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Gold Fields Australia Site Visit: St Ives Gold MineGRAEME OVENSGRAEME OVENSGeneral Manager15th July 2014
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 Securities Exchange Act of 1934.
In particular, the forward looking statements in this document include among others those relating to the Damang Exploration Target Statement; the Farp g g g g p g
Southeast Exploration Target Statement; commodity prices; demand for gold and other metals and minerals; interest rate expectations; exploration and
production costs; levels of expected production; Gold Fields’ growth pipeline; levels and expected benefits of current and planned capital expenditures;
future reserve, resource and other mineralisation levels; and the extent of cost efficiencies and savings to be achieved. 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 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; the ability to achieve anticipated efficiencies and other cost savings in connection with past and futureAfrica, Ghana, Australia, Peru and elsewhere; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future
acquisitions, exploration and development activities; decreases in 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 taxation
and environmental regulations; and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; the
availability and cost of raw and finished materials; the cost of energy and water; inflation and other macro-economic factors, industrial action, temporary
stoppages of mines for safety and unplanned maintenance reasons; and the impact of the AIDS and other occupational health risks experienced by
Gold Fields’ employees.
These forward looking statements speak only as of the date of this document. Gold Fields 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.
2Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineLocation
• Located in the Eastern Goldfields Province of the
Location
Archaean Aged Yilgarn Craton
• 620km from Perth
• 100km South of Kalgoorlie
3Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
100% Gold Fields Owned
St Ives Gold MineLocation
• 100km South of Kalgoorlie
Location
• Site extends from 5 to 25 km SSW of Kambalda
• Site covers 127,556 hectares of granted tenements
• Active mining areas total about 2,000 hectares
• Tenements located within the Kambalda Domain of
the Norseman-Wiluna Belt
• The Kambalda Domain is bounded by the Boulder y
Lefroy Fault and Zuleika Shear
4Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Australia’s Most Prolific Gold District
St Ives Gold MineA Brief HistoryA Brief History
• 1897: Gold first discovered at Red Hill 1897
• 1930’s: Mining ceased
• 1966: WMC discovered Nickel
• 1970’s: Explored for gold
• 1980: Victory Gold Mine discovered
• 1988: First dedicated gold plant built
• 2001: Gold Fields acquired St Ives from WMC
f• 2004: New Lefroy Mill commissioned
• 2006/2007: Athena and Hamlet discovered
2005 N t di d• 2005: Neptune discovered
• 2012: Invincible discovered
5Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
An Iconic Western Australia Mining Camp
St Ives Gold MineHistorical Production
● 1980: Commercial Gold Production Commenced● 2010: 10 Moz Milestone Achieved
Historical Production
● 2013: 120 Mt @ 3.0 g/t Au for 11.6 Moz
St Ives Mined Ounces Source History
12
14
600
700
NED
(Moz
)
Mill
ions
Koz
St Ives Mined Ounces Source History
WMC 5.1 Moz Gold Fields 6.9 Moz
6
8
10
300
400
500
TAL
OU
NC
ES M
I
MIN
ED O
UN
CES
2
4
100
200
UM
ULA
TIVE
TO
T
ANN
UA
L M
00
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
CU
YEARS
Underground Oz Mined Open Pit Oz Mined Cumulative Oz Mined
6Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Outstanding and Reliable Resource To Reserve Conversion History
Underground Oz Mined Open Pit Oz Mined Cumulative Oz Mined
St Ives Gold MineContinued Capital Investment since Gold Fields took OwnershipContinued Capital Investment since Gold Fields took Ownership
Discovery and Development of New Mines● Underground
Major Capital Investments● Lefroy Mill (US$125m)
Athena (Discovery cost of US$61/oz) Hamlet (Discovery cost US$64/oz) Cave Rocks (Discovery cost US$66/oz)
● Morgan Stanley Royalty (US$308m)● OP Owner Mining Fleet (80m)● Support Infrastructure (US$21m) ( y $ )
● Open Pits Leviathan
Numerous Small Pits
● Support Infrastructure (US$21m)Exploration● Invincible
S d T d Numerous Small Pits● Speedway Trend● 2014 spend US$25 million
7Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Well Capitalised
St Ives Gold MineMorgan Stanley Royalty
● Royalty Structure
10% of gold price above A$600/oz
Morgan Stanley Royalty
350
Cummulative Royalty Savedg p
4% NSR Royalty from 3.3 million ounces of production
● Bought back for A$308 million in August 2009
300
● Bought back for A$308 million in August 2009
● Payback of 4.5 years200
250
150
50
100
-Paid H2
2009H1
2010H2
2010H1
2011H2
2011H1
2012H2
2012H1
2013H2
2013H1
2014
8Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Average Royalty Saved A$142/oz
St Ives Gold MineReplacement Of ReservesReplacement Of Reserves
7
M Ozs St Ives Reserves and Production
6
4
5
3
1
2
02002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Reserves Production Cumm Production
9Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Typical Regenerative Orogenic Geology
Reserves Production Cumm Production
St Ives Gold MineSenior Management TeamSenior Management Team
(From left to right)
John Goodall – Human Resources, Nigel Thomas - Business Improvement, Andrew Whibley - Technology & Capital Projects,Graeme Ovens – General Manager, Dan Worthy – Technical Services, Andrew Kozlowski – Sustainable Development, MonikaGendreau – PA to GM, Trevor McIlwaine – Manager UG Mining, Gary Cormack – Manager Processing, Matt O’Hara – ManagerOperations, Malcolm Jolly – Manager MRM, David Cornes – Manager Finance
10Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
An Experienced and Mature Management Team
St Ives Gold MineSenior Management Team
Graeme Ovens – General Manager● Strong processing background and experience in both open pit and
Senior Management Team
underground mining.● Grad Dip Mining Engineering – MAusIMM● Experience - 35 years in the Eastern Goldfields region and NSW.p y g
Matthew O’Hara – Manager: Operations● Bachelor of Engineering (Mining)● Bachelor of Engineering (Mining)● WA 1st Class Mine Managers Certificate of Competency● Experience: 24 years in mining industry
Malcolm Jolly – Manager: Mineral Resources● Broad based mine geology and exploration technical background g gy p g
inclusive of mine planning, geotechnical, metallurgy, strategy and mine economics
● MSc. Geology, Wits EDP, MAusIMM
11
gy● Experience : 33 years in mining industry
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineKey Management Team:
Daniel Worthy – Manager: Technical Services● Bachelor of Engineering (Mining)
Key Management Team:
● Experience: 12 years of operational mining experience in Australia, Spain & Bulgaria
Gareth Cormack – Manager: Processing● NHD in Extractive Metallurgy and Diploma in Engineering
Management. MMMA ● Broad based metallurgical technical backgroundg g● Experience: 25 years in various metallurgical positions ranging from
operations to management
12Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineStrategic Focus
● Strategic Plan Implementation- Sustainable Cash generation Evolving strategy in response to declining gold price & volatility
F d li i f h i d t t
Strategic Focus
Focus on delivering a free cash margin and not tonnes
● Restructuring the cost baseSimplification of a complex multi mine operation Simplification of a complex multi-mine operation
Maximising margins, business Improvement initiatives with productivity & cost focus Prudent capital management
● Production Base Quality ore delivery, dilution control and head grade Few large open pits for consistent base load ore productiong p p p 2 to 3 UG mines focused on quality ore
● Exploration Highly prospective gold camp with excellent discovery track record Extensional exploration and growth of existing mines Brownfields exploration pipeline delivering future quality (high value) resources
13
Project feasibility with stringent technical evaluation for new mines to deliver value
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineWhat Makes St Ives Unique?
● What Makes St Ives Unique
What Makes St Ives Unique?
14Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineSite LayoutSite Layout
Kambalda Village
Lake Lefroy
15Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineSite Infrastructure Technology
Mineral Resources 38.4 Mt @ 3.51 g/t for 4.34 Moz
Site, Infrastructure, Technology
Mineral Reserves 20.7 Mt @ 3.03 g/t for 2.02 Moz
Central CIL Process Plant – 4.8 Mtpa
7 Operating Mines3 UG Mines 3 UG Mines• Athena• Hamlet• Cave Rocks• Cave Rocks
4 Open Pits• Mars• Neptune• Neptune• Idough• Redback
16
Road Train Haulage to ROM
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineKey Metrics
KPI’s US$ Unit Q4 2013 Q1 2014
Safety LTI’s 1 1
Key Metrics
Ore mined - UG kt 712 625
Mined grade - UG g/t 3.44 3.97
Ore mined - OP kt 924 214
Mined grade - OP g/t 1.38 1.37
Ore processed kt 1 207 1 282Ore processed kt 1,207 1,282
Head grade g/t 2.55 2.35
Recovery % 93.3 94.0
Gold sold Koz 99.1 96.6
Operating cost US$m 87.7 76.8
Capital expenditure US$m 26.5 33.3
AISC US$/oz. 1,091 1,291
Revenue US$m 125 1 122 9
17
Revenue US$m 125.1 122.9
Operating Profit US$m 48.3 36.4Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineRecent Performance
• Focus on free cash flow and growing the margin
Recent Performance
1 600120
Production and AICKoz US$/oz
• No ounces for ounces sake, no marginal mining
• Optimised contractor vs owner mining1 200
1 400100
• Right-sizing of overhead structure
• Rationalisation, optimisation and prioritisation of 800
1 000
60
80
capital
• Site specific cost savings and business process re-
400
600
800
40
60
engineering
200
400
20
00Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Production AIC
18Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
A Structural Shift In The Cost Base
St Ives Gold MineGeology: Deposit Size & DistributionGeology: Deposit Size & Distribution● More than just a single mine
49 Open Pits to date 15 UG mines to date Revenge
3 4 Moz Junction Area ~2.1 Moz Argo – Athena - Hamlet ~3.7 Moz Greater Revenge Area ~3.4 Moz
Vi A 3 M
3.4 Moz
NeptuneNeptune
Victory Area ~3.7 Moz Invincible Potential +1 Moz
● Multiple World Class Deposits
Invincible +1Moz?
VictoryVictory3 7Moz3 7Moz● Multiple World Class Deposits
40 km Strike Length 127,000 hectares
● Multiple StylesArgoArgo AthenaAthena
3.7Moz3.7Moz
Vein/Lode Hosted Systems• Laminated Veins• Extensional Veins,
Breccia'sJunctionJunction
ArgoArgo--AthenaAthena--HamletHamlet3.7Moz3.7Moz
• Breccia's,• Stacked Veins
Supergene Enrichment Disseminated Gold
2.1Moz2.1Moz
19Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Palaeochannel Gold● Extensive highly prospective tenements
OHS & Sustainable Development
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineSafety Performance
12 Month Moving Average Frequency Rates Per Million Manhours(TRIFR = Lost Time Injury + Restricted Work Injury + Medically Treated Injury per Million Manhours Worked)
Safety Performance
28.4 29.130
35
25.224
26.924.4 23.5 23.5 23.925
1215
20Target
43 3
4 45
4 45
10
0Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
No of injuries 12 Month Moving Average Frequency Rate Per Million Manhours Worked
21
No. of injuries 12 Month Moving Average Frequency Rate Per Million Manhours Worked
If We Cannot Mine Safely, We Will Not Mine
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineHealth And Safety Strategy
● Health and Safety Strategy
Health And Safety Strategy
Initiative Goal
Behavioral Based Safety: Vital Behaviours
Engage 95% of St Ives workforce and embed the Vital Behaviours concepts into the St Ives safety culture
Field Level Risk Assessments Rollout new GFA Field Level Risk Assessment tool and associated HazardID training
Visible Felt Leadership Incorporate GFA Visible Felt Leadership process into current Management Time In Field activities
Improved Critical Risk Management Review site critical risk register and periodically verify controls
Safety System Compliance and Auditing
Periodically audit all SIGM Departments and Contractor Partners against the Site Safety Standard
22
If We Cannot Mine Safely, We Will Not MineGold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Environmental Management and Community Engagement
St Ives Gold Mineg y g g
• Environmentally responsible operations through ISO14001
certified Environmental Management System
• Effective local Indigenous group engagement through our
Heritage Monitoring Program g g g
• Active engagement of the local Kambalda community through
Comm nit ProgramCommunity Program
23Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineHuman ResourcesHuman Resources
• Primarily a Residential Site with 85% of employees living in
Kambalda or Kalgoorlie
• Remaining employees and contractors on FIFO
• Contract camps are utilized in Kambalda
Description 2013
Employees in service 713Contractors 236
TE+C 949
Tonnes mined/ TE+C 5,058Oz Sold / TE+C 432.2
24Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineTop 5 PrioritiesTop 5 Priorities
Priorities
1 Delivery of planned gradee e y o p a ed g ade
2 Improving performance through embedding the safety & health strategy
3 Invincible development
4 Quality reserve & resource replacement
5 Productivity and efficiency to reduce the cost base
25Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Underground Mining
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Virtual Tour of a Athena Ore Drive
St Ives Gold MineVirtual tour Of An Athena Ore Body
● The following series of 13 photographs is:• A series of faces in an Athena ore drive
Virtual tour Of An Athena Ore Body
• Showing the typical features of the mine-scale geology
face photoface photo(looking north)
indicative grade g/t
face position along drive
indicative grade g/t
27Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
2.00 g/t
4.00 g/t
10.00 g/t
7.00 g/t
9.00 g/t
15.00 g/t
12.00 g/t
8.00 g/t
4.00 g/t
3.00 g/t
4.00 g/t
waste
basalt porphyrybasalt
waste
St Ives Gold MineUnderground Mining
● Multiple mining areas
Athena
Underground Mining
Underground MiningOz US$/Oz
Hamlet
Cave Rocks600
300 000
350 000
US$/Oz
● Significant contribution to site
2.0 Mtpa of higher grade ore 400
500
250 000
300 000
Over half of gold production
● Mining Methodology
300
150 000
200 000
● Mining Methodology
Individual approach to match ore bodies
Mechanised long hole stoping100
200
50 000
100 000
Production Owner mining
Specialist Contractors 0-
50 000
C2010 C2011 C2012 C2013
41Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Gold Mined (Oz) Direct mining cost (US$/Oz)
St Ives Gold MineUnderground Mining: Equipment
Mine Production (Gold Fields Australia Pty Ltd)
● 7 x Atlas Copco MT6020 Mine Trucks (50t nominal capacity)
Underground Mining: Equipment
● 7 x Atlas Copco MT6020 Mine Trucks (50t nominal capacity)
● 6 x Caterpillar R2900G Loaders
● 1 x Atlas Copco MC7 and 4 x Sandvik Production Drills (89 mm● 1 x Atlas Copco MC7 and 4 x Sandvik Production Drills (89 mm
diameter blast holes)
● 1 x Sandvik Cable Bolter
Mine Development (Byrnecut Australia Pty Ltd)
● 3 x Caterpillar AD55 Mine Trucks (55t nominal capacity)
● 3 x 621 Sandvik and 2 x Caterpillar R2900G Loaders
● 3 x Sandvik Axera 07Jumbo Drills
42Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineUnderground Mining: Athena - HamletUnderground Mining: Athena Hamlet
Surface 9305m RL
550m
895m
Athena Underground Mine• 42,000 tpm
S bl l O St ith t b kfill
Strike ~350m
• Sublevel Open Stope with paste backfill
Hamlet Underground Mine
43Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
• 51,000 tpm• Sublevel Open Stope with paste backfill
Strike ~500m
St Ives Gold MineUnderground Mining: Cave RocksUnderground Mining: Cave Rocks
Cave Rocks Underground Mine• 57 000 tpm• 57,000 tpm• Sublevel Open Stope
Surface 350m RLSurface 350m RL
44Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Elevation -152.5m RL Strike ~1050m
Open Pit Mining
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineOpen Pit Mining: Mining Performance
Change of focus
● Margin not tonnes
Open Pit Mining: Mining Performance
600350 000
Open Pits MiningOz US$/Oz
● Margin not tonnes
● Only mining to mill capacity
● No Heap leach 500
600
300 000
350 000
● Owner mining400
200 000
250 000
4 pits in operation
● Mars – Ore delivery
● West Idough – Ore delivery 200
300
150 000
● West Idough – Ore delivery
● Neptune – Pre-strip
● Redback – Pre-strip 100
200
50 000
100 000
Invincible project is next large pit 0-
C2010 C2011 C2012 C2013Gold Mined (Oz) Direct mining cost (US$/Oz)
46Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineOpen Pit Mining
Owner Mining Fleet
● 16M BCM capacity
Open Pit Mining
● 5 Digging Units
● 12 trucks 90 – 150t Capacity
D ill D & A ili fl t● Drills, Dozers & Auxiliary fleet
● Additional hire fleet as required
Geographic spread
● Multiple pits
D i k d l● De-risked plan
● Centralised Workshops
● Pit Haul to local ore padp
● Road Train haul to Lefroy Mill
47Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineOpen Pit Mining: NeptuneOpen Pit Mining: Neptune
Stage Ore Tonnes
Gold Grade(g/t)
Contained Gold (oz)
Neptune Stg 1 305,183 6.38 62,570
Neptune Stg 2 1,716,523 2.02 111,536
101koz101koz
Neptune Stg 3 387,854 6.17 76,922
Neptune Stg 4 196,107 5.02 31,657
Neptune Stg 5 1,238,412 2.55 101,452
TOTAL 3,844,079 3.11 384,137
● High grade Open Pit● 80m Deep● Palaeochannel Ore body
63koz31koz31koz
● Palaeochannel Ore body● Mining Commenced Q4 2013● First Ore Q3 2014 112koz112koz 77koz77koz
48Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Processing
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineProcessing
● Gyratory Primary Crusher - Produces P100 of 210 mm at 800 tph● SAG mill (10.97 m X 6.10 m) - Produces a P80 of 125µm at 590 tph
Processing
● Gravity Circuit - 2 Falcon concentrators, 2 Jigs, regrind mill and ILR reactor. ● Leach - 5 conventional leach tanks● CIP Circuit - 6 Stage Carousel Pump Cell arrangement ● AARL Elution Circuit - Capacity of elution circuit 5 tons of carbon per day● Electro winning - 5 electro- winning cells (1x dedicated to gravity)● Tailings disposal - Adequate capacity, and LOM developing In-Pit Disposal
50Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineProcess FlowsheetProcess Flowsheet
51Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineProcessing $
● Nominal throughput of 4.8 mtpa
● Single SAG mill
Processing
25.00 1 300 000 Lefroy ProductionTonnes US$/t
● Single SAG mill
● CIP Circuit
Recoveries in excess of 93%
20.00
1 200 000
1 250 000
Gravity recovery ~35%
Mill availability ~ 94%
55 t ff l t
15.00 1 150 000
● 55 staff complement
10.00 1 100 000
5.00
1 000 000
1 050 000
-950 000 C2013 Q1 C2013 Q2 C2013 Q3 C2013 Q4 C2014 Q1
L f T P d US$/t
52Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Lefroy Tonnes Processed US$/t
St Ives Gold MineProcessingProcessing
3 0095 0
g/t% Recovery
2.50
3.00
94.0
94.5
95.0
2.00
93.0
93.5
94.0
1.50
92.0
92.5
0 50
1.00
91.0
91.5
-
0.50
90.0
90.5
C2013 Q1 C2013 Q2 C2013 Q3 C2013 Q4 C2014 Q1
53Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
C2013 Q1 C2013 Q2 C2013 Q3 C2013 Q4 C2014 Q1
Processing Recovery (%) Processing Grade (g/t)
Exploration
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold Mine
Regional Geology
55Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineGeology: Deposit Size & DistributionGeology: Deposit Size & Distribution● More than just a single mine
49 Open Pits to date 15 UG mines to date Junction Area ~2.1 Moz Argo- Athena- Hamlet ~3.7 Moz Greater Revenge Area ~3.4 Moz
Vi A 3 M
3.7Moz Victory Area ~3.7 Moz Invincible Potential +1 Moz
● Multiple World Class Deposits Victory 3 7 Moz
Revenge 3.4 MozInvincible + 1 Moz ? Neptune 0.4 Moz ?
● Multiple World Class Deposits 40 km Strike Length 127,000 hectares
● Multiple Styles
Victory 3.7 Moz
Argo, Athena –Hamlet 3.7 Moz
Vein/Lode Hosted Systems• Laminated Veins• Extensional Veins,
Breccia's
Junction 2.1 Moz
2.1Moz• Breccia's,• Stacked Veins
Supergene Enrichment Disseminated Gold
56Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Palaeochannel Gold● Extensive highly prospective tenements
Exploration: Tenements & Prospectivity
St Ives Gold Mine
1. Speedway Trend
Explore Strike/Dip Trend Proximal to Invincible
Exploration: Tenements & Prospectivity
Tenement TypeExplorationMiningExplore Strike/Dip Trend Proximal to Invincible
2. Indefatigable
Follow up Orpheus, Pandora
3333
MiningMiscellaneousProspecting
3. Kambalda West Tenements
High Milestone Targets to Advance
4 Pilb il P t
11116666
4444
4. Pilbailey Prospect
Invincible Analogue on Merougil & BLF Contact
5. Palaeochannel Project55552222j
Site Wide opportunity
6. Project X
Potential UG Mine North of Leviathan
57Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineExploration: InvincibleExploration: Invincible
• Within operating radius of existing operations• Within operating radius of existing operations
• Limited to lake disturbance only
58Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Exploration: Invincible
St Ives Gold MineExploration: Invincible
• Entirely on lake Lefroyy y
• Requires causeways for access
• Significant strike length
59
• 9km of causeway development completed in 2013
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineExploration: Invincible Ore body
● Large high grade open pit
● Wide mineable zones (up to 20m)
Exploration: Invincible Ore body
● Robust margin project
● 2014 drill focus● Wide mineable zones (up to 20m)
● Provides optionality for SIGM
● 2014 drill focus
UG position
Pit expansion
Invincible Far Invincible Far SouthSouth
InvincibleInvincible
Bl k M d l C l C d d b A G d
60Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Block Model Colour Coded by Au GradeHot Colours = High GradeCold Colours = Low Grade
Exploration: Invincible Exploration Potential
St Ives Gold MineExploration: Invincible Exploration Potential
2,250m
11m @ 11.2g/t
NW SE
21m @ 3.0g/t
300m
Model Limit
@ g
17m @ 11.4g/t 12m @ 3.0g/t17m @ 7.6g/t
10m @ 11.0g/t
6.5m @ 4.4g/t
The relevance of scale26m @ 6.5g/t
(Deepest Hole)
21m @12.8g/t
The relevance of scale… (Deepest Hole)
61
Argo HamletAthenaGold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineExploration: Invincible Gold Vein in Core Drilled fromGold Vein in Core Drilled from
978m Hole Drilled Down the Orebody (Dip Parallel)
● Testing for;
Exploration: Invincible Gold Vein in Core Drilled from Gold Vein in Core Drilled from Deep Hole @ InvincibleDeep Hole @ Invincible
● Testing for;
1. Host rock continuity
2. Depth extensions of mineralisation
● Results:
1. 978m of host rock
2 M lti l i li d i t ti2. Multiple mineralised intersections
• 25.6m @ 6.5g/t Au from 927.5m
● Implications:p
Doubles known vertical extent of mineralisation
From 360m to 820m
Demonstrates active system at depth
Supports strategy to test depth extensions & infill
62
A Game Changer?Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineExploration: Project Generation – Speedway Trend
● New under-explored trend
T S2m @ 8.3 g/t (56m)
1m @ 21.8 g/t (49m)
Exploration: Project Generation Speedway Trend
● Tenure Secure
● Proven Capacity to deliver major depositsdeposits
● Evidence of gold along 22 km strike
● Rigorous staged exploration
2m @ 24.3 g/t (24m)Gold Nugget from ~85m Gold Nugget from ~85m
Downhole in RC Drilling @ Downhole in RC Drilling @ HeraclesHeracles
programmes
● Ground magnetics used to define b d k t t
7m @ 7.4 g/t (254m)
bedrock structure
● Multi- elements to determine rock types & anomalism
4m @ 8.8 g/t (78m)
& anomalism
● Reconnaissance drilling to define anomalism and targets
Rock chip 20.8 g/t
63Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineExploration: Invincible Camp Potential Ground Magnetics MapExploration: Invincible Camp Potential Ground Magnetics Map
Santa AnaSanta Ana
Invincible OP ProjectInvincible OP Project
SplaysSplays
Invincible SouthInvincible SouthInvincible South Invincible South trendtrend
Invincible South target
64
Space For Several Million Ounce + DepositsGold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineExploration: Palaeochannel Project
Site Palaeochannel Network and
● Opportunity to identify & develop palaeochannel resource
M k ’ f t t d h l t t it
Exploration: Palaeochannel Project
Current and Historic Mines
● Many km’s of untested channels present an opportunity
● Multiple palaeochannel mines operated
● Deliver high grades
ThundererThunderer
NeptuneNeptune● Palaeochannel network identified
● Drill extents vary from close spaced around resources to wide
d (320 160 ) i th
AfricaAfrica
spaced (320m x 160m) in other areas
● Opportunity to explore new low cost mining techniques
● Scoping study underway & resources to test targets
ArgoArgo
Typical Channel Section – Buried Channels Containing Gold Overlain by Barren Sediments
65Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineExploration: Kambalda West Acquisition
● Highly prospective ground acquired Q4 2013
● ~27 000 Hectares Increased SIGM Landholding by
Exploration: Kambalda West Acquisition
● 27,000 Hectares, Increased SIGM Landholding by
~27%
● Encompasses and Extends Land Package around
Cave Rocks Mine
● Soil sampling programme completed end 2013
● Ground magnetics in progress 2014
Jonah Jonah DamDam
● Ground magnetics in progress 2014
● Multiple targets for immediate follow up
● Jonah dam – target initial resource
Cave Cave RocksRocks
Multiple Multiple Anomalies Anomalies ––
GGg
Strike extension from cave rocks
● Drilling Scheduled for H2 2014
20ppb+ Gold in 20ppb+ Gold in SoilsSoils
66Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineExploration: Cave RocksExploration: Cave Rocks
● Open pits - WMC
0 5 b d
1,000m
E40s
● 0.5 moz ore body
● Open at depth & on strike
● Narrow high grade veinsNarrow high grade veins
● Significant regional growth
opportunity
E80sE70sE50s
“GAP” E60sE70s
Targeted Down Dip Extensions of Known Lodes
67Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
of Known Lodes
Further Opportunities
Gold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineFurther Opportunities: Response To Lower Gold Price
● Planning changes
Further Opportunities: Response To Lower Gold Price
● Restructuring the cost base● Planning changes Value based assessment & ranking of
projectsStrategic scenario analysis
● Restructuring the cost base Organisational restructure Reviewed & renewed contracts
& Strategic scenario analysis Consideration of reduced mill
throughput optionsSi lifi ti h
Prudent cost & capital management● Production quality
Dilution and recovery improvements Simplification approach
● Exploration Focus on delivery of high value
Productivity driving cost improvement Disciplined adherence to plan
discovery
69
Focus on Margin and Cash Flow, Not Ounces For Ounces SakeGold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineFurther Opportunities
Productivity
Leveraging existing processes to deliver value
Further Opportunities
Quality
Doing the job wellLeveraging existing processes to deliver value
● Open Pit
Consistent mining volumes
Doing the job well
● Open Pit
Reducing damage
Focus on single large pit
Targeting +5% improvement in unit rates
U d d
Optimisation of Drill & Blast
Dilution & ore recovery
U d d● Underground
Effective utilisation of fleet
Harness synergies with contractor
● Underground
Stope performance
Backfill optimisationy g
Improved mining layout
● Processing
p
● Processing
To be focused on efficient throughput
In pit tails reducing TSF requirement
Surface Haulage optimisation
Maintain high recoveries
Consistent delivery
70
Surface Haulage optimisation
Doing Things BetterGold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineFurther Opportunities
Invincible open pit project
A new flagship open pit provides opportunity for change
Further Opportunities
Extend existing mines
Keep current mines producing beyond current lifeA new flagship open pit provides opportunity for change
● Large multi year project
● Single open pit ore source
Keep current mines producing beyond current life
● Athena
Calisto & Europa extensions
● High margin / High Cashflow project
● Underground potential
● Neptune
Optimise future stages
N th t i● Strike extension potential
● Provides time for further exploration success
North extension
● Cave Rocks
In-mine extensions
Kambalda West new discoveries
● Hamlet
Optimise mine design for quality & productivity
71
Leverage Existing AssetsGold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineFurther Opportunities: Realising Value from Non-Core Assets
Beta HuntA i ti i k l/ ld i ithi th St I l th t tl i d b S lt L k Mi i
Further Opportunities: Realising Value from Non Core Assets
An existing nickel/gold mine within the St Ives lease that was recently acquired by Salt Lake Mining
● Sale of gold rights
Project did not meet Gold Fields returnsj
Lower ranking exploration target
Salt Lake Mining able to progress gold & nickel mining project
● Maintaining returns
Sale price (A$2m)
Toll treating of ore opportunity Toll treating of ore opportunity
Royalty on gold production of 6%
● Assessment of other similar opportunities
Eg. Nickel rights
72
Realising Value From Non Core AssetsGold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineCreating Our Own Future
● Maintain scale of cash flow
AIC targeting sub US$1,050 /oz
Creating Our Own Future
g g
Achievement of +15% FCF margin
Gold production around 400,000 oz pa
● Operational philosophy pivotal on delivery and value margin
Focus on value not just ounce production
Simplification of site
Reduced mill throughput
● Exploration
Adequately funded & focussed to deliver high value discoveries
Extend life of existing mines
Discover new projects of suitable scale and margin
73
Maintaining Strengths And Mitigating WeaknessesGold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
St Ives Gold MineConclusions
• Relentless focus on margin and cash flow
Conclusions
• No ounces for ounces sake
• Situated in a highly prospective region for further gold discovery
• Excellent exploration successes over many years
• About to develop a major new ore body which will improve margins
• Towards a sub US$1,100/oz cost profile producing ~400 Koz p.a. mine
74
A Great Long-Term AssetGold Fields Australia Site Visit: St Ives Gold Mine | Graeme Ovens | 15 July 2014
Gold Fields Australia Site Visit: St Ives Gold MineGRAEME OVENSGRAEME OVENSGeneral Manager15th July 2014
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