RNS Number:9009Q
Gold Fields Ld
4 February 2002
Gold Fields Limited
Incorporated in the Republic of South Africa
Registration Number 1997/019961/06
ISIN - ZAE 000018123
2002 RESULTS
QUARTERLY RESULTS DECEMBER 2001
QUARTER ENDED 31 DECEMBER 2001
STOCK DATA
Number of shares in issue
- at 31 December 2001 468,954,891
- average for the quarter 460,751,941
Free Float 100%
ADR Ratio 1:1
Bloomberg / Reuters GFISJ / GFLJ.J
JSE Securities Exchange South Africa- (GFI)
Range - Quarter SAR39.90 - SAR66.50
Average Volume - Quarter 1,360,000 shares / day
NASDAQ - (GOLD)
Range - Quarter $4.25 - $5.25
Average Volume - Quarter 555,000 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
EARNINGS TRIPLE FROM 45 CENTS PER SHARE TO 139 CENTS PER SHARE
HIGHLIGHTS
* Earnings rise from R203 million (US$24 million) to R640 million (US$67
million).
* Operating profit increases 114 per cent to R1,064 million (US$110 million).
* Attributable gold output increases 11 per cent to 984,000 ounces.
* Cash costs reduce to US$169 per ounce.
* Rand gold price increases 24 per cent from R73,646 to R91,627 per kilogram.
* Acquisition of WMC gold assets completed 1 December 2001.
DEAR SHAREHOLDERS,
It is indeed pleasing to report a threefold increase in earnings for the
December quarter from R203 million to R640 million. Much but not all of the
increase can be attributed to the decline in the value of the Rand.
Interestingly, the decline has implications that may have far reaching effects
beyond simply improving our profitability. First and critically, our cash
costs have fallen from $200 to $169 per oz moving us solidly up the ranks of
the global competition and will move us further up the ranks again in the
March quarter; we now have low cash costs as well as long life reserves.
Secondly, our US Dollar earnings also rose very strongly from $24 million to
$67 million because of the gearing effects of the Rand. Gold Fields with its
quality assets, and now a meaningful measure of diversification has very
manageable debt levels and strong US dollar earnings. It is in as good a
position as any company in the industry and accordingly we have increased our
dividend to 90 cents per share payable on February 25th.
The December quarter was significant also because of the acquisition of
Western Mining's gold assets in Australia and Ranger Minerals' Abosso assets
in Ghana. These two producers coupled with the successful Tarkwa mine in
Ghana will push Gold Fields gross production outside South Africa to over 35%
of our total. We are very excited about the exploration potential these two
operations bring as well as the new dimensions they add both for our people
and our aspirations. Both are demonstrably value-adding additions, which
vindicates our strategy of careful evaluation and selectivity with regard to
growth. During the quarter our Arctic Platinum Project in Finland progressed
encouragingly as drilling on the Sika Kamma block has started to delineate a
significant higher grade area of mineralisation that may further improve this
already attractive project. We will have more to report on this project after
Easter.
The quarter's results reflect an 11% increase in production, 3% attributable
to South African operations, 8% to the inclusion of one month of production
from Australian operations. Notable achievements for the quarter include the
containment of Rand costs per kilogram for the South African operations; the
significant improvement in the performance of Beatrix and No. 4 Shaft (Oryx)
where the teams put in a sterling effort to achieve record production and
profits, and some much needed improvements from Kloof. Driefontein, drawing
on many months of focused efforts, had an exceptional December and is now
running particularly well. 80,000 tons of high grade ore were stockpiled
during the quarter allowing the mine to continue producing gold over the
usually dormant Christmas period and strongly into January.
The outlook for the March quarter is encouraging. This quarter will reflect
the inclusion of a full quarter from our Australian operations and two months
from the new Abosso operation. In addition, if the current Rand values in the
range of R11-R12 to the dollar are sustained, we can expect greater
contributions from South African operations where we have had the best
operational January we have had for many years. The US Dollar gold price
looks solidly underpinned by strong physical demand in the $280 - $290 range
and the emergence of investment buying of gold in Japan and Germany are
further reasons for optimism in our outlook.
For the calendar year ahead we will continue to look for acquisition
opportunities. We hope that after the Normandy takeover battle pricing
expectations have not risen to prohibitive levels. Real value creation
remains the key to our strategy.
CHRIS THOMPSON
CHAIRMAN & CHIEF EXECUTIVE OFFICER
4 February 2002
SALIENT FEATURES
SA RAND US DOLLARS
Quarter Quarter
September December December September
2001 2001 2001 2001
27,555 30,592 Kg Gold produced* oz (000) 984 886
53,829 55,013 R/kg Cash costs $/oz 169 200
7,675 8,354 000 Tons milled 000 8,354 7,675
73,646 91,627 R/kg Revenue $/oz 279 274
212 215 R/ton Operating costs $/ton 21 25
498 1,064 Rm Operating profit $m 110 59
203 640 Rm Headline earnings $m 67 24
45 139 SA c.p.s. US c.p.s. 15 5
203 640 Rm Net earnings $m 67 24
45 139 SA c.p.s. US c.p.s. 15 5
* Attributable - All companies wholly owned except for Tarkwa (71,1%).
COMMENTARY
Health and Safety
Gold Fields is determined to achieve safety standards at all its operations
that are on par with the Ontario Mines, recognised as the industry benchmark
for safety performance. Consequently it is disappointing to report a less than
satisfactory fatal injury frequency rate of 0.45 for the December 2001
Quarter. Management has set up an internal review of all safety processes,
structures and practices to reverse this trend.
Management and the Board of Gold Fields extend their sincerest condolences to
the families and friends of the five employees who lost their lives as a
result of the collapse of a development end at 1 tertiary shaft Driefontein on
22 January 2002, following two seismic events.
Financial
Gold Fields generated record earnings of R640 million (US$67 million) for the
December 2001 quarter, a threefold increase over earnings of R203 million
(US$24 million) achieved during the previous quarter. The record earnings
arose from an increase in production from the South African operations, the
inclusion of the Australian operations, St Ives and Agnew, for the month of
December and from the significant weakening of the Rand/US Dollar exchange
rate in the period under review.
Revenue for the quarter was R2,869 million (US$287 million), an increase of
R778 million (US$37 million) or 37 per cent over the previous quarter's
revenue of R2,091 million (US$250 million). Attributable gold production
increased from 886,000 ounces to 984,000 ounces, an increase of 11 per cent,
with the Australian operations contributing a total of 68,000 ounces or 8 per
cent to the increase in gold production. The increase in the Rand gold price
received to R91,627 per kilogram resulted mainly from the weakening of the
quarterly average Rand/US Dollar exchange rate by 21 per cent from R8.37
during the September quarter to R10.12 in the December quarter. The Dollar
gold price also increased from US$274 to US$279 per ounce, quarter on quarter.
Operating costs increased to R1,781 million (US$175 million) for the quarter,
compared to R1,611 million (US$193 million) during the previous quarter. This
increase is mainly due to the weaker exchange rate, resulting in higher Rand
costs at Tarkwa which is largely US Dollar based, the inclusion of St Ives and
Agnew in Australia and a marginal increase of less than 2 per cent at the
South African operations, which is attributed to the higher production.
The increased production, together with the higher gold price received,
resulted in operating profit for the December quarter more than doubling to
R1,064 million (US$110 million), compared to R498 million (US$59 million) for
the September quarter.
Amortisation and depreciation increased significantly from R152 million (US$18
million) in the September quarter to R213 million (US$21 million) in the
current quarter as a result of the inclusion of the Australian operations and
the higher output.
Other income for the quarter was R48 million (US$5 million) and related mainly
to the positive marked to market valuation of currency financial derivatives
established during the quarter. US$500 million of Australian Dollar/United
States Dollar currency financial derivatives were established over a period of
five years in respect of the Agnew and St Ives operations. Due to the fact
that US$160 million of debt was drawn down to acquire these operations, along
with the issue of 12 million shares, it was deemed prudent to establish the
financial derivatives to protect the cash flows of the operations in the event
of a strengthening of the Australian dollar. The financial derivatives are a
combination of outright forwards and options and provide protection at
exchange rates ranging between 49 and 52 US cents.
Details of the financial derivatives are provided on page 9. The marked to
market profit at the end of the quarter was R27 million (US$2 million).
In addition, US$61 million of South African Rand/United States Dollar outright
forwards were also established during the quarter for a period of one year at
an average contract rate of R13.34 to the Dollar. The marked to market profit
at the end of the quarter was approximately R24 million (US$2 million) .
Profit before tax at R875 million (US$91 million) compares to the R330 million
(US$39 million) recorded in the September quarter. Taxation at R212 million
(US$22 million) is double the previous quarter as a result of the increased
operating profit. Net earnings, after deducting minorities, were thus R640
million (US$67 million) or 139 cents per share compared to R203 million (US$24
million) or 45 cents per share in the previous quarter.
Operating cash flow for the quarter was R1,219 million (US$126 million), an
increase of R851 million (US$81 million) compared to the September quarter.
Capital expenditure was R328 million (US$35 million) as compared to R301
million (US$33 million) in the September quarter. The lower capital
expenditure at Kloof from a catch up in the previous quarter, was offset by
the inclusion of expenditure of R51 million (US$4 million) at the Australian
operations. Net cash flow for the quarter after taking account of investing
and financing activities was R522 million (US$54 million).
The cash balance at the end of December was R888 million (US$74 million),
triple that held at the end of the previous quarter. Debt at the end of the
quarter (relating to the acquisition of the Agnew and St Ives operations from
WMC) was R1,980 million (US$165 million).
Operations
- Overview
Attributable gold production increased from 886,000 ounces to 984,000 ounces,
of which 68,000 ounces was produced in Australia for the December month only.
At the South African operations production increased by 33,000 ounces due to
an increase in output from the Free State of 22,000 ounces and an increase
from Kloof of 11,000 ounces as a result of increased tons milled and an
improvement in yield. Driefontein's output remained flat quarter on quarter
while Tarkwa decreased marginally in line with plan. Ore milled increased to
8.35 million tons from 7.68 million tons in the September quarter with yields
remaining constant despite the inclusion of 698,000 tons from Australia at an
average yield of 3.0 grams per ton. Cash costs for the Group decreased from
US$200 per ounce to US$169 per ounce as a result of three main factors, the
increase in production at Kloof and Beatrix, the weakening of the Rand/Dollar
exchange rate by 21 per cent and the inclusion of production from Australia at
a cash cost of US$161 per ounce.
- South African Operations
Driefontein's production was stable at 324,000 ounces at a slightly lower
yield (6.0 grams per ton vs last quarter's 6.4 grams per ton) due to an
increase in surface tonnage from 587,000 tons to 732,000 tons treated at 2.0
grams per ton. Underground tonnage decreased from 984,000 to 937,000 at 9.2
grams per ton as a result of re-establishing previously achieved levels of
surface production. Cash costs increased 2 per cent in Rand terms to R51,801
per kilogram but reduced in Dollar terms from US$189 per ounce to US$159 per
ounce quarter on quarter. Capital expenditure remained unchanged from the
previous quarter at R123 million (US$13 million).
At Kloof the 4 per cent increase in production from 279,000 ounces to 290,000
ounces was mainly due to an increase in underground tonnage from 831,000 to
861,000 tons and an increase in surface tonnage from 310,000 to 324,000. The
yield was 7.6 grams per ton. This increase in output together with the
weakening Rand US Dollar exchange rate resulted in a significant decrease in
cash costs from US$210 per ounce to US$168 per ounce and a decrease in the
Rand cash cost of 2 per cent to R54,715 per kilogram. Cost per ton milled
decreased from R450 to R435, as operating costs remained virtually unchanged
when compared to the previous quarter despite the increased mining volumes.
In the Free State, production at Beatrix increased from 145,000 ounces to
167,000 ounces, due to an increase in volume but more importantly, due to a
significant improvement in yield, particularly at Beatrix 4 shaft. Tons
milled increased by 20,000 tons to 1,005,000 tons due to an increase in
underground tonnage and surface tonnage decreased to 69,000 from 88,000 tons
in the previous quarter. Cash costs reduced to US$168 from US$222 per ounce
and in Rand terms reduced 9 per cent to R54,649 per kilogram mainly due to the
increased output.
St Helena's production remained flat at 32,000 ounces with the decrease in
milling tonnage offset by an increase in yield from 5.7 grams per ton to 6.1
grams per ton for the quarter. The decrease in operating cost due to the
lower mining volumes resulted in a decrease in cash costs from R82,240 per
kilogram (US$ 306 per ounce) to R73,711 per kilogram (US$ 227 per ounce). The
increased revenue resulted in a profit after tax of R16 million (US$2
million), the first profit since December 1999.
- Metallurgical Plants
The upgrade of metallurgical facilities at Driefontein and Kloof sections is
progressing well. Optimisation of the new Carbon in Pulp facilities at
Driefontein 1 and 2 Plants and Kloof 1 Plant is underway with encouraging
results being achieved.
The second phase of this upgrade strategy provides for the replacement of the
high cost crushing and milling comminution section with modern large SAG/Ball
mills. The first of these installations is in progress at Driefontein 2 Plant
with expected completion in June 2002. A feasibility study is well advanced
for the Driefontein 1 Plant installation, which is scheduled to commence in
July 2002. Both these installations will utilise second hand milling units in
order to expedite the project timing and reduce capital costs.
- International Operations
- Ghana (Tarkwa)
Production was down 4 per cent to 145,000 ounces from the record levels
achieved last quarter mainly due to production from lower grade areas.
Production is expected to increase in the March 2002 quarter with the
inclusion of the Damang mine's results from February month. Cash costs
increased from US$163 per ounce to US$174 per ounce due to the slightly lower
gold production, while cost per ton remained at US$7 but increased 24 per cent
in Rand terms to R72 per ton. In Dollar terms revenue and costs remained
virtually unchanged with earnings moderately down.
- Australia (St Ives and Agnew)
Completion of the acquisition of the St Ives and Agnew Mines from WMC
Resources Limited occurred on 30 November 2001, resulting in a full month's
contribution to this quarter's results from Australian operations. For the
month of December these operations produced a total of 68,000 ounces at cash
costs of US$161 per ounce. During this period the development of new
operating and business systems was completed and tested and a new management
team established. The near term focus will remain on maintaining current
production levels and optimising existing operations. Exploration expenditure
will be ramped up on both sites over the next 18 months. Once the resource and
reserve potential is more fully defined a long range plan will be implemented
to realise the full potential of the two sites.
- Arctic Platinum
Confirmatory metallurgical studies continued during the quarter at Arctic
Platinum and included pilot plant testing. Additional drilling was completed
at Ahmavarra and Konttijarvi in anticipation of the Suhanko feasibility study,
which is expected to be completed by September 2002. SK Reef prospect
drilling has been successful and will result in a resource being published
during the March quarter. Scoping studies are underway to examine the
possible role that mining at SK Reef could have on the Suhanko Project. As a
result of cumulative expenditures of US$13 million being attained as at 17
January 2002, Gold Fields has earned a 51 per cent interest in the project and
future expenditures will be split 51:49 with partners Outokumpu Mining Oy.
Outlook
The majority of the further movement in the weakening Rand took place in the
last month of the quarter, with the Rand gold price averaging just over
R100,000 per kilogram in December as compared to R91,627 per kilogram for the
quarter. A sustained higher Rand per kilogram price, together with the
inclusion of the results of the Australian operations for a full quarter and
the inclusion of the results of the Damang mine should result in the excellent
earning levels achieved in the December quarter being improved over the
remaining six months of the fiscal year.
General
- Union Agreements
A landmark agreement on HIV/AIDS in the workplace as well as an agreement on
Competencies and Job grading was signed with unions and employee associations.
The HIV/AIDS agreement encompasses a wide range of initiatives aimed at
preventing the spread of HIV as well as a programme aimed at the treatment and
care of employees who are HIV positive or suffering from AIDS. Gold Fields
believes that this agreement will provide it with the necessary tools to more
effectively fight HIV/AIDS and minimise the impact of the disease on the
Group's South African operations, its people and their families and the
communities the Group operates in.
The objective of the Competencies and Job Grading is to establish a process of
determining job competencies and organisational structures, including job
profiles and job grades, which will serve to improve safety and productivity
as well as competencies of employees.
- Acquisition of Abosso Gold Fields
On 7 January 2002 Ranger shareholders approved the proposed acquisition of the
Abosso/Damang mine by Repadre and Gold Fields. This transaction closed on 23
January 2002. This operation is expected to produce in excess of 250,000
ounces per annum at cash costs of US$200 per ounce to US$215 per ounce. It is
intended to explore the operational and other synergies that may exist between
Tarkwa and Damang and to commence an aggressive exploration programme of the
highly prospective geology lying between Tarkwa and Damang.
A loan facility of US$50 million has been established to finance the
acquisition price of A$63.3 million, to replace existing debt of US$10 million
and to provide working capital.
- Oryx and St Helena Options Granted
As previously advised in support of the much needed consolidation process in
the Free State region, Gold Fields has granted the ARM/Harmony joint venture
an exclusive option to negotiate the possible disposal of the St Helena mine
and Beatrix 4 shaft. In return Harmony granted Gold Fields an exclusive
option to negotiate the acquisition of 8.6 per cent of Harmony's 9.9 per cent
in Aurion Gold of Australia. As no fixed agreement has been reached with
respect to the options granted, both parties have agreed to extend the
respective options to 15 February 2002.
Dividend
In line with the company's policy of paying out 50 per cent of its earnings,
an interim dividend of 90 cents per share has been declared payable to all
shareholders. The last date to trade "CUM" the dividend, in order to
participate in the dividend will be Friday, 15 Febraury 2002. The shares will
commence trading "EX" the dividend form the commencement of business on Monday
18 February 2002, and the record date will be Friday 22 February 2002.
Payment from the United Kingdom will be made in Sterling at the rate of
exchange ruling on 22 February 2002 or the first date thereafter on which a
rate of exchange is available. Payment will be made on 25 February 2002.
Share certificates may not be dematerialised or rematerialised between Monday,
11 February 2002 and Friday, 22 February 2002, both dates inclusive.
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 December 2001 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 Six months to
December September December December December
2001 2001 2000 2001 2000
Revenue 2,869.4 2,090.8 1,986.8 4,960.2 3,917.0
Operating cost^ 1,780.5 1,611.0 1,475.3 3,391.5 2,985.4
Gold inventory change 24.9 (17.7) 0.8 7.2 9.7
Operating profit 1,064.0 497.5 510.7 1,561.5 921.9
Amortisation and depreciation 212.9 151.5 159.2 364.4 315.5
Net operating profit 851.1 346.0 351.5 1,197.1 606.4
Other income 47.8 9.9 42.7 57.7 60.0
Exploration (24.4) (26.0) (13.6) (50.4) (27.6)
Profit before taxation 874.5 329.9 380.6 1,204.4 638.8
Mining and income taxation 211.7 104.8 79.9 316.5 123.3
- Normal taxation 170.2 34.0 49.6 204.2 71.7
- Deferred taxation 41.5 70.8 30.3 112.3 51.6
Profit after taxation 662.8 225.1 300.7 887.9 515.5
Minority interest 23.1 21.7 24.2 44.8 38.5
Net earnings 639.7 203.4 276.5 843.1 477.0
Net earnings per share (cents) 139 45 61 184 105
Headline earnings 639.7 203.4 276.5 843.1 477.0
Headline earnings
per share (cents) 139 45 61 184 105
Gold declared
- managed less capitalised kg 31,316 28,390 30,234 59,706 61,286
Gold price received R/kg 91,627 73,646 65,714 83,077 63,913
Cash costs R/kg 55,013 53,829 46,761 54,450 46,581
^ Prior years quarterly results have been reclassified to include retrenchment
costs as part of operating cost and not as exceptional items
INCOME STATEMENTS
International Accounting Standards Basis
US DOLLARS
Quarter Six months to
December September December December December
2001 2001 2000 2001 2000
Revenue 287.0 249.8 261.4 536.8 537.3
Operating cost^ 174.5 192.5 194.2 367.0 409.4
Gold inventory change 2.9 (2.1) 0.1 0.8 1.3
Operating profit 109.6 59.4 67.1 169.0 126.6
Amortisation and depreciation 21.3 18.1 20.9 39.4 43.3
Net operating profit 88.3 41.3 46.2 129.6 83.3
Other income 5.0 1.2 5.7 6.2 8.3
Exploration (2.4) (3.1) (1.8) (5.5) (3.8)
Profit before taxation 90.9 39.4 50.1 130.3 87.8
Mining and income taxation 21.7 12.6 10.5 34.3 16.8
- Normal taxation 18.0 4.1 6.5 22.1 9.7
- Deferred taxation 3.7 8.5 4.0 12.2 7.1
Profit after taxation 69.2 26.8 39.6 96.0 71.0
Minority interest 2.2 2.6 3.2 4.8 5.3
Net earnings 67.0 24.2 36.4 91.2 65.7
Net earnings per share (cents) 15 5 8 20 15
Headline earnings 67.0 24.2 36.4 91.2 65.7
Headline earnings
per share (cents) 15 5 8 20 15
SA Rand / US$ conversion rate 10.12 8.37 7.60 9.24 7.29
Gold declared - managed
less capitalised ozs (000) 1,007 913 972 1,920 1,970
Gold price received $/oz 279 274 269 277 273
Cash costs $/oz 169 200 191 183 199
BALANCE SHEETS
International Accounting Standards Basis
(Figures are in millions unless otherwise stated)
SA Rand US Dollar
December June December June
2001 2001 2001 2001
Mining and mineral assets 14,673.8 11,077.2 1,222.8 1,372.6
Non-current assets 188.8 180.6 15.7 22.4
Investments 369.6 259.6 30.8 32.2
Current assets 2,616.6 1,050.1 218.1 130.1
- Cash and deposits 887.5 190.0 74.0 23.5
- Other current assets 1,729.1 860.1 144.1 106.6
Total assets 17,848.8 12,567.5 1,487.4 1,557.3
Shareholders' equity 9,169.1 7,075.6 764.1 876.8
Outside shareholders'
interest 484.8 317.1 40.4 39.3
Deferred taxation 3,548.8 3,381.2 295.7 419.0
Long-term loans 1,536.8 - 128.1 -
Environmental
rehabilitation provisions 726.6 530.8 60.6 65.8
Post-retirement
health care provisions 240.2 235.4 20.0 29.2
Current liabilities 2,142.5 1,027.4 178.5 127.2
- Other current liabilities 1,699.4 1,027.4 141.6 127.2
- Short term loan 443.1 - 36.9 -
Total equity and liabilities 17,848.8 12,567.5 1,487.4 1,557.3
S.A. Rand/U.S. Dollar conversion rate 12.00 8.07
CONDENSED STATEMENT OF CHANGES IN EQUITY
SA Rand US Dollar
December December December December
2001 2000 2001 2000
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 804.5 107.0 (210.6) (115.3)
Issue of share capital 565.3 26.4 47.1 3.5
Marked to market valuation
of listed investments 63.1 - 5.3 -
Dividends (182.5) - (21.5) -
Net earnings 843.1 477.0 67.0 65.7
Balance as at the end
of December 9,169.1 8,824.8 764.1 1,167.3
CASH FLOW STATEMENTS
International Accounting Standards Basis
(Figures are in millions unless otherwise stated)
SA RAND Quarter Six months to
December September December December
2001 2001 2001 2000
Cash flow from
operating activities 1,219.2 368.3 1,587.5 626.5
Profit before tax 874.5 329.9 1,204.4 638.8
Amortisation and depreciation 212.9 151.5 364.4 315.5
Change in working capital 58.5 (143.9) (85.4) (186.1)
Taxation paid (18.6) (16.9) (35.5) (161.8)
Other non-cash items 91.9 47.7 139.6 20.1
Dividends paid (182.5) (182.5) -
Cash utilised in
investing activities (2,202.9) (331.0) (2,533.9) (514.4)
Capital expenditure - net (328.3) (300.9) (629.2) (479.6)
Purchase of investments - net (21.4) (25.5) (46.9) (25.8)
Investments in environmental
trust funds and
post retirement
health care payments (4.9) (4.6) (9.5) (9.0)
Acquisition of subsidiaries (1,848.3) - (1,848.3) -
Cash flow from
financing activities 1,505.2 209.5 1,714.7 (4.0)
Loan raised 1,694.9 200.0 1,894.9 -
Loans repaid (200.0) - (200.0) (30.4)
Shares issued 10.3 9.5 19.8 26.4
Net cash inflow 521.5 64.3 585.8 108.1
Translation adjustment 90.0 21.7 111.7 19.0
Cash at beginning of period 276.0 190.0 190.0 514.9
Cash at end of period 887.5 276.0 887.5 642.0
US DOLLAR Quarter Six months to
December September December December
2001 2001 2001 2000
Cash flow from
operating activities 126.3 44.9 171.2 87.8
Profit before tax 90.9 39.4 130.3 87.8
Amortisation and depreciation 21.3 18.1 39.4 43.3
Change in working capital 8.9 (16.0) (7.1) (24.6)
Taxation paid (1.1) (1.9) (3.0) (21.4)
Other non-cash items 6.3 5.3 11.6 2.7
Dividends paid - (21.5) (21.5) -
Cash utilised in
investing activities (216.1) (36.7) (252.8) (68.0)
Capital expenditure - net (34.7) (33.4) (68.1) (63.4)
Purchase of investments - net (1.1) (2.8) (3.9) (3.4)
Investments in environmental
trust funds and
post retirement
health care payments (0.3) (0.5) (0.8) (1.2)
Acquisition of subsidiaries (180.0) - (180.0) -
Cash flow from
financing activities 143.4 23.3 166.7 (0.5)
Loan raised 165.0 22.2 187.2 -
Loans repaid (22.2) - (22.2) (4.0)
Shares issued 0.6 1.1 1.7 3.5
Net cash inflow 53.6 10.0 63.6 19.3
Translation adjustment (10.2) (2.9) (13.1) (10.5)
Cash at beginning of period 30.6 23.5 23.5 76.1
Cash at end of period 74.0 30.6 74.0 84.9
HEDGING POLICY
As a general rule Gold Fields does not hedge the gold price except in
exceptional circumstances:
* the existence of debt finance
* in times of high gold prices.
Gold Fields may from time to time establish currency hedges to protect
underlying cash flows.
During the December quarter Gold Fields established four currency positions,
being Australian Dollars against US Dollars and US Dollars against Rand.
These are described in the schedule. However, it has been decided not to
account for these positions under the hedge accounting rules of IAS 39 and
accordingly the positions have been marked to market at the quarter end.
DERIVATIVE FINANCIAL INSTRUMENTS
000's
Year ended 30 June
US DOLLAR / AUSTRALIAN DOLLAR
2002 2003 2004 2005 2006 2007 Total
Forward sales:
Amount (US Dollars) 25,000 50,000 50,000 50,000 50,000 25,000 250,000
Average Rate
(USD/AUD) 0.4934 0.4934 0.4934 0.4934 0.4934 0.4934
Zero cost collar:
Amount (US Dollars) 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 R26.9million (USD 2.3million). The value was based
on exchange rates of R/USD 11,8550 and USD/AUD of 0.5121 and the prevailing
interest rates and volatilities at the time.
Forward purchases:
Amount
(Australian Dollars) 63,300 63,300
Average rate
(USD/AUD) 0.5190
The marked to market value of the transaction making up the position in the
above table was a negative R5.5million (USD 0.5million). The value was based
on exchange rates of R/USD 11,8550 and USD/AUD of 0.5121 and the prevailing
interest rates and volatilities at the time.
RAND / US DOLLAR
Forward sales:
Amount (US Dollars) 61,000 61,000
Average Rate
(ZAR/USD) 13.3363
The marked to market value of the transaction making up the position in the
above table was a positive R 23.8million (USD 2.0million). The value was
based on an exchange rate of R/USD 11.8550 and the prevailing interest rates
and volatilities at the time.
TOTAL CASH COSTS
(All figures are in Rand millions unless otherwise stated)
Drie- Free State Div.
fontein Kloof St Ghana
Div. Div. Beatrix Helena Tarkwa Australia* Total
Operating costs (1)
December 2001 557.8 487.3 294.9 74.2 262.9 103.4 1,780.5
September 2001 544.1 485.0 279.7 83.2 219.0 1,611.0
Financial year to date 1,101.9 972.3 574.6 157.4 481.9 103.4 3,391.5
Gold in process change
December 2001 0.0 0.0 0.0 0.0 (9.8) 31.4 21.6
September 2001 0.0 0.0 0.0 0.0 (15.6) (15.6)
Financial year to date 0.0 0.0 0.0 0.0 (25.4) 31.4 6.0
Less:-
- Rehabilitation costs
December 2001 2.8 1.6 1.0 (0.2) 0.2 2.2 7.6
September 2001 2.8 1.6 0.8 0.2 0.2 5.6
Financial year to date 5.6 3.2 1.8 0.0 0.4 2.2 13.2
- Production taxes
December 2001 5.1 3.6 1.5 0.4 0.0 0.0 10.6
September 2001 5.0 3.1 1.4 0.3 0.0 9.8
Financial year to date 10.1 6.7 2.9 0.7 0.0 0.0 20.4
- General and
administration
December 2001 32.9 23.8 10.6 1.5 10.2 10.5 89.5
September 2001 29.3 22.2 10.3 1.5 8.7 72.0
Financial year to date 62.2 46.0 20.9 3.0 18.9 10.5 161.5
Cash operating costs
December 2001 517.0 458.3 281.8 72.5 242.7 122.1 1,694.4
September 2001 507.0 458.1 267.2 81.2 194.5 1,508.0
Financial year to date 1,024.0 916.4 549.0 153.7 437.2 122.1 3,202.4
Plus: -
- Production taxes
December 2001 5.1 3.6 1.5 0.4 0.0 0.0 10.6
September 2001 5.0 3.1 1.4 0.3 0.0 9.8
Financial year to date 10.1 6.7 2.9 0.7 0.0 0.0 20.4
- Royalties
December 2001 0.0 0.0 0.0 0.0 12.3 5.5 17.8
September 2001 0.0 0.0 0.0 0.0 10.4 10.4
Financial year to date 0.0 0.0 0.0 0.0 22.7 5.5 28.2
CASH COSTS (2)
December 2001 522.1 461.9 283.3 72.9 255.0 127.6 1,722.8
September 2001 512.0 461.2 268.6 81.5 204.9 1,528.2
Financial year to date 1,034.1 923.1 551.9 154.4 459.9 127.6 3,251.0
Plus: -
- Amortisation
December 2001 55.0 35.2 21.1 0.1 36.5 41.0 188.9
September 2001 53.6 27.9 16.1 0.0 30.0 127.6
Financial year to date 108.6 63.1 37.2 0.1 66.5 41.0 316.5
- Rehabilitation
December 2001 2.8 1.6 1.0 (0.2) 0.2 2.2 7.6
September 2001 2.8 1.6 0.8 0.2 0.2 5.6
Financial year to date 5.6 3.2 1.8 0.0 0.4 2.2 13.2
TOTAL PRODUCTION COSTS (3)
December 2001 579.9 498.7 305.4 72.8 291.7 170.8 1,919.3
September 2001 568.4 490.7 285.5 81.7 235.1 1,661.4
Financial year to date 1,148.3 989.4 590.9 154.5 526.8 170.8 3,580.7
Gold produced
- thousand ounces ^
December 2001 324.0 271.4 166.7 31.8 144.8 68.1 1006.8
September 2001 323.6 262.6 144.5 31.9 150.1 912.8
Financial year to date 647.7 534.0 311.2 63.7 295.0 68.1 1,919.6
CASH COSTS
- US$/oz
December 2001 159 168 168 227 174 161 169
September 2001 189 210 222 306 163 200
Financial year to date 173 187 192 262 169 161 183
TOTAL PRODUCTION COSTS
- US$/oz
December 2001 177 182 181 226 199 215 188
September 2001 210 223 236 306 187 217
Financial year to date 192 201 205 263 193 215 202
DEFINITIONS
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) 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.
^ Excludes gold production at Kloof 4 shaft of 578 kilograms (18,583 ounces)
for the December quarter (September 514 kilograms - 16,526 ounces), which is
capitalised.
* Operating results for the Australian operations, Agnew and St Ives, are
included from 1 December 2001, the effective date of purchase.
Exchange rates applied are US$1 = R8.37 and US$1 = R10.12 for the September
and December 2001 quarters respectively. Year to date US$1 = R9.24.
The exchange rate used to convert Australia's Agnew and St Ives at A$1=R5.99
equates to US$1=R11.65 as this is for December only.
Gold produced, given in thousand ounces, are rounded independently and may not
add.
OPERATING AND FINANCIAL RESULTS
Individual Mines
SA RAND TOTAL
Drie- Free State Div. MINE
fontein Kloof St Ghana ** OPERA-
Div. Div. Beatrix Helena Tarkwa Australia TIONS
Operating Results
Ore milled / treated
(000 tons)*
December 2001 1,669 1,185 1,005 161 3,636 698 8,354
September 2001 1,571 1,141 985 173 3,805 7,675
Financial year to date 3,240 2,326 1,990 334 7,441 698 16,029
Yield (grams per ton)
December 2001 6.0 7.6 5.2 6.1 1.2 3.0 3.8
September 2001 6.4 7.6 4.6 5.7 1.2 3.8
Financial year to date 6.2 7.6 4.9 5.9 1.2 3.0 3.8
Gold produced (kilograms)
December 2001 10,079 9,020 5,184 989 4,505 2,117 31,894
September 2001 10,066 8,682 4,496 991 4,669 28,904
Financial year to date 20,145 17,702 9,680 1,980 9,174 2,117 60,798
Gold declared (kilograms)
December 2001 10,079 9,020 5,184 989 4,505 2,117 31,894
September 2001 10,066 8,682 4,496 991 4,669 28,904
Financial year to date 20,145 17,702 9,680 1,980 9,174 2,117 60,798
Gold price received
(Rand per kilogram)
December 2001 92,212 90,085 89,120 90,495 90,433 104,204 91,627
September 2001 73,535 73,372 74,044 73,360 74,042 73,646
Financial year to date 82,879 81,866 82,118 81,919 82,091 104,204 83,077
Cash costs
(Rand per kilogram)
December 2001 51,801 54,715 54,649 73,711 56,604 60,274 55,013
September 2001 50,864 56,464 59,742 82,240 43,885 53,829
Financial year to date 51,333 55,575 57,014 77,980 50,131 60,274 54,450
Cash costs
(US Dollars per ounce)
December 2001 159 168 168 227 174 161 169
September 2001 189 210 222 306 163 200
Financial year to date 173 187 192 262 169 161 183
Total production costs
(Rand per kilogram)
December 2001 57,535 59,074 58,912 73,610 64,750 80,680 61,288
September 2001 56,467 60,076 63,501 82,442 50,353 58,521
Financial year to date 57,002 59,567 61,043 78,030 57,423 80,680 59,972
Operating costs
(Rand per ton)
December 2001 334 435 293 461 72 148 215
September 2001 346 450 284 481 58 212
Financial year to date 340 443 289 471 65 148 213
Financial Results
(Rand million)
Unaudited -
Revenue
December 2001 929.4 760.5 462.0 89.5 407.4 220.6 2,869.4
September 2001 740.2 599.3 332.9 72.7 345.7 2,090.8
Financial year to date 1,669.6 1,359.8 794.9 162.2 753.1 220.6 4,960.2
Operating costs
December 2001 557.8 487.3 294.9 74.2 262.9 103.4 1,780.5
September 2001 544.1 485.0 279.7 83.2 219.0 1,611.0
Financial year to date 1,101.9 972.3 574.6 157.4 481.9 103.4 3,391.5
Gold inventory change
December 2001 0.0 0.0 0.0 0.0 (11.4) 36.3 24.9
September 2001 0.0 0.0 0.0 0.0 (17.7) (17.7)
Financial year to date 0.0 0.0 0.0 0.0 (29.1) 36.3 7.2
Operating profit
December 2001 371.6 273.2 167.1 15.3 155.9 80.9 1,064.0
September 2001 196.1 114.3 53.2 (10.5) 144.4 497.5
Financial year to date 567.7 387.5 220.3 4.8 300.3 80.9 1,561.5
Amortisation of
mining assets ^
December 2001 55.0 35.2 21.1 0.1 36.5 41.0 188.9
September 2001 53.6 27.9 16.1 0.0 30.0 127.6
Financial year to date 108.6 63.1 37.2 0.1 66.5 41.0 316.5
Net operating profit
December 2001 316.6 238.0 146.0 15.2 119.4 39.9 875.1
September 2001 142.5 86.4 37.1 (10.5) 114.4 369.9
Financial year to date 459.1 324.4 183.1 4.7 233.8 39.9 1,245.0
Other income/(costs)
December 2001 (5.1) (1.7) 0.5 0.6 2.6 (13.9) (17.0)
September 2001 (1.7) (0.7) 0.5 0.3 0.5 (1.1)
Financial year to date (6.8) (2.4) 1.0 0.9 3.1 (13.9) (18.1)
Profit before taxation
December 2001 311.5 236.3 146.5 15.8 122.0 26.0 858.1
September 2001 140.8 85.7 37.6 (10.2) 114.9 368.8
Financial year to date 452.3 322.0 184.1 5.6 236.9 26.0 1,226.9
Mining and income taxation
December 2001 109.9 63.5 0.8 0.0 41.8 12.5 228.5
September 2001 37.5 35.1 0.0 0.0 39.6 112.2
Financial year to date 147.4 98.6 0.8 0.0 81.4 12.5 340.7
- Normal taxation
December 2001 87.6 54.6 0.8 0.0 15.0 9.7 167.7
September 2001 19.1 0.2 0.0 0.0 13.0 32.3
Financial year to date 106.7 54.8 0.8 0.0 28.0 9.7 200.0
- Deferred taxation
December 2001 22.3 8.9 0.0 0.0 26.8 2.8 60.8
September 2001 18.4 34.9 0.0 0.0 26.6 79.9
Financial year to date 40.7 43.8 0.0 0.0 53.4 2.8 140.7
Net earnings
December 2001 201.6 172.8 145.7 15.8 80.2 13.5 629.6
September 2001 103.3 50.6 37.6 (10.2) 75.3 256.6
Financial year to date 304.9 223.4 183.3 5.6 155.5 13.5 886.2
Capital expenditure
(Rand million)
December 2001 122.5 67.5 54.3 0.6 29.6 51.1 325.6
September 2001 119.5 118.2 41.9 1.5 19.8 300.9
Financial year to date 242.0 185.7 96.2 2.1 49.4 51.1 626.5
Planned for next
six months to June 2002 180.9 115.8 117.0 0.0 66.3 474.7 954.7
^ Excludes the fair value adjustment from the merger of Driefontein and Gold
Fields Limited
* Ore milled at Driefontein includes 732,000 surface tons at 2.0 g/t at
R53/ton (September 587,000 tons at 2.1 g/t at 67/ton) and underground
operations yielding 9.2 g/t from 937,000 tons at R554/ton (September 984,000
tons at 9.0 g/t at R513/ton).
Other surface operations were as follows: Kloof - 324,000 tons at 0.6 g/t at
R38/ton (September 310,000 tons at 0.6 g/t at R46/ton), Beatrix - 69,000 tons
at 1.0 g/t at R33/ton (September 88,000 tons at 1.2 g/t at R31/ton) and in
Australia, St Ives surface tons of 539,000 at 2.2 g/t (R84/ton), Agnew -
surface tons of 26,000 at 6.3 g/t (R258/ton). Tarkwa is a surface operation.
** Operating results for Australia's Agnew and St Ives are included as from 1
December 2001, the effective date of purchase.
OPERATING AND FINANCIAL RESULTS
Individual Mines
US DOLLAR CONVERSION TOTAL
Drie- Free State Div. MINE
fontein Kloof St Ghana ** OPERA-
Div. Div. Beatrix Helena Tarkwa Australia TIONS
Operating Results
Ore milled /
treated (000 tons)*
December 2001 1,669 1,185 1,005 161 3,636 698 8,354
September 2001 1,571 1,141 985 173 3,805 7,675
Financial year to date 3,240 2,326 1,990 334 7,441 698 16,029
Yield (ounces per ton)
December 2001 0.194 0.245 0.166 0.197 0.040 0.098 0.123
September 2001 0.206 0.245 0.147 0.184 0.039 0.121
Financial year to date 0.200 0.245 0.156 0.191 0.040 0.098 0.122
Gold produced
(000 ounces)
December 2001 324.0 290.0 166.7 31.8 144.8 68.1 1,025.4
September 2001 323.6 279.1 144.5 31.9 150.1 929.3
Financial year to date 647.7 569.1 311.2 63.7 295.0 68.1 1,954.7
Gold declared
(000 ounces)
December 2001 324.0 290.0 166.7 31.8 144.8 68.1 1,025.4
September 2001 323.6 279.1 144.5 31.9 150.1 929.3
Financial year to date 647.7 569.1 311.2 63.7 295.0 68.1 1,954.7
Gold price received
(US Dollars per ounce)
December 2001 283 277 274 278 278 278 279
September 2001 273 273 275 273 275 274
Financial year to date 279 276 276 276 276 278 277
Cash costs
(US Dollars per ounce)
December 2001 159 168 168 227 174 161 169
September 2001 189 210 222 306 163 200
Financial year to date 173 187 192 262 169 161 183
Total production costs
(US Dollars per ounce)
December 2001 177 182 181 226 199 215 188
September 2001 210 223 236 306 187 217
Financial year to date 192 201 205 263 193 215 202
Operating costs
(US Dollars per ton)
December 2001 33 43 29 46 7 13 21
September 2001 41 54 34 57 7 25
Financial year to date 37 48 31 51 7 13 23
Financial Results
(US$ million)
- Unaudited
Revenue
December 2001 92.3 75.6 46.3 8.9 40.2 23.9 287.0
September 2001 88.4 71.6 39.8 8.7 41.3 249.8
Financial year to date 180.7 147.2 86.0 17.6 81.5 23.9 536.8
Operating costs
December 2001 54.2 47.3 28.8 7.1 26.0 11.2 174.5
September 2001 65.0 57.9 33.4 9.9 26.2 192.5
Financial year to date 119.3 105.2 62.2 17.0 52.2 11.2 367.0
Gold inventory change
December 2001 0.0 0.0 0.0 0.0 (1.0) 3.1 2.9
September 2001 0.0 0.0 0.0 0.0 (2.1) (2.1)
Financial year to date 0.0 0.0 0.0 0.0 (3.1) 3.1 0.8
Operating profit
December 2001 38.0 28.3 17.5 1.8 15.2 8.8 109.6
September 2001 23.4 13.7 6.4 (1.3) 17.3 59.4
Financial year to date 61.4 41.9 23.8 0.5 32.5 8.8 169.0
Amortisation of
mining assets ^
December 2001 5.3 3.5 2.1 0.0 3.6 4.4 19.0
September 2001 6.4 3.3 1.9 0.0 3.6 15.2
Financial year to date 11.8 6.8 4.0 0.0 7.2 4.4 34.3
Net operating profit
December 2001 32.7 24.8 15.4 1.8 11.6 4.3 90.5
September 2001 17.0 10.3 4.4 (1.3) 13.7 44.2
Financial year to date 49.7 35.1 19.8 0.5 25.3 4.3 134.7
Other income/(costs)
December 2001 (0.5) (0.2) 0.1 0.1 0.3 (1.5) (1.8)
September 2001 (0.2) (0.1) 0.1 0.0 0.1 (0.1)
Financial year to date (0.7) (0.3) 0.1 0.1 0.3 (1.5) (1.9)
Profit before taxation
December 2001 32.1 24.6 15.5 1.8 11.9 2.8 88.7
September 2001 16.8 10.2 4.5 (1.2) 13.7 44.1
Financial year to date 48.9 34.8 20.0 0.6 25.6 2.8 132.8
Mining and income taxation
December 2001 11.5 6.5 0.1 0.0 4.1 1.4 23.5
September 2001 4.5 4.2 0.0 0.0 4.7 13.4
Financial year to date 16.0 10.7 0.1 0.0 8.8 1.4 36.9
- Normal taxation
December 2001 9.3 5.9 0.1 0.0 1.5 1.0 17.8
September 2001 2.3 0.0 0.0 0.0 1.6 3.9
Financial year to date 11.5 5.9 0.1 0.0 3.0 1.0 21.6
- Deferred taxation
December 2001 2.2 0.6 0.0 0.0 2.6 0.3 5.7
September 2001 2.2 4.2 0.0 0.0 3.2 9.5
Financial year to date 4.4 4.7 0.0 0.0 5.8 0.3 15.2
Net earnings
December 2001 20.7 18.1 15.3 1.8 7.8 1.5 65.2
September 2001 12.3 6.0 4.5 (1.2) 9.0 30.7
Financial year to date 33.0 24.2 19.8 0.6 16.8 1.5 95.9
Capital Expenditure
(US$ million)
December 2001 12.9 7.0 5.8 0.1 2.9 4.4 33.2
September 2001 13.3 13.1 4.7 0.2 2.2 33.4
Financial year to date 26.2 20.1 10.5 0.3 5.1 4.4 66.6
Planned for the next
six months to June 2002 15.1 9.7 9.8 0.0 5.5 39.7 79.9
^ Excludes the fair value adjustment from the merger of Driefontein and Gold
Fields Limited
* Ore milled at Driefontein includes 732,000 surface tons at 2.0 g/t at
R53/ton (September 587,000 tons at 2.1 g/t at 67/ton) and underground
operations yielding 9.2 g/t from 937,000 tons at R554/ton (September 984,000
tons at 9.0 g/t at R513/ton).
Other surface operations were as follows: Kloof - 324,000 tons at 0.6 g/t at
R38/ton (September 310,000 tons at 0.6 g/t at R46/ton), Beatrix - 69,000 tons
at 1.0 g/t at R33/ton (September 88,000 tons at 1.2 g/t at R31/ton) and in
Australia, St Ives surface tons of 539,000 at 2.2 g/t (R84/ton), Agnew -
surface tons of 26,000 at 6.3 g/t (R258/ton). Tarkwa is a surface operation.
** Operating results for Australia's Agnew and St Ives are included as from 1
December 2001, the effective date of purchase.
Exchange rates applied are US$1 = R8.37 and US$1 = R10.12 for the September
and December 2001 quarters respectively. Year to date US$1 = R9.24.
Figures may not add as they are rounded independently.
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
December 2001 September 2001 Six months to
quarter quarter December 2001
Driefontein
Carbon Carbon Carbon
Reef Leader Main VCR Leader Main VCR Leader Main VCR
Advanced (m) 6,762 163 1,688 6,359 203 1,730 13,121 366 3,418
Advanced on reef (m) 954 44 171 955 83 292 1,909 127 463
Sampled (m) 993 63 180 1,008 84 279 2,001 147 459
Channel width (cm) 74 67 17 89 71 43 81 69 33
Average value- (g/t) 25.8 14.3 42.5 26.3 16.9 46.5 26.1 15.8 45.7
-(cm.g/t) 1,904 956 741 2,328 1,205 2,018 2,117 1,098 1,518
December 2001 September 2001 Six months to
quarter quarter December 2001
Kloof
Reef Kloof Main VCR Kloof Main VCR Kloof Main VCR
Advanced (m) 449 747 9,637 497 666 10,331 946 1,413 19,968
Advanced on reef (m) 166 245 1,544 104 235 1,633 270 480 3,177
Sampled (m) 63 120 1,386 114 237 1,392 177 357 2,778
Channel width (cm) 138 143 81 164 112 78 155 122 80
Average value -(g/t) 11.1 9.7 31.5 5.5 9.6 24.2 7.3 9.6 27.9
-(cm.g/t) 1,536 1,384 2,567 905 1,074 1,899 1,129 1,178 2,233
December 2001 September 2001 Six months to
quarter quarter December 2001
Beatrix Kalkoen- Kalkoen- Kalkoen-
Reef Beatrix krans Beatrix krans Beatrix krans
Advanced (m) 7,480 1,507 5,988 2,555 13,468 4,062
Advanced on reef (m) 1,285 590 1,111 462 2,396 1,052
Sampled (m) 1,182 558 825 522 2,007 1,080
Channel width (cm) 73 95 66 92 70 93
Average value - (g/t) 16.3 11.5 13.5 16.5 15.0 13.9
- (cm.g/t) 1,181 1,084 891 1,519 1,061 1,294
December 2001 September 2001 Six months to
quarter quarter December 2001
St Helena
Reef Basal Leader Basal Leader Basal Leader
Advanced (m) 638 162 400 109 1,038 271
Advanced on reef (m) 179 132 133 92 312 224
Sampled (m) 261 78 210 33 471 111
Channel width (cm) 103 79 85 81 95 80
Average value - (g/t) 11.5 2.9 10.3 8.0 11.0 4.5
- (cm.g/t) 1,183 231 876 650 1,047 356
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.
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
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