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BofAML 2016 Global Metals, Mining and Steel Conference

CASH POSITIVE DESPITE THE LOWER GOLD PRICE


Nick Holland
11 May 2016
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
occurrence of unanticipated events.

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 2
Snapshot of Gold Fields
A global gold producer
Gold Fields is the worlds 7th largest gold producer with 8 As at 3 May 2016
operations in 4 countries
Share price (JSE/ADR) R65,55/$4.13
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$123m Market capitalisation ($m) 3,543
As at 31 December 2015, Gold Fields had total attributable mineral
resources of 102.2Moz and mineral reserves of 46.1Moz Enterprise value ($m) 4,743

Average daily value traded ($m) 28.9

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 3
Good start to 2016: Highlights from Q1 2016

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

Net debt to EBITDA reduced to 1.21x following capital raise

Concluded a development agreement with the government of Ghana

Success in native title appeal at our St Ives mine in Australia

FY16 guidance intact production of 2.05-2.10Moz at AIC of US$1,035-1,045/oz

Cash positive despite the lower gold price


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 4
Steady decrease in all-in costs

2013 2014 2015


700 000 1800
Production: 2,022koz Production: 2,219koz Production: 2,159koz
AIC: US$1,312/oz AIC: US$1,087/oz AIC: US$1,026/oz
598 000 1600
600 000
557 000 548 000 559 000 556 000 557 000 566 000
535 000
515 000 1400
496 000 501 000
500 000 477000
451 000 1200

400 000 1000


Ounces

US$/oz
300 000 800

600
200 000
400

100 000
200

0 0
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
Attr Gold Produced Gold Price AIC

Steady decrease in AIC through 2015


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 5
Strong focus on cash generation
Net cash flow

250 2013 2014 2015 2 000


Gold: US$1,386/oz Gold: US$1,249/oz Gold: US$1,140/oz
Net cash: (US$232m) Net cash: US$236m Net cash: US$123m
1 500
1 499 1 290 1 279
150 1 222 1 186
1 098

1 000

119 117 122


50
1 500
42
US$ million

US$/oz
-50 0

-500
-150

-1 000

-250
-1 500
-274

-350 -2 000
H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 H2 2015

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.

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


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 6
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 Net debt (US$m) and Net debt/EBITDA
2 000 1.8
Unutilised facilities of US$844m and R2.5bn
1 500 1.6
First debt maturity in November 2017 1 000
1.4
1.2

US$m
US$148m of Notes bought back in February 500 1.0
0 0.8
Equity raising of R2.3bn (US$150m) in March

Pro forma
FY 2013

H1 2014

FY 2014

H1 2015

FY 2015
Proceeds applied to existing US$ facilities

Decrease in net debt/EBITDA to 1.21x Net debt Net debt/EBITDA

Debt facilities Net debt/EBITDA and gold price


3 500 1.8 1 400
1.6 1 200
3 000 1.4
1.2 1 000
2 500 800
1.0
US$m

2 000 0.8 600

US$/oz
0.6 400
1 500 0.4
0.2 200
1 000
0.0 0
FY 2013

H1 2014

FY 2014

H1 2015

FY 2015
500
0
US$ facilities Rand facilities Total facilities

Utilised Unutilised Net debt/EBITDA Gold price

Continue to lower net debt


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 7
OPERATIONS OVERVIEW
Solid global portfolio
Production, AIC and net cash flow (ex South Deep)

Attributable production FY15: 1.96Moz


AIC FY15: US$944/oz
Net cash flow from international operations FY15: US$334m

Equivalent production (koz) AIC (US$/oz)


600 1 200

500 1 000

400 800

300 600

200 400

100 200

0 0
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Operations cash positive at US$1,100/oz gold price


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 9
Australia Region

Production AIC
400 1400

350 1200

300
1000

250
800

US$/oz
Koz

200
600
150

400
100

50 200

0 0
2014 2015 2016F 2014 2015 2016F 2014 2015 2016F 2014 2015 2016F
St Ives Agnew/Lawlers Darlot Granny Smith

Tonnes Grade Gold


2015 2016F
(Mt) (g/t) (Moz)

Production (koz) 988 900 Resources 62.4 5.00 11.3

AISC (US$/oz) 912 970 Reserves 26.3 4.28 3.6

Key region for the Group


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 10
Australia: Exploring the Orogenic Mines
Return on the 2015 investment 2016-2017 Focus

Post depletion reserves largely A$86m planned for 2016


unchanged Exploration drill drive commenced to
Increase in Resources of 13% Waroonga North (Agnew)
Discovery of Invincible South Continue to grow the Resource and
Cinderella and FBH in development Reserve on the discoveries at Cinderella,
Strong reserve and resource addition FBH, and Invincible South
continues at Wallaby (added 1.6Moz in Complete resource growth and scoping
Resource) study on the Paleochannel Resources (St
Ives)
Comprehensive update of geophysics
program has provided definition of
structures and alteration under cover
generating new drill targets

Orogenic exploration continues to deliver


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 11
Australia: Exploration Highlights
World Class Assets

Four operating centres with 50Moz endowment (includes past


production)

World class cornerstone asset in Wallaby

Proven ability to explore and discover under West Australian lake systems

Putting money in the ground


Geophysics
Alteration studies
Structural models
4-D models (3-D models plus multiple attributes)

Aggressive Drilling 24/7 at all operating centres

Ability to capitalise on discoveries very quickly


Invincible discovery to production in 18 months

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 12
Granny Smith: Q1 2016 Exploration Highlights
Granny Smith

Regional endowment of +20Moz Au


Wallaby
New footwall splay lens identified at Zone 100 requires
follow-up
Zone 100 remains open east and south-east
Q1 drilling confirms zones Z125, Z130 and Z135
Zone 110/120 drilling extended

Regional
6km of anomalous gold identified, in basement rock, by
aircore drilling at Northern Fleet on Lake Carey

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 13
Granny Smith: Q1 2016 Exploration Highlights
Wallaby
Wallaby Z110/120 Extensional drilling
Significant intersections include:
WB3501UD 19.81m @ 6.86 g/t Au
WB3504UD 7.27m @ 9.33g/t Au; 36.87m @
6.19g/t Au, 2.41m @ 6.34g/t Au;
6.67m @ 5.97g/t Au
WB3514UD 0.65m @ 79.30 g/t Au; 2.30m
@31.78g/t Au;31.05 m @
9.09g/t Au; 11.45m @ 5.76g/t Au
WB3517UD 3.85m @ 8.09g/t Au; 1.33m @
14.89g/t Au; 3.06m @ 6.78g/t Au
WB3518UD 4.53m @ 15.91g/t Au
Significant extensional results from the Zone 120 FW1 lens
include:
WB3516UD 10.6m @ 10.96g/t
WB3515UD 8.05m @ 3.81g/t
Wallaby Z130-150 Exploration
Significant intersections include:
WBD040UD 4.85m @ 9.36g/t Au; 9.10m @ 12.09g/t
Au
WBD044UD 4.60m @ 9.06g/t Au Wallaby Cross section looking west
Granny Smith Deposit - Extensional (Torontos CN Tower 553m and Carlton Centre, Johannesburg 223m for scale).
Significant intersections include:
GDDH0035 2.17m @ 4.60g/t Au
GDDH0042 2.30m @ 21.03g/t Au (incl. 0.30m @
154g/t Au)
GDDH0036 2.26m @ 9.03g/t Au

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 14
Granny Smith: Q1 2016 Exploration Highlights
Regional

Northern Fleet
Significant intersections include:
LCNA0629 8m @ 1.25g/t Au
LCDD0005 0.39m @ 9.33g/t Au
7.87m @ 3.63g/t Au
2.79m @ 3.48g/t Au
0.69m @ 8.88g/t Au
3.71m @ 3.07g/t Au (incl. 1m @
6.66g/t Au & visible gold)

Regional diamond
drilling is ongoing

View south across Wallaby


open pit and Lake Carey
toward Northern Fleet

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 15
St Ives: Q1 2016 Exploration Highlights
St Ives
c.16Moz discovered and c.12Moz
produced since 1980

Areas Being Explored


Invincible
Invincible South
Retribution
Incredible
Palaeochannel Project Invincible &
Retribution Invincible South Palaeochannel
Project

Highlights
Significant up-plunge mineralisation at Invincible
Deeps (11.4m @ 7g/t) doubles strike length
Incredible
Invincible UG conversion drilling near completion.
Numerous high grade intercepts at Invincible
South. Phase 1 Conversion drilling 80% complete
Incredible AC program complete
Palaeochannel project commenced. AC drilling
confirms channel where indicated by electro-
magnetic

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 16
St Ives: Q1 2016 Exploration Highlights
St Ives
Invincible Deeps
High-grade hits in multiple zones (extensional)
Significant intersections include
LD14480W4 2.7m @ 5.90g/t Au; 10.70m @
8.2g/t Au; 13.7m @ 5.40g/t Au
LD14480W5 3.10m @ 5.40g/t Au; 11.00m @
14.60g/t Au; 13.50m @ 7.90g/t Au;
5m @ 4.33g/t Au Invincible Deeps

Invincible South
Resource conversion drilling progressing
Significant intersections include
LD14522 11.30m @ 14.38g/t Au; 7.90m @
5.00g/t Au;
LD14524 4.80m @ 9.66g/t Au; 15.00m @
13.56g/t Au
LD14604 2.50m @ 8.81g/t Au; 16.40m @
6.41g/t Au
LD14519 3.00m @ 6.42g/t Au; 5.00m @
28.10g/t Au
LD14600 7.10m @ 19.93g/t Au
LD14601 3.00m @ 11.80g/t Au; 5m @
5.30g/t Au
Invincible South

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 17
St Ives: Q1 2016 Exploration Highlights
St Ives
Palaeochannel project
Focus on the Argo area drilling a 160m x 20m
pattern. Significant intersections include:
CD18999 5m @ 15.30g/t Au (supergene?)
TD13048 6m @ 1.50g/t Au
TD13049 2m @ 3.00g/t Au
TD13047 2m @ 2.50g/t Au
TD13050 2m @ 1.80g/t Au
EM data collected and tested to determine and
refine palaeochannel shapes

EM data with drilling data. Base of transported from the drill data in white line,

Retribution
Fourth anomaly identified, significant
intersections include:
KD80481 19m @ 2.00g/t Au
KD80515 18m @ 2.80g/t Au
KD80517 9m @ 2.4g/t Au; 10m @ 3.7g/t Au
LD14547 36m @ 2.70g/t Au Palaeochannel Project

LD14548 9m @ 3.00g/t Au; 19m @1.50g/t Au

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 18
Agnew/Lawlers: Q1 2016 Exploration Highlights
Agnew/Lawlers
c.11Moz discovered and c.7Moz
produced since 1985

Waroonga North
Drilling continues to define the Waroonga North shoot
with mineralisation extended by100m down-plunge, key
intercept: 3 m @ 17 g/t Au (EMSD1375W2).

Significant intersections include:


EMSD1094 5m @ 6 g/t Au
EMSD1103 6m @ 8 g/t Au
EMSD1107 1m @ 41 g/t Au
EMSD1321A 5m @ 17 g/t Au
EMSD1374 4m @ 19 g/t Au
EMSD1374W3 6m @ 30 g/t Au
EMSD1374W4 5m @ 9 g/t Au
EMSD1374W7 4m @ 3 g/t Au
EMSD1374W8 2m @ 5 g/t Au
EMSD1374W9 assays awaited
EMSD1374W10 assays awaited
EMSD1375W2 3m @ 17 g/t Au

First metallurgical testing has returned positive results,


with recoveries of 94-96%.

Cinderella North
Positive intercept returning 3.7m @ 6.9 g/t from 52.4m
(EMSD1408)

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 19
Darlot: Q1 2016 Exploration Highlights
Darlot

c.3Moz discovered and produced

CDA Oval
Continued success confirmation & extensions
(next slide)
Burswood
Visible gold within veins
Significant intersections include:
CDRCD0002 6.95m @ 8.05g/t Au
CDRCD0003 1.33m @ 7.62g/t Au
CDRCD0004 1.00m @ 30.60g/t Au
CAD0297 2.10m @ 6.60g/t Au
Burswood Lower (down-dip of Burswood)
Significant intersections include:
CAD0279 4.75m @ 4.04g/t Au
3.93m @ 5.92g/t Au
CAD0277 3.62m @ 6.41g/t Au
MoQ
Significant intersections include:
NWRC0009 2m @ 17.10g/t Au

Major structural 3D model of mine & area underway

BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 20
Darlot: Q1 2016 Exploration Highlights
Darlot

CDA Oval
Significant upgrade of the resource
Significant intersections include:
CAD0193 8.8m @ 6.53g/t Au (incl. 2.1m @
13.68g/t Au)
CAD0193W1 7.1m @ 11.46g/t Au
CAD0193W2 2.5m @ 3.78g/t Au (HW: 9.2m @
18.25g/t Au)
CAD0193W3 4m @ 2.15g/t Au
CAD0193W4A 3.44m @ 11.02g/t Au
CAD0193W6 24.77m @ 7.49g/t Au (incl. 9.43m
@ 10.48g/t Au)
CAD0169 HW: 3.4m @ 12.03g/t Au
CDA Oval gram/metre long section looking southeast
HW = hanging wall structure

CDA Oval location


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 21
West Africa Region

Development agreement reached with


Production AIC
the government of Ghana in March 700 1400
2016 600 1200
A reduction in the corporate tax rate from
500 1000
35.0% to 32.5%, effective 17 March 2016

US$/oz
400 800
A change in the royalty rate from a flat 5%

Koz
of revenue to a sliding scale royalty based 300 600

on the gold price, effective 1 January 2017 200 400


(3% at a gold price of US$1,300/oz)
100 200
Tarkwa continues to perform well - long
0 0
life asset with 7Moz reserves 2014 2015 2016F 2014 2015 2016F
Tarkwa Damang
Evaluation various options at Damang
decision expected mid-year

Tonnes Grade Gold


2015 2016F
(Mt) (g/t) (Moz)

Attributable Production (koz) 754 710 Resources 344 1.34 14.8

AISC (US$/oz) 1,049 990 Reserves 248 1.09 8.7

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


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 22
South America Region: Cerro Corona
Cu/Au porphyry mineralisation - 2,765 ha of
mining concession Production (koz) and AIC (US$/oz)
Continued outperformance against resource 90 83.6 1 200
79.2
model 80
1 000
70 66.6 66.2
62.9
Review of options to increase LoM tailings 60 800
and waste storage capacity continues 50
600
2016 to be impacted by lower copper price 40
30 400
Maintaining optionality on increasing reserves 20
200
Potential for brownfield exploration 10
0 0
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Mineral Resources and Reserves at December 2015 2016 Guidance


Tonnes Gold (Moz)
Operation Grade Production: Au Eq 260koz
(Mt) Copper (Mlb)
AISC & AIC US$860/oz Au Eq
Cerro Corona Resources (Au g/t) 105.4 0.82 2.8

914 Production: Au only 150koz


Cerro Corona Resources (Cu %) 98.2 0.42

Cerro Corona Reserves (Au g/t) 53.1 0.90 1.5 AISC & AIC US$790/oz

Cerro Corona Reserves (Cu %) 53.1 0.46 534 Capex US$54m

Quality operation despite lower prices


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 23
South Africa Region: South Deep
Required leadership in place
Production (koz) and AIC (US$/oz)
Bedding down a performance driven culture
80 2 500
68
Skills development strategy developed 70 64
2 000
60 55
Significant improvement in safety performance
50 1 500
Positive production trends emerging 39
40 36

Simplified destress mining being implemented 30 1 000

20
Targeting cash breakeven by end-2016 500
10
Operational performance remains important 0 0
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Rebase plan long-term sustainable value
Production AIC
delivery
Update expected in early 2017
Will be based on updated performance data and
design optimisation
2016 Guidance

Production 257koz
Mineral Resources and Reserves at December 2015
AISC R550,000/kg
Tonnes Grade Gold
Operation AIC R575,000/kg
(Mt) (g/t) (Moz)

South Deep Resources 331.8 6.41 68.4 Capex R999m

South Deep Reserves 218.8 5.30 37.3 Exchange rate R14.14 = US$1.00

Target is to reach breakeven by end-2016


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 24
South Deep: Encouraging trends

Destress Long Hole Stoping Production & Contribution


90 180
80 160
Tonnes (000)/Q

70 140

Tonnes (000)/Q
60 120
50 100
40 80
30 60
20 40
10 20 24% 36% 37% 40% 42% 22% 34%

0 0
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 2014 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 2014 2015

Backfill Production (kt) Development


Current Mine
100 1600
90 New Mine
1400
80
Tonnes (000)/Q

1200
70
60 1000
m/Q
50 800
40 600
30
400
20
10 200

0 0
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 2014 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 2014 2015

Underground operations gaining momentum


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 25
South Deep: Looking forward

BASICS MINING METHODS ASSET MANAGEMENT

Strong focus on basic High profile destress stoping Engineering skills


operational requirements development program
remain Seismic risk correlation to continues
increased production
Operating conditions Planned maintenance:
Mining value chain develop systems & business
Workforce confidence and self management and operational processes
belief flexibility
Shafts and winders

FURTHER SAFETY IMPROVEMENTS

SUSTAINABLE IMPROVEMENT
2016
257 KOZ GOLD

CASH BREAKEVEN BY YEAR-END

Targeting cash breakeven by end-2016 continuous improvement thereafter


BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 26
Conclusions
Strategic priorities

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

2016 Group guidance

Attributable equivalent gold production: 2.05-2.10Moz


AISC: US$1,000-1,010/oz
AIC: US$1,035-1,045/oz

Focus on cash
BofAML 2016 Global Metals, Mining and Steel Conference, Cash positive despite the lower gold price, May 2016 27
Investor Relations Contacts
Avishkar Nagaser Thomas Mengel Francie Whitley
Tel: +27 11 562 9775 Tel: +27 11 562 9849 Tel: +27 11 562 9712
Mobile: +27 82 312 8692 Mobile: +27 82 315 2832 Mobile: +27 82 321 7433
E-mail: E-mail: E-mail:
Avishkar.Nagaser@goldfields.co.za Thomas.Mengel@goldfields.co.za Francie.Whitley@goldfields.co.za

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