Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited, dated May 16, 2014, announces the publication of the 2013 Mineral Resource and Mineral Reserve Supplement. The data reflects the company's status as of December 31, 2013. Gold Fields is an unhedged, globally diversified gold producer with operations in Australia, Ghana, Peru, and South Africa. The filing notes the 2013 unbundling of the KDC and Beatrix mines into Sibanye Gold and the October 2013 acquisition of the Yilgarn South Assets in Western Australia.
Key Financial and Operational Metrics
The filing provides specific mineral reserve and resource figures but does not contain financial statements regarding revenue, profit, cash flow, margins, debt, or liquidity for the period.
- Gold Mineral Reserves: 48.6 million ounces (attributable).
- Gold Mineral Resources: 113.4 million ounces (attributable; 100 million ounces exclusive of growth projects).
- Copper Mineral Reserves: 708 million pounds (attributable).
- Copper Mineral Resources: 7,120 million pounds (attributable; 1,119 million pounds exclusive of growth projects).
- Annual Gold Production: Approximately 2.02 million ounces (attributable).
- Valuation Assumptions: Reserves based on a gold price of US$1,300/oz and a copper price of US$3.0/lb.
Material Changes
The filing does not provide comparative financial data or year-over-year percentage changes for the reported metrics. However, it highlights structural changes to the company's portfolio:
- Unbundling of mature South African underground mines (KDC and Beatrix) into Sibanye Gold in February 2013.
- Expansion in Western Australia via the acquisition of the Granny Smith, Lawlers, and Darlot mines (Yilgarn South Assets) from Barrick Gold in October 2013.
Guidance, Outlook, and Risks
The filing does not contain forward-looking financial guidance, management commentary on future earnings, or specific risk factors beyond the standard disclosure that growth project resources have not been converted to reserves. The reserves are compliant with the SAMREC Code. The filing notes that stated figures are net of production depletion.
Investor Verification Checklist
- Verify the full 2013 Integrated Annual Review for detailed financial performance (revenue, EBITDA, cash flow) not included in this summary.
- Review the Mineral Resource and Mineral Reserve Supplement on the Gold Fields website for detailed tonnage, grades, and Competent Person reports.
- Confirm the impact of the Yilgarn South Assets acquisition on future production profiles and capital expenditure requirements.
- Assess the sensitivity of the 48.6 million ounce reserve figure to fluctuations in gold prices, given the US$1,300/oz cutoff used.