Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited covers the month of March 2008, specifically dated March 3, 2008. The company is a major unhedged gold producer with operations in South Africa, Ghana, and Australia, and a developing mine in Peru. The filing primarily serves as a media release regarding operational safety milestones rather than a financial report.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity for the reporting period. The document focuses on operational capacity and reserves rather than financial performance data.
- Production Capacity: More than 4 million ounces per annum from eight operating mines.
- Reserves: 92 million ounces of attributable ore reserves.
- Resources: 252 million ounces of mineral resources.
- Workforce: Approximately 53,000 permanent employees.
Material Changes and Operational Updates
The primary material update in this filing is a significant safety achievement at two South African operations:
- Driefontein Gold Mine (West Rand): Achieved one million fatality-free shifts.
- Beatrix Gold Mine (Free State): Achieved one million fatality-free shifts.
- Management Commentary: Terence Goodlace, head of South African operations, termed this a "magnificent double in mine safety," emphasizing that safety remains the top priority with a refocused effort to eliminate fatal accidents.
Additionally, the filing notes the upcoming commencement of production at the Cerro Corona Gold/Copper mine in Peru, expected by mid-2008 at an initial rate of approximately 400,000 gold equivalent ounces per annum.
Guidance, Outlook, and Risks
The filing does not contain specific financial guidance, earnings outlook, or detailed risk factors beyond the general operational context. The outlook is positive regarding safety performance and the expansion of production capacity with the Cerro Corona mine. All operations are noted as ISO14001 certified.
Key Facts for Investor Verification
- Verify the timeline for the Cerro Corona mine's production start (expected mid-2008) and its impact on total attributable production.
- Confirm the current financial performance (revenue, EBITDA, cash flow) in the company's most recent quarterly or annual report, as this filing contains no financial figures.
- Monitor the sustainability of the safety record at Driefontein and Beatrix mines to assess potential operational continuity risks.
- Review the company's hedging strategy, as the filing explicitly states Gold Fields is an "unhedged producer," exposing it to gold price volatility.