LEVERAGE TO THE GOLD PRICE - 2010 Global Metals & Mining Conference Hollywood, Florida 1 - 3 March 2010
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LEVERAGE TO THE
GOLD PRICE
Gold Fields Limited
BMO Capital Markets
2010 Global Metals & Mining Conference
Hollywood, Florida
1 – 3 March 20102
INTRODUCTION 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.
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,
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,
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 environmental regulations; and new legislation affecting mining and
mineral rights; changes in exchange rates; currency devaluations; inflation and other macro-
economic factors, industrial action, temporary stoppages of mines for safety reasons; 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 forward
looking statements to reflect events or circumstances after the date of this document or to reflect
the occurrence of unanticipated events.
FORWARD LOOKING STATEMENTS3
INTRODUCTION Our Value Proposition
Gold Fields offers…..
No hedging
81 Moz of reserves
Rising production outlook
B
Brownfields
fi ld growth
th opportunities
t iti att mostt off its
it assets
t
Exploration portfolio maturing rapidly
Leverage to the gold price
GENERATING FREE CASH FLOW4
INTRODUCTION Our Value Proposition
2009 TRAILING EV/EBITDA
18
16
14
12
10
8
6
4
2
0
AU ABX NEM GFI
Source: BMO Nesbitt Burns
UPSIDE POTENTIAL5
INTRODUCTION Our Vision
To Be The
Global Leader In
Sustainable Gold
Mining
A SIMPLE YET COMPELLING PROPOSITION6
INTRODUCTION Our Strategy
Free Cash
F C h Flow
Fl
Notional Cash
E
Expenditure*
dit *
Sweat Our Assets
Grow Gold Fields
Secure Our Future
* NCE = Notional Cash Expenditure – Total Cash Cost plus all capital
Cost transparency – “all in costs” the only measure
THE TRUE MEASURE OF FREE CASH FLOW7
INTRODUCTION Our Strategy
International Diversification
F2010 Production Production Split
Split* Target – 5 Years
42% 40%
58% 60%
South Africa South Africa
International International
* F2010 YTD annualised
International growth from a strong South Africa base
FOCUSED ON DISCOVERY8
INTRODUCTION Our Strategy
Grow Gold Fields
Five-Year Target
1) Deliver existing assets
West Africa
~1 moz
2) Grow existing assets
South America South Africa Australasia 3) Exploration Success
~1 moz ~2.2 to ~2.5 moz ~1 moz
No M&A heroics
DELIVER GROWTH ON A “PER SHARE” BASIS9
OUR STRATEGY Generating Free Cash Flow
US$/oz Cost Analysis Koz
1 200
1,200 920
1,100
900
1,000 Free Cash Flow
880
900
800 860
163
Investment
700
840
600
820
500 112
400 800
300 Total Cash Costs
780
200
760
60
100
- 740
Q1 F2009
Q2 F2009
Q3 F2009
Q4 F2009
Q1 F2010
Q2 F2010
20
Production Gold price Cash costs NCE
* NCE = Operating costs plus all CAPEX
Maintaining the margin despite inward investment
CAPTURING THE BENEFIT OF THE RISING GOLD PRICE10
OUR STRATEGY Leverage to The Gold Price
Q2 F2010 RESULTS*
Gold production Steady at 900koz
Gold price Up 14% to US$1,096/oz
163
Total cash cost Up 5% to US$613/oz
NCE Up112
3% to US$900/oz
Operating profit Up 30% to US$463 million
Operating margin Up 13% to 43%
20
Net earnings Up 45% to US$187 million
*Changes relative to Q1 F2010 Results
* NCE = Operating costs plus all CAPEX
A high dividend payer!
STRONG FINANCIAL PERFORMANCE11
DELIVER EXISTING ASSETS Achievements over past year
Significant safety improvements in South Africa
South Deep production increased by 60%
Beatrix turned around
Cerro Corona production increased by 50%
Tarkwa CIL expansion completed and delivering
Brownfields expansion opportunities identified
and pursued
Significant achievements over past year!
BUILDING A SOLID PRODUCTION BASE12
GROW EXISTING ASSETS South Deep Gold Mine
Gold Production Development
80 3,000
70
2,500
60
196
oz)
163
Gold Prroduction (ko
Development (m))
2,000
50 163
40 1,500
112 112
30
1,000
20
20 500
10
20
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2
F2009 F2009 F2009 F2009 F2010 F2010 F2009 F2009 F2009 F2009 F2010 F2010
On track for 300 Koz in F2010
ARGUABLY THE BEST ORE BODY IN THE WORLD13
GROW EXISTING ASSETS South Deep Gold Mine
Capital Programme: F2010 to F2014
Year
Item
F2010 F2011 F2012 F2013 F2014
94 Level Refrigeration
Plant No 2
Twin Vent Shaft
(Completion for rock
hoisting)
Tailings Storage Facility
Plant Expansion to
330ktpm or above
New Mine Development
Phase 1
Total Capital (All
R1,770m R1,875m R2,079m R1,484m R1,198m
projects)
Note: Capital estimates in July 2009 money
Vent Shaft deepening starts in March 2010
30 MOZ OF RESERVES, 78 MOZ OF RESOURCES14
GROW EXISTING ASSETS South Deep Gold Mine
Base Case Production and Cost Profile
Koz US$/oz
900 1,800
800 1,600
700 1,400
600 1,200
500 1,000
400 800
300 600
200 400
100 200
0 0
F2010 F2011 F2012 F2013 F2014 F2015 F2016
Gold Production (koz) Operating Costs (US$/oz) NCE (US$/oz
N t : Excludes
Notes E l d VCR VCR.
Further optimisation in progress.
Exchange rate R7.50 : US$1.00.
Build-up on track
RUN RATE OF ~750 TO 800 KOZ – DECEMBER 201415
GROW EXISTING ASSETS South Deep Gold Mine
South Shaft Opportunity
Colour Coding:
Red Up Cast.
GreenDown Cast
Gold Rock Handling Capacity
Twins Twins
South Shaft Ventilation Shaft Main Shaft
1 4km
1.4km M t ll
Metallurgical
i l Plant
Pl t
SV 1 SV 2 SV 3
196
50 Lvl 51 L
Lvll 163
163
Rock Capacity 120ktpm Rock Capacity 195ktpm Rock Capacity 175ktpm
70 Lvl
112 112
Initial mining 71 Lvl
to focus on
78 Level – 78 Lvl
east Shaft
Complex 84 Lvl
20
90 Lvl 90 Lvl
20
95 Lvl
95 Lvl
Will Increase base case hoisting 100 Lvl
105 Lvl
capacity from 330 to 450 Ktpm
110 Lvl
Deepened Section
110a Pump
Creating upside potential
REVIEWING PLANT EXPANSION BEYOND 330 KTPM16
GROW EXISTING ASSETS St Ives Gold Mine
Poseidon North
Blue Lode
A1 Athena Mine
Pollux Zeus Production
196 June 2011
Apollo Did
Dido
Clifton 163
Athena Hamlet 163
Hamlet Mine
Yorick Construction June 2010
Argo 112 112
Macbeth Ramp-up in exploration
drilling
Diana
Scallop
Grades
CN6 Athena: 5.56 g/t
Diana OP: 3.10 g/t
Hamlet OP: 3.50 g/t
F2010 Drill Targets
Apollo OP: 2.24
2 24 g/t
Potential to be a four million ounce camp
MOST SIGNIFICANT NEW DISCOVERY IN AUSTRALIA17
GROW EXISTING ASSETS Agnew Gold Mine
KIM AND MAIN LODES
North South
196
163
163 Deep drilling to 1,400m
Kim Lode
4m @ > 5g/t -850m
Current Development Level
below surface at Kim
Existing Reserve/Resource
Zone with
Bulk 112 -1000m
112
Mining
Potential
Kim S Extension Project
Drillhole
Completed
-1400m
Drillhole
Planned
20
Projected
Kim Lode Drilling moving to Main
Extension 20 -1850m
Projected Intersection of Kim
Lode with Barrick Tenement
Targeting a 1 Moz reserve by June 2010
CIRCA 2 MOZ RESOURCE FROM UNDERGROUND18
GROW EXISTING ASSETS Damang Gold Mine
DAMANG “SUPER PIT”
Huni DPCB Juno
1
Huni Gap 9 1 Juno
Information 1 6 6 Information
constrained 6 3constrained
3
112 112 Widths (m) Au g/t
66 3.2
DPCB
81 1.1
20 12 60
6.0
Huni 30 1.5
20
22 1.4
Huni Gap 11 2.3
N S
4 5.0
Targeting a 2 Moz reserve by June 2010
TURNING DAMANG INTO A HIGHER GRADE LONG LIFE MINE19
GROW EXISTING ASSETS Cerro Corona Mine
Reviewing Expansion Opportunities
Oxide Stockpile Treatment Resource Conversion
Resources 8.1 Moz Aueq
Total LOM oxides of 7.5 million Reserves 5.5 Moz Aueq
tons at 1
1.37
37 g/t (~300 Koz Aueq) Expansion & life extension
opportunities
Feasibility studies underway
INCREMENTAL PRODUCTION GROWTH20
ADVANCED EXPLORATION Yanfolila Project, Mali
196
163
163
112 112
Sadiola YANFOLILA CAMP
20 Essakane
Loulo
20 Morila
Siguiri
Syama
Mining friendly environment, good infrastructure
ELEPHANT COUNTRY21
ADVANCED EXPLORATION Yanfolila Project, Mali
YANFOLILA CAMP
Glencar acquisition
q successfully
y
concluded
Consolidation of ground
196 holdings
163
continues
163 with additional 500 km²
Bagama
Bokoro
112
Komana
112 infill drilling progressing
rapidly
Kobada
Komana Initial drill testing completed over
20 Bokoro
o o o tatarget
get
20
Regional exploration program in
progress
Consolidation of extensive land position
A RAPIDLY EMERGING GOLD CAMP22
ADVANCED EXPLORATION Yanfolila Project, Mali
Komana East KOMANA DEPOSIT
6,050 meters drilled at
Komana 196
East and West
163
163
60% of assay results
112 112 received for Komana East
Visible gold in 2 holes at
Komana West
20
20
Near surface mineralisation – free dig potential
INTERIM SCOPING STUDY BY DECEMBER 201023
ADVANCED EXPLORATION Yanfolila Project, Mali
YANFOLILA CAMP – REGIONAL TARGETS
Bokoro : 23m @ 2.27g/t from 62m
196
163
163
112 112Faliko: 24m @ 1.14g/t
g from 8m
Komana
20
20
Badogo: 8m @ 2.6g/t from 6m
Regional drilling underway
RESULTS CONFIRMING CAMP SCALE24
ADVANCED EXPLORATION Chucapaca Project, Peru
Cerro Corona
Chucapaca
196
163
Chucapaca
CHUCAPACA
MINING CONCESSIONS
Canteras del Hallazgo – 12,700Ha
Gold Fields - 94,100Ha
Buenaventura – 18,400Ha
Aruntani
SYMBOLOGY
Main Road
Back Road
Dirt Road
Joint Venture: GFI 51% and operator, BVN 49%
EXTENSIVE LAND POSITION CONSOLIDATED25
ADVANCED EXPLORATION Chucapaca Project, Peru
Canahuire
Canahuire target:
Initial resource – June 2010
1 km strike length;
Robust mineralisation;
196
Cerro Chucapaca Open to the west and163at depth
163
112 112
Katrina
20 Satellite targets:
Katrina South Initial drilling commenced
20 GF
BVN
A camp scale opportunity emerging
THE NEXT MINE IN SOUTH AMERICA26
ADVANCED EXPLORATION Chucapaca Project, Peru
CANAHUIRI TARGET
CP09-58
CCP09-63 CCP09 59
CCP09-59
198 9 @ 1
198.9m 1.22g/t
22 /t A
Au
40m @ 7.84g/t Au 92m @ 2.08g/t Au
196
163
163
112 112
CCP09-60
8 55g/t Au20
127 4m @ 8.55g/t
127.4m
uncut
20
CCP09-61 CCP09-52
12.86m @ 6.95g/t Au 72.2m @ 6.94g/t Au
Interim scoping study by June 2010
DRILL RESULTS GETTING EVEN BETTER27
CONCLUSIONS
Rising production trend
Significant leverage to the gold price
St
Strong balance
b l sheet
h t
South Deep gaining momentum
Significant
Si ifi t brownfields
b fi ld and
d greenfields
fi ld
growth opportunities
g pp
THE BEST VALUE IN THE GOLD SECTORLEVERAGE TO THE GOLD PRICE
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