Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited, dated March 29, 2019, announces the publication of the 2018 Integrated Annual Report (IAR) and associated statutory documents. The filing covers the fiscal year ended December 31, 2018. Gold Fields is a globally diversified gold producer with operations in South Africa, West Africa, Australia, and South America, holding primary listings on the Johannesburg Stock Exchange (JSE) and a secondary listing on the New York Stock Exchange (NYSE).
Key Financial and Operational Metrics
The filing text does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the 2018 period; these are contained within the referenced audited Annual Financial Report. However, the filing details the following operational and reserve metrics as of December 31, 2018:
- Gold Mineral Reserves: 48 million ounces (attributable).
- Gold Mineral Resources: 97 million ounces (attributable).
- Copper Mineral Reserves: 691 million pounds (attributable).
- Copper Mineral Resources: 4,816 million pounds (attributable).
- Silver Reserves: 39 million ounces.
- Silver Resources: 44 million ounces.
- Annual Production: Approximately 2 million ounces of gold-equivalent.
- Auditor: KPMG Inc. issued an unmodified audit report.
Material Changes Versus Prior Period
Comparing the reserve and resource figures to the prior year (2017), the following changes are noted:
- Gold Reserves: Decreased from 49 million ounces in 2017 to 48 million ounces in 2018.
- Gold Resources: Decreased from 104 million ounces in 2017 to 97 million ounces in 2018.
- Copper Reserves: Decreased from 764 million pounds in 2017 to 691 million pounds in 2018.
- Copper Resources: Decreased from 4,881 million pounds in 2017 to 4,816 million pounds in 2018.
- Depletion: The filing notes that stated figures are net of annual production depletion.
Guidance, Outlook, and Corporate Events
The filing does not contain specific financial guidance or management commentary regarding future earnings or operational outlook beyond the publication of the annual reports. Key corporate events and assumptions include:
- Annual General Meeting (AGM): Scheduled for Tuesday, May 21, 2019, at 15:00 at the company's principal executive offices in Sandton, South Africa.
- Record Date: Friday, May 10, 2019 (Note: The text contains a typo stating "10 May 2018" for the record date, but context implies 2019 given the AGM date).
- Last Trading Day: Tuesday, May 7, 2019 (Note: Text states "7 May 2018", context implies 2019).
- Price Assumptions: Mineral Reserves are based on gold prices of US$1,200/oz, copper at US$2.50/lb (increasing to US$2.80/lb from 2020), and silver at US$17.50/oz.
Investor Verification Checklist
- Verify the full audited financial statements (revenue, EBITDA, net income, cash flow) in the 2018 Annual Financial Report, as they are not included in this summary filing.
- Confirm the corrected dates for the AGM record date and last trading day, as the text contains apparent year typos (listing 2018 instead of 2019).
- Review the 2018 Mineral Resources and Mineral Reserves Supplement for detailed breakdowns of the decline in gold and copper reserves.
- Check the company website (www.goldfields.com) for the full Integrated Annual Report and GRI Report.