Gold Fields Operational update for the quarter ended 30 September 2023

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Overig advies 17/11/2023 07:01
Health, safety and wellbeing
The health, safety and wellbeing of our people remains our first and
most important value and is at the forefront of everything that we do.
Tragically, in Q3 2023 we had a fatal incident at our Tarkwa Mine in
Ghana when a contractor was fatally injured while working at a waste
rock dump. On behalf of Gold Fields, I extend our heartfelt condolences
to the family, loved ones and colleagues of the deceased.
Following the incident, we initiated an independent and comprehensive
review and are addressing its findings and implementing the
recommendations made. A key component of this work is focused on
improving our safety culture which is being actively driven by the
regional executive in conjunction with mine management.
Our commitment to safety across the Group remains resolute, and we
are working purposefully to embed a strong and resilient safety culture
to ensure that everyone goes home safely, every day. At all our
operations, we continue to review and improve safety processes,
systems and standards. Our employees and contractors are trained
regularly in safety programmes such as Courageous Safety Leadership
and Vital Behaviours as we work towards preventing material unwanted
events and eliminating serious injuries and fatalities.
Beyond physical safety, we are also prioritising the mental health and
wellbeing of our people. On 31 August 2023, we released the findings
of an independent workplace culture review carried out by Elizabeth
Broderick & Co to understand the lived experience of our people.
Harmful behaviours cannot and will not be tolerated and we are
implementing the twenty-two remedial recommendations that have
been made as part of this review. We will commission another
independent review within three years to assess our progress and are
committed to full transparency with stakeholders in this regard.
CEO appointment
An important step in the transition that Gold Fields has been undergoing
in the past several months, is the appointment of Mike Fraser as CEO
and Executive Director of the Company with effect from 1 January 2024.
Mike has extensive experience in the mining industry having been CEO
of AIM-listed Chaarat Gold Holdings and prior to that as President and
Chief Operating Officer of South32’s global key metal businesses. He
brings a wealth of global operational and corporate experience and we
look forward to welcoming Mike to Gold Fields and the positive impact
that he is going to make as he takes our business forward.
Gold Fields has been ranked number 1 in the Sunday Times Top 100
Companies for 2023. The ranking compares total shareholder returns of
JSE-listed companies (with market capitalisation of over R5 bn) over a
five-year period commencing on 1 September 2018. Over this period
(assuming re-investment of all dividends), Gold Fields delivered a total
return to shareholders of 668% (or over 50% compounded annual
growth). For us this award is a recognition of the consistent and
sustainable operational and financial performance that the company has
delivered over the past few years and is credit to strong operational
teams across our mines and projects around the world.

2023 guidance unchanged despite operational
challenges in Q3 2023
Gold Fields remains on track to meet the original production and cost
guidance provided in February 2023, both at guided and forecast
exchange rates. Attributable gold-equivalent production (excluding
Asanko) is expected to be between 2.25Moz – 2.30Moz (2022
comparable was 2.32Moz). All in cost (AIC) is expected to be US$1,480/oz
– US$1,520/oz. The exchange rates used for our 2023 guidance are:
US$1/R17 and A$1/US$0.70.
The operating environment remained challenging as above-inflation
cost increases and the shortage of key skills, particularly in the Australia
and South Africa regions, persisted.
Group attributable gold-equivalent production for Q3 2023 was 9%
lower YoY at 542koz (Q3 2022: 597koz) and was 6% lower QoQ
(Q2 2023: 577koz). The largest decline in production volumes YoY was
reported in the Ghana region, which in line with the mine plan is reducing
production volumes at Damang. Production at Tarkwa was negatively
impacted by lower yields and safety-related stoppages.
The Group AIC for Q3 2023 increased by 27% YoY (Q3 2022:
US$1,279/oz) due to lower gold sold and above-inflation increases in
costs across all operations compounded by initial spending of
pre-production capital at the Windfall Project. AIC was 12% higher QoQ
at US$1,622/oz (Q2 2023: US$1,454/oz) due to lower gold sold
compounded by initial spending of pre-production capital at the Windfall
Project in the quarter. If pre-production expenditure for Windfall is
excluded, the AIC for Q3 2023 would have been US$1,574/oz.

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