It All Ab Its All About Cash! t C h! Nick Holland Chief - - PowerPoint PPT Presentation

It All Ab t C h!

Nick Holland

Its All About Cash!

Chief Executive Officer

BMO Capital Markets 22nd Global Metals & Mining Conference 24 to 27 February 2013 Hollywood, Florida

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 t d l d it l dit f t d th i li ti l l d th t t f t ffi i i d 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

• thers: 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 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.

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 2

Investors expect us to deliver leverage to the gold price

However, we have not met their expectations…..

• e e ,

e a e

• t

et t e e pectat o s

Note: Data indexed to 13 January 2006; index made up of 8 major gold producers’ total return indexes weighted by market capitalisation; Major Gold producers defined as: AngloGold Ashanti, Barrick, Harmony, Kinross, Goldcorp, Gold Fields, Newmont and Newcrest Source: Bloomberg

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 3

Regaining Investor Confidence Requires a Paradigm Shift

The Gold Fields Paradigm Shift

Its not about ounces at any cost… ts

• t about ou ces at a y cost

Focus on cash generation

• Review portfolio to optimise cash generation (Focus on NCE)
• Prioritise low risk, high return brownfields growth opportunities

1

Deliver South Deep

• Pursue greenfields projects only if they offer truly attractive returns

2

• Full production of circa 700koz in 2016

Financial gearing

3

• Leverage balance sheet for growth on a per share basis

Financial gearing Strong dividend

3

Leverage balance sheet for growth on a per share basis

Strong dividend policy

4

• 25% to 35% pay-out of normalised earnings

Sustainable development

5

• Focus on long-term sustainability of the business

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 4

Its All About Cash!

Portfolio Review

Unbundling Sibanye Gold U bu d g S ba ye Go d

Shareholders GFIMSA

Gold Fields

GFIMSA KDC Beatrix International Tarkwa Damang

Limited

Beatrix Service Entities Damang St Ives Agnew g Cerro Corona South Deep Other subsidiaries and Investments

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 5

Two Independent Companies

Portfolio Review

Unbundling Sibanye Gold - Rationale U bu d g S ba ye Go d at o a e

Create fit-for-purpose, sustainable, long-life operations Install a specialist, dedicated and focussed management team Ring-fence SA cash flows for SA projects and dividends Reverse declining production trends Reverse declining production trends Optimise extraction of reserves & resources and extend life of mines Harness technology for challenges of deep level, hard rock, labour intensive mining Act as catalyst for consolidation in SA gold industry

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 6

A New Future For KDC and Beatrix

Portfolio Review

Focus on Sustainable Cash Generation

• cus o

Susta ab e Cas Ge e at o

Group

• Corporate Office and Regional structures rationalised
• Greenfields exploration spend cut to US$80 million p.a.

p p $ p St Ives

• Owner mining conversion completed

High cost heap leach operation closed

• High cost heap leach operation closed

Agnew

• Low grade Main and Rajah ore bodies stopped

Agnew g j pp

• Focus on high grade Kim ore body

Tarkwa

• High cost South Heap leach operation stopped

Damang

• Focus to improve NCE margin to + 25%
• Pit cut-back and underground options explored

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 7

No Marginal Ounces

Portfolio Review

Focus On Cash Generation – Case Study, Agnew Gold Mine

• cus O

Cas Ge e at o Case Study, g e Go d e

Mi d hi h d Ki d l d M i &

Challenges

Withd f M i & R j h l d

Interventions

• Mined high grade Kim and low grade Main &

Rajah lodes

• Difficult ground conditions at Main & Rajah
• Paste fill and scheduling problems
• Withdrew from Main & Rajah lodes
• Refocus mining on high grade Kim
• Restructure & rationalise fixed costs

Staffing reduced by ~20%

• Paste fill and scheduling problems
• Attention and focus diverted away from high

grade Kim ‒ Staffing reduced by ~20% ‒ Mining fleet rationalised

H1 2012 H2 2012

Outlook

Gold produced

koz

74 102 38% C h t

A$/

920 710 23%

• Not a short term, high grading strategy
• Kim has 7 years of life
• Significant exploration potential

Cash costs

A$/oz

920 710 23% NCE

A$/oz

1,400 970 40%

• Significant exploration potential

‒ Extensions to Kim ‒ Parallel new ore body discovered

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 8

From The Worst Performer To The Best

Prioritise low risk, high return Brownfields Opportunities

Portfolio Review

• se o

s , g e u

• e ds Oppo u

es

Tarkwa Tarkwa Expansion Phase 6 (TEP6) D O ti i t ti f 10M b d Damang Optimise extraction of 10Moz ore body Cerro Corona Sulphides Expansion Project

L Ri k St t T G C h G ti M hi

Cerro Corona Oxides Project

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 9

Low Risk Strategy To Grow Cash Generation Machine

Pursue Greenfields Projects Only For Superior Returns

Portfolio Review

Construction Decision

(+ve feasibility study)

u sue G ee e ds

• jec s O y
• Supe o

e u s

Indicated and Inferred Resources

(+ve pre-feasibility study)

FS

1

APP Far Southeast Chucapaca

GFI Target Confirmed

(+ve scoping study)

Resource Development

4

Far Southeast Damang Yanfolila Talas

Economic Intersection

(with requisite size potential)

Advanced Drilling

3

Woodjam Salares Norte

Bedrock Drill Target Defined

(and available)

Initial Drilling

13

Target Definition

8

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 10

Greenfields Project Pipeline – December 2012

Portfolio Review

Pursue Greenfields Projects Only For Superior Returns u sue G ee e ds

• jects O

y

• Supe o

etu s

Peru Chucapaca Project p j

• Start small if possible
• Advance only projects with

Advance only projects with attractive returns

• Enforce stringent stage gates

Philippines Far Southeast Project g g g

• Where appropriate de-risk through

financial or technical partnerships Finland Arctic Platinum Project

• It is not about ounces!

Mali Yanfolila Project

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 11

No Unrealistic Production Targets

A Global Footprint

The New Gold Fields

FINLAND Arctic Platinum Project

G oba

• otp

t

MALI Yanfolila GHANA PERU PHILIPPINES Vancouver Denver GHANA Tarkwa Damang PERU Cerro Corona Chucapaca AUSTRALIA Agnew St Ives Far Southeast Accra Lima Manila SOUTH AFRICA South Deep Perth Johannesburg Santiago

South Africa South America West Africa Australasia International Operations Total South Deep Cerro Corona Tarkwa Damang St Ives Agnew Resources1&2 Moz

81.4 7.7 15.1 10.0 5.3 3.8 41.9 123.3

Offices | Mines | Exploration Projects: GFI 100% | CIR Option | JV GFI Operated

Reserves1 Moz

39.6 6.1 10.3 3.4 2.8 1.3 23.9 63.5

2012 prod koz

270 342 719 166 450 177 1,854 2,124

LoM3 Yrs

50+ 18+ 14+ 21+ 6+ 7+ 15 4

• 1. Managed gold equivalent Mineral Resources and Reserves as at 31 December 2011

2 Th t t l d ld i l t Mi l R t 31 D b 2011 l d th 32 2 illi d ld i l t f th th j t (Ch APP GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 12

• 2. The total managed gold equivalent Mineral Resources as at 31 December 2011 excludes the 32.2 million managed gold equivalent ounces of the growth projects (Chucapaca, APP,

Yanfolila, Talas)

• 3. LoM based on 2012 production
• 4. LoM based on weighted average Mineral Reserve

The New Gold Fields

Proforma results from operations

• o

a esu ts

• pe at o s

Proforma based on Results for Q4 2012 and F2012 Q4 2012 F2012 Attributable production

koz

534 2,031 Cash costs

US$/oz

793 784 NCE

US$/oz

1,365 1,365 NCE margin

%

19 18 EBITDA

US$m

506 1,868 Normalised earnings

US$m

143 447

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 13

A Cash Generative Portfolio

Focus on All-in Costs (NCE)

The New Gold Fields

• cus o

Costs ( C )

1 600 1 800 US$/oz

New GFI Excluding South Deep New GFI Including South Deep

1 600 1 800 US$/oz

19%

800 1 000 1 200 1 400 1 600

26% NCE Margin

800 1 000 1 200 1 400 1 600

19% NCE Margin

• 200

400 600 800

• 200

400 600 800 8 8 8 9 9 9 9 1 1 1 1 2 2 2 2 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Gold price Total cash costs NCE Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Gold price Total cash costs NCE

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 14

Targeting A 25% NCE Margin

Leverage the Balance Sheet

The New Gold Fields

e e age t e a a ce S eet

1 000 1 200

Debt Maturity Post Unbundling

Financial Targets

• Leverage balance sheet in particular,

720 1 000

400 600 800

$ million

the long end

• Strive for long-term Net Debt / EBITDA

40 40

• 50
• 200

2013 2014 2015 2016 2017 2018 2019 2020 GFI (excl. Sibanye) Sibanye

ratio ≤1.0x Liquidity and Funding Policy

• Maintain strong liquidity and improve

GFI (excl. Sibanye) Sibanye

• Maintain strong liquidity and improve

debt maturity profile

• Continue to diversify financing sources

Proforma

All figures in US$ million

Gold Fields Sibanye Gold Net Debt – 31 Dec 2012 1,263 443

away from bank funding Balance Sheet C ti d bt t it h d l

Net Debt

31 Dec 2012

1,263 443 EBITDA – C2012 1,868 694 Net Debt/EBITDA – 31 Dec 2012 0.68 0.64

• Conservative debt maturity schedule

Committed unutilised facilities (Post unbundling) 700 207 Cash From Operations – C2012 962 480

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 15

Conservative Approach

Dividend Policy

The New Gold Fields

38% 33%

35% 40%

1200

de d

• cy

re

Dividend Pay-out Ratio F2008 to F2012

2012 Dividends

578 529 1003 939

22% 26% 33% 25%

% 15% 20% 25% 30% 35%

400 600 800 1000

A cents per shar Pay-out ratio

150 130 140 330 235

396

0% 5% 10%

200

2008 2009 2010 2011 2012

Dividend Normalised earnings Payout ratio

SA

Final dividend R0.75 per share

50% 60%

Dividends as a % of EPS Full-year dividend R2.35 per share

10% 20% 30% 40% 0% 10%

2007 2008 2009 2010 2011 Gold Fields Peer Average

* Peer average pay-out ratio based on Bloomberg estimates of peer group on 13/02 2012

Pay-out ratio 25%

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 16

Dividends enjoy priority – 25% to 35% of normalised earning

The New Gold Fields

International Diversification International Diversification

Gold Fields Before Unbundling Gold Fields Post Unbundling

28% 13% 24% 40% 9% 17%

duction

anaged) 13% 43% 29% 35% 13%

C2012 C20161

8% 26%

Prod

(ma 43% 15%

RSA - Sibanye West Africa Australia South America RSA – South Deep

4% 6% 53% 18% 19% 4% 62% 22% 10% 6%

1 Adjusts 2012 production for South Deep at full production of 700koz 2 Reserves as at 31 December 2011 for New Gold Fields and as at 31 December 2012 for Sibanye Gold

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 17

A Global Footprint

South Deep Project (South Africa) 100%

Capital Projects Progress

• Landmark Union Agreement on new Operating Model – 2 October 2012

Cap a

• jec s
• g ess
• Full production of circa 700koz in 2016
• De-stress development increased 75% year on year.
• Self-funding by end of 2013

Ke Infrastr ct re Projects Completed On B dget and On Time Key Infrastructure Projects Completed : On Budget and On Time

2010 2011 2012 2013E 2014E 2015E Status

94 Level Refrigeration Plant On schedule C i i d

Phase1 commissioned Commission machines 3, 4 and 5 with 100 and 105 Level BACs

Twin Vent Shaft Deepening Commissioned Oct 2012 Tailings Storage Facility Commissioned April 2011 Plant Expansion 330 Ktpm Commissioned

Hoisting builds up as per mine plan

Plant Expansion 330 Ktpm Nov 2012 Backfill Infrastructure Commissioned New Mine Development On-going

Backfill pipe extensions in the 95-1W, 95-2W and 95-3W GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 18

Transition to Build-up Underway

2013 Group Guidance

Conservative Yet Realistic Co se a e e ea s c

Managed production koz 1,910 to 1,990 Attributable production koz 1,825 to 1,900 Cash cost US$/oz R/kg 860 250,000 NCE US$/oz R/k 1,360 R395 000 NCE R/kg R395,000 Exchange rates US$:ZAR US$:A$ 1=9.00 1 = 0.962

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 19

Focus On Margins & Cash Flow

Conclusion

A smaller, more focussed, yet solid platform for growth A smaller, more focussed, yet solid platform for growth

Focus on cash generation and a superior return on all funds invested Cash generation takes priority over production targets

Dividends have first call on cash flows – 25% to 35% of normalised earnings Judiciously advance only low-risk, high return, brownfields and best greenfields projects Seek opportunistic M&A of in production assets where path to value is clear Maintain current approach to focus on gold and continue international diversification

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 20

Its All About Cash!

Investor Relations Contact

Willie Jacobsz Senior Vice President Head of Investor Relations & Corporate Affairs Office: +27-11-562-9775 Mobile: +27-(0)82-971-9238 Willie.jacobsz@goldfields.co.za. Remmy Kawala Vice President, Investor Relations Office: +27-11-562-9844 Mobile: +27-(0)82-312-8692 Remmy.kawala@goldfields.co.za

It All Ab t C h! Its All About Cash!

www.goldfields.co.za

South Deep Project (South Africa) 100%

Transition Phase – Project to Mine a s o ase

• jec
• e

70 80 90

Managed Production

Koz

F2012 F2011

Managed production

koz

270 273 EBITDA (operating profit)

US$ m

148 131

20 30 40 50 60 70

EBITDA (operating profit)

US$ m

148 131 Contribution to New GFI EBITDA % 8 7 Total cash cost

US$/oz

1,105 1,073 NCE

US$/oz

2,283 2,091

• 10

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

Internal contribution to capital

%

52 55 Capex

US$m

315 275

2 000 2 500 3 000

Managing NCE

$/oz

Resource – 31 Dec 2011

Moz

81.4 Reserves – 31 Dec 2011

Moz

39.6 Life of Mine

years

≥50 years

• 500

1 000 1 500 2 000

2013 Guidance

Managed production

koz

305 to 320

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Gold price Total cash costs NCE

Total cash costs

US$/oz R/kg

~1,100 ~317,000 NCE

US$/oz R/kg

1,800 520,000

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 22

* Exchange rate used for guidance: US$1=R9.00

A 100% Mechanised Mine

Damang Gold Mine (Ghana) 90%

Two Years Of Heavy Inward Investment

• ea s O

ea y a d es e

60 70

Managed Production

Koz

F2012 F2011

Managed production

koz

166 218 EBITDA (operating profit)

US$ m

125 201

10 20 30 40 50

EBITDA (operating profit)

US$ m

125 201 Contribution to New GFI EBITDA 7% 10% Total cash cost

US$/oz

918 701 NCE

US$/oz

1,630 1,056

• 10

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

NCE Margin

%

2 33 Resource – 31 Dec 2011

Moz

10.0 Reserves – 31 Dec 2011

Moz

3 4

1 400 1 600 1 800 2 000

Managing NCE

$/oz

Reserves 31 Dec 2011

Moz

3.4 Life of Mine

years

≥21

• All 2013/14 cash to be re-invested

H 10 0M R iti

• 200

400 600 800 1 000 1 200

‒ Harness 10.0Moz Resource position ‒ Return production to ~200koz – 250koz p.a.

2013 Guidance

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

Gold price Total cash costs NCE

Managed production

koz

165 to 180 Total cash costs

US$/oz

1,010 NCE

US$/oz

1,650

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 23

A Mine In Transition

Tarkwa Gold Mine (Ghana) 90%

Optimisation Phase Op sa o ase

200 250

Managed Production

Koz

F2012 F2011

Managed production

koz

719 717 EBITDA (operating profit)

US$ m

729 752

50 100 150

EBITDA (operating profit)

US$ m

729 752 Contribution to New GFI EBITDA 39 38 Total cash cost

US$/oz

673 556 NCE

US$/oz

1,049 913

• Mar-10

Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

, NCE Margin

%

39 42 Resource – 31 Dec 2011

Moz

15.1 Reserves 31 Dec 2011

Moz

10 3

1 200 1 400 1 600 1 800

Managing NCE

$/oz

Reserves – 31 Dec 2011

Moz

10.3 Life of Mine

years

≥14

• High cost South heap leach stopped
• 200

400 600 800 1 000 1 200

• Brownfields expansion under consideration

‒ CIL options to replace remaining heap leaches

2013 Guidance

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Gold price Total cash costs NCE

Managed production

koz

640 to 650 Total cash costs

US$/oz

785 NCE

US$/oz

1,190

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 24

World Class Open Pit Operation

Cerro Corona Mine (Peru) 99%

Its Pay-back Time s ay bac e

100 120

Managed Equivalent Production

Koz

F2012 F2011

Managed production

koz

342 383 EBITDA (operating profit)

US$ m

396 403

20 40 60 80

EBITDA (operating profit)

$

396 403 Contribution to New GFI EBITDA 21 20 Total cash cost

US$/oz

492 437 NCE

US$/oz

775 592

• 20

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

NCE Margin

%

51 60 Resource – 31 Dec 2011

Moz

7.7 Reserves – 31 Dec 2011

Moz

6.1

1 400 1 600 1 800 2 000

Managing NCE

$/oz

Life of Mine

years

≥18

• Brownfields expansions under consideration

‒ Sulphide plant expansion

• 200

400 600 800 1 000 1 200

p p p ‒ 300koz oxide heap leach opportunity

• 5-year payback achieved in 2013, 18 years left to mine

2013 Guidance

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

Gold price Total cash costs NCE

Managed production*

koz

270 to 280 Total cash costs

US$/oz

~600 NCE

US$/oz

~920

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 25

* Stated on an equivalent ounce basis based on a gold price of US$1,700 per ounce and a copper price of US$8,000 per tonne

World Class Open Pit Operation

St Ives Gold Mine (Australia) 100%

Harvest Benefits of Owner Mining Conversion a es e e s o O e g Co e s o

125 130

Managed Production

Koz

F2012 F2011

Managed production

koz

450 465 EBITDA (operating profit)

US$ m

326 322

100 105 110 115 120

EBITDA (operating profit)

US$ m

326 322 Contribution to New GFI EBITDA 17 16 Total cash cost

US$/oz

931 901 NCE

US$/oz

1,608 1,287

95 100

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

NCE Margin

%

4 19 Resource – 31 Dec 2011

Moz

5.3 Reserves – 31 Dec 2011

Moz

2.8

1 400 1 600 1 800 2 000

Managing NCE

$/oz

Life of Mine

years

≥6

• Owner-mining conversion complete (Benefits in 2013)
• High cost heap leach closed
• 200

400 600 800 1 000 1 200

High cost heap leach closed

2013 Guidance

Managed production

koz

380 to 400

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

Gold price Total cash costs NCE

Total cash costs

US$/oz A$

970 930 NCE

US$/oz A$

1,405 1,350

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 26

Significant New Exploration Targets at Invincible & Greater Neptune

Agnew Gold Mine (Australia) 100%

A Turn-around Story u a ou d S o y

50 60

Managed Production

Koz

F2012 F2011

Managed production

koz

177 194 EBITDA (operating profit)

US$ m

144 181

10 20 30 40

EBITDA (operating profit)

US$ m

144 181 Contribution to New GFI EBITDA 8 9 Total cash cost

US$/oz

827 696 NCE

US$/oz

1,191 1,096

• 10

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

NCE Margin

%

29 32 Resource – 31 Dec 2011

Moz

3.8 Reserves – 31 Dec 2011

Moz

1.3

1 400 1 600 1 800 2 000

Managing NCE

$/oz

Life of Mine

years

≥7

• High cost, low grade Main & Rajah lodes closed
• Focus on high grade Kim lode
• 200

400 600 800 1 000 1 200

Focus on high grade Kim lode

2013 Guidance

Managed production

koz

150 to 160

Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12

Gold price Total cash costs NCE

Total cash costs

US$/oz A$

730 700 NCE

US$/oz A$

1,035 990

GFI | Its All About Cash! | BMO Capital Markets 22nd Global Metals & Mining Conference | 24 to 27 February 2013 | Hollywood, Florida

Page 27

Restructured For Cash Flow