MEDIA RELEASE

GOLD FIELDS REPORTS A RECORD PRODUCTION YEAR

YEAR ENDED 30 JUNE 2003

  * Attributable gold production year on year increases 5 per cent to an
    all-time high of 4.33 million ounces.
   
  * Net earnings of R2.95 billion (US$326 million) achieved.
   
  * Capital expenditure increased 46 per cent to R2.3 billion (US$251 million).
   
  * Exploration spend up 129 per cent to R212 million (US$23 million).
   
  * Final dividend of SA 100 cents declared.
   
  * Offshore debt reduced from US$182 million at the beginning of the year to
    US$42 million at the end of the year.
   
QUARTER ENDED 30 JUNE 2003

  * Attributable gold production of 1,041,000 ounces.
   
  * Strong Rand reduced operating profit 36 per cent to R717 million (US$100
    million)
   
  * Profit on the sale of investments R302 million (US$34 million)
   
  * Foreign debt of US$95 million repaid during the quarter.
   
  * Net earnings of R789 million.
   
  * US Dollar earnings increase 5 per cent to US$98 million.
   
Johannesburg, 1 August 2003: Gold Fields Limited (JSE and NYSE-GFI) today
reported net earnings for the quarter of R789 million (167 cents per share)
compared to R805 million (171 cents per share) for the previous quarter and
R1,180 (251 cents per share) for last year's June 2002 quarter. In U.S. Dollar
terms, quarterly earnings rose by 5 per cent from US$93 million (US$0.20 per
share) to US$98 million (US$0.21 per share), compared to US$112 million
(US$0.24 per share) for the prior year's period. Included in this quarter's
earnings are exceptional items of R272 million (US$31 million), which includes
a profit on the sale of investments of R302 million (US$34 million) and
exceptional health care costs of R27 million (US$3 million).

Earnings, excluding exceptional items after taxation as well as the net gains
on financial instruments and foreign debt, amounted to R226 million (US$34
million) compared to R476 million (US$58 million) achieved last quarter.

The average Rand/US Dollar exchange rate strengthened 8 per cent during the
quarter from 8.38 in the March 2003 quarter to 7.74 this quarter, affecting
revenue significantly. In addition, the US Dollar gold price was lower this
quarter at US$349 per ounce compared to US$353 per ounce last quarter. The
resultant Rand gold price of R86,751 per kilogram is, therefore, 9 per cent
lower than the R95,068 per kilogram achieved in the March quarter. This,
together with the lower gold sales of 34,244 kilograms (1,101,000 ounces) as
compared to 35,257 kilograms (1,134,000 ounces) last quarter, resulted in a
decline in revenue from R3,352 million (US$397 million) to R2,971 million
(US$383 million). The lower gold sales can be attributed primarily to lower
underground grades at Kloof.

On a more positive note, operating costs were maintained at R2,224 million
(US$281 million) for the quarter, compared to R2,172 million (US$256 million).
However, total cash costs increased from R60,709 per kilogram last quarter to
R63,369 per kilogram this quarter. In US Dollar terms, total cash costs
increased from US$225 per ounce to US$255 per ounce, mainly due to the stronger
Rand, quarter on quarter.

Ian Cockerill, Chief Executive Officer, said, "Despite the strength of the
South African Rand, as well as an excessive number of public holidays during
the quarter and grade fluctuations at Kloof, it's a solid set of consistent and
credible results for the full financial year and the quarter. Cost control has
become an even higher priority, especially at our South African operations, and
this is borne out by our operating teams' ability to limit increases in
operating costs to only two per cent during the quarter. As it is our policy of
maintaining a strong and unencumbered balance sheet, there was a further
significant reduction in offshore debt from US$136 million at the beginning of
the quarter to US$42 million at the end of the quarter. In addition, Gold
Fields enjoyed the best ever yearly safety performance since its inception in
1998."

Fiscal Year F2003

For the fiscal year 2003, attributable gold production increased 5 per cent
from 4,109,000 ounces to a record 4,334,000 ounces, primarily as a result of
the acquisition of the Australian and Damang operations. Revenue increased by
11 per cent in Rand terms (25 per cent in US Dollar terms) from R12,528 million
(US$1,230 million) to R13,893 million (US$1,532 million) due to the increase in
production and an increase in the gold price from R95,730 to R97,060 per
kilogram for the year ended 30 June 2003.

"F2003 was a good year for Gold Fields. All of our operations were
fundamentally solid and we have again been able to achieve record production
levels. The past year also saw a significant increase in capital and
exploration expenditure which, together with our strong balance sheet,
positions Gold Fields well for the future," said Cockerill.

Debt Repayment

As a result of the US$95 million repayment of foreign debt this quarter, the
cash balance at the end of June 2003 was R1,041 million (US$134 million),
compared to R1,821 million (US$224 million) at the end of March 2003. Debt at
the end of June was R324 million (US$42 million) compared to R1,110 million
(US$136 million) at the end of the prior quarter.

Operations

Attributable gold production for the June 2003 quarter decreased to 1,041,000
ounces from 1,072,000 ounces in the March 2003 quarter, of which 31 per cent
was produced from international operations.

Australia's production increased 13 per cent. This was due to an increase in
tons throughput at St. Ives, where yield was maintained at 2.9 grams per ton.
Cash costs achieved were A$338 per ounce (US$221 per ounce). Gold production at
Agnew was virtually unchanged at 36,000 ounces, at total cash costs in
Australian Dollars of A$440 per ounce (US$286 per ounce) compared to last
quarter's A$449 per ounce (US$272 per ounce). The contribution from the
Australian operations to the company's operating profit increased to 20 per
cent from 16 per cent last quarter.

Our operations in Ghana showed a decrease in production of 3 per cent due to a
significant release of gold in process in the previous quarter. Total cash
costs at Tarkwa were US$213 per ounce, compared to US$202 last quarter; and at
Damang total cash costs decreased from US$248 per ounce to US$223.

At the South African operations, production at Driefontein decreased 4 per cent
to 286,000 ounces for the quarter. This was due to anticipated lower surface
yields compared to the previous quarter as the high-grade surface rock dump has
now been depleted. Total cash costs increased by 4 per cent in Rand terms to
R63,784 per kilogram (US$256 per ounce) from R61,184 per kilogram (US$227 per
ounce) quarter on quarter.

Gold production at Kloof, at 260,000 ounces, was 38,000 ounces lower than the
previous quarter because of lower grades and less shifts due to the June
quarter public holidays. The decline in grades was exacerbated by short-term
mining mix variations. These have been addressed and grades are improving.
Total cash costs increased by 17 per cent in Rand terms from R60,315 per
kilogram (US$224 per ounce) to R70,516 per kilogram (US$283 per ounce) this
quarter.

In the Free State, production at Beatrix increased by 2 per cent to 171,000
ounces from the 168,000 ounces achieved in the March quarter. This increase can
be attributed to increased yields at both underground and surface operations.
Total cash costs increased 3 per cent in Rand terms to R68,401 per kilogram and
increased to US$275 per ounce from US$246 per ounce last quarter due to the
stronger Rand.

Black Economic Empowerment Transaction

On 10 June 2003, an announcement was made that a R4.1 billion agreement had
been reached with a broad based black empowerment consortium led by Mvelaphanda
Resources Limited (Mvela), wherein Mvela was to acquire a beneficial interest
of 15 per cent of the South African gold mining assets of Gold Fields. This
transaction represents a significant milestone towards Gold Fields meeting its
requirements of the Mining Charter.

Mvela is in the process of undergoing a debt raising exercise, and once funding
commitments are received, a detailed terms announcement will be made.

Exploration

Exploration has more than doubled to R100 million for the June quarter. This
amount includes R43 million in respect of a write-off of expenditure incurred
in previous quarters on exploration "farm-in" projects, in which an ownership
interest has not yet vested. Notwithstanding this, there has been a deliberate
effort to step up our exploration activities. The bulk of the expenditure has
been incurred on a diversified pipeline of early stage projects in Africa,
Australia, Bulgaria, China and South and Central America. Subject to continued
exploration success, and our ability to finance, expenditure is expected to
range between US$30 million and US$40 million per annum.

Arctic Platinum Partnership

On the 11th of July Outokumpu announced that it had concluded a transaction
with South Atlantic Resources, a Canadian junior mining company, to dispose of
it's 49 per cent interest in the Arctic Platinum Project, for a total
consideration of US$31 million. In terms of the Arctic Platinum Partnership
Agreement, this disposal is subject to pre-emptive rights in favour of Gold
Fields. We are reviewing the opportunity presented under this arrangement and
will make an announcement once a decision has been made in respect of whether
the pre-emptive rights will be exercised.

September quarter outlook

Gold production is not expected to be materially different in the September
2003 quarter. However, should the Rand/US Dollar exchange rate continue at
current levels, this, together with the higher than inflation wage increases,
is expected to further erode margins. In addition, the profit generated on
sales of investments this quarter, will not be repeated in the September
quarter and at the current Australian Dollar exchange rate gains will not be
generated on the currency financial instruments. As a consequence of the above
factors, earnings are expected to be sharply lower in the September 2003
quarter.

Dividend

A dividend has been declared payable to all shareholders as follows:

Final Dividend (Final = fiscal year end) 100 SA cents

Last date to trade "CUM" dividend: 15 August 2003

Sterling and US Dollar conversation date: 18 August 2003

Commence trading "EX" dividend: 18 August 2003

Record date: 22 August 2003

Payment date: 25 August 2003

The dividend results in a payout of 59 per cent for the year based on net
earnings excluding gains and losses on financial instruments and foreign debt
as well as exceptional items. Most of the gains on the instruments are
unrealised and the realised gains, together with the exceptional gains, being
mainly profits on sale of investments, have been applied to debt reduction. The
dividend was also influenced by the significant capital expenditure of R2.3
billion for the year.



END