West Africa Region West Africa: A million ounce region Largest gold - - PowerPoint PPT Presentation

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West Africa Region West Africa: A million ounce region Largest gold - - PowerPoint PPT Presentation

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West Africa Region West Africa: A million ounce region Largest gold producer in Ghana Gold Production 1 and NCE Margin (2008 2011) % koz % 1 200 50 1 000 40 MALI 800 30 600 20 Bamako Yanfolila Project 400 868 981 826 10 200

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SLIDE 1

West Africa Region

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SLIDE 2

West Africa: A million ounce region

Largest gold producer in Ghana

%

Gold Production1 and NCE Margin (2008 – 2011)

% koz

MALI

30 40 50 600 800 1 000 1 200

Accra

Damang

GHANA Bamako

Yanfolila Project

826 868 981 10 20 200 400 2008 2009 2010 2011E

NCE Margin 9 months to Sept (%) Mineral Reserves & Resources2 31 Dec 2010 (Moz) EBITDA3 (Group Contribution) 9 months to Sept 2011 (%)

Tarkwa

NCE Margin Production 2008 2009 2010 2011E

8.0 12.3 10.1 15.6

40

Reserves Resources As at 31 Dec 2010 Proforma incl 90.0% interest

______________________________________ 1. Managed gold production

28 40 Sept 2010 Sept 2011

g g p 2. Attributable gold reserves and resources 3. Attributable EBITDA

124

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SLIDE 3

Ghana: Political & Fiscal Overview

  • Maturing democracy
  • Stable and predictable political environment

Political

  • New fiscal regime proposed
  • Democratic elections in December 2012

Climate

  • Infrastructure improvement (US$3bn loan - China Development Bank)
  • Bank of Ghana: interest rate unchanged at 12.5%

Economic

  • GDP growth at 12.2%
  • Oil production reached 120k barrels/day (oil accounts for 6% of Ghana's

domestic revenue and expected to double to US$2bn in 2012)

Economic Climate

125

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SLIDE 4

Proposed new fiscal regime announced in the Nov 2011 Budget

  • Increase in the corporate tax rate for mining companies to 35% from 25%
  • Th

N ti l St bili ti L f 5% t fit t b di ti d

  • The National Stabilisation Levy of 5% pre-tax profit to be discontinued
  • Windfall tax of 10% to be introduced – calculation mechanism not yet available

y

  • Capital allowance of 20% per year for five years (previously 80% in year one)
  • Royalties to remain unchanged at 5% of Revenue

126

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SLIDE 5

Achievements since 2008

  • Increased Tarkwa plant capacity from 5Mtpa to 12Mtpa

CIL Plant Expansion

p p y p p

p

  • Increased Damang LOM from 2012 to beyond 2019

Exploration Success

  • 7 – 10% increase in heap leach recovery on competent feed

HPGR Trial Project

  • Tarkwa HME: transition complete for haul trucks & ancillary equipment
  • Damang: cost savings of US$18m since commencement

Owner Maintenance & Mining

  • Tarkwa: cost price & usage saving: US$14m (January to September

2011), throughput initiatives

BPR launched

P f f t t d

  • Proof of concept study programme
  • A potential 4Moz reserve position*

Damang Super-pit

127

____________________________ * Refer to the Exploration Target Statement for the Damang Super-pit Project in the Appendix

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SLIDE 6

Strategic objectives

  • Maintain a >35% NCE margin
  • Stable production base
  • BPR - control costs and manage NCE
  • Deliver optimal processing options at Tarkwa

Optimise Our Assets

  • Targeting 1.25Moz attributable production by 2015 (currently at 0.9Moz)

Grow

  • Aim to deliver 4Moz Damang Super-pit and double production at Damang
  • Deliver Yanfolila Project

Grow Gold Fields

  • Commitment to health and safety
  • Focus on people

Secure

p p

  • Further expand stakeholder engagement and continue to meet social

contracts

Our Future

128

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SLIDE 7

Tarkwa: A steady contributor

Production1 (2008 – 2011)

700 800 ‘000 ounces 500 600 700 629 665 735 300 400 500 100 200 2008 2009 2010 2011E

129

_____________________________________ 1. Managed gold production

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SLIDE 8

Tarkwa Expansion Project

  • Additional CIL shows improved site NPV versus Heap Leach base case

Conceptual Study

p p

p y

  • 8Mtpa CIL capacity to North Heap Leach

Size of expansion

  • Current mining rates / fleet / installed processing capacity

Synergies

  • Supported by reserve with low risk of capital – TSF is key

Low Risk

  • Initial capital: ~US$400 to US$600 million

P d ti fil

  • Maintain 750koz to 800koz per year for up to 5 years
  • Additional 1Moz produced over LOM due to improved recoveries

Production profile

  • Provides additional capacity to upgrade and re-process South Heap

S th h l h

Provides additional capacity to upgrade and re process South Heap Leach residue

South heap leach

130

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SLIDE 9

Damang: A mine in transition

Production1 (2008 – 2011)

250 ‘000 ounces 150 200 197 203 228 100 150 50 2008 2009 2010 2011E

131

_____________________________________ 1. Managed gold production

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SLIDE 10

Damang Super-pit: Targeting 4Moz*

Damang Reserves (‘000 ounces)

5 000 6 000 Damang Super-pit Other 5.0Moz

1 000

4 000

4 000

2 000 3 000

723 1 128 631 1 266 952

1 000 1.3Moz

723 555

June 2008 June 2009 Dec 2010 Target 2012

132

____________________________________ * Refer to the Exploration Target Statement for the Damang Super-pit Project in the Appendix

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SLIDE 11

West Africa Region: Damang Superpit

  • Second drilling campaign completed (38,000m of 40m by 80m drilling)
  • Updated resource model being completed

Damang Superpit Conceptual Shell

  • 6,300 m drilling to date – still open at depth

Current Pit

Surface

N

  • 200m
  • 400m

Dec 2010 Reserve Shell Conceptual Extensional Pit Shell

  • 600m
  • 800m

Dec 2010 Reserve Shell ($1,000/oz) Conceptual Extensional Pit Shell ($1300/oz) 3 km

133

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SLIDE 12

Further upside potential at Damang

Existing Plant Project Meters planned for 2012 Greater Amoanda

(In‐fill drilling)

Super pit Proposed Plant

Greater Amoanda 14,000 Rex Resource In-fill 12,000

Amoanda/Rex Cor.

(First phase exploration)

Bonsa Hydrothermal 4,500 Amoanda/Rex Corr. 8,000 Bonsa Hydrothermal

(DD drilling of Structural /B.Fw t t)

Rex (In‐fill and

expansion drilling)

Epieso 4,000 Total 42,500

target)

Epieso

( First phase exploration.)

Km 4

134

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SLIDE 13

West Africa Region: Project Pipeline

E l t Ad d t

P F ibili &

Targeting 1.25Moz attributable production

  • Mali
  • Mali
  • Ghana - Damang

Early stage Exploration Advanced stage Exploration

Pre-Feasibility & Feasibility

Construction

Mali

− Kangari − Sankarani − Solana

Mali

– Yanfolila

  • Ghana - Damang

– Amoanda/ Tomento E i

Ghana Damang

– Damang Super-pit

  • Ghana - Tarkwa

– CIL Expansion

  • Ghana - Damang

− Bonsa North − Rex South Chid Extension – Extended Damang Pit – SHL Re-processing − Chida − Epieso − Abosso Deeps

  • Ghana - Northern Region

g

  • Ghana – Tarkwa
  • Asheba

Delineation Proving Delivery Growth Pipeline e eat o

  • g

e e y

136

p

135

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SLIDE 14

West Africa Region: Yanfolila Project

A Camp-scale opportunity

  • Second strong foothold in a highly prospective

g g y p p region

  • Starter project of ~200kozpa with significant

growth prospects beyond this

MALI

  • Leverage existing infrastructure
  • Track record of project delivery in Ghana

Bamako GHANA Yanfolila Project

Track record of project delivery in Ghana

GHANA Accra Tarkwa Damang

136

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SLIDE 15

West Africa Region: 5-year target

Targeting a 1.25 million attributable ounce region Yanfolila

1.25Moz in

Current Base

Damang Super-pit

production or development

Tarkwa expansion

Tarkwa ~700koz Damang 200koz ~200koz

West Africa 2011 West Africa 2015 Target

137