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Hsbc Bk. 25 | LSE:50NT | London | Medium Term Loan |
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RNS Number:3281S Gold Fields Ld 4 March 2002 GOLD FIELDS LIMITED MEDIA RELEASE COCKERILL TO SUCCEED THOMPSON AS CHIEF EXECUTIVE OFFICER OF GOLD FIELDS LIMITED Johannesburg 4 March 2002: The Board of Directors of Gold Fields Limited (JSE-GFL and Nasdaq-GOLD) today announced that, in fulfilment of a planned succession, Ian Cockerill will succeed Chris Thompson as Chief Executive Officer of Gold Fields with effect from July 1, 2002. Chris will continue as non-executive Chairman of the Board. Ian joined Gold Fields in September 1999 as Managing Director and Chief Operating Officer and has played a key role in devising and implementing plans to improve the operating performance of Gold Fields' mines and to ensure their continuing improvement into the future. "Ian has done a fantastic job of pulling this company together and to get it working properly. He's a great leader and strategist and is well equipped and ready to take on his new role. He has extensive experience in corporate development and exploration from his earlier career, as well as an outstanding track record as a mine operator, " said Chris. " He will be a great success, I'm sure." Chris and Ian have worked extremely effectively as a team so it pleases the Board to announce that Chris has agreed that, in his new role as non-executive Chairman, he will make up to half his time available to the company for a period of two years. Chris' advice in the areas of corporate development, exploration, investor relations and marketing, including platinum group metals, will be particularly valuable. Chris will maintain an office and home both in South Africa and in Denver in the United States. Commenting on his proposed retirement as Chief Executive Officer, Chris said: "I was brought to Gold Fields to put this newly formed company onto its feet and a path of internationalisation. Originally contemplated to take less than three years, the job has taken four, but we are firmly on our way and I consider my job mostly done. Ian can now take Gold Fields to its full potential as a global leader in the precious metals business". Ian said: "I am highly excited yet mindful of the trust that Chris and the Board of Gold Fields have put in me. I aim to build on the foundation that he has established and will strive to serve Gold Fields, its shareholders and employees with the same integrity, commitment and innovation that he brought to the Company." When Chris joined Gold Fields in the third quarter of 1998, the Company had attributable production of 2.8 million ounces a year and a market capitalisation of about R7 billion. Today it is producing at a rate of 4.7 million ounces a year and has a market capitalisation approaching R50 billion. Over 35% of production is now from non South African sources with significantly more potential available from the Arctic Platinum discovery in Finland, which continues to grow in its importance to Gold Fields. More than 50% of Gold Fields' shares are now held outside South Africa. The decision to separate the roles of Chairman and CEO brings Gold Fields into line with the recommendations of the King Commission on Corporate Governance, without negatively affecting the strength of the management team. Gold Fields has a 10 person Board of Directors, seven of whom are independent non-executive directors. The corporate governance practices of Gold Fields now conform in all material respects to best practices observed in South Africa, the United States of America and the United Kingdom. Gold Fields Limited produces approximately 4.7 million ounces of gold annually from operations in South Africa, Ghana and Australia. The company has proven and probable reserves of approximately 84.5 million ounces and resources of approximately 150.7 million ounces. It also has a 51% stake in an advanced stage exploration project, the Arctic Platinum Partnership, in Finland. Gold Fields trades on the Johannesburg Stock Exchange (GFI) as well as on the NASDAQ (GOLD), London, Paris, Brussels and Swiss stock exchanges. -end- Gold Fields Limited Enquiries Reg. 1968/004880/06 24 St Andres Road South Africa Parktown, 2193 Postnet Suite 252 Willie Jacobsz Private Bag X30500 Tel +27 11 644-2460 Houghton, 2041 Fax +27 11 484-0639 South Africa Tel +27 11 644-2400 North America Dir +27 11 644-2460 Fax +27 11 484-0639 Cheryl A Martin www.goldfields.co.za Tel +303 796-8683 Fax +303 796 8293 This information is provided by RNS The company news service from the London Stock Exchange
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