UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rules 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
Dated 7 November 2016
Commission File Number: 001-31318
GOLD FIELDS LIMITED
(Translation of registrant’s name into English)
150 Helen Rd.
Sandown, Sandton 2196
South Africa
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F
Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____
Directors C A Carolus (Chair), N J Holland
†
** (Chief Executive Officer), P A Schmidt** (Chief Financial Officer), A Andani, K Ansah , P J
#
#
Bacchus
†
, T P Goodlace, A R Hill
≠
, R P Menell, D M J Ncube, S P Reid^, Y G H Suleman, G M Wilson
^Australian,
†
British,
≠
Canadian,
#
Ghanaian, ** Executive Director
Company Secretary: MML Mokoka
Gold Fields Limited
Reg. 1968/004880/06
150 Helen Road,
Sandown, Sandton,
2196
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel +27 11 562 9700
Fax +27 11 562 9838
www.goldfields.com
Investor Enquiries
Avishkar Nagaser
Tel
150 Helen Road,
Sandown, Sandton,
2196
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel +27 11 562 9700
Fax +27 11 562 9838
www.goldfields.com
Investor Enquiries
Avishkar Nagaser
Tel
+27 11 562 9775
Mobile +27 82 312 8692
email
Avishkar.Nagaser@
goldfields.com
goldfields.com
Thomas Mengel
Tel
+27 11 562 9849
Mobile +27 81 354 0236
email
Thomas.Mengel@
goldfields.com
goldfields.com
Media Enquiries
Sven Lunsche
Tel
+27 11 562 9763
Mobile +27 83 260 9279
email
Sven.Lunsche@
goldfields.com
goldfields.com
M E D I A R E L E A S E
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN
WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
Gold Fields enters into a JV with Gold Road
Johannesburg, 7 November 2016: Gold Fields Limited (Gold Fields)
(JSE, NYSE: GFI) is pleased to announce that it has entered into a
50:50 joint venture with Gold Road Resources Limited (Gold Road)
(ASX: GOR) for the development and operation of the Gruyere Gold
Project in Western Australia, which comprises the Gruyere gold
deposit as well as additional resources including Central Bore and
Attila/Alaric (Gruyere).
Gruyere is a large shear hosted porphyry gold deposit, with reserves
of 3.5Moz and total resources of 6.2Moz. Gold Road’s drilling
of 3.5Moz and total resources of 6.2Moz. Gold Road’s drilling
demonstrates that mineralisation likely continues at depth beneath the
planned pit shell. The deposits at Central Bore (0.7Mt, 9.1g/t, 187koz)
and Attila/Alaric (5.3Mt, 1.64g/t, 270koz), could add additional value
to the Gruyere development. Including these other ore sources, the JV
has total resources of 6.6Moz.
Gold Fields will acquire a 50% interest in Gruyere for a total purchase
consideration of A$350m payable in cash and a 1.5% royalty on Gold
planned pit shell. The deposits at Central Bore (0.7Mt, 9.1g/t, 187koz)
and Attila/Alaric (5.3Mt, 1.64g/t, 270koz), could add additional value
to the Gruyere development. Including these other ore sources, the JV
has total resources of 6.6Moz.
Gold Fields will acquire a 50% interest in Gruyere for a total purchase
consideration of A$350m payable in cash and a 1.5% royalty on Gold
Fields’
share of production after total mine production exceeds 2Moz
with an approximate value of A$15 million. The cash consideration will
be split, with A$250m payable at completion and A$100m payable
according to an agreed construction cash call schedule. The
consideration will be funded utilising existing cash resources and
banking facilities in Australia.
The Feasibility Study for Gruyere, which was completed in October
2016, indicated Gruyere
be split, with A$250m payable at completion and A$100m payable
according to an agreed construction cash call schedule. The
consideration will be funded utilising existing cash resources and
banking facilities in Australia.
The Feasibility Study for Gruyere, which was completed in October
2016, indicated Gruyere
’s 3.5Moz reserve
(6.2Moz resource) could
support average annualised production of 270koz for a 13-year life of
mine (LOM). All-in sustaining costs (AISC) over the LOM are expected
to be A$945/oz (US$690/oz) and all-in costs (AIC) of A$1,103/oz
(US$805/oz), with construction capital expenditure estimated at
A$507m. First production from Gruyere is expected at the end of
2018/early 2019.
mine (LOM). All-in sustaining costs (AISC) over the LOM are expected
to be A$945/oz (US$690/oz) and all-in costs (AIC) of A$1,103/oz
(US$805/oz), with construction capital expenditure estimated at
A$507m. First production from Gruyere is expected at the end of
2018/early 2019.
Reserves and Resources
Reserves
Tonnes (Mt)
Grade (g/t) Contained gold (Moz)
Proved
14.9
1.09
0.52
Probable
76.7
1.22
3.00
Total
91.6
1.20
3.52
Note: Mineral Reserves are evaluated using a gold price of A$1,500/oz
Resources
Tonnes (Mt)
Grade (g/t) Contained gold (Moz)
Measured
13.86
1.18
0.53
Indicated
91.12
1.29
3.79
Inferred
42.73
1.35
1.85
Total
147.71
1.30
6.16*
Note: Mineral Resource is constrained within a A$1,700/oz optimised pit shell
* The total resource estimate is for Gruyere and does not include nearby resources
at Central Bore (0.7Mt, 9.1g/t, 187koz) and Atilla/Alaric (5.3Mt, 1.64g/t, 270koz).
* The total resource estimate is for Gruyere and does not include nearby resources
at Central Bore (0.7Mt, 9.1g/t, 187koz) and Atilla/Alaric (5.3Mt, 1.64g/t, 270koz).
Nick Holland, CEO of Gold Fields commented, “Australia is a key part of our business and our largest
cash generator. This deal enhances our portfolio and expands our exposure to a new and emerging
goldfield in Western Australia. Gruyere will add material reserves and resources, margin and cash flow
into what is already a strong region for Gold Fields and which has proven its ability to integrate new
operations with ease. We are excited about partnering with Gold Road and are hopeful this is the start
of a multi-decade, mutually beneficial relationship and see significant potential synergies in resourcing,
intellectual property, procurement and technical skills.
We believe this acquisition is extremely competitive on a per ounce basis, when compared to similar
recent deals, at A$200 (US$153) per reserve ounce and A$113 (US$86) per resource ounce”.
About Gold Road Resources
Gold Road Resources is pioneering development of Australia’s newest goldfield, the Yamarna Belt, 200
kilometres east of Laverton in Western Australia. The Company holds tenements covering 5,000km
2
in
the region, which is historically underexplored and highly prospective for gold mineralisation. These
tenements contain gold resources of 6.6Moz, including 6.2Moz at the Gruyere deposit, which Gold Road
discovered in 2013.
tenements contain gold resources of 6.6Moz, including 6.2Moz at the Gruyere deposit, which Gold Road
discovered in 2013.
In addition to Gruyere, Gold Road continues to explore for similar-scale deposits on its own on its North
Yamarna tenements and in conjunction with joint venture partners, Sumitomo Metal Mining Oceania (a
subsidiary of Sumitomo Metal Mining Co. Limited), on its South Yamarna tenements.
Yamarna tenements and in conjunction with joint venture partners, Sumitomo Metal Mining Oceania (a
subsidiary of Sumitomo Metal Mining Co. Limited), on its South Yamarna tenements.
Salient features of feasibility study
The full feasibility study for the Gruyere project was published by Gold Road on 19 October 2016. Below
are some of the salient features (on a 100% basis):
are some of the salient features (on a 100% basis):
· First gold at end-2018/early-2019
· Annual production: 270koz
· Life of Mine: 13 years
· AISC: A$945/oz (US$690/oz)
· Annual production: 270koz
· Life of Mine: 13 years
· AISC: A$945/oz (US$690/oz)
· AIC: A$1,103/oz (US$805/oz)
· Total capital cost: A$507m (US$370m); A$514m including escalation
· Tonnes mined: 30Mt pa for first 5 years, 44Mt pa for next 5 years
· Tonnes milled: 7.5Mt pa of fresh ore and up to 8.8Mt pa of oxide ore
· Head
· Total capital cost: A$507m (US$370m); A$514m including escalation
· Tonnes mined: 30Mt pa for first 5 years, 44Mt pa for next 5 years
· Tonnes milled: 7.5Mt pa of fresh ore and up to 8.8Mt pa of oxide ore
· Head
grade:
1.1g/t
–
1.3g/t over LOM
· Recoveries:
91%
–
94% over LOM
· Strip
ratio:
2.8
including
pre-strip (2.7 excluding pre-strip)
Permitting and approvals
· Native Title Agreement signed with the Yilka People on 3 May 2016
· Gruyere Mining Lease granted on 5 May 2016
· Environmental: API-A submitted on 4 October 2016. Final approval anticipated in Q1 2017
· Miscellaneous
· Gruyere Mining Lease granted on 5 May 2016
· Environmental: API-A submitted on 4 October 2016. Final approval anticipated in Q1 2017
· Miscellaneous
licenses
for
infrastructure:
certain key miscellaneous licences already granted,
others remain under application
Conditions
The acquisition is subject to minimal conditions precedent which include:
· Customary regulatory approvals including Australian Foreign Investment Board (FIRB) approval
and approval by the Western Australian mining minister; and
· Consent
or
non-objection
under Gold Road’s Native Title Agreement with the Yilka People
CONFERENCE CALL DETAILS
A global teleconference will be held on Monday, 7 November 2016 at 10:00 and 16:00 (SA time). Details
are as follows:
are as follows:
Johannesburg: 10:00 and 16:00
United Kingdom: 08:00 and 14:00
North America: 03:00 and 09:00(Eastern time)
Dial in numbers
Australia …………………………………………………………………
+1 800 350 100
Other Countries (Intl Toll) ……………………………………………..
+27 11 535 3600
Other Countries
–
Alternate …………………………………………..
+27 10 201 6800
South Africa
–
Johannesburg ………………………………………...
011
535
3600
South Africa -
Johannesburg Alternate ……………………………...
010
201
6800
UK (Toll-
Free) …………………………………………………………..
0808
162
4061
USA and Canada (Toll Free) ………………………………………….
+1 855 481 5362
Ask for Gold Fields call
Playback details for the conference call are as follows:
Playback code: For 10:00 call
–
54420#
For 16:00 call – 54421#
(Available for seven days)
Australia: +1 800 091 250
South Africa & Other: + 27 11 305 2030
USA and Canada: +1 855 481 5363
United Kingdom: +0808 234 6771
Australia: +1 800 091 250
South Africa & Other: + 27 11 305 2030
USA and Canada: +1 855 481 5363
United Kingdom: +0808 234 6771
Enquiries
Investors
Avishkar Nagaser
Tel: +27 11 562-9775
Mobile: +27 82 312 8692
Email :
Investors
Avishkar Nagaser
Tel: +27 11 562-9775
Mobile: +27 82 312 8692
Email :
Avishkar.Nagaser@goldfields.com
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 81 354 0236
Email:
Tel: +27 11 562 9849
Mobile: +27 81 354 0236
Email:
Thomas.Mengel@goldfields.com
Media
Sven Lunsche
Tel: +27 11 562-9763
Mobile: +27 83 260 9279
Email :
Sven.Lunsche@goldfields.com
ends
Notes to editors
About Gold Fields
About Gold Fields
Gold Fields Limited is an unhedged, globally diversified producer of gold with eight operating mines in Australia, Ghana, Peru and South Africa
with attributable annual gold production of approximately 2.0 million ounces. It has attributable Mineral Reserves of around 46 million ounces
and Mineral Resources of around 102 million ounces. Attributable copper Mineral Reserves total 532 million pounds and Mineral Resources
5,912 million pounds. Gold Fields has a primary listing on the JSE Limited, with secondary listings on the New York Stock Exchange (NYSE)
and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorised.
GOLD FIELDS LIMITED
Dated: 7 November 2016
By:
/s/ Nicholas J. Holland
Name:
Nicholas J. Holland
Title:
Chief Executive Officer