RNS Number:4027V
Gold Fields Ld
2 May 2002
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration Number 1968/004880/06
ISIN - ZAE 000018123
2002 RESULTS
QUARTERLY RESULTS MARCH 2002
QUARTER ENDED 31 MARCH 2002
STOCK DATA
Number of shares in issue
- at 31 March 2002 469,572,206
- average for the quarter 469,400,072
Free Float 100%
ADR Ratio 1:1
Bloomberg / Reuters GFISJ / GFLJ.J
JSE Securities Exchange South Africa- (GFI)
Range - Quarter SAR54.10 - SAR124.40
Average Volume - Quarter 1,900,000 shares / day
NASDAQ - (GOLD)
Range - Quarter $4.81 - $10.91
Average Volume - Quarter 1,970,000 shares / day
INVESTOR RELATIONS
Europe & South Africa
Willie Jacobsz
Tel: +27 11 644-2460
Fax: +27 11 484-0639
E-mail: investors@goldfields.co.za
North America
Cheryl A. Martin
Tel: +1 303 796-8683
Fax: +1 303 796-8293
E-mail: camartin@gfexpl.com
www.goldfields.co.za www.gold-fields.com
QUARTERLY EARNINGS BREAK THE R1 BILLION BARRIER
HIGHLIGHTS
• Improving safety trends.
• Earnings increased 64 per cent from R640 million (US$67 million) to R1,049
million (US$98 million)
• Operating profit increased 52 per cent to a record R1,614 million (US$149
million).
• Attributable gold production increased 10 per cent to 1,081,000 ounces.
• Total cash costs reduced to US$160 per ounce.
• Acquisition of Abosso (Damang Mine) in Ghana completed 24 January 2002.
DEAR SHAREHOLDERS,
The March quarter was indeed a satisfying one for Gold Fields for a number of
reasons. Despite the effects of the Christmas shutdown, Driefontein and Beatrix
were able to maintain output at levels similar to the December quarter; St. Ives
and Agnew performed well; and we were able to include two profitable months of
production from the newly acquired Damang mine in Ghana. As a result,
attributable production increased 10 percent from 984,000 ounces to 1,081,000
ounces. This, with a higher received gold price of US$291/oz versus US$279/oz in
the previous quarter, and a weaker Rand/Dollar exchange rate, allowed a 52 per
cent increase in operating profit to R1,614 million (US$149 million). Net
earnings rose 64 per cent to R1,049 million (US$98 million) or 224 cents per
share. But for the weak performance of the Kloof Division, these figures could
have been even better.
Direct cost comparisons with the previous quarter are difficult to make because
of the change in mix of production. Total cash costs declined from US$169 to
US$160 per ounce, despite the introduction of some higher cost ounces from
Damang. Total operating costs on the South African operations rose less than 2
per cent for the quarter. Although inflationary expectations have risen in South
Africa, we do not see major cost increases forthcoming on our mines for the
immediate future. An improved Rand Dollar rate may, however, raise US Dollar
total cash costs per ounce.
A feature of the quarter has been the income derived from currency instruments
on the Australian Dollar and the Rand, as well as a currency gain on the loan
obtained to finance the acquisition. Unrealised gains amounted to R177 million
and realised gains amounted to R56 million prior to the negative adjustment
incurred for the buy-back of the hedges associated with the Damang mine, of R63
million. The primary driver of these gains was the strengthening of the
Australian Dollar to over 53 cents US by the end of the quarter. During the
quarter the 420,000 ounces hedged by Abosso with respect to Damang, were
repurchased for a cash gain of US$4.2 million. Gold Fields continues to be
totally unhedged to the gold price.
During the quarter, and subsequently, the US Dollar gold price has continued to
firm as the effects of producer hedge buybacks, Japanese physical purchases and
growing global uncertainty over the Middle East and US economic recovery, have
taken hold. At US$310 per ounce gold is still below its replacement price (i.e.
the price at which the industry can replace the reserves it currently mines) and
the industry's reserve position continues to deteriorate. The price recovery
appears to be still early in its cycle, and in the absence of a strong US
economic recovery and a credible solution to the Middle East crisis, higher
prices are possible and needed.
As of June 30th, I will step down from the CEO position and put the leadership
in the capable hands of Ian Cockerill. These last four years it has been
extraordinarily rewarding to watch our simple and often questioned strategies
bear such fruit. The company has grown in market value from R7 billion to well
over R60 billion and Gold Fields has emerged from a difficult merger between the
diverse Gencor and GFSA cultures, into what is now a unified and successful
international company, with a clear vision and identity of its own. The
commitment and loyalty of all the employees who have made this possible has been
extraordinary - quite unlike anything else I've seen in my career. Equally, the
support and guidance of the Gold Fields board who allowed management to grow and
who kept us all motivated, has been key.
My sincerest thanks to you all, it's been quite an experience!
CHRIS THOMPSON
CHAIRMAN & CHIEF EXECUTIVE OFFICER
2 May 2002
SALIENT FEATURES
SA RAND US DOLLARS
Quarter Quarter
December March March December
2001 2002 2002 2001
30,592 33,620 kg Gold produced* oz (000) 1,081 984
55,013 59,138 R/kg Total cash costs $/oz 160 169
8,354 9,910 000 Tons milled 000 9,910 8,354
91,627 107,732 R/kg Revenue $/oz 291 279
215 221 R/ton Operating costs $/ton 19 21
1,064 1,614 Rm Operating profit $m 149 110
640 1,049 Rm Net earnings $m 98 67
139 224 SA c.p.s. US c.p.s. 21 25
640 1,049 Rm Headline earnings $m 98 67
139 224 SA c.p.s. US c.p.s. 21 15
* Attributable - All companies wholly owned except for Ghana (71.1%).
COMMENTARY
Management Restructure
It was announced on 4 March 2002 that Ian Cockerill, the current Managing
Director and Chief Operating Officer, would succeed Chris Thompson as Chief
Executive Officer of Gold Fields from 1 July 2002.
Chris, who has succeeded in his main objectives of internationalising the newly
formed Gold Fields - over a third of production is now non-South African based -
and achieving a fundamental re-rating, will remain as non-Executive Chairman.
Health and Safety
It is pleasing to report a 31 per cent improvement in the quarterly fatality
rate to 0.31. In addition, all other safety related indices are showing an
improving trend. Despite these improvements our safety performance is still
below the international benchmark standards we have set ourselves. Consequently,
the safety related initiatives, set in place over the previous two quarters, are
likely to result in a continuing positive trend.
Financial
For the second successive quarter Gold Fields generated record earnings. This
quarter's earnings of R1,049 million (US$98 million) are 64 per cent higher than
earnings of R640 million (US$67 million) achieved during the previous quarter.
The record earnings arose from an increase in production, due to the inclusion
of the Australian operations, St Ives and Agnew, for the full quarter and the
inclusion of the Damang mine for the months of February and March this year,
following its acquisition on 24 January 2002, and from higher prices achieved
both in Rand and Dollar terms.
Revenue for the quarter was R3,743 million (US$334 million), an increase of R874
million (US$47 million) or 30 per cent (in Rand terms) over the previous
quarter's revenue of R2,869 million (US$287 million).
Attributable gold production increased from 984,000 ounces to 1,081,000 ounces,
an increase of 10 per cent. Gold Fields' Australian operations contributed
166,000 ounces to the Group's attributable production for the March quarter, as
compared to 68,000 ounces in the previous quarter, which included production for
the month of December only following the acquisition of these assets from 1
December 2001. The inclusion of the Damang operations for 2 months of the
quarter added approximately 40,000 ounces to the Group's attributable production
but this was largely offset by reduced production at the Kloof Division. The
Rand gold price received increased from R91,627 per kilogram to R107,732 per
kilogram mainly due to the weakening of the quarterly average Rand/US Dollar
exchange rate by 14 per cent, from R10.12 during the December 2001 quarter to
R11.53 in the March 2002 quarter. The average US Dollar gold price also
increased from $279 to $291 per ounce, quarter on quarter.
Operating costs increased to R2,173 million (US$190 million) for the quarter,
compared to R1,781 million (US$175 million) during the previous quarter. Of this
increase of R392 million, R350 million relates to the inclusion of Damang for
two months and St Ives and Agnew in Australia for the full quarter. The weaker
Rand/US Dollar exchange rate resulted in higher Rand costs at Tarkwa which is
largely US Dollar based. A marginal increase of less than 2 per cent was
achieved at the South African operations.
The increased production, together with the higher gold price received, resulted
in operating profit for the March 2002 quarter increasing 52 per cent to R1,614
million (US$149 million) compared to R1,064 million (US$110 million) for the
December 2001 quarter.
Amortisation and depreciation increased substantially from R213 million (US$21
million) in the December 2001 quarter to R340 million (US$31 million) in the
current quarter as a result of the inclusion of the Australian operations for
the full quarter and Damang as from February 2002.
Income for the quarter was boosted by an unrealised gain on foreign debt and net
gains on financial instruments. The unrealised gain on foreign debt of R51
million (US$5 million) compares to the loss incurred in December of R36 million
(US$4 million) and arises from the revaluation of the US$165 million loan
established for the acquisition of the Australian operations. Net gains on
financial instruments are split between unrealised gains and realised losses.
The unrealised gain on financial instruments increased from R50 million (US$5
million) last quarter to R126 million (US$12 million) in the current quarter.
R119 million of this relates to the United States Dollar/Australian Dollar
currency financial instruments and the balance of R7 million relates to US$31
million which remained from the US$61 million of South African Rand/United
States Dollar forward sales which were established in the previous quarter. The
significant positive revaluation of the Australian Dollar financial instruments
was due to a strengthening in the Australian Dollar during the quarter to over
53 US cents.
The realised loss on financial instruments amounted to R7 million (US$1 million)
and includes a R29 million gain on the close out of US$30 million of Rand/US
Dollar forward sales, a gain of R9 million on close out of US Dollar/Australian
Dollar forward sales, amortisation of pre-acquisition deferred hedging gains at
Damang of R18 million, offset by a R63 million loss on close out of gold hedge
positions at this newly acquired mine.
Following upon the acquisition of the Damang Mine in January 2002 its existing
gold hedge positions of approximately 420,000 ounces, consisting of a
combination of forward sales and put options, was repurchased, generating a cash
gain of US$4,2 million. However, due to an increase in the gold price between
the effective date of acquisition of Damang and the hedge close out date, an
accounting loss of US$5.4 million (R63 million) was recognised.
Details of all the financial instruments are provided on page 9.
Profit before tax at R1,437 million (US$134 million) compares to R875 million
(US$91 million) recorded in the December 2001 quarter. Taxation at R347 million
(US$32 million) is 64 per cent above the previous quarter as a result of the
increased operating profit.
Net earnings, after deducting minorities, were thus R1,049 million (US$98
million) or 224 cents per share compared to R640 million (US$67 million) or 139
cents per share in the previous quarter.
Operating cash flow for the quarter was R1,508 million (US$141 million) an
increase of R289 million (US$15 million), compared to the December 2001 quarter.
Capital expenditure was R354 million (US$31 million) as compared to R328 million
(US$35 million) in the December 2001 quarter. The lower capital expenditure at
Driefontein was offset by the inclusion of the Australian operations for the
full quarter. Net cash flow for the quarter, after taking account of investing
and financing activities, was R873 million (US$73 million) as compared to R522
million (US$54 million) in the December 2001 quarter.
The cash balance at the end of March 2002 was R1,729 million (US$152 million),
almost double that held at the end of the previous quarter despite the payment
of the interim dividend in February of R423 million. Debt at the end of the
quarter (relating to the acquisition of the Agnew and St Ives operations from
WMC and the purchase of Damang Gold Mine in Ghana from Ranger Minerals Limited)
was R2,423 million (US$213 million).
Operations
- Overview
Attributable gold production increased from 984,000 ounces to 1,081,000 ounces,
of which 166,000 ounces was produced in Australia for the quarter, compared to
68,000 ounces in the previous quarter, for December month only. In addition,
40,000 attributable ounces from Damang was included for the first time this
quarter, albeit for only two months. At the South African operations, production
decreased by 29,000 ounces as a result of the decrease at Kloof of 32,000
ounces, whilst production from Driefontein and the Free State was marginally up
quarter on quarter.
Ore milled increased to 9.91 million tons from 8.35 million tons in the December
2001 quarter with yields decreasing from 3.8 grams per ton to 3.6 grams per ton
due to the inclusion of Australia and Damang at an average of 3.3 and 2.4 grams
per ton respectively. Cash costs for the Group decreased from US$169 per ounce
to US$160 per ounce as a result of the weakening of the Rand/Dollar exchange
rate by 14 per cent.
- South African Operations
Driefontein's production was stable at 326,000 ounces at a slightly higher yield
(6.1 grams per ton vs last quarter's 6.0 grams per ton) due to an increase in
underground tonnage, from 937,000 tons to 958,000 tons treated at 9.0 grams per
ton, and a lowering of surface tonnage, from 732,000 tons to 695,000 tons at an
average yield of 2.2 grams per ton. Total cash costs increased 1 per cent in
Rand terms to R52,326 per kilogram but reduced in US Dollar terms from US$159
per ounce to US$141 per ounce quarter on quarter, the lowest in the group.
Capital expenditure at R87 million (US$7 million) was well below the previous
quarters' R123 million (US$13 million) due to lower capital on metallurgical
facilities with the carbon-in-pulp and elution facilities having been completed
in the previous quarter.
At Kloof the 11 per cent decrease in production from 290,000 ounces to 258,000
ounces was mainly due to a decrease in underground tonnage from 861,000 to
723,000 tons, albeit at a 6 per cent higher yield at 10.8 grams per ton. This
decrease in production was due to the slow start up after the Christmas/New Year
break and the difficult mining conditions being encountered. It is anticipated
that production will continue at current levels for several quarters before
improving. The decrease in output resulted in a significant increase in the Rand
per kilogram cost to R61,500 or 12 per cent. The weaker Rand/Dollar exchange
rate however offset this and total cash costs in US Dollar terms marginally
decreased from US$168 per ounce to US$166 per ounce.
In the Free State, production at Beatrix increased from 167,000 ounces to
171,000 ounces, due to an improvement in underground yields. Tons milled
decreased by 15,000 tons to 990,000 tons due to lower underground tonnage,
partly offset by an increase in surface tonnage from 69,000 tons to 169,000 tons
in the current quarter. Total cash costs reduced to US$146 per ounce from US$168
per ounce and in Rand terms reduced by 1 per cent to R54,025 per kilogram,
mainly due to the increased output.
St Helena's production decreased from 32,000 ounces to 28,000 ounces with the
decrease in milling tonnage from 161,000 tons in the December 2001 quarter to
151,000 tons for this quarter, and a 5 per cent lower yield at 5.8 grams per
ton. The lower production resulted in an increase in cash costs from R73,711 per
kilogram (US$227 per ounce) to R86,912 per kilogram (US$234 per ounce). Despite
the lower volume, the higher gold price resulted in higher revenue, thus, net
earnings amounted to R20 million (US$2 million) as compared to R16 million (US$2
million) the previous quarter.
- Metallurgical Plants
The milling installation at Driefontein 2 plant is progressing well and is
scheduled for commissioning in July 2002. This will allow for the closure of the
current crushing circuit and multiple milling circuits, which are scheduled to
be demolished with locked-up gold recovered.
The feasibility study for the new mill installation at Driefontein 1 plant is
complete and under review. The project construction is scheduled to commence in
July 2002 with expected commissioning during the next financial year. The mills
for this project have been procured and are on site awaiting installation.
- International Operations
- Ghana (Tarkwa and Damang)
Total production was up 27 per cent from 145,000 ounces to 185,000 ounces as a
result of 2 months production from Damang at 56,000 ounces as expected,
partially offset by lower production from Tarkwa due to anticipated lower
yields. Total cash costs increased from US$174 per ounce to US$181 per ounce due
to the inclusion of the Damang production at a higher cost than Tarkwa, while
cost per ton increased from US$7 to US$8 and from R72 to R92 in Rand terms
quarter on quarter respectively. In Dollar terms net earnings increased 64 per
cent to US$13 million. Production is expected to increase in the June 2002
quarter with the inclusion of Damang's results for the full quarter.
- Australia (St Ives and Agnew)
This is the first full quarter for the Australian operations. Australia
contributed R181 million (US$17 million) to net earnings for the March 2002
quarter, although R126 million (US$11 million) of this was from the marked to
market valuation of United States Dollar/Australian Dollar currency financial
instruments, realised gains on such instruments and an unrealised exchange gain
on its foreign debt. Normalised earnings, excluding the effects of the valuation
of the currency financial instruments and exchange gain on foreign debt, were
R55 million (US$6 million). Gold production totalled 166,000 ounces, which is in
line with projections. Total cash costs were US$163 per ounce for the period,
and total cost of production was US$236 per ounce.
Exploration programmes were established at both St Ives and Agnew, with the
objective of accelerating the conversion of resources to reserves. Increasing
the ore reserve will provide the means to formulate long term plans for these
operations. Decisions regarding future mining schedules, processing facilities
upgrades, water and power requirements and the location of surface facilities
become much lower risk as a result of understanding the bigger ore reserve
picture.
- Arctic Platinum
During the quarter, Artic Platinum released its first resource estimate from the
SK Reef prospect. This independent estimate prepared by Snowden Mineral Industry
Consultants in accordance with JORC standards revealed 5.1 million ounces of
platinum, pallidium and gold (2PGE+Au) classified as inferred resource. This is
contained in 30.3 million tonnes grading 5.2 g/t 2PGE+Au over an average
thickness of 4.9 meters to an average depth below surface of 250 meters. Further
drilling is underway to expand and increase the confidence of these estimates.
The feasibility study continues on the Suhanko project with an expected
completion during the third quarter this year. An additional 22,000 meters of
in-fill, step out and condemnation drilling was completed during the quarter.
Gold Fields and Outokumpu are jointly examining smelting options at Outokumpu's
Harjavalta facility in conjunction with the Suhanko study. Gold Fields and
Outokumpu have been jointly funding this program since January 20, 2002 at their
respective 51 - 49 per cent interest.
Outlook
With the inclusion of a full quarter from Damang and based on current forecasts,
June quarter's gold production should be in line with that realised in the March
quarter.
Basis of Accounting
The unaudited results for the quarter have been prepared on the International
Accounting Standards basis. The detailed financial, operational and development
results for the March 2002 quarter are submitted in this report.
These consolidated quarterly statements are prepared in accordance with IAS 34,
Interim Financial Reporting. The accounting policies are consistent with those
applied at the previous year-end except for the adoption of IAS 39, Financial
Investments: Recognition and Measurement.
INCOME STATEMENTS
International Accounting Standards Basis
SA RAND
(Figures are in millions unless otherwise stated)
Quarter Nine Months to
March December March March March
2002 2001 2001 2002 2001
Revenue 3,742.5 2,869.4 1,881.8 8,702.7 5,798.8
Operating costs# 2,173.2 1,780.5 1,465.2 5,564.7 4,450.6
Gold inventory change (44.6) 24.9 (36.9) (37.4) (27.2)
Operating profit 1,613.9 1,064.0 453.5 3,175.4 1,375.4
Amortisation and depreciation 339.9 212.9 152.1 704.3 467.6
Net operating profit 1,274.0 851.1 301.4 2,471.1 907.8
Finance income/(cost) 54.6 (36.4) 18.8 22.5 36.1
- Net Interest received/(paid) 3.3 (0.5) 18.8 7.1 36.1
- Unrealised gain/(loss) on foreign debt 51.3 (35.9) - 15.4 -
Unrealised gain/(loss) on financial instruments 126.4 50.3 - 176.7 -
Realised gain/(loss) on financial instruments (7.1) - 37.9 (7.1) 37.9
Other income 19.4 33.9 36.0 58.9 79.8
Exploration (20.8) (24.4) (13.2) (71.2) (40.8)
Profit before tax and exceptional items 1,446.5 874.5 380.9 2,650.9 1,020.8
Exceptional gain/(loss)# (9.1) - (7.7) (9.1) (8.8)
Profit before taxation 1,437.4 874.5 373.2 2,641.8 1,012.0
Mining and income taxation 347.4 211.7 80.3 663.9 203.6
- Normal taxation 346.3 170.2 14.4 550.5 86.1
- Deferred taxation 1.1 41.5 65.9 113.4 117.5
Profit after taxation 1,090.0 662.8 292.9 1,977.9 808.4
Minority interest 40.6 23.1 32.2 85.4 70.7
Net earnings 1,049.4 639.7 260.7 1,892.5 737.7
Exceptional items:
Other (9.1) - (7.7) (9.1) (8.8)
Total exceptional items (9.1) - (7.7) (9.1) (8.8)
Taxation 3.8 - 1.8 3.8 1.8
Net exceptional items after tax and minorities (5.3) - (5.9) (5.3) (7.0)
Net earnings per share (cents) 224 139 58 413 163
Headline earnings 1,049.4 639.7 260.7 1,892.5 737.7
Headline earnings per share (cents) 224 139 58 413 163
Gold declared - managed less capitalised kg 34,739 31,316 28,299 94,445 89,585
Gold price received R/kg 107,732 91,627 66,497 92,146 64,730
Total cash costs R/kg 59,138 55,013 48,189 56,174 47,092
# Prior years quarterly results have been reclassified to include retrenchment
costs as part of operating cost and not as exceptional items and hedge profits
have been reclassified as part of realised gain/(loss) on financial instruments.
Other income has been split into its various components throughout.
INCOME STATEMENTS
International Accounting Standards Basis
US DOLLARS
(Figures are in millions unless otherwise stated)
Quarter Nine Months to
March December March March March
2002 2001 2001 2002 2001
Revenue 333.5 287.0 240.6 870.3 776.3
Operating costs# 189.5 174.5 187.4 556.5 595.8
Gold inventory change (4.5) 2.9 (4.7) (3.7) (3.6)
Operating profit 148.5 109.6 57.9 317.5 184.1
Amortisation and depreciation 31.0 21.3 19.5 70.4 62.6
Net operating profit 117.5 88.3 38.4 247.1 121.5
Finance income/(cost) 6.1 (3.5) 2.4 2.2 4.8
- Net Interest received/(paid) 0.7 - 2.4 0.7 4.8
- Unrealised gain/(loss) on foreign debt 5.4 (3.5) - 1.5 -
Unrealised gain/(loss) on financial instruments 12.3 5.4 - 17.7 -
Realised gain/(loss) on financial instruments (0.7) - 5.1 (0.7) 5.1
Other income 1.2 3.1 4.6 5.9 10.7
Exploration (1.6) (2.4) (1.7) (7.1) (5.5)
Profit before tax and exception items 134.8 90.9 48.8 265.1 136.6
Exceptional gain/(loss)# (0.9) - (1.2) (0.9) (1.2)
Profit before taxation 133.9 90.9 47.6 264.2 135.4
Mining and income taxation 32.1 21.7 10.2 66.4 27.2
- Normal taxation 33.0 18.0 1.8 55.1 11.5
- Deferred taxation (0.9) 3.7 8.4 11.3 15.7
Profit after taxation 101.8 69.2 37.4 197.8 108.2
Minority interest 3.7 2.2 4.1 8.5 9.5
Net earnings 98.1 67.0 33.3 189.3 98.7
Exceptional items:
Other (0.9) - (1.2) (0.9) (1.2)
Total exceptional items (0.9) - (1.2) (0.9) (1.2)
Taxation 0.3 - 0.2 0.3 0.2
Net exceptional items after tax and minorities (0.6) - (1.0) (0.6) (1.0)
Net earnings per share (cents) 21 15 7 41 22
Headline earnings 98.1 67.0 33.3 189.3 98.7
Headline earnings per share (cents) 21 15 7 41 22
SA Rand / US Dollar conversion rate 11.53 10.12 7.82 10.00 7.47
Gold declared - managed less capitalised ozs (000) 1,117 1,007 910 3,036 2,880
Gold price received $/oz 291 279 264 284 270
Total cash costs $/oz 160 169 192 175 196
# Prior years quarterly results have been reclassified to include retrenchment
costs as part of operating cost and not as exceptional items and hedge profits
have been reclassified as part of realised gain/(loss) on financial instruments.
Other income has been split into its various components throughout.
BALANCE SHEETS
International Accounting Standards Basis
(Figures are in millions unless otherwise stated)
SA Rand US Dollars
March June March June
2002 2001 2002 2001
Mining and mineral assets 15,109.8 11,077.2 1,327.8 1,372.6
Non-current assets 193.9 180.6 17.0 22.4
Investments 635.7 259.6 55.9 32.2
Current assets 3,623.5 1,050.1 318.4 130.1
- Cash and deposits 1,728.9 190.0 151.9 23.5
- Other current assets 1,894.6 860.1 166.5 106.6
Total assets 19,562.9 12,567.5 1,719.1 1,557.3
Shareholders' equity 9,916.6 7,075.6 871.4 876.8
Outside shareholders' interest 618.9 317.1 54.4 39.3
Deferred taxation 3,654.5 3,381.2 321.1 419.0
Long-term loans 1,989.8 - 174.9 -
Environmental rehabilitation provisions 780.6 530.8 68.6 65.8
Post-retirement health care provisions 242.4 235.4 21.3 29.2
Current liabilities 2,360.1 1,027.4 207.4 127.2
- Other current liab ilities 1,927.0 1,027.4 169.3 127.2
- Current portion of long term loans 433.1 - 38.1 -
Total equity and liabilities 19,562.9 12,567.5 1,719.1 1,557.3
S.A. Rand/U.S. Dollar conversion rate 11.38 8.07
CONDENSED STATEMENTS OF CHANGES IN EQUITY
(Figures are in millions)
SA Rand US Dollars
March March March June
2002 2001 2002 2001
Balance as at the beginning of the financial year 7,075.6 8,214.4 876.8 1,213.4
Currency translation adjustment and other 679.7 179.6 (211.0) (166.6)
Issue of share capital 582.6 59.3 51.2 3.5
Marked to market valuation of listed investments 291.4 - 25.6 -
Dividends (605.2) (477.7) (60.5) (63.9)
Net earnings 1,892.5 737.7 189.3 98.7
Balance as at the end of March 9,916.6 8,713.3 871.4 1,085.1
CASH FLOW STATEMENTS
International Accounting Standards Basis
(Figures are in millions)
SA RAND
Quarter Nine months to
March December March March
2002 2001 2002 2001
Cash flow from operating activities 1,507.6 1,219.2 3,095.1 1,094.3
Profit before tax and exceptional items 1,446.5 874.5 2,650.9 1,020.8
Exceptional items (9.1) - (9.1) (8.8)
Amortisation and depreciation 339.9 212.9 704.3 467.6
Change in working capital (267.7) 58.5 (353.1) (271.0)
Taxation paid (95.1) (18.6) (130.6) (169.7)
Other non-cash items 93.1 91.9 232.7 55.4
Dividends paid (422.7) - (605.2) (477.7)
Cash utilised in investing activities (771.0) (2,202.9) (3,304.9) (792.0)
Capital expenditure - net (353.8) (328.3) (983.0) (730.8)
Purchase of investments - net (37.5) (21.4) (84.4) (46.6)
Investments in environmental trust funds and post (4.8) (4.9) (14.3) (14.6)
retirement health care payments
Acquisition of subsidiaries (374.9) (1,848.3) (2,223.2) -
Cash flow from financing activities 558.9 1,505.2 2,273.6 (184.2)
Loans raised 545.3 1,694.9 2,440.2 -
Loans repaid - (200.0) (200.0) (218.2)
Shares issued 13.6 10.3 33.4 34.0
Net cash inflow/(outflow) 872.8 521.5 1,458.6 (359.6)
Translation adjustment (31.4) 90.0 80.3 -
Cash at beginning of period 887.5 276.0 190.0 514.9
Cash at end of period 1,728.9 887.5 1,728.9 155.3
(Figures are in millions)
US DOLLARS
Quarter Nine months to
March December March March
2002 2001 2002 2001
Cash flow from operating activities 141.2 126.3 312.5 146.4
Profit before tax and exceptional items 134.8 90.9 265.1 136.6
Exceptional items (0.9) - (0.9) (1.2)
Amortisation and depreciation 31.0 21.3 70.4 62.6
Change in working capital (23.5) 8.9 (31.0) (36.3)
Taxation paid (8.4) (1.1) (11.5) (22.7)
Other non-cash items 8.2 6.3 20.4 7.4
Dividends paid (49.8) - (60.5) (63.9)
Cash utilised in investing activities (67.7) (216.1) (329.3) (106.0)
Capital expenditure - net (31.1) (34.7) (98.3) (97.8)
Purchase of investments - net (3.3) (1.1) (7.4) (6.2)
Investments in environmental trust funds and post (0.4) (0.3) (1.3) (2.0)
retirement health care payments
Acquisition of subsidiaries (32.9) (180.0) (222.3) -
Cash flow from financing activities 49.2 143.4 216.3 (25.5)
Loans raised 48.0 165.0 235.2 -
Loans repaid - (22.2) (22.2) (30.0)
Shares issued 1.2 0.6 3.3 4.5
Net cash inflow/(outflow) 72.9 53.6 139.0 (49.0)
Translation adjustment 5.0 (10.2) (10.6) (7.8)
Cash at beginning of period 74.0 30.6 23.5 76.1
Cash at end of period 151.9 74.0 151.9 19.3
HEDGING POLICY
As a general rule Gold Fields does not hedge the gold price except in
exceptional circumstances, such as
• the existence of debt finance
• in times of high gold prices.
Gold Fields may from time to time establish currency instruments to protect
underlying cash flows.
During the year Gold Fields established various currency instruments - those
remaining are described in the schedule. It has been decided not to account for
these instruments under the hedge accounting rules of IAS 39 and accordingly the
positions have been marked to market at the quarter end.
CURRENCY FINANCIAL INSTRUMENTS
Year ended 30 June 2002 2003 2004 2005 2006 2007 TOTAL
US DOLLAR / AUSTRALIAN DOLLAR
Forward sales:
Amount
(US Dollars) - 000's 12,500 50,000 50,000 50,000 50,000 25,000 237,500
Average Rate
(USD/AUD) 0.4934 0.4934 0.4934 0.4934 0.4934 0.4934
Zero cost collar:
Amount
(US Dollars) - 000's 25,000 50,000 50,000 50,000 50,000 25,000 250,000
Average downside
protection level
(USD/AUD) 0.5191 0.5191 0.5191 0.5191 0.5191 0.5191
Average upside
benefit cap
(USD/AUD) 0.4289 0.4289 0.4289 0.4289 0.4289 0.4289
The marked to market value of all transactions making up the positions in the
above table was a positive R146.3 million (US$12.9 million). The value was based
on exchange rates of R/USD 11.5250 and USD/AUD of 0.5304 and the prevailing
interest rates and volatilities at the time. This compares to a marked to market
value at the end of the previous quarter of a positive R26.9 million (US$2.3
million). The difference has been accounted for in the income statement.
RAND / US DOLLAR
Forward sales:
Amount
(US Dollars) - 000's 31,000 31,000
Average Rate (R/USD) 13.3363
The marked to market value of the transaction making up the position in the
above table was a positive R30.8 million (US$2.6 million). The value was based
on an exchange rate of R/USD 11.5250 and the prevailing interest rates and
volatilities at the time. This compares to a marked to market value at the end
of the previous quarter of a positive R23.8 million (US$2.0 million). The
difference has been accounted for in the income statement.
TOTAL CASH COSTS
(All figures are in Rand millions unless otherwise stated)
Drie- Kloof Free State Div. Ghana Aus. Total
fontein Div. Beatrix St Helena Tarkwa St Ives Mine
Division /Damang /Agnew Ops.
Operating costs (1)
March 2002 564.7 488.6 304.2 77.5 405.7 332.5 2,173.2
December 2001 557.8 487.3 294.9 74.2 262.9 103.4 1,780.5
Financial year to date 1,666.6 1,460.9 878.8 234.9 887.6 435.9 5,564.7
Gold in process change*
March 2002 0.0 0.0 0.0 0.0 (21.5) (15.0) (36.5)
December 2001 0.0 0.0 0.0 0.0 (9.8) 31.4 21.6
Financial year to date 0.0 0.0 0.0 0.0 (46.9) 16.4 (30.5)
Less:
Rehabilitation costs
March 2002 2.8 1.6 0.6 0.2 0.4 6.2 11.8
December 2001 2.8 1.6 1.0 (0.2) 0.2 2.2 7.6
Financial year to date 8.4 4.8 2.4 0.2 0.8 8.4 25.0
Production taxes
March 2002 5.4 4.7 1.8 0.4 0.0 0.0 12.3
December 2001 5.1 3.6 1.5 0.4 0.0 0.0 10.6
Financial year to date 15.5 11.4 4.7 1.1 0.0 0.0 32.7
General and Admin
March 2002 31.1 26.3 15.7 1.7 15.9 11.7 102.4
December 2001 32.9 23.8 10.6 1.5 10.2 10.5 89.5
Financial year to date 93.3 72.3 36.6 4.7 34.8 22.2 263.9
Cash operating costs
March 2002 525.4 456.0 286.1 75.2 367.8 299.6 2,010.1
December 2001 517.0 458.3 281.8 72.5 242.7 122.1 1,694.4
Financial year to date 1,549.4 1,372.4 835.1 228.9 805.0 421.7 5,212.5
Plus:
Production taxes
March 2002 5.4 4.7 1.8 0.4 0.0 0.0 12.3
December 2001 5.1 3.6 1.5 0.4 0.0 0.0 10.6
Financial year to date 15.5 11.4 4.7 1.1 0.0 0.0 32.7
Royalties
March 2002 0.0 0.0 0.0 0.1 18.6 13.2 32.0
December 2001 0.0 0.0 0.0 0.0 12.3 5.5 17.8
Financial year to date 0.0 0.0 0.0 0.1 41.3 18.7 60.2
TOTAL CASH COSTS (2)
March 2002 530.8 460.7 287.9 75.7 386.5 312.8 2,054.4
December 2001 522.1 461.9 283.3 72.9 255.0 127.6 1,722.8
Financial year to date 1,564.9 1,383.8 839.8 230.1 846.4 440.4 5,305.4
Plus:
Amortisation*
March 2002 57.5 29.6 22.5 (0.1) 64.7 131.9 306.0
December 2001 55.0 35.2 21.1 0.1 34.9 45.9 192.2
Financial year to date 166.1 92.7 59.7 0.0 127.5 177.8 623.7
Rehabilitation
March 2002 2.8 1.6 0.6 0.2 0.4 6.2 11.8
December 2001 2.8 1.6 1.0 (0.2) 0.2 2.2 7.6
Financial year to date 8.4 4.8 2.4 0.2 0.8 8.4 25.0
TOTAL PRODUCTION COSTS (3)
March 2002 591.1 491.9 311.0 75.8 451.6 450.9 2,372.3
December 2001 579.9 498.7 305.4 72.8 290.1 175.7 1,922.6
Financial year to date 1,739.4 1,481.3 901.9 230.3 974.7 626.6 5,954.2
Gold produced - thousand
ounces #
March 2002 326.1 240.8 171.3 28.0 184.6 166.0 1,116.9
December 2001 324.0 271.4 166.7 31.8 144.8 68.1 1,006.8
Financial year to date 973.8 774.9 482.6 91.7 479.5 234.1 3,036.5
TOTAL CASH COSTS - US$/oz
March 2002 141 166 146 234 181 163 160
December 2001 159 168 168 227 174 161 169
Financial year to date 161 179 174 251 173 163 175
TOTAL PRODUCTION COSTS - US$
/oz
March 2002 157 177 157 235 211 236 184
December 2001 177 182 181 226 198 222 189
Financial year to date 179 191 187 251 199 232 196
DEFINITIONS
Total cash costs and Total production costs are calculated in accordance with
the Gold Institute industry standard.
(1) Operating costs - All gold mining related costs before amortisation/
depreciation, changes in gold inventory, taxation and exceptional items.
(2) Total cash costs - Operating costs less off-mine costs, including general
and administration costs, as detailed in the table above.
(3) Total production costs - Cash costs plus amortisation/depreciation and
rehabilitation provisions, as detailed in the table above.
* Adjusted for amortisation/depreciation (non-cash item) excluded from Gold in
process change.
# Excludes gold production at Kloof 4 shaft of 540 kilograms (17,361 ounces) for
the March 2002 quarter (December 2001 quarter 578 kilograms - 18,583 ounces),
which is capitalised.
Average exchange rates are US$1 = R11.53 and US$1 = R10.12 for the March 2002
and December 2001 quarters respectively. Year to date US$1 = R10.00
OPERATING AND FINANCIAL RESULTS
Individual Mines
SA RAND
Operating Results
Drie- Kloof Free State Div. Ghana Aus. Total
fontein Div. Beatrix St Helena Tarkwa St Ives Mine
Division /Damang /Agnew Ops.
March 2002 1,653 1,108 990 151 4,433 1,575 9,910
December 2001 1,669 1,185 1,005 161 3,636 698 8,354
Financial year to date 4,893 3,434 2,980 485 11,874 2,273 25,939
Yield (grams per ton)
March 2002 6.1 7.2 5.4 5.8 1.3 3.3 3.6
December 2001 6.0 7.6 5.2 6.1 1.2 3.0 3.8
Financial year to date 6.2 7.5 5.0 5.9 1.3 3.2 3.7
Gold produced (kilograms)
March 2002 10,144 8,031 5,329 871 5,741 5,163 35,279
December 2001 10,079 9,020 5,184 989 4,505 2,117 31,894
Financial year to date 30,289 25,733 15,009 2,851 14,915 7,280 96,077
Gold declared (kilograms)
March 2002 10,144 8,031 5,329 871 5,741 5,163 35,279
December 2001 10,079 9,020 5,184 989 4,505 2,117 31,894
Financial year to date 30,289 25,733 15,009 2,851 14,915 7,280 96,077
Gold price received (Rand
per kilogram)
March 2002 106,743 108,463 108,444 109,529 107,838 107,457 107,732
December 2001 92,212 90,085 89,120 90,495 90,433 104,204 91,627
Financial year to date 90,871 90,133 91,465 90,354 92,001 106,511 92,146
Total cash costs (Rand per
kilogram)
March 2002 52,326 61,500 54,025 86,912 67,322 60,585 59,138
December 2001 51,801 54,715 54,649 73,711 56,604 60,274 55,013
Financial year to date 51,666 57,417 55,953 80,709 56,748 60,494 56,174
Total cash costs (US Dollars
per ounce)
March 2002 141 166 146 234 181 163 160
December 2001 159 168 168 227 174 161 169
Financial year to date 161 179 174 251 173 163 175
Total production costs (Rand
per kilogram)
March 2002 58,271 65,665 58,360 87,026 78,666 87,326 68,289
December 2001 57,535 59,074 58,912 73,610 64,395 82,995 61,394
Financial year to date 57,427 61,462 60,091 80,779 65,352 86,066 63,044
Operating costs (Rand per
ton)
March 2002 342 467 307 513 92 211 221
December 2001 334 435 293 461 72 148 215
Financial year to date 341 450 295 484 75 192 216
Financial Results (Rand
million) Unaudited -
Revenue
March 2002 1,082.8 812.5 577.9 95.4 619.1 554.8 3,742.5
December 2001 929.4 760.5 462.0 89.5 407.4 220.6 2,869.4
Financial year to date 2,752.4 2,172.3 1,372.8 257.6 1,372.2 775.4 8,702.7
Operating costs
March 2002 564.7 488.6 304.2 77.5 405.7 332.5 2,173.2
December 2001 557.8 487.3 294.9 74.2 262.9 103.4 1,780.5
Financial year to date 1,666.6 1,460.9 878.8 234.9 887.6 435.9 5,564.7
Gold inventory change
March 2002 0.0 0.0 0.0 0.0 (23.4) (21.2) (44.6)
December 2001 0.0 0.0 0.0 0.0 (11.4) 36.3 24.9
Financial year to date 0.0 0.0 0.0 0.0 (52.5) 15.1 (37.4)
Operating profit
March 2002 518.1 323.9 273.7 17.9 236.8 243.5 1,613.9
December 2001 371.6 273.2 167.1 15.3 155.9 80.9 1,064.0
Financial year to date 1,085.8 711.4 494.0 22.7 537.1 324.4 3,175.4
Amortisation of mining
assets
March 2002 57.5 29.6 22.5 (0.1) 66.6 138.1 314.2
December 2001 55.0 35.2 21.1 0.1 36.5 41.0 188.9
Financial year to date 166.1 92.7 59.7 0.0 133.1 179.1 630.7
Net operating profit
March 2002 460.6 294.3 251.2 18.0 170.2 105.4 1,299.7
December 2001 316.6 238.0 146.0 15.2 119.4 39.9 875.1
Financial year to date 919.7 618.7 434.3 22.7 404.0 145.3 2,544.7
Other income/(costs)
March 2002 1.5 3.0 2.4 2.1 (45.5) 164.2 127.7
December 2001 (5.1) (1.7) 0.5 0.6 2.6 (13.9) (17.0)
Financial year to date (5.3) 0.6 3.4 3.0 (42.4) 150.3 109.6
Profit before taxation
March 2002 462.1 297.3 253.6 20.1 124.7 269.6 1,427.4
December 2001 311.5 236.3 146.5 15.8 122.0 26.0 858.1
Financial year to date 914.4 619.3 437.7 25.7 361.6 295.6 2,654.3
Mining and income taxation
March 2002 173.8 106.3 1.2 0.0 (15.5) 88.6 354.4
December 2001 109.9 63.5 0.8 0.0 41.8 12.5 228.5
Financial year to date 321.2 204.9 2.0 0.0 65.9 101.1 695.1
- Normal taxation
March 2002 168.9 101.6 1.2 0.0 21.4 46.8 339.9
December 2001 87.6 54.6 0.8 0.0 15.0 9.7 167.7
Financial year to date 275.6 156.4 2.0 0.0 49.4 56.5 539.9
- Deferred taxation
March 2002 4.9 4.7 0.0 0.0 (36.9) 41.8 14.5
December 2001 22.3 8.9 0.0 0.0 26.8 2.8 60.8
Financial year to date 45.6 48.5 0.0 0.0 16.5 44.6 155.2
Earnings before exceptional
items
March 2002 288.3 191.0 252.4 20.1 140.2 181.0 1,073.0
December 2001 201.6 172.8 145.7 15.8 80.2 13.5 629.6
Financial year to date 593.2 414.4 435.7 25.7 295.7 194.5 1,959.2
Exceptional items
March 2002 (9.9) 0.0 0.0 0.0 0.0 0.0 (9.9)
December 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Financial year to date (9.9) 0.0 0.0 0.0 0.0 0.0 (9.9)
Net earnings
March 2002 278.4 191.0 252.4 20.1 140.2 181.0 1,063.1
December 2001 201.6 172.8 145.7 15.8 80.2 13.5 629.6
Financial year to date 583.3 414.4 435.7 25.7 295.7 194.5 1,949.3
Capital expenditure (Rand
million)
March 2002 86.6 63.4 52.3 (0.6) 22.6 86.2 310.5
December 2001 122.5 67.5 54.3 0.6 29.6 51.1 325.6
Financial year to date 328.6 249.1 148.5 1.5 72.0 137.3 937.0
Planned for next six months 280.3 107.4 108.0 0.0 75.5 491.1 1,062.3
to September 2002
OPERATING AND FINANCIAL RESULTS
Individual Mines
US DOLLAR CONVERSION
Operating Results
Drie- Kloof Free State Div. Ghana Aus. Total
fontein Div. Beatrix St Helena Tarkwa St Ives Mine
Division /Damang /Agnew Ops.
Ore milled / treated (000
tons)
March 2002 1,653 1,108 990 151 4,433 1,575 9,910
December 2001 1,669 1,185 1,005 161 3,636 698 8,354
Financial year to date 4,893 3,434 2,980 485 11,874 2,273 25,939
Yield (ounces per ton)
March 2002 0.197 0.233 0.173 0.185 0.042 0.105 0.114
December 2001 0.194 0.245 0.166 0.197 0.040 0.098 0.123
Financial year to date 0.199 0.241 0.162 0.189 0.040 0.103 0.119
Gold produced (000 ounces)
March 2002 326.1 258.2 171.3 28.0 184.6 166.0 1,134.2
December 2001 324.0 290.0 166.7 31.8 144.8 68.1 1,025.4
Financial year to date 973.8 827.3 482.6 91.7 479.5 234.1 3,088.9
Gold declared (000 ounces)
March 2002 326.1 258.2 171.3 28.0 184.6 166.0 1,134.2
December 2001 324.0 290.0 166.7 31.8 144.8 68.1 1,025.4
Financial year to date 973.8 827.3 482.6 91.7 479.5 234.1 3,088.9
Gold price received (US
Dollars per ounce)
March 2002 288 293 293 295 291 290 291
December 2001 283 277 274 278 278 278 279
Financial year to date 283 280 284 281 281 287 284
Total cash costs (US Dollars
per ounce)
March 2002 141 166 146 234 181 163 160
December 2001 159 168 168 227 174 161 169
Financial year to date 161 179 174 251 173 163 175
Total production costs (US
Dollars per ounce)
March 2002 157 177 157 235 211 236 184
December 2001 177 182 181 226 198 222 189
Financial year to date 179 191 187 251 199 232 196
Operating costs (US Dollars
per ton)
March 2002 30 40 27 45 8 18 19
December 2001 33 43 29 46 7 13 21
Financial year to date 34 45 29 48 7 17 22
Financial Results (US$
million) - Unaudited
Revenue
March 2002 94.5 70.0 51.2 8.2 55.7 53.6 333.5
December 2001 92.3 75.6 46.3 8.9 40.2 23.9 287.0
Financial year to date 275.2 217.2 137.3 25.8 137.2 77.5 870.3
Operating costs
March 2002 47.5 40.8 25.7 6.4 36.6 32.4 189.5
December 2001 54.2 47.3 28.8 7.1 26.0 11.2 174.5
Financial year to date 166.7 146.1 87.9 23.5 88.8 43.6 556.5
Gold inventory change
March 2002 0.0 0.0 0.0 0.0 (2.0) (1.8) (4.5)
December 2001 0.0 0.0 0.0 0.0 (1.0) 3.1 2.9
Financial year to date 0.0 0.0 0.0 0.0 (5.2) 1.3 (3.7)
Operating profit
March 2002 47.1 29.2 25.5 1.7 21.2 23.0 148.5
December 2001 38.1 28.3 17.5 1.8 15.2 9.6 109.6
Financial year to date 108.6 71.1 49.4 2.3 53.6 32.6 317.5
Amortisation of mining
assets
March 2002 4.9 2.4 1.9 0.0 6.1 13.5 28.9
December 2001 5.3 3.5 2.1 0.0 3.6 4.4 19.0
Financial year to date 16.6 9.3 6.0 0.0 13.3 17.9 63.1
Net operating profit
March 2002 42.1 26.7 23.6 1.7 15.0 9.5 119.6
December 2001 32.8 24.8 15.4 1.8 11.6 5.2 90.6
Financial year to date 92.0 61.9 43.4 2.3 40.3 14.7 254.5
Other income /(costs)
March 2002 0.2 0.3 0.2 0.2 (4.6) 16.5 12.8
December 2001 (0.5) (0.2) 0.1 0.1 0.3 (1.5) (1.8)
Financial year to date (0.5) 0.1 0.3 0.3 (4.2) 15.0 11.0
Profit before taxation
March 2002 42.3 27.1 23.8 1.9 10.4 26.1 132.4
December 2001 32.3 24.6 15.5 1.9 11.9 3.7 88.7
Financial year to date 91.4 61.9 43.8 2.6 36.1 29.8 265.4
Mining and income taxation
March 2002 16.1 9.8 0.1 0.0 (2.2) 8.8 32.6
December 2001 11.5 6.5 0.1 0.4 4.1 1.3 23.5
Financial year to date 32.1 20.5 0.2 0.0 6.6 10.1 69.5
- Normal taxation
March 2002 16.0 9.7 0.1 0.0 1.9 4.7 32.3
December 2001 9.3 5.9 0.1 0.0 1.5 1.0 17.8
Financial year to date 27.6 15.6 0.2 0.0 4.9 5.7 54.0
- Deferred taxation
March 2002 0.2 0.1 0.0 0.0 (4.1) 4.2 0.3
December 2001 2.2 0.6 0.0 0.0 2.6 0.3 5.7
Financial year to date 4.6 4.9 0.0 0.0 1.7 4.5 15.5
Earnings before exceptional
items
March 2002 26.2 17.3 23.7 1.9 12.7 17.3 99.8
December 2001 20.8 18.1 15.4 1.9 7.8 2.4 65.2
Financial year to date 59.3 41.4 43.6 2.6 29.5 19.7 195.9
Exceptional items
March 2002 (1.0) 0.0 0.0 0.0 0.0 0.0 (1.0)
December 2001 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Financial year to date (1.0) 0.0 0.0 0.0 0.0 0.0 (1.0)
Net earnings
March 2002 25.2 17.3 23.7 1.9 12.7 17.3 98.8
December 2001 20.8 18.1 15.4 1.9 7.8 2.4 65.2
Financial year to date 58.3 41.4 43.6 2.6 29.5 19.7 194.9
Capital Expenditure (US$
million)
March 2002 6.7 4.8 4.4 (0.1) 2.0 7.5 25.2
December 2001 12.9 7.0 5.8 0.1 2.9 4.4 33.2
Financial year to date 32.9 24.9 14.9 0.2 7.1 11.9 91.7
Planned for the next six 24.4 9.3 9.4 0.0 6.6 42.7 92.4
months to September 2002
Average exchange rates are US$1 = R11.53 and US$1 = R10.12 for the March 2002
and December 2001 quarters respectively. Year to date US$1 = R10.00
Figures may not add as they are rounded independently.
UNDERGROUND AND SURFACE
SA RAND AND METRIC UNITS
Operating Results
Drie- Kloof Free State Div. Ghana Aus. Total
fontein Div. Beatrix St Helena Tarkwa St Ives Mine
Division /Damang /Agnew Ops.
Ore milled / treated (000
ton)
- underground
March 2002 958 723 821 151 - - 2,653
December 2001 937 861 936 161 - - 2,895
Financial year to date 2,879 2,415 2,654 485 - - 8,433
- surface
March 2002 695 385 169 - 4,433 1,575 7,257
December 2001 732 324 69 - 3,636 698 5,459
Financial year to date 2,014 1,019 326 - 11,874 2,273 17,506
- total
March 2002 1,653 1,108 990 151 4,433 1,575 9,910
December 2001 1,669 1,185 1,005 161 3,636 698 8,354
Financial year to date 4,893 3,434 2,980 485 11,874 2,273 25,939
Yield (grams per ton)
-underground
March 2002 9.0 10.8 6.3 5.8 - - 8.5
December 2001 9.2 10.2 5.5 6.1 - - 8.1
Financial year to date 9.1 10.4 5.5 5.9 - - 8.1
- surface
March 2002 2.2 0.6 1.0 - 1.3 3.3 1.8
December 2001 2.0 0.6 1.0 - 1.2 3.0 1.5
Financial year to date 2.1 0.6 1.0 - 1.3 3.2 1.6
- total
March 2002 6.1 7.2 5.4 5.8 1.3 3.3 3.6
December 2001 6.0 7.6 5.2 6.1 1.2 3.0 3.8
Financial year to date 6.2 7.5 5.0 5.9 1.3 3.2 3.7
Gold produced (kilograms)
- underground
March 2002 8,622 7,791 5,158 871 - - 22,442
December 2001 8,615 8,812 5,118 989 - - 23,534
Financial year to date 26,074 25,088 14,669 2,851 - - 68,682
- surface
March 2002 1,522 240 171 - 5,741 5,163 12,837
December 2001 1,464 208 66 - 4,505 2,117 8,360
Financial year to date 4,215 645 340 - 14,915 7,280 27,395
- total
March 2002 10,144 8,031 5,329 871 5,741 5,163 35,279
December 2001 10,079 9,020 5,184 989 4,504 2,117 31,894
Financial year to date 30,289 25,733 15,009 2,851 14,915 7,280 96,077
Operating costs (Rand per
ton)
- underground
March 2002 549 706 367 513 - - 529
December 2001 554 597 313 461 - - 481
Financial year to date 538 635 328 484 - - 494
- surface
March 2002 56 55 19 - 92 211 110
December 2001 53 38 30 - 72 148 77
Financial year to date 58 47 25 - 75 192 85
- total
March 2002 342 467 307 513 92 211 221
December 2001 334 435 293 461 72 148 215
Financial year to date 341 450 295 484 75 192 216
# Australia operations are defined as surface and near surface operations
DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no allowance has
been made for any adjustments which may be necessary when estimating ore
reserves. All figures below exclude shaft sinking metres
March 2002 December 2001 Nine months to
Quarter Quarter March 2002
Driefontein
Carbon Carbon Carbon
Reef Leader Main VCR Leader Main VCR Leader Main VCR
Advanced (m) 6,409 154 1,366 6,762 163 1,688 19,530 520 4,784
Advanced on reef (m) 813 - 103 954 44 171 2,722 127 566
Sampled (m) 774 - 45 993 63 180 2,775 147 504
Channel width (cm) 127 - 138 74 67 17 94 69 43
Average value - (g/t) 31.8 - 16.7 25.8 14.3 42.5 28.2 15.8 37.3
- (cm.g/t) 4,047 - 2,314 1,904 956 741 2,656 1,098 1,589
March 2002 December 2001 Nine months to
Quarter Quarter March 2002
Kloof
Reef Kloof Main VCR Kloof Main VCR Kloof Main VCR
Advanced (m) 211 625 9,803 449 747 9,637 1,157 2,038 29,771
Advanced on reef (m) 73 135 1,337 166 245 1,544 343 615 4,514
Sampled (m) 84 162 960 63 120 1,386 261 519 3,738
Channel width (cm) 153 209 91 138 143 81 154 149 83
Average value - (g/t) 4.5 15.5 26.7 11.1 9.7 31.5 6.4 12.2 27.6
- (cm.g/t) 699 3,240 2,433 1,536 1,384 2,567 991 1,822 2,284
March 2002 December 2001 Nine months to
Quarter Quarter March 2002
Beatrix
Reef Beatrix Kalkoen Beatrix Kalkoen Beatrix Kalkoen
krans krans krans
Advanced (m) 7,324 1,141 7,480 1,507 20,792 5,203
Advanced on reef (m) 1,230 461 1,285 590 3,626 1,513
Sampled (m) 1,128 507 1,182 558 3,135 1,587
Channel width (cm) 66 123 73 95 69 103
Average value - (g/t) 13.0 12.1 16.3 11.5 14.3 13.2
- (cm.g/t) 858 1,488 1,181 1,084 988 1,356
March 2002 December 2001 Nine months to
Quarter Quarter March 2002
St Helena
Reef Basal Leader Basal Leader Basal Leader
Advanced (m) 268 7 638 162 1,306 278
Advanced on reef (m) 102 7 179 132 414 231
Sampled (m) 33 - 261 78 504 111
Channel width (cm) 73 - 103 79 94 80
Average value - (g/t) 17.4 - 11.5 2.9 11.3 4.5
- (cm.g/t) 1,268 - 1,183 231 1,061 356
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.
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; 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 other 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 forward looking statements to reflect events or circumstances after the
date of this document or to reflect the occurrence of unanticipated events.
CONTACT DETAILS
Corporate Office
Gold Fields Limited
24 St Andrews Road
Parktown
Johannesburg
2193
Postnet Suite 252
Private Bag x 30500
Houghton 2041
Tel: +27 11 644-2400
Fax: +27 11 484-0626
Directors
C M T Thompson+ (Chairman)
A J Wright (Deputy Chairman)
I D Cockerill * (Managing Director)
N J Holland *
J M McMahon *
G R Parker #
P J Ryan
T M G Sexwale
B R van Rooyen
C I von Christierson
+ Canadian * British # USA
London Office
St James' Corporate Services Limited
6 St James' Place
London SW1A 1 NP
Tel: +944 207 499-3916
Fax: +944 207 491-1989
Transfer Offices
Johannesburg
Merchantile Registrars
7th Floor
11 Diagonal Street
Johannesburg, 2001
Tel: 27 11 370-5000
Fax: 27 11 370-5271
Company Secretary
V D MacDonald
24 St Andrews Road
Parktown
Johannesburg
2193
Postnet Suite 252
Private Bag x 30500
Houghton 2041
Tel: +27 11 644-2406
Fax: +27 11 484-0626
London
Capita IRG
Bourne House
34 Beckenham Road
Beckenham Kent BR3 4TU
Tel: +944 208 639-2000
Fax: +944 208 658-3430
American Depositary Receipt Banker
Bank of New York
101 Barclay Street
New York N.Y. 10286
USA
Tel: +91 212 815-5133
Fax: +91 212 571-3050
Investor Relations
Europe & South Africa
Willie Jacobsz
Tel: +27 11 644-2460
Fax: +27 11 484-0639
E-mail: investors@goldfields.co.za
United Kingdom
46 Berkley Street
London
W1X 6AA
Tel: +944 207 322-6341
Fax: +944 207 322-6028
North America
Cheryl A. Martin
Tel: +91 303 796-8683
Fax: +91 303 796-8293
E-mail: camartin@gfexpl.com
This information is provided by RNS
The company news service from the London Stock Exchange
Hsbc Bk. 25 (LSE:50NT)
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