June 2009 Resource and Reserve Declaration with updates on: S - - PowerPoint PPT Presentation

June 2009 Resource and Reserve Declaration with updates on:

S th D South Deep The Gold Mine Of the Future Taking Shape St Ives A Transformation underway.

Gold Fields Limited

5 October 2009

2

Forward Looking Statement

INTRODUCTION INTRODUCTION

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 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 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

• ther 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 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

• r to reflect the occurrence of unanticipated events.

3

INTRODUCTION INTRODUCTION

Nick Holland Chief Executive Officer Chief Executive Officer

4

Attributable Global Numbers

INTRODUCTION INTRODUCTION June 2008 Depletion June 2009 Gold Equivalent Mineral Resources

Moz

250.6 4.1 271.1 Uranium Mineral Resource

Mlbs

11.4

• 77.1

Mineral Resource Gold Equivalent

Moz

82 8 3 8 81 1 Mineral Reserves 82.8 3.8 81.1

81 Moz OF MINERAL RESERVES = 20-YEAR LIFE OF MINE

5

Long Life Reserves

INTRODUCTION INTRODUCTION

• Long-life quality reserve base;

Long life, quality reserve base; – 3rd largest mineral reserve base in the industry. – Six out of nine mines 5 Moz or greater Six out of nine mines 5 Moz or greater. – Six out of nine mines 10-year LoM or greater.

• Externally audited;
• Externally audited;

– Robust gold prices used.

FOUNDATION OF THE GOLD FIELDS VALUE PROPOSITION

6

Resources and Reserves Strategic Positioning

INTRODUCTION INTRODUCTION Development is key to unlocking potential of ore bodies. p y g p Targeting 24 months of development at South African operations Targeting 24 months of development at South African operations. Short term mine plans based on paylimit of R195,000/kg in South Africa and t ff d l l t d t US$650/ i Gh d P d A$850/ i cut-off grades calculated at US$650/oz in Ghana and Peru and A$850/oz in Australia. Higher Prices = margin expansion, not lower pay limits and cut-off grades. Mechanisation of development (safety and productivity).

OPTIMISING THE EXPLOITATION OF OUR ORE BODIES

7

Development: Key Strategy

INTRODUCTION INTRODUCTION Managed Mineral Resources

(Moz)

Mineral Reserves

(Moz)

Driefontein 52.8

18.2

Kloof 79.0

10.5

Beatrix 17.6

6.4

South Deep1 78.4

29.5

Tarkwa 16.2

10.7

Damang 4.3

1.8

g

1.8

St Ives 5.6

2.3

Agnew 3 5

0 7

Agnew 3.5

0.7

Cerro Corona2 8.1

5.5

1 Including Uncle Harry’s 2 Gold equivalent ounces

TARGETING 24 MONTHS OF DEVELOPMENT

1 Including Uncle Harry s 2 Gold equivalent ounces

8

Key Points

INTRODUCTION INTRODUCTION

Much greater confidence in South Deep ore body and mine plan. Damang now a 9-year reserve life with significant upside. St Ives now a 5-year reserve life with potential at the Athena camp to double this. Tarkwa a 15 year reserve life at a production rate of 750koz to Tarkwa a ~15-year reserve life at a production rate of 750koz to 800koz p.a. Cerro Corona a 5 Moz reserve with growth potential Cerro Corona a 5 Moz reserve with growth potential. 0 7 Moz in pillars and remnants removed from South African reserves 0.7 Moz in pillars and remnants removed from South African reserves due to safety concerns (1.1 Moz in F2009)

GOLD FIELDS HAS WORLD CLASS ASSETS

9

Agenda

INTRODUCTION INTRODUCTION Tim Rowland June 2009 Mineral Resource and Mineral Reserve Declaration Tim Rowland Head of Technical Division (Competent Person) South Deep Vishnu Pillay H d S th Af i R i p Head: South Africa Region St Ives Glenn Baldwin St Ives Head: Australasia Region Conclusion Conclusion Questions and Answers Nick Holland

10

JUNE 2009 MINERAL RESOURCE JUNE 2009 MINERAL RESOURCE AND MINERAL RESERVE DECLARATION DECLARATION

Tim Rowland Head: Technical Division & Competent Person

11

Headline Numbers1

INTRODUCTION INTRODUCTION

Managed Attributable

30 June 2008 30 June 2008

• Gold Equivalent Mineral Resource
• Uranium Mineral Resource
• Gold Equivalent Mineral Reserve
• Gold Equivalent Mineral Resource
• Uranium Mineral Resource
• Gold Equivalent Mineral Reserve
• 250.6 Moz
• 11.4 Mlbs
• 82.8 Moz
• 250.6 Moz
• 11.4 Mlbs
• 82.8 Moz
• 262.1 Moz
• 11.4 Mlbs
• 87.6 Moz
• 262.1 Moz
• 11.4 Mlbs
• 87.6 Moz

12 12

• Production Depletion from Resource
• Production Depletion from Resource
• 4.1 Moz
• 4.1 Moz
• 4.4 Moz
• 4.4 Moz

Months Months p

• Production Depletion from Reserve

p

• Production Depletion from Reserve
• 3.8 Moz
• 3.8 Moz
• 4.2 Moz
• 4.2 Moz

30 June 2009 30 June 2009

• Gold Equivalent Mineral Resource
• Uranium Mineral Resource
• Gold Equivalent Mineral Reserve
• Gold Equivalent Mineral Resource
• Uranium Mineral Resource
• Gold Equivalent Mineral Reserve
• 271.1 Moz
• 77.1 Mlbs
• 81.1 Moz
• 271.1 Moz
• 77.1 Mlbs
• 81.1 Moz
• 282.4 Moz
• 77.1 Mlbs
• 85.7 Moz
• 282.4 Moz
• 77.1 Mlbs
• 85.7 Moz

1 Group Total figures are equivalent gold ounces and include APP, Cerro Corona (Au & Au-Cu Equivalents), TSF gold (Tailings Storage Facility) and Uncle Harry’s (WAPL). 30 June 2009 figures are net of production depletion and Corporate activity

q

GOLD PRICE OF US$800/oz

12

Strategy

INTRODUCTION INTRODUCTION

SAFE PRODUCTION

Operational Excellence Operational Excellence

Realise Asset Potential Leverage Ore Body C bilit PRODUCTION

RESERVE Definition RESERVE Definition p ‘Delivery’ ‘Delivery’ Drive Resource Increase Operational flexibility and i

Capability Sustaining the Future

‘Mine Design & Planning’ ‘Mine Design & Planning’ Investment in Drive Resource to Reserve conversion margin Near Mine Exploration Thrust exploration and discovery Exploration Space Exploration Space Building a Growth Pipeline Create Mineral Reserve Mining Flexibility Growing the Safe Production Profile p p p p ‘Discovery’ ‘Discovery’ Growing the Safe Production Profile Driving Value-Creating Projects to Feasibility Generating Free Cash Flow

CLEAR FOCUS ON KEY DRIVERS CLEAR FOCUS ON KEY DRIVERS

CLEAR FOCUS ON KEY DRIVERS

13

Corporate Governance

INTRODUCTION INTRODUCTION

Transparency and materiality paramount Compliance with all relevant regulatory codes All Operations’ Mineral Resources and Mineral Reserves externally audited ~ 50% of the Mineral Reserves have been designed and scheduled at South Deep

13

FULL COMPLIANCE IN REPORTING

14

Key Assumptions

INTRODUCTION INTRODUCTION Rigorous Mineral Resource and Mineral Reserve process and CPR reporting Rigorous Mineral Resource and Mineral Reserve process and CPR reporting Mineral Reserve prices used (US$ 800/oz) in line with SEC (2 to 3 year average) average) Mineral Resource price used (US$ 1,000/oz) 25% leverage on the Mineral Reserve price Modifying factors based on historical averages Copper as gold equivalent remains in headline numbers Copper as gold equivalent remains in headline numbers

14

FULL DETAILED SUPPLEMENT WITH ANNUAL REPORT FULL DETAILED SUPPLEMENT WITH ANNUAL REPORT

NEW TECHNICAL SHORT FORM REPORTS TO BE ISSUED AS NEW TECHNICAL SHORT FORM REPORTS TO BE ISSUED AS SUPPLEMENT TO THE ANNUAL REPORT SUPPLEMENT TO THE ANNUAL REPORT

15

Metal Price

INTRODUCTION INTRODUCTION 30 June 2009 30 June 2008

Location Units Reserve Resource Reserve Resource

A US$/ 800 1 000 6 0 800 West Africa / South America Au - US$/oz 800 1,000 650 800 Cu - US$/lb 2.203 2.753 1.75 2.10 Australia Au - A$/oz 1 000 1 250 750 925 Australia Au - A$/oz 1,000 1,250 750 925 South Africa1&2 Au - ZAR/kg 230,000 285,000 150,000 180,000 U O – US$/lb

• 75
• 40

1 South Deep has designed and scheduled the Upper Elsburg Reefs from 87 to 110 level in accordance with the GFI protocol. 2 The remainder of South Deep is reported as per the acquisition model (low gold price and corresponding lower costs)

U3O8 – US$/lb

• 75
• 40

The remainder of South Deep is reported as per the acquisition model (low gold price and corresponding lower costs).

3 Whittle shells run at US$2.20/lb for Mineral Resources and US$1.75/lb for Mineral Reserves. US$2.75/lb and US$2.20/lb used to

calculate equivalent gold and to compare cash flows. 15

MINERAL RESOURCE US$25%, A$25% AND ZAR24% ABOVE MINERAL RESERVE PRICE

16

Managed Resources (Moz)

GOLD FIELDS OPERATIONS GOLD FIELDS OPERATIONS

G ld E i l t S th A i Gold Equivalent South America Gold Australasia 2 PGE +Au (Growth) Gold West Africa Gold South Africa (IncludesTSF gold)

Note: excludes TSF (Tailing Storage Facility) and underground uranium Figures in brackets are comparable from F2009

MINERAL RESOURCE INCREASED BY 20.3 Moz– POST DEPLETION

Note: excludes TSF (Tailing Storage Facility) and underground uranium. Figures in brackets are comparable from F2009

17

GOLD FIELDS OPERATIONS GOLD FIELDS OPERATIONS

Managed Reserves (Moz)

Gold Australasia Gold Equivalent South America Gold West Africa Gold South Africa

Figures in brackets are comparable from F2009

MINERAL RESERVE DECREASED BY 1.9 Moz – POST DEPLETION

g p

18

Resource Status per Mine

SA REGION SA REGION GOLD FIELDS OPERATIONS GOLD FIELDS OPERATIONS

80.5 78.4 79.0

80 90

Managed Resource (Gold, 2PGE and Cu-Au Eq. oz)

71.8

60 70 80

• Eq. (Moz)

44.4 52.8

40 50 E & Au-Cu E

9 0 12.6 15.4 16.1 8 1 12.6 16.2 17.6

20 30 Gold, 2PG

3.1 3.5 1.2 4.5 9.0 3.5 4.3 4.3 5.6 8.1

10

new mang

• ject

Ives erro rona APP rkwa atrix ntein Deep ncle 's) Kloof Ag Dam TSF Pro St Ce Cor A Tar Bea Driefon South D (Incl. Un Harry' K

Jun-08 Jun-09

N t l d U i t i d i TSF’ d d d

WORLD CLASS MINERAL RESOURCE BASE AT US$ 1,000/oz

Note: excludes Uranium contained in TSF’s and underground

19

Reserve Status per Mine

GOLD FIELDS OPERATIONS GOLD FIELDS OPERATIONS

29 5

35

Managed Reserves (Gold and Cu-Au Eq. oz)

29.1 29.5

25 30 (Moz)

19.7 18.2

15 20 & Au-Cu Eq.

5.9 6.7 11.1 11.3 5.5 6.4 10.5 10.7

5 10 Gold &

0.6 1.4 1.9 0.7 1.8 2.3

5

new ang ves rro

• na

atrix loof kwa tein eep Agn Dama St I Cer Coro Bea Kl Tark Driefont South De

June 08 June 09

STRONG MINERAL RESERVE BASE AT US$ 800/oz

20

Grade Reconciliation

SOUTH AFRICA REGION SOUTH AFRICA REGION

0 3 10.0

Driefontein Gold Mine

Change in Proved & Probable Reserve Grade

10.0

Kloof Gold Mine

Change in Proved & Probable Reserve Grade

8.6

0.3 0.3 0.5 8.1 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Grade (g/t)

8.8

0.9 0.4 0.6 7.7 3.0 4.0 5.0 6.0 7.0 8.0 9.0 Grade (g/t) 0.0 1.0 2.0 3.0 F2009 Gold Price Costs Other* F2010 G * Other - structure & model changes, increased volumes f MR & l i f hi h d ill 0.0 1.0 2.0 3.0 F2009 Gold Price Costs Other* F2010 * Other - structure & model changes, increased volumes f MR & l i f hi h d ill 7.0

South Deep Gold Mine

Change in Proved & Probable Reserve Grade

from MR & exclusion of high grade pillars from MR & exclusion of high grade pillars 0 2 0 1 6.0

Beatrix Gold Mine Change in Proved & Probable Reserve Grade

6.3

0.2 0.1 0.3 6.5 2 0 3.0 4.0 5.0 6.0 7.0 Grade (g/t)

5.0

0.2 0.1 4.9 2.0 3.0 4.0 5.0 Grade (g/t) 0.0 1.0 2.0 F2009 Gold Price Costs Other* F2010 G Other - re-estimation of current mine (facies application) re design 0.0 1.0 F2009 Gold Price Costs F2010

ABOVE INFRASTRUCTURE FIGURES

re-design

21

Grade Reconciliation

INTERNATIONAL REGIONS INTERNATIONAL REGIONS

0 1 1.4

Tarkwa Gold Mine

Change in Proved & Probable Reserve Grade

0 2 0 1 1 8

Damang Gold Mine

Change in Proved & Probable Reserve Grade

1.2 0.1 0.1 0.0 0.0 1.2 0 4 0.6 0.8 1.0 1.2 Grade (g/t) 1.7 0.2 0.1 1.6 0 6 0.8 1 1.2 1.4 1.6 1.8 rade (g/t) 0.0 0.2 0.4 F2009 Gold Price Costs Dilution Other* F2010 G * Other F2009 mining marginally below ave reserve grade 0.2 0.4 0.6 F2009 Gold Price Costs Dilution Other* F2010 G * Other - F2009 mining marginally below ave reserve grade 0 2 3.0

St Ives Gold Mine

Change in Proved & Probable Reserve Grade

0 6 9.0

Agnew Gold Mine

Change in Proved & Probable Reserve Grade

2.3 0.1 0.0 0.0 0.2 2.4 1.0 1.5 2.0 2.5

Grade (g/t) 7.7

0.5 0.0 0.0 0.6 7.8 3.0 4.0 5.0 6.0 7.0 8.0 Grade (g/t) 0.0 0.5 F2009 Gold Price Costs Dilution Other* F2010

G

* Oth H l t & Ath dd d t hi h d 0.0 1.0 2.0 3.0 F2009 Gold Price Costs Dilution Other* F2010 G Oth N d lli & di

GRADES AT CERRO CORONA REMAIN CONSTANT

* Other - Hamlet & Athena added at higher grade Other - New modelling & discovery

22

SOUTH AFRICA REGION SOUTH AFRICA REGION

Overview

• Mineral Resources 232 1 Moz

Driefontein, Kloof, Beatrix & South Deep Driefontein, Kloof, Beatrix & South Deep Driefontein, Kloof, Beatrix & South Deep Driefontein, Kloof, Beatrix & South Deep

• Mineral Resources 232.1 Moz
• Mineral Resources include acquisition of Uncle Harry’s 14.6 Moz
• Mineral Resource includes TSF gold of 4.3 Moz
• Mineral Reserves 64 7 Moz
• Mineral Reserves 64.7 Moz
• South Deep Upper Elsburg’s (87 – 110 level) portion remodelled

and reported by GFI

• Mechanisation of development gaining traction on all long life shafts

p g g g

• Significant increase in exploration and resource definition drilling

(F2009 – 93.1 km versus F2008 – 66.3 km)

• Improved focus on short term mine planning to reduce volatility
• Safe Production Management strategy

Drive on Safety, Quality and Flexibility Drive on Safety, Quality and Flexibility Drive on Safety, Quality and Flexibility Drive on Safety, Quality and Flexibility

Safe Production Management strategy

• Reduce the grade-gap and leverage the Mine Call Factor
• Increase available mineable reserves
• Continued focus on secondary support and shaft infrastructure

22

Continued focus on secondary support and shaft infrastructure

FOCUS ON SAFE MINING, QUALITY AND MECHANISATION

23

Pillar Mining Review

SOUTH AFRICA REGION SOUTH AFRICA REGION

25 000

Pillar Mining Comparison as at 30 June 2009

Kloof Driefontein

1 459 1,258 1,398 20,000 25,000 802 891 1,459 783 10 000 15,000 Moz 8,844 8,441 1,424 1,189 16,985 16,021 5,000 10,000 F2009 F2010 F2009 F2010 Kloof Excl Pillars Kloof Pillars Kloof Shaft Pillar

• Shaft pillars are scheduled at conservative rates

Kloof Excl. Pillars Kloof Pillars Kloof Shaft Pillar Driefontein Excl. Pillars Driefontein Pillars Driefontein Shaft Pillars

REMOVED 1.8 Moz FROM DRIEFONTEIN AND KLOOF PAST 2 YEARS

24

West Wits Tailings Project

SOUTH AFRICA REGION SOUTH AFRICA REGION

24

“5TH MINE IN SOUTH AFRICA”

25

West Wits Tailings Project

SOUTH AFRICA REGION SOUTH AFRICA REGION

West Wits Tailing Processing Project (TSF’s) West Wits Tailing Processing Project (TSF’s) West Wits Tailing Processing Project (TSF’s) West Wits Tailing Processing Project (TSF’s)

• Drilled 30,000 metres in F2009
• Modelled and evaluated 13 TSF sites
• Cut-off grade calculated per TSF at US$75 lb

F ibilit t d t b l t d b d F2010

• Feasibility study to be completed by end F2010
• The underground uranium Mineral Resource is based on

a LoM design & scheduled Mineral Reserve – by-product

West Wits West Wits TSF TSF Tonnes Tonnes (Mt) Mt) Gold Gold Grade Grade (g/t) (g/t) Gold Gold Content Content (kg) kg) Gold Gold Content Content ('000 oz) '000 oz) Uranium Uranium grade grade (kg/t) kg/t) Uranium Uranium Content Content (000 kg) (000 kg) Uranium Uranium Content Content ('000 lb) '000 lb) (g ) (g ) ( g) g) ( ) ( g ) g ) ( g) ( g) ( ) Measured 439.2 0.30 132,080 4,246 0.052 22,960 50,618 Inferred 13.8 0.23 3,170 102 0.027 368 811 Total 453.0 0.30 135,250 4,348 0.052 23,328 51,429 U i U i U i U i U i U i West Wits West Wits Underground Underground Tonnes Tonnes (Mt) (Mt) Uranium Uranium grade grade (kg/t) kg/t) Uranium Uranium Content Content (000 kg) (000 kg) Uranium Uranium Content Content ('000 lb) '000 lb) Inferred 157.3 0.074 11,649 25,681 Total 157 3 0 074 11 649 25 681

25

MINERAL RESOURCE DEFINED FOR SURFACE URANIUM AND GOLD

Total 157.3 0.074 11,649 25,681

26

WEST AFRICA REGION WEST AFRICA REGION

Overview

• Mi

l R 20 5 M

Tarkwa and Damang Tarkwa and Damang Tarkwa and Damang Tarkwa and Damang

• Mineral Resource 20.5 Moz
• Mineral Reserve 12.5 Moz
• Carbon In Leach (CIL) Plant expansion project at Tarkwa

commissioned in January 2009 commissioned in January 2009

• High Pressure Grinding Roll (HPGR) pilot project to be

commissioned in Q2 F2010 at Tarkwa

• Post depletion Mineral Reserve ounces increased by 34% at

Damang

• Aggressive near mine exploration drilling planned for F2010

Opportunities Opportunities Opportunities Opportunities

• Significant brownfields opportunities
• Install secondary crusher at Damang Processing plant – objective

is to mitigate the current dependency on oxide ore

26

TARKWA PLANT EXCEEDED NAME PLATE CAPACITY (1 Mtpm) IN Q1 F2010

27

WEST AFRICA REGION WEST AFRICA REGION

Overview

• Need to test underground potential (ramps &

DPCB Extension (Huni) DPCB Extension (Huni)

Huni Huni DPCB DPCB

• Need to test underground potential (ramps &

drill platforms)

• Re-optimization of the Huni Pit in F2009

revealed the existence of the ‘Huni Gap’ an i f ti t i d f 400

Huni Huni Gap Gap

information constrained area of some 400m along strike.

• Drilling commenced in Q1 F2010 with 13 holes

for 4,000m combined RC/DD

p

N S

• Further drilling at Juno planned for Q2/Q3 F2010

Juno Juno DPCB DPCB Huni Huni Huni Gap Information constrained Information constrained Juno Information constrained Information constrained

2.8km 2.8km

27

SIGNIFICANT OPPORTUNITIES

28

AUSTRALASIA REGION AUSTRALASIA REGION

Overview

• Mi

l R 9 1 M

• St. Ives and Agnew
• St. Ives and Agnew
• St. Ives and Agnew
• St. Ives and Agnew
• Mineral Resource 9.1 Moz
• Mineral Reserve 3.0 Moz
• Extensional and brownfields discovery positive at SIGM and

Agnew Agnew

• Link drive between Agnew’s Kim and Main lodes will be

completed early in F2010 (Q2)

• Increase in Mineral Reserve ounces of 22 per cent net of

depletion due to increase in gold price and discovery

• Termination of the Morgan Stanley Royalty (post Reserve

declaration)

Opportunities Opportunities Opportunities Opportunities

• Agnew: Waroonga underground depth extension
• St Ives: Highly prospective lease – endowment rated high
• Focus on near mine exploration

28

WELL POSITIONED FOOTHOLD IN THE REGION

29

SOUTH AMERICA REGION SOUTH AMERICA REGION

Overview

• Gold Mineral Resource 4 2 Moz

Cerro Corona Cerro Corona Cerro Corona Cerro Corona

Gold Mineral Resource 4.2 Moz

• Copper Mineral Resource 1,429 million pounds
• Cu-Au equivalent Mineral Resource 8.1 Moz
• Gold Mineral Reserves 2.8 Moz

Gold Mineral Reserves 2.8 Moz

• Copper Mineral Reserves 988 million pounds
• Cu-Au equivalent Mineral Reserve 5.5 Moz
• Revision to the geotechnical model has resulted in a change of

Revision to the geotechnical model has resulted in a change of the slope angles within the pit (waste to ore ratio increases from 0.60 to 0.81)

• Production blast hole data for the initial period indicate a positive

reconciliation between the long term reserve and short term reconciliation between the long-term reserve and short term Grade Control models

Opportunities Opportunities Opportunities Opportunities

• Cerro Corona - potential to convert significant additional

resource to reserve (key management focus)

29

+ 5 MILLION OUNCES Cu – Au EQUIVALENT

30

SOUTH DEEP

THE MINE OF THE FUTURE TAKING SHAPE THE MINE OF THE FUTURE TAKING SHAPE

Vishnu Pillay Head: South Africa Region Head: South Africa Region

31

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Two Key Targets

F2010 TARGET

• Continue “Safe Production” improvements
• Build-up to 300 koz (65 koz for Q1: Plan + 6%)
• Commence optimisation to long hole stoping

DECEMBER 2014 TARGET

• Complete required infrastructure
• Attain full production rate (~750 to 800 koz/pa)
• Achieve world class productivities

Achieve world class productivities

ON TRACK TO ACHIEVE F2010 AND F2014 TARGETS

32

F2010 Target: 300 koz

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

• Fully mechanised and modernised operation
• Jumbo drill rigs increased from 8 to 16 units over the past 8 months
• Jumbo drill rigs increased from 8 to 16 units over the past 8 months
• Achieved success with first long hole stopes
• Motivated team in place
• Motivated team in place
• Mark Morcombe appointed as Vice President

– Australian mechanised mining skills brought to bear

• Effective incentive plan developed
• Rock hoisting
• Hoisting re-instated at South Shaft - additional hoisting capacity of

g g p y ~60ktpm

• Record hoist at Twin Main Shaft in August ‘09 of 146,781tons

g

CONSTRAINTS TO F2010 BUILD-UP BEING ADDRESSED

33

Shaft Infrastructure

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Colour Coding: Red Up Cast. GreenDown Cast Gold Rock Handling Capacity South Shaft Twins Ventilation Shaft Twins Main Shaft Metallurgical Plant

1 4km

33 Lvl 48 Lvl 49 Lvl

SV 1 50 Level Plugs SV 3 I ntermediate Pump 51 Level Pump Station SV 2

1.4km

50 Lvl 53 Lvl 56 Lvl 58 Lvl 60 Lvl 63 Lvl 65 Lvl

Rock Capacity of 151 ktpm Rock Capacity 175 ktpm Rock Capacity

• f 195 ktpm

(Design) Shaft damaged p Stations

68 Lvl 70 Lvl 70a Lvl 71 Lvl 72 Lvl 75 Lvl 78 Lvl

(Design) 80 Level Pumps & Refrigeration 84 Level Pump Station

80 Lvl 83 Lvl 85 Lvl 87 Lvl 90 Lvl 90 Lvl 93 Lvl 93 Lvl 94 Lvl

94 Level Refrigeration Plants 83 Level Backfill Plant

95 Lvl 95 Lvl 100 Lvl 100 Lvl 105 Lvl 105 Lvl 110 Lvl 110 Lvl 110a Lvl

95a Level Pump Station Deepened Section Challenge is the limited Storage from 95 Level to 95a Level

ROCK HOISTING PARTIALLY REINSTATED – SOUTH SHAFT

110a Pump Station

34

Progress To F2010 Target

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

50 60 70

(koz)

History Post - Acquisition

• Reduction in VCR mining as of December ’07,

hi h i fi ll t i t d i M h ’08

20 30 40

Production

which is finally terminated in March ’08

• Operation becomes

fully mechanised post- March ‘08

10 20 Q1 F2009 Q2 F2009 Q3 F2009 Q4 F2009 Q1 F2010

Gold

• 95 2-W and 95 3-W main access ramps

stopped to install permanent support in May ‘08

2 000 2,500 3,000

(m)

Q1 F2009 Q2 F2009 Q3 F2009 Q4 F2009 Q1 F2010

Q1 F2009 to Q1 F2010

• Quarterly production increases from 27.3 to

65 3k

1,000 1,500 2,000

velopment (

65.3koz

• September ‘09 production annualises at

~300koz (~9,300kg) (September actual ~775kg)

500 Q1 F2009 Q2 F2009 Q3 F2009 Q4 F2009 Q1 F2010

Dev

• Development increases by 111%
• Accelerated in support of planned production

build-up

Q1 F2009 Q2 F2009 Q3 F2009 Q4 F2009 Q1 F2010

SEPTEMBER MONTH ANNUALISES AT ~300koz

35

December 2014 Target: ~750 to 800 koz

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

• Detailed design and production schedule for next 30 years

C it l t k t d li k il t

• Capital programme on track to deliver key milestones
• All major infrastructure will be in place
• Development required to provide access to ore body
• Deepening of Ventilation Shaft with rock hoisting capacity of 195ktpm

p g g p y p

• Ore silo capacity at shaft bottom as well as settler dams and pumps
• New FPT backfill plant with associated backfill lines to workings
• New FPT backfill plant with associated backfill lines to workings
• Fully operating refrigeration plant underground and ice plant on

surface surface

• Upgrade of metallurgical plant to mill 330ktpm

FULLY INTEGRATED PROJECT MANAGEMENT PLAN

36

Capital profile: F2010 to F2014

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Year Item Year F2010 F2011 F2012 F2013 F2014 94 Level Refrigeration Plant 94 Level Refrigeration Plant Phase 1 Twin Vent Shaft Tailings Storage Facility Plant Expansion to 330ktpm 330ktpm New Mine Development Phase 1 Total Capital (All projects) R1,727m R1,939m R2,199m R1,419m R1,126m

Note: Capital estimates in mid-2010 money

ALL PROJECTS ON TRACK

Note: Capital estimates in mid 2010 money

37

Gold production profile & Costs: F2010 to F2015

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

350 000 400,000 25,000

Run rate Dec 2014 ~750 to 800 koz

300,000 350,000 20,000

g)

200,000 250,000 15,000

R/kg roduction (kg

100,000 150,000 10,000

Gold Pr ~300 koz

• 50,000
• 5,000

F2010 F2011 F2012 F2013 F2014 F2015 Gold Production (kg) Operating Costs (R/kg) NCE (R/kg)

Note: Further optimisation work in progress

RUN RATE OF ~750 to 800 koz – DECEMBER 2014

Note: Further optimisation work in progress

38

F2009 Operational Plan

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Destress Mining

Twin Shaft Complex

95 Level Bulk Mining Key Milestones (next 4-years)

• Commission new Tailings Dam
• Deepening & equipping of Ventilation Shaft
• Current extent of mining (voids)
• Deepening & equipping of Ventilation Shaft
• Complete Twin Shaft Infrastructure
• Refurbish South Shaft Complex
• Develop 100, 105, 110 Levels and destress

projects below 95 Level

STATUS QUO - CURRENT MINE

39

F2010 Operational Plan

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Twin Shaft Complex

4 W 1-W 2-W 3-W 4-W

• Vent Shaft deepening starts in January 2010
• Destressing in Phase 1 (3-W and 4-W)
• Commissioning of Fridge Plant 1, 2 and 3

GREEN – DEVELOPMENT AND MINING IN F2010

40

F2011 Operational Plan

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Twin Shaft Complex

105 Level

• 105 Level reaches the 4-W Project

RED – DEVELOPMENT AND MINING IN F2011

41

F2012 Operational plan

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Twin Shaft Complex

2-W

• 105 Level reaches 2-W
• Destressing in Phase 1 (1-W and 2-W)
• Bulk Mining in 3-W and 4-W

BLUE – DEVELOPMENT AND MINING IN F2012

42

F2013 Operational Plan

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Twin Shaft Complex

Vent Shaft commissioning 110 Level 1-W

• Vent Shaft commissioning in July 2012
• 105 Level reaches 1-W

BROWN – DEVELOPMENT AND MINING IN F2013

43

F2014 Operational Plan

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Twin Shaft Complex

110 Level towards Phase 1 South of South of Wrench

• Top access to Phase 1 South of Wrench starts

MAUVE – DEVELOPMENT AND MINING IN F2014

44

Scheduled Mineral Reserves

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

Twin Shaft Complex Twin Shaft Complex

Phase NoW and SoW

Phase 1 North of Wrench

• Mining of Phase 1 North of Wrench

complete in F2040 110 Level 110 Level

Phase 1 South of Wrench

• Mining of Phase 1 South of Wrench starts in

F2019

49% OF MINERAL RESERVES HAVE BEEN SCHEDULED 14.5Moz OF RESERVES DESIGNED & SCHEDULED IN DETAIL

45

Mineral Reserves: F2010

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

• Five-fold increase

in designed

Current Mine

Current Mine 3.4 Moz Old Mine 1.1 Moz

Twin Shaft Complex

in designed Mineral Reserves by comparison to F2009

Phase 1 NoW 9.0 Moz Phase 1 VCR 1.6 Moz

Wrench Fault

• Mineral Reserves

increased by 1 1% to 29 5 Moz

Uncle Harry’s Phase 1 SoW 2.1 Moz

Wrench Fault

1.1% to 29.5 Moz

• Re-estimation

and mine design t ti i

Phase 2 VCR 1.8 Moz

to continue in preparation for F2011 reporting

Phase 2 10.5 Moz 1.8 Moz

• “Old Mine”
• pportunities

being progressed

Designed & scheduled in detail

N

Note: Rounding off errors may result in minor differences with other published figures

320 KOZ BY Q1 F2010

49% DESIGNED AND SCHEDULED IN DETAIL

Note: Rounding off errors may result in minor differences with other published figures

46

Conclusions

SOUTH DEEP PROJECT SOUTH DEEP PROJECT

• South Deep is a long-life world class ore body
• Mineral Reserves total 149 4Mt at 6 1g/t (~29 5Moz)
• Mineral Reserves total 149.4Mt at 6.1g/t (~29.5Moz)
• Ore body geometry allows for efficient exploitation by modern

mechanised mining methods (viz benching & long hole stoping) mechanised mining methods (viz. benching & long hole stoping)

• Performance improving
• Gold production for Q1 of F2010 is 6% above plan
• Continued improvement in delivery against plan (F2009: 98% of Plan)
• Capital programme is on track
• Fully integrated project management plan with fully staffed PMO

y g p j g p y

• Projects currently on time and within budget
• Controls enhanced by roll-out of project management system

ON TRACK TO ACHIEVE F2010 AND F2014 TARGETS

• Controls enhanced by roll out of project management system

47

ST IVES ST IVES

A TRANSFORMATION UNDERWAY

Glenn Baldwin Glenn Baldwin Head: Australasia Region

48

A Significant Land Position

ST IVES GOLD MINE ST IVES GOLD MINE

Kalgoorlie 50 km Kalgoorlie 50 km



Cave Rocks (0.2 Cave Rocks (0.2 Moz Moz) )



Greater Santa Ana (0.8 Greater Santa Ana (0.8 Moz Moz) (Camp Scale potential) ) (Camp Scale potential)



Belleisle (0.1 Belleisle (0.1 Moz Moz) )

 

Lefroy Mill Lefroy Mill



Heap Leach Heap Leach

St Ives St Ives

Leviathan (3.5 Leviathan (3.5 Moz Moz) ) Greater Revenge (2.1 Greater Revenge (2.1 Moz Moz) (Camp scale potential) ) (Camp scale potential)

 

Emerging Athena Camp (+1.7moz inventory) Emerging Athena Camp (+1.7moz inventory)



Argo (1.1 Argo (1.1 Moz Moz) )



Processing Facility Processing Facility Underground Mines Underground Mines Open Pit Mines Open Pit Mines

  

Junction (2.0 Junction (2.0 Moz Moz) )



A 10 MOZ PRODUCER AND GROWING

49

Athena Camp

ST IVES GOLD MINE ST IVES GOLD MINE

• seidon

A DEVELOPING NEW CAMP

P

Clift Blue Lode

Basalt Dolerite

Reserve Conversion 4 Projects Resource Growth

na

Dido Zeus Apollo

Clifton

Pollux 4 Projects Target Definition 2 Projects

Athe

Macbeth Yorick Hamlet D

Argo

• Zeus

– 2m @ 28.6 g/t – 5m @ 5.0 g/t

• Dido

– 6m @ 9.7 g/t

Sediments

M Diana

Felsic Intrusion

– 9m @ 2.3 g/t

• Athena

– 1.3 Moz inventory – 771 koz in resource – 316 koz in reserves

• Hamlet

LEGEND

Structural Interpretation

Hamlet

– 0.4 Moz inventory – 251 koz in resource – 83 koz reserve

• Yorick

– 11m @ 2.4g/t – 4m @ 7.3g/t

F2010 Drill Targets

0 m 500 m 1,000m

“MOST SIGNIFICANT CAMP DISCOVERY IN AUSTRALIA”

4m @ 7.3g/t – 6m @ 7.6g/t

50

Athena Mineralisation

ST IVES GOLD MINE ST IVES GOLD MINE

309m

North South

Oxide Sediment

Long Section

0m

South Shoot 2-3m wide 8-20g/t Central Shoot 5-12m wide 5-12g/t North Shoot 3-7m wide 3-9g/t

Paringa Basalt Athena Basalt

8 20g/t 69 holes 5 12g/t 127 holes 3 9g/t 13 holes

• 300m

500m

“RIVALS THE GREAT JUNCTION MINE”

500m

51

Athena Mineralisation

ST IVES GOLD MINE ST IVES GOLD MINE Cross Section of the Central Shoot

• Hosted in Paringa

Basalt.

• Consistent Structure.
• Mineralised for 500m on
• Mineralised for 500m on

strike.

• Drill defined to 600m
• Drill defined to 600m

below surface.

• Average Width 8m

Open on strike and at depth Average Width 8m. and at depth

STEEPLY DIPPING WITH WIDTH & GRADE

52

Recent Intersection

ST IVES GOLD MINE ST IVES GOLD MINE

VISIBLE GOLD NUGGETS : STRIKE EXTENSION DRILLING

53

Athena Project

ST IVES GOLD MINE ST IVES GOLD MINE KEY METRICS Project start date July 2009 First ore Q1 F2011 First ore Q1 F2011 Full production Q1 F2012 Annual gold at full production 85 to 95koz Life of Mine 10 to 15 years y Initial capital cost A$95 million Average NCE at full production A$ 770/oz

REAL VALUE POTENTIAL - 10 YEAR LOM NPV5 A$270M

54

Hamlet Recent Results Hamlet Recent Results

ST IVES GOLD MINE ST IVES GOLD MINE

North South 309m

Indicated

14m@13.1g/t 10m@21.1g/t

Inferred

@ g @ g

0m 0 5

Grammetres

• 200m

0-5 5-10 10-20 20-50 50-1000

Planned holes Not drilled Precollar Drilled Drilled Awaiting Assays

500m

Pending assay

A SIGNIFICANT ORE BODY

Drilled Awaiting Assays

55

Ongoing Exploration

ST IVES GOLD MINE ST IVES GOLD MINE

A$25 MILLION SPEND PLANNED FOR F2010

56

Athena - Hamlet Options

ST IVES GOLD MINE ST IVES GOLD MINE

TWO NEW GOLD PROJECTS ONE KILOMETRE APART

57

Athena Underground

ST IVES GOLD MINE ST IVES GOLD MINE

• Mechanised long hole retreat

stoping

• Top down without backfilling

initially

• Proven mining methods and

techniques

• Consistent orebody strike 
• Consistent orebody strike 

Uniform Stope Shapes in Highly Competent rock

• 25m floor-to-floor sublevel interval
• Two Mines 1km Apart

OPTIONALITY WITH HAMLET!

58

Athena Accelerated Plan

ST IVES GOLD MINE ST IVES GOLD MINE

BOX CUT COMMENCED IN JULY

59

Production Profile

ST IVES GOLD MINE ST IVES GOLD MINE 600 400 500

Current resource base supports sustained production past F2020

300 400

p

200 100

F03 F04 F05 F06 F07 F08 F09 F10 F11 F12 F13 F14 F15 F16 F17 F18 F19 F20

Historical Production Forecast Production

“MAKING THE LION ROAR” – THE GROWTH PHASE

60

Royalty Termination

ST IVES GOLD MINE ST IVES GOLD MINE

1200 1400

First 25% of mines by cost Second 25% of mines by cost 3rd 25% of mines 4th 25% of mines

Cash cost $AUS for March 09 Qtr

800 1000

Before Royalty Termination After Royalty Termination

400 600 200 400 Ridgeway Cadia Hill Challenger ers Towers Peak Paulsen's Pajingo JV Mt Rawdon Yandal Agnew Sandstone Coolgardie Cracow Fosterville Stawell Mt Monger Queen- JV Bendigo Norseman St Ives Telfer Paddington Wiluna avenswood Jubilee St Ives Tanami unrise Dam eaconsfield

• orlie West

Cowal Henty hern Cross Super Pit -… Super Pit -… ra (Gwalia) garn South Plutonic

St Ives St Ives

C Charte M C Sand P Ra Su Be Kalgo South Leonor Yilg

S S

A$308 MILLION REDUCES CASH COSTS BY A$108/OZ A$308 MILLION REDUCES CASH COSTS BY A$108/OZ (AT GOLD PRICE OF $1,200/OZ) (AT GOLD PRICE OF $1,200/OZ)

61

Conclusions

ST IVES GOLD MINE ST IVES GOLD MINE

Athena camp 4 Moz potential Target to at least double the St Ives LoM Five underground mines by F2011 Targeting 500koz p.a. steady state production by F2012 F2012 THE TRANSFORMATION OF ST IVES

62

CONCLUSION CONCLUSION

Nick Holland Nick Holland Chief Executive Officer

63

CONCLUSIONS CONCLUSIONS

Gold Fields has robust Reserves. Long-term optionality for shareholders without hedge liabilities Long-term optionality for shareholders without hedge liabilities. S th D t ti t li it t ti l South Deep starting to realise its potential. International portfolio growing. Uranium Mineral Resource proven up – feasibility underway

TO BE THE GLOBAL LEADER IN SUSTAINABLE GOLD MINING

64

QUESTIONS & ANSWERS QUESTIONS & ANSWERS