Fthr re 3rd qtr & 9 mnth res

RNS Number:3937D
Gold Fields Ld
10 May 2001


Gold Fields Limited     Postnet Suite 252          Tel [phone]
Reg. 1968/004880/06     Private Bag X30500         Dir [phone]
24 St Andrews Road      Houghton, 2041             Fax [phone]
Parktown, 2193          South Africa               www.goldfields.co.za

Enquiries               South Africa               North America
                        Willie Jacobsz             Cheryl A Martin
                        Tel [phone]        Tel [phone]
                        Fax [phone]        Fax [phone]

Full results on website
www.goldfields.co.za
www.gold-fields.com



MEDIA RELEASE

Gold Fields Limited Earns R261 Million and Continues Profitable Performance in
                                March Quarter



   Live Conference Call Audio Webcast on 10 May at 16.00 Johannesburg time

                       (10:00 a.m., North American EDT)

                  See www.goldfields.co.za for more details

  * Net earnings of R261 million, or 57 cents per share
  * Cash costs maintained at US$192 per ounce
  * Tarkwa delivers an excellent performance once again
  * Tarkwa debt retired

Johannesburg, 10 May 2001 - Gold Fields Limited (JSE - GFI and Nasdaq - GOLD)
today reported net earnings for the March quarter of R261 million, or 57 cents
per share, compared to 277 million, or 61 cents per share, in the December
2000 quarter. Translated to US dollars, the net earnings for the March quarter
were $33 million, or $.07 per share, compared to $36 million, or $.08 per
share, for the previous quarter.

Year-on-year quarterly financial performance was stronger this March quarter
compared to March 2000, traditionally a difficult quarter for production in
South Africa. For the nine-month period ended March 2001, net earnings were
R738 million compared to R336 million for the same nine-month period ended
March 2000. Translated to US dollars, this equates to net earnings for the
nine-month period ended March 2001 of $99 million compared to net earnings of
$55 million for the same nine-month period in 2000.

Attributable gold production for the March quarter decreased from 941,000
ounces in the December quarter to 889,000 ounces this quarter. Although ore
milled during the quarter increased from 5.9 million tons to 7.1 million tons,
the treatment of underground tons decreased by 230,000 tons; and, coupled with
lower face grades, total gold production decreased 5 per cent.

Operating costs were R6 million lower than the previous quarter with tight
cost controls being maintained across all underground operations, offset by
the increased volume at Tarkwa where operating costs increased by R49 million.
Cash costs were maintained at US$192 per ounce.

Cash flow from operations was strong at R442 million (US$57 million). With the
weakening of the Rand/Dollar exchange rate from an average of R7.60 to R7.82
per US Dollar in the March quarter, the realised Rand gold price was
marginally higher at R66,497 per kilogram compared to R65,714 per kilogram in
the December quarter. The strong cash generated from Tarkwa and the proceeds
from the closure of the hedge position enabled the full outstanding US$25
million of the Tarkwa project loan to be paid in full, three years ahead of
schedule. This early repayment of the loan coupled with the payment of a
dividend of R478 million (US$64 million) resulted in the net cash position
decreasing from R642 million at the end of December to R155 million at the end
of March.

Chris Thompson, chairman and chief executive officer, said: "On balance the
March quarter was a reasonable quarter for Gold Fields. Our seasonal drop in
production has been accompanied by continued tight cost control, and this is
reflected in our ability to maintain profits in a low gold price environment
during a traditionally difficult quarter in South Africa."

He further stated, "The company is now totally debt free and completely
unhedged and in a position to take advantage of changes in the gold price,
which we believe has upside potential viewed from the perspective that a major
portion of the industry cannot maintain reserves, nor mine economically for a
sustained period of time, at current gold price levels."

Typically the first calendar quarter of the year is negatively affected by the
inclusion of the Christmas - New Year period shutdown and the inevitable slow
restart. All operations are generally affected to some degree but in this
quarter Kloof was particularly impacted with this division having a noteably
poor quarter.

At Driefontein, recent seismicity, combined with the effects of the previous
quarter's seismic events, especially at the high grade 4 shaft east,
contributed to a reduction in gold output of 9,500 ounces to 331,000 ounces.
As a result of tight cost control, the cash cost reduced marginally from
R45,893 per kilogram (US$188 per ounce) in the December quarter to R45,090 per
kilogram (US$179 per ounce) in this quarter.

Metallurgical upgrades at Driefontein and Kloof are progressing well and have
already had a positive effect on recoveries and costs. Commissioning will be
finalised during the quarter. In addition, large volume SAG mills at
Driefontein have been purchased for the existing milling system, which will
further increase efficiencies and reduce milling costs.

At Kloof, gold output for the quarter declined from 324,000 ounces to 285,000
ounces. Aside from the impact of the December break, as mentioned above,
Kloof's production profile is still being negatively affected by the previous
quarter's seismic events. In addition, lower face grades are being experienced
at 3 shaft and 7 shaft. 8 shaft continues to downsize its operations by
reducing the mining of unprofitable ounces. Cash costs increased from R47,783
per kilogram (US $196 per ounce) to R51,924 per kilogram (US$207 per ounce)
this quarter.

Oryx has now been integrated with and operates as a shaft of Beatrix as a
means of reducing overheads. To reflect this integration Oryx and Beatrix are
reported as a combined unit in these results. Comparative results have been
restated accordingly. Oryx will in future be referred to as Beatrix No. 4
shaft.

The longer term outlook at St Helena indicates that this mine will not form
the basis for a successful and sustainable black empowerment transaction. It
has thus been decided to scale down mining with the ultimate aim of ceasing
operations. To this end the mine will commence extensive salvage operations
with the aim of mitigating closure costs. The Union has been informed of this
decision.

In Ghana, the Tarkwa operation again performed exceptionally, producing
115,000 ounces of gold, 12,000 ounces more than last quarter, at a cash cost
of US$148 per ounce. This is higher than last quarter's US$134 per ounce due
to an increased stripping ratio and a lower grade, resulting in a yield of 1.1
grams per ton compared to 1.4 grams per ton in the December quarter. The
Teberebie operation is progressing on plan and contributed 26,000 ounces
during the quarter.

At Gold Fields' Finland Arctic Platinum Project, the Group surpassed the
cumulative investment level of US$5 million and, therefore, earned a 30 per
cent vested interest in the project. A further investment of US$6 million will
result in the company owning 49 percent of the project, and an additional US$2
million will increase this interest to 51 per cent. A scoping study has been
completed which recommends proceeding towards a bankable feasibility study by
June 2002. A major drilling program is underway with new resource results
expected by June 2001.

Gold Fields Limited is one of the world's largest gold producers with
approximately four million ounces of gold production per annum, 145 million
ounces of mineral resources, and reserves of 70 million ounces. Gold Fields is
focused on increasing value at its existing operations and on international
growth. In addition to being listed on the Johannesburg (GFI), London, Paris
and Swiss Stock Exchanges, Gold Fields trades on Nasdaq (GOLD) through an
American Depositary Receipt program and on the Brussels Stock Exchange through
an International Depositary Receipt programme.

       SA RAND                   SALIENT FEATURES                US DOLLARS
      Quarter                                                      Quarter
  Dec 2000    March                                            March 2001   Dec
               2001                                                        2000
     29,276   27,660    Kg       Gold production*   oz (000)          889   941
     46,761   48,189   R/kg         Cash costs        $/oz            192   191
      5,919    7,060    000        Tons milled         000          7,060 5,919
     65,714   66,497   R/kg          Revenue          $/oz            264   269
        249      208   R/ton     Operating costs      $/ton            27    33
        518      457    Rm     Net operating profit    $m              58    68
        (8)       27    Rm      Exceptional items      $m               4   (1)
        277      261    Rm         Net earnings        $m              33    36
         61       57 SA c.p.s.                      US c.p.s.           7     8

* Attributable - all companies wholly owned except Tarkwa (71%)



                          FULL RESULTS AVAILABLE AT

                             WWW.GOLDFIELDS.CO.ZA

                             WWW.GOLD-FIELDS.COM



                                  ** END***