed ozs (000) 1,102 1,095 1,101
Gold price received $/oz 395 407 349
Total cash costs $/oz 312 309 255
US DOLLARS Year ended
(Figures are in millions unless otherwise
stated)
June June
2004 2003
Revenue 1,706.2 1,531.7
Operating costs 1,363.9 1,008.0
Gold inventory change 6.8 1.1
Operating profit 335.5 522.6
Amortisation and depreciation 179.2 147.8
Net operating profit 156.3 374.8
Finance income/(cost) 19.2 26.5
- Net interest and investment income/(cost) 4.2 17.5
- Exchange gain/(loss) on foreign debt and 15.0 9.0
cash
(Loss)/gain on financial instruments 18.7 50.8
Other (expenses)/income 1.5 (1.8)
Exploration (28.5) (23.3)
Profit before taxation and exceptional 167.2 427.0
items
Exceptional gain/(loss) (25.5) 63.0
(Loss)/profit before taxation 141.7 490.0
Mining and income taxation 8.7 150.3
- Normal taxation 29.9 80.3
- Deferred taxation (21.2) 70.0
(Loss)/profit after taxation 133.0 339.7
Minority interest 21.7 14.1
Net earnings 111.3 325.6
Exceptional items:
Profit on sale of investments 13.9 52.9
Write-off of mineral rights (3.6) -
Profit on sale of mineral rights 27.1 -
Settlement of post-retirement health care (0.7) (3.0)
obligations
Profit on disposal of St Helena - 13.4
Impairment of assets (61.8) -
Other (0.4) (0.3)
Total exceptional items (25.5) 63.0
Taxation 22.4 (4.2)
Net exceptional items after tax & (3.1) 58.8
minorities share
Net earnings per share (cents) 23 69
Headline earnings 110.6 263.9
Headline earnings per share (cents) 23 56
Diluted earnings per share (cents) 23 69
Net earnings excluding gains and losses on
financial
instruments, 85.1 221.7
foreign debt and exceptional items
Net earnings per share excluding gains and
losses on
financial
instruments, foreign debt and exceptional 18 47
items (cents)
Exchange rate � SA rand/US dollar 6.90 9.07
Gold sold � managed ozs (000) 4,406 4,602
Gold price received $/oz 387 333
Total cash costs $/oz 302 212
Balance Sheets
International Financial Reporting Standards Basis
(Figures are in millions)
SA RAND
June June
2004 2003
Mining and mineral assets 15,828.6 15,371.3
Non-current assets 331.4 275.0
Investments 801.2 512.1
Current assets 6,241.9 3,059.5
- Other current assets 2,107.4 2,018.7
- Net cash and deposits 4,134.5 1,040.8
Total assets 23,203.1 19,217.9
Shareholders' equity 14,949.3 11,295.5
Minority interest 662.9 668.2
Deferred taxation 3,336.1 4,279.6
Long-term loans 1,428.6 164.2
Environmental rehabilitation provisions 715.4 715.3
Post-retirement health care provisions 58.1 90.7
Current liabilities 2,052.7 2,004.4
- Other current liabilities 1,846.0 1,844.7
- Current portion of long-term loans 206.7 159.7
Total equity and liabilities 23,203.1 19,217.9
S.A. rand/U.S. dollar conversion rate
S.A. rand/Australian dollar conversion rate
(Figures are in millions)
US DOLLARS
June June
2004 2003
Mining and mineral assets 2,512.5 1,973.2
Non-current assets 52.6 35.3
Investments 127.2 65.7
Current assets 990.8 392.7
- Other current assets 334.5 259.1
- Net cash and deposits 656.3 133.6
Total assets 3,683.1 2,466.9
Shareholders' equity 2,372.9 1,450.0
Minority interest 105.2 85.8
Deferred taxation 529.5 549.4
Long-term loans 226.8 21.1
Environmental rehabilitation provisions 113.6 91.8
Post-retirement health care provisions 9.2 11.6
Current liabilities 325.9 257.2
- Other current liabilities 293.1 236.7
- Current portion of long-term loans 32.8 20.5
Total equity and liabilities 3,683.1 2,466.9
S.A. rand/U.S. dollar conversion rate 6.30 7.79
S.A. rand/Australian dollar conversion rate 4.41 5.16
Condensed Statements of Changes in Equity
International Financial Reporting Standards Basis
SA RAND
(Figures are in millions) June June
2004 2003
Balance as at the beginning of the financial 11,295.5 11,095.8
year
Currency translation adjustment and other (1,031.7) (750.9)
Issue of share capital 9.5 1.0
Increase in share premium 1,567.1 24.1
Equity component of Mvela loan 3,130.2 -
Marked to market valuation of listed (119.8) (281.1)
investments
Dividends (669.1) (1,746.4)
Net earnings 767.6 2,953.0
Balance as at the end of June 14,949.3 11,295.5
US DOLLARS
(Figures are in millions) June June
2004 2003
Balance as at the beginning of the financial 1,450.0 1,071.0
year
Currency translation adjustment and other 239.4 265.9
Issue of share capital 1.4 0.1
Increase in share premium 227.1 2.7
Equity component of Mvela loan 453.7 -
Marked to market valuation of listed (17.4) (31.0)
investments
Dividends (92.6) (184.3)
Net earnings 111.3 325.6
Balance as at the end of June 2,372.9 1,450.0
Reconciliation of Headline Earnings with Net Earnings
SA RAND
(Figures are in millions unless otherwise June June
stated)
2004
2003
Net earnings 767.6 2,953.0
Profit on sale of investments (95.6) (479.7)
Taxation effect of profit on sale of 19.1 19.1
investments
Profit on sale of mineral rights (187.2) -
Taxation effect of sale of mineral rights (53.0) -
Impairment of assets 426.2 -
Taxation effect of impairment of assets (111.4) -
Profit on disposal of St Helena - (121.7)
Taxation effect of profit on disposal of St - 27.3
Helena
Other after tax adjustments (2.6) (4.6)
Headline earnings 763.1 2,393.4
Headline earnings per share � cents 157 507
Based on headline earnings as given above
divided by
485,020,966 (June 2003 � 471,814,106) being
the weighted average number of ordinary shares
for the year
US DOLLARS
(Figures are in millions unless otherwise June June
stated)
2004 2003
Net earnings 111.3 325.6
Profit on sale of investments (13.9) (52.9)
Taxation effect of profit on sale of 2.8 2.1
investments
Profit on sale of mineral rights (27.1) -
Taxation effect of sale of mineral rights (7.7) -
Impairment of assets 61.8 -
Taxation effect of impairment of assets (16.1) -
Profit on disposal of St Helena - (13.4)
Taxation effect of profit on disposal of St - 3.0
Helena
Other after tax adjustments (0.5) (0.5)
Headline earnings 110.6 263.9
Headline earnings per share � cents 23 56
Based on headline earnings as given above
divided by
485,020,966 (June 2003 � 471,814,106) being
the weighted average number of ordinary shares
for the year
Cash Flow Statements
International Financial Reporting Standards Basis
SA RAND
(Figures are in millions)
Quarter
June March June
2004 2004 2003
Cash flow from operating 436.3 527.7 577.1
activities
Profit before tax and exceptional 152.9 344.6 696.5
items
Exceptional items (432.2) 20.6 271.7
Amortisation and depreciation 332.2 297.8 306.4
Change in working capital 211.0 94.3 (40.9)
Taxation paid (49.4) (119.2) (123.7)
Other non-cash items 221.8 (110.4) (532.9)
Dividends paid - (196.7) (22.5)
Ordinary shareholders - (196.7) -
Minority shareholders in - - (22.5)
subsidiaries
Cash utilised in investing (998.2) (654.5) (579.9)
activities
Capital expenditure � additions (937.5) (748.8) (709.2)
Capital expenditure � proceeds on - 326.6 24.3
disposal
Purchase of investments (26.5) (342.8) (11.5)
Sale of investments - 130.1 358.8
Proceeds on the disposal of
investments/subsidiary - - (242.3)
Environmental and post-retirement
health
care payments (34.2) (19.6) -
Cash flow from financing 64.6 4,007.8 (728.7)
activities
Equity portion of Mvela long-term - 2,453.6 -
loan
Debt portion of Mvela long-term - 1,653.4 -
loan
Loans repaid (0.1) (100.1) (704.9)
Minority shareholder's loan
received/(repaid) 60.5 - (31.0)
Shares issued 4.2 0.9 7.2
Net cash (outflow)/inflow (497.3) 3,684.3 (754.0)
Translation adjustment (69.1) (87.4) (26.6)
Cash at beginning of period 4,700.9 1,104.0 1,821.4
Cash at end of period 4,134.5 4,700.9 1,040.8
SA RAND
(Figures are in millions)
Year ended
June June
2004 2003
Cash flow from operating activities 1,672.3 4,101.1
Profit before tax and exceptional items 1,153.7 3,872.7
Exceptional items (175.7) 571.8
Amortisation and depreciation 1,236.3 1,340.9
Change in working capital 179.6 191.6
Taxation paid (522.6) (786.9)
Other non-cash items (199.0) (1,089.0)
Dividends paid (669.1) (1,798.0)
Ordinary shareholders (669.1) (1,746.4)
Minority shareholders in subsidiaries - (51.6)
Cash utilised in investing activities (3,066.0) (1,938.3)
Capital expenditure � additions (2,880.1) (2,303.3)
Capital expenditure � proceeds on disposal 391.7 25.9
Purchase of investments (706.9) (63.8)
Sale of investments 201.9 561.9
Proceeds on the disposal of investments/ - 120.0
subsidiary
Environmental and post-retirement health
care
payments (72.6) (279.0)
Cash flow from financing activities 5,417.8 (1,143.6)
Equity portion of Mvela long-term loan 2,453.6 -
Debt portion of Mvela long-term loan 1,653.4 -
Loans repaid (294.0) (1,101.3)
Minority shareholder's loan received/ 88.6 (82.7)
(repaid)
Shares issued 1,516.2 40.4
Net cash (outflow)/inflow 3,355.0 (778.8)
Translation adjustment (261.3) (207.5)
Cash at beginning of period 1,040.8 2,027.1
Cash at end of period 4,134.5 1,040.8
US DOLLARS
(Figures are in millions)
Quarter
June March June
2004 2004 2003
Cash flow from operating activities 65.9 76.8 95.0
Profit before tax and exceptional 24.3 50.5 93.0
items
Exceptional items (62.1) 3.4 31.4
Amortisation and depreciation 50.0 43.8 39.0
Change in working capital 30.5 13.2 (3.3)
Taxation paid (8.1) (17.7) (3.4)
Other non-cash items 31.3 (16.4) (61.7)
Dividends paid - (29.4) (2.9)
Ordinary shareholders - (29.4) -
Minority shareholders in subsidiaries - - (2.9)
Cash utilised in investing activities (148.7) (96.5) (61.2)
Capital expenditure � additions (139.0) (109.4) (86.7)
Capital expenditure � proceeds on - 46.8 3.1
disposal
Purchase of investments (5.2) (49.7) (1.4)
Sale of investments 0.5 18.7 50.7
Proceeds on the disposal of
investments/subsidiary - - -
Environmental and post-retirement
health
care payments (5.0) (2.9) (26.9)
Cash flow from financing activities 8.8 576.3 (98.2)
Equity portion of Mvela long-term - 350.5 -
loan
Debt portion of Mvela long-term loan - 236.2 -
Loans repaid - (13.7) (94.5)
Minority shareholder's loan received/ 5.1 0.1 (4.7)
(repaid)
Shares issued 3.7 3.2 1.0
Net cash (outflow)/inflow (74.0) 527.2 (67.3)
Translation adjustment 9.3 33.1 (22.6)
Cash at beginning of period 721.0 160.7 223.5
Cash at end of period 656.3 721.0 133.6
US DOLLARS
(Figures are in millions)
Year ended
June June
2004 2003
Cash flow from operating activities 242.4 465.7
Profit before tax and exceptional items 167.2 427.0
Exceptional items (25.5) 63.0
Amortisation and depreciation 179.2 147.8
Change in working capital 26.0 21.1
Taxation paid (75.7) (73.1)
Other non-cash items (28.8) (120.1)
Dividends paid (92.6) (190.1)
Ordinary shareholders (92.6) (184.3)
Minority shareholders in subsidiaries - (5.8)
Cash utilised in investing activities (444.2) (204.9)
Capital expenditure � additions (417.4) (254.4)
Capital expenditure � proceeds on disposal 56.8 3.3
Purchase of investments (102.4) (7.0)
Sale of investments 29.3 72.1
Proceeds on the disposal of investments/ - 11.9
subsidiary
Environmental and post-retirement health (10.5) (30.8)
care payments
Cash flow from financing activities 774.8 (145.7)
Equity portion of Mvela long-term loan 350.5 -
Debt portion of Mvela long-term loan 236.2 -
Loans repaid (40.7) (140.4)
Minority shareholder's loan received/ 9.1 (9.8)
(repaid)
Shares issued 219.7 4.5
Net cash (outflow)/inflow 480.4 (75.0)
Translation adjustment 42.3 12.9
Cash at beginning of period 133.6 195.7
Cash at end of period 656.3 133.6
Hedging / Derivatives
Policy
The Group's policy is to remain unhedged. However, hedges are sometimes
undertaken on a project specific basis as follows:
* to protect cash flows at times of significant expenditure,
* for specific debt servicing requirements, and
* to safeguard the viability of higher cost operations.
Gold Fields may from time to time establish currency financial instruments to
protect underlying cash flows.
Gold Fields has various currency financial instruments - those remaining
are described in the schedule. It has been decided not to account for
these instruments under the hedge accounting rules of IFRS 39, except for the
debt portion of the interest rate swap which has been hedge accounted,
and accordingly the positions have been marked to market.
On 7 January 2004, Gold Fields Australia closed out the Australian dollar/
United States dollar currency financial instruments. The existing forward
purchases of Australian dollars and the put and call options were closed out by
entering into equal and opposite transactions. The close out of the outstanding
open position of US$275 million was at an average spot rate of 0.7670 US$/AU$.
These transactions locked in gross profit amounting to US$115.7 million and the
underlying cash receipts were deferred to match the maturity dates of the
original transactions. An amount of US$102.8 million had already been accounted
for up until the end of December 2003. In addition, in order that the Group is
able to participate in further Australian dollar appreciation, a strip of
quarterly maturing Australian dollar/US dollar call options were purchased in
respect of an amount of US$275 million of which the value dates and amounts
match those of the original structure. The Australian dollar call options
resulted in a premium of US$8.3 million. The payment of the premium will match
the maturity dates of the original structure. The average strike price of the
options is 0.7670 US$/AU$. The future US dollar locked-in value and cost of the
new structure achieved at the time is depicted.
However, subsequent to this, on 7 May 2004, the future US dollar values
were fixed in Australian dollars to take advantage of the weakened Australian
dollar against the US dollar at that time. The original value of the future
cash flows was US$107.4 million or AU$140.0 million at 0.7670 US$/AU$, the rate
at the time of the original transaction. The value fixed in Australian dollar
amounts to AU$147 million, based on a spot rate of 0.7158 US$/AU$.
Net Future Cash Flows Future Cash Flows
Payment value dates US$ `000 AU$ `000
30 June 2004 6,155 8,635
30 September 2004 10,950 15,519
31 December 2004 10,540 15,074
31 March 2005 10,195 14,694
30 June 2005 9,885 14,345
30 September 2005 9,560 13,954
30 December 2005 9,275 13,606
31 March 2006 9,020 13,292
30 June 2006 8,720 12,899
29 September 2006 8,460 12,561
29 December 2006 8,245 12,281
TOTAL 101,005 146,860
The call options purchased at a cost of US$8.3 million are detailed below:
US DOLLAR / AUSTRALIAN DOLLAR
Year ended 30 June 2005 2006 2007 TOTAL
Australian dollar call
options:
Amount (US dollars) -000's 87,500 100,000 75,000 262,500
Average strike price -(US$/ 0.7670 0.7670 0.7670 0.7670
AU$)
The marked to market value of all transactions making up the positions in the
above table was a positive US$2.8 million. This was based on an exchange rate
of AU$/US$ 0.6996. The value was based on the prevailing interest rates and
volatilities at the time.
US DOLLAR / RAND
Year ended 30 June 2005 2006 2007 TOTAL
Forward purchases:
Amount (US dollars) -000's 50,000 - - 50,000
Average rate -(ZAR/US$) 6.6368 - - 6.6368
The forward purchase of US$50 million matured on 3 June 2004. This amount
was extended to mature on 3 December 2004, resulting in a cash outflow of
R100 million (US$16 million). The marked to market value of all transactions
making up the positions in the above table was a negative R7.0 million (US$1.1
million negative). The value was based on an exchange rate of ZAR/US$6.30 and
the prevailing interest rates and volatilities at the time.
INTEREST RATE SWAP
In terms of the Mvela loan, GFI Mining SA pays Mvela Gold interest on R4,139
million at a fixed interest rate, semi-annually. The interest rate was
fixed with reference to the 5 year ZAR swap rate, at 9.6179% plus a margin of
0.95%. GFI Mining SA simultaneously entered into an interest rate swap
agreement converting the fixed interest rate exposure to a floating rate. In
terms of the swap, GFI Mining SA is now exposed to the 3 month Jibar rate plus
a margin of 1.025%. The Jibar rate for the current quarter was fixed at
8.02%. For accounting purposes the Mvela loan is split into a debt component
and an equity component and accordingly the net present value of future
interest payments (R1,654 million) is classified as debt, while the balance
(R2,454 million) is categorised as equity. The marked to market value of the
interest rate swap is a loss of R104 million. The fair value adjustment of the
debt portion of the loan is a gain of R23 million, to which hedge accounting
is applied. In terms of hedge accounting, the liability that exists on the
balance sheet (the loan of R1.6 billion) is decreased accordingly and the gain
of R23 million is taken to the income statement, partly offsetting the R104
million above. The settlement gain on the swap for the quarter was R18 million,
R12 million of which was taken to the income statement and R6 million to the
debt portion of the loan. The net impact on earnings for the quarter is a
R51 million pre-tax loss (as R30 million was accounted for in the previous
quarter) and R31 million after tax. From a cash flow perspective, the marked to
market loss is offset by the present value of the interest saving on the loan
over the life of the loan. The value was based on the prevailing interest rates
and volatilities at the time.
Total Cash Costs
Gold Institute Industry Standard
(All figures are in Rand millions unless otherwise stated)
SA OPERATIONS
Total Mine
Operations Total
Operating costs (1) June 2004 2,363.5 1,652.8
March 2004 2,350.8 1,643.8
Financial year ended 9,410.8 6,682.6
Gold in process and
inventory change* June 2004 (34.4) -
March 2004 15.0 -
Financial year ended 38.9 -
Less:
Rehabilitation costs June 2004 10.7 9.3
March 2004 10.3 9.2
Financial year ended 41.2 36.5
Production taxes June 2004 9.8 9.8
March 2004 7.6 7.6
Financial year ended 33.9 33.9
General and admin June 2004 78.3 54.0
March 2004 85.3 57.1
Financial year ended 334.6 225.6
Cash operating costs June 2004 2,230.3 1,579.7
March 2004 2,262.6 1,569.9
Financial year ended 9,040.0 6,386.6
Plus: Production taxes June 2004 9.8 9.8
March 2004 7.6 7.6
Financial year ended 33.9 33.9
Royalties June 2004 29.0 -
March 2004 30.4 -
Financial year ended 118.3 -
TOTAL CASH COSTS (2) June 2004 2,269.1 1,589.5
March 2004 2,300.6 1,577.5
Financial year ended 9,192.2 6,420.5
Plus: Amortisation* June 2004 299.1 147.6
March 2004 281.3 143.2
Financial year ended 1,145.3 565.9
Rehabilitation June 2004 10.7 9.3
March 2004 10.3 9.2
Financial year ended 41.2 36.5
TOTAL PRODUCTION COSTS June 2004 2,578.9 1,746.4
March 2004 2,592.2 1,729.9
Financial year ended 10,378.7 7,022.9
Gold sold - thousand ounces June 2004 1,101.7 699.7
March 2004 1,095.3 695.2
Financial year ended 4,406.1 2,803.7
TOTAL CASH COSTS - US$/oz June 2004 312 344
March 2004 309 334
Financial year ended 302 332
TOTAL PRODUCTION COSTS -
US$/oz June 2004 355 378
March 2004 349 366
Financial year ended 341 363
Driefontein Kloof Beatrix
(1)
Operating costs June 2004 636.8 620.7 395.3
March 2004 637.6 616.5 389.7
Financial year ended 2,558.5 2,538.0 1,586.1
Gold in
process and
inventory
change* June 2004 - - -
March 2004 - - -
Financial year ended - - -
Less:
Rehabilitation
costs June 2004 2.8 5.6 0.9
March 2004 2.8 5.5 0.9
Financial year ended 11.2 21.8 3.5
Production
taxes June 2004 3.2 4.9 1.7
March 2004 0.3 5.0 2.3
Financial year ended 7.5 19.2 7.2
General and
admin June 2004 25.7 16.9 11.4
March 2004 25.8 18.6 12.7
Financial year ended 101.0 74.9 49.7
Cash operating
costs June 2004 605.1 593.3 381.3
March 2004 608.7 587.4 373.8
Financial year ended 2,438.8 2,422.1 1,525.7
Plus:
Production
taxes June 2004 3.2 4.9 1.7
March 2004 0.3 5.0 2.3
Financial year ended 7.5 19.2 7.2
Royalties June 2004 - - -
March 2004 - - -
Financial year ended - - -
TOTAL CASH
COSTS (2) June 2004 608.3 598.2 383.0
March 2004 609.0 592.4 376.1
Financial year ended 2,446.3 2,441.3 1,532.9
Plus:
Amortisation* June 2004 62.2 63.6 21.8
March 2004 60.1 62.0 21.1
Financial year ended 233.0 248.3 84.6
Rehabilitation June 2004 2.8 5.6 0.9
March 2004 2.8 5.5 0.9
Financial year ended 11.2 21.8 3.5
TOTAL
PRODUCTION
COSTS (3) June 2004 673.3 667.4 405.7
March 2004 671.9 659.9 398.1
Financial year ended 2,690.5 2,711.4 1,621.0
Gold sold -
thousand
ounces June 2004 290.3 259.2 150.2
March 2004 289.6 250.9 154.7
Financial year ended 1,141.2 1,037.6 624.9
TOTAL CASH
COSTS - US$/oz June 2004 317 350 386
March 2004 310 348 358
Financial year ended 311 341 356
TOTAL
PRODUCTION
COSTS - US$/oz June 2004 351 390 409
March 2004 342 387 379
Financial year ended 342 379 376
INTERNATIONAL
(All figures are in Rand millions unless otherwise stated)
Ghana
Total Tarkwa Damang
Operating costs June 2004 710.7 219.1 112.5
(1)
March 2004 707.0 228.9 115.7
Financial year ended 2,728.2 873.6 460.0
Gold in process
and
inventory change* June 2004 (34.4) (15.3) (3.5)
March 2004 1 5 .0 (7.2) (2.8)
Financial year ended 3 8 .9 0.4 1.4
Less:
Rehabilitation June 2004 1.4 0.2 0.6
costs
March 2004 1.1 0.2 0.2
Financial year ended 4.7 0.7 1.4
Production taxes June 2004 - - -
March 2004 - - -
Financial year ended - - -
General and admin June 2004 24.3 9.6 3.3
March 2004 28.2 11.5 3.1
Financial year ended 109.0 44.6 12.4
Cash operating June 2004 650.6 194.0 105.1
costs
March 2004 692.7 210.0 109.6
Financial year ended 2,653.4 828.7 447.6
Plus:
Production taxes June 2004 - - -
March 2004 - - -
Financial year ended - - -
Royalties June 2004 2 9 .0 9.6 6.4
March 2004 3 0 .4 11.5 6.5
Financial year ended 118.3 44.3 24.8
TOTAL CASH COSTS June 2004 679.6 203.6 111.5
(2)
March 2004 723.1 221.5 116.1
Financial year ended 2,771.7 873.0 472.4
Plus:
Amortisation* June 2004 151.5 24.2 15.2
March 2004 138.1 23.4 14.5
Financial year ended 579.4 100.3 56.1
Rehabilitation June 2004 1.4 0.2 0.6
March 2004 1.1 0.2 0.2
Financial year ended 4.7 0.7 1.4
TOTAL PRODUCTION
(3)
COSTS June 2004 832.5 228.0 127.3
March 2004 862.3 245.1 130.8
Financial year ended 3,355.8 974.0 529.9
Gold sold -
thousand
ounces June 2004 402.0 123.1 82.5
March 2004 400.1 137.4 78.1
Financial year ended 1,602.4 550.0 308.3
TOTAL CASH COSTS -
US$/oz June 2004 256 251 205
March 2004 266 237 219
Financial year ended 251 230 222
TOTAL PRODUCTION
COSTS - US$/oz June 2004 314 281 234
March 2004 317 263 246
Financial year ended 304 257 249
Australia St Ives Agnew
Operating costs (1) June 2004 311.6 67.5
March 2004 287.4 75.0
Financial year ended 1,120.1 274.5
Gold in process and
inventory
change* June 2004 (23.3) 7.7
March 2004 17.9 7.1
Financial year ended 2.3 34.8
Less: Rehabilitation
costs June 2004 0.4 0.2
March 2004 0.5 0.2
Financial year ended 1.8 0.8
Production taxes June 2004 - -
March 2004 - -
Financial year ended - -
General and admin June 2004 9.0 2.4
March 2004 11.7 1.9
Financial year ended 44.5 7.5
Cash operating costs June 2004 278.9 72.6
March 2004 293.1 80.0
Financial year ended 1,076.1 301.0
Plus: Production June 2004 - -
taxes
March 2004 - -
Financial year ended - -
Royalties June 2004 8.9 4.1
March 2004 9.1 3.3
Financial year ended 35.5 13.7
TOTAL CASH COSTS (2) June 2004 287.8 76.7
March 2004 302.2 83.3
Financial year ended 1,111.6 314.7
Plus: Amortisation* June 2004 112.1
March 2004 100.2
Financial year ended 423.0
Rehabilitation June 2004 0.6
March 2004 0.7
Financial year ended 2.6
TOTAL PRODUCTION June 2004 477.2
COSTS (3)
March 2004 486.4
Financial year ended 1,851.9
Gold sold - thousand June 2004 143.6 52.7
ounces
March 2004 131.8 52.8
Financial year ended 542.6 201.5
TOTAL CASH COSTS - June 2004 304 221
US$/oz
March 2004 338 233
Financial year ended 297 226
TOTAL PRODUCTION June 2004 368
COSTS - US$/oz
March 2004 388
Financial year ended 361
DEFINITIONS
Total cash costs and Total production costs are calculated in accordance with
the Gold Institute industry standard.
(1) Operating costs � All gold mining related costs before amortisation/
depreciation, changes in gold inventory, taxation and exceptional items.
(2) Total cash costs � Operating costs less off-mine costs, including general
and administration costs, as detailed in the table above.
(3) Total production costs � Total cash costs plus amortisation/depreciation
and rehabilitation provisions, as detailed in the table above.
* Adjusted for amortisation/depreciation (non-cash item) excluded from gold in
process change.
Average exchange rates are US$1 = R6.60 and US$1 = R6.79 for the June 2004 and
March 2004 quarters respectively.
Operating and Financial Results
SA RAND SA Operations
Total Mine
Operations Total Driefontein
Operating
Results
Ore
milled/trea
ted (000
tons) June 2004 11,076 4,069 1,622
March 2004 11,815 4,335 1,655
Financial year ended 46,028 16,869 6,438
Yield
(grams per
ton) June 2004 3.1 5.3 5.6
March 2004 2.9 5.0 5.4
Financial year ended 3.0 5.2 5.5
Gold
produced
(kilograms) June 2004 34,267 21,764 9,029
March 2004 34,069 21,624 9,008
Financial year ended 137,044 87,204 35,494
Gold sold
(kilograms) June 2004 34,267 21,764 9,029
March 2004 34,069 21,624 9,008
Financial year ended 137,044 87,204 35,494
Gold price
received
(Rand per
kilogram) June 2004 83,731 83,413 83,907
March 2004 88,887 88,665 88,321
Financial year ended 85,905 85,673 85,609
Total cash
costs (Rand
per
kilogram) June 2004 66,218 73,033 67,372
March 2004 67,528 72,951 67,607
Financial year ended 67,075 73,626 68,922
Total
production
costs (Rand
per
kilogram) June 2004 75,259 80,243 74,571
March 2004 76,087 79,999 74,589
Financial year ended 75,733 80,534 75,802
Operating
costs (Rand
per ton) June 2004 213 406 393
March 2004 199 379 385
Financial year ended 204 396 397
Financial
Results
(Rand
million)
Revenue June 2004 2,869.2 1,815.4 757.6
March 2004 3,028.3 1,917.3 795.6
Financial year ended 11,772.8 7,471.0 3,038.6
Operating
costs June 2004 2,363.5 1,652.8 636.8
March 2004 2,350.8 1,643.8 637.6
Financial year ended 9,410.8 6,682.6 2,558.5
Gold
inventory
change June 2004 (39.5) - -
March 2004 22.0 - -
Financial year ended 46.9 - -
Operating
profit June 2004 545.2 162.6 120.8
March 2004 655.5 273.5 158.0
Financial year ended 2,315.1 788.4 480.1
Amortisation of
mining assets June 2004 304.2 147.6 62.2
March 2004 274.3 143.2 60.1
Financial year ended 1,137.3 565.9 233.0
Net
operating
profit June 2004 241.0 15.0 58.6
March 2004 381.2 130.3 97.9
Financial year ended 1,177.8 222.5 247.1
Other
income/(exp
enses) June 2004 (119.0) (121.7) (37.9)
March 2004 56.3 (42.3) (18.1)
Financial year ended 113.0 (191.5) (73.2)
Profit
before
taxation June 2004 122.0 (106.7) 20.7
March 2004 437.5 88.0 79.8
Financial year ended 1,290.8 31.0 173.9
Mining and
income
taxation June 2004 (107.4) (183.8) (10.7)
March 2004 78.1 (31.7) (20.2)
Financial year ended 119.6 (300.4) (77.5)
- Normal
taxation June 2004 37.9 4.7 8.2
March 2004 54.0 18.2 5.6
Financial year ended 161.1 24.0 14.3
- Deferred
taxation June 2004 (145.3) (188.5) (18.9)
March 2004 24.1 (49.9) (25.8)
Financial year ended (41.5) (324.4) (91.8)
Exceptional
items June 2004 (425.8) (426.2) -
March2004 (1.6) (1.6) (0.9)
Financial year ended (239.2) (242.7) 185.3
Net earnings June 2004 (196.4) (349.1) 31.4
March 2004 357.8 118.1 99.1
Financial year ended 932.0 88.7 436.7
Capital
expenditure
(Rand
million) June 2004 893.5 184.6 39.7
March 2004 703.9 152.7 29.0
Financial year ended 2,719.4 877.8 238.3
Planned for
next six
months to
December 2004 1,343.6 443.4 151.5
Kloof Beatrix
Operating Results
Ore milled/treated (000 June 2004 1,225 1,222
tons)
March 2004 1,227 1,453
Financial year ended 4,983 5,448
Yield (grams per ton) June 2004 6.6 3.8
March 2004 6.4 3.3
Financial year ended 6.5 3.6
Gold produced (kilograms) June 2004 8,063 4,672
March 2004 7,803 4,813
Financial year ended 32,273 19,437
Gold sold (kilograms) June 2004 8,063 4,672
March 2004 7,803 4,813
Financial year ended 32,273 19,437
Gold price received (Rand
per
kilogram) June 2004 83,034 83,112
March 2004 88,633 89,362
Financial year ended 85,728 85,697
Total cash costs (Rand per
kilogram) June 2004 74,191 81,978
March 2004 75,920 78,143
Financial year ended 75,645 78,865
Total production costs
(Rand
per kilogram) June 2004 82,773 86,836
March 2004 84,570 82,713
Financial year ended 84,015 83,398
Operating costs (Rand per June 2004 507 323
ton)
March 2004 502 268
Financial year ended 509 291
Financial Results (Rand
million)
Revenue June 2004 669.5 388.3
March 2004 691.6 430.1
Financial year ended 2,766.7 1,665.7
Operating costs June 2004 620.7 395.3
March 2004 616.5 389.7
Financial year ended 2,538.0 1,586.1
Gold inventory change June 2004 - -
March 2004 - -
Financial year ended - -
Operating profit June 2004 48.8 (7.0)
March 2004 75.1 40.4
Financial year ended 228.7 79.6
Amortisation of mining June 2004 63.6 21.8
assets
March 2004 62.0 21.1
Financial year ended 248.3 84.6
Net operating profit June 2004 (14.8) (28.8)
March 2004 13.1 19.3
Financial year ended (19.6) (5.0)
Other income/(expenses) June 2004 (40.8) (43.0)
March 2004 (12.5) (11.7)
Financial year ended (58.8) (59.5)
Profit before taxation June 2004 (55.6) (71.8)
March 2004 0.6 7.6
Financial year ended (78.4) (64.5)
Mining and income taxation June 2004 (32.1) (141.0)
March 2004 (14.5) 3.0
Financial year ended (86.1) (136.8)
- Normal taxation June 2004 (1.7) (1.8)
March 2004 6.2 6.4
Financial year ended 4.8 4.9
- Deferred taxation June 2004 (30.4) (139.2)
March 2004 (20.7) (3.4)
Financial year ended (90.9) (141.7)
Exceptional items June 2004 - (426.2)
March 2004 (0.7) -
Financial year ended (1.9) (426.1)
Net earnings June 2004 (23.5) (357.0)
March 2004 14.4 4.6
Financial year ended 5.8 (353.8)
Capital expenditure (Rand
million) June 2004 76.4 68.5
March 2004 56.9 66.8
Financial year ended 344.4 295.1
Planned for next six
months to
December 2004 124.5 167.4
Operating and Financial Results
SA RAND International
Ghana
Total Tarkwa Damang
Operating Results
Ore
milled/treated
(000 tons) June 2004 7,007 3,837 1,391
March 2004 7,480 4,165 1,301
Financial year ended 29,159 16,000 5,236
Yield (grams per
ton) June 2004 1.8 1.0 1.8
March 2004 1.7 1.0 1.9
Financial year ended 1.7 1.1 1.8
Gold produced
(kilograms) June 2004 12,503 3,829 2,567
March 2004 12,445 4,274 2,430
Financial year ended 49,840 17,107 9,589
Gold sold
(kilograms) June 2004 12,503 3,829 2,567
March 2004 12,445 4,274 2,430
Financial year ended 49,840 17,107 9,589
Gold price
received (Rand
per kilogram) June 2004 84,284 83,233 84,262
March 2004 89,273 88,956 89,177
Financial year ended 86,312 85,977 86,339
Total cash costs
(Rand per
kilogram) June 2004 54,355 53,173 43,436
March 2004 58,104 51,825 47,778
Financial year ended 55,612 51,032 49,265
Total production
costs (Rand per
kilogram) June 2004 66,584 59,546 49,591
March 2004 69,289 57,347 53,827
Financial year ended 67,331 56,936 55,261
Operating costs
(Rand per ton) June 2004 101 57 81
March 2004 95 55 89
Financial year ended 94 55 88
Financial
Results (Rand
million)
Revenue June 2004 1,053.8 318.7 216.3
March 2004 1,111.0 380.2 216.7
Financial year ended 4,301.8 1,470.8 827.9
Operating costs June 2004 710.7 219.1 112.5
March 2004 707.0 228.9 115.7
Financial year ended 2,728.2 873.6 460.0
Gold inventory
change June 2004 (39.5) (16.8) (3.4)
March 2004 22.0 (8.0) (2.8)
Financial year ended 46.9 (0.2) 1.5
Operating profit June 2004 382.6 116.4 107.2
March 2004 382.0 159.3 103.8
Financial year ended 1,526.7 597.4 366.4
Amortisation of
mining assets # June 2004 156.6 25.7 15.1
March 2004 131.1 24.2 14.5
Financial year ended 571.4 100.9 56.0
Net operating
profit June 2004 226.0 90.7 92.1
March 2004 250.9 135.1 89.3
Financial year ended 955.3 496.5 310.4
Other
income/(expenses
) June 2004 2.7 (0.5) 0.4
March 2004 98.6 2.8 0.1
Financial year ended 304.5 5.4 (0.1)
Profit before
taxation June 2004 228.7 90.2 92.5
March 2004 349.5 137.9 89.4
Financial year ended 1,259.8 501.9 310.3
Mining and
income taxation June 2004 76.4 36.0 30.8
March 2004 109.8 56.0 8.6
Financial year ended 420.0 202.7 70.7
- Normal
taxation June 2004 33.2 11.6 8.6
March 2004 35.8 14.6 8.8
Financial year ended 137.1 55.7 32.2
- Deferred
taxation June 2004 43.2 24.4 22.2
March 2004 74.0 41.4 (0.2)
Financial year ended 282.9 147.0 38.5
Exceptional items June 2004 0.4 - -
March 2004 - - -
Financial year ended 3.5 - -
Net earnings June 2004 152.7 54.2 61.7
March 2004 239.7 81.9 80.8
Financial year ended 843.3 299.2 239.6
Capital
Expenditure
(Rand million) June 2004 708.9 392.0 8.8
March 2004 551.2 281.3 0.9
Financial year ended 1,841.6 943.4 22.0
Planned for next
six months to
December 2004 900.2 362.4 30.2
Australia #
St Ives Agnew
Operating Results
Ore milled/treated (000 tons) June 2004 1,488 291
March 2004 1,723 291
Financial year 6,744 1,179
ended
Yield (grams per ton) June 2004 3.0 5.6
March 2004 2.4 5.6
Financial year 2.5 5.3
ended
Gold produced (kilograms) June 2004 4,468 1,639
March 2004 4,099 1,642
Financial year 16,877 6,267
ended
Gold sold (kilograms) June 2004 4,468 1,639
March 2004 4,099 1,642
Financial year 16,877 6,267
ended
Gold price received (Rand
per kilogram) June 2004 84,960 84,930
March 2004 89,729 89,099
Financial year 86,591 86,437
ended
Total cash costs (Rand per
kilogram) June 2004 64,414 46,797
March 2004 73,725 50,731
Financial year 65,865 50,215
ended
Total production costs (Rand
per kilogram) June 2004 78,140
March 2004 84,724
Financial year 80,016
ended
Operating costs (Rand per
ton) June 2004 209 232
March 2004 167 258
Financial year 166 233
ended
Financial Results (Rand
million)
Revenue June 2004 379.6 139.2
March 2004 367.8 146.3
Financial year 1,461.4 541.7
ended
Operating costs June 2004 311.6 67.5
March 2004 287.4 75.0
Financial year 1,120.1 274.5
ended
Gold inventory change June 2004 (30.5) 11.2
March 2004 22.4 10.4
Financial year 2.2 43.4
ended
Operating profit June 2004 98.5 60.5
March 2004 58.0 60.9
Financial year 339.1 223.8
ended
Amortisation of mining
assets # June 2004 115.8
March 2004 92.4
Financial year 414.5
ended
Net operating profit June 2004 43.2
March 2004 26.6
Financial year 148.4
ended
Other income/(expenses) June 2004 2.8
March 2004 95.7
Financial year 299.2
ended
Profit before taxation June 2004 46.0
March 2004 122.3
Financial year 447.6
ended
Mining and income taxation June 2004 9.6
March 2004 45.2
Financial year 146.6
ended
- Normal taxation June 2004 13.0
March 2004 12.4
Financial year 49.2
ended
- Deferred taxation June 2004 (3.4)
March 2004 32.8
Financial year 97.4
ended
Exceptional items June 2004 0.4
March 2004 -
Financial year 3.5
ended
Net earnings June 2004 36.8
March 2004 77.0
Financial year 304.5
ended
Capital expenditure (Rand
million) June 2004 284.2 23.9
March 2004 238.9 30.1
Financial year 755.4 120.8
ended
Planned for next six months
to December 2004 408.4 99.2
# As a significant portion of the acquisition price was allocated to tenements
of St Ives and Agnew on endowment ounces and also as these two Australian
operations are entitled to transfer and then off-set tax losses from one
company to another, it is not meaningful to split the income statement below
operating profit.
Operating and Financial Results
US DOLLARS
Total Mine
Operations Total
Operating Results
Ore milled/treated (000
tons) June 2004 11,076 4,069
March 2004 11,815 4,335
Financial year ended 46,028 16,869
Yield (ounces per ton) June 2004 0.099 0.172
March 2004 0.093 0.160
Financial year ended 0.096 0.166
Gold produced (000
ounces) June 2004 1,101.7 699.7
March 2004 1,095.3 695.2
Financial year ended 4,406.1 2,803.7
Gold sold (000 ounces) June 2004 1,101.7 699.7
March 2004 1,095.3 695.2
Financial year ended 4,406.1 2,803.7
Gold price received
(Dollars per ounce) June 2004 395 393
March 2004 407 406
Financial year ended 387 386
Total cash costs
(Dollars per ounce) June 2004 312 344
March 2004 309 334
Financial year ended 302 332
Total production costs
(Dollars per ounce) June 2004 355 378
March 2004 349 366
Financial year ended 341 363
Operating costs (Dollars
per ton) June 2004 32 62
March 2004 29 56
Financial year ended 30 57
Financial Results ($
million)
Revenue June 2004 434.3 274.8
March 2004 444.4 281.4
Financial year ended 1,706.2 1,082.8
Operating costs June 2004 357.1 249.9
March 2004 345.3 241.6
Financial year ended 1,363.9 968.5
Gold inventory change June 2004 (5.5) -
March 2004 3.2 -
Financial year ended 6.8 -
Operating profit June 2004 82.7 24.9
March 2004 95.9 39.8
Financial year ended 335.5 114.3
Amortisation of mining
assets June 2004 45.8 22.3
March 2004 40.3 21.0
Financial year ended 164.8 82.0
Net operating profit June 2004 36.9 2.6
March 2004 55.6 18.8
Financial year ended 170.7 32.2
Other income/(expenses) June 2004 (16.8) (17.8)
March 2004 8 .4 (6.1)
Financial year ended 16.4 (27.8)
Profit before taxation June 2004 20.1 (15.2)
March 2004 64.0 12.7
Financial year ended 187.1 4.5
Mining and income
taxation June 2004 (15.1) (26.9)
March 2004 11.5 (4.7)
Financial year ended 17.3 (43.5)
- Normal taxation June 5.7 0.7
2004
March 2004 7.9 2.6
Financial year ended 23.3 3.5
- Deferred taxation June 2004 (20.8) (27.6)
March 2004 3 .6 (7.3)
Financial year ended (6.0) (47.0)
Exceptional items June 2004 (61.3) (61.4)
March 2004 0.2 0.1
Financialyear ended (34.7) (35.2)
Net earnings June 2004 (26.1) (49.7)
March 2004 52.8 17.5
Financial year ended 135.1 12.9
Capital expenditure ($
million) June 2004 151.6 33.0
March 2004 116.7 27.6
Financial year ended 431.7 139.3
Planned for next six
months to December 2004 213.3 70.4
US DOLLARS
SA Operations
Driefontein Kloof Beatrix
Operating
Results
Ore
milled/trea
ted (000
tons) June 2004 1,622 1,225 1,222
March 2004 1,655 1,227 1,453
Financial year ended 6,438 4,983 5,448
Yield
(ounces per
ton) June 2004 0.179 0.212 0.123
March 2004 0.175 0.204 0.106
Financial year ended 0.177 0.208 0.115
Gold
produced
(000
ounces) June 2004 290.3 259.2 150.2
March 2004 289.6 250.9 154.7
Financial year ended 1,141.2 1,037.6 624.9
Gold sold
(000
ounces) June 2004 290.3 259.2 150.2
March 2004 289.6 250.9 154.7
Financial year ended 1,141.2 1,037.6 624.9
Gold price
received
(Dollars
per ounce) June 2004 395 391 392
March 2004 405 406 409
Financial year ended 386 386 386
Total cash
costs
(Dollars
per ounce) June 2004 317 350 386
March 2004 310 348 358
Financial year ended 311 341 356
Total
production
costs
(Dollars
per ounce) June 2004 351 390 409
March 2004 342 387 379
Financial year ended 342 379 376
Operating
costs
(Dollars
per ton) June 2004 59 77 49
March 2004 57 74 39
Financial year ended 58 74 42
Financial
Results ($
million)
Revenue June 2004 114.5 101.4 58.9
March 2004 116.6 101.6 63.1
Financial year ended 440.4 401.0 241.4
Operating
costs June 2004 96.3 93.9 59.8
March 2004 93.7 90.7 57.3
Financial year ended 370.8 367.8 229.9
Gold
inventory
change June 2004 - - -
March 2004 - - -
Financial year ended - - -
Operating
profit June 2004 18.3 7.4 (0.8)
March 2004 23.0 10.9 5.9
Financial year ended 69.6 33.1 11.5
Amortisation of
mining assets
June 2004 9.4 9.6 3.3
March 2004 8.8 9.1 3.1
Financial year ended 33.8 36.0 12.3
Net
operating
profit June 2004 8.9 (2.2) (4.1)
March 2004 14.2 1.8 2.8
Financial year ended 35.8 (2.8) (0.7)
Other
income/(exp
enses) June 2004 (5.6) (6.0) (6.3)
March 2004 (2.6) (1.8) (1.7)
Financial year ended (10.6) (8.5) (8.6)
Profit
before
taxation June 2004 3.3 (8.1) (10.4)
March 2004 11.5 - 1.1
Financial year ended 25.2 (11.4) (9.3)
Mining and
income
taxation June 2004 (1.7) (4.8) (20.4)
March 2004 (3.0) (2.2) 0.4
Financial year ended (11.2) (12.5) (19.8)
- Normal
taxation June 2004 1.2 (0.2) (0.2)
March 2004 0.8 0.9 0.9
Financial year ended 2.1 0.7 0.7
- Deferred
taxation June 2004 (2.9) (4.5) (20.2)
March 2004 (3.8) (3.0) (0.5)
Financial year ended (13.3) (13.2) (20.5)
Exceptional
items June 2004 0.4 - (61.8)
March 2004 0.2 (0.1) -
Financial year ended 26.9 (0.3) (61.8)
Net earnings June 2004 5.4 (3.3) (51.7)
March 2004 14.8 2.1 0.7
Financial year ended 63.3 0.8 (51.3)
Capital
expenditure
($ million) June 2004 7.4 13.6 12.1
March 2004 5.8 10.4 11.5
Financial year ended 37.8 54.7 46.8
Planned for
next six
months to
December
2004 24.0 19.8 26.6
Average exchange rates are US$1 = R6.60 and US$1 = R6.79 for the June 2004 and
March 2004 quarters respectively.
Figures may not add as they are rounded independently.
Operating and Financial Results
US DOLLARS International
Ghana
Total Tarkwa Damang
Operating Results
Ore milled/treated
(000 tons) June 2004 7,007 3,837 1,391
March 2004 7,480 4,165 1,301
Financial year ended 29,159 16,000 5,236
Yield (ounces per
ton) June 2004 0.057 0.032 0.059
March 2004 0.053 0.033 0.060
Financial year ended 0.055 0.034 0.059
Gold produced (000
ounces) June 2004 402.0 123.1 82.5
March 2004 400.1 137.4 78.1
Financial year ended 1,602.4 550.0 308.3
Gold sold (000
ounces) June 2004 402.0 123.1 82.5
March 2004 400.1 137.4 78.1
Financial year ended 1,602.4 550.0 308.3
Gold price received
(Dollars per ounce) June 2004 397 392 397
March 2004 409 407 408
Financial year ended 389 388 389
Total cash costs
(Dollars per ounce) June 2004 256 251 205
March 2004 266 237 219
Financial year ended 251 230 222
Total production
costs (Dollars per
ounce) June 2004 314 281 234
March 2004 317 263 246
Financial year ended 304 257 249
Operating costs
(Dollars per ton) June 2004 15 9 12
March 2004 14 8 13
Financial year ended 14 8 13
Financial Results ($
million)
Revenue June 2004 159.4 48.6 32.6
March 2004 163.0 55.9 31.8
Financial year ended 623.4 213.2 120.0
Operating costs June 2004 107.2 33.1 17.0
March 2004 103.6 33.6 17.0
Financial year ended 395.4 126.6 66.7
Gold inventory change June 2004 (5.5) (2.4) (0.5)
March 2004 3.2 (1.1) (0.4)
Financial year ended 6.8 - 0.2
Operating profit June 2004 57.8 17.9 16.1
March 2004 56.1 23.4 15.2
Financial year ended 221.3 86.6 53.1
Amortisation of
mining assets # June 2004 23.6 3.9 2.3
March 2004 19.3 3.6 2.1
Financial year ended 82.8 14.6 8.1
Net operating profit June 2004 34.3 14.0 13.8
March 2004 36.8 19.8 13.0
Financial year ended 138.4 72.0 45.0
Other
income/(expenses) June 2004 1.0 (0.1) 0.1
March 2004 14.5 0.4 -
Financial year ended 44.1 0.8 -
Profit before
taxation June 2004 35.3 13.9 13.9
March 2004 51.3 20.3 13.0
Financial year ended 182.6 72.7 45.0
Mining and income
taxation June 2004 11.8 5.6 4.5
March 2004 16.2 8.2 1.3
Financial year ended 60.9 29.4 10.2
- Normal taxation June 2004 5.0 1.8 1.3
March 2004 5.3 2.1 1.3
Financial year ended 19.9 8.1 4.7
- Deferred
taxation June 2004 6.8 3.8 3.3
March 2004 10.9 6.1 -
Financial year ended 41.0 21.3 5.6
Exceptional items June 2004 0.1 - -
March 2004 - - -
Financial year ended 0.5 - -
Net earnings June 2004 23.5 8.4 9.3
March 2004 35.3 12.0 11.7
Financial year ended 122.2 43.4 34.7
Capital expenditure
($ million) June 2004 118.6 65.2 1.5
March 2004 89.1 45.3 0.2
Financial year ended 292.3 149.7 3.5
Planned for next six
months to December 2004 142.9 57.5 4.8
US DOLLARS
Australia #
St Ives Agnew
Operating Results
Ore milled/treated (000
tons) June 2004 1,488 291
March 2004 1,723 291
Financial year ended 6,744 1,179
Yield (ounces per ton) June 2004 0.097 0.181
March 2004 0.076 0.181
Financial year ended 0.080 0.171
Gold produced (000
ounces) June 2004 143.6 52.7
March 2004 131.8 52.8
Financial year ended 542.6 201.5
Gold sold (000 ounces) June 2004 143.6 52.7
March 2004 131.8 52.8
Financial year ended 542.6 201.5
Gold price received
(Dollars per ounce) June 2004 400 400
March 2004 411 408
Financial year ended 390 390
Total cash costs
(Dollars per ounce) June 2004 304 221
March 2004 338 233
Financial year ended 297 226
Total production costs
(Dollars per ounce) June 2004 368
March 2004 388
Financial year ended 361
Operating costs (Dollars
per ton) June 2004 32 35
March 2004 25 38
Financial year ended 24 34
Financial Results ($
million)
Revenue June 2004 57.3 21.0
March 2004 54.0 21.4
Financial year ended 211.8 78.5
Operating costs June 2004 46.8 10.2
March 2004 42.1 11.0
Financial year ended 162.3 39.8
Gold inventory change June 2004 (4.4) 1.7
March 2004 3.1 1.5
Financial year ended 0.3 6.3
Operating profit June 2004 14.8 9.1
March 2004 8.7 8.9
Financial year ended 49.1 32.4
Amortisation of mining
assets # June 2004 17.4
March 2004 13.6
Financial year ended 60.1
Net operating profit June 2004 6.5
March 2004 4.0
Financial year ended 21.5
Other income/(expenses) June 2004 1.0
March 2004 14.1
Financial year ended 43.4
Profit before taxation June 2004 7.5
March 2004 18.0
Financial year ended 64.9
Mining and income
taxation June 2004 1.7
March 2004 6.6
Financial year ended 21.2
- Normal taxation June 2004 2.0
March 2004 1.8
Financial year ended 7.1
- Deferred taxation June 2004 (0.3)
March 2004 4.8
Financial year ended 14.1
Exceptional items June 2004 0.1
March 2004 -
Financial year ended 0.5
Net earnings June 2004 5.9
March 2004 11.5
Financial year ended 44.1
Capital expenditure ($
million) June 2004 47.6 4.3
March 2004 38.5 5.1
Financial year ended 119.9 19.2
Planned for next six
months to December 2004 64.8 15.7
US DOLLARS Australian Dollars
Australia #
St Ives Agnew
Operating Results
Ore milled/treated (000
tons) June 2004 1,488 291
March 2004 1,723 291
Financial year ended 6,744 1,179
Yield (ounces per ton) June 2004 0.097 0.181
March 2004 0.076 0.181
Financial year ended 0.080 0.171
Gold produced (000
ounces) June 2004 143.6 52.7
March 2004 131.8 52.8
Financial year ended 542.6 201.5
Gold sold (000 ounces) June 2004 143.6 52.7
March 2004 131.8 52.8
Financial year ended 542.6 201.5
Gold price received
(Dollars per ounce) June 2004 556 556
March 2004 538 534
Financial year ended 547 546
Total cash costs
(Dollars per ounce) June 2004 422 306
March 2004 442 304
Financial year ended 416 317
Total production costs
(Dollars per ounce) June 2004 512
March 2004 508
Financial year ended 506
Operating costs (Dollars
per ton) June 2004 44 49
March 2004 32 50
Financial year ended 34 47
Financial Results ($
million)
Revenue June 2004 79.4 29.1
March 2004 70.8 28.3
Financial year ended 297.0 110.1
Operating costs June 2004 65.0 14.1
March 2004 55.5 14.5
Financial year ended 227.7 55.8
Gold inventory change June 2004 (6.1) 2.3
March 2004 4.5 2.0
Financial year ended 0.4 8.8
Operating profit June 2004 20.5 12.6
March 2004 10.8 11.8
Financial year ended 68.9 45.5
Amortisation of mining
assets # June 2004 24.1
March 2004 17.7
Financial year ended 84.2
Net operating profit June 2004 9.0
March 2004 5.0
Financial year ended 30.2
Other income/(expenses) June 2004 1.2
March 2004 18.3
Financial year ended 60.8
Profit before taxation June 2004 10.2
March 2004 23.3
Financial year ended 91.0
Mining and income
taxation June 2004 2.2
March 2004 8.7
Financial year ended 29.8
- Normal taxation June 2004 2.7
March 2004 2.4
Financial year ended 10.0
- Deferred taxation June 2004 (0.5)
March 2004 6.3
Financial year ended 19.8
Exceptional items June 2004 0.1
March 2004 -
Financial year ended 0.7
Net earnings June 2004 8.0
March 2004 14.6
Financial year ended 61.9
Capital expenditure ($
million) June 2004 75.1 7.6
March 2004 50.1 6.5
Financial year ended 171.3 27.4
Planned for next six 92.6 22.5
months to December 2004
Average exchange rates are US$1 = R6.60 and US$1 = R6.79 for the June 2004 and
March 2004 quarters respectively. The Australian dollar exchange rates are AU$1
= R4.75 and AU$1 = R5.19 for the June 2004 and March 2004 quarters
respectively.
# As a significant portion of the acquisition price was allocated to tenements
of St Ives and Agnew on endowment ounces and also as these two Australian
operations are entitled to transfer and then off-set tax losses from one
company to another, it is not meaningful to split the income statement below
operating profit.
Figures may not add as they are rounded independently.
Underground and Surface
SA Rand and Metric Units
SA OPE R A T I O NS
Operating Results
Total Mine
Operations Total Driefontein
Ore milled /
treated
(000ton)
- underground June 2004 3,342 2,713 927
March 2004 3,148 2,585 838
Financial year ended 13,231 11,186 3,709
- surface June 2004 7,734 1,356 695
March 2004 8,667 1,750 817
Financial year ended 32,797 5,683 2,729
- total June 2004 11,076 4,069 1,622
March 2004 11,815 4,335 1,655
Financial year ended 46,028 16,869 6,438
Yield (grams
per ton)
- underground June 2004 7.3 7.4 8.5
March 2004 7.2 7.4 8.6
Financial year ended 7.0 7.1 8.1
- surface June 2004 1.3 1.2 1.7
March 2004 1.3 1.4 2.2
Financial year ended 1.4 1.3 2.0
- combined June 2004 3.1 5.3 5.6
March 2004 2.9 5.0 5.4
Financial year ended 3.0 5.2 5.5
Gold
produced
(kilograms)
- underground June 2004 24,236 20,160 7,857
March 2004 22,615 19,193 7,191
Financial year ended 92,757 79,696 30,156
- surface June 2004 10,031 1,604 1,172
March 2004 11,454 2,431 1,817
Financial year ended 44,287 7,508 5,338
- total June 2004 34,267 21,764 9,029
March 2004 34,069 21,624 9,008
Financial year ended 137,044 87,204 35,494
Operating
costs (Rand
per ton)
- underground June 2004 536 577 629
March 2004 554 597 694
Financial year ended 537 568 639
- surface June 2004 74 64 78
March 2004 70 57 69
Financial year ended 70 58 69
- total June 2004 213 406 393
March 2004 199 379 385
Financial year ended 204 396 397
Kloof Beatrix Total
Ore milled / treated
(000 ton)
- underground June 2004 818 968 629
March 2004 744 1,003 563
Financial year ended 3,452 4,025 2,045
- surface June 2004 407 254 6,378
March 2004 483 450 6,917
Financial year ended 1,531 1,423 27,114
- total June 2004 1,225 1,222 7,007
March 2004 1,227 1,453 7,480
Financial ended year 4,983 5,448 29,159
Yield (grams
per ton)
- underground June 2004 9.5 4.7 6.5
March 2004 10.0 4.5 6.1
Financial year ended 9.0 4.6 6.4
- surface June 2004 0.7 0.6 1.3
March 2004 0.7 0.6 1.3
Financial year ended 0.8 0.7 1.4
- combined June 2004 6.6 3.8 1.8
March 2004 6.4 3.3 1.7
Financial year ended 6.5 3.6 1.7
Gold produced
(kilograms)
- underground June 2004 7,785 4,518 4,076
March 2004 7,466 4,536 3,422
Financial year ended 31,089 18,451 13,061
- surface June 2004 278 154 8,427
March 2004 337 277 9,023
Financial year ended 1,184 986 36,779
- total June 2004 8,063 4,672 12,503
March 2004 7,803 4,813 12,445
Financial year ended 32,273 19,437 49,840
Operating costs
(Rand per ton)
- underground June 2004 731 398 359
March 2004 790 374 356
Financial year ended 709 381 369
- surface June 2004 55 39 76
March 2004 59 32 73
Financial year ended 58 36 73
- total June 2004 507 323 101
March 2004 502 268 95
Financial year ended 509 291 94
IN TE RN AT I O NAL
Operating Results Ghana
Tarkwa Damang
Ore milled /
treated (000 ton)
- underground June 2004 - -
March 2004 - -
Financial year ended - -
- surface June 2004 3,837 1,391
March 2004 4,165 1,301
Financial year ended 16,000 5,236
- total June 2004 3,837 1,391
March 2004 4,165 1,301
Financial year ended 16,000 5,236
Yield (grams per
ton)
- underground June 2004 - -
March 2004 - -
Financial year ended - -
- surface June 2004 1.0 1.8
March 2004 1.0 1.9
Financial year ended 1.1 1.8
- combined June 2004 1.0 1.8
March 2004 1.0 1.9
Financial year ended 1.1 1.8
Gold produced
(kilograms)
- underground June 2004 - -
March 2004 - -
Financial year ended - -
- surface June 2004 3,829 2,567
March 2004 4,274 2,430
Financial year ended 17,107 9,589
- total June 2004 3,829 2,567
March 2004 4,274 2,430
Financial year ended 17,107 9,589
Operating costs
(Rand per ton)
- underground June 2004 - -
March 2004 - -
Financial year ended - -
- surface June 2004 57 81
March 2004 55 89
Financial year ended 55 88
- total June 2004 57 81
March 2004 55 89
Financial year ended 55 88
Operating Results Australia
St Ives Agnew
Ore milled / treated
(000 ton)
- underground June 2004 528 101
March 2004 442 121
Financial year ended 1,619 426
- surface June 2004 960 190
March 2004 1,281 170
Financial year ended 5,125 753
- total June 2004 1,488 291
March 2004 1,723 291
Financial year ended 6,744 1,179
Yield (grams per ton)
- underground June 2004 5.2 13.1
March 2004 4.6 11.3
Financial year ended 4.9 12.0
- surface June 2004 1.8 1.6
March 2004 1.6 1.6
Financial year ended 1.7 1.5
- combined June 2004 3.0 5.6
March 2004 2.4 5.6
Financial year ended 2.5 5.3
Gold produced
(kilograms)
- underground June 2004 2,749 1,327
March 2004 2,054 1,368
Financial year ended 7,947 5,114
- surface June 2004 1,719 312
March 2004 2,045 274
Financial year ended 8,930 1,153
- total June 2004 4,468 1,639
March 2004 4,099 1,642
Financial year ended 16,877 6,267
Operating costs (Rand
per ton)
- underground June 2004 346 426
March 2004 326 465
Financial year ended 346 457
- surface June 2004 134 129
March 2004 112 111
Financial year ended 109 106
- total June 2004 209 232
March 2004 167 258
Financial year ended 166 233
Development Results
Development values represent the actual results of sampling and no allowance
has been made for any adjustments which may be necessary when estimating ore
reserves. All figures below exclude shaft sinking metres
June 2004
Driefontein quarter
Carbon Main VCR
Reef Leader
Advanced (m) 4,573 655 1,707
Advanced on (m) 677 126 210
reef
Sampled (m) 816 168 180
Channel width (cm) 107 26 89
Average value �(g/t) 16.8 10.4 31.1
� (cm.g/t) 1,808 272 2,772
March 2004
quarter
Carbon Main VCR
Reef Leader
Advanced (m) 4,774 958 1,511
Advanced on (m) 814 274 171
reef
Sampled (m) 768 303 144
Channel width (cm) 135 34 36
Average value � (g/t) 18.3 14.7 49.7
� (cm.g/t) 2,475 508 1,788
Financial Year
ended
30 June 2004
Carbon Main VCR
Reef Leader
Advanced (m) 19,924 3,732 6,361
Advanced on (m) 3,111 1,154 797
reef
Sampled (m) 3,093 963 672
Channel width (cm) 122 50 84
Average value � (g/t) 17.2 10.6 28.4
� (cm.g/t) 2,103 532 2,395
Kloof
June 2004
quarter
Carbon
Reef Leader Kloof Main VCR
Advanced (m) - 110 1,824 8,434
Advanced on (m) - 63 533 1,416
reef
Sampled (m) - 65 664 1,468
Channel width (cm) - 120 117 84
Average value � (g/t) - 3.9 7.0 26.6
- (cm.g/t) - 469 826 2,232
March 2004
quarter
Reef Carbon
Leader Kloof Main VCR
Advanced (m) - 138 1,533 7,374
Advanced on (m) - 70 713 1,276
reef
Sampled (m) - 54 588 1,149
Channel width (cm) - 89 122 97
Average value � (g/t) - 8.7 20.6 30.0
� (cm.g/t) - 768 2,511 2,894
Financial Year
ended
30 June 2004
Reef Carbon
Leader Kloof Main VCR
Advanced (m) 14 1,102 7,011 35,761
Advanced on (m) 14 526 2,271 6,170
reef
Sampled (m) 6 428 2,089 5,131
Channel (cm) 46 96 101 87
width
Average � (g/t) 5.4 8.1 13.3 28.6
value
� (cm.g/t) 247 775 1,345 2,486
June 2004 March 2004
Beatrix quarter quarter
Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Advanced (m) 8,263 1,907 7,837 2,207
Advanced on 1,599 417 1,296 545
reef (m)
Sampled (m) 1,308 477 1,101 537
Channel (cm) 59 131 82 157
width
Average 15.5 18.1 12.2 14.7
value� (g/t)
� (cm.g/t) 908 2,371 1,003 2,320
Financial Year ended
30 June 2004
Reef Beatrix Kalkoenkrans
Advanced (m) 34,064 9,471
Advanced on reef (m) 6,938 2,338
Sampled (m) 6,273 2,364
Channel width (cm) 72 135
Average value � (g/t) 13.4 17.5
� (cm.g/t) 960 2,369
CONTACT DETAILS
CORPORATE OFFICE
Gold Fields Limited London Office
4 St Andrews Road St James' Corporate Services
Parktown Limited
Johannesburg 6 St James' Place
2193 London SW1A 1 NP
Postnet Suite 252 Tel: +944 207 499-3916
Private Bag x 30500 Fax: +944 207 491-1989
Houghton 2041
Tel: +27 11 644-2400
Fax: +27 11 484-0626
DIRECTORS
C M T Thompson (Chairman) R L Pennant-Rea *
A J W right (Deputy Chairman) P J Ryan
I D Cockerill * (Chief Executive T M G Sexwale
Officer)
K Ansah # B R van Rooyen
G J Gerwel C I von Christierson
N J Holland * (Chief Financial Officer)
J M McMahon * # Canadian * British USA
G R Parker # #Ghanaian
CORPORATE SECRETARY
C Farrel Postnet Suite 252
24 St Andrews Road Private Bag x 30500
Parktown Houghton 2041
Johannesburg Tel: +27 11 644-2406
2193 Fax: +27 11 484-0626
INVESTOR RELATIONS
Willie Jacobsz
Tel: +27 11 644-2460
Europe & South Africa North America
Nerina Bodasing Cheryl A. Martin
Tel: +27 11 644-2630 Tel: +1 303 796-8683
Fax: +27 11 484-0639 Fax: +1 303 796-8293
E-mail: investors@goldfields.co.za E-mail: camartin@gfexpl.com
TRANSFER OFFICES
Johannesburg London
Computershare Investor Services 2004 Capita Registrars
(Proprietary) Limited Bourne House
Ground Floor 34 Beckenham Road
70 Marshall Street Beckenham Kent BR3 4TU
Johannesburg, 2001 Tel: +944 208 639-2000
P O Box 61051 Fax: +944 208 658-3430
Marshalltown, 2107
Tel: 27 11 370-5000
Fax: 27 11 370-5271
AMERICAN DEPOSITARY RECEIPT BANKER
United States United Kingdom
Bank of New York Bank of New York
101 Barclay Street 46 Berkley Street
New York N.Y. 10286 London
USA W1X 6AA
Tel: +91 212 815-5133 Tel: +944 207 322-6341
Fax: +91 212 571-3050 Fax: +944 207 322-6028
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.
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; decreases
in the market price of gold; hazards associated with underground and surface
gold mining; labour disruptions;
changes in government regulations, particularly environmental regulations;
changes in exchange rates; currency devaluations; inflation and other
macro-economic factors; and the impact of the
AIDS crisis in South Africa. These forward looking statements speak only as of
the date of this document. The company 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.
END
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