A DEEP VALUE OPPORTUNITY A DEEP VALUE OPPORTUNITY Nick Holland Chief Executive Officer Denver Gold Forum 22 September 2010
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 S Securities Exchange Act of 1934. iti E h A t f 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 f th t b t i ll diff t f th f t lt f achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa, Ghana, Australia, Peru and elsewhere ; decreases in the market price of gold and/or copper; hazards associated with underground and surface the market price of gold and/or copper; hazards associated with underground and surface gold mining; labour disruptions; availability terms and deployment of capital or credit, changes in government regulations, particularly environmental regulations; and new regulation affecting mining and mineral rights; changes in exchange rates; currency devaluations; inflation and other macro economic factors, industrial action, temporary devaluations; inflation and other macro-economic factors industrial action temporary stoppages of mines for safety and unplanned maintenance reasons; and the impact of the AIDS crisis in South Africa. These forward looking statements speak only as of the date of this document. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Denver Gold Forum, 22 September 2010
Our Value Proposition What Gold Fields Offers …. A Quality Reserve Base 78 million ounces of reserves A Rising Production Profile 3.6 million ounces annualised Safety Strategy Delivering Second record year in succession Strong Free Cash Flow Strong Free Cash Flow US$250 million in Q4 F2010 US$250 million in Q4 F2010 Targeting 5 moz in production or Strong Growth Pipeline development by 2015 development by 2015 Strong Balance Sheet Net debt only 0.5 of annual EBITDA Unhedged Full exposure to gold price The Global Leader In Sustainable Gold Mining 3 Denver Gold Forum, 22 September 2010
Our Value Proposition What Gold Fields Offers …. 2009 Trailing EV/EBITDA 16X 10.6X 6.2X AngloGold Barrick Gold Ashanti Gold Fields Source: BMO Nesbitt Burns A Deep Value Opportunity 4 Denver Gold Forum, 22 September 2010
Our Value Proposition What We Delivered In F2010 • Attributable Production up 2% to 3.5 moz – Driefontein, Kloof and Beatrix more stable – South Deep up 52% to 265koz p p – Cerro Corona up 80% to 394koz Sweating Our Assets – Tarkwa up 20% to 721koz • NCE Margin up 2% to 15% NCE Margin up 2% to 15% – Targeting 20% NCE Margin in 2011 – Business Process Re-design Launched • Organic growth at international assets Growing Gold Fields • Chucapaca JV, Peru – Initial resource of 5.6 moz • Yanfolila, Mali – Land consolidation and accelerated drilling • New Safety Culture Gaining Traction Securing Our Future • South Deep Mineral Rights Converted • 2014 BEE Ownership Targets by December 2010 Margin Per Ounce and Ounces Per Share 5 Denver Gold Forum, 22 September 2010
Our Value Proposition What We Delivered In F2010 F2010 NCE Margin = 15% 1200 1000 800 $/oz $ 600 400 200 Q1F2010 Q2F2010 Q3F2010 Q4F2010 Gold Price NCE Cash Cost Q4 F2010 NCE Margin 18% 6 Denver Gold Forum, 22 September 2010
Our Value Proposition Strategic Focus Going Forward g g Four Strategic Deliverables • Safe production Stability at SA Mines • Ore reserve development • Production build-up to 750 koz to 800 koz Deliver South Deep by end of 2014 • Capital Projects Capital Projects Grow NCE Margin to 20% • Business Process Reengineering • No M & A Heroics No M & A Heroics • Exploration increased to US$150m p.a. Deliver Growth Pipeline p • 60 Geoscientists on 5 continents • Organic Growth Projects • Greenfields Projects Margin Per Ounce and Ounces Per Share 7 Denver Gold Forum, 22 September 2010
Growth: South Africa Region South Deep Project p j 800 oz) 600 600 oduction (o 400 Pro 200 200 0 F2009 F2010 F2011 F2012 F2013 F2014 3 Rbn) 2 Capital ( 1 0 F2009 F2009 F2010 F2010 F2011 F2011 F2012 F2012 F2013 F2013 F2014 F2014 Plan Actual Momentum Towards 750 koz to 800 koz by End of 2014 8 Denver Gold Forum, 22 September 2010
Growth: South Africa Region South Deep Project p j Capital Programme: 2010 to 2014 F2010 F2011 F2012 F2013 F2014 Status � Refrigeration Plant � Twin Vent Shaft � � Tailings Storage Facility Tailings Storage Facility � � Plant Expansion to 450ktpm � New Mine Development R1 6bn R1.6bn Actual A t l Total Capital R1.8bn R1.9bn R2.1bn R1.5bn R1.2bn Base Plan Note: Capital estimates in July 2009 money Capital Efficient and on Track 9 Denver Gold Forum, 22 September 2010
Growth: Australasia Region St Ives Gold Mine, Argo-Athena Camp , g p Cave Rocks Significant land position (60 x 30 km) Greater Revenge Area 10 moz mined to date Lefroy Mill Leviathan Argo-Athena Current reserve 2.3 moz Camp p Junction Argo – Athena Camp g p • 3.5 moz defined endowment • +5.0 moz potential 60km X 30km land position Most Significant New Discovery in Western Australia Denver Gold Forum, 22 September 2010
Growth: Australasia Region St Ives Gold Mine, Argo-Athena Camp , g p Yorrick Hamlet Argo Athena 1 moz Resource 771 koz Resource 1 moz Produced Construction Q1 2011 C t ti Q1 2011 889 koz Resource Under Construction Defined Endowment +3.5 moz – Potential +5 moz 11 Denver Gold Forum, 22 September 2010
Growth: Australasia Region Agnew Gold Mine - Waroonga Deposit g g p Kim Rajah Main Main 450 South South North Creating A Longer Life Mine 12 Denver Gold Forum, 22 September 2010
Growth: Australasia Region Far South East Project, Philippines j , pp • Located in Northern Luzon, 250km north of Manila of Manila • Established infrastructure including: � Tarred Access roads and existing power g p lines and substations � Close proximity to Poro Point port facilities with two road transport routes � Established camp, community facilities and landing strip on site � Tailings facilities with capacity • Established and supportive workforce based on site • Existing mineral tenure Potential To Be A World Class Deposit 13 Denver Gold Forum, 22 September 2010
Growth: Australasia Region Far South East Project, Philippines j , pp Deal Terms • 18-month option to acquire 60% in Southwest Northeast FSE for pre-agreed price of $340m 750 m • Gold Fields to conduct material drill program and feasibility studies • $54m in option fee and down-payment $54 i ti f d d t payable upon signature • Further $66m down-payment after 12 p y months if Gold Fields elects to proceed 900 m AuEq g/t • Final payment of $220m prior to expiry of option period of option period � � � 691m @ 2.5 g/t Au and 0.9% Cu � 907m @ 1.5 g/t Au and 0.5% Cu � � 953 � 953m @ 1.3 g/t Au and 0.6% Cu @ 1 3 /t A d 0 6% C 900 m 14 Denver Gold Forum, 22 September 2010
Growth: West Africa Region Solid Operations and an Exciting Growth Project p g j Tarkwa Gold Mine A A world class open pit mine ld l i i 10 moz Reserve Mali Damang Gold Mine Creating a long life mine Bamako 2 2 moz Reserve R Ghana Yanfolila Project Accra Yanfolila Project, Mali Targeting a five million ounce camp Tarkwa Damang Damang Well Positioned in Fastest Growing Gold Province 15 Denver Gold Forum, 22 September 2010
Growth: West Africa Region Damang Gold Mine g Huni Huni Damang Pit Cut Back Damang Pit Cut Back Juno Juno 1 9 1 1 9 Current Strike Length 1 6 6 6 3 Potential Strike Length 3 New Secondary Crusher commissioned Targeting Growth to 250 koz p.a. Targeting a 15 to 20 year life Aggressive exploration drive gg p • Greater Damang and Greater Damang Greater Damang “Super Pit” 16 Denver Gold Forum, 22 September 2010
Growth: West Africa Region Yanfolila Project - Mali j 196 163 163 163 112 112 Essakane YANFOLILA PROJECT 20 20 Sadiola Sadiola Loulo 20 Morila Siguiri S Syama An Emerging Camp in Elephant Country Denver Gold Forum, 22 September 2010
Growth: West Africa Region Yanfolila Project - Mali j Komana East Komana West KW Targeting 2 moz reserve within 30km radius of Komana within 3 years Three Years To Construction 18 Denver Gold Forum, 22 September 2010
Growth: West Africa Region Yanfolila Project - Mali j 11m@2.6g/t from 34m 3 High grade zones 3 High grade zones 18m@4.5g/t from 33m 2m@5.7g/t from 34m Shallow oxide opportunities 22m@4.8g/t from 7m 21m@20.8g/t from 53m Free dig potential 53m@6.5 g/t from 8m 51m@4.1 g/t from 0m 35m@2.1 g/t from 32m Open to North South and at depth Open to North, South and at depth Komana East Deposit 19 Denver Gold Forum, 22 September 2010
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