Try our mobile app
Gold Fields Limited
Incorporated in the Republic of South Africa)
Registration Number 1968/004880/06)
JSE, NYSE, DIFX Share Code: GFI
ISIN: ZAE000018123
"Gold Fields" or "the Company")
MEDIA RELEASE
Operational update for the quarter ended 31 March 2023
SALIENT FEATURES
- 577,000 ounces of attributable production
- US$1,152 per ounce of all-in sustaining cost
- US$1,343 per ounce of all-in cost
JOHANNESBURG, 04 May 2023: Gold Fields Limited (JSE and NYSE: GFI) is pleased to provide an operational update
for the quarter ended 31 March 2023.
Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and December.
Poor safety start in Q1 2023
The safety of our people remains our overriding priority. Tragically, in Q1 2023, we had a fatal incident at our Tarkwa
mine in Ghana, where a sub-contractor was killed in a workshop accident. Furthermore, two contractors died after a
vehicle accident at the Galiano Gold-managed Asanko joint venture (JV), also in Ghana. On behalf of Gold Fields, I
would like to extend our deepest condolences to the families of those affected and reiterate our commitment to
continuously strengthening our safety systems, standards, and behaviours.
Solid operational performance
Group attributable equivalent gold production was 577koz, largely flat year on year (YoY) (down 4% quarter on quarter
(QoQ)). Group production remains on track to deliver the FY 2023 guidance provided in February 2023. Group AISC for the
quarter was US$1,152/oz, also largely flat YoY and up 8% QoQ. AIC for the Group was US$1,343/oz, 2% higher YoY (up 3% QoQ)
due to higher capital expenditure at the Salares Norte project.
Net debt at the end of the quarter was US$875m, compared to US$704m at the end of December 2022, primarily driven by
the payment of the final dividend of US$215m and a non-controlling interest holders dividend of US$3m. The Group
generated free cash flow of US$83m in Q1 2023. The balance sheet remains in a very strong position, with net debt to
EBITDA at the end of the quarter of 0.36x, compared to 0.29x at the end of Q4 2022.
Q1 2023 operational performance
The Australian region produced 243koz, down 6% YoY (down 12% QoQ) at AIC of A$1,812/oz (US$1,239/oz) (up 6% YoY and up
16% QoQ) and AISC of A$1,658/oz (US$1,134/oz) (up 3% YoY and up 19% QoQ).
South Africa reported Q1 2023 production of 88koz, 13% higher YoY (up 16% QoQ) at AIC of R751,830/kg (US$1,317/oz) (up
7% YoY and down 7% QoQ) and AISC of R751,830/kg (US$1,317/oz) (up 12% YoY and down 1% QoQ).
Our mines in Ghana produced 193koz (including 45% of Asanko), down 8% YoY (down 3% QoQ), at AIC of US$1,193/oz (down 2%
YoY and down 8% QoQ) and AISC of US$1,169/oz (down 1% YoY and down 8% QoQ).
Production at Cerro Corona in Peru was 75koz (gold equivalent), 34% higher YoY, mainly due to lower gold and copper
grades mined in the March 2022 quarter in line with the mining plan (up 6% QoQ) at AIC of US$853 per gold equivalent
ounce (down 15% YoY and down 15% QoQ) and AISC of US$777 per gold equivalent ounce (down 19% YoY and down 13% QoQ).
Update on Salares Norte
The Salares Norte project continued to make positive progress during the March quarter. Total construction progress at
the end of March was 90.3% compared to 85.7% at the end of Q4 2022. The project is fully staffed with the camp at full
capacity. In addition to completing construction, the focus at the project includes dealing with punch list items to
ensure successful commissioning. Total project progress was 90.4% as at the end of March 2023 compared to 86.7% at the
end of December 2022.
Total spend for the March quarter was US$115m, comprising of US$92m in capital expenditure, US$10m in exploration
expenditure and a US$13m investment in working capital.
Total tonnes mined for the March quarter increased by 14% to 8.9Mt (including 420kt of ore containing 97koz of gold)
from 7.8Mt for the December quarter (including 422kt of ore containing 79koz of gold). As a result, there were 176koz
on stockpile at the end of March.
As guided in February 2023, first production is expected during Q4 2023, with a quick ramp-up in 2024. The project
capex remains on track to meet revised guidance of US$1,020m.
Outlook and 2023 guidance unchanged
Gold Fields remains on track to meet the original production and cost guidance provided in February 2023. Attributable
gold equivalent production (excluding Asanko) is expected to be between 2.25Moz - 2.30Moz (2022 comparable was
2.32Moz).
AISC is expected to be between US$1,300/oz - US$1,340/oz, with AIC expected to be US$1,480/oz - US$1,520/oz. The
exchange rates used for our 2023 guidance are: R/US$17.00 and US$/A$0.70.
Integrated reporting
At the end of March, we released a suite of reports under the umbrella of the 2022 Integrated Annual Report (IAR). These
include the IAR itself, the Annual Financial Report (including our Governance Report), the Mineral Resource and Reserve
supplement and the Climate Change Report, produced in line with the recommendations of the Task Force on Climate-related
Financial Disclosure (TCFD). This was followed up in early May with the 2022 Report to Stakeholders and the GRI Content
Index.
Environmental, social and governance (ESG) highlights
In December 2021, we took a significant step by committing to a range of 2030 ESG targets, which we started
implementing during 2022. The table below lists our six ESG priorities, the respective 2030 targets and how we
performed against these targets during 2022. As part of our market presentation, we will highlight our progress
against these priorities.
Our ESG priorities, 2030 targets and 2022 performance
2022
Priority Category 2030 targets performance Comment
Fatalities 0 1 Read more in the safety section
Safety, health, well-being Serious injuries 0 5
and the environment Serious environmental Fourth consecutive year of zero
incidents 0 0 serious environmental incidents
30% of total
Gender diversity Female representation workforce 23% On track to meet 2030 target
Total value creation
for host communities 30% of total
Stakeholder value value creation 27% On track to meet 2030 target
creation New legacy programmes
for host communities 6 0 On track to meet 2030 target
Reduce absolute emissions
from 2016 baseline
(Scope 1 and 2) 50% 18% Achieved through energy efficiency
initiatives and renewable energy
Decarbonisation projects as two major projects were
commissioned in 2022
Reduce net emissions from
2016 baseline 30% +1% Increased net emissions in 2022. The
(Scope 1 and 2) impact of the new renewable projects
will be felt in 2023
Global Industry Standard on
Tailings Management Conform by 2025 On track Priority facilities to comply by August
Tailings management 2023, the remainder by 2025
Reduce the number of active
upstream-raised tailings
storage facilities (TSFs) 3 5 Working towards the transition of
Tarkwa TSFs 1 and 2 from upstream
to downstream-raised facilities by
end-2024
Water recycled or reused 80% of total 75% of total
Water stewardship water used water used On track to meet 2030 targets
Reduce freshwater use from
2018 baseline 45% 41%
Underpinned by a strong commitment to sound corporate governance, compliance and ethics
Gold Fields partners with Osisko to develop the Windfall Project
On 2 May, we announced a partnership with Osisko Mining to develop and mine the world class underground Windfall Project in Québec, Canada,
now known as the Windfall Mining Group. Under executed and implemented transaction agreements, Gold Fields, through a 100% held Canadian
subsidiary, has acquired a 50% interest in the feasibility stage Windfall Project (including exploration potential) on the following key terms:
• Cash payment of C$300m (c.US$220m) paid on signing;
• Cash payment of C$300m payable on issuance of key permits by the Deputy Minister of Québec’s Ministère de l’Environnement, de la Lutte
contre les changements climatiques, de la Faune et des Parcs (MELCCFP) to the Partnership authorising the construction and operation of the
Windfall Project; and
• 50/50 co-share of interim and construction capital expenditures.
In addition, we have also acquired a 50% up-front vested interest in Osisko’s highly prospective Urban Barry and Quévillon district exploration
camps, totalling approximately 2,400km2 (Exploration Properties), which will be co-explored and co-developed under the Partnership. In exchange,
Gold Fields will fund the first C$75m in regional exploration on those Exploration Properties over the first seven years of the Partnership.
Delivering on our strategy
Our strategy is made of three pillars, as communicated towards the end of 2021 and reaffirmed to the market earlier this year, namely:
• Pillar 1: Maximise the potential of our current assets through people and innovation
• Pillar 2: Build on our leading commitment to ESG
• Pillar 3: Grow the value and quality of our portfolio of assets
Our progress against pillar 1 continued during Q1 with the asset optimisation programme kicking off at St Ives and then moving on
to Tarkwa. We expect to provide more detail on this work later in 2023.
In addition, during the quarter, Gold Fields and AngloGold Ashanti announced an agreement on the key terms of a proposed joint venture between
Gold Fields’ Tarkwa and AngloGold Ashanti’s neighbouring Iduapriem mines in Ghana. Initial engagement with the government occurred in March,
with formal negotiations expected to commence later in May 2023. This is a good example of a value accretive transaction that is focused on
maximising the potential at one of our cornerstone assets.
As highlighted above, we continue to make good progress on our six ESG priorities and are on track to meet our 2030
targets.
As previously communicated, Gold Fields will continue to look at value accretive inorganic opportunities to bolster our pipeline. These options
will include greenfields targets, development projects or bolt-on acquisitions of producing assets.
The recently announced partnership with Osisko Mining and the joint venture with AngloGold Ashanti in Ghana demonstrates our commitment to
growing the value and quality of our portfolio of assets. Further, adding in Salares Norte, which is expected to come into production at the
end of this year, strengthens Gold Fields’ future production profile and enhances its position on the cost curve.
Martin Preece
Interim Chief Executive Officer
04 May 2023
Key statistics
United States Dollars
Quarter
December
Figures in millions unless otherwise stated March 2023 2022 March 2022
Gold produced* oz (000) 577 601 580
Tonnes milled/treated 000 10,699 10,638 10,520
Revenue (excluding Asanko) US$/oz 1,901 1,736 1,884
Cost of sales before gold inventory change and
amortisation and depreciation (excluding Asanko)
US$/tonne 51 50 47
All-in sustaining costs US$/oz 1,152 1,063 1,150
Total all-in cost US$/oz 1,343 1,298 1,320
Net debt US$m 875 704 984
Net debt (excluding lease liabilities) US$m 454 310 559
Net debt to EBITDA ratio 0.36 0.29 0.39
* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.
At 31 March 2023, all operations are wholly owned, except for Tarkwa and Damang in Ghana (90.0%), South Deep in South
Africa (96.43%), Cerro Corona in Peru (99.5%), Gruyere JV (50%) and Asanko JV (45% equity share).
Gold produced and sold throughout this report includes copper gold equivalents of approximately 6% of Group production.
All-in-sustaining costs and total all-in cost in the key statistics table include all Gold Fields operations, projects
and offices. The tables on pages 6 and 7 present only the mining operations and Salares Norte project.
Figures may not add as they are rounded independently.
All-in cost reconciliation
United States Dollars
Quarter
December
Figures in millions unless otherwise stated March 2023 2022 March 2022
All-in cost for mining operations US$/oz 1,142 1,119 1,198
Salares Norte US$/oz 183 169 109
Total all-in cost for mining operations
including Salares Norte US$/oz 1,325 1,288 1,307
Corporate and other US$/oz 18 10 13
Total all-in cost US$/oz 1,343 1,298 1,320
Currencies and metal prices
United States Dollars
Quarter
December
Figures in millions unless otherwise stated March 2023 2022 March 2022
US$ - ZAR 17.75 17.61 15.22
A$ - US$ 0.68 0.66 0.72
Gold price (US$/oz) 1,901 1,736 1,884
Copper price (US$/tonne) 8,930 8,006 9,985
STOCK DATA FOR THE THREE MONTHS ENDED 31 MARCH 2023
Number of shares in issue JSE LIMITED - (GFI)
- at end March 2023 893,527,657 Range - Quarter ZAR163.82 - ZAR243.42
- average for the period 892,649,602 Average volume - Quarter 3,598,531 shares/day
Free float 100 per cent NYSE - (GFI)
ADR ratio 1:1 Range - Quarter US$9.05 - US$13.50
Bloomberg/Reuters GFISJ/GFLJ.J Average volume - Quarter 5,697,296 shares/day
Salient features and cost benchmarks
Total Total United States Dollars Australian Dollars
Mine Mine
Operations Operations
and projects and projects
including including
Equity- Equity- Australia
Accounted Accounted Region
Figures are in millions Joint Joint Australia Region
unless otherwise stated Venture Venture Gruyere Granny Gruyere Granny
Total 50% Smith St Ives Agnew Total 50% Smith
St Ives Agnew
Operating results
Ore milled/
treated Mar 2023 10,699 9,994 2,949 1,234 407 990 318 2,949 1,234 407
990 318
(000 tonnes) Dec 2022 10,638 9,955 2,698 1,066 396 917 319 2,698 1,066 396
917 319
Mar 2022 10,520 9,853 2,772 1,071 389 1,021 292 2,772 1,071 389
1,021 292
Yield (grams Mar 2023 1.7 1.8 2.6 1.0 4.6 2.9 4.7 2.6 1.0 4.6
2.9 4.7
per tonne) Dec 2022 1.8 1.9 3.2 1.1 6.0 3.5 5.9 3.2 1.1 6.0
3.5 5.9
Mar 2022 1.8 1.8 2.9 1.0 5.3 2.9 6.7 2.9 1.0 5.3
2.9 6.7
Gold produced Mar 2023 598.8 584.1 242.8 41.3 60.8 92.7 48.0 242.8 41.3 60.8
92.7 48.0
(000 managed Dec 2022 622.7 607.3 276.2 37.1 76.6 101.9 60.6 276.2 37.1 76.6
101.9 60.6
equivalent ounces) Mar 2022 602.0 582.9 258.4 35.6 65.9 93.9 63.0 258.4 35.6 65.9
93.9 63.0
Gold produced Mar 2023 577.5 562.8 242.8 41.3 60.8 92.7 48.0 242.8 41.3 60.8
92.7 48.0
(000 attributable Dec 2022 601.2 585.8 276.2 37.1 76.6 101.9 60.6 276.2 37.1 76.6
101.9 60.6
equivalent ounces) Mar 2022 579.9 560.8 258.4 35.6 65.9 93.9 63.0 258.4 35.6 65.9
93.9 63.0
Gold sold Mar 2023 610.2 594.3 248.6 41.8 60.9 98.0 47.8 248.6 41.8 60.9
98.0 47.8
(000 managed Dec 2022 612.7 597.3 270.3 37.1 76.1 96.9 60.2 270.3 37.1 76.1
96.9 60.2
equivalent ounces) Mar 2022 602.4 583.5 255.3 35.1 59.7 95.9 64.5 255.3 35.1 59.7
95.9 64.5
Cost of sales Mar 2023 (474.0 (458.0) (199.8) (30.7) (50.5) (73.0) (45.5) (292.1) (44.9) (73.9)
(106.8) (66.6)
before amortisation Dec 2022 (438.0 (423.2) (166.0) (24.1) (46.6) (50.8) (44.5) (255.4) (36.8) (71.5)
(79.1) (68.0)
and depreciation
(million) Mar 2022 (477.2 (452.8) (198.3) (23.7) (46.1) (79.4) (49.0) (273.9) (32.7) (63.7)
(109.7) (67.7)
Cost of sales Mar 2023 49 51 72 22 131 84 152 105 33 192
122 222
before gold Dec 2022 48 50 74 28 118 84 142 112 43 180
127 216
inventory change
and amortisation
and depreciation
(dollar per tonne) Mar 2022 46 47 69 25 136 63 162 95 34 188
87 223
Sustaining capital Mar 2023 (160.9 (158.7) (48.5) (8.0) (14.2) (14.4) (11.9) (70.9) (11.7) (20.8)
(21.1) (17.4)
(million) Dec 2022 (156.5 (154.3) (50.0) (7.6) (20.9) (10.5) (11.1) (77.2) (11.7) (31.2)
(17.2) (17.1)
Mar 2022 (161.0 (160.5) (66.0) (9.1) (13.3) (28.1) (15.5) (91.2) (12.6) (18.3)
(38.8) (21.5)
Non-sustaining Mar 2023 (87.5 (86.3) (19.5) - (7.7) (4.2) (7.6) (28.5) - (11.3)
(6.2) (11.1)
capital Dec 2022 (108.1 (107.7) (23.0) - (10.1) (4.8) (8.1) (34.8) - (15.3)
(7.2) (12.3)
(million) Mar 2022 (89.8 (89.2) (16.0) - (7.3) (0.2) (8.6) (22.2) - (10.1)
(0.2) (11.8)
Total capital Mar 2023 (248.4 (245.0) (68.0) (8.0) (21.9) (18.6) (19.5) (99.4) (11.7) (32.1)
(27.3) (28.5)
expenditure Dec 2022 (264.6 (262.0) (73.0) (7.6) (31.0) (15.3) (19.2) (112.0) (11.7) (46.5)
(24.4) (29.4)
(million) Mar 2022 (250.8 (249.7) (82.0) (9.1) (20.6) (28.3) (24.1) (113.4) (12.6) (28.4)
(39.0) (33.3)
All-in-sustaining Mar 2023 1,135 1,131 1,134 1,061 1,200 999 1,390 1,658 1,552 1,756
1,461 2,032
costs Dec 2022 1,052 1,048 903 986 982 713 1,060 1,389 1,508 1,494
1,116 1,622
(dollar per ounce) Mar 2022 1,136 1,122 1,161 1,088 1,133 1,217 1,142 1,604 1,503 1,565
1,681 1,577
Total all-in-cost Mar 2023 1,325 1,323 1,239 1,077 1,340 1,079 1,580 1,812 1,575 1,960
1,578 2,311
(dollar per ounce) Dec 2022 1,288 1,289 1,020 989 1,140 807 1,228 1,565 1,513 1,734
1,257 1,878
Mar 2022 1,307 1,295 1,241 1,088 1,279 1,244 1,285 1,714 1,503 1,767
1,718 1,775
Average exchange rates were US$1 = R17.75, US$1 = R17.61 and US$1 = R15.22 for the March 2023, December 2022 and March 2022 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.68, A$1 = US$0.66 and A$1 = US$0.72 for March 2023, December 2022 and March 2022 quarters, respectively.
Figures may not add as they are rounded independently.
Salient features and cost benchmarks continued
United South
States African
Dollars Rand United States Dollars
South Africa
Figures are in millions unless otherwise stated Region Ghana Region South American Region
Chile Peru
Salares
South South Asanko* Norte Cerro
Deep Deep Total Damang Tarkwa 45% Total Project
Corona
Operating results
Ore milled/treated
(000 tonnes) Mar 2023 742 742 5,322 1,182 3,435 705 1,687 -
1,687
Dec 2022 739 739 5,522 1,224 3,615 683 1,678 -
1,678
Mar 2022 734 734 5,286 1,171 3,447 667 1,729 -
1,729
Yield (grams per tonne) Mar 2023 3.7 3.7 1.1 1.0 1.3 0.6 1.4 -
1.4
Dec 2022 3.2 3.2 1.1 1.1 1.2 0.7 1.3 -
1.3
Mar 2022 3.3 3.3 1.2 1.6 1.2 0.9 1.0 -
1.0
Gold produced (000 managed
equivalent ounces) Mar 2023 87.9 2,734 193.0 39.5 138.8 14.7 75.1 -
75.1
Dec 2022 76.1 2,368 199.6 44.7 139.6 15.3 70.7 -
70.7
Mar 2022 78.0 2,425 209.5 62.0 128.5 19.1 56.1 -
56.1
Gold produced (000 attributable
equivalent ounces) Mar 2023 84.8 2,636 175.2 35.5 124.9 14.7 74.7 -
74.7
Dec 2022 73.4 2,283 181.2 40.2 125.7 15.3 70.4 -
70.4
Mar 2022 75.2 2,338 190.5 55.8 115.7 19.1 55.8 -
55.8
Gold sold (000 managed equivalent
ounces) Mar 2023 87.1 2,708 197.7 40.5 141.4 15.8 76.8 -
76.8
Dec 2022 76.1 2,367 196.1 43.6 137.1 15.4 70.2 -
70.2
Mar 2022 78.0 2,425 209.3 62.0 128.5 18.9 59.8 -
59.8
Cost of sales before amortisation
and depreciation (million) Mar 2023 (93.1) (1,651.7) (142.4) (43.3) (83.1) (16.0) (38.8) 6.2
(45.0)
Dec 2022 (74.6) (1,322.4) (160.5) (43.5) (102.2) (14.8) (36.9) 5.2
(42.0)
Mar 2022 (81.3) (1,237.6) (151.2) (37.1) (89.7) (24.4) (46.4) -
(46.4)
Cost of sales before gold inventory
change and amortisation and Mar 2023 106 1,888 34 43 33 21 32 -
31
depreciation (dollar per tonne) Dec 2022 104 1,849 31 35 33 19 36 -
36
Mar 2022 110 1,679 32 47 25 39 27 -
27
Sustaining capital (million) Mar 2023 (18.6) (329.3) (59.8) (1.8) (55.8) (2.2) (34.0) (30.6)
(3.4)
Dec 2022 (21.0) (375.7) (65.4) (8.0) (55.3) (2.1) (20.1) (10.7)
(9.4)
Mar 2022 (23.4) (356.4) (68.7) (10.9) (57.2) (0.5) (2.9) -
(2.9)
Non-sustaining capital
(million) Mar 2023 - - (1.2) - - (1.2) (66.8) (61.7)
(5.1)
Dec 2022 (5.6) (98.1) (3.0) (2.6) - (0.4) (76.5) (70.0)
(6.5)
Mar 2022 (5.3) (81.2) (3.2) (2.6) - (0.6) (65.2) (63.0)
(2.2)
Total capital expenditure
(million) Mar 2023 (18.6) (329.3) (61.0) (1.8) (55.8) (3.4) (100.8) (92.3)
(8.5)
Dec 2022 (26.6) (473.8) (68.4) (10.6) (55.3) (2.5) (96.6) (80.7)
(15.9)
Mar 2022 (28.7) (437.6) (71.9) (13.5) (57.2) (1.1) (68.1) (63.0)
(5.1)
All-in-sustaining costs
(dollar per ounce) Mar 2023 1,317 751,830 1,169 1,263 1,131 1,268 583# -
(230)
Dec 2022 1,341 763,157 1,265 1,296 1,260 1,217 - -
136
Mar 2022 1,373 671,829 1,181 891 1,269 1,538 - -
(129)
Total all-in-cost (dollar per ounce) Mar 2023 1,317 751,830 1,193 1,329 1,131 1,394 2,516# -
(86)
Dec 2022 1,415 804,575 1,293 1,420 1,260 1,227 - -
325
Mar 2022 1,441 705,316 1,213 967 1,269 1,639 - -
(27)
Average exchange rates were US$1 = R17.75, US$1 = R17.61 and US$1 = R15.22 for the March 2023, December 2022 and March 2022 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.68, A$1 = US$0.66 and A$1 = US$0.72 for March 2023, December 2022 and March 2022 quarters, respectively.
Figures may not add as they are rounded independently.
Equity-accounted JV.
# Includes all-in cost with no gold sold for Salares Norte as the project is still under construction
Review of operations
Quarter ended 31 March 2023 compared with quarter ended 31 December 2022
Figures may not add as they are rounded independently.
Australia region
Gruyere
March December %
2023 2022 Variance
Mine physicals in table on a 100% basis
000
Ore mined tonnes 2,156 2,468 (13)%
000
Waste (Capital) tonnes 3,851 2,799 38%
000
Waste (Operational) tonnes 1,882 3,010 (37)%
000
Total waste mined tonnes 5,733 5,809 (1)%
000
Total tonnes mined tonnes 7,889 8,277 (5)%
Grade mined g/t 1.14 1.18 (3)%
Gold mined 000'oz 79.0 93.7 (16)%
Strip ratio waste/ore 2.7 2.4 13%
000
Tonnes milled tonnes 2,468 2,131 16%
Yield g/t 1.04 1.08 (4)%
Gold produced 000'oz 82.6 74.2 11%
Gold sold 000'oz 83.6 74.3 13%
AISC A$/oz 1,552 1,508 3%
US$/oz 1,061 986 8%
AIC A$/oz 1,575 1,513 4%
US$/oz 1,077 989 9%
Sustaining capital expenditure - 50% basis A$m 11.7 11.7 -%
US$m 8.0 7.6 5%
Non-sustaining capital expenditure - 50% basis A$m - - -%
US$m - - -%
Total capital expenditure - 50% basis A$m 11.7 11.7 -%
US$m 8.0 7.6 5%
Gold production increased by 11% to 82,600oz in the March quarter from 74,200oz in the December quarter due to
increased tonnes milled sourced from a combination of ore mined and stockpiles treated.
Ore mined decreased by 13% to 2.16Mt in the March quarter from 2.47Mt in the December quarter, however, remained in
line with the mine plan, with ore sourced mainly from stages 2 and 3 of the Gruyere pit. Pre-strip activities increased
at stage 4 of the pit, resulting in an increase in capital waste mined of 38% to 3.85Mt in the March quarter from
2.80Mt in the December quarter, with first ore extracted from stage 4 in the latter part of the March quarter. As a
result of the increased capital waste mined, operational waste mined decreased by 37% to 1.88Mt in the March quarter
from 3.01Mt in the December quarter.
As a result of the 13% decrease in ore mined and combined with a 3% decrease in mined grade to 1.14g/t in the March
quarter from 1.18g/t in the December quarter, gold mined decreased by 16% to 79,000oz in the March quarter from
93,700oz in the December quarter.
Tonnes milled increased by 16% to 2.47Mt in the March quarter from 2.13Mt in the December quarter due to increased
process plant availability.
All-in cost increased by 4% to A$1,575/oz (US$1,077/oz) in the March quarter from A$1,513/oz (US$989/oz) in the
December quarter due to a A$4m (US$3m) gold inventory charge to cost in the March quarter compared with a A$9m (US$6m)
gold inventory credit to cost in the December quarter, partially offset by increased gold sold.
Sustaining capital expenditure for March quarter (on a 50% basis) at A$12m (US$8m) and was similar to the December
quarter.
Granny Smith
March December %
2023 2022 Variance
000
Underground ore mined tonnes 410 398 3%
000
Underground waste mined tonnes 112 181 (38)%
000
Total tonnes mined tonnes 522 579 (10)%
Grade mined - underground g/t 5.09 6.45 (21)%
Gold mined 000'oz 67.1 82.7 (19)%
000
Tonnes milled tonnes 407 396 3%
Yield g/t 4.65 6.01 (23)%
Gold produced 000'oz 60.8 76.6 (21)%
Gold sold 000'oz 60.9 76.1 (20)%
AISC A$/oz 1,756 1,494 18%
US$/oz 1,200 982 22%
AIC A$/oz 1,960 1,734 13%
US$/oz 1,340 1,140 18%
Sustaining capital expenditure A$m 20.8 31.2 (33)%
US$m 14.2 20.9 (32)%
Non-sustaining capital expenditure A$m 11.3 15.3 (26)%
US$m 7.7 10.1 (24)%
Total capital expenditure A$m 32.1 46.5 (31)%
US$m 21.9 31.0 (29)%
Gold production decreased by 21% to 60,800oz in the March quarter from 76,600oz in the December quarter due to
decreased grade of ore mined and processed.
Underground waste mined decreased by 38% to 112,000t in the March quarter from 181,000t in the December quarter due to
decreased capital development in the Z110 and Z120 areas and the completion of the second decline.
Grade mined decreased by 21% to 5.09g/t in the March quarter from 6.45g/t in the December quarter due to lower grades
mined from the Z100, Z110 and Z120 areas in line with the mining plan.
As a result of the decrease in the grade of ore mined, partially offset by a 3% increase in ore mined from 398,000t in
the December quarter to 410,000t in the March quarter, gold mined decreased by 19% to 67,100oz in the March quarter
from 82,700oz in the December quarter.
All-in cost increased by 13% to A$1,960/oz (US$1,340/oz) in the March quarter from A$1,734/oz (US$1,140/oz) in the
December quarter due to lower gold sales partially offset by decreased capital expenditure.
Total capital expenditure decreased by 31% to A$32m (US$22m) in the March quarter from A$47m (US$31m) in the December
quarter.
Sustaining capital expenditure decreased by 33% to A$21m (US$14m) in the March quarter from A$31m (US$21m) in the
December quarter following lower capital development in the Z110 and Z120 areas.
Non-sustaining capital expenditure decreased by 26% to A$11m (US$8m) in the March quarter from A$15m (US$10m) in the
December quarter following the completion of the second decline in 2022 and reduced development in the Z135 area.
St Ives
March December %
2023 2022 Variance
Underground
000
Ore mined tonnes 449 497 (10)%
000
Waste mined tonnes 149 154 (3)%
000
Total tonnes mined tonnes 598 651 (8)%
Grade mined g/t 4.88 5.47 (11)%
Gold mined 000'oz 70.6 87.3 (19)%
Surface -%
000
Ore mined tonnes 1,077 792 36%
000
Surface waste (Capital) tonnes 362 - -%
000
Surface waste (Operational) tonnes 671 1,935 (65)%
000
Total waste mined tonnes 1,033 1,033 -%
000
Total tonnes mined tonnes 2,110 2,110 -%
Grade mined g/t 1.78 1.59 12%
Gold mined 000'oz 61.6 40.4 52%
Strip ratio waste/ore 1.1 2.4 (54)%
Total (Underground and Surface)
000
Total ore mined tonnes 1,526 1,288 18%
Total grade mined g/t 2.69 3.08 (13)%
000
Total tonnes mined tonnes 2,708 2,761 (2)%
Total gold mined 000'oz 132.2 127.7 4%
Tonnes milled 000 tonnes 990 917 8%
Yield - underground g/t 4.27 5.23 (18)%
Yield - surface g/t 1.75 1.39 26%
Yield - combined g/t 2.91 3.45 (16)%
Gold produced 000'oz 92.7 101.9 (9)%
Gold sold 000'oz 98.0 96.9 1%
AISC A$/oz 1,461 1,116 31%
US$/oz 999 713 40%
AIC A$/oz 1,578 1,257 26%
US$/oz 1,079 807 34%
Sustaining capital expenditure A$m 21.1 17.2 23%
US$m 14.4 10.5 37%
Non-sustaining capital expenditure A$m 6.2 7.2 (14)%
US$m 4.2 4.8 (13)%
Total capital
expenditure A$m 27.3 24.4 12%
US$m 18.6 15.3 22%
Gold production decreased by 9% to 92,700oz in the March quarter from 101,900oz in the December quarter due to lower
tonnes and grades mined from underground sources, partially offset by increased ore processed.
At the underground operations, ore mined decreased by 10% to 449,000t in the March quarter from 497,000t in the
December quarter due to a delay in the power upgrade at Invincible, with expected completion in May as well as delays
in the ventilation upgrade due to the incident at Hamlet late in 2022. The plan is to re-commence raise boring in May
with expected completion of this work in early Q4.
Grade mined from underground operations decreased by 11% to 4.88g/t in the March quarter from 5.47g/t in the December
quarter associated with lower grade stopes sequenced in the upper levels of Invincible mine. As a result of the
decreased ore mined at lower grades, gold mined decreased by 19% to 70,600oz in the March quarter from 87,300oz in the
December quarter.
At Neptune open pit stage 7, ore mined increased by 36% to 1,077,000t in the March quarter from 792,000t in the
December quarter and grade mined increased by 12% to 1.78g/t in the March quarter from 1.59g/t in the December quarter.
Resultant gold mined increased by 52% to 61,600oz in the March quarter from 40,400oz in the December quarter.
Operational waste mined decreased by 65% to 0.67Mt in the March quarter from 1.94Mt in the December quarter. Mining
activities are scheduled to be concluded at Neptune in the June quarter.
Pre-strip activities commenced at the Swiftsure open pit, with 362,000t of capital waste moved during the March quarter
(December quarter - nil). The Swiftsure open pit is a small but high-grade open pit that will come into production in
the second half of 2023.
All-in cost increased by 26% to A$1,578/oz (US$1,079/oz) in the March quarter from A$1,257/oz (US$807/oz) in the
December quarter due to increased cost of sales before amortisation and depreciation and higher capital expenditure,
partially offset by higher gold sold. The increase in cost of sales before amortisation and depreciation is mainly due
to a lower gold inventory credit to cost in the March quarter of A$14m (US$10m) compared with a gold inventory credit
to cost of A$38m (US$26m) in the December quarter.
Total capital expenditure increased by 12% to A$27m (US$19m) in the March quarter from A$24m (US$15m) in the December
quarter.
Sustaining capital expenditure increased by 23% to A$21m (US$14m) in the March quarter from A$17m (US$11m) in the
December due to the commencement of pre-stripping at the Swiftsure open pit.
Non-sustaining capital decreased by 14% to A$6m (US$4m) in the March quarter from A$7m (US$5m) in the December quarter
due to timing of infrastructure expenditure at the Invincible Deep underground mine.
Agnew
March December %
2023 2022 Variance
000
Underground ore mined tonnes 253 313 (19)%
000
Underground waste mined tonnes 203 193 5%
000
Total tonnes mined tonnes 456 506 (10)%
Grade mined - underground g/t 5.79 6.26 (8)%
Gold mined 000'oz 47.2 63.1 (25)%
Surface
000
Ore mined tonnes 63 3 2000%
000
Surface waste (Capital) tonnes 1,130 625 81%
000
Surface waste (Operational) tonnes 454 - -%
000
Total waste mined tonnes 1,584 1,033 53%
000
Total tonnes mined tonnes 1,647 2,110 (22)%
Grade mined g/t 2.2 0.6 267%
Gold mined 000'oz 4.4 0.1 4300%
Strip ratio waste/ore 25.3 234.3 (89)%
Total (Underground
and Surface)
000
Total ore mined tonnes 316 316 -%
Total grade mined g/t 5.1 6.2 (18)%
000
Total tonnes mined tonnes 2,103 2,616 (20)%
Total gold mined 000'oz 51.6 63.2 (18)%
Tonnes milled 000 tonnes 318.4 319.2 -%
Yield - underground g/t 5.2 5.9 (12)%
Yield - surface g/t 2.1 - -%
Yield - combined g/t 4.7 5.9 (20)%
Gold produced 000'oz 48.0 60.6 (21)%
Gold sold 000'oz 47.8 60.2 (21)%
AISC A$/oz 2,032 1,622 25%
US$/oz 1,390 1,060 31%
AIC A$/oz 2,311 1,878 23%
US$/oz 1,580 1,228 29%
Sustaining capital
expenditure A$m 17.4 17.1 2%
US$m 11.9 11.1 7%
Non-sustaining capital
expenditure A$m 11.1 12.3 (10)%
US$m 7.6 8.1 (6)%
Total capital
expenditure A$m 28.5 29.4 (3)%
US$m 19.5 19.2 2%
Gold production decreased by 21% to 48,000oz in the March quarter from 60,600oz in the December quarter due to
decreased grade of ore mined and processed.
Underground ore mined decreased by 19% to 253,000t in the March quarter from 313,000t in the December quarter due to
unfavourable ground conditions causing sequencing delays in the Kath orebody at Waroonga. Overall grade mined decreased
by 8% to 5.79g/t in the March quarter from 6.26g/t in the December quarter with lower grade ore mined from New Holland,
in line with the mining plan. As a result of the 19% decrease in ore mined and 8% decrease in grade, gold mined from
underground operations decreased by 25% to 47,200oz in the March quarter from 63,100oz in the December quarter.
Pre-strip activities at the Barren Lands open pit concluded during the March quarter, with capital waste increasing by
81% to 1.13Mt from 0.63Mt in the December quarter. Ore tonnes mined of 63,000t at an average grade of 2.17g/t for
4,4Koz in the March quarter compared with ore tonnes mined of 3,000t at an average grade of 0.61g/t for 0.1Koz in the
December quarter. The Barren Lands open pit will provide the gateway to the Barren Lands and Redeemer Underground
Complex. The project also enables access to new underground exploration platforms.
All-in cost increased by 23% to A$2,311/oz (US$1,580oz) in the March quarter from A$1,878/oz (US$1,228/oz) in the
December quarter primarily due to the 21% decrease in gold sold.
Total capital expenditure in the March quarter was similar to the December quarter at A$29 million (US$20m).
Sustaining capital expenditure at A$17m (US$12m) for the March quarter was similar to sustaining capital expenditure in
the December quarter.
Non-sustaining capital expenditure decreased by 10% to A$11m (US$8m) in the March quarter from A$12m (US$8m) in the
December quarter with the completion of the Agnew crushing circuit upgrade.
South Africa region
South Deep
March December %
2023 2022 Variance
000
Ore mined tonnes 336 400 (16)%
000
Waste mined tonnes 68 57 19%
000
Total tonnes tonnes 404 457 (12)%
Grade mined - underground reef g/t 5.56 6.19 (10)%
Grade mined - underground total g/t 4.62 5.42 (15)%
Gold mined kg 1,869 2,472 (24)%
000'oz 60.1 79.5 (24)%
Development m 2,972 2,790 7%
Secondary support m 2,649 2,471 7%
Backfill m3 98,675 98,070 1%
000
Ore milled - underground reef tonnes 384 424 (9)%
000
Ore milled - underground waste tonnes 54 63 (14)%
000
Total underground tonnes milled tonnes 438 487 (10)%
000
Ore milled - surface tonnes 304 252 21%
000
Total tonnes milled tonnes 742 739 -%
Yield - underground reef g/t 7.1 5.5 29%
Surface yield g/t 0.1 0.2 (50)%
Total yield g/t 3.68 3.20 15%
Gold produced kg 2,734 2,368 15%
000'oz 87.9 76.1 16%
Gold sold kg 2,708 2,367 14%
000'oz 87.1 76.1 14%
AISC R/kg 751,830 763,157 (1)%
US$/oz 1,317 1,341 (2)%
AIC R/kg 751,830 804,575 (7)%
US$/oz 1,317 1,415 (7)%
Sustaining capital
expenditure Rm 329.3 375.7 (12)%
US$m 18.6 21.0 (11)%
Non-sustaining capital
expenditure Rm - 98.1 (100)%
US$m - 5.6 (100)%
Total capital
expenditure Rm 329.3 473.8 (30)%
US$m 18.6 26.6 (30)%
Gold production increased by 15% to 2,734kg (87,900oz) in the March quarter from 2,368g (76,100oz) in the December
quarter, mainly due to more shifts worked in the March quarter as well as ore phasing.
Grade mined decreased by 10% to 5.56 g/t in the March quarter from 6.19 g/t in the December quarter, mainly due to a
gravity fall of ground incident in the 100 2B West Cut 3 Main Access Drive compounded by an unexpected holing of the
hanging wall into the footwall at the 2 West Main Ramp. The fall of ground area is expected to be rehabilitated by Q3
2023 and the 2 West Main Ramp was rehabilitated in April 2023.
Reef yield increased by 29% to 7.06g/t in the March quarter from 5.45g/t in the December quarter due to ore phasing and
stockpile movements which led to Gold in Process (GIP) drawdown amounting to 605kg. The GIP drawdown was mainly due to
poor ground conditions as detailed above rendering some stopes unavailable and the associated impact on long-hole
stoping tonnes.
Total underground tonnes processed decreased by 10% to 438kt in the March quarter from 487kt in the December quarter
due to lower tonnes broken as explained above as well as intermittent fleet reliability.
Surface tonnes processed increased by 21% to 304kt in the March quarter from 252kt in the December quarter in line with
the business plan. Surface yield decreased by 50% from 0.2g/t in the December quarter to 0.1g/t in the March quarter
due to the depletion of the higher-grade clean up surface material, which was processed in December 2022.
Total development increased by 7% to 2,972m in the March quarter from 2,790m in the December quarter as fewer shifts
were worked in the December quarter due to the planned maintenance shutdown.
Secondary support installed increased by 7% to 2,649m in the March quarter from 2,471m in the December quarter in line
with increased development and destress performance. Backfill increased by 1% to 98,675m3 in the March quarter from
98,070m3 in the December quarter.
All-in cost decreased by 7% to R751,830/kg (US$1,317/oz) in the March quarter from R804,575/kg (US$1,415/oz) in the
December quarter, mainly due to an increase in gold sold and lower capital expenditure, partially offset by higher cost
of sales before amortisation and depreciation. The higher cost of sales before amortisation and depreciation is mainly
due to a gold inventory charge to cost of R250m (US$14m) in the March quarter compared to a gold inventory credit to
cost of R44m (US$3m) in the December quarter.
Total capital expenditure decreased by 30% to R329m (US$19m) in the March quarter from R474m (US$27m) in the December
quarter.
Sustaining capital expenditure decreased by 12% to R329m (US$19m) in the March quarter from R376m (US$21m) in the
December quarter, mainly due to lower spend on surface infrastructure and equipment.
Non-sustaining capital expenditure decreased by 100% to R0m (US$0m) in the March quarter from R98m (US$6m) in the
December quarter due to the inclusion of new mine development and related infrastructure in sustaining capital from
2023.
Ghana Region
Damang
March December %
2023 2022 Variance
000
Ore mined tonnes 828 821 1%
000
Waste (Capital) tonnes - 1,383 (100)%
000
Waste (Operational) tonnes 3,372 2,027 66%
000
Total waste mined tonnes 3,372 3,410 (1)%
000
Total tonnes mined tonnes 4,200 4,231 (1)%
Strip ratio waste/ore 4.1 4.2 (2)%
Grade mined g/t 1.09 1.15 (5)%
Gold mined 000'oz 29.0 30.5 (5)%
000
Tonnes milled tonnes 1,182 1,224 (3)%
Yield g/t 1.04 1.13 (8)%
Gold produced 000'oz 39.5 44.7 (12)%
Gold sold 000'oz 40.5 43.6 (7)%
AISC US$/oz 1,263 1,296 (3)%
AIC US$/oz 1,329 1,420 (6)%
Sustaining capital
expenditure US$m 1.8 8.0 (78)%
Non-sustaining
expenditure US$m - 2.6 (100)%
Total capital
expenditure US$m 1.8 10.6 (83)%
Gold production decreased by 12% to 39,500oz in the March quarter from 44,700oz in the December quarter due to lower
yield. Yield decreased by 8% to 1.04g/t in the March quarter from 1.13g/t in the December quarter due to lower tonnes
and grade fed in the March quarter in line with the plan.
Total tonnes mined decreased by 1% to 4.20Mt in the March quarter from 4.23Mt in the December quarter. Ore tonnes mined
increased by 1% to 0.83Mt in the March quarter from 0.82Mt in the December quarter. Total tonnes and ore tonnes mined
were in line with the mining schedule.
Mined grade decreased by 5% to 1.09g/t in the March quarter from 1.15g/t in the December quarter due to the completion
of mining at Damang Pit Cut Back (DPCB) in the December 2022 quarter and transitioning through the smaller ore polygons
with lower grades in the Huni pit. Operational waste tonnes mined at Huni pit increased by 66% to 3.4Mt in the March
quarter from 2.0Mt in the December q ...
