Gold Fields took a decision not to proceed with the Tailings Storage Facility (TSF) raise at
Cerro Corona on economic grounds. This resulted in an approximate 400,000 oz decrease in
Mineral Reserves, though the mine has the option to construct the raise in future.
·
The West Africa Region has a declared managed gold Mineral Resource of 16.9 million ounces
(December 2012: 23.0 million ounces) and a gold Mineral Reserve of 8.3 million ounces
(December 2012: 14.2 million ounces). These figures are net of about 1.0 million ounces from
mined depletion.
The Mineral Reserves at Damang were reduced from 4.1 million ounces to 1.1 million ounces
during 2013, as production from the Main Pit Cutback 2 is not economically viable at
US$1,300/oz in its current configuration.
At Tarkwa, the exclusion of underground Mineral Resources and downsized pit shells, due to
a lower gold price, impacted adversely on the declaration.
2012: 35.1 million ounces) with the decline due to the exclusion of the Talas Projectin Kyrgyzstan,
which was sold in December 2013.
·
The gold Mineral Resource for Gold Fields' Growth projects totalled 28.7 million ounces(December
The following key parameters were used as the basis for estimation for the operating mines:
Approved prices for plan as at
31/12/2012
Approved prices
31 December 2013
Unit
Resource
Reserve
Resource
Reserve
Ghana & Peru
Au – US$/oz
1,650
1,500
1,500
1,300
Australia
Au – A$/oz
1,650
1,500
1,570
1,370
South Africa
Au - R/kg
420 000
380 000
460 000
400 000
Peru
Cu – US$/lb
3.90
3.50
3.50
3.00
The commodity prices used for the Mineral Reserve declaration are within the US SEC guidelines, as
the gold price used (US$1,300/oz) is lower than the three year trailing average (US$1,550/oz) and
more in line with the current spot price. The December 2013 Mineral Resource gold price has a
premium of about 15% over the Mineral Reserve metal price.
The Group’s December 2013 Mineral Resource and Mineral Reserve statement is in accordance with
the requirements of the South African Code for the Reporting of Exploration Results, Mineral
Resources and Mineral Reserves (the SAMREC Code, 2007 edition) and Industry Guide 7 for
reporting to the United States Securities and Exchange Commission (SEC). Other relevant
international codes are recognised, where geographically applicable, such as the Australian Joint Ore
Reserves Committee (JORC 2012) Code and the Canadian National Instrument (NI) 43-101.
Corporate governance on the overall regulatory compliance of these figures has been overseen and
consolidated by the Gold Fields Competent Person Tim Rowland, who consents to the disclosure of
this Mineral Resource and Mineral Reserve statement, and is Gold Fields’ Vice-President Mineral
Resource Management and Mine Planning (PR. Sci. Nat. No. 400122/00, BSC (Hons) Geology, MSc
Mineral Exploration, GDE Mining Engineering and FSAIMM, FGSSA and GASA), with 28 years’
relevant experience in the mining industry.