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RNS Number:9009Q Gold Fields Ld 4 February 2002 Gold Fields Limited Incorporated in the Republic of South Africa Registration Number 1997/019961/06 ISIN - ZAE 000018123 2002 RESULTS QUARTERLY RESULTS DECEMBER 2001 QUARTER ENDED 31 DECEMBER 2001 STOCK DATA Number of shares in issue - at 31 December 2001 468,954,891 - average for the quarter 460,751,941 Free Float 100% ADR Ratio 1:1 Bloomberg / Reuters GFISJ / GFLJ.J JSE Securities Exchange South Africa- (GFI) Range - Quarter SAR39.90 - SAR66.50 Average Volume - Quarter 1,360,000 shares / day NASDAQ - (GOLD) Range - Quarter $4.25 - $5.25 Average Volume - Quarter 555,000 shares / day INVESTOR RELATIONS Europe & South Africa Willie Jacobsz Tel: +27 11 644-2460 Fax: +27 11 484-0639 E-mail: investors@goldfields.co.za North America Cheryl A. Martin Tel: +1 303 796-8683 Fax: +1 303 796-8293 E-mail: camartin@gfexpl.com www.goldfields.co.za www.gold-fields.com EARNINGS TRIPLE FROM 45 CENTS PER SHARE TO 139 CENTS PER SHARE HIGHLIGHTS * Earnings rise from R203 million (US$24 million) to R640 million (US$67 million). * Operating profit increases 114 per cent to R1,064 million (US$110 million). * Attributable gold output increases 11 per cent to 984,000 ounces. * Cash costs reduce to US$169 per ounce. * Rand gold price increases 24 per cent from R73,646 to R91,627 per kilogram. * Acquisition of WMC gold assets completed 1 December 2001. DEAR SHAREHOLDERS, It is indeed pleasing to report a threefold increase in earnings for the December quarter from R203 million to R640 million. Much but not all of the increase can be attributed to the decline in the value of the Rand. Interestingly, the decline has implications that may have far reaching effects beyond simply improving our profitability. First and critically, our cash costs have fallen from $200 to $169 per oz moving us solidly up the ranks of the global competition and will move us further up the ranks again in the March quarter; we now have low cash costs as well as long life reserves. Secondly, our US Dollar earnings also rose very strongly from $24 million to $67 million because of the gearing effects of the Rand. Gold Fields with its quality assets, and now a meaningful measure of diversification has very manageable debt levels and strong US dollar earnings. It is in as good a position as any company in the industry and accordingly we have increased our dividend to 90 cents per share payable on February 25th. The December quarter was significant also because of the acquisition of Western Mining's gold assets in Australia and Ranger Minerals' Abosso assets in Ghana. These two producers coupled with the successful Tarkwa mine in Ghana will push Gold Fields gross production outside South Africa to over 35% of our total. We are very excited about the exploration potential these two operations bring as well as the new dimensions they add both for our people and our aspirations. Both are demonstrably value-adding additions, which vindicates our strategy of careful evaluation and selectivity with regard to growth. During the quarter our Arctic Platinum Project in Finland progressed encouragingly as drilling on the Sika Kamma block has started to delineate a significant higher grade area of mineralisation that may further improve this already attractive project. We will have more to report on this project after Easter. The quarter's results reflect an 11% increase in production, 3% attributable to South African operations, 8% to the inclusion of one month of production from Australian operations. Notable achievements for the quarter include the containment of Rand costs per kilogram for the South African operations; the significant improvement in the performance of Beatrix and No. 4 Shaft (Oryx) where the teams put in a sterling effort to achieve record production and profits, and some much needed improvements from Kloof. Driefontein, drawing on many months of focused efforts, had an exceptional December and is now running particularly well. 80,000 tons of high grade ore were stockpiled during the quarter allowing the mine to continue producing gold over the usually dormant Christmas period and strongly into January. The outlook for the March quarter is encouraging. This quarter will reflect the inclusion of a full quarter from our Australian operations and two months from the new Abosso operation. In addition, if the current Rand values in the range of R11-R12 to the dollar are sustained, we can expect greater contributions from South African operations where we have had the best operational January we have had for many years. The US Dollar gold price looks solidly underpinned by strong physical demand in the $280 - $290 range and the emergence of investment buying of gold in Japan and Germany are further reasons for optimism in our outlook. For the calendar year ahead we will continue to look for acquisition opportunities. We hope that after the Normandy takeover battle pricing expectations have not risen to prohibitive levels. Real value creation remains the key to our strategy. CHRIS THOMPSON CHAIRMAN & CHIEF EXECUTIVE OFFICER 4 February 2002 SALIENT FEATURES SA RAND US DOLLARS Quarter Quarter September December December September 2001 2001 2001 2001 27,555 30,592 Kg Gold produced* oz (000) 984 886 53,829 55,013 R/kg Cash costs $/oz 169 200 7,675 8,354 000 Tons milled 000 8,354 7,675 73,646 91,627 R/kg Revenue $/oz 279 274 212 215 R/ton Operating costs $/ton 21 25 498 1,064 Rm Operating profit $m 110 59 203 640 Rm Headline earnings $m 67 24 45 139 SA c.p.s. US c.p.s. 15 5 203 640 Rm Net earnings $m 67 24 45 139 SA c.p.s. US c.p.s. 15 5 * Attributable - All companies wholly owned except for Tarkwa (71,1%). COMMENTARY Health and Safety Gold Fields is determined to achieve safety standards at all its operations that are on par with the Ontario Mines, recognised as the industry benchmark for safety performance. Consequently it is disappointing to report a less than satisfactory fatal injury frequency rate of 0.45 for the December 2001 Quarter. Management has set up an internal review of all safety processes, structures and practices to reverse this trend. Management and the Board of Gold Fields extend their sincerest condolences to the families and friends of the five employees who lost their lives as a result of the collapse of a development end at 1 tertiary shaft Driefontein on 22 January 2002, following two seismic events. Financial Gold Fields generated record earnings of R640 million (US$67 million) for the December 2001 quarter, a threefold increase over earnings of R203 million (US$24 million) achieved during the previous quarter. The record earnings arose from an increase in production from the South African operations, the inclusion of the Australian operations, St Ives and Agnew, for the month of December and from the significant weakening of the Rand/US Dollar exchange rate in the period under review. Revenue for the quarter was R2,869 million (US$287 million), an increase of R778 million (US$37 million) or 37 per cent over the previous quarter's revenue of R2,091 million (US$250 million). Attributable gold production increased from 886,000 ounces to 984,000 ounces, an increase of 11 per cent, with the Australian operations contributing a total of 68,000 ounces or 8 per cent to the increase in gold production. The increase in the Rand gold price received to R91,627 per kilogram resulted mainly from the weakening of the quarterly average Rand/US Dollar exchange rate by 21 per cent from R8.37 during the September quarter to R10.12 in the December quarter. The Dollar gold price also increased from US$274 to US$279 per ounce, quarter on quarter. Operating costs increased to R1,781 million (US$175 million) for the quarter, compared to R1,611 million (US$193 million) during the previous quarter. This increase is mainly due to the weaker exchange rate, resulting in higher Rand costs at Tarkwa which is largely US Dollar based, the inclusion of St Ives and Agnew in Australia and a marginal increase of less than 2 per cent at the South African operations, which is attributed to the higher production. The increased production, together with the higher gold price received, resulted in operating profit for the December quarter more than doubling to R1,064 million (US$110 million), compared to R498 million (US$59 million) for the September quarter. Amortisation and depreciation increased significantly from R152 million (US$18 million) in the September quarter to R213 million (US$21 million) in the current quarter as a result of the inclusion of the Australian operations and the higher output. Other income for the quarter was R48 million (US$5 million) and related mainly to the positive marked to market valuation of currency financial derivatives established during the quarter. US$500 million of Australian Dollar/United States Dollar currency financial derivatives were established over a period of five years in respect of the Agnew and St Ives operations. Due to the fact that US$160 million of debt was drawn down to acquire these operations, along with the issue of 12 million shares, it was deemed prudent to establish the financial derivatives to protect the cash flows of the operations in the event of a strengthening of the Australian dollar. The financial derivatives are a combination of outright forwards and options and provide protection at exchange rates ranging between 49 and 52 US cents. Details of the financial derivatives are provided on page 9. The marked to market profit at the end of the quarter was R27 million (US$2 million). In addition, US$61 million of South African Rand/United States Dollar outright forwards were also established during the quarter for a period of one year at an average contract rate of R13.34 to the Dollar. The marked to market profit at the end of the quarter was approximately R24 million (US$2 million) . Profit before tax at R875 million (US$91 million) compares to the R330 million (US$39 million) recorded in the September quarter. Taxation at R212 million (US$22 million) is double the previous quarter as a result of the increased operating profit. Net earnings, after deducting minorities, were thus R640 million (US$67 million) or 139 cents per share compared to R203 million (US$24 million) or 45 cents per share in the previous quarter. Operating cash flow for the quarter was R1,219 million (US$126 million), an increase of R851 million (US$81 million) compared to the September quarter. Capital expenditure was R328 million (US$35 million) as compared to R301 million (US$33 million) in the September quarter. The lower capital expenditure at Kloof from a catch up in the previous quarter, was offset by the inclusion of expenditure of R51 million (US$4 million) at the Australian operations. Net cash flow for the quarter after taking account of investing and financing activities was R522 million (US$54 million). The cash balance at the end of December was R888 million (US$74 million), triple that held at the end of the previous quarter. Debt at the end of the quarter (relating to the acquisition of the Agnew and St Ives operations from WMC) was R1,980 million (US$165 million). Operations - Overview Attributable gold production increased from 886,000 ounces to 984,000 ounces, of which 68,000 ounces was produced in Australia for the December month only. At the South African operations production increased by 33,000 ounces due to an increase in output from the Free State of 22,000 ounces and an increase from Kloof of 11,000 ounces as a result of increased tons milled and an improvement in yield. Driefontein's output remained flat quarter on quarter while Tarkwa decreased marginally in line with plan. Ore milled increased to 8.35 million tons from 7.68 million tons in the September quarter with yields remaining constant despite the inclusion of 698,000 tons from Australia at an average yield of 3.0 grams per ton. Cash costs for the Group decreased from US$200 per ounce to US$169 per ounce as a result of three main factors, the increase in production at Kloof and Beatrix, the weakening of the Rand/Dollar exchange rate by 21 per cent and the inclusion of production from Australia at a cash cost of US$161 per ounce. - South African Operations Driefontein's production was stable at 324,000 ounces at a slightly lower yield (6.0 grams per ton vs last quarter's 6.4 grams per ton) due to an increase in surface tonnage from 587,000 tons to 732,000 tons treated at 2.0 grams per ton. Underground tonnage decreased from 984,000 to 937,000 at 9.2 grams per ton as a result of re-establishing previously achieved levels of surface production. Cash costs increased 2 per cent in Rand terms to R51,801 per kilogram but reduced in Dollar terms from US$189 per ounce to US$159 per ounce quarter on quarter. Capital expenditure remained unchanged from the previous quarter at R123 million (US$13 million). At Kloof the 4 per cent increase in production from 279,000 ounces to 290,000 ounces was mainly due to an increase in underground tonnage from 831,000 to 861,000 tons and an increase in surface tonnage from 310,000 to 324,000. The yield was 7.6 grams per ton. This increase in output together with the weakening Rand US Dollar exchange rate resulted in a significant decrease in cash costs from US$210 per ounce to US$168 per ounce and a decrease in the Rand cash cost of 2 per cent to R54,715 per kilogram. Cost per ton milled decreased from R450 to R435, as operating costs remained virtually unchanged when compared to the previous quarter despite the increased mining volumes. In the Free State, production at Beatrix increased from 145,000 ounces to 167,000 ounces, due to an increase in volume but more importantly, due to a significant improvement in yield, particularly at Beatrix 4 shaft. Tons milled increased by 20,000 tons to 1,005,000 tons due to an increase in underground tonnage and surface tonnage decreased to 69,000 from 88,000 tons in the previous quarter. Cash costs reduced to US$168 from US$222 per ounce and in Rand terms reduced 9 per cent to R54,649 per kilogram mainly due to the increased output. St Helena's production remained flat at 32,000 ounces with the decrease in milling tonnage offset by an increase in yield from 5.7 grams per ton to 6.1 grams per ton for the quarter. The decrease in operating cost due to the lower mining volumes resulted in a decrease in cash costs from R82,240 per kilogram (US$ 306 per ounce) to R73,711 per kilogram (US$ 227 per ounce). The increased revenue resulted in a profit after tax of R16 million (US$2 million), the first profit since December 1999. - Metallurgical Plants The upgrade of metallurgical facilities at Driefontein and Kloof sections is progressing well. Optimisation of the new Carbon in Pulp facilities at Driefontein 1 and 2 Plants and Kloof 1 Plant is underway with encouraging results being achieved. The second phase of this upgrade strategy provides for the replacement of the high cost crushing and milling comminution section with modern large SAG/Ball mills. The first of these installations is in progress at Driefontein 2 Plant with expected completion in June 2002. A feasibility study is well advanced for the Driefontein 1 Plant installation, which is scheduled to commence in July 2002. Both these installations will utilise second hand milling units in order to expedite the project timing and reduce capital costs. - International Operations - Ghana (Tarkwa) Production was down 4 per cent to 145,000 ounces from the record levels achieved last quarter mainly due to production from lower grade areas. Production is expected to increase in the March 2002 quarter with the inclusion of the Damang mine's results from February month. Cash costs increased from US$163 per ounce to US$174 per ounce due to the slightly lower gold production, while cost per ton remained at US$7 but increased 24 per cent in Rand terms to R72 per ton. In Dollar terms revenue and costs remained virtually unchanged with earnings moderately down. - Australia (St Ives and Agnew) Completion of the acquisition of the St Ives and Agnew Mines from WMC Resources Limited occurred on 30 November 2001, resulting in a full month's contribution to this quarter's results from Australian operations. For the month of December these operations produced a total of 68,000 ounces at cash costs of US$161 per ounce. During this period the development of new operating and business systems was completed and tested and a new management team established. The near term focus will remain on maintaining current production levels and optimising existing operations. Exploration expenditure will be ramped up on both sites over the next 18 months. Once the resource and reserve potential is more fully defined a long range plan will be implemented to realise the full potential of the two sites. - Arctic Platinum Confirmatory metallurgical studies continued during the quarter at Arctic Platinum and included pilot plant testing. Additional drilling was completed at Ahmavarra and Konttijarvi in anticipation of the Suhanko feasibility study, which is expected to be completed by September 2002. SK Reef prospect drilling has been successful and will result in a resource being published during the March quarter. Scoping studies are underway to examine the possible role that mining at SK Reef could have on the Suhanko Project. As a result of cumulative expenditures of US$13 million being attained as at 17 January 2002, Gold Fields has earned a 51 per cent interest in the project and future expenditures will be split 51:49 with partners Outokumpu Mining Oy. Outlook The majority of the further movement in the weakening Rand took place in the last month of the quarter, with the Rand gold price averaging just over R100,000 per kilogram in December as compared to R91,627 per kilogram for the quarter. A sustained higher Rand per kilogram price, together with the inclusion of the results of the Australian operations for a full quarter and the inclusion of the results of the Damang mine should result in the excellent earning levels achieved in the December quarter being improved over the remaining six months of the fiscal year. General - Union Agreements A landmark agreement on HIV/AIDS in the workplace as well as an agreement on Competencies and Job grading was signed with unions and employee associations. The HIV/AIDS agreement encompasses a wide range of initiatives aimed at preventing the spread of HIV as well as a programme aimed at the treatment and care of employees who are HIV positive or suffering from AIDS. Gold Fields believes that this agreement will provide it with the necessary tools to more effectively fight HIV/AIDS and minimise the impact of the disease on the Group's South African operations, its people and their families and the communities the Group operates in. The objective of the Competencies and Job Grading is to establish a process of determining job competencies and organisational structures, including job profiles and job grades, which will serve to improve safety and productivity as well as competencies of employees. - Acquisition of Abosso Gold Fields On 7 January 2002 Ranger shareholders approved the proposed acquisition of the Abosso/Damang mine by Repadre and Gold Fields. This transaction closed on 23 January 2002. This operation is expected to produce in excess of 250,000 ounces per annum at cash costs of US$200 per ounce to US$215 per ounce. It is intended to explore the operational and other synergies that may exist between Tarkwa and Damang and to commence an aggressive exploration programme of the highly prospective geology lying between Tarkwa and Damang. A loan facility of US$50 million has been established to finance the acquisition price of A$63.3 million, to replace existing debt of US$10 million and to provide working capital. - Oryx and St Helena Options Granted As previously advised in support of the much needed consolidation process in the Free State region, Gold Fields has granted the ARM/Harmony joint venture an exclusive option to negotiate the possible disposal of the St Helena mine and Beatrix 4 shaft. In return Harmony granted Gold Fields an exclusive option to negotiate the acquisition of 8.6 per cent of Harmony's 9.9 per cent in Aurion Gold of Australia. As no fixed agreement has been reached with respect to the options granted, both parties have agreed to extend the respective options to 15 February 2002. Dividend In line with the company's policy of paying out 50 per cent of its earnings, an interim dividend of 90 cents per share has been declared payable to all shareholders. The last date to trade "CUM" the dividend, in order to participate in the dividend will be Friday, 15 Febraury 2002. The shares will commence trading "EX" the dividend form the commencement of business on Monday 18 February 2002, and the record date will be Friday 22 February 2002. Payment from the United Kingdom will be made in Sterling at the rate of exchange ruling on 22 February 2002 or the first date thereafter on which a rate of exchange is available. Payment will be made on 25 February 2002. Share certificates may not be dematerialised or rematerialised between Monday, 11 February 2002 and Friday, 22 February 2002, both dates inclusive. Basis of Accounting The unaudited results for the quarter have been prepared on the International Accounting Standards basis. The detailed financial, operational and development results for the December 2001 quarter are submitted in this report. These consolidated quarterly statements are prepared in accordance with IAS 34, Interim Financial Reporting. The accounting policies are consistent with those applied at the previous year-end except for the adoption of IAS 39, Financial Investments: Recognition and Measurement. INCOME STATEMENTS International Accounting Standards Basis SA RAND (Figures are in millions unless otherwise stated) Quarter Six months to December September December December December 2001 2001 2000 2001 2000 Revenue 2,869.4 2,090.8 1,986.8 4,960.2 3,917.0 Operating cost^ 1,780.5 1,611.0 1,475.3 3,391.5 2,985.4 Gold inventory change 24.9 (17.7) 0.8 7.2 9.7 Operating profit 1,064.0 497.5 510.7 1,561.5 921.9 Amortisation and depreciation 212.9 151.5 159.2 364.4 315.5 Net operating profit 851.1 346.0 351.5 1,197.1 606.4 Other income 47.8 9.9 42.7 57.7 60.0 Exploration (24.4) (26.0) (13.6) (50.4) (27.6) Profit before taxation 874.5 329.9 380.6 1,204.4 638.8 Mining and income taxation 211.7 104.8 79.9 316.5 123.3 - Normal taxation 170.2 34.0 49.6 204.2 71.7 - Deferred taxation 41.5 70.8 30.3 112.3 51.6 Profit after taxation 662.8 225.1 300.7 887.9 515.5 Minority interest 23.1 21.7 24.2 44.8 38.5 Net earnings 639.7 203.4 276.5 843.1 477.0 Net earnings per share (cents) 139 45 61 184 105 Headline earnings 639.7 203.4 276.5 843.1 477.0 Headline earnings per share (cents) 139 45 61 184 105 Gold declared - managed less capitalised kg 31,316 28,390 30,234 59,706 61,286 Gold price received R/kg 91,627 73,646 65,714 83,077 63,913 Cash costs R/kg 55,013 53,829 46,761 54,450 46,581 ^ Prior years quarterly results have been reclassified to include retrenchment costs as part of operating cost and not as exceptional items INCOME STATEMENTS International Accounting Standards Basis US DOLLARS Quarter Six months to December September December December December 2001 2001 2000 2001 2000 Revenue 287.0 249.8 261.4 536.8 537.3 Operating cost^ 174.5 192.5 194.2 367.0 409.4 Gold inventory change 2.9 (2.1) 0.1 0.8 1.3 Operating profit 109.6 59.4 67.1 169.0 126.6 Amortisation and depreciation 21.3 18.1 20.9 39.4 43.3 Net operating profit 88.3 41.3 46.2 129.6 83.3 Other income 5.0 1.2 5.7 6.2 8.3 Exploration (2.4) (3.1) (1.8) (5.5) (3.8) Profit before taxation 90.9 39.4 50.1 130.3 87.8 Mining and income taxation 21.7 12.6 10.5 34.3 16.8 - Normal taxation 18.0 4.1 6.5 22.1 9.7 - Deferred taxation 3.7 8.5 4.0 12.2 7.1 Profit after taxation 69.2 26.8 39.6 96.0 71.0 Minority interest 2.2 2.6 3.2 4.8 5.3 Net earnings 67.0 24.2 36.4 91.2 65.7 Net earnings per share (cents) 15 5 8 20 15 Headline earnings 67.0 24.2 36.4 91.2 65.7 Headline earnings per share (cents) 15 5 8 20 15 SA Rand / US$ conversion rate 10.12 8.37 7.60 9.24 7.29 Gold declared - managed less capitalised ozs (000) 1,007 913 972 1,920 1,970 Gold price received $/oz 279 274 269 277 273 Cash costs $/oz 169 200 191 183 199 BALANCE SHEETS International Accounting Standards Basis (Figures are in millions unless otherwise stated) SA Rand US Dollar December June December June 2001 2001 2001 2001 Mining and mineral assets 14,673.8 11,077.2 1,222.8 1,372.6 Non-current assets 188.8 180.6 15.7 22.4 Investments 369.6 259.6 30.8 32.2 Current assets 2,616.6 1,050.1 218.1 130.1 - Cash and deposits 887.5 190.0 74.0 23.5 - Other current assets 1,729.1 860.1 144.1 106.6 Total assets 17,848.8 12,567.5 1,487.4 1,557.3 Shareholders' equity 9,169.1 7,075.6 764.1 876.8 Outside shareholders' interest 484.8 317.1 40.4 39.3 Deferred taxation 3,548.8 3,381.2 295.7 419.0 Long-term loans 1,536.8 - 128.1 - Environmental rehabilitation provisions 726.6 530.8 60.6 65.8 Post-retirement health care provisions 240.2 235.4 20.0 29.2 Current liabilities 2,142.5 1,027.4 178.5 127.2 - Other current liabilities 1,699.4 1,027.4 141.6 127.2 - Short term loan 443.1 - 36.9 - Total equity and liabilities 17,848.8 12,567.5 1,487.4 1,557.3 S.A. Rand/U.S. Dollar conversion rate 12.00 8.07 CONDENSED STATEMENT OF CHANGES IN EQUITY SA Rand US Dollar December December December December 2001 2000 2001 2000 Balance as at the beginning of the financial year 7,075.6 8,214.4 876.8 1,213.4 Currency translation adjustment and other 804.5 107.0 (210.6) (115.3) Issue of share capital 565.3 26.4 47.1 3.5 Marked to market valuation of listed investments 63.1 - 5.3 - Dividends (182.5) - (21.5) - Net earnings 843.1 477.0 67.0 65.7 Balance as at the end of December 9,169.1 8,824.8 764.1 1,167.3 CASH FLOW STATEMENTS International Accounting Standards Basis (Figures are in millions unless otherwise stated) SA RAND Quarter Six months to December September December December 2001 2001 2001 2000 Cash flow from operating activities 1,219.2 368.3 1,587.5 626.5 Profit before tax 874.5 329.9 1,204.4 638.8 Amortisation and depreciation 212.9 151.5 364.4 315.5 Change in working capital 58.5 (143.9) (85.4) (186.1) Taxation paid (18.6) (16.9) (35.5) (161.8) Other non-cash items 91.9 47.7 139.6 20.1 Dividends paid (182.5) (182.5) - Cash utilised in investing activities (2,202.9) (331.0) (2,533.9) (514.4) Capital expenditure - net (328.3) (300.9) (629.2) (479.6) Purchase of investments - net (21.4) (25.5) (46.9) (25.8) Investments in environmental trust funds and post retirement health care payments (4.9) (4.6) (9.5) (9.0) Acquisition of subsidiaries (1,848.3) - (1,848.3) - Cash flow from financing activities 1,505.2 209.5 1,714.7 (4.0) Loan raised 1,694.9 200.0 1,894.9 - Loans repaid (200.0) - (200.0) (30.4) Shares issued 10.3 9.5 19.8 26.4 Net cash inflow 521.5 64.3 585.8 108.1 Translation adjustment 90.0 21.7 111.7 19.0 Cash at beginning of period 276.0 190.0 190.0 514.9 Cash at end of period 887.5 276.0 887.5 642.0 US DOLLAR Quarter Six months to December September December December 2001 2001 2001 2000 Cash flow from operating activities 126.3 44.9 171.2 87.8 Profit before tax 90.9 39.4 130.3 87.8 Amortisation and depreciation 21.3 18.1 39.4 43.3 Change in working capital 8.9 (16.0) (7.1) (24.6) Taxation paid (1.1) (1.9) (3.0) (21.4) Other non-cash items 6.3 5.3 11.6 2.7 Dividends paid - (21.5) (21.5) - Cash utilised in investing activities (216.1) (36.7) (252.8) (68.0) Capital expenditure - net (34.7) (33.4) (68.1) (63.4) Purchase of investments - net (1.1) (2.8) (3.9) (3.4) Investments in environmental trust funds and post retirement health care payments (0.3) (0.5) (0.8) (1.2) Acquisition of subsidiaries (180.0) - (180.0) - Cash flow from financing activities 143.4 23.3 166.7 (0.5) Loan raised 165.0 22.2 187.2 - Loans repaid (22.2) - (22.2) (4.0) Shares issued 0.6 1.1 1.7 3.5 Net cash inflow 53.6 10.0 63.6 19.3 Translation adjustment (10.2) (2.9) (13.1) (10.5) Cash at beginning of period 30.6 23.5 23.5 76.1 Cash at end of period 74.0 30.6 74.0 84.9 HEDGING POLICY As a general rule Gold Fields does not hedge the gold price except in exceptional circumstances: * the existence of debt finance * in times of high gold prices. Gold Fields may from time to time establish currency hedges to protect underlying cash flows. During the December quarter Gold Fields established four currency positions, being Australian Dollars against US Dollars and US Dollars against Rand. These are described in the schedule. However, it has been decided not to account for these positions under the hedge accounting rules of IAS 39 and accordingly the positions have been marked to market at the quarter end. DERIVATIVE FINANCIAL INSTRUMENTS 000's Year ended 30 June US DOLLAR / AUSTRALIAN DOLLAR 2002 2003 2004 2005 2006 2007 Total Forward sales: Amount (US Dollars) 25,000 50,000 50,000 50,000 50,000 25,000 250,000 Average Rate (USD/AUD) 0.4934 0.4934 0.4934 0.4934 0.4934 0.4934 Zero cost collar: Amount (US Dollars) 25,000 50,000 50,000 50,000 50,000 25,000 250,000 Average downside protection level (USD/AUD) 0.5191 0.5191 0.5191 0.5191 0.5191 0.5191 Average upside benefit cap (USD/AUD) 0.4289 0.4289 0.4289 0.4289 0.4289 0.4289 The marked to market value of all transactions making up the positions in the above table was a positive R26.9million (USD 2.3million). The value was based on exchange rates of R/USD 11,8550 and USD/AUD of 0.5121 and the prevailing interest rates and volatilities at the time. Forward purchases: Amount (Australian Dollars) 63,300 63,300 Average rate (USD/AUD) 0.5190 The marked to market value of the transaction making up the position in the above table was a negative R5.5million (USD 0.5million). The value was based on exchange rates of R/USD 11,8550 and USD/AUD of 0.5121 and the prevailing interest rates and volatilities at the time. RAND / US DOLLAR Forward sales: Amount (US Dollars) 61,000 61,000 Average Rate (ZAR/USD) 13.3363 The marked to market value of the transaction making up the position in the above table was a positive R 23.8million (USD 2.0million). The value was based on an exchange rate of R/USD 11.8550 and the prevailing interest rates and volatilities at the time. TOTAL CASH COSTS (All figures are in Rand millions unless otherwise stated) Drie- Free State Div. fontein Kloof St Ghana Div. Div. Beatrix Helena Tarkwa Australia* Total Operating costs (1) December 2001 557.8 487.3 294.9 74.2 262.9 103.4 1,780.5 September 2001 544.1 485.0 279.7 83.2 219.0 1,611.0 Financial year to date 1,101.9 972.3 574.6 157.4 481.9 103.4 3,391.5 Gold in process change December 2001 0.0 0.0 0.0 0.0 (9.8) 31.4 21.6 September 2001 0.0 0.0 0.0 0.0 (15.6) (15.6) Financial year to date 0.0 0.0 0.0 0.0 (25.4) 31.4 6.0 Less:- - Rehabilitation costs December 2001 2.8 1.6 1.0 (0.2) 0.2 2.2 7.6 September 2001 2.8 1.6 0.8 0.2 0.2 5.6 Financial year to date 5.6 3.2 1.8 0.0 0.4 2.2 13.2 - Production taxes December 2001 5.1 3.6 1.5 0.4 0.0 0.0 10.6 September 2001 5.0 3.1 1.4 0.3 0.0 9.8 Financial year to date 10.1 6.7 2.9 0.7 0.0 0.0 20.4 - General and administration December 2001 32.9 23.8 10.6 1.5 10.2 10.5 89.5 September 2001 29.3 22.2 10.3 1.5 8.7 72.0 Financial year to date 62.2 46.0 20.9 3.0 18.9 10.5 161.5 Cash operating costs December 2001 517.0 458.3 281.8 72.5 242.7 122.1 1,694.4 September 2001 507.0 458.1 267.2 81.2 194.5 1,508.0 Financial year to date 1,024.0 916.4 549.0 153.7 437.2 122.1 3,202.4 Plus: - - Production taxes December 2001 5.1 3.6 1.5 0.4 0.0 0.0 10.6 September 2001 5.0 3.1 1.4 0.3 0.0 9.8 Financial year to date 10.1 6.7 2.9 0.7 0.0 0.0 20.4 - Royalties December 2001 0.0 0.0 0.0 0.0 12.3 5.5 17.8 September 2001 0.0 0.0 0.0 0.0 10.4 10.4 Financial year to date 0.0 0.0 0.0 0.0 22.7 5.5 28.2 CASH COSTS (2) December 2001 522.1 461.9 283.3 72.9 255.0 127.6 1,722.8 September 2001 512.0 461.2 268.6 81.5 204.9 1,528.2 Financial year to date 1,034.1 923.1 551.9 154.4 459.9 127.6 3,251.0 Plus: - - Amortisation December 2001 55.0 35.2 21.1 0.1 36.5 41.0 188.9 September 2001 53.6 27.9 16.1 0.0 30.0 127.6 Financial year to date 108.6 63.1 37.2 0.1 66.5 41.0 316.5 - Rehabilitation December 2001 2.8 1.6 1.0 (0.2) 0.2 2.2 7.6 September 2001 2.8 1.6 0.8 0.2 0.2 5.6 Financial year to date 5.6 3.2 1.8 0.0 0.4 2.2 13.2 TOTAL PRODUCTION COSTS (3) December 2001 579.9 498.7 305.4 72.8 291.7 170.8 1,919.3 September 2001 568.4 490.7 285.5 81.7 235.1 1,661.4 Financial year to date 1,148.3 989.4 590.9 154.5 526.8 170.8 3,580.7 Gold produced - thousand ounces ^ December 2001 324.0 271.4 166.7 31.8 144.8 68.1 1006.8 September 2001 323.6 262.6 144.5 31.9 150.1 912.8 Financial year to date 647.7 534.0 311.2 63.7 295.0 68.1 1,919.6 CASH COSTS - US$/oz December 2001 159 168 168 227 174 161 169 September 2001 189 210 222 306 163 200 Financial year to date 173 187 192 262 169 161 183 TOTAL PRODUCTION COSTS - US$/oz December 2001 177 182 181 226 199 215 188 September 2001 210 223 236 306 187 217 Financial year to date 192 201 205 263 193 215 202 DEFINITIONS Cash costs and Total production costs are calculated in accordance with the Gold Institute industry standard. (1) Operating costs - All gold mining related costs before amortisation/depreciation, changes in gold inventory, taxation and exceptional items. (2) Cash costs - Operating costs less off-mine costs, including general and administration costs, as detailed in the table above. (3) Total production costs - Cash costs plus amortisation/depreciation and rehabilitation provisions, as detailed in the table above. ^ Excludes gold production at Kloof 4 shaft of 578 kilograms (18,583 ounces) for the December quarter (September 514 kilograms - 16,526 ounces), which is capitalised. * Operating results for the Australian operations, Agnew and St Ives, are included from 1 December 2001, the effective date of purchase. Exchange rates applied are US$1 = R8.37 and US$1 = R10.12 for the September and December 2001 quarters respectively. Year to date US$1 = R9.24. The exchange rate used to convert Australia's Agnew and St Ives at A$1=R5.99 equates to US$1=R11.65 as this is for December only. Gold produced, given in thousand ounces, are rounded independently and may not add. OPERATING AND FINANCIAL RESULTS Individual Mines SA RAND TOTAL Drie- Free State Div. MINE fontein Kloof St Ghana ** OPERA- Div. Div. Beatrix Helena Tarkwa Australia TIONS Operating Results Ore milled / treated (000 tons)* December 2001 1,669 1,185 1,005 161 3,636 698 8,354 September 2001 1,571 1,141 985 173 3,805 7,675 Financial year to date 3,240 2,326 1,990 334 7,441 698 16,029 Yield (grams per ton) December 2001 6.0 7.6 5.2 6.1 1.2 3.0 3.8 September 2001 6.4 7.6 4.6 5.7 1.2 3.8 Financial year to date 6.2 7.6 4.9 5.9 1.2 3.0 3.8 Gold produced (kilograms) December 2001 10,079 9,020 5,184 989 4,505 2,117 31,894 September 2001 10,066 8,682 4,496 991 4,669 28,904 Financial year to date 20,145 17,702 9,680 1,980 9,174 2,117 60,798 Gold declared (kilograms) December 2001 10,079 9,020 5,184 989 4,505 2,117 31,894 September 2001 10,066 8,682 4,496 991 4,669 28,904 Financial year to date 20,145 17,702 9,680 1,980 9,174 2,117 60,798 Gold price received (Rand per kilogram) December 2001 92,212 90,085 89,120 90,495 90,433 104,204 91,627 September 2001 73,535 73,372 74,044 73,360 74,042 73,646 Financial year to date 82,879 81,866 82,118 81,919 82,091 104,204 83,077 Cash costs (Rand per kilogram) December 2001 51,801 54,715 54,649 73,711 56,604 60,274 55,013 September 2001 50,864 56,464 59,742 82,240 43,885 53,829 Financial year to date 51,333 55,575 57,014 77,980 50,131 60,274 54,450 Cash costs (US Dollars per ounce) December 2001 159 168 168 227 174 161 169 September 2001 189 210 222 306 163 200 Financial year to date 173 187 192 262 169 161 183 Total production costs (Rand per kilogram) December 2001 57,535 59,074 58,912 73,610 64,750 80,680 61,288 September 2001 56,467 60,076 63,501 82,442 50,353 58,521 Financial year to date 57,002 59,567 61,043 78,030 57,423 80,680 59,972 Operating costs (Rand per ton) December 2001 334 435 293 461 72 148 215 September 2001 346 450 284 481 58 212 Financial year to date 340 443 289 471 65 148 213 Financial Results (Rand million) Unaudited - Revenue December 2001 929.4 760.5 462.0 89.5 407.4 220.6 2,869.4 September 2001 740.2 599.3 332.9 72.7 345.7 2,090.8 Financial year to date 1,669.6 1,359.8 794.9 162.2 753.1 220.6 4,960.2 Operating costs December 2001 557.8 487.3 294.9 74.2 262.9 103.4 1,780.5 September 2001 544.1 485.0 279.7 83.2 219.0 1,611.0 Financial year to date 1,101.9 972.3 574.6 157.4 481.9 103.4 3,391.5 Gold inventory change December 2001 0.0 0.0 0.0 0.0 (11.4) 36.3 24.9 September 2001 0.0 0.0 0.0 0.0 (17.7) (17.7) Financial year to date 0.0 0.0 0.0 0.0 (29.1) 36.3 7.2 Operating profit December 2001 371.6 273.2 167.1 15.3 155.9 80.9 1,064.0 September 2001 196.1 114.3 53.2 (10.5) 144.4 497.5 Financial year to date 567.7 387.5 220.3 4.8 300.3 80.9 1,561.5 Amortisation of mining assets ^ December 2001 55.0 35.2 21.1 0.1 36.5 41.0 188.9 September 2001 53.6 27.9 16.1 0.0 30.0 127.6 Financial year to date 108.6 63.1 37.2 0.1 66.5 41.0 316.5 Net operating profit December 2001 316.6 238.0 146.0 15.2 119.4 39.9 875.1 September 2001 142.5 86.4 37.1 (10.5) 114.4 369.9 Financial year to date 459.1 324.4 183.1 4.7 233.8 39.9 1,245.0 Other income/(costs) December 2001 (5.1) (1.7) 0.5 0.6 2.6 (13.9) (17.0) September 2001 (1.7) (0.7) 0.5 0.3 0.5 (1.1) Financial year to date (6.8) (2.4) 1.0 0.9 3.1 (13.9) (18.1) Profit before taxation December 2001 311.5 236.3 146.5 15.8 122.0 26.0 858.1 September 2001 140.8 85.7 37.6 (10.2) 114.9 368.8 Financial year to date 452.3 322.0 184.1 5.6 236.9 26.0 1,226.9 Mining and income taxation December 2001 109.9 63.5 0.8 0.0 41.8 12.5 228.5 September 2001 37.5 35.1 0.0 0.0 39.6 112.2 Financial year to date 147.4 98.6 0.8 0.0 81.4 12.5 340.7 - Normal taxation December 2001 87.6 54.6 0.8 0.0 15.0 9.7 167.7 September 2001 19.1 0.2 0.0 0.0 13.0 32.3 Financial year to date 106.7 54.8 0.8 0.0 28.0 9.7 200.0 - Deferred taxation December 2001 22.3 8.9 0.0 0.0 26.8 2.8 60.8 September 2001 18.4 34.9 0.0 0.0 26.6 79.9 Financial year to date 40.7 43.8 0.0 0.0 53.4 2.8 140.7 Net earnings December 2001 201.6 172.8 145.7 15.8 80.2 13.5 629.6 September 2001 103.3 50.6 37.6 (10.2) 75.3 256.6 Financial year to date 304.9 223.4 183.3 5.6 155.5 13.5 886.2 Capital expenditure (Rand million) December 2001 122.5 67.5 54.3 0.6 29.6 51.1 325.6 September 2001 119.5 118.2 41.9 1.5 19.8 300.9 Financial year to date 242.0 185.7 96.2 2.1 49.4 51.1 626.5 Planned for next six months to June 2002 180.9 115.8 117.0 0.0 66.3 474.7 954.7 ^ Excludes the fair value adjustment from the merger of Driefontein and Gold Fields Limited * Ore milled at Driefontein includes 732,000 surface tons at 2.0 g/t at R53/ton (September 587,000 tons at 2.1 g/t at 67/ton) and underground operations yielding 9.2 g/t from 937,000 tons at R554/ton (September 984,000 tons at 9.0 g/t at R513/ton). Other surface operations were as follows: Kloof - 324,000 tons at 0.6 g/t at R38/ton (September 310,000 tons at 0.6 g/t at R46/ton), Beatrix - 69,000 tons at 1.0 g/t at R33/ton (September 88,000 tons at 1.2 g/t at R31/ton) and in Australia, St Ives surface tons of 539,000 at 2.2 g/t (R84/ton), Agnew - surface tons of 26,000 at 6.3 g/t (R258/ton). Tarkwa is a surface operation. ** Operating results for Australia's Agnew and St Ives are included as from 1 December 2001, the effective date of purchase. OPERATING AND FINANCIAL RESULTS Individual Mines US DOLLAR CONVERSION TOTAL Drie- Free State Div. MINE fontein Kloof St Ghana ** OPERA- Div. Div. Beatrix Helena Tarkwa Australia TIONS Operating Results Ore milled / treated (000 tons)* December 2001 1,669 1,185 1,005 161 3,636 698 8,354 September 2001 1,571 1,141 985 173 3,805 7,675 Financial year to date 3,240 2,326 1,990 334 7,441 698 16,029 Yield (ounces per ton) December 2001 0.194 0.245 0.166 0.197 0.040 0.098 0.123 September 2001 0.206 0.245 0.147 0.184 0.039 0.121 Financial year to date 0.200 0.245 0.156 0.191 0.040 0.098 0.122 Gold produced (000 ounces) December 2001 324.0 290.0 166.7 31.8 144.8 68.1 1,025.4 September 2001 323.6 279.1 144.5 31.9 150.1 929.3 Financial year to date 647.7 569.1 311.2 63.7 295.0 68.1 1,954.7 Gold declared (000 ounces) December 2001 324.0 290.0 166.7 31.8 144.8 68.1 1,025.4 September 2001 323.6 279.1 144.5 31.9 150.1 929.3 Financial year to date 647.7 569.1 311.2 63.7 295.0 68.1 1,954.7 Gold price received (US Dollars per ounce) December 2001 283 277 274 278 278 278 279 September 2001 273 273 275 273 275 274 Financial year to date 279 276 276 276 276 278 277 Cash costs (US Dollars per ounce) December 2001 159 168 168 227 174 161 169 September 2001 189 210 222 306 163 200 Financial year to date 173 187 192 262 169 161 183 Total production costs (US Dollars per ounce) December 2001 177 182 181 226 199 215 188 September 2001 210 223 236 306 187 217 Financial year to date 192 201 205 263 193 215 202 Operating costs (US Dollars per ton) December 2001 33 43 29 46 7 13 21 September 2001 41 54 34 57 7 25 Financial year to date 37 48 31 51 7 13 23 Financial Results (US$ million) - Unaudited Revenue December 2001 92.3 75.6 46.3 8.9 40.2 23.9 287.0 September 2001 88.4 71.6 39.8 8.7 41.3 249.8 Financial year to date 180.7 147.2 86.0 17.6 81.5 23.9 536.8 Operating costs December 2001 54.2 47.3 28.8 7.1 26.0 11.2 174.5 September 2001 65.0 57.9 33.4 9.9 26.2 192.5 Financial year to date 119.3 105.2 62.2 17.0 52.2 11.2 367.0 Gold inventory change December 2001 0.0 0.0 0.0 0.0 (1.0) 3.1 2.9 September 2001 0.0 0.0 0.0 0.0 (2.1) (2.1) Financial year to date 0.0 0.0 0.0 0.0 (3.1) 3.1 0.8 Operating profit December 2001 38.0 28.3 17.5 1.8 15.2 8.8 109.6 September 2001 23.4 13.7 6.4 (1.3) 17.3 59.4 Financial year to date 61.4 41.9 23.8 0.5 32.5 8.8 169.0 Amortisation of mining assets ^ December 2001 5.3 3.5 2.1 0.0 3.6 4.4 19.0 September 2001 6.4 3.3 1.9 0.0 3.6 15.2 Financial year to date 11.8 6.8 4.0 0.0 7.2 4.4 34.3 Net operating profit December 2001 32.7 24.8 15.4 1.8 11.6 4.3 90.5 September 2001 17.0 10.3 4.4 (1.3) 13.7 44.2 Financial year to date 49.7 35.1 19.8 0.5 25.3 4.3 134.7 Other income/(costs) December 2001 (0.5) (0.2) 0.1 0.1 0.3 (1.5) (1.8) September 2001 (0.2) (0.1) 0.1 0.0 0.1 (0.1) Financial year to date (0.7) (0.3) 0.1 0.1 0.3 (1.5) (1.9) Profit before taxation December 2001 32.1 24.6 15.5 1.8 11.9 2.8 88.7 September 2001 16.8 10.2 4.5 (1.2) 13.7 44.1 Financial year to date 48.9 34.8 20.0 0.6 25.6 2.8 132.8 Mining and income taxation December 2001 11.5 6.5 0.1 0.0 4.1 1.4 23.5 September 2001 4.5 4.2 0.0 0.0 4.7 13.4 Financial year to date 16.0 10.7 0.1 0.0 8.8 1.4 36.9 - Normal taxation December 2001 9.3 5.9 0.1 0.0 1.5 1.0 17.8 September 2001 2.3 0.0 0.0 0.0 1.6 3.9 Financial year to date 11.5 5.9 0.1 0.0 3.0 1.0 21.6 - Deferred taxation December 2001 2.2 0.6 0.0 0.0 2.6 0.3 5.7 September 2001 2.2 4.2 0.0 0.0 3.2 9.5 Financial year to date 4.4 4.7 0.0 0.0 5.8 0.3 15.2 Net earnings December 2001 20.7 18.1 15.3 1.8 7.8 1.5 65.2 September 2001 12.3 6.0 4.5 (1.2) 9.0 30.7 Financial year to date 33.0 24.2 19.8 0.6 16.8 1.5 95.9 Capital Expenditure (US$ million) December 2001 12.9 7.0 5.8 0.1 2.9 4.4 33.2 September 2001 13.3 13.1 4.7 0.2 2.2 33.4 Financial year to date 26.2 20.1 10.5 0.3 5.1 4.4 66.6 Planned for the next six months to June 2002 15.1 9.7 9.8 0.0 5.5 39.7 79.9 ^ Excludes the fair value adjustment from the merger of Driefontein and Gold Fields Limited * Ore milled at Driefontein includes 732,000 surface tons at 2.0 g/t at R53/ton (September 587,000 tons at 2.1 g/t at 67/ton) and underground operations yielding 9.2 g/t from 937,000 tons at R554/ton (September 984,000 tons at 9.0 g/t at R513/ton). Other surface operations were as follows: Kloof - 324,000 tons at 0.6 g/t at R38/ton (September 310,000 tons at 0.6 g/t at R46/ton), Beatrix - 69,000 tons at 1.0 g/t at R33/ton (September 88,000 tons at 1.2 g/t at R31/ton) and in Australia, St Ives surface tons of 539,000 at 2.2 g/t (R84/ton), Agnew - surface tons of 26,000 at 6.3 g/t (R258/ton). Tarkwa is a surface operation. ** Operating results for Australia's Agnew and St Ives are included as from 1 December 2001, the effective date of purchase. Exchange rates applied are US$1 = R8.37 and US$1 = R10.12 for the September and December 2001 quarters respectively. Year to date US$1 = R9.24. Figures may not add as they are rounded independently. DEVELOPMENT RESULTS Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres December 2001 September 2001 Six months to quarter quarter December 2001 Driefontein Carbon Carbon Carbon Reef Leader Main VCR Leader Main VCR Leader Main VCR Advanced (m) 6,762 163 1,688 6,359 203 1,730 13,121 366 3,418 Advanced on reef (m) 954 44 171 955 83 292 1,909 127 463 Sampled (m) 993 63 180 1,008 84 279 2,001 147 459 Channel width (cm) 74 67 17 89 71 43 81 69 33 Average value- (g/t) 25.8 14.3 42.5 26.3 16.9 46.5 26.1 15.8 45.7 -(cm.g/t) 1,904 956 741 2,328 1,205 2,018 2,117 1,098 1,518 December 2001 September 2001 Six months to quarter quarter December 2001 Kloof Reef Kloof Main VCR Kloof Main VCR Kloof Main VCR Advanced (m) 449 747 9,637 497 666 10,331 946 1,413 19,968 Advanced on reef (m) 166 245 1,544 104 235 1,633 270 480 3,177 Sampled (m) 63 120 1,386 114 237 1,392 177 357 2,778 Channel width (cm) 138 143 81 164 112 78 155 122 80 Average value -(g/t) 11.1 9.7 31.5 5.5 9.6 24.2 7.3 9.6 27.9 -(cm.g/t) 1,536 1,384 2,567 905 1,074 1,899 1,129 1,178 2,233 December 2001 September 2001 Six months to quarter quarter December 2001 Beatrix Kalkoen- Kalkoen- Kalkoen- Reef Beatrix krans Beatrix krans Beatrix krans Advanced (m) 7,480 1,507 5,988 2,555 13,468 4,062 Advanced on reef (m) 1,285 590 1,111 462 2,396 1,052 Sampled (m) 1,182 558 825 522 2,007 1,080 Channel width (cm) 73 95 66 92 70 93 Average value - (g/t) 16.3 11.5 13.5 16.5 15.0 13.9 - (cm.g/t) 1,181 1,084 891 1,519 1,061 1,294 December 2001 September 2001 Six months to quarter quarter December 2001 St Helena Reef Basal Leader Basal Leader Basal Leader Advanced (m) 638 162 400 109 1,038 271 Advanced on reef (m) 179 132 133 92 312 224 Sampled (m) 261 78 210 33 471 111 Channel width (cm) 103 79 85 81 95 80 Average value - (g/t) 11.5 2.9 10.3 8.0 11.0 4.5 - (cm.g/t) 1,183 231 876 650 1,047 356 FORWARD LOOKING STATEMENTS Certain statements in this document constitute "forward looking statements" within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of gold; hazards associated with underground and surface gold mining; labour disruptions; changes in government regulations, particularly environmental regulations; changes in exchange rates; currency devaluations; inflation and other macro-economic factors; and the impact of the AIDS crisis in South Africa. These forward looking statements speak only as of the date of this document. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Corporate Office Gold Fields Limited 24 St Andrews Road Parktown Johannesburg 2193 Postnet Suite 252 Private Bag x 30500 Houghton 2041 Tel: +27 11 644-2400 Fax: +27 11 484-0626 Directors C M T Thompson + (Chairman) A J Wright (Deputy Chairman) I D Cockerill * (Managing Director) N J Holland * J M McMahon * G R Parker ^ P J Ryan T M G Sexwale B R van Rooyen C I von Christierson + Canadian * British ^ USA London Office St James' Corporate Services Limited 6 St James' Place London SW1A 1 NP Tel: +944 207 499-3916 Fax: +944 207 491-1989 Transfer Offices Johannesburg Merchantile Registrars 7th Floor 11 Diagonal Street Johannesburg, 2001 Tel: 27 11 370-5000 Fax: 27 11 370-5271 Company Secretary V D MacDonald 24 St Andrews Road Parktown Johannesburg 2193 Postnet Suite 252 Private Bag x 30500 Houghton 2041 Tel: +27 11 644-2406 Fax: +27 11 484-0626 London Capita IRG Bourne House 34 Beckenham Road Beckenham Kent BR3 4TU Tel: +944 208 639-2000 Fax: +944 208 658-3430 American Depositary Receipt Banker Bank of New York 101 Barclay Street New York N.Y. 10286 USA Tel: +91 212 815-5133 Fax: +91 212 571-3050 Investor Relations Europe & South Africa Willie Jacobsz Tel: +27 11 644-2460 Fax: +27 11 484-0639 E-mail: investors@goldfields.co.za United Kingdom 46 Berkley Street London W1X 6AA Tel: +944 207 322-6341 Fax: +944 207 322-6028 North America Cheryl A. Martin Tel: +91 303 796-8683 Fax: +91 303 796-8293 E-mail: camartin@gfexpl.com This information is provided by RNS The company news service from the London Stock Exchange
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