Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited covers the month of October 2010. Gold Fields is the 4th largest gold producer globally, with operations in South Africa, Ghana, Australia, and Peru. The company holds investment-grade credit ratings of Baa3 (stable) from Moody's and BBB- (stable) from S&P.
Key Financial Metrics and Capital Structure
The filing details a significant capital market transaction rather than operational financial results for the period.
- Debt Issuance: Priced an offering of US$1 billion in 10-year Notes.
- Interest Rate: 4.875% Notes due in 2020.
- Issuer: Gold Fields Orogen Holding (BVI) Limited, a wholly-owned subsidiary.
- Guarantees: The Notes are unsecured, unsubordinated, and fully/unconditionally guaranteed by Gold Fields and certain subsidiaries.
- Use of Proceeds: Repayment of certain indebtedness and general corporate purposes.
- Production Capacity: Attributable production of 3.5 million gold equivalent ounces per annum.
- Reserves: 78 million ounces of Mineral Reserves and 281 million ounces of Mineral Resources.
Material Changes
The primary material change reported is the launch of the company's debut US$ bond offering. The filing does not provide comparative operational data (revenue, profit, or cash flow) for the period versus prior periods.
Outlook, Risks, and Contingencies
Transaction Status: The offering was expected to close on October 7, 2010, subject to customary conditions.
Regulatory Restrictions: The securities are not registered under the US Securities Act of 1933. There will be no public offer of these securities in the United States, and they may not be offered or sold in the US absent registration or an applicable exemption.
Growth Pipeline: Management notes an extensive growth pipeline including greenfields and near-mine exploration projects at various development stages.
Investor Verification Checklist
- Confirm the closing of the US$1 billion bond offering on or around October 7, 2010.
- Verify the specific indebtedness being repaid with the net proceeds.
- Review the company's latest 20-F or 40-F filing for detailed revenue, profit, and cash flow metrics not included in this 6-K.
- Monitor credit rating agency updates to ensure the Baa3/BBB- ratings remain stable following the issuance.