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European Gold Forum 2016 CASH POSITIVE DESPITE THE LOWER GOLD PRICE Nick Holland 19 April 2016 Forward looking statements Certain statements in this document constitute forward looking statements within the meaning of Section 27A of the


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European Gold Forum 2016

CASH POSITIVE DESPITE THE LOWER GOLD PRICE Nick Holland

19 April 2016

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2

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. In particular, the forward looking statements in this document include among others those relating to the Damang Exploration Target Statement; the Far Southeast Exploration Target Statement; commodity prices; demand for gold and other metals and minerals; interest rate expectations; exploration and production costs; levels of expected production; Gold Fields’ growth pipeline; levels and expected benefits of current and planned capital expenditures; future reserve, resource and other mineralisation levels; and the extent of cost efficiencies and savings to be achieved. 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, Ghana, Australia, Peru and elsewhere; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, exploration and development activities; decreases in the market price of gold and/or copper; hazards associated with underground and surface gold mining; labour disruptions; availability terms and deployment of capital or credit; changes in government regulations, particularly taxation and environmental regulations; and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; the availability and cost of raw and finished materials; the cost of energy and water; inflation and other macro-economic factors, industrial action, temporary stoppages of mines for safety and unplanned maintenance reasons; and the impact of the AIDS and other occupational health risks experienced by Gold Fields’ employees. These forward looking statements speak only as of the date of this document. 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 document or to reflect the

  • ccurrence of unanticipated events.

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

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3

Snapshot of Gold Fields

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

A global gold producer

  • Gold Fields is the world’s 7th largest gold producer with 8
  • perations in 4 countries
  • In 2015, the company produced 2.2Moz at AISC of US$1,007/oz

and AIC of US$1,026/oz, generating net cash flow of US$123m

  • As at 31 December 2015, Gold Fields had total attributable mineral

resources of 102.2Moz and mineral reserves of 46.1Moz

As at 12 April 2016 Share price (JSE/ADR) R61.71/$4.10 Market capitalisation ($m) 3,368 Enterprise value ($m) 4,568 Average daily value traded ($m) 28.4

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4

Good start to 2016: Highlights from Q1 2016

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Cash positive despite the lower gold price All 8 operations exceeded planned production for Q1 2016 – Group: 515koz AISC (US$961/oz) and AIC (US$986/oz) tracking below FY16 guidance Positive operating trends continue at South Deep Transition to high profile destress mining at South Deep is progressing well Bought back US$148m of our US$1bn 4,875% guaranteed notes due in October 2020 Raised R2.3bn (US$150m) in equity through a private placement Concluded a development agreement with the government of Ghana FY16 guidance intact – production of 2.05-2.10Moz at AIC of US$1,035-1,045/oz Success in native title appeal at our St Ives mine in Australia Net debt to EBITDA reduced to 1.21x following capital raise

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5

477000 451 000 496 000 598 000 557 000 548 000 559 000 556 000 501 000 535 000 557 000 566 000 515 000 200 400 600 800 1000 1200 1400 1600 1800 100 000 200 000 300 000 400 000 500 000 600 000 700 000 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

US$/oz Ounces

Attr Gold Produced Gold Price AIC

Steady decrease in all-in costs

Steady decrease in AIC through 2015

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016 2015

Production: 2,159koz AIC: US$1,026/oz

2014

Production: 2,219koz AIC: US$1,087/oz

2013

Production: 2,022koz AIC: US$1,312/oz

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Strong focus on cash generation

Net cash flow US$123m net cash flow from operating activities generated in FY15

  • 274

42 119 117 1 122 1 499 1 290 1 279 1 222 1 186 1 098

  • 2 000
  • 1 500
  • 1 000
  • 500

500 1 000 1 500 2 000

  • 350
  • 250
  • 150
  • 50

50 150 250 H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 H2 2015

US$/oz US$ million Net cash flow Gold price

Net cash flow from operating activities after taking account of net capital expenditure, environmental payments, debt service costs and non-recurring items.

2013 2014

Gold: US$1,249/oz Net cash: US$236m Gold: US$1,386/oz Net cash: (US$232m)

2015 European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Gold: US$1,140/oz Net cash: US$123m

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Comfortable balance sheet, with flexibility

  • Net debt of US$1,380m at 31 December 2015
  • Net debt to EBITDA of 1.38x at end-2015
  • Unutilised facilities of US$844m and R2.5bn
  • First debt maturity in November 2017
  • US$148m of Notes bought back in February
  • Equity raising of R2.3bn (US$150m) in March

̵ Proceeds applied to existing US$ facilities ̵ Decrease in net debt/EBITDA to 1.21x

Continue to lower net debt

0.8 1.0 1.2 1.4 1.6 1.8 500 1 000 1 500 2 000 FY 2013 H1 2014 FY 2014 H1 2015 FY 2015 Pro forma

US$m Net debt (US$m) and Net debt/EBITDA

Net debt Net debt/EBITDA

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

500 1 000 1 500 2 000 2 500 3 000 3 500 US$ facilities Rand facilities Total facilities

US$m Debt facilities

Utilised Unutilised 200 400 600 800 1 000 1 200 1 400 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 FY 2013 H1 2014 FY 2014 H1 2015 FY 2015 US$/oz

Net debt/EBITDA and gold price

Net debt/EBITDA Gold price

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8

Streamlining the portfolio

Active portfolio management Continue to Look at Value Adding Acquisitions

Sold Disposal Underway Retain Woodjam British Columbia “The wrong metal” Asosa Ethiopia “The wrong address” Yanfolila Mali “Not franchise asset” Talas Kyrgysztan “The wrong address” Chucapaca Peru “Franchise/hurdle rates” Salares Norte Chile “Great optionality” FSE Philippines “Great optionality” Arctic Platinum Project Finland “The wrong metal” European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

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OPERATIONS OVERVIEW

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Solid global portfolio

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Production, AIC and net cash flow (ex South Deep) Operations cash positive at US$1,100/oz gold price

  • Attributable production FY15: 1.96Moz
  • AIC FY15: US$944/oz
  • Net cash flow from international operations FY15: US$334m

100 200 300 400 500 600 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Equivalent production (koz)

200 400 600 800 1 000 1 200 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

AIC (US$/oz)

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Australia Region

Key region for the Group

US$/oz Koz European Gold Forum 2016, Cash positive despite the lower gold price, April 2016 Tonnes (Mt) Grade (g/t) Gold (Moz) Resources 62.4 5.00 11.3 Reserves 26.3 4.28 3.6 2015 2016F Production (koz) 988 900 AISC (US$/oz) 912 970

200 400 600 800 1000 1200 1400 50 100 150 200 250 300 350 400 2014 2015 2016F 2014 2015 2016F 2014 2015 2016F 2014 2015 2016F St Ives Agnew/Lawlers Darlot Granny Smith Production AIC

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Australia: Exploring the Orogenic Mines

  • Post depletion reserves largely

unchanged

  • Increase in Resources of 13%
  • Discovery of Invincible South
  • Cinderella and FBH in development
  • Strong reserve and resource addition

continues at Wallaby (added 1.6Moz in Resource)

  • Comprehensive update of geophysics

program has provided definition of structures and alteration under cover generating new drill targets

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Return on the 2015 investment Orogenic exploration continues to deliver

  • A$86m planned for 2016
  • Exploration drill drive commenced to

Waroonga North (Agnew)

  • Continue to grow the Resource and

Reserve on the discoveries at Cinderella, FBH, and Invincible South

  • Complete resource growth and scoping

study on the Paleochannel Resources (St Ives) 2016-2017 Focus

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St Ives: Exploration

  • Four Project Areas Worked

i. Invincible ii. Invincible South iii. Incredible iv. Palaeochannel Project

  • Highlights include:

i. Significant up-plunge mineralisation at Invincible deeps (11.4m @ 7g/t) doubles strike length of mineralised zone ii. Invincible UG conversion drilling near

  • completion. New UG model early Q2

iii. Numerous high grade intercepts at Invincible South. Phase 1 Conversion drilling 80% complete iv. Incredible AC closes off current extents v. Palaeochannel project commenced. AC drilling confirms channel where indicated by EM. Extensional Exploration

  • MAP

Invincible & Invincible South Incredible Palaeochannel Project

St Ives Extensional Exploration

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

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St Ives: Exploration

  • Additional Invincible style shoot

located within the Speedway Trend

  • Higher grade than previous shoots
  • Pit and underground potential
  • Dec 15 Inferred Resource: 1.35Mt

@ 8.4g/t for 364koz

  • Q1 drilling completed in middle

and southern section ̵ Midyear model update will require new interpretation

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Invincible South A new high grade resource

~200m 750m

NW SE

Hole ID From Length Grade (g/t)

LD14522 385 11.3 14.4 LD14604 310 16.4 6.4 LD14519 338 5 28.1 LD14600 259 7.1 19.9 LD14601 318 3 12

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Project Generation

  • Exploration focused on sparsely tested flanks
  • f camp
  • 60 target areas to be tested 2016
  • 30km Speedway trend being systematically

explored targeting Invincible analogues

  • Reinterpretation of geology and structure in an

area of shallow cover growing central corridor

  • Lead to multiple ore grade intersections in

reconnaissance diamond drilling at Retribution

  • 3 x MS2 & MS3 high priority targets

̵ Retribution ̵ Lut ̵ Poseidon

  • Significant results at Retribution (MS2)

̵ +4 New targets defined

St Ives: Exploration

Retribution Invincible

St Ives Additional Exploration

Lut Poseidon Hamlet

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

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Agnew/Lawlers: Exploration

Drill drive designed to test multiple targets on the way to Waroonga North and expedite production

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Waroonga North High grade Kim analogues Target Areas

Figure: Waroonga Complex looking east, orthogonal to Emu shear. 2015/2016 exploration drilling piercing points in red.

Au g/t

500m Drill intersections 2015/16 Pre-2015

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Agnew/Lawlers: Exploration

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

A growing resource and reserve base

  • Accelerated development to open

up deposit (commenced Q4 2015)

  • Incline provides access to drill below

Cinderella and Hidden Secret targets

  • Drilling plan to grow reserves
  • First ore H2 2016
  • Contained ounces

̵ 55koz reserve, 101koz LoM

Cinderella Incline N New Holland Open Pit

Face positions as of end of December

Hidden Secret Open Pit Cinderella Waroonga UG

Grey = As-mined Blue = Planned stopes Red = Vent drive Other = Development Cinderella North Target Himitsu & Hidden Secret Targets Cinderella East Target 200m

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Granny Smith: Exploration

Growing and growing and growing

Wallaby Underground

  • Over 63km diamond core drilled in

2015 - 48km in plan for 2016

  • Further extensions to Z100, Z110 and

Z120 expected in 2016

  • Deep exploration drilling at Wallaby

continues to confirm the interpretation

  • f 5 lenses (Z125 to Z150) below

defined resources

  • Excellent results from Z135 to date:

6.0m @ 9.70g/t 14.8m @ 13.66g/t 15.6m @ 17.87g/t 26.9m @ 9.13g/t

  • The Wallaby system remains open at

depth

  • Alternate Haulage Study to optimise

cash flow and production in progress

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Zone 250 Zone 60 Zone 70 Zone 80 Zone 90 Zone 100 Zone 110 Zone 120

Thet’s Shear

Zone 150 Zone 140 Zone 135 Zone 125 Zone 130

1.9km depth

Current vertical extent

  • f reported R&R

Current vertical extent

  • f mine development

Advanced exploration target area Z125-150

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Granny Smith: Exploration

  • Major evaluation of regional lease holding

commenced in 2015

  • Over 56km of aircore drilled in 2015 –

returning an abundance of anomalous intersections and highlighting several new areas of interest. 96km of follow-up and new programs in plan for 2016

  • Establishing geological framework, as was

successfully applied at St Ives, key to improved geological understanding and future target generation

  • Diamond drill testing at Alabama has

intersected (low grade) anomalous intervals with visible gold observed in the core

  • Studies to optimise a potential open pit

(~75koz) and underground (~350koz) at Granny Smith are underway

  • Least explored of all the Australian assets

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Aircore Drilling Completed 2015 – max Au

6m @ 6.88g/t 2m @ 2.56g/t 2m @ 4.88g/t

2m @ 1.57g/t 10m @ 0.41g/t

2m @ 1.57g/t 2m @ 1.14g/t

Northern Fleet Project anomalous trend – +6km

Alabama Project Area – visible Au in core

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Darlot: Exploration

  • Underground

̵ CDA OVAL

  • Continued success – confirmation & extensions
  • Progressing to phase 2
  • Surface

̵ Burswood drilling;

  • New interpretation with follow up drilling required
  • Moses - positive results- follow up

̵ Waikato

  • Two programs completed at Waikato-local focus
  • Potential regional feeder concept

̵ Pre-collars & some drilling completed for:

  • East Limb B
  • Makharia
  • Kopis
  • MoQ - Drilled
  • Cricket Pitch- drilled
  • Major structural 3D model of mine & area

completed

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

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West Africa Region

Targeting One Million Ounces at AIC Below US$1,000/oz

US$/oz Koz European Gold Forum 2016, Cash positive despite the lower gold price, April 2016 Tonnes (Mt) Grade (g/t) Gold (Moz) Resources 344 1.34 14.8 Reserves 248 1,09 8.7 2015 2016F Attributable Production (koz) 754 710 AISC (US$/oz) 1,049 990

  • Development agreement reached with the government of Ghana in March 2016

̵ A reduction in the corporate tax rate from 35.0% to 32.5%, effective 17 March 2016 ̵ A change in the royalty rate from a flat 5% of revenue to a sliding scale royalty based on the gold price, effective 1 January 2017 (3% at a gold price of US$1,300/oz)

200 400 600 800 1000 1200 1400 100 200 300 400 500 600 700 2014 2015 2016F 2014 2015 2016F Tarkwa Damang Production AIC

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South America Region: Cerro Corona

Quality operation despite lower prices

66.6 83.6 79.2 66.2 62.9 200 400 600 800 1 000 1 200 10 20 30 40 50 60 70 80 90 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Production (koz) and AIC (US$/oz)

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

  • Cu/Au porphyry mineralisation - 2,765 ha of

mining concession

  • Continued outperformance against resource

model

  • Review of options to increase LoM tailings

and waste storage capacity continues

  • 2016 to be impacted by lower copper price
  • Maintaining optionality on increasing reserves
  • Potential for brownfield exploration

Operation Tonnes (Mt) Grade Gold (Moz) Copper (Mlb) Cerro Corona Resources (Au g/t) 105.4 0.82 2.8 Cerro Corona Resources (Cu %) 98.2 0.42 914 Cerro Corona Reserves (Au g/t) 53.1 0.90 1.5 Cerro Corona Reserves (Cu %) 53.1 0.46 534

Mineral Resources and Reserves at December 2015

2016 Guidance Production: Au Eq 260koz AISC & AIC US$860/oz Au Eq Production: Au only 150koz AISC & AIC US$790/oz Capex US$54m

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South Africa Region: South Deep

Target is to reach breakeven by end-2016

  • Required leadership in place
  • Bedding down a performance driven culture
  • Skills development strategy developed
  • Significant improvement in safety performance
  • Positive production trends emerging
  • Simplified destress mining being implemented
  • Targeting cash breakeven by end-2016
  • Operational performance remains important
  • Rebase plan – long-term sustainable value

delivery

̵

Update expected in early 2017

̵

Will be based on updated performance data and design optimisation

36 39 55 68 64 500 1 000 1 500 2 000 2 500 10 20 30 40 50 60 70 80 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Production (koz) and AIC (US$/oz)

Production AIC

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016 Operation Tonnes (Mt) Grade (g/t) Gold (Moz)

South Deep Resources 331.8 6.41 68.4 South Deep Reserves 218.8 5.30 37.3

Mineral Resources and Reserves at December 2015

2016 Guidance Production 257koz AISC R550,000/kg AIC R575,000/kg Capex R999m Exchange rate R14.14 = US$1.00

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10 20 30 40 50 60 70 80 90

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 2014 2015

Tonnes (‘000)/Q

Destress

South Deep

Underground operations gaining momentum

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

20 40 60 80 100 120 140 160 180

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 2014 2015

Tonnes (‘000)/Q Long Hole Stoping Production & Contribution

24% 22%

10 20 30 40 50 60 70 80 90 100

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 2014 2015

Tonnes (‘000)/Q Backfill Production (kt)

34% 40% 37% 36% 200 400 600 800 1000 1200 1400 1600 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 2014 2015 m/Q

Development

Current Mine New Mine

42%

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FURTHER SAFETY IMPROVEMENTS SUSTAINABLE IMPROVEMENT 257 KOZ GOLD CASH BREAKEVEN BY YEAR-END

South Deep: Looking forward

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Targeting cash breakeven by end-2016 – continuous improvement thereafter

  • Strong focus on basic
  • perational requirements

remain

  • Operating conditions
  • Workforce confidence and self

belief

BASICS

  • Engineering skills

development program continues

  • Planned maintenance:

develop systems & business processes

  • Shafts and winders

ASSET MANAGEMENT

  • High profile destress stoping
  • Seismic risk correlation to

increased production

  • Mining value chain

management and operational flexibility

MINING METHODS 2016

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Conclusions

  • Cash flow and margin – Make money at current prices
  • Committed to delivering on our plans in terms of both production and costs

̵ Near-mine exploration continues ̵ Ongoing development of orebodies is critical

  • Continue to reduce net debt – Targeting net debt/EBITDA of 1x

̵ Balance sheet has flexibility with regards to capacity and maturity

  • We are firmly focused on delivering a sustainable South Deep – encouraged by early signs
  • Continue to evaluate value-accretive opportunities

European Gold Forum 2016, Cash positive despite the lower gold price, April 2016

Strategic priorities Focus on cash

  • Attributable equivalent gold production: 2.05-2.10Moz
  • AISC: US$1,000-1,010/oz
  • AIC: US$1,035-1,045/oz

2016 Group guidance

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Investor Relations Contacts

Avishkar Nagaser Tel: +27 11 562 9775 Mobile: +27 82 312 8692 E-mail: Avishkar.Nagaser@goldfields.co.za Francie Whitley Tel: +27 11 562 9712 Mobile: +27 82 321 7433 E-mail: Francie.Whitley@goldfields.co.za Thomas Mengel Tel: +27 11 562 9849 Mobile: +27 82 315 2832 E-mail: Thomas.Mengel@goldfields.co.za