UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Dated 12 February 2020
Commission File Number 001-31318
Gold Fields Limited
(Translation of registrants name into English)
150 Helen Rd.
Sandown, Sandton 2196
South Africa
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
☒ Form 20-F ☐ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
Exhibit |
Description | |
99.1 | Unaudited results for the year ended 31 December 2019 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
Gold Fields Limited | ||||||
Date: 12 February 2020 | By: | /s/ Nicholas J. Holland | ||||
Name: | Nicholas J. Holland | |||||
Title: | Chief Executive Officer |
Exhibit 99.1
Gold Fields 2019 RESULTS |
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3 | Gold Fields 2019 RESULTS | ||
Gold Fields 2019 RESULTS |
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STOCK DATA FOR THE YEAR ENDED DECEMBER 2019 |
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Number of shares in issue |
NYSE (GFI) | |||||||
at 31 December 2019 | 828,632,707 | Range Year | US$5.04 US$6.69 | |||||
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average for the year |
827,386,603 | Average Volume year | 6,053,881 shares/day | |||||
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Free Float |
100 per cent | JSE LIMITED (GFI) | ||||||
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ADR Ratio |
1:1 | Range Year | ZAR46.72 ZAR96.02 | |||||
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Bloomberg/Reuters |
GFISJ/GFLJ.J | Average Volume year | 2,794,445 shares/day |
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5 | Gold Fields 2019 RESULTS | ||
Key Statistics
United States Dollars | ||||||||||||||||||||||||
Quarter | Year ended | |||||||||||||||||||||||
Figures in millions unless otherwise stated | December | September | December | December | December | |||||||||||||||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||
Gold produced* |
oz (000) | 590 | 523 | 509 | 2,195 | 2,036 | ||||||||||||||||||
Tonnes milled/treated |
000 | 10,519 | 9,850 | 8,571 | 38,342 | 34,110 | ||||||||||||||||||
Revenue (excluding Asanko) |
US$/oz | 1,482 | 1,469 | 1,212 | 1,388 | 1,252 | ||||||||||||||||||
Cost of sales before gold inventory change and amortisation and depreciation (excluding Asanko) |
US$/tonne | 39 | 44 | 43 | 41 | 42 | ||||||||||||||||||
All-in sustaining costs# |
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(original interpretation) |
US$/oz | 922 | 1,018 | 1,016 | 970 | 981 | ||||||||||||||||||
All-in sustaining costs (revised interpretation guidance WGC) |
US$/oz | 864 | 947 | | 897 | | ||||||||||||||||||
Total all-in cost# |
US$/oz | 974 | 1,084 | 1,213 | 1,064 | 1,173 | ||||||||||||||||||
Net debt (pre-IFRS 16) |
US$m | 1,331 | 1,401 | 1,612 | 1,331 | 1,687 | ||||||||||||||||||
Net debt to EBITDA ratio |
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(pre-IFRS 16) |
1.08 | 1.52 | ||||||||||||||||||||||
Net debt (IFRS 16 impact included) |
US$m | 1,664 | 1,735 | | 1,664 | | ||||||||||||||||||
Net debt to EBITDA ratio |
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(IFRS 16 impact included) |
1.29 | | ||||||||||||||||||||||
Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares |
US$ | 249 | (122 | ) | ||||||||||||||||||||
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Profit/(loss) attributable to owners of the parent |
US$m | 161.6 | (348.2 | ) | ||||||||||||||||||||
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Profit/(loss) per share attributable to owners of the parent |
US c.p.s. | 20 | (42 | ) | ||||||||||||||||||||
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Headline earnings attributable to owners of the parent |
US$m | 162.7 | 60.6 | |||||||||||||||||||||
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Headline earnings per share attributable to owners of the parent |
US c.p.s. | 20 | 7 | |||||||||||||||||||||
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Normalised profit attributable to owners of the parent |
US$m | 343.4 | 26.9 | |||||||||||||||||||||
Normalised profit per share attributable to owners of the parent |
US c.p.s. | 42 | 3 | |||||||||||||||||||||
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* | Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko. |
# | Refer to pages 44 45. |
All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0%), Cerro Corona in Peru (99.5%) and Asanko JV (45% equity share). Gold produced (and sold) throughout this report includes copper gold equivalents of approximately 7% of Group production.
Figures may not add as they are rounded independently.
This media release contains certain non-IFRS financial measures in respect of the Groups financial performance, the statement of financial position and cash flows presented in order to provide users with relevant information and measures used by the Group to assess performance. Non-IFRS financial measures are financial measures other than those defined or specified under all relevant accounting standards. These measures constitute pro-forma financial information in terms of the JSE Listings Requirements and are the responsibility of the Groups Board of Directors. They are presented for illustrative purposes only and due to their nature, may not fairly present Gold Fields financial position, changes in equity, results of operations or cash flows. In addition, these measures may not be comparable to similarly titled measures used by other companies.
The key non-IFRS measures used include normalised profit, net debt (pre and post IFRS 16), adjusted EBITDA, free cash flow margin, cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares, all-in sustaining and total all-in costs. The applicable criteria on the basis of which this information has been prepared is set out in the notes accompanying the media release.
This pro-forma financial information has been reported on by the Groups auditors, being PricewaterhouseCoopers Inc. Their unqualified reporting accountants report thereon is available for inspection at the Companys registered address.
Gold Fields 2019 RESULTS |
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Certain forward-looking statements
This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to Gold Fields financial condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. Such forward-looking statements can be identified by the use of forward-looking terminology, including the terms believes, estimates, plans, anticipates, aims, continues, expects, hopes, may, will, would or could or, in each case, their negative or other various or comparable terminology.
These forward-looking statements, including, among others, those relating to the future business prospects, revenues and income of Gold Fields, wherever they may occur in this report, are necessarily estimates reflecting the best judgment of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:
| overall economic and business conditions in South Africa, Ghana, Australia, Peru and elsewhere; |
| changes in assumptions underlying Gold Fields mineral reserve estimates; |
| the ability of the Group to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions or joint ventures; |
| the ability of the Group to achieve anticipated efficiencies and other cost savings as a result of measures such as retrenchments; |
| the ability of the Group to achieve anticipated production cost estimates at existing operations, projects or joint ventures as outlined in this report or as otherwise disclosed; |
| the success of the Groups business strategy, development activities and other initiatives; |
| the ability of the Group to comply with requirements that it operate in a sustainable manner and provide benefits to affected communities; |
| decreases in the market price of gold or copper; |
| the occurrence of hazards associated with underground and surface gold mining or contagious diseases at Gold Fields operations, projects or joint ventures; |
| the occurrence of work stoppages related to health and safety incidents at Gold Fields operations, projects or joint ventures; |
| the Groups loss of senior management or inability to hire or retain employees; |
| fluctuations in exchange rates, currency devaluations and other macro-economic monetary policies; |
| ongoing or future labour disruptions and industrial actions at Gold Fields operations, projects or joint ventures; |
| power cost increases as well as power stoppages, fluctuations and usage constraints; |
| supply chain shortages and increases in the prices of production imports; |
| the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms and conditions of Gold Fields facilities and Gold Fields overall cost of funding; |
| the adequacy of the Groups insurance coverage; |
| the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects, exploration project or other initiatives; |
| changes in relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential new legislation affecting Gold Fields mining and mineral rights; |
| fraud, bribery or corruption at Gold Fields operations, projects or joint ventures that leads to censure, penalties or negative reputational impacts; and |
| political instability in South Africa, Ghana, Peru or regionally in Africa or South America. |
Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.
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7 | Gold Fields 2019 RESULTS | ||
Gold Fields 2019 RESULTS |
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Gold Fields 2019 RESULTS |
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Gold Fields 2019 RESULTS |
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Gold Fields 2019 RESULTS |
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SALIENT FEATURES
Figures in millions | Total Mine Operations |
Total Mine Operations |
South Africa Region |
West Africa Region |
South America Region |
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unless otherwise stated | Including | Excluding |
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Ghana | Peru | |||||||||||||||||||||||||||||||
Equity accounted Joint Venture |
Equity accounted Joint Venture |
South Deep |
Total | Tarkwa | Damang | Asanko* 45% |
Cerro Corona |
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Operating Results |
Dec 2019 | 10,519 | 9,861 | 563 | 5,254 | 3,426 | 1,171 | 657 | 1,722 | |||||||||||||||||||||||||||
Ore milled/treated° |
Sept 2019 | 9,850 | 9,202 | 563 | 5,242 | 3,437 | 1,158 | 648 | 1,648 | |||||||||||||||||||||||||||
(000 tonnes) |
Dec 2018 | 8,571 | 8,014 | 159 | 4,986 | 3,457 | 972 | 557 | 1,602 | |||||||||||||||||||||||||||
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Yield |
Dec 2019 | 1.8 | 1.8 | 3.8 | 1.2 | 1.1 | 1.2 | 1.4 | 1.3 | |||||||||||||||||||||||||||
(grams per tonne) |
Sept 2019 | 1.8 | 1.7 | 3.4 | 1.2 | 1.2 | 1.3 | 1.3 | 1.2 | |||||||||||||||||||||||||||
Dec 2018 | 1.8 | 1.8 | 2.1 | 1.2 | 1.2 | 1.3 | 1.5 | 1.8 | ||||||||||||||||||||||||||||
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Gold produced |
Dec 2019 | 607.3 | 577.6 | 69.4 | 197.5 | 120.9 | 46.9 | 29.8 | 70.8 | |||||||||||||||||||||||||||
(000 managed equivalent ounces) |
Sept 2019 | 540.7 | 512.6 | 61.0 | 205.1 | 127.3 | 49.7 | 28.1 | 64.8 | |||||||||||||||||||||||||||
Dec 2018 | 526.5 | 499.6 | 11.0 | 200.9 | 134.0 | 40.0 | 26.9 | 93.2 | ||||||||||||||||||||||||||||
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Gold sold |
Dec 2019 | 610.9 | 581.2 | 73.5 | 197.5 | 120.9 | 46.9 | 29.7 | 74.8 | |||||||||||||||||||||||||||
(000 managed equivalent ounces) |
Sept 2019 | 523.2 | 494.9 | 58.4 | 205.4 | 127.3 | 49.7 | 28.4 | 65.6 | |||||||||||||||||||||||||||
Dec 2018 | 524.9 | 497.1 | 16.3 | 201.9 | 134.0 | 40.0 | 27.8 | 87.4 | ||||||||||||||||||||||||||||
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Cost of sales before amortisation |
Dec 2019 | (402.2 | ) | (377.9 | ) | (60.7 | ) | (148.2 | ) | (75.6 | ) | (48.4 | ) | (24.2 | ) | (42.1 | ) | |||||||||||||||||||
and depreciation |
Sept 2019 | (374.8 | ) | (350.7 | ) | (64.2 | ) | (141.2 | ) | (82.7 | ) | (34.5 | ) | (24.0 | ) | (39.3 | ) | |||||||||||||||||||
(million) |
Dec 2018 | (372.3 | ) | (348.4 | ) | (52.0 | ) | (139.1 | ) | (82.6 | ) | (32.6 | ) | (23.9 | ) | (38.4 | ) | |||||||||||||||||||
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Cost of sales before gold inventory |
Dec 2019 | 39 | 39 | 107 | 27 | 21 | 39 | 38 | 27 | |||||||||||||||||||||||||||
change and amortisation and |
Sept 2019 | 46 | 44 | 120 | 28 | 25 | 34 | 32 | 25 | |||||||||||||||||||||||||||
depreciation (dollar per tonne) |
Dec 2018 | 43 | 43 | 267 | 30 | 25 | 40 | 46 | 27 | |||||||||||||||||||||||||||
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Sustaining capital |
Dec 2019 | (121.0 | ) | (118.9 | ) | (7.6 | ) | (32.1 | ) | (30.1 | ) | 0.1 | (2.1 | )& | (24.2 | ) | ||||||||||||||||||||
(million) (original interpretation) |
Sept 2019 | (114.4 | ) | (109.5 | ) | (8.0 | ) | (33.9 | ) | (27.1 | ) | (1.9 | ) | (4.9 | )& | (15.5 | ) | |||||||||||||||||||
Dec 2018 | (134.2 | ) | (129.8 | ) | (10.8 | ) | (42.1 | ) | (34.2 | ) | (3.4 | ) | (4.4 | ) | (12.6 | ) | ||||||||||||||||||||
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Non-sustaining capital |
Dec 2019 | (10.3 | ) | (7.7 | ) | | (10.3 | ) | | (7.7 | ) | (2.6 | ) | | ||||||||||||||||||||||
(million) (original interpretation) |
Sept 2019 | (20.6 | ) | (19.5 | ) | | (18.2 | )# | | (17.1 | )# | (1.1 | ) | | ||||||||||||||||||||||
Dec 2018 | (33.5 | ) | (29.0 | ) | (1.3 | ) | (32.3 | )# | | (27.7 | )# | (4.5 | ) | | ||||||||||||||||||||||
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Total capital expenditure |
Dec 2019 | (131.4 | ) | (126.7 | ) | (7.6 | ) | (42.4 | ) | (30.1 | ) | (7.6 | ) | (4.7 | ) | (24.2 | ) | |||||||||||||||||||
(million) |
Sept 2019 | (134.8 | ) | (128.8 | ) | (8.0 | ) | (52.1 | ) | (27.1 | ) | (18.9 | ) | (6.1 | ) | (15.5 | ) | |||||||||||||||||||
Dec 2018 | (167.7 | ) | (158.8 | ) | (12.1 | ) | (74.2 | ) | (34.2 | ) | (31.1 | ) | (8.9 | ) | (12.6 | ) | ||||||||||||||||||||
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All-in-sustaining costs |
Dec 2019 | 912 | 909 | 932 | 1,024 | 989 | 1,149 | 969 | 628 | |||||||||||||||||||||||||||
(dollar per ounce) original |
Sept 2019 | 1,011 | 1,000 | 1,258 | 967 | 969 | 842 | 1,179 | 698 | |||||||||||||||||||||||||||
interpretation |
Dec 2018 | 1,009 | 1,003 | 3,906 | 951 | 924 | 937 | 1,105 | 252 | |||||||||||||||||||||||||||
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All-in-sustaining costs |
Dec 2019 | 854 | 847 | 932 | 1,024 | 989 | 1,149 | 969 | 412 | |||||||||||||||||||||||||||
(dollar per ounce) revised |
Sept 2019 | 940 | 925 | 1,258 | 967 | 969 | 842 | 1,179 | 604 | |||||||||||||||||||||||||||
interpretation |
Dec 2018 | | | | | | | | | |||||||||||||||||||||||||||
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Total all-in-cost |
Dec 2019 | 932 | 923 | 932 | 1,082 | 989 | 1,313 | 1,094 | 628 | |||||||||||||||||||||||||||
(dollar per ounce) |
Sept 2019 | 1,057 | 1,042 | 1,258 | 1,067 | 969 | 1,185 | 1,301 | 698 | |||||||||||||||||||||||||||
Dec 2018 | 1,076 | 1,064 | 3,986 | 1,105 | 924 | 1,601 | 1,266 | 252 | ||||||||||||||||||||||||||||
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United States Dollars |
Australian Dollars |
South African Rand |
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Australia Region |
Australia Region |
South Africa Region |
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Australia | Australia |
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Total | St Ives | Agnew | Granny Smith |
Gruyere 50% |
Total | St Ives | Agnew | Granny Smith |
Gruyere 50% |
South Deep |
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Operating Results |
Dec 2019 | 2,980 | 1,145 | 338 | 471 | 1,026 | 2,980 | 1,145 | 338 | 471 | 1,026 | 563 | ||||||||||||||||||||||||||||||||||||
Ore milled/treated° |
Sept 2019 | 2,396 | 1,070 | 307 | 464 | 555 | 2,396 | 1,070 | 307 | 464 | 555 | 563 | ||||||||||||||||||||||||||||||||||||
(000 tonnes) |
Dec 2018 | 1,824 | 1,081 | 280 | 463 | | 1,824 | 1,081 | 280 | 463 | | 159 | ||||||||||||||||||||||||||||||||||||
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Yield |
Dec 2019 | 2.8 | 2.9 | 5.1 | 4.7 | 1.1 | 2.8 | 2.9 | 5.1 | 4.7 | 1.1 | 3.8 | ||||||||||||||||||||||||||||||||||||
(grams per tonne) |
Sept 2019 | 2.7 | 2.2 | 5.1 | 4.7 | 0.8 | 2.7 | 2.2 | 5.1 | 4.7 | 0.8 | 3.4 | ||||||||||||||||||||||||||||||||||||
Dec 2018 | 3.8 | 2.5 | 6.9 | 4.8 | | 3.8 | 2.5 | 6.9 | 4.8 | | 2.1 | |||||||||||||||||||||||||||||||||||||
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Gold produced |
Dec 2019 | 269.6 | 107.8 | 55.7 | 71.1 | 35.0 | 269.6 | 107.8 | 55.7 | 71.1 | 35.0 | 2,159 | ||||||||||||||||||||||||||||||||||||
(000 managed equivalent ounces) |
Sept 2019 | 209.8 | 75.2 | 50.4 | 69.7 | 14.6 | 209.8 | 75.2 | 50.4 | 69.7 | 14.6 | 1,897 | ||||||||||||||||||||||||||||||||||||
Dec 2018 | 221.3 | 87.9 | 62.4 | 71.0 | | 221.3 | 87.9 | 62.4 | 71.0 | | 343 | |||||||||||||||||||||||||||||||||||||
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Gold sold |
Dec 2019 | 265.2 | 101.9 | 58.4 | 71.1 | 33.7 | 265.2 | 101.9 | 58.4 | 71.1 | 33.7 | 2,286 | ||||||||||||||||||||||||||||||||||||
(000 managed equivalent ounces) |
Sept 2019 | 193.7 | 78.2 | 45.7 | 69.8 | | 193.7 | 78.2 | 45.7 | 69.8 | | 1,818 | ||||||||||||||||||||||||||||||||||||
Dec 2018 | 219.3 | 87.9 | 60.2 | 71.2 | | 219.3 | 87.9 | 60.2 | 71.2 | | 508 | |||||||||||||||||||||||||||||||||||||
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Cost of sales before amortisation |
Dec 2019 | (151.2 | ) | (53.1 | ) | (44.2 | ) | (40.2 | ) | (13.7 | ) | (221.0 | ) | (77.9 | ) | (64.6 | ) | (58.8 | ) | (19.7 | ) | (897.3 | ) | |||||||||||||||||||||||||
and depreciation |
Sept 2019 | (130.1 | ) | (53.2 | ) | (36.2 | ) | (40.7 | ) | | (189.6 | ) | (77.6 | ) | (52.8 | ) | (59.2 | ) | | (936.5 | ) | |||||||||||||||||||||||||||
(million) |
Dec 2018 | (142.8 | ) | (60.1 | ) | (39.2 | ) | (43.5 | ) | | (198.1 | ) | (82.8 | ) | (54.7 | ) | (60.6 | ) | | (762.7 | ) | |||||||||||||||||||||||||||
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Cost of sales before gold inventory |
Dec 2019 | 55 | 54 | 124 | 83 | 19 | 80 | 79 | 182 | 122 | 27 | 1,581 | ||||||||||||||||||||||||||||||||||||
change and amortisation and |
Sept 2019 | 78 | 57 | 140 | 88 | | 114 | 82 | 203 | 127 | | 1,742 | ||||||||||||||||||||||||||||||||||||
depreciation (dollar per tonne) |
Dec 2018 | 73 | 45 | 146 | 94 | | 101 | 62 | 203 | 130 | | 4,797 | ||||||||||||||||||||||||||||||||||||
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Sustaining capital |
Dec 2019 | (57.2 | ) | (23.8 | ) | (6.2 | ) | (22.0 | ) | (5.2 | ) | (83.9 | ) | (34.9 | ) | (9.5 | ) | (32.1 | ) | (7.5 | ) | (112.1 | ) | |||||||||||||||||||||||||
(million) |
Sept 2019 | (56.8 | ) | (23.8 | ) | (15.3 | ) | (17.7 | ) | | (82.9 | ) | (34.6 | ) | (22.5 | ) | (25.8 | ) | | (117.1 | ) | |||||||||||||||||||||||||||
(original interpretation) |
Dec 2018 | (68.7 | ) | (33.8 | ) | (19.7 | ) | (15.3 | ) | | (95.9 | ) | (46.9 | ) | (27.4 | ) | (21.6 | ) | | (152.7 | ) | |||||||||||||||||||||||||||
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Non-sustaining capital |
Dec 2019 | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
(million) |
Sept 2019 | (2.5 | ) | | | | (2.5 | ) | (3.7 | ) | | | | (3.7 | ) | | ||||||||||||||||||||||||||||||||
(original interpretation) |
Dec 2018 | | | | | | | | | | | (24.0 | ) | |||||||||||||||||||||||||||||||||||
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Total capital expenditure |
Dec 2019 | (57.2 | ) | (23.8 | ) | (6.2 | ) | (22.0 | ) | (5.2 | ) | (76.5 | ) | (34.9 | ) | (9.5 | ) | (32.1 | ) | (7.5 | ) | (112.1 | ) | |||||||||||||||||||||||||
(million) |
Sept 2019 | (59.2 | ) | (23.8 | ) | (15.3 | ) | (17.7 | ) | (2.5 | ) | (86.7 | ) | (34.6 | ) | (22.5 | ) | (25.8 | ) | (3.7 | ) | (117.1 | ) | |||||||||||||||||||||||||
Dec 2018 | (68.7 | ) | (33.8 | ) | (19.7 | ) | (15.3 | ) | | (95.9 | ) | (46.9 | ) | (27.4 | ) | (21.6 | ) | | (176.7 | ) | ||||||||||||||||||||||||||||
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All-in-sustaining costs |
Dec 2019 | 868 | 817 | 943 | 966 | 683 | 1,268 | 1,197 | 1,385 | 1,411 | 983 | 443,563 | ||||||||||||||||||||||||||||||||||||
(dollar per ounce) original |
Sept 2019 | 1,041 | 1,050 | 1,200 | 927 | | 1,519 | 1,533 | 1,756 | 1,347 | | 588,855 | ||||||||||||||||||||||||||||||||||||
interpretation |
Dec 2018 | 1,003 | 1,109 | 1,013 | 862 | | 1,393 | 1,533 | 1,413 | 1,204 | | 1,834,112 | ||||||||||||||||||||||||||||||||||||
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All-in-sustaining costs |
Dec 2019 | 775 | 702 | 939 | 787 | 683 | 1,131 | 1,028 | 1,374 | 1,150 | 983 | 443,563 | ||||||||||||||||||||||||||||||||||||
(dollar per ounce) revised |
Sept 2019 | 878 | 873 | 1,061 | 763 | | 1,280 | 1,275 | 1,548 | 1,109 | | 588,855 | ||||||||||||||||||||||||||||||||||||
interpretation |
Dec 2018 | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
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Total all-in-cost |
Dec 2019 | 868 | 817 | 943 | 966 | 684 | 1,269 | 1,197 | 1,385 | 1,411 | 983 | 443,563 | ||||||||||||||||||||||||||||||||||||
(dollar per ounce) |
Sept 2019 | 1,054 | ° | 1,050 | 1,200 | 927 | | 1,538 | ° | 1,533 | 1,756 | 1,347 | | 588,855 | ||||||||||||||||||||||||||||||||||
Dec 2018 | 1,003 | 1,109 | 1,013 | 862 | | 1,393 | 1,533 | 1,413 | 1,204 | | 1,881,395 | |||||||||||||||||||||||||||||||||||||
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Average exchange rates were US$1 = R14.78, US$1 = R14.63 and US$1 = R14.27 for the December 2019, September 2019 and December 2018 quarters, respectively. The Australian/US Dollar exchange rates were A$1 = US$0.68, A$1 = US$0.69 and A$1 = US$0.72 for the December 2019, September 2019 and December 2018 quarters, respectively.
Figures may not add as they are rounded independently.
# | Relates to non-sustaining capital expenditure for Damang re-investment project. |
* | Equity accounted Joint Venture. |
& | Includes Gold Fields 45% share of deferred stripping of US$0.2m and US$4.6m (100% basis US$0.4m and US$10.3m) for the December 2019 and September 2019 quarters, respectively. |
° | Includes Gruyere capital expenditure with no ounces sold reported due to commercial levels of production not achieved until the end of September 2019. |
|
19 | Gold Fields 2019 RESULTS | ||
UNDERGROUND AND SURFACE
Total Mine Operatins including Equity |
South Africa |
West Africa Region |
South America Region |
Australia Region |
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accounted | Region | Ghana | Peru | Australia | ||||||||||||||||||||||||||||||||||||||||||||||||
Figures in millions |
Joint Venture |
South Deep |
Total | Tarkwa | Damang | Asanko 45% |
Cerro Corona |
Total | St Ives | Agnew | Granny Smith |
Gruyere 50% |
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Tonnes mined (000 tonnes)* |
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Dec 2019 Sept 2019 |
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1,452 1,441 |
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302 328 |
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1,150 1,113 |
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380 302 |
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333 360 |
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437 451 |
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underground ore |
Dec 2018 | 1,144 | 62 | | | | | | 1,082 | 323 | 297 | 462 | | |||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 528 | 14 | | | | | | 514 | 237 | 118 | 158 | | ||||||||||||||||||||||||||||||||||||||||
underground waste |
Sept 2019 | 572 | 11 | | | | | | 561 | 225 | 161 | 175 | | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 17 | 17 | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 9,253 | | 4,966 | 3,351 | 983 | 633 | 2,273 | 2,014 | 919 | | | 1,095 | ||||||||||||||||||||||||||||||||||||||||
surface ore |
Sept 2019 | 9,403 | | 5,163 | 3,666 | 1,000 | 497 | 2,070 | 2,170 | 1,115 | | | 1,055 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 8,113 | | 6,005 | 3,963 | 1,427 | 616 | 1,819 | 289 | 289 | | | | ||||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 11,233 | 317 | 4,966 | 3,351 | 983 | 633 | 2,273 | 3,677 | 1,536 | 451 | 595 | 1,095 | ||||||||||||||||||||||||||||||||||||||||
total |
Sept 2019 | 11,416 | 339 | 5,163 | 3,666 | 1,000 | 497 | 2,070 | 3,844 | 1,642 | 521 | 626 | 1,055 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 9,274 | 79 | 6,005 | 3,963 | 1,427 | 616 | 1,819 | 1,371 | 611 | 297 | 462 | | ||||||||||||||||||||||||||||||||||||||||
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Grade mined (grams per tonne) |
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Dec 2019 Sept 2019 |
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5.3 4.9 |
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6.5 5.7 |
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5.0 4.7 |
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4.3 3.9 |
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5.7 4.9 |
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5.2 5.1 |
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underground ore |
Dec 2018 | 5.2 | 4.7 | | | | | | 5.1 | 3.8 | 6.5 | 5.2 | | |||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 1.3 | | 1.3 | 1.2 | 1.6 | 1.6 | 1.0 | 1.5 | 2.1 | | | 0.9 | ||||||||||||||||||||||||||||||||||||||||
surface ore |
Sept 2019 | 1.2 | | 1.3 | 1.2 | 1.6 | 1.5 | 1.0 | 1.2 | 1.6 | | | 0.9 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 1.4 | | 1.2 | 1.2 | 1.5 | 1.5 | 1.4 | 1.4 | 1.4 | | | | ||||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 1.7 | 6.2 | 1.3 | 1.2 | 1.6 | 1.6 | 1.0 | 2.8 | 2.8 | 5.7 | 5.2 | 0.9 | ||||||||||||||||||||||||||||||||||||||||
total |
Sept 2019 | 1.6 | 5.5 | 1.3 | 1.2 | 1.6 | 1.5 | 1.0 | 2.4 | 2.1 | 4.9 | 5.1 | 0.9 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 1.9 | 3.8 | 1.2 | 1.2 | 1.5 | 1.5 | 1.4 | 4.3 | 2.7 | 6.5 | 5.2 | | ||||||||||||||||||||||||||||||||||||||||
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Gold mined (000 ounces)* |
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Dec 2019 Sept 2019 |
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249.6 229.0 |
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63.6 60.2 |
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186.0 168.8 |
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52.8 37.8 |
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60.9 56.7 |
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72.4 74.3 |
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underground ore |
Dec 2018 | 186.6 | 9.0 | | | | | | 177.6 | 39.1 | 62.0 | 76.5 | | |||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 381.3 | | 213.4 | 130.5 | 49.7 | 33.2 | 72.6 | 95.3 | 62.8 | | | 32.5 | ||||||||||||||||||||||||||||||||||||||||
surface ore |
Sept 2019 | 371.3 | | 217.8 | 143.1 | 51.3 | 23.5 | 66.8 | 86.7 | 56.9 | | | 29.8 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 347.6 | 0.3 | 255.3 | 157.2 | 68.8 | 29.3 | 79.0 | 13.1 | 13.1 | | | | ||||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 630.9 | 63.6 | 213.4 | 130.5 | 49.7 | 33.2 | 72.6 | 281.3 | 115.6 | 60.9 | 72.4 | 32.5 | ||||||||||||||||||||||||||||||||||||||||
total |
Sept 2019 | 600.3 | 60.2 | 217.8 | 143.1 | 51.3 | 23.5 | 66.8 | 255.5 | 94.7 | 56.7 | 74.3 | 29.8 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 534.2 | 9.3 | 255.3 | 157.2 | 68.8 | 29.3 | 79.0 | 190.7 | 52.2 | 62.0 | 76.5 | | ||||||||||||||||||||||||||||||||||||||||
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Ore milled/treated (000 tonnes) |
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Dec 2019 Sept 2019 |
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1,545 1,458 |
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342 321 |
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1,203 1,137 |
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393 366 |
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338 307 |
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471 464 |
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underground ore |
Dec 2018 | 1,096 | 63 | | | | | | 1,033 | 289 | 280 | 463 | | |||||||||||||||||||||||||||||||||||||||
Dec 2019 | 2 | 2 | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
underground waste |
Sept 2019 | 7 | 7 | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 26 | 26 | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 8,972 | 219 | 5,254 | 3,426 | 1,171 | 657 | 1,722 | 1,777 | 752 | | | 1,026 | ||||||||||||||||||||||||||||||||||||||||
surface ore |
Sept 2019 | 8,384 | 234 | 5,242 | 3,437 | 1,158 | 648 | 1,648 | 1,259 | 704 | | | 555 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 7,449 | 70 | 4,986 | 3,457 | 972 | 557 | 1,602 | 792 | 792 | | | | ||||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 10,519 | 563 | 5,254 | 3,426 | 1,171 | 657 | 1,722 | 2,980 | 1,145 | 338 | 471 | 1,026 | ||||||||||||||||||||||||||||||||||||||||
total |
Sept 2019 | 9,850 | 563 | 5,242 | 3,437 | 1,158 | 648 | 1,648 | 2,396 | 1,070 | 307 | 464 | 555 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 8,571 | 159 | 4,986 | 3,457 | 972 | 557 | 1,602 | 1,825 | 1,081 | 280 | 463 | | ||||||||||||||||||||||||||||||||||||||||
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Yield (grams per tonne) |
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Dec 2019 Sept 2019 |
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5.0 4.7 |
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6.2 5.8 |
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4.6 4.4 |
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4.1 3.3 |
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5.1 5.1 |
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4.7 4.7 |
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underground ore |
Dec 2018 | 5.1 | 5.3 | | | | | | 5.0 | 3.6 | 7.0 | 4.9 | | |||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 1.2 | 0.1 | 1.2 | 1.1 | 1.2 | 1.4 | 1.3 | 1.6 | 2.3 | | | 1.1 | ||||||||||||||||||||||||||||||||||||||||
surface ore |
Sept 2019 | 1.2 | 0.2 | 1.2 | 1.2 | 1.3 | 1.3 | 1.2 | 1.2 | 1.6 | | | 0.8 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 1.3 | 0.1 | 1.2 | 1.2 | 1.3 | 1.5 | 1.8 | 2.1 | 2.1 | | | | ||||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 1.8 | 3.8 | 1.2 | 1.1 | 1.2 | 1.4 | 1.3 | 2.8 | 2.9 | 5.1 | 4.7 | 1.1 | ||||||||||||||||||||||||||||||||||||||||
combined |
Sept 2019 | 1.7 | 3.4 | 1.2 | 1.2 | 1.3 | 1.3 | 1.2 | 2.7 | 2.2 | 5.1 | 4.7 | 0.8 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 1.8 | 2.1 | 1.2 | 1.2 | 1.3 | 1.5 | 1.8 | 3.8 | 2.5 | 6.9 | 4.8 | | ||||||||||||||||||||||||||||||||||||||||
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Gold produced (000 ounces) |
|
Dec 2019 Sept 2019 |
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247.3 219.2 |
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68.7 59.7 |
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178.6 159.5 |
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51.8 39.4 |
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55.7 50.4 |
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71.1 69.7 |
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underground ore |
Dec 2018 | 177.7 | 10.7 | | | | | | 167.0 | 33.6 | 62.4 | 71.0 | | |||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 360.0 | 0.7 | 197.5 | 120.9 | 46.9 | 29.8 | 70.8 | 91.1 | 56.1 | | | 35.0 | ||||||||||||||||||||||||||||||||||||||||
surface ore |
Sept 2019 | 321.5 | 1.3 | 205.1 | 127.3 | 49.7 | 28.1 | 64.8 | 50.3 | 35.7 | | | 14.6 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 348.8 | 0.3 | 200.9 | 134.0 | 40.0 | 26.9 | 93.2 | 54.3 | 54.3 | | | | ||||||||||||||||||||||||||||||||||||||||
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Dec 2019 | 607.3 | 69.4 | 197.5 | 120.9 | 46.9 | 29.8 | 70.8 | 269.6 | 107.8 | 55.7 | 71.1 | 35.0 | ||||||||||||||||||||||||||||||||||||||||
total |
Sept 2019 | 540.7 | 61.0 | 205.1 | 127.3 | 49.7 | 28.1 | 64.8 | 209.8 | 75.2 | 50.4 | 69.7 | 14.6 | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 526.5 | 11.0 | 200.9 | 134.0 | 40.0 | 26.9 | 93.2 | 221.3 | 87.9 | 62.4 | 71.0 | | ||||||||||||||||||||||||||||||||||||||||
Cost of sales before gold inventory change and amortisation and depreciation (dollar per tonne) |
|
Dec 2019 Sept 2019 |
|
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113 125 |
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174 204 |
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96 103 |
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86 90 |
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124 140 |
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83 88 |
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underground |
Dec 2018 | 132 | 476 | | | | | | 99 | 64 | 146 | 94 | | |||||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|||||||||||||||||||||||||||||
Dec 2019 | 26 | 2 | 27 | 21 | 39 | 38 | 27 | 27 | 38 | | | 19 | ||||||||||||||||||||||||||||||||||||||||
surface |
Sept 2019 | 28 | 2 | 29 | 25 | 34 | 35 | 25 | 39 | 39 | | | | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 30 | 3 | 30 | 25 | 40 | 46 | 27 | 37 | 37 | | | | ||||||||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Dec 2019 | 39 | 107 | 27 | 21 | 39 | 38 | 27 | 55 | 54 | 124 | 83 | 19 | ||||||||||||||||||||||||||||||||||||||||
total |
Sept 2019 | 43 | 120 | 29 | 25 | 34 | 35 | 25 | 78 | 57 | 140 | 88 | | |||||||||||||||||||||||||||||||||||||||
Dec 2018 | 43 | 267 | 30 | 25 | 40 | 46 | 27 | 73 | 45 | 146 | 94 | | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Excludes surface material at South Deep. |
Gold Fields 2019 RESULTS |
20 |
| ||
|
21 | Gold Fields 2019 RESULTS | ||
Gold Fields 2019 RESULTS |
22 |
| ||
|
23 | Gold Fields 2019 RESULTS | ||
Gold Fields 2019 RESULTS |
24 |
| ||
|
25 | Gold Fields 2019 RESULTS | ||
Gold Fields 2019 RESULTS |
26 |
| ||
|
27 | Gold Fields 2019 RESULTS | ||
Gold Fields 2019 RESULTS |
28 |
| ||
|
29 | Gold Fields 2019 RESULTS | ||
Gold Fields 2019 RESULTS |
30 |
| ||
|
31 | Gold Fields 2019 RESULTS | ||
Gold Fields 2019 RESULTS |
32 |
| ||
|
33 | Gold Fields 2019 RESULTS | ||
Gold Fields 2019 RESULTS |
34 |
| ||
The preliminary financial statements are presented on a condensed consolidated basis
INCOME STATEMENT
United States Dollars | ||||||||
Year ended | ||||||||
December | December | |||||||
2019 | 2018 | |||||||
Figures in millions unless otherwise stated | (Reviewed) | (Audited) | ||||||
Revenue |
2,967.1 | 2,577.8 | ||||||
Cost of sales |
(2,033.5 | ) | (2,043.0 | ) | ||||
|
|
|
|
|||||
Cost of sales before amortisation and depreciation |
(1,423.5 | ) | (1,374.6 | ) | ||||
|
|
|
|
|||||
Cost of sales before gold inventory change and amortisation and depreciation |
(1,466.5 | ) | (1,390.8 | ) | ||||
Gold inventory change |
43.0 | 16.2 | ||||||
|
|
|
|
|||||
Amortisation and depreciation |
(610.0 | ) | (668.4 | ) | ||||
|
|
|
|
|||||
Net interest expense |
(81.9 | ) | (66.5 | ) | ||||
Share of results of equity accounted investees, after taxation |
3.1 | (13.1 | ) | |||||
(Loss)/gain on foreign exchange |
(5.2 | ) | 6.4 | |||||
(Loss)/gain on financial instruments |
(238.0 | ) | 21.0 | |||||
Share-based payments |
(20.5 | ) | (37.5 | ) | ||||
Long-term incentive plan |
(9.1 | ) | (1.1 | ) | ||||
Other costs, net |
(49.8 | ) | (54.9 | ) | ||||
Exploration and project expenses |
(84.4 | ) | (104.2 | ) | ||||
|
|
|
|
|||||
Profit before royalties, taxation and non-recurring items |
447.8 | 284.9 | ||||||
Non-recurring items |
(23.8 | ) | (633.1 | ) | ||||
|
|
|
|
|||||
Profit/(loss) before royalties and taxation |
424.0 | (348.2 | ) | |||||
Royalties |
(73.7 | ) | (62.5 | ) | ||||
|
|
|
|
|||||
Profit/(loss) before taxation |
350.3 | (410.7 | ) | |||||
Mining and income taxation |
(175.6 | ) | 65.9 | |||||
|
|
|
|
|||||
Normal taxation |
(190.6 | ) | (145.7 | ) | ||||
Deferred taxation |
15.0 | 211.6 | ||||||
|
|
|
|
|||||
Profit/(loss) for the year |
174.7 | (344.8 | ) | |||||
|
|
|
|
|||||
Attributable to: |
||||||||
Owners of the parent |
161.6 | (348.2 | ) | |||||
Non-controlling interest |
13.1 | 3.4 | ||||||
|
|
|
|
|||||
Profit/(loss) attributable to owners of the parent |
161.6 | (348.2 | ) | |||||
Profit/(loss) per share (cents) attributable to owners of the parent |
20 | (42 | ) | |||||
Diluted profit/(loss) per share (cents) attributable to owners of the parent |
19 | (42 | ) | |||||
|
|
|
|
|||||
Non IFRS measures and other disclosures |
||||||||
Non-recurring items: |
||||||||
Profit on disposal of Maverix |
14.6 | | ||||||
Profit/(loss) on sale of assets |
1.2 | (51.6 | ) | |||||
Restructuring costs |
(0.6 | ) | (113.9 | ) | ||||
Damang contract termination |
(13.1 | ) | | |||||
Loss on buy-back of bond |
(5.0 | ) | | |||||
Silicosis provision adjusted |
1.6 | 4.5 | ||||||
Impairment/reversal of impairment of FSE |
(9.6 | ) | (36.9 | ) | ||||
Impairment of South Deep |
| (481.5 | ) | |||||
Impairment of investments and assets |
(0.2 | ) | (1.9 | ) | ||||
Gain on acquisition of Asanko |
| 51.8 | ||||||
Loss on sale of inventory |
| (8.9 | ) | |||||
Other |
(12.7 | ) | 5.3 | |||||
|
|
|
|
|||||
Total non-recurring items |
(23.8 | ) | (633.1 | ) | ||||
Taxation on items above |
7.8 | 171.1 | ||||||
Non-recurring deferred taxation items (non-cash) |
| 61.5 | ||||||
|
|
|
|
|||||
Non-recurring items after tax |
(16.0 | ) | (400.5 | ) | ||||
|
|
|
|
|||||
Headline earnings attributable to owners of the parent |
162.7 | 60.6 | ||||||
Headline earnings per share (cents) attributable to owners of the parent |
20 | 7 | ||||||
Diluted headline earnings per share (cents) attributable to owners of the parent |
19 | 7 | ||||||
Normalised profit attributable to owners of the parent |
343.4 | 26.9 | ||||||
Normalised profit per share (cents) attributable to owners of the parent |
42 | 3 | ||||||
|
|
|
|
|||||
US Dollar/South African Rand conversion rate |
14.46 | 13.20 | ||||||
Australian Dollar/US Dollar conversion rate |
0.70 | 0.75 | ||||||
|
|
|
|
Figures may not add as they are rounded independently.
The condensed consolidated financial statements have been prepared by the corporate accounting staff of Gold Fields Limited headed by Tzvet Ilarionova, the Group Financial Controller. This process was supervised by Paul Schmidt, the Group Chief Financial Officer.
|
35 | Gold Fields 2019 RESULTS | ||
STATEMENT OF COMPREHENSIVE INCOME
United States Dollars | ||||||||
Year ended | ||||||||
December | December | |||||||
2019 | 2018 | |||||||
Figures in millions unless otherwise stated | (Reviewed) | (Audited) | ||||||
Profit/(loss) for the year |
174.7 | (344.8 | ) | |||||
Other comprehensive income, net of tax |
54.3 | (330.0 | ) | |||||
|
|
|
|
|||||
Equity investments at FVOCI net change in fair value* |
8.9 | (8.2 | ) | |||||
Taxation on above item* |
(23.1 | ) | 4.0 | |||||
Foreign currency translation adjustments# |
68.5 | (325.8 | ) | |||||
|
|
|
|
|||||
Total comprehensive income for the period |
229.0 | (674.8 | ) | |||||
|
|
|
|
|||||
Attributable to: |
||||||||
Owners of the parent |
215.9 | (678.2 | ) | |||||
Non-controlling interest |
13.1 | 3.4 | ||||||
|
|
|
|
|||||
229.0 | (674.8 | ) | ||||||
|
|
|
|
* | Items that will not be reclassified to the income statement. |
# | Item can be subsequently reclassified to the income statement. |
STATEMENT OF FINANCIAL POSITION
United States Dollars | ||||||||
December | December | |||||||
2019 | 2018 | |||||||
Figures in millions unless otherwise stated | (Reviewed) | (Restated)1 | ||||||
Non-current assets |
5,460.2 | 5,183.2 | ||||||
|
|
|
|
|||||
Property, plant and equipment |
4,657.1 | 4,259.2 | ||||||
Other non-current assets |
210.5 | 194.1 | ||||||
Equity accounted investments |
172.0 | 225.1 | ||||||
Investments |
155.1 | 235.3 | ||||||
Deferred taxation |
265.5 | 269.5 | ||||||
|
|
|
|
|||||
Current assets |
1,069.9 | 726.5 | ||||||
|
|
|
|
|||||
Other current assets |
554.9 | 506.8 | ||||||
Cash and cash equivalents |
515.0 | 219.7 | ||||||
|
|
|
|
|||||
Assets held for sale |
31.2 | | ||||||
|
|
|
|
|||||
Total assets |
6,561.3 | 5,909.7 | ||||||
|
|
|
|
|||||
Total equity |
2,908.7 | 2,706.9 | ||||||
Non-current liabilities |
2,284.8 | 2,670.9 | ||||||
|
|
|
|
|||||
Deferred taxation |
433.6 | 454.9 | ||||||
Borrowings |
1,160.9 | 1,814.3 | ||||||
Environmental rehabilitation provisions |
370.3 | 289.6 | ||||||
Lease liabilities |
287.7 | 80.1 | ||||||
Long-term employee benefits |
11.5 | 2.1 | ||||||
Other long-term provisions |
20.8 | 29.9 | ||||||
|
|
|
|
|||||
Current liabilities |
1,367.8 | 531.9 | ||||||
|
|
|
|
|||||
Other current liabilities |
637.7 | 430.9 | ||||||
Current portion of borrowings |
684.9 | 92.5 | ||||||
Current portion of lease liabilities |
45.2 | 8.5 | ||||||
|
|
|
|
|||||
Total equity and liabilities |
6,561.3 | 5,909.7 | ||||||
|
|
|
|
|||||
US Dollar/South African Rand conversion rate |
14.00 | 14.63 | ||||||
Australian Dollar/US Dollar conversion rate |
0.70 | 0.70 | ||||||
|
|
|
|
|||||
Non IFRS measures and other disclosures |
||||||||
|
|
|
|
|||||
Net debt (pre-IFRS 16) |
1,330.8 | 1,687.1 | ||||||
|
|
|
|
|||||
Net debt (post-IFRS 16) |
1,663.7 | | ||||||
|
|
|
|
1 | Refer to pages 30 31 for details of the restatement. These amounts have not been audited. |
Gold Fields 2019 RESULTS |
36 |
| ||
STATEMENT OF CHANGES IN EQUITY
United States Dollars | ||||||||||||||||||||
Figures in millions unless otherwise stated | Stated capital |
Other reserves |
Retained earnings |
Non- controlling interest |
Total equity |
|||||||||||||||
Balance at 31 December 2018 (Audited) |
3,622.5 | (2,110.3 | ) | 1,073.9 | 120.8 | 2,706.9 | ||||||||||||||
Total comprehensive income |
| 54.3 | 161.6 | 13.1 | 229.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Profit for the period |
| | 161.6 | 13.1 | 174.7 | |||||||||||||||
Other comprehensive income |
| 54.3 | | | 54.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Dividends declared |
| | (45.5 | ) | (2.2 | ) | (47.7 | ) | ||||||||||||
Share-based payments |
| 20.5 | | | 20.5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance as at 31 December 2019 (Reviewed) |
3,622.5 | (2,035.5 | ) | 1,190.0 | 131.7 | 2,908.7 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
United States Dollars | ||||||||||||||||||||
Figures in millions unless otherwise stated | Stated capital |
Other reserves |
Retained earnings |
Non- controlling interest |
Total equity |
|||||||||||||||
Balance at 31 December 2017 (Audited) |
3,622.5 | (1,817.8 | ) | 1,467.6 | 127.2 | 3,399.5 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total comprehensive income |
| (330.0 | ) | (348.2 | ) | 3.4 | (674.8 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss for the period |
| | (348.2 | ) | 3.4 | (344.8 | ) | |||||||||||||
Other comprehensive income |
| (330.0 | ) | | | (330.0 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Dividends declared |
| | (45.5 | ) | (9.8 | ) | (55.3 | ) | ||||||||||||
Share-based payments |
| 37.5 | | | 37.5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at 31 December 2018 (Audited) |
3,622.5 | (2,110.3 | ) | 1,073.9 | 120.8 | 2,706.9 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
37 | Gold Fields 2019 RESULTS | ||
DEBT MATURITY LADDER (REVIEWED)
United States Dollars | ||||||||||||||||||||||||||||
Figures in millions unless otherwise stated | 31 December 2020 |
31 December 2021 |
31 December 2022 |
31 December 2023 |
31 December 2024 |
31 December 2029 |
Total | |||||||||||||||||||||
Uncommitted loan facilities |
||||||||||||||||||||||||||||
Rand million |
1,635.0 | | | | | | 1,635.0 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
US dollar million |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Rand debt translated to dollar |
116.8 | | | | | | 116.8 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total (US$m) |
116.8 | | | | | | 116.8 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Committed loan facilities |
||||||||||||||||||||||||||||
US dollar million |
899.0 | 100.0 | 600.0 | | 1,096.3 | 496.1 | 3,191.4 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Rand million |
1,000.0 | | | 1,500.0 | | | 2,500.0 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
A$ million |
| 500.0 | | | | | 500.0 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Rand debt translated to dollar |
71.4 | | | 107.1 | | | 178.5 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
A$ debt translated to dollar |
| 351.0 | | | | | 351.0 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total (US$m) |
970.4 | 451.0 | 600.0 | 107.1 | 1,096.3 | 496.1 | 3,720.9 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total (US$m) Uncommitted and committed loan facilities |
1,087.2 | 451.0 | 600.0 | 107.1 | 1,096.3 | 496.1 | 3,837.7 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Utilisation Uncommitted loan facilities |
||||||||||||||||||||||||||||
Rand million |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
US dollar million |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Rand debt translated to dollar |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total (US$m) |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Utilisation Committed loan facilities (including US$ bond) |
||||||||||||||||||||||||||||
US dollar million |
684.9 | | | | 496.3 | 496.1 | 1,677.3 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Rand million |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
A$ million |
| 240.0 | | | | | 240.0 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Rand debt translated to dollar |
| | | | | | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
A$ debt translated to dollar |
| 168.5 | | | | | 168.5 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total (US$m) |
684.9 | 168.5 | | | 496.3 | 496.1 | 1,845.8 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total (US$m) Utilisation Uncommitted and committed loan facilities |
684.9 | 168.5 | | | 496.3 | 496.1 | 1,845.8 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange rate: US$1 = R14.00 and US$1 = A$0.70 being the closing rates at 31 December 2019.
Gold Fields 2019 RESULTS |
38 |
| ||
STATEMENT OF CASH FLOWS
United States Dollars | ||||||||
Year ended | ||||||||
December | December | |||||||
2019 | 2018 | |||||||
Figures in millions unless otherwise stated | (Reviewed) | (Restated)1 | ||||||
Cash flows from operating activities |
892.7 | 624.0 | ||||||
|
|
|
|
|||||
Profit/(loss) before royalties and taxation |
424.0 | (348.2 | ) | |||||
Amortisation and depreciation |
610.0 | 668.4 | ||||||
Silicosis payment |
(4.6 | ) | | |||||
Other non-cash items |
143.4 | 611.4 | ||||||
South Deep BEE dividend |
(1.4 | ) | (1.7 | ) | ||||
Payment of long-term incentive plan |
| (17.8 | ) | |||||
Change in working capital |
(24.6 | ) | (31.9 | ) | ||||
Royalties and taxation paid |
(254.1 | ) | (256.2 | ) | ||||
|
|
|
|
|||||
Dividends paid |
(47.7 | ) | (55.3 | ) | ||||
|
|
|
|
|||||
Owners of the parent |
(45.5 | ) | (45.5 | ) | ||||
Non-controlling interest holders |
(2.2 | ) | (9.8 | ) | ||||
|
|
|
|
|||||
Cash flows from investing activities |
(446.8 | ) | (886.8 | ) | ||||
|
|
|
|
|||||
Capital expenditure additions |
(612.5 | ) | (814.2 | ) | ||||
Proceeds on disposal of property, plant and equipment |
3.7 | 78.9 | ||||||
Purchase of investments |
(6.5 | ) | (19.3 | ) | ||||
Purchase of Asanko |
(20.0 | ) | (165.0 | ) | ||||
Redemption of Asanko Preference shares |
10.0 | | ||||||
Proceeds on disposal of Maverix |
66.8 | | ||||||
Proceeds on disposal of subsidiary |
6.2 | | ||||||
Proceeds on disposal of assets held for sale |
| 40.0 | ||||||
Proceeds on disposal of investments |
112.6 | 0.5 | ||||||
Contributions to environmental trust funds |
(7.1 | ) | (7.7 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities |
(104.6 | ) | 151.6 | |||||
|
|
|
|
|||||
Loans received |
1,538.0 | 690.0 | ||||||
Loans repaid |
(1,604.3 | ) | (535.9 | ) | ||||
Payment of lease liabilities |
(38.3 | ) | (2.5 | ) | ||||
|
|
|
|
|||||
Net cash inflow/(outflow) |
293.6 | (166.5 | ) | |||||
|
|
|
|
|||||
Translation adjustment |
1.7 | (7.6 | ) | |||||
Cash and cash equivalent at beginning of the period |
219.7 | 393.8 | ||||||
|
|
|
|
|||||
Cash and cash equivalent at end of the year |
515.0 | 219.7 | ||||||
|
|
|
|
|||||
Non IFRS measures and other disclosures |
||||||||
|
|
|
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Cash flow from operating activities less net capital expenditure, environmental payments, lease payments and redemption of Asanko preference shares |
248.5 | (121.5 | ) | |||||
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1 | Refer to pages 30 31 for details of the restatement. These amounts have not been audited. |
RECONCILIATION OF HEADLINE EARNINGS
United States Dollars | ||||||||
Year ended | ||||||||
December | December | |||||||
2019 | 2018 | |||||||
Figures in millions unless otherwise stated | (Reviewed) | (Audited) | ||||||
Net profit/(loss) attributable to owners of the parent |
161.6 | (348.2 | ) | |||||
(Profit)/loss on disposal of assets |
(1.2 | ) | 51.6 | |||||
Taxation effect on disposal of assets |
0.4 | (12.0 | ) | |||||
Profit on disposal of Maverix1 |
(33.8 | ) | | |||||
Impairment of South Deep |
| 481.5 | ||||||
Gain on acquisition of Asanko |
| (51.8 | ) | |||||
Impairment/reversal of FSE impairment |
9.6 | 36.9 | ||||||
Impairment of investments and assets and other non-recurring items |
35.1 | 35.6 | ||||||
Taxation on impairment of assets and other non-recurring items |
(9.0 | ) | (130.4 | ) | ||||
Non-controlling interest effect on impairment of investments and assets |
| (2.6 | ) | |||||
|
|
|
|
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Headline earnings |
162.7 | 60.6 | ||||||
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|
|
|
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Headline earnings per share cents |
20 | 7 | ||||||
Based on headline earnings as given above divided by 827,386,603 (December 2018 821,532,707) being the weighted average number of ordinary shares in issue. |
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|
|
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|
1 | Profit on disposal of Maverix of US$14.6m under non-recurring items comprises profit on disposal of associate of US$33.8m, partially offset by a loss on derecognition of the investment in Maverix designated at fair value through profit or loss of US$19.2m. |
|
39 | Gold Fields 2019 RESULTS | ||
FAIR VALUE HIERARCHY (REVIEWED)
The Group has the following hierarchy for measuring the fair value of assets and liabilities at the reporting date:
Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities; |
Level 2: | Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and |
Level 3: | Inputs for the asset or liability that are not based on observable market data (unobservable inputs). |
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no transfers during the year ended 31 December 2019 and 2018.
The following table sets out the Groups financial assets and financial liabilities by level within the fair value hierarchy at the reporting date:
United States Dollars | ||||||||||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||||||||||
Figures in millions unless otherwise stated | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets measured at fair value |
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Environmental trust funds |
7.2 | | 7.2 | | 6.5 | | 6.5 | | ||||||||||||||||||||||||
Trade receivables from provisional copper sales |
22.8 | | 22.8 | | 15.3 | | 15.3 | | ||||||||||||||||||||||||
Investments listed |
47.9 | 47.9 | | | 93.0 | 93.0 | | | ||||||||||||||||||||||||
Investments unlisted |
| | | | 0.1 | | | 0.1 | ||||||||||||||||||||||||
Asanko redeemable preference shares |
95.5 | | | 95.5 | 132.9 | | | 132.9 | ||||||||||||||||||||||||
Warrants |
11.7 | | 11.7 | | 9.3 | | 9.3 | | ||||||||||||||||||||||||
Oil derivative contracts |
1.1 | | 1.1 | | 4.7 | | 4.7 | | ||||||||||||||||||||||||
Copper derivative contracts |
| | | | 1.2 | | 1.2 | | ||||||||||||||||||||||||
Gold derivative contracts |
| | | | 2.4 | | 2.4 | | ||||||||||||||||||||||||
Financial assets not measured at fair value |
| | ||||||||||||||||||||||||||||||
Environmental trust funds |
62.3 | | 62.3 | | 54.3 | | 54.3 | |||||||||||||||||||||||||
Financial liabilities measured at fair value |
||||||||||||||||||||||||||||||||
Foreign exchange derivative contracts |
0.3 | | 0.3 | | 8.7 | | 8.7 | | ||||||||||||||||||||||||
Gold derivative contracts |
127.3 | | 127.3 | | 13.9 | | 13.9 | | ||||||||||||||||||||||||
Financial liabilities not measured at fair value |
||||||||||||||||||||||||||||||||
Borrowings |
1,952.4 | 1,700.4 | | 252.0 | 1,897 | 839.6 | | 1,057.4 |
Environmental trust funds
The environmental trust funds are measured at fair value through profit or loss and amortised cost which approximates fair value based on the nature of the funds underlying investments.
Trade receivables from provisional copper sales
Valued using quoted market prices based on the forward London Metal Exchange (LME) and, as such, classified within Level 2 of the fair value hierarchy.
Listed investments
Comprise equity investments in listed entities and therefore valued using quoted market prices in active markets.
Asanko redeemable preference shares
The fair value is based on the expected cash flows of the Asanko Gold Mine based on the life-of-mine model.
Warrants
Warrants are measured at fair value through profit or loss. The fair value is determined using a standard European call option format based on a standard option theory model.
Oil, gold and foreign exchange derivative contracts
The fair values of these contracts are determined by using the applicable valuation models for each instrument type with the key inputs being forward prices, interest rates and volatility.
Borrowings
The 2020 notes, the 5-year notes and the 10-year notes are issued at a fixed interest rate. The fair values of these notes are based on listed market prices and are classified within level 1 of the fair value hierarchy. The fair value of the remaining borrowings approximates their carrying amount, determined using the discounted cash flow method using market related interest rates and are classified within level 3 of the fair value hierarchy.
Gold Fields 2019 RESULTS |
40 |
| ||
HEDGING/DERIVATIVES (REVIEWED)
The Groups policy is to remain unhedged to the gold price. However, hedges are sometimes undertaken 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.
Derivative instruments*
Ghana Oil hedge
In May 2017 and June 2017 fixed price ICE Gasoil cash settled swap transactions were entered into for a total of 125.8 million litres of diesel for the period June 2017 to December 2019 based on 50% of usage over the specified period. The average swap price is US$457 per metric tonne (equivalent to US$61.4 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenor was US$49.8 per barrel.
In June 2019 fixed price ICE Gasoil cash settled swap transactions were entered into for a total of 123.2 million litres of diesel for the period January 2020 to December 2022 based on 50% of usage over the specified period. The average swap price is US$575 per metric tonne (equivalent to US$75.8 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenor was US$59.2 per barrel.
At the reporting date, the mark-to-market value on the hedge was US$nilm with a realised gain of US$5m for the year ended 31 December 2019.
Ghana Gold hedge
In June 2019, a total of 275,000oz of the expected production for 2020 for the Ghanaian region was hedged for the period January 2020 to December 2020 using cash settled zero-cost collars (175,000oz) and average rate forwards (100,000oz). The average strike prices are US$1,364/oz on the floor and US$1,449/oz on the cap. The average strike price on the forwards is US$1,382/oz.
Subsequent to 30 June 2019, 100,000oz of the expected production for the Ghanaian region was hedged for the period January 2020 to December 2020 using cash settled zero cost collars. The average strike prices are US$1,400/oz on the floor and US$1,557/oz on the cap.
At the reporting date, the mark-to-market value on the hedge was negative US$36m.
Australia Oil hedge
In May 2017 and June 2017 fixed price Singapore 10ppm Gasoil cash settled swap transactions were entered into, for a total of 77.5 million litres of diesel for the period June 2017 to December 2019 based on 50% of usage over the specified period. The average swap price is US$61.2 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenor was US$49.9 per barrel.
In June 2019 fixed price Singapore 10ppm Gasoil cash settled swap transactions were entered into for a total of 75.0 million litres of diesel for the period January 2020 to December 2022 based on 50% of usage over the specified period. The average swap price is US$74.0 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenor was US$57.4 per barrel.
At the reporting date, the mark-to-market value on the hedge was positive A$1m (US$1m) with a realised gain of A$4m (US$3m) for the year ended 31 December 2019.
Australia Gold hedge
In December 2018, a total of 456,000oz of the expected production for the Australian region was hedged for the period January 2019 to December 2019 using cash settled zero cost collars (173,000oz) and average rate forwards (283,000oz). The average strike prices are A$1,751/oz on the floor and A$1,800/oz on the cap. The average strike on the forwards is A$1,751/oz.
In January 2019, a total of 456,000oz of the expected production for the Australian region was hedged for the period January 2019 to December 2019 using cash settled zero cost collars. The average strike prices are A$1,800/oz on the floor and A$1,869/oz on the cap.
In June 2019, a total of 480,000oz of the expected production for 2020 for the Australian region was hedged for the period January 2020 to December 2020 using cash settled zero cost collars (270,000oz) and average rate forwards (210,000oz). The average strike prices are A$1,933/oz on the floor and A$2,014/oz on the cap. The average strike price on the forwards is A$1,957/oz.
At the reporting date, the mark-to-market value on the hedges was negative A$111m (US$78m) with a realised loss of A$163m (US$113m) for the year ended 31 December 2019.
|
41 | Gold Fields 2019 RESULTS | ||
Australia Foreign exchange hedge
In May 2018, AUD/USD average rate forwards were entered into for a total notional US$96 million for the period January 2019 to December 2019 at an average strike price of 0.7517.
In June 2018, further hedges were taken out for a total notional US$60m for the same period as above (January 2019 to December 2019) at an average strike of 0.7330.
In September 2018, further hedges were taken out for a total notional US$100m for the same period as above (January 2019 to December 2019) at an average strike of 0.7182.
In October 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$60m at an average strike of 0.7075.
In December 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$50m at an average strike of 0.715.
At the reporting date, the mark-to-market value on the hedge was A$nil (US$nil) with a realised loss of A$22m (US$14m) for the year ended 31 December 2019.
South Africa Gold hedge
Between October 2018 and January 2019 cash settled average rate forwards were entered into for a total of 112,613oz for the period June 2019 to December 2019 at an average strike rate of R617,000/kg.
In June 2019, a total of 200,000oz of the expected production for 2020 for South Deep was hedged for the period January 2020 to December 2020 using cash settled zero cost collars (100,000oz) and average rate forwards (100,000oz). The average strike price is R660,000/kg on the floor and R727,000/kg on the cap. The average strike price is R681,400/kg on the forwards.
At the reporting date, the mark-to-market value on the hedge was negative R176m (US$13m) with a R220m (US$15m) realised loss for the year ended 31 December 2019.
* | Have not been designated for hedge accounting and are accounted for as derivative financial instruments in the income statement. |
Gold Fields 2019 RESULTS |
42 |
| ||
SEGMENTAL OPERATING AND FINANCIAL RESULTS
United States Dollars | ||||||||||||||||||||||||||||||||||||
Total Mine Operations Including Equity Accounted Joint Venture |
Total Mine Operations Excluding Equity Accounted Joint Venture |
South Africa Region |
West Africa Region | South America Region |
||||||||||||||||||||||||||||||||
Ghana | Peru | |||||||||||||||||||||||||||||||||||
Figures in millions unless otherwise stated | South Deep |
Total | Tarkwa | Damang | Asanko* 45% |
Cerro Corona |
||||||||||||||||||||||||||||||
Operating Results (Unreviewed) |
Year 2019 | 38,342 | 35,868 | 1,666 | 20,868 | 13,749 | 4,645 | 2,474 | 6,718 | |||||||||||||||||||||||||||
Ore milled/treated (000 tonnes) |
Year 2018 | 34,110 | 33,166 | 1,320 | 18,940 | 13,791 | 4,205 | 944 | 6,644 | |||||||||||||||||||||||||||
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Yield (grams per tonne) |
Year 2019 | 1.8 | 1.9 | 4.1 | 1.3 | 1.2 | 1.4 | 1.4 | 1.4 | |||||||||||||||||||||||||||
Year 2018 | 2.0 | 2.0 | 3.7 | 1.2 | 1.2 | 1.3 | 1.5 | 1.5 | ||||||||||||||||||||||||||||
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Gold produced (000 managed equivalent ounces) |
Year 2019 | 2,269.5 | 2,156.5 | 222.1 | 840.5 | 519.1 | 208.4 | 113.0 | 292.7 | |||||||||||||||||||||||||||
Year 2018 | 2,107.8 | 2,063.2 | 157.1 | 750.2 | 524.9 | 180.8 | 44.5 | 314.1 | ||||||||||||||||||||||||||||
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Gold sold (000 managed equivalent ounces) |
Year 2019 | 2,249.8 | 2,137.8 | 222.1 | 839.5 | 519.1 | 208.4 | 112.0 | 296.9 | |||||||||||||||||||||||||||
Year 2018 | 2,104.5 | 2,058.6 | 167.8 | 751.6 | 524.9 | 180.8 | 45.9 | 299.1 | ||||||||||||||||||||||||||||
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Gold price received (dollar per equivalent ounce) |
Year 2019 | 1,387 | 1,388 | 1,418 | 1,384 | 1,388 | 1,384 | 1,369 | 1,344 | |||||||||||||||||||||||||||
Year 2018 | 1,251 | 1,252 | 1,252 | 1,265 | 1,271 | 1,266 | 1,196 | 1,174 | ||||||||||||||||||||||||||||
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Cost of sales before gold inventory change and |
Year 2019 | 41 | 41 | 148 | 27 | 24 | 32 | 36 | 25 | |||||||||||||||||||||||||||
amortisation and depreciation (dollar per tonne) |
Year 2018 | 42 | 42 | 199 | 26 | 22 | 34 | 44 | 24 | |||||||||||||||||||||||||||
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All-in-sustaining costs (dollar per ounce) original interpretation |
|
Year 2019 Year 2018 |
|
|
958 971 |
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|
950 968 |
|
|
1,259 1,903 |
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|
942 926 |
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958 951 |
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809 813 |
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1,112 1,069 |
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472 282 |
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All-in-sustaining costs (dollar per ounce) revised interpretation |
|
Year 2019 Year 2018 |
|
|
885 |
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|
873 |
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1,259 |
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|
942 |
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958 |
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809 |
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1,112 |
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|
381 |
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Total all-in-cost (dollar per ounce) |
Year 2019 | 997 | 985 | 1,259 | 1,039 | 958 | 1,147 | 1,214 | 472 | |||||||||||||||||||||||||||
Year 2018 | 1,047 | 1,044 | 2,012 | 1,098 | 951 | 1,506 | 1,175 | 282 | ||||||||||||||||||||||||||||
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Financial Results ($ millions) (Reviewed) |
||||||||||||||||||||||||||||||||||||
Revenue |
Year 2019 | 3,120.0 | 2,966.7 | 314.8 | 1,162.0 | 720.4 | 288.3 | 153.3 | 399.0 | |||||||||||||||||||||||||||
Year 2018 | 2,632.7 | 2,577.8 | 210.1 | 950.8 | 666.9 | 229.0 | 54.9 | 351.0 | ||||||||||||||||||||||||||||
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Cost of sales before amortisation and depreciation |
Year 2019 | (1,513.9 | ) | (1,423.4 | ) | (242.2 | ) | (547.5 | ) | (315.4 | ) | (141.7 | ) | (90.4 | ) | (162.5 | ) | |||||||||||||||||||
Year 2018 | (1,412.6 | ) | (1,375.2 | ) | (271.7 | ) | (470.6 | ) | (308.8 | ) | (124.4 | ) | (37.4 | ) | (154.6 | ) | ||||||||||||||||||||
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Cost of sales before gold inventory change and amortisation and depreciation |
|
Year 2019 Year 2018 |
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(1,555.1 (1,433.0 |
) ) |
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(1,466.4 (1,391.4 |
) ) |
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(245.9 (262.0 |
) ) |
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(568.9 (483.8 |
) ) |
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(329.8 (298.7 |
) ) |
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(150.4 (143.5 |
) ) |
|
(88.7 (41.6 |
) ) |
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(168.4 (160.3 |
) ) | |||||||||
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Gold inventory change |
Year 2019 | 41.3 | 43.0 | 3.7 | 21.5 | 14.4 | 8.8 | (1.7 | ) | 6.0 | ||||||||||||||||||||||||||
Year 2018 | 20.4 | 16.2 | (9.6 | ) | 13.2 | (10.1 | ) | 19.1 | 4.2 | 5.5 | ||||||||||||||||||||||||||
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Amortisation of mining assets |
Year 2019 | (642.0 | ) | (599.0 | ) | (32.9 | ) | (278.7 | ) | (181.8 | ) | (53.9 | ) | (43.0 | ) | (92.6 | ) | |||||||||||||||||||
Year 2018 | (680.3 | ) | (664.7 | ) | (48.9 | ) | (283.7 | ) | (168.3 | ) | (99.9 | ) | (15.5 | ) | (81.8 | ) | ||||||||||||||||||||
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Other expenses |
Year 2019 | (304.6 | ) | (296.5 | ) | (35.2 | ) | (80.4 | ) | (43.5 | ) | (28.9 | ) | (8.0 | ) | (17.7 | ) | |||||||||||||||||||
Year 2018 | (62.9 | ) | (62.6 | ) | (19.5 | ) | 1.4 | 5.7 | (3.9 | ) | (0.3 | ) | (8.4 | ) | ||||||||||||||||||||||
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Profit/(loss) before royalties and taxation |
Year 2019 | 659.6 | 647.8 | 4.5 | 255.4 | 179.7 | 63.9 | 11.8 | 126.3 | |||||||||||||||||||||||||||
Year 2018 | 477.0 | 475.4 | (130.0 | ) | 197.9 | 195.4 | 0.8 | 1.7 | 106.0 | |||||||||||||||||||||||||||
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Royalties, mining and income taxation |
Year 2019 | (252.8 | ) | (245.3 | ) | 1.8 | (111.2 | ) | (78.3 | ) | (25.4 | ) | (7.5 | ) | (43.0 | ) | ||||||||||||||||||||
Year 2018 | (30.5 | ) | (27.8 | ) | 161.8 | (17.4 | ) | (19.5 | ) | 4.8 | (2.8 | ) | (61.5 | ) | ||||||||||||||||||||||
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Normal taxation |
Year 2019 | (184.5 | ) | (184.5 | ) | | (72.5 | ) | (72.5 | ) | | | (56.3 | ) | ||||||||||||||||||||||
Year 2018 | (161.4 | ) | (161.4 | ) | | (19.6 | ) | (19.6 | ) | | | (52.1 | ) | |||||||||||||||||||||||
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Royalties |
Year 2019 | (81.4 | ) | (73.7 | ) | (1.6 | ) | (43.8 | ) | (25.8 | ) | (10.3 | ) | (7.7 | ) | (5.5 | ) | |||||||||||||||||||
Year 2018 | (65.3 | ) | (62.5 | ) | (1.0 | ) | (31.3 | ) | (21.2 | ) | (7.3 | ) | (2.8 | ) | (5.1 | ) | ||||||||||||||||||||
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Deferred taxation |
Year 2019 | 13.1 | 12.9 | 3.4 | 5.2 | 20.1 | (15.1 | ) | 0.2 | 18.7 | ||||||||||||||||||||||||||
Year 2018 | 196.2 | 196.2 | 162.7 | 33.5 | 21.4 | 12.1 | | (4.3 | ) | |||||||||||||||||||||||||||
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Profit/(loss) before non-recurring items |
Year 2019 | 406.8 | 402.5 | 6.4 | 144.1 | 101.4 | 38.4 | 4.3 | 83.3 | |||||||||||||||||||||||||||
Year 2018 | 446.4 | 447.4 | 31.7 | 180.6 | 175.9 | 5.6 | (1.1 | ) | 44.5 | |||||||||||||||||||||||||||
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Non-recurring items |
Year 2019 | (26.1 | ) | (26.1 | ) | 0.8 | (13.1 | ) | (0.1 | ) | (13.0 | ) | | (0.2 | ) | |||||||||||||||||||||
Year 2018 | (407.8 | ) | (407.8 | ) | (256.5 | ) | (149.7 | ) | (135.8 | ) | (13.9 | ) | | (2.0 | ) | |||||||||||||||||||||
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Net profit/(loss) |
Year 2019 | 380.7 | 376.4 | 7.2 | 131.1 | 101.3 | 25.5 | 4.3 | 83.1 | |||||||||||||||||||||||||||
Year 2018 | 38.7 | 39.6 | (224.7 | ) | 30.9 | 40.1 | (8.3 | ) | (1.1 | ) | 42.6 | |||||||||||||||||||||||||
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Capital expenditure |
Year 2019 | (636.6 | ) | (609.8 | ) | (33.1 | ) | (228.6 | ) | (125.5 | ) | (76.3 | ) | (26.8 | ) | (56.1 | ) | |||||||||||||||||||
Year 2018 | (677.7 | ) | (664.9 | ) | (58.3 | ) | (307.4 | ) | (156.1 | ) | (138.5 | ) | (12.8 | ) | (33.2 | ) |
The average US Dollar/Rand exchange rates were US$1 = R14.46 for 2019 and US$1 = R13.20 for 2018.
The average Australian/US Dollar exchange rates were A$1 = US$0.70 for 2019 and A$1 = US$0.75 for 2018.
Figures may not add as they are rounded independently.
* | Equity accounted Joint Venture comparatives for 2018 represent only five months since acquisition. |
|
43 | Gold Fields 2019 RESULTS | ||
SEGMENTAL OPERATING AND FINANCIAL RESULTS
United States Dollars | Australian Dollars | South African Rand |
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Australia Region | Australia Region | South Africa Region |
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Australia | Australia |
|
||||||||||||||||||||||||||||||||||||||||||||
Figures in millions unless otherwise stated | Total | St Ives |
Agnew | Granny Smith |
Gruyere 50% |
Total | St Ives |
Agnew | Granny Smith |
Gruyere 50% |
South Deep |
|||||||||||||||||||||||||||||||||||
Operating Results (Unreviewed) Ore milled/treated (000 tonnes) |
Year 2019 Year 2018 |
|
9,089 7,207 |
|
|
4,466 4,251 |
|
|
1,231 1,178 |
|
|
1,753 1,778 |
|
|
1,639 |
|
|
9,089 7,207 |
|
|
4,466 4,251 |
|
|
1,231 1,178 |
|
|
1,753 1,778 |
|
|
1,639 |
|
|
1,666 1,348 |
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Yield (grams per tonne) |
Year 2019 Year 2018 |
|
3.1 3.8 |
|
|
2.6 2.7 |
|
|
5.5 6.3 |
|
|
4.9 4.9 |
|
|
0.9 |
|
|
3.1 3.8 |
|
|
2.6 2.7 |
|
|
5.5 6.3 |
|
|
4.9 4.9 |
|
|
0.9 |
|
|
4.1 3.6 |
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Gold produced (000 managed equivalent ounces) |
Year 2019 Year 2018 |
|
914.3 886.4 |
|
|
370.6 366.9 |
|
|
219.4 239.1 |
|
|
274.8 280.4 |
|
|
49.5 |
|
|
914.3 886.4 |
|
|
370.6 366.9 |
|
|
219.4 239.1 |
|
|
274.8 280.4 |
|
|
49.5 |
|
|
6,907 4,885 |
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Gold sold (000 managed equivalent ounces) |
Year 2019 Year 2018 |
|
891.4 885.9 |
|
|
363.3 367.0 |
|
|
219.6 238.5 |
|
|
274.8 280.5 |
|
|
33.7 |
3
|
|
891.4 885.9 |
|
|
363.3 367.0 |
|
|
219.6 238.5 |
|
|
274.8 280.5 |
|
|
33.7 |
|
|
6,907 5,220 |
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|
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Gold price received (dollar per equivalent ounce) |
Year 2019 Year 2018 |
|
1,396 1,265 |
|
|
1,390 1,266 |
|
|
1,387 1,263 |
|
|
1,396 1,266 |
|
|
1,517 |
3 |
|
2,007 1,694 |
|
|
1,998 1,695 |
|
|
1,994 1,690 |
|
|
2,007 1,694 |
|
|
2,181 |
|
|
659,111 531,253 |
| ||||||||||||
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|
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Cost of sales before gold inventory change and amortisation and depreciation (dollar per tonne) |
Year 2019 Year 2018 |
|
63 73 |
|
|
52 47 |
|
|
134 136 |
|
|
89 94 |
|
|
19 |
3
|
|
90 98 |
|
|
74 63 |
|
|
192 182 |
|
|
129 125 |
|
|
27 |
|
|
2,135 2,564 |
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All-in-sustaining costs (dollar per ounce) original interpretation |
Year 2019 Year 2018 |
|
986 943 |
|
|
963 902 |
|
|
1,152 1,026 |
|
|
922 925 |
|
|
683 |
3
|
|
1,418 1,262 |
|
|
1,385 1,207 |
|
|
1,656 1,374 |
|
|
1,325 1,239 |
|
|
983 |
|
|
585,482 807,688 |
| ||||||||||||
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All-in-sustaining costs (dollar per ounce) revised interpretation |
Year 2019 Year 2018 |
|
829 |
|
|
818 |
|
|
967 |
|
|
752 |
|
|
683 |
3
|
|
1,192 |
|
|
1,176 |
|
|
1,391 |
|
|
1,081 |
|
|
983 |
|
|
585,482 |
| ||||||||||||
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Total all-in-cost (dollar per ounce) |
Year 2019 Year 2018 |
|
986 943 |
|
|
963 902 |
|
|
1,152 1,026 |
|
|
922 925 |
|
|
684 |
3
|
|
1,418 1,262 |
|
|
1,385 1,207 |
|
|
1,656 1,374 |
|
|
1,325 1,239 |
|
|
983 |
|
|
585,482 854,049 |
| ||||||||||||
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|||||||||||||||||||||||||
Financial Results ($ millions) (Reviewed) |
||||||||||||||||||||||||||||||||||||||||||||||
Revenue |
Year 2019 Year 2018 |
|
1,244.3 1,120.8 |
|
|
504.9 464.7 |
|
|
304.5 301.1 |
|
|
383.7 355.0 |
|
|
51.2 |
3
|
|
1,789.1 1,500.5 |
|
|
726.0 622.1 |
|
|
437.8 403.1 |
|
|
551.7 475.3 |
|
|
73.6 |
|
|
4,552.5 2,772.9 |
| ||||||||||||
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Cost of sales before amortisation and depreciation |
Year 2019 Year 2018 |
|
(561.6 (515.5 |
) ) |
|
(228.7 (185.9 |
) ) |
|
(162.0 (161.5 |
) ) |
|
(157.2 (168.1 |
) ) |
|
(13.7 |
)3
|
|
(807.5 (690.2 |
) ) |
|
(328.8 (248.9 |
) ) |
|
(232.9 (216.2 |
) ) |
|
(226.1 (225.1 |
) ) |
|
(19.7 |
)
|
|
(3,502.6 (3,585.8 |
) ) | ||||||||||||
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Cost of sales before gold inventory change and amortisation and depreciation |
Year 2019 Year 2018 |
|
(571.7 (526.9 |
) ) |
|
(231.2 (200.9 |
) ) |
|
(164.5 (159.7 |
) ) |
|
(156.9 (166.3 |
) ) |
|
(19.1 |
)3
|
|
(822.2 (705.4 |
) ) |
|
(332.5 (268.9 |
) ) |
|
(236.6 (213.9 |
) ) |
|
(225.6 (222.6 |
) ) |
|
(27.5 |
)
|
|
(3,556.3 (3,458.7 |
) ) | ||||||||||||
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Gold inventory change |
Year 2019 Year 2018 |
|
10.2 11.4 |
|
|
2.5 14.9 |
|
|
2.6 (1.7 |
) |
|
(0.3 (1.8 |
) ) |
|
5.4 |
3
|
|
14.6 15.2 |
|
|
3.6 20.0 |
|
|
3.7 (2.3 |
) |
|
(0.5 (2.5 |
) ) |
|
7.8 |
|
|
53.7 (127.1 |
) | ||||||||||||
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Amortisation of mining asset |
Year 2019 Year 2018 |
|
(237.8 (265.8 |
) ) |
|
(341.9 (355.8 |
) ) |
|
(475.7 (646.0 |
) ) | ||||||||||||||||||||||||||||||||||||
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Other expenses |
Year 2019 Year 2018 |
|
(171.3 (36.5 |
) ) |
|
(246.3 (48.9 |
) ) |
|
(508.5 (257.4 |
) ) | ||||||||||||||||||||||||||||||||||||
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Profit/(loss) before royalties and taxation |
Year 2019 Year 2018 |
|
273.4 303.0 |
|
|
393.2 405.7 |
|
|
65.7 (1,716.4 |
) | ||||||||||||||||||||||||||||||||||||
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Royalties, mining and income taxation |
Year 2019 Year 2018 |
|
(100.5 (113.2 |
) ) |
|
(144.5 (151.5 |
) ) |
|
26.6 2,152.5 |
| ||||||||||||||||||||||||||||||||||||
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Normal taxation |
Year 2019 Year 2018 |
|
(55.7 (89.6 |
) ) |
|
(80.1 (119.9 |
) ) |
|
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Royalties |
Year 2019 Year 2018 |
|
(30.5 (27.9 |
) ) |
|
(43.9 (37.4 |
) ) |
|
(22.8 (13.0 |
) ) | ||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||
Deferred taxation |
Year 2019 Year 2018 |
|
(14.2 4.3 |
)
|
|
(20.5 5.8 |
)
|
|
49.4 2,165.5 |
| ||||||||||||||||||||||||||||||||||||
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Profit/(loss) before non-recurring items |
Year 2019 Year 2018 |
|
172.9 189.8 |
|
|
248.7 254.1 |
|
|
92.3 436.2 |
| ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
Non-recurring items |
Year 2019 Year 2018 |
|
(13.7 0.3 |
)
|
|
(19.7 0.4 |
)
|
|
12.1 (3,445.4 |
) | ||||||||||||||||||||||||||||||||||||
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Net profit/(loss) |
Year 2019 Year 2018 |
|
159.3 190.2 |
|
|
229.0 254.5 |
|
|
104.4 (3,009.2 |
) | ||||||||||||||||||||||||||||||||||||
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Capital expenditure |
Year 2019 Year 2018 |
|
(318.7 (278.7 |
) ) |
|
(98.3 (127.2 |
) ) |
|
(76.1 (72.8 |
) ) |
|
(72.2 (78.8 |
) ) |
|
(72.1 |
)
|
|
(458.4 (373.2 |
) ) |
|
(141.4 (170.3 |
) ) |
|
(109.5 (97.5 |
) ) |
|
(103.8 (105.4 |
) ) |
|
(103.7 |
)
|
|
(479.1 (769.9 |
) ) | ||||||||||||
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|
As a significant portion of the acquisition price was allocated to tenements on endowment ounces and also as the 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.
1 | For Australia, all financial numbers are in US Dollar and Australian Dollar. |
2 | For South Africa, all financial numbers are in US Dollar and US Dollar per ounce and Rand and Rand per kilogram. |
3 | Includes post commercial level data only. |
Figures may not add as they are rounded independently.
Gold Fields 2019 RESULTS |
44 |
| ||
ALL-IN COSTS (Original interpretation) (UNREVIEWED)
World Gold Council Industry Standard
United States Dollars |
||||||||||||||||||||||||||||||||||||||||
Total Group Including Equity Accounted Joint Venture |
Total Mine Operations Including equity accounted Joint Venture |
Total Mine Operations Excluding Equity Accounted Joint Venture |
South Africa Region |
West Africa Region | South America Region |
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Ghana | Peru | |||||||||||||||||||||||||||||||||||||||
Figures in millions unless otherwise stated | South Deep |
Total | Tarkwa | Damang | Asanko 45% |
Cerro Corona |
||||||||||||||||||||||||||||||||||
Cost of sales before gold inventory change and amortisation and depreciation |
|
Year 2019 Year 2018 |
|
|
(1,553.4 (1,432.4 |
) ) |
|
(1,553.4 (1,433.2 |
) ) |
|
(1,466.4 (1,391.4 |
) ) |
|
(245.9 (262.0 |
) ) |
|
(567.2 (483.8 |
) ) |
|
(329.8 (298.7 |
) ) |
|
(150.4 (143.5 |
) ) |
|
(87.0 (41.6 |
) ) |
|
(168.4 (160.3 |
) ) | ||||||||||
|
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|
|||||||||||||||||||||||
Gold inventory change |
|
Year 2019 Year 2018 |
|
|
41.6 20.4 |
|
|
41.6 20.4 |
|
|
43.0 16.2 |
|
|
3.7 (9.6 |
) |
|
21.8 13.2 |
|
|
14.4 (10.1 |
) |
|
8.8 19.1 |
|
|
(1.4 4.2 |
)
|
|
6.0 5.5 |
| ||||||||||
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|
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Royalties |
|
Year 2019 Year 2018 |
|
|
(81.4 (65.2 |
) ) |
|
(81.4 (65.3 |
) ) |
|
(73.7 (62.5 |
) ) |
|
(1.6 (1.0 |
) ) |
|
(43.9 (31.3 |
) ) |
|
(25.8 (21.2 |
) ) |
|
(10.3 (7.3 |
) ) |
|
(7.7 (2.8 |
) ) |
|
(5.5 (5.1 |
) ) | ||||||||||
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|
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Realised gains/(losses) on commodity cost hedges |
|
Year 2019 Year 2018 |
|
|
8.5 12.2 |
|
|
8.5 12.2 |
|
|
8.5 12.2 |
|
|
|
|
|
5.4 7.6 |
|
|
3.9 5.5 |
|
|
1.5 2.1 |
|
|
|
|
|
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| ||||||||||
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|
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Community/social responsibility costs |
|
Year 2019 Year 2018 |
|
|
(18.2 (14.6 |
) ) |
|
(18.2 (14.6 |
) ) |
|
(18.0 (14.6 |
) ) |
|
(1.7 (1.3 |
) ) |
|
(13.0 (7.1 |
) ) |
|
(11.7 (6.7 |
) ) |
|
(1.2 (0.4 |
) ) |
|
(0.1 |
)
|
|
(3.4 (6.3 |
) ) | ||||||||||
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|
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Non-cash remuneration - share-based payments |
|
Year 2019 Year 2018 |
|
|
(20.5 (37.5 |
) ) |
|
(9.8 (27.1 |
) ) |
|
(9.8 (26.9 |
) ) |
|
0.8 (4.7 |
) |
|
(5.2 (8.8 |
) ) |
|
(3.4 (6.7 |
) ) |
|
(1.8 (2.1 |
) ) |
|
|
|
|
(1.1 (4.3 |
) ) | ||||||||||
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|
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Cash remuneration (long-term incentive plan) |
|
Year 2019 Year 2018 |
|
|
(9.1 (1.1 |
) ) |
|
(6.7 (1.3 |
) ) |
|
(6.7 (1.6 |
) ) |
|
(1.8 (0.9 |
) ) |
|
(2.2 (0.2 |
) ) |
|
(1.5 |
)
|
|
(0.7 (0.2 |
) ) |
|
|
|
|
(0.4 0.4 |
)
| ||||||||||
|
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|
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Other |
|
Year 2019 Year 2018 |
|
|
(5.3 (10.0 |
) ) |
|
(4.4 (2.1 |
) ) |
|
(4.4 (1.1 |
) ) |
|
|
|
|
(1.0 |
) |
|
|
|
|
|
|
|
(1.0 |
) |
|
(4.4 (1.1 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
By-product credits |
|
Year 2019 Year 2018 |
|
|
168.5 171.4 |
|
|
168.5 171.4 |
|
|
168.2 171.2 |
|
|
0.3 0.3 |
|
|
2.1 1.0 |
|
|
1.6 0.7 |
|
|
0.1 0.2 |
|
|
0.4 0.2 |
|
|
165.1 169.2 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Rehabilitation amortisation and interest |
|
Year 2019 Year 2018 |
|
|
(20.3 (18.1 |
) ) |
|
(20.1 (18.1 |
) ) |
|
(19.7 (17.9 |
) ) |
|
(0.2 (0.2 |
) ) |
|
(6.0 (7.0 |
) ) |
|
(4.2 (5.5 |
) ) |
|
(1.4 (1.3 |
) ) |
|
(0.4 (0.2 |
) ) |
|
(5.8 (3.7 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Sustaining capital expenditure |
|
Year 2019 Year 2018 |
|
|
(494.7 (531.5 |
) ) |
|
(492.2 (529.6 |
) ) |
|
(472.6 (521.6 |
) ) |
|
(33.1 (40.0 |
) ) |
|
(150.9 (177.6 |
) ) |
|
(125.5 (156.1 |
) ) |
|
(5.8 (13.5 |
) ) |
|
(19.6 (7.9 |
)# ) |
|
(56.3 (33.2 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Lease payments |
|
Year 2019 Year 2018 |
|
|
(65.7 (2.3 |
) ) |
|
(57.0 (2.3 |
) ) |
|
(48.4 (2.3 |
) ) |
|
(0.1 |
)
|
|
(31.4 |
)
|
|
(15.4 |
)
|
|
(7.3 |
)
|
|
(8.7 |
)
|
|
(1.0 (0.9 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
All-in sustaining costs |
|
Year 2019 Year 2018 |
|
|
(2,050.0 (1,908.9 |
) ) |
|
(2,024.7 (1,889.6 |
) ) |
|
(1,900.2 (1,840.3 |
) ) |
|
(279.7 (319.4 |
) ) |
|
(790.5 (695.0 |
) ) |
|
(497.2 (498.9 |
) ) |
|
(168.6 (147.0 |
) ) |
|
(124.5 (49.1 |
) ) |
|
(75.4 (39.8 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Exploration, feasibility and evaluation costs |
|
Year 2019 Year 2018 |
|
|
(54.2 (78.2 |
) ) |
|
(4.2 (0.4 |
) ) |
|
(0.4 |
) |
|
|
|
|
(4.2 (0.4 |
) ) |
|
|
|
|
(0.4 |
) |
|
(4.2 |
)
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Non-sustaining capital expenditure |
|
Year 2019 Year 2018 |
|
|
(144.6 (295.3 |
) ) |
|
(77.7 (148.2 |
) ) |
|
(70.5 (143.3 |
) ) |
|
(18.3 |
) |
|
(77.7 (129.9 |
) ) |
|
|
|
|
(70.5 (125.0 |
) ) |
|
(7.2 (4.9 |
) ) |
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total all-in cost |
|
Year 2019 Year 2018 |
|
|
(2,248.9 (2,282.3 |
) ) |
|
(2,106.6 (2,038.1 |
) ) |
|
(1,970.7 (1,983.9 |
) ) |
|
(279.7 (337.7 |
) ) |
|
(872.4 (825.3 |
) ) |
|
(497.2 (498.9 |
) ) |
|
(239.0 (272.3 |
) ) |
|
(136.0 (54.0 |
) ) |
|
(75.4 (39.8 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total all-in sustaining cost |
|
Year 2019 Year 2018 |
|
|
(2,050.0 (1,908.9 |
) ) |
|
(2,024.7 (1,889.6 |
) ) |
|
(1,900.2 (1,840.3 |
) ) |
|
(279.7 (319.4 |
) ) |
|
(790.5 (695.0 |
) ) |
|
(497.2 (498.9 |
) ) |
|
(168.6 (147.0 |
) ) |
|
(124.5 (49.1 |
) ) |
|
(75.4 (39.8 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Gold only ounces sold - (000 ounces) |
|
Year 2019 Year 2018 |
|
|
2,112.6 1,946.4 |
|
|
2,112.6 1,946.4 |
|
|
2,000.6 1,900.5 |
|
|
222.1 167.8 |
|
|
839.4 751.6 |
|
|
519.1 524.9 |
|
|
208.4 180.8 |
|
|
112.0 45.9 |
|
|
159.7 141.0 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
AISC per ounce of gold sold US$/oz |
|
Year 2019 Year 2018 |
|
|
970 981 |
|
|
958 971 |
|
|
950 968 |
|
|
1,259 1,903 |
|
|
942 926 |
|
|
958 951 |
|
|
809 813 |
|
|
1,112 1,069 |
|
|
472 282 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total all-in cost |
|
Year 2019 Year 2018 |
|
|
(2,248.9 (2,282.3 |
) ) |
|
(2,106.6 (2,038.1 |
) ) |
|
(1,970.7 (1,983.9 |
) ) |
|
(279.7 (337.7 |
) ) |
|
(872.4 (825.3 |
) ) |
|
(497.2 (498.9 |
) ) |
|
(239.0 (272.3 |
) ) |
|
(136.0 (54.0 |
) ) |
|
(75.4 (39.8 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Gold only ounces sold - (000 ounces) |
|
Year 2019 Year 2018 |
|
|
2,112.6 1,946.4 |
|
|
2,112.6 1,946.4 |
|
|
2,000.6 1,900.5 |
|
|
222.1 167.8 |
|
|
839.4 751.6 |
|
|
519.1 524.9 |
|
|
208.4 180.8 |
|
|
112.0 45.9 |
|
|
159.7 141.0 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
AIC per ounce of gold sold US$/oz |
|
Year 2019 Year 2018 |
|
|
1,064 1,173 |
|
|
997 1,047 |
|
|
985 1,044 |
|
|
1,259 2,012 |
|
|
1,039 1,098 |
|
|
958 951 |
|
|
1,147 1,506 |
|
|
1,214 1,175 |
|
|
472 282 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# | Includes Gold Fields 45% share of deferred stripping of US$15.3m (100% basis US$34.0m) for the year ended 31 December 2019. |
|
45 | Gold Fields 2019 RESULTS | ||
ALL-IN COSTS (Original interpretation) (UNREVIEWED)
World Gold Council Industry Standard
United States Dollars | ||||||||||||||||||||||||||||
Australia Region |
Corporate and projects |
|||||||||||||||||||||||||||
Australia | ||||||||||||||||||||||||||||
Figures in millions unless otherwise stated | Total | St Ives | Agnew | Granny Smith |
Gruyere 50% |
|||||||||||||||||||||||
Cost of sales before gold inventory change and amortisation and depreciation |
|
Year 2019 Year 2018 |
|
|
(571.8 (526.9 |
) ) |
|
(231.2 (200.9 |
) ) |
|
(164.5 (159.7 |
) ) |
|
(156.9 (166.3 |
) ) |
|
(19.1 |
)
|
|
0.6 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gold inventory change |
|
Year 2019 Year 2018 |
|
|
10.2 11.4 |
|
|
2.5 14.9 |
|
|
2.6 (1.7 |
) |
|
(0.3 (1.8 |
) ) |
|
5.4 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Royalties |
|
Year 2019 Year 2018 |
|
|
(30.5 (27.9 |
) ) |
|
(12.5 (11.6 |
) ) |
|
(7.3 (7.4 |
) ) |
|
(9.5 (8.8 |
) ) |
|
(1.3 |
)
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realised gains/losses on commodity cost hedges |
|
Year 2019 Year 2018 |
|
|
3.1 4.6 |
|
|
1.9 2.9 |
|
|
0.6 0.9 |
|
|
0.5 0.8 |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Community/social responsibility costs |
|
Year 2019 Year 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Non-cash remuneration share-based payments |
|
Year 2019 Year 2018 |
|
|
(4.3 (9.3 |
) ) |
|
(1.7 (3.5 |
) ) |
|
(1.2 (2.6 |
) ) |
|
(1.3 (3.1 |
) ) |
|
(0.1 |
)
|
|
(10.7 (10.6 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Cash remuneration (long-term incentive plan) |
|
Year 2019 Year 2018 |
|
|
(2.3 (0.8 |
) ) |
|
(0.9 (0.4 |
) ) |
|
(0.6 (0.1 |
) ) |
|
(0.7 (0.3 |
) ) |
|
(0.1 |
)
|
|
(2.4 (0.5 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Other |
|
Year 2019 Year 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.9 (7.9 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
By-product credits |
|
Year 2019 Year 2018 |
|
|
1.0 0.9 |
|
|
0.6 0.5 |
|
|
0.3 0.3 |
|
|
0.1 0.1 |
|
|
0.1 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Rehabilitation amortisation and interest |
|
Year 2019 Year 2018 |
|
|
(8.1 (7.2 |
) ) |
|
(4.0 (4.4 |
) ) |
|
(1.8 (1.5 |
) ) |
|
(1.6 (1.3 |
) ) |
|
(0.6 |
) |
|
(0.3 |
)
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Sustaining capital expenditure |
|
Year 2019 Year 2018 |
|
|
(251.9 (278.7 |
) ) |
|
(98.3 (127.2 |
) ) |
|
(76.1 (72.8 |
) ) |
|
(72.2 (78.8 |
) ) |
|
(5.2 |
)
|
|
(2.5 (2.2 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lease payments |
|
Year 2019 Year 2018 |
|
|
(24.4 (1.4 |
) ) |
|
(6.3 (1.4 |
) ) |
|
(4.6 |
)
|
|
(11.3 |
)
|
|
(2.2 |
)
|
|
(8.6 |
)
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
All-in sustaining costs |
|
Year 2019 Year 2018 |
|
|
(879.2 (835.3 |
) ) |
|
(350.0 (331.0 |
) ) |
|
(252.8 (244.7 |
) ) |
|
(253.3 (259.6 |
) ) |
|
(23.0 |
)
|
|
(25.3 (19.6 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Exploration, feasibility and evaluation costs |
|
Year 2019 Year 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(50.0 (77.8 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Non-sustaining capital expenditure |
|
Year 2019 Year 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(66.9 (147.1 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total all-in cost |
|
Year 2019 Year 2018 |
|
|
(879.2 (835.3 |
) ) |
|
(350.0 (331.0 |
) ) |
|
(252.8 (244.7 |
) ) |
|
(253.3 (259.6 |
) ) |
|
(23.1 |
)
|
|
(142.2 (244.6 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total all-in sustaining cost |
|
Year 2019 Year 2018 |
|
|
(879.2 (835.3 |
) ) |
|
(350.0 (331.0 |
) ) |
|
(252.8 (244.7 |
) ) |
|
(253.3 (259.6 |
) ) |
|
(23.0 |
)
|
|
(25.3 (19.6 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gold only ounces sold (000 ounces) |
|
Year 2019 Year 2018 |
|
|
891.4 885.9 |
|
|
363.3 367.0 |
|
|
219.6 238.5 |
|
|
274.8 280.5 |
|
|
33.7 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
AISC per ounce of gold sold US$/oz |
|
Year 2019 Year 2018 |
|
|
986 943 |
|
|
963 902 |
|
|
1,152 1,026 |
|
|
922 925 |
|
|
683 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total all-in cost |
|
Year 2019 Year 2018 |
|
|
(879.2 (835.3 |
) ) |
|
(350.0 (331.0 |
) ) |
|
(252.8 (244.7 |
) ) |
|
(253.3 (259.6 |
) ) |
|
(23.1 |
)
|
|
(142.2 (244.6 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gold only ounces sold (000 ounces) |
|
Year 2019 Year 2018 |
|
|
891.4 885.9 |
|
|
363.3 367.0 |
|
|
219.6 238.5 |
|
|
274.8 280.5 |
|
|
33.7 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
AIC per ounce of gold sold US$/oz |
|
Year 2019 Year 2018 |
|
|
986 943 |
|
|
963 902 |
|
|
1,152 1,026 |
|
|
922 925 |
|
|
684 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
Gold Fields 2019 RESULTS |
46 |
| ||
ALL-IN SUSTAINING COSTS AND ALL-IN COSTS GROSS OF BY-PRODUCT CREDITS PER EQUIVALENT OUNCE OF GOLD SOLD (Original interpretation) (UNREVIEWED)
World Gold Council Industry Standard
United States Dollars | ||||||||||||||||||||||||||||||||||||||||
South | South America Region |
|||||||||||||||||||||||||||||||||||||||
Total | Total | Total | Africa | West Africa Region |
||||||||||||||||||||||||||||||||||||
Group | Mine | Mine | Region | |||||||||||||||||||||||||||||||||||||
Including | Operations | Operations | Ghana | Peru | ||||||||||||||||||||||||||||||||||||
Figures in millions unless otherwise stated | Equity Accounted Joint Venture |
Including Equity Accounted Joint Venture |
Excluding Equity Accounted Joint Venture |
South Deep |
Total | Tarkwa | Damang | Asanko 45% |
Cerro Corona |
|||||||||||||||||||||||||||||||
All-in sustaining costs (per table on page 44) |
|
Year 2019 Year 2018 |
|
|
(2,050.0 (1,928.5 |
) ) |
|
(2,024.7 (1,908.9 |
) ) |
|
(1,900.2 (1,840.3 |
) ) |
|
(279.7 (319.4 |
) ) |
|
(790.5 (695.0 |
) ) |
|
(497.2 (498.9 |
) ) |
|
(168.6 (147.0 |
) ) |
|
(124.5 (49.1 |
) ) |
|
(75.4 (39.8 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Add back by-product credits |
|
Year 2019 Year 2018 |
|
|
(168.5 (171.4 |
) ) |
|
(168.5 (171.4 |
) ) |
|
(168.2 (171.2 |
) ) |
|
(0.3 (0.3 |
) ) |
|
(2.1 (1.0 |
) ) |
|
(1.6 (0.7 |
) ) |
|
(0.1 (0.2 |
) ) |
|
(0.4 (0.2 |
) ) |
|
(165.1 (169.2 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
All-in sustaining costs gross of by-product credits |
|
Year 2019 Year 2018 |
|
|
(2,218.5 (2,099.9 |
) ) |
|
(2,193.2 (2,080.3 |
) ) |
|
(2,068.3 (2,011.6 |
) ) |
|
(280.0 (319.7 |
) ) |
|
(792.6 (696.0 |
) ) |
|
(498.8 (499.6 |
) ) |
|
(168.7 (147.1 |
) ) |
|
(124.9 (49.3 |
) ) |
|
(240.4 (209.0 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Gold equivalent ounces sold |
|
Year 2019 Year 2018 |
|
|
2,249.8 2,104.5 |
|
|
2,249.8 2,104.5 |
|
|
2,137.8 2,058.6 |
|
|
222.1 167.8 |
|
|
839.4 751.6 |
|
|
519.1 524.9 |
|
|
208.4 180.8 |
|
|
112.0 45.9 |
|
|
296.9 299.1 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
AISC gross of by-product credits per equivalent ounce of gold US$/eq oz |
|
Year 2019 Year 2018 |
|
|
986 998 |
|
|
975 988 |
|
|
967 977 |
|
|
1,261 1,905 |
|
|
944 926 |
|
|
961 952 |
|
|
809 812 |
|
|
1,115 1,073 |
|
|
810 699 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
All-in costs (per table on page 44) |
|
Year 2019 Year 2018 |
|
|
(2,248.9 (2,526.9 |
) ) |
|
(2,106.6 (2,282.3 |
) ) |
|
(1,970.7 (1,983.9 |
) ) |
|
(279.7 (337.7 |
) ) |
|
(872.4 (825.3 |
) ) |
|
(497.2 (498.9 |
) ) |
|
(239.0 (272.3 |
) ) |
|
(136.0 (54.0 |
) ) |
|
(75.4 (39.8 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Add back by-product credits |
|
Year 2019 Year 2018 |
|
|
(168.5 (171.4 |
) ) |
|
(168.5 (171.4 |
) ) |
|
(168.2 (171.2 |
) ) |
|
(0.3 (0.3 |
) ) |
|
(2.1 (1.0 |
) ) |
|
(1.6 (0.7 |
) ) |
|
(0.1 (0.2 |
) ) |
|
(0.4 (0.2 |
) ) |
|
(165.1 (169.2 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
All-in costs gross of by-product credits |
|
Year 2019 Year 2018 |
|
|
(2,417.4 (2,698.3 |
) ) |
|
(2,275.2 (2,453.7 |
) ) |
|
(2,138.8 (2,155.2 |
) ) |
|
(280.0 (338.0 |
) ) |
|
(874.5 (826.3 |
) ) |
|
(498.8 (499.6 |
) ) |
|
(239.1 (272.5 |
) ) |
|
(136.4 (54.2 |
) ) |
|
(240.4 (208.9 |
) ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Gold equivalent ounces sold |
|
Year 2019 Year 2018 |
|
|
2,249.8 2,104.5 |
|
|
2,249.8 2,104.5 |
|
|
2,137.8 2,058.6 |
|
|
222.1 167.8 |
|
|
839.4 751.6 |
|
|
519.1 524.9 |
|
|
208.4 180.8 |
|
|
112.0 45.9 |
|
|
296.9 299.1 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
AIC gross of by-product credits per equivalent ounce of gold US$/eq oz |
|
Year 2019 Year 2018 |
|
|
1,074 1,282 |
|
|
1,011 1,166 |
|
|
1,000 1,047 |
|
|
1,261 2,014 |
|
|
1,042 1,099 |
|
|
961 952 |
|
|
1,148 1,506 |
|
|
1,218 1,179 |
|
|
810 699 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Dollars | ||||||||||||||||||||||||||||
Australia Region |
||||||||||||||||||||||||||||
Australia | Corporate | |||||||||||||||||||||||||||
Figures in millions unless otherwise stated | Total | St Ives | Agnew | Granny Smith |
Gruyere 50% |
and projects |
||||||||||||||||||||||
All-in sustaining costs (per table on page 45) |
|
Year 2019 Year 2018 |
|
|
(879.2 (835.3 |
) ) |
|
(350.0 (331.0 |
) ) |
|
(252.8 (244.7 |
) ) |
|
(253.3 (259.6 |
) ) |
|
(23.0 |
)
|
|
(25.3 (19.6 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Add back by-product credits
|
|
Year 2019 Year 2018 |
|
|
(1.0 (0.9 |
) ) |
|
(0.6 (0.5 |
) ) |
|
(0.3 (0.3 |
) ) |
|
(0.1 (0.1 |
) ) |
|
(0.1 |
)
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
All-in sustaining costs gross of by-product credits |
|
Year 2019 Year 2018 |
|
|
(880.2 (836.1 |
) ) |
|
(350.6 (331.5 |
) ) |
|
(253.1 (245.0 |
) ) |
|
(253.4 (259.7 |
) ) |
|
(23.1 |
)
|
|
(25.3 (19.6 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gold equivalent ounces sold
|
|
Year 2019 Year 2018 |
|
|
891.4 885.9 |
|
|
363.3 367.0 |
|
|
219.6 238.5 |
|
|
274.8 280.5 |
|
|
33.7 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
AISC gross of by-product credits per equivalent ounce of gold US$/eq oz |
|
Year 2019 Year 2018 |
|
|
987 944 |
|
|
965 903 |
|
|
1,153 1,027 |
|
|
922 926 |
|
|
685 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
All-in costs (per table on page 45) |
|
Year 2019 Year 2018 |
|
|
(879.2 (835.3 |
) ) |
|
(350.0 (331.0 |
) ) |
|
(252.8 (244.7 |
) ) |
|
(253.3 (259.6 |
) ) |
|
(23.1 |
)
|
|
(142.2 (244.6 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Add back by-product credits
|
|
Year 2019 Year 2018 |
|
|
(1.0 (0.9 |
) ) |
|
(0.6 (0.5 |
) ) |
|
(0.3 (0.3 |
) ) |
|
(0.1 (0.1 |
) ) |
|
(0.1 |
)
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
All-in costs gross of by-product credits |
|
Year 2019 Year 2018 |
|
|
(880.2 (836.1 |
) ) |
|
(350.6 (331.5 |
) ) |
|
(253.1 (245.0 |
) ) |
|
(253.4 (259.7 |
) ) |
|
(23.1 |
)
|
|
(142.2 (244.6 |
) ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gold equivalent ounces sold
|
|
Year 2019 Year 2018 |
|
|
891.4 885.9 |
|
|
363.3 367.0 |
|
|
219.6 238.5 |
|
|
274.8 280.5 |
|
|
33.7 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
AIC gross of by-product credits per equivalent ounce of gold US$/eq oz |
|
Year 2019 Year 2018 |
|
|
987 944 |
|
|
965 903 |
|
|
1,153 1,027 |
|
|
922 926 |
|
|
685 |
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
47 | Gold Fields 2019 RESULTS | ||
UNDERGROUND AND SURFACE (UNREVIEWED)
Total Mine | Total Mine | South | West | South | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations | Operations | Africa | Africa | America | Australia | |||||||||||||||||||||||||||||||||||||||||||||||||||
Including | Excluding | Region | Region | Region | Region | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity | Ghana | Peru | Australia | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Imperial ounces with metric tonnes and grade |
Accounted Joint Venture |
Accounted Joint Venture |
South Deep |
Total | Tarkwa | Damang | Asanko 45% |
Cerro Corona |
Total | St Ives |
Agnew | Granny Smith |
Gruyere 50% |
|||||||||||||||||||||||||||||||||||||||||||
Tonnes mined (000 tonnes) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
underground ore |
Year 2019 | 5,384 | 5,384 | 1,060 | | | | | | 4,323 | 1,328 | 1,284 | 1,712 | | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 4,719 | 4,719 | 836 | | | | | | 3,883 | 911 | 1,216 | 1,755 | | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
underground waste |
Year 2019 | 2,312 | 2,312 | 77 | | | | | | 2,235 | 926 | 678 | 631 | | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 1,975 | 1,975 | 201 | | | | | | 1,774 | 467 | 739 | 568 | | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
surface ore |
Year 2019 | 37,148 | 34,865 | | 21,991 | 15,029 | 4,680 | 2,282 | 8,024 | 7,132 | 3,752 | | | 3,380 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 30,062 | 28,921 | | 19,812 | 14,176 | 4,495 | 1,141 | 6,854 | 3,396 | 3,396 | | | | |||||||||||||||||||||||||||||||||||||||||||
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|
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|
|
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|
|
|
|||||||||||||||||||||||||||||||
total |
Year 2019 | 44,843 | 42,561 | 1,138 | 21,991 | 15,029 | 4,680 | 2,282 | 8,024 | 13,690 | 6,006 | 1,961 | 2,342 | 3,380 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 36,755 | 35,614 | 1,036 | 19,812 | 14,176 | 4,495 | 1,141 | 6,854 | 9,053 | 4,774 | 1,955 | 2,323 | | |||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||
Grade mined (grams per tonne) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
underground ore |
Year 2019 | 5.3 | 5.3 | 6.2 | | | | | | 5.0 | 4.1 | 5.7 | 5.3 | | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 5.7 | 5.7 | 6.0 | | | | | | 5.4 | 4.1 | 6.5 | 5.2 | | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
surface ore |
Year 2019 | 1.3 | 1.3 | | 1.3 | 1.2 | 1.6 | 1.5 | 1.0 | 1.3 | 1.8 | | | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 1.5 | 1.5 | | 1.3 | 1.4 | 1.3 | 1.5 | 1.4 | 2.7 | 2.7 | | | | |||||||||||||||||||||||||||||||||||||||||||
|
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|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
total |
Year 2019 | 1.7 | 1.7 | 5.8 | 1.3 | 1.2 | 1.6 | 1.5 | 1.0 | 2.7 | 2.4 | 5.7 | 5.3 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 2.1 | 2.1 | 4.9 | 1.3 | 1.4 | 1.3 | 1.5 | 1.4 | 4.1 | 3.0 | 6.5 | 5.2 | | |||||||||||||||||||||||||||||||||||||||||||
|
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|
|
|||||||||||||||||||||||||||||||
Gold mined (000 ounces) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
underground ore |
Year 2019 | 911.6 | 911.6 | 210.4 | | | | | | 701.2 | 174.6 | 235.5 | 291.1 | | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 831.4 | 831.4 | 162.3 | | | | | | 669.1 | 119.4 | 253.7 | 296.0 | | |||||||||||||||||||||||||||||||||||||||||||
|
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|
|
|
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|
|
|
|
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|
|
|||||||||||||||||||||||||||||||
surface ore |
Year 2019 | 1,521.8 | 1,410.2 | | 943.9 | 594.4 | 237.9 | 111.6 | 270.0 | 308.0 | 213.3 | | | 94.6 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 1,396.2 | 1,342.1 | 1.3 | 839.1 | 572.1 | 242.3 | 54.0 | 233.8 | 292.6 | 292.6 | | | | |||||||||||||||||||||||||||||||||||||||||||
|
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|
|
|||||||||||||||||||||||||||||||
total |
Year 2019 | 2,433.5 | 2,321.9 | 210.4 | 943.9 | 594.4 | 237.9 | 111.6 | 270.0 | 1,009.2 | 387.9 | 235.5 | 291.1 | 94.6 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 2,227.6 | 2,173.7 | 163.6 | 839.1 | 572.1 | 242.3 | 54.0 | 233.8 | 961.9 | 412.0 | 253.7 | 296.0 | | |||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||
Ore milled/treated (000 tonnes) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
underground ore |
Year 2019 | 5,549 | 5,549 | 1,098 | | | | | | 4,450 | 1,467 | 1,231 | 1,753 | | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 4,654 | 4,654 | 828 | | | | | | 3,731 | 781 | 1,178 | 1,778 | | |||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||
underground waste |
Year 2019 | 53 | 53 | 53 | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 210 | 210 | 210 | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||
surface ore |
Year 2019 | 32,740 | 30,266 | 515 | 20,868 | 13,749 | 4,645 | 2,474 | 6,718 | 4,639 | 2,999 | | | 1,639 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 29,335 | 28,393 | 282 | 18,383 | 13,791 | 4,205 | 944 | 6,644 | 3,469 | 3,469 | | | | |||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||
total |
Year 2019 | 38,342 | 35,868 | 1,666 | 20,868 | 13,749 | 4,645 | 2,474 | 6,718 | 9,089 | 4,466 | 1,231 | 1,753 | 1,639 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 34,110 | 33,166 | 1,320 | 18,383 | 13,791 | 4,205 | 944 | 6,644 | 7,207 | 4,251 | 1,178 | 1,778 | | |||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||
Yield (grams per tonne) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
underground ore |
Year 2019 | 5.0 | 5.0 | 6.2 | | | | | | 4.7 | 3.8 | 5.5 | 4.9 | | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 5.2 | 5.2 | 5.9 | | | | | | 5.1 | 3.9 | 6.3 | 4.9 | | |||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||
surface ore |
Year 2019 | 1.3 | 1.3 | 0.2 | 1.3 | 1.2 | 1.4 | 1.4 | 1.4 | 1.6 | 2.0 | | | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 1.3 | 1.5 | 0.1 | 1.3 | 1.2 | 1.3 | 1.5 | 1.5 | 2.4 | 2.4 | | | | |||||||||||||||||||||||||||||||||||||||||||
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combined |
Year 2019 | 1.8 | 1.9 | 4.1 | 1.3 | 1.2 | 1.4 | 1.4 | 1.4 | 3.1 | 2.6 | 5.5 | 4.9 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 2.0 | 2.0 | 3.7 | 1.3 | 1.2 | 1.3 | 1.5 | 1.5 | 3.8 | 2.7 | 6.3 | 4.9 | | |||||||||||||||||||||||||||||||||||||||||||
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Gold produced (000 ounces) |
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underground ore |
Year 2019 | 893.8 | 893.8 | 219.4 | | | | | | 674.3 | 180.1 | 219.4 | 274.8 | | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 772.1 | 604.8 | 155.8 | | | | | | 449.0 | 96.7 | 239.1 | 280.5 | | |||||||||||||||||||||||||||||||||||||||||||
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surface ore |
Year 2019 | 1,375.7 | 1,262.8 | 2.6 | 840.4 | 519.1 | 208.4 | 113.0 | 292.7 | 240.0 | 190.5 | | | 49.5 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 1,335.8 | 1,291.3 | 1.3 | 749.9 | 524.9 | 180.8 | 44.5 | 314.1 | 270.2 | 270.2 | | | | |||||||||||||||||||||||||||||||||||||||||||
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total |
Year 2019 | 2,269.5 | 2,156.5 | 222.1 | 840.4 | 519.1 | 208.4 | 113.0 | 292.7 | 914.3 | 370.6 | 219.4 | 274.8 | 49.5 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 2,107.8 | 2,063.3 | 157.1 | 749.9 | 524.9 | 180.8 | 44.5 | 314.1 | 886.4 | 366.9 | 239.1 | 280.5 | | |||||||||||||||||||||||||||||||||||||||||||
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Cost of sales before gold inventory change and amortisation and depreciation (dollar per tonne) |
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underground |
Year 2019 | 124 | 124 | 213 | | | | | | 101 | 88 | 134 | 89 | | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 147 | 147 | 271 | | | | | | 104 | 80 | 136 | 94 | | |||||||||||||||||||||||||||||||||||||||||||
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surface |
Year 2019 | 26 | 25 | 2 | 27 | 24 | 32 | 36 | 25 | 26 | 34 | | | 19 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 26 | 25 | 1 | 26 | 22 | 34 | 44 | 24 | 40 | 40 | | | | |||||||||||||||||||||||||||||||||||||||||||
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total |
Year 2019 | 41 | 41 | 148 | 27 | 24 | 32 | 36 | 25 | 63 | 52 | 134 | 89 | 19 | ||||||||||||||||||||||||||||||||||||||||||
Year 2018 | 42 | 42 | 199 | 26 | 22 | 34 | 44 | 24 | 73 | 47 | 136 | 94 | | |||||||||||||||||||||||||||||||||||||||||||
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Gold Fields 2019 RESULTS |
48 |
| ||
ADMINISTRATION AND CORPORATE INFORMATION
Website
WWW.GOLDFIELDS.COM
Listings
JSE / NYSE / GFI
SWX: GOLI
CA Carolus° (Chair) RP Menell° (Deputy Chair) NJ Holland* (Chief Executive Officer) PA Schmidt (Chief Financial Officer)
A Andani#° PJ Bacchus° TP Goodlace° C Letton^° P Mahanyele-Dabengwa SP Reid^° YGH Suleman°
^ Australian * British # Ghanaian
° Independent Director Non-independent Director
|
49 | Gold Fields 2019 RESULTS | ||
INDEPENDENT AUDITORS REVIEW REPORT ON CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
To the shareholders of Gold Fields Limited
We have reviewed the condensed consolidated financial statements of Gold Fields Limited, set out on pages 29 to 43 of the preliminary report, which comprise the condensed consolidated statement of financial position as at 31 December 2019 and the related condensed consolidated income statement, statements of comprehensive income, changes in equity and cash flows for the year then ended, and selected explanatory notes.
Directors responsibility for the condensed consolidated financial statements
The directors are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance with the requirements of the JSE Limited Listings Requirements for preliminary reports, as set out in the Basis of preparation note to the financial statements, and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors responsibility
Our responsibility is to express a conclusion on these financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, which applies to a review of historical financial information performed by the independent auditor of the entity. ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements are not prepared in all material respects in accordance with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical requirements.
A review of financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluate the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements of Gold Fields Limited for the year ended 31 December 2019 are not prepared, in all material respects, in accordance with the requirements of the JSE Limited Listings Requirements for preliminary reports, as set out in the Basis of preparation note to the financial statements, and the requirements of the Companies Act of South Africa.
Other matter
We have not reviewed future financial performance and expectations, including guidance provided, adjusted or normalised financial information, production and sales volumes, yields, all-in sustaining costs, total all-in costs, other non-financial information, and information not required by IAS 34 Interim Financial Reporting, expressed by the directors in the accompanying condensed consolidated financial statements and accordingly do not express a conclusion thereon as part of this review.
PricewaterhouseCoopers Inc.
Director: PC Hough
Registered Auditor
Waterfall City
12 February 2020
Gold Fields 2019 RESULTS |
50 |
| ||
Certain forward looking statements
This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to Gold Fields financial condition, results of operations, business strategies, operating efficiencies, competitive position, growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. Such forward-looking statements can be identified by the use of forward-looking terminology, including the terms believes, estimates, plans, anticipates, aims, continues, expects, hopes, may, will, would or could or, in each case, their negative or other various or comparable terminology.
These forward-looking statements, including, among others, those relating to the future business prospects, revenues and income of Gold Fields, wherever they may occur in this report, are necessarily estimates reflecting the best judgment of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should be considered in light of various important factors, including those set forth in this report. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, without limitation:
| overall economic and business conditions in South Africa, Ghana, Australia, Peru and elsewhere; |
| changes in assumptions underlying Gold Fields mineral reserve estimates; |
| the ability of the Group to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions or joint ventures; |
| the ability of the Group to achieve anticipated efficiencies and other cost savings as a result of measures such as retrenchments; |
| the ability of the Group to achieve anticipated production cost estimates at existing operations, projects or joint ventures as outlined in this report or as otherwise disclosed; |
| the success of the Groups business strategy, development activities and other initiatives; |
| the ability of the Group to comply with requirements that it operate in a sustainable manner and provide benefits to affected communities; |
| decreases in the market price of gold or copper; |
| the occurrence of hazards associated with underground and surface gold mining or contagious diseases at Gold Fields operations, projects or joint ventures; |
| the occurrence of work stoppages related to health and safety incidents at Gold Fields operations, projects or joint ventures; |
| the Groups loss of senior management or inability to hire or retain employees; |
| fluctuations in exchange rates, currency devaluations and other macro-economic monetary policies; |
| ongoing or future labour disruptions and industrial actions at Gold Fields operations, projects or joint ventures; |
| power cost increases as well as power stoppages, fluctuations and usage constraints; |
| supply chain shortages and increases in the prices of production imports; |
| the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms and conditions of Gold Fields facilities and Gold Fields overall cost of funding; |
| the adequacy of the Groups insurance coverage; |
| the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects, exploration project or other initiatives; |
| changes in relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential new legislation affecting Gold Fields mining and mineral rights; |
| fraud, bribery or corruption at Gold Fields operations, projects or joint ventures that leads to censure, penalties or negative reputational impacts; and |
| political instability in South Africa, Ghana, Peru or regionally in Africa or South America. |
Gold Fields undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.
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