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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")
OPERATIONAL UPDATE FOR THE QUARTER ENDED 30 SEPTEMBER 2023
Salient Features
- 542,000 ounces of attributable production
- US$1,381 per ounce of all-in sustaining cost
- US$1,622 per ounce of all-in cost
JOHANNESBURG, 16 November 2023: Gold Fields Limited
(JSE and NYSE: GFI) is pleased to provide an operational update for the quarter ended 30 September 2023.
Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and December.
Health, safety and wellbeing
The health, safety and wellbeing of our people remains our first and most important value and is at the forefront
of everything that we do.
Tragically, in Q3 2023 we had a fatal incident at our Tarkwa Mine in Ghana when a contractor
was fatally injured while working at a waste rock dump. On behalf of Gold Fields, I extend our heartfelt condolences
to the family, loved ones and colleagues of the deceased.
Following the incident, we initiated an independent and comprehensive review and are addressing its findings and
implementing the recommendations made. A key component of this work is focused on improving our safety culture which
is being actively driven by the regional executive in conjunction with mine management.
Our commitment to safety across the Group remains resolute, and we are working purposefully to embed a strong and
resilient safety culture to ensure that everyone goes home safely, every day. At all our operations, we continue
to review and improve safety processes, systems and standards. Our employees and contractors are trained regularly
in safety programmes such as Courageous Safety Leadership and Vital Behaviours as we work towards preventing material
unwanted events and eliminating serious injuries and fatalities.
Beyond physical safety, we are also prioritising the mental health and wellbeing of our people. On 31 August 2023,
we released the findings of an independent workplace culture review carried out by Elizabeth Broderick & Co
to understand the lived experience of our people. Harmful behaviours cannot and will not be tolerated and we are
implementing the twenty-two remedial recommendations that have been made as part of this review. We will commission
another independent review within three years to assess our progress and are committed to full transparency
with stakeholders in this regard.
CEO appointment
An important step in the transition that Gold Fields has been undergoing in the past several months,
is the appointment of Mike Fraser as CEO and Executive Director of the Company with effect from 1 January 2024.
Mike has extensive experience in the mining industry having been CEO of AIM-listed Chaarat Gold Holdings and prior
to that as President and Chief Operating Officer of South32's global key metal businesses. He brings a wealth
of global operational and corporate experience and we look forward to welcoming Mike to Gold Fields and the
positive impact that he is going to make as he takes our business forward.
Recognition
Gold Fields has been ranked number 1 in the Sunday Times Top 100 Companies for 2023. The ranking compares total
shareholder returns of JSE-listed companies (with market capitalisation of over R5 bn) over a five-year period
commencing on 1 September 2018. Over this period (assuming re-investment of all dividends), Gold Fields delivered
a total return to shareholders of 668% (or over 50% compounded annual growth). For us this award is a recognition
of the consistent and sustainable operational and financial performance that the company has delivered over the
past few years and is credit to strong operational teams across our mines and projects around the world.
2023 guidance unchanged despite operational challenges in Q3 2023
Gold Fields remains on track to meet the original production and cost guidance provided in February 2023,
both at guided and forecast exchange rates. Attributable gold-equivalent production (excluding Asanko) is expected
to be between 2.25Moz - 2.30Moz (2022 comparable was 2.32Moz). All in cost (AIC) is expected to be US$1,480/oz - US$1,520/oz.
The exchange rates used for our 2023 guidance are: US$1/R17 and A$1/US$0.70.
The operating environment remained challenging as above-inflation cost increases and the shortage of key skills,
particularly in the Australia and South Africa regions, persisted.
Group attributable gold-equivalent production for Q3 2023 was 9% lower YoY at 542koz (Q3 2022: 597koz)
and was 6% lower QoQ (Q2 2023: 577koz). The largest decline in production volumes YoY was reported in the
Ghana region, which in line with the mine plan is reducing production volumes at Damang. Production at
Tarkwa was negatively impacted by lower yields and safety-related stoppages.
The Group AIC for Q3 2023 increased by 27% YoY (Q3 2022: US$1,279/oz) due to lower gold
sold and above-inflation increases in costs across all operations compounded by initial spending of
pre-production capital at the Windfall Project. AIC was 12% higher QoQ at US$1,622/oz (Q2 2023: US$1,454/oz)
due to lower gold sold compounded by initial spending of pre-production capital at the Windfall Project
in the quarter. If pre-production expenditure for Windfall is excluded, the AIC for Q3 2023 would have
been US$1,574/oz.
All-in sustaining cost (AISC) for Q3 2023 of US$1,381/oz was 30% higher YoY (Q3 2022: US$1,061/oz)
and 8% higher QoQ (Q2 2023: US$1,279/oz). AISC was also impacted by lower gold sales volumes and inflationary
cost pressures.
Regional performance
Production volumes at our Australian operations were impacted by lower grades mined and skills shortages.
Operations at Granny Smith, St Ives and Agnew were also negatively affected by ventilation challenges which
have now largely been remedied. The region produced 244koz during Q3 2023, down 5% YoY and 8% QoQ. AIC at
A$2,103/oz (US$1,377/oz) was 23% higher YoY and was up 8% QoQ. YoY unit costs came under pressure mainly
due to lower gold sold and above-inflation increases in key input costs.
Despite a slight improvement in annualised turnover rates for some critical skills categories during the
quarter, the shortage of skilled staff is expected to remain a headwind for the Australian operations.
The South Africa Region reported managed production of 81koz which was 8% lower YoY but a 19% improvement QoQ.
The improvement in production volumes QoQ was mainly due to ore phasing, Gold in Process (GIP) release
and stockpile movements. AIC of R784,092/kg (US$1,309/oz) was up 21% YoY, due to lower gold sold and
above-inflation increases in costs, but pleasingly reduced by 12% QoQ.
The availability, attraction and retention of key skills, including artisans and long hole stoping rig operators,
continued to impact both fleet availability and utilisation and consequently performance at South Deep Mine.
Our mines in Ghana produced 185koz in Q3 2023 on a managed basis, down 14% YoY mainly due to lower production
at Damang in line with the mine plan. Volumes QoQ were 9% lower owing to lower yields at Tarkwa as the mine
treated more ore from lower-grade stockpiles compared to previous quarters. AIC for the Ghana operations
of US$1,503/oz was up 33% YoY% and 22% higher QoQ due to the lower gold volumes. Production volumes at Damang
were similar to Q2 2023 although there was a ramp down in mining activities per the mine plan.
Production at Cerro Corona in Peru on a managed basis was 52koz (gold-equivalent), 14% lower YoY and QoQ mainly
due to lower gold and copper grades processed and lower metallurgical recoveries in line with the mining plan.
AIC of US$824/oz-eq was up 20% YoY and 3% higher QoQ.
Salares Norte update
Total construction progress of the Salares Norte project stood at 97% at the end of September 2023 compared
to 94% at the end of June 2023. Total spend on the project was US$111m during Q3 2023, comprising US$86m in
capital expenditure, US$5m in exploration expenditure and US$20m investment in working capital and other.
Commissioning is progressing in line with the revised plan announced on 15 September 2023. We are pleased to
advise that both the Ball Mill and SAG Mill were successfully commissioned on 13 November 2023 and are being
fed material which are key milestones to first gold production.
First gold is expected in December 2023 with production volumes of 1koz gold-eq oz forecasted for 2023 while
2024 production is expected to fall in the range of 400koz gold-eq ounces at an AIC of US$900/oz-eq to 430koz
gold-eq ounces at AIC of US$860/oz-eq.
The project capital remains on track to meet the revised total project capital estimate of US$1,040 million.
Ramp up of the project has been significantly de-risked with mining activities having continued throughout
the construction and commissioning phase resulting in 1.6 million ore tonnes and 377,000 ounces of gold
stockpiled to date. Operational staff compliments have been filled, which is an integral part of the
commissioning process as sections of the plant and project are handed over to operations.
Update on announced transactions
In March 2023, we announced the proposed Tarkwa/Iduapriem JV in Ghana with AngloGold Ashanti, which,
once approved by the Government of Ghana, will result in a material increase in production and reduction in AISC.
We continued to engage with the Government of Ghana to obtain approval for the joint venture. Progress
on the negotiations, however, has been slower than expected. We firmly believe that the joint venture
will create value not only for Gold Fields and AngloGold Ashanti, but for all stakeholders and are
committed to advancing conclusion of the transaction.
In May 2023, we announced our partnership with Osisko Mining to develop the Windfall Project in Canada.
The project's Environmental Impact Assessment (EIA) was submitted in March and is expected to take
12 - 18 months for approval, at which stage key construction activities will commence. US$25m in
pre-construction expenditure was spent on the project in Q3 2023.
Notable ESG developments
In August 2023, Gold Fields released Annual Tailings Disclosure reports for our Tarkwa and Cerro Corona
mines, detailing their level of conformance against the Global Industry Standard on Tailings Management (GISTM).
We have four priority Tailings Storage Facilities (TSFs): three with a 'Very High' consequence classification
at the Tarkwa Mine and one, with an 'Extreme' consequence classification, at the Cerro Corona Mine.
The disclosure reports show that all four of the Company's priority TSFs partially conform to the GISTM.
While we have addressed all elements related to material dam safety and the environment, we have also
identified areas for further improvement, particularly in community engagement and consultation with
respect to emergency response and preparedness.
In October 2023, Gold Fields announced a second sustainability-linked loan backed by a syndicate of ten
Australian and international banks. The five-year A$500m syndicated credit facility, with a A$100m accordion
option, is one of the first sustainability-linked loan transactions in the Australian mining industry and the
first for a gold mining company in the country. The sustainability-linked indicators are the same as those being
used by Gold Fields in our five-year US$1.2bn revolving credit facility (RCF) announced in May 2023.
They are aligned to our strategy and 2030 ESG targets and include the following three of our six ESG targets,
gender diversity, decarbonisation and water stewardship.
Net debt
Net debt increased by US$113m to US$1,141m at the end of September 2023, mainly due to the payment of the interim
dividend of US$154m (June 2023: US$1,028m). We remain in a strong financial position with a net debt to EBITDA
at the end of the quarter of 0.48x, compared to 0.42x at the end of Q2 2023.
Changes in the Executive Committee
Jongisa Magagula joined us as EVP: Corporate Affairs & Investor Relations on 1 September 2023 and Rosh Bardien
who was EVP: People and Organisational Effectiveness took a decision to leave Gold Fields to pursue other opportunities.
The Board is progressing with the search for a replacement for the CFO Paul Schmidt, who advised the Board of Directors
in August 2023 of his intention to proceed on early retirement. Paul has agreed to remain with the Company until such
time as a suitable successor has been identified and appointed.
Two of our EVPs, Naseem Chohan, EVP: Sustainable Development and Stuart Mathews, EVP for the Australia Region, will be
proceeding on planned retirement in 2024. The recruitment search for their successors has commenced.
Martin Preece
Interim Chief Executive Officer
16 November 2023
Key statistics
United States Dollars
Quarter
Figures in millions unless otherwise stated September 2023 June 2023 September 2022
Gold produced* oz (000) 542 577 597
Tonnes milled/treated 000 10,933 10,766 10,352
Revenue (excluding Asanko) US$/oz 1,924 1,955 1,699
Cost of sales before gold inventory change
and amortisation and depreciation (excluding Asanko) US$/tonne 48 50 50
AISC US$/oz 1,381 1,279 1,061
Total AIC US$/oz 1,622 1,454 1,279
Net debt US$m 1,141 1,028 997
Net debt (excluding lease liabilities) US$m 749 629 603
Net debt to EBITDA ratio 0.48 0.42 0.40
* Gold produced in this table is attributable and includes Gold Fields share of 45% in Asanko.
At 30 September 2023, all operations are wholly owned except for Gruyere JV (50%), South Deep in South Africa (96.43%),
Damang and Tarkwa in Ghana (90%), Asanko JV in Ghana (45% equity share) and Cerro Corona in Peru (99.5%).
Gold produced and sold throughout this report includes copper gold equivalents of approximately 5% of Group production.
Figures may not add as they are rounded independently.
All-in cost reconciliation
United States Dollars
Quarter
Figures in millions unless otherwise stated September 2023 June 2023 September 2022
AIC for mining operations US$/oz 1,389 1,265 1,128
Salares Norte US$/oz 173 165 134
Total AIC for mining operations including Salares Norte US$/oz 1,562 1,430 1,262
Windfall US$/oz 48 - -
Corporate and other US$/oz 12 24 17
Total AIC US$/oz 1,622 1,454 1,279
Currencies and metal prices
United States Dollars
Quarter
Figures in millions unless otherwise stated September 2023 June 2023 September 2022
US$1 - ZAR 18.65 18.66 17.05
A$ - US$ 0.65 0.67 0.68
Gold price (US$/oz) 1,924 1,955 1,699
Copper price (US$/tonne) 8,356 8,478 7,742
Stock data for the nine months ended 30 September 2023
Number of shares in issue NYSE - (GFI)
- at 30 September 2023 893,540,813 Range - Quarter US$10.86 - US$15.88
- average for the 9 months 893,244,068 Average volume - Quarter 4,110,962 shares/day
Free float 100 per cent JSE LIMITED - (GFI)
ADR ratio 1:1 Range - Quarter ZAR205.31 - ZAR285.47
Bloomberg/Reuters GFISJ/GFLJ.J Average volume - Quarter 2,613,271 shares/day
Salient features and cost benchmarks
United States Dollars South African Rand
Total Total
mine mine
operations operations
and and
projects projects Americas Region Ghana Region South Africa Region
excluding excluding
equity- equity- Peru Chile Ghana South Africa
accounted accounted Salares
Figures are in millions Joint Joint Cerro Norte Asanko# South South
unless otherwise stated Venture Venture Total Corona Project Total 45% Tarkwa Damang Deep Deep
Operating results
Ore milled/treated Sept 2023 10,933 10,226 1,629 1,629 - 5,566 708 3,630 1,228 782 782
(000 tonnes) June 2023 10,766 10,110 1,639 1,639 - 5,406 656 3,546 1,204 683 683
Sept 2022 10,352 9,712 1,627 1,627 - 5,284 640 3,435 1,208 747 747
Yield (grams per tonne) Sept 2023 1.6 1.7 1.0 1.0 - 1.0 0.7 1.1 1.0 3.2 3.2
June 2023 1.7 1.8 1.1 1.1 - 1.2 0.7 1.3 1.0 3.1 3.1
Sept 2022 1.9 1.9 1.1 1.1 - 1.3 1.0 1.2 1.5 3.7 3.7
Gold produced Sept 2023 562.0 545.9 51.7 51.7 - 185.4 16.1 129.0 40.4 80.7 2,510
(000 managed equivalent June 2023 598.4 583.2 60.2 60.2 - 203.9 15.2 148.9 39.8 67.8 2,107
ounces)
Sept 2022 619.8 600.1 59.8 59.8 - 214.6 19.8 134.7 60.1 87.9 2,735
Gold produced Sept 2023 541.9 525.8 51.4 51.4 - 168.5 16.1 116.1 36.3 77.8 2,421
(000 attributable June 2023 576.8 561.6 59.9 59.9 - 185.0 15.2 134.0 35.9 65.3 2,032
equivalent ounces)
Sept 2022 596.9 577.2 59.5 59.5 - 195.1 19.8 121.2 54.1 84.8 2,638
Gold sold Sept 2023 547.7 531.8 42.3 42.3 - 182.7 16.0 126.9 39.8 80.3 2,497
(000 managed June 2023 596.3 581.5 61.5 61.5 - 203.6 14.8 148.9 39.8 65.4 2,035
equivalent ounces)
Sept 2022 617.6 597.1 59.4 59.4 - 215.3 20.5 134.7 60.1 87.9 2,735
Cost of sales before Sept 2023 (508.1) (492.8) (21.2) (34.1) 12.8 (185.1) (15.4) (122.9) (46.9) (79.8) (1,488.2)
amortisation
and depreciation (million) June 2023 (496.8) (481.4) (50.0) (50.0) - (146.0) (15.4) (93.8) (36.7) (75.8) (1,423.0)
Sept 2022 (436.8) (417.6) (40.0) (40.0) - (143.0) (19.2) (83.7) (40.1) (73.1) (1,257.6)
Cost of sales before gold Sept 2023 46 48 36 34 - 27 22 26 33 102 1,897
investory change and June 2023 48 50 36 36 - 31 22 30 40 115 2,139
amortisation and depreciation Sept 2022 48 50 35 35 - 32 23 32 38 109 1,855
(Dollar per tonne)
Sustaining capital (million) Sept 2023 (173.7) (168.9) (32.5) (11.1) (21.4) (57.6) (4.9) (51.5) (1.2) (24.0) (446.2)
June 2023 (182.6) (179.6) (34.1) (8.4) (25.7) (70.5) (3.0) (65.9) (1.6) (17.6) (329.2)
Sept 2022 (161.8) (160.8) (9.5) (9.5) - (68.2) (1.0) (53.5) (13.8) (24.7) (422.8)
Non-sustaining capital
(million) Sept 2023 (83.5) (81.1) (66.4) (1.9) (64.4) (2.3) (2.3) - - -
June 2023 (83.1) (82.2) (64.6) (3.0) (61.6) (1.0) (1.0) - - - -
Sept 2022 (101.4) (99.9) (75.2) (4.3) (70.9) (4.2) (1.6) - (2.6) (3.9) (68.7)
Total capital expenditure Sept 2023 (257.2) (250.0) (98.8) (13.0) (85.8) (59.9) (7.2) (51.5) (1.2) (24.0) (446.2)
(million) June 2023 (265.7) (261.8) (98.7) (11.4) (87.3) (71.5) (4.0) (65.9) (1.6) (17.6) (329.2)
Sept 2022 (263.2) (260.7) (84.7) (13.8) (70.9) (72.4) (2.6) (53.5) (16.4) (28.6) (491.5)
AISC
(Dollar per ounce) Sept 2023 1,371 1,369 1,762* 693 - 1,485 1,427 1,533 1,355 1,309 784,092
June 2023 1,256 1,253 1,503* 666 - 1,217 1,374 1,228 1,121 1,479 891,619
Sept 2022 1,044 1,039 518 518 - 1,101 1,178 1,126 1,019 1,131 624,701
Total AIC
(Dollar per ounce) Sept 2023 1,562 1,560 5,265* 824 - 1,503 1,632 1,533 1,355 1,309 784,092
June 2023 1,430 1,429 3,699* 800 - 1,227 1,479 1,228 1,130 1,479 891,619
Sept 2022 1,128 1,121 686 686 - 1,134 1,319 1,126 1,088 1,176 649,812
Average exchange rates were US$1 = R18.65, US$1 = R18.66 and US$1 = R17.05 for the September 2023,
June 2023 and September 2022 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.65, A$1 = US$0.67 and A$1 = US$0.68
for the September 2023, June 2023 and March 2022 quarters, respectively.
Figures may not add as they are rounded independently.
# Equity-accounted Joint Venture.
* Includes AIC with no gold sold for Salares Norte as the project is still under construction.
United States Dollars Australian Dollars
Australia Australia
Region Region
Figures are in millions Australia Australia
unless otherwise stated Granny Gruyere Granny Gruyere
Total Agnew St Ives Smith 50% Total Agnew St Ives Smith 50%
Operating results
Ore milled/treated Sept 2023 2,956 350 974 441 1,191 2,956 350 974 441 1,191
(000 tonnes) June 2023 3,039 354 1,070 453 1,162 3,039 354 1,070 453 1,162
Sept 2022 2,694 295 899 410 1,090 2,694 295 899 410 1,090
Yield (grams per tonne) Sept 2023 2.6 5.1 2.5 4.5 1.2 2.6 5.1 2.5 4.5 1.2
June 2023 2.7 5.6 2.7 5.0 1.0 2.7 5.6 2.7 5.0 1.0
Sept 2022 3.0 6.1 2.9 5.5 1.2 3.0 6.1 2.9 5.5 1.2
Gold produced Sept 2023 244.1 57.2 78.2 64.5 44.3 244.1 57.2 78.2 64.5 44.3
(000 managed June 2023 266.5 63.7 91.5 73.2 38.0 266.5 63.7 91.5 73.2 38.0
equivalent ounces) Sept 2022 257.5 58.1 84.5 73.0 41.8 257.5 58.1 84.5 73.0 41.8
Gold produced Sept 2023 244.1 57.2 78.2 64.5 44.3 244.1 57.2 78.2 64.5 44.3
(000 attributable June 2023 266.5 63.7 91.5 73.2 38.0 266.5 63.7 91.5 73.2 38.0
equivalent ounces)
Sept 2022 257.5 58.1 84.5 73.0 41.8 257.5 58.1 84.5 73.0 41.8
Gold sold Sept 2023 242.4 55.3 78.1 64.6 44.3 242.4 55.3 78.1 64.6 44.3
(000 managed equivalent ounces) June 2023 265.8 65.0 89.1 73.5 38.3 265.8 65.0 89.1 73.5 38.3
Sept 2022 254.9 57.6 84.6 73.0 39.7 254.9 57.6 84.6 73.0 39.7
Cost of sales before Sept 2023 (222.0) (50.1) (83.6) (56.3) (31.9) (338.9) (76.6) (127.5) (86.1) (48.7)
amortisation
and depreciation (million) June 2023 (225.0) (50.7) (85.3) (61.6) (27.5) (336.5) (75.8) (127.5) (92.0) (41.2)
Sept 2022 (180.7) (43.4) (60.6) (50.9) (25.8) (266.5) (63.9) (89.9) (74.9) (37.8)
Cost of sales before gold Sept 2023 73 153 80 129 24 112 233 123 198 36
investory change June 2023 69 139 70 130 24 104 207 105 195 36
and amortisation and depreciation
(Dollar per tonne) Sept 2022 71 150 77 121 26 105 220 113 179 39
Sustaining capital Sept 2023 (59.6) (12.7) (20.4) (11.7) (15.0) (91.0) (19.3) (31.1) (17.9) (22.7)
(million) June 2023 (60.3) (13.1) (25.0) (12.2) (10.0) (90.1) (19.6) (37.2) (18.3) (15.0)
Sept 2022 (59.3) (12.4) (21.6) (15.8) (9.5) (87.3) (18.3) (32.1) (23.0) (13.9)
Non-sustaining capital Sept 2023 (14.8) (1.7) (7.6) (5.5) - (22.7) (2.8) (11.5) (8.4) -
(million) March 2023 (17.5) (4.6) (4.9) (8.1) - (26.3) (6.9) (7.3) (12.2) -
Sept 2022 (18.1) (4.1) (4.5) (9.5) - (26.7) (6.3) (6.5) (13.9) -
Total capital expenditure Sept 2023 (74.4) (14.4) (28.0) (17.2) (15.0) (113.7) (22.1) (42.6) (26.3) (22.7)
(million) March 2023 (77.8) (17.7) (29.9) (20.3) (10.0) (116.4) (26.5) (44.5) (30.5) (15.0)
Sept 2022 (77.4) (16.5) (26.1) (25.3) (9.5) (114.0) (24.6) (38.6) (36.9) (13.9)
AISC (Dollar per ounce) Sept 2023 1,272 1,265 1,419 1,169 1,176 1,943 1,933 2,167 1,787 1,790
March 2023 1,201 1,126 1,347 1,129 1,126 1,795 1,683 2,012 1,688 1,686
Sept 2022 1,029 1,083 1,036 992 1,001 1,517 1,599 1,536 1,457 1,468
Total AIC (Dollar per ounce) Sept 2023 1,377 1,362 1,587 1,271 1,180 2,103 2,082 2,422 1,944 1,798
March 2023 1,299 1,228 1,450 1,254 1,154 1,942 1,837 2,166 1,875 1,727
Sept 2022 1,159 1,258 1,152 1,157 1,038 1,707 1,855 1,704 1,697 1,521
Average exchange rates were US$1 = R18.65, US$1 = R18.66 and US$1 = R17.05 for the September 2023,
June 2023 and September 2022 quarters, respectively.
The Australian/US Dollar exchange rates were A$1 = US$0.65, A$1 = US$0.67 and A$1 = US$0.68
for the September 2023, June 2023 and March 2022 quarters, respectively.
Figures may not add as they are rounded independently.
Review of Operations
Quarter ended 30 September 2023 compared with quarter ended 30 June 2023
Figures may not add as they are rounded independently.
Australia region
Gruyere
Sept 2023 June 2023 % Variance
Mine physicals in table on a 100% basis
000
Ore mined tonnes 2,209 2,024 9%
000
Waste (Capital) tonnes 5,620 4,217 33%
000
Waste (Operational) tonnes 991 1,472 (33)%
000
Total waste mined tonnes 6,611 5,689 16%
000
Total tonnes mined tonnes 8,820 7,713 14%
Grade mined g/t 1.22 1.29 (5)%
Gold mined 000'oz 86.5 84.2 3%
Strip ratio waste/ore 3.0 2.8 (7)%
000
Tonnes milled tonnes 2,382 2,323 3%
Yield g/t 1.16 1.02 14%
Gold produced 000'oz 88.7 76.1 17%
Gold sold 000'oz 88.6 76.6 16%
AISC A$/oz 1,790 1,686 (6)%
US$/oz 1,176 1,126 (4)%
AIC A$/oz 1,798 1,727 (4)%
US$/oz 1,180 1,154 (2)%
Capital in table on a 50% basis
Sustaining capital expenditure - 50% basis A$m 22.7 15.0 51%
US$m 15.0 10.0 50%
Non-sustaining capital expenditure - 50% basis A$m - - -%
US$m - - -%
Total capital expenditure - 50% basis A$m 22.7 15.0 51%
US$m 15.0 10.0 50%
Gold production increased by 17% to 88,700oz in the September quarter from 76,100oz in the June quarter
mainly due to the release of approximately 5,800oz in the September quarter left within the circuit
at the end of the June quarter due to late delivery of ore to the plant. The timing of the drawdown effectively
decreased production in the June quarter by 5,800oz and increased the September quarter production by 5,800oz.
Pre-strip activities commenced in stage 5 of the Gruyere pit, resulting in an increase in capital
waste mined of 33% to 5.62Mt in the September quarter from 4.22Mt in the June quarter. With personnel
and equipment focused on pre-stripping of stages 4 and 5 of the pit, operational waste mined decreased
by 33% to 0.99Mt in the September quarter from 1.47Mt in the June quarter.
Ore mined increased by 9% to 2.21Mt in the September quarter from 2.02Mt in the June quarter and mined grade
decreased by 5% to 1.22g/t in the September quarter from 1.29g/t in the June quarter, resulting in a net
increase in gold mined of 3% to 86,500oz in the September quarter from to 84,200oz in the June quarter.
Yield increased by 14% to 1.16g/t in the September quarter from 1.02g/t in the June quarter. The increase
reflects the drawdown of gold in circuit referred to above.
AIC increased by 4% to A$1,798oz (US$1,180/oz) in the September quarter from A$1,727oz (US$1,154/oz)
in the June quarter due to increased capital expenditure and cost of sales before amortisation and depreciation,
partially offset by increased gold sold. The increase in cost of sales before amortisation and depreciation
was due to a gold inventory draw down in the September quarter of A$5m (US$4m) compared with a gold inventory
credit to cost of A$1m (US$1m) in the June quarter on the drawdown of gold from circuit.
Sustaining and total capital expenditure (on a 50% basis) increased by 51% to A$23m (US$15m) in the September
quarter from A$15m (US$10m) in the June quarter due to commencement of pre-stripping stage 5 of the pit, and
increased expenditure on the Stage 4 lift of the tailings facility.
Granny Smith
Sept 2023 June 2023 % Variance
000
Underground ore mined tonnes 453 448 1%
000
Underground waste mined tonnes 69 85 (19)%
000
Total tonnes mined tonnes 522 533 (2)%
Grade mined - underground g/t 4.82 5.24 (8)%
Gold mined 000'oz 70.1 75.5 (7)%
000
Tonnes milled tonnes 441 453 (3)%
Yield g/t 4.55 5.03 (10)%
Gold produced 000'oz 64.5 73.2 (12)%
Gold sold 000'oz 64.6 73.5 (12)%
AISC A$/oz 1,787 1,688 (6)%
US$/oz 1,169 1,129 (4)%
AIC A$/oz 1,944 1,875 (4)%
US$/oz 1,271 1,254 (1)%
Sustaining capital expenditure A$m 17.9 18.3 (2)%
US$m 11.7 12.2 (4)%
Non-sustaining capital expenditure A$m 8.4 12.2 (31)%
US$m 5.5 8.1 (32)%
Total capital expenditure A$m 26.3 30.5 (14)%
US$m 17.2 20.3 (15)%
Gold production decreased by 12% to 64,500oz in the September quarter from 73,200oz in the June quarter
due to decreased grades mined and processed as well as lower tonnes milled.
Underground waste mined decreased by 19% to 69,000t in the September quarter from 85,000t in the June
quarter mainly due to decreased capital development in the Z135 area as a result of temporary vent change
requirements and some delays in the ventilation raisebore advance. Some development metres were reassigned
from the Z135 capital waste into the Z120 ore generating areas.
Gold mined decreased by 7% to 70,100oz in the September quarter from 75,500oz in the June quarter due to an 8%
decrease in grade of ore mined from 5.24g/t in the June quarter to 4.82g/t in the September quarter.
The decrease in grade was due to temporary vent related restrictions that required additional mining of lower
grade material from the upper areas of the mine during the September quarter. The mine plan is back on schedule
for the December quarter with the vent restrictions addressed restoring full access to the lower areas of the mine.
Yield decreased by 10% to 4.55g/t in the September quarter from 5.03g/t in the June quarter, reflecting the decrease
in grade of ore mined.
AIC increased by 4% to A$1,944/oz (US$1,271/oz) in the September quarter from A$1,875/oz (US$1,254/oz) in the June
quarter due to lower gold sales, partially compensated for by lower capital expenditure and lower cost of sales
before amortisation and depreciation.
Total capital expenditure decreased by 14% to A$26m (US$17m) in the September quarter from A$31m (US$20m) in the
June quarter.
Sustaining capital expenditure for the September quarter remained similar at A$18m (US$12m).
Non-sustaining capital expenditure decreased by 31% to A$8m (US$6m) in the September quarter from A$12m (US$8m)
in the June quarter due to decreased capital development in the Z135 area as a result of the vent restrictions
mentioned and reduced exploration drilling in the Z150 area in line with the plan.
St Ives
Sept 2023 June 2023 % Variance
Underground
000
Ore mined tonnes 445 430 3%
000
Waste mined tonnes 165 170 (3)%
000
Total tonnes mined tonnes 610 600 2%
Grade mined g/t 4.37 4.95 (12)%
Gold mined 000'oz 62.6 68.4 (8)%
Surface
000
Ore mined tonnes 148 167 (11)%
000
Surface waste (capital) tonnes 1,328 1,128 18%
000
Surface waste (operational) tonnes 583 59 888%
000
Total waste mined tonnes 1,911 1,187 61%
000
Total tonnes mined tonnes 2,059 1,354 52%
Grade mined g/t 1.78 0.88 102%
Gold mined 000'oz 8.5 4.7 81%
Strip ratio waste/ore 12.9 7.1 (82)%
Total (underground and surface)
000
Total ore mined tonnes 593 597 (1)%
Total grade mined g/t 3.73 3.81 (2)%
000
Total tonnes mined tonnes 2,669 1,954 37%
Total gold mined 000'oz 71.1 73.1 (3)%
000
Tonnes milled tonnes 974 1,070 (9)%
Yield - underground g/t 3.86 5.02 (23)%
Yield - surface g/t 1.21 1.26 (4)%
Yield - combined g/t 2.50 2.66 (6)%
Gold produced 000'oz 78.2 91.5 (15)%
Gold sold 000'oz 78.1 89.1 (12)%
AISC A$/oz 2,167 2,012 (8)%
US$/oz 1,419 1,347 (5)%
AIC A$/oz 2,422 2,166 (12)%
US$/oz 1,587 1,450 (9)%
Sustaining capital expenditure A$m 31.1 37.2 (16)%
US$m 20.4 25.0 (18)%
Non-sustaining capital expenditure A$m 11.5 7.3 58%
US$m 7.6 4.9 55%
Total capital
expenditure A$m 42.6 44.5 (4)%
US$m 28.0 29.9 (6)%
Gold production decreased by 15% to 78,200oz in the September quarter from 91,500oz in the June quarter
due to a 9% reduction in ore processed combined with a 6% reduction in yield.
Grade mined from underground operations decreased by 12% to 4.37g/t in the September quarter from 4.95g/t
in the June quarter, with lower grades mined at both Hamlet and Invincible, in line with the mining sequence.
The 12% decrease in grade mined combined with a 3% increase in ore tonnes mined to 445kt in the September
quarter from 430kt in the June quarter, gold mined from underground operations decreased by 8% to 62,600oz
in the September quarter from 68,400oz in the June quarter.
Development of the Thunderer pit continued in the September quarter, with capital waste mined increasing
by 18% to 1,328kt in the September quarter from 1,128kt in the June quarter and operational waste mined
increasing by 888% to 583kt in the September quarter from 59kt in the June quarter. Total tonnes mined
increased by 52% to 2,059kt in the September quarter from 1,354kt in the June quarter. During the quarter
first ore was achieved at Thunderer, realising 148kt of ore at an average grade of 1.78g/t generating 8,500oz.
AIC increased by 12% to A$2,422/oz (US$1,587/oz) in the September quarter from A$2,166/oz (US$1,450/oz)
in the June quarter mainly due to a 12% reduction in gold sold.
Total capital expenditure decreased by 4% to A$43m (US$28m) in the September quarter from A$45m (US$30m)
in the June quarter.
Sustaining capital expenditure decreased by 16% to A$31m (US$20m) in the September quarter from A$37m (US$25m)
in the June quarter due lower exploration drilling spend in the September quarter and reduced expenditure on
establishing vent rises at the Invincible underground mine.
Non-sustaining capital increased by 58% to A$12m (US$8m) in the September quarter from A$7m (US$5m) in the
June quarter due to increased development and infrastructure spend at the Invincible Deep underground operation.
Agnew
Sept 2023 June 2023 % Variance
Underground
000
Ore mined tonnes 326 267 22%
000
Waste mined tonnes 173 204 (15)%
000
Total tonnes mined tonnes 499 471 6%
Grade mined g/t 5.68 7.17 (21)%
Gold mined 000'oz 59.5 61.6 (3)%
Surface -%
000
Ore mined tonnes 21 81 (74)%
000
Surface waste (capital) tonnes 226 205 10%
000
Surface waste (operational) tonnes 239 734 (67)%
000
Total waste mined tonnes 465 939 (50)%
000
Total tonnes mined tonnes 486 1,020 (52)%
Grade mined g/t 2.22 2.08 7%
Gold mined 000'oz 1.5 5.4 (72)%
Strip ratio waste/ore 22.3 11.6 (92)%
Total (underground and surface)
000
Total ore mined tonnes 347 348 -%
Total grade mined g/t 5.47 5.99 (9)%
000
Total tonnes mined tonnes 985 1,491 (34)%
Total gold mined 000'oz 61.0 67.0 (9)%
000
Tonnes milled tonnes 350 354 (1)%
Yield - underground g/t 5.52 6.92 (20)%
Yield - surface g/t 1.85 2.17 (15)%
Yield - combined g/t 5.07 5.59 (9)%
Gold produced 000'oz 57.2 63.7 (10)%
Gold sold 000'oz 55.3 65.0 (15)%
AISC A$/oz 1,933 1,683 (15)%
US$/oz 1,265 1,126 (12)%
AIC A$/oz 2,082 1,837 (13)%
US$/oz 1,362 1,228 (11)%
Sustaining capital expenditure A$m 19.3 19.6 (2)%
US$m 12.7 13.1 (3)%
Non-sustaining capital expenditure A$m 2.8 6.9 (59)%
US$m 1.7 4.6 (63)%
Total capital
expenditure A$m 22.1 26.5 (17)%
US$m 14.4 17.7 (19)%
Gold production decreased by 10% to 57,200oz in the September quarter from 63,700oz in the June quarter due
to lower grades of ore mined and processed.
Ore mined from underground mines increased by 22% to 326,000t in the September quarter from 267,000t in the
June quarter, with access gained to high volume, lower grade extension vein stopes at Waroonga. The mining
of larger volume stopes resulted in a 15% decrease in waste mining to 173,000t in the September quarter from
204,000t in the June quarter. Grade, however, decreased by 21% to 5.68g/t in the September quarter from
7.17g/t in the June quarter as explained above.
As a result of the 22% increase in ore mined and 21% decrease in average grade mined, gold mined from underground
operations decreased by 3% to 59,500oz in the September quarter from 61,600oz in the June quarter.
Barren Lands open pit was completed during the September quarter with total tonnes mined decreasing by 52% to 486kt
in the September quarter from 1,020kt in the June quarter. Ore tonnes mined of 21,000t at an average grade of
2.22g/t for 1,500oz in the September quarter compared with ore tonnes mined of 81,000t at an average grade of
2.08g/t for 5,400oz in the June quarter.
The Barren Lands open pit will provide the access to the Barren Lands and Redeemer Underground Complex, also enabling
access to new underground exploration drilling platforms.
AIC increased by 13% to A$2,082/oz (US$1,362oz) in the September quarter from A$1,837/oz (US$1,228oz) in the June
quarter due to a 15% decrease in gold sold partially offset by a 17% decrease in capital expenditure.
Total capital expenditure decreased by 17% to A$22m (US$14m) in the September quarter from A$27m (US$18m) in the June
quarter.
Sustaining capital expenditure for the September quarter at A$19m (US$13m) was similar to sustaining capital expenditure
for the June quarter of A$20m (US$13m).
Non-sustaining capital expenditure decreased by 59% to A$3m (US$2m) in the September quarter from A$7m (US$5m) in the
June quarter following completion of the Waroonga North and Kath Lower Drill Drives.
South Africa region
South Deep
Sept 2023 June 2023 % Variance
000
Ore mined tonnes 418 462 (10)%
000
Waste mined tonnes 86 80 8%
000
Total tonnes tonnes 504 542 (7)%
Grade mined - underground reef g/t 6.59 6.77 (3)%
Grade mined - underground total g/t 5.46 5.77 (5)%
Gold mined kg 2,751 3,126 (12)%
000'oz 88.4 100.5 (12)%
Development m 2,818 2,907 (3)%
Secondary support m 2,863 2,874 -%
Backfill m3 57,505 80,250 (28)%
000
Ore milled - underground reef tonnes 422 424 -%
000
Ore milled - underground waste tonnes 62 52 19%
000
Total underground tonnes milled tonnes 484 476 2%
000
Ore milled - surface tonnes 298 207 44%
000
Total tonnes milled tonnes 782 683 14%
Yield - underground reef g/t 5.87 4.93 19%
Surface yield g/t 0.10 0.06 67%
Total yield g/t 3.21 3.09 4%
Gold produced kg 2,510 2,107 19%
000'oz 80.7 67.8 19%
Gold sold kg 2,497 2,035 23%
000'oz 80.3 65.4 23%
AISC R/kg 784,092 891,619 12%
US$/oz 1,309 1,479 11%
AIC R/kg 784,092 891,619 12%
US$/oz 1,309 1,479 11%
Sustaining capital expenditure Rm 446.2 329.2 36%
US$m 24.0 17.6 36%
Non-sustaining capital expenditure Rm - - -%
US$m - - -%
Total capital expenditure Rm 446.2 329.2 36%
US$m 24.0 17.6 36%
Gold produced increased by 19% to 2,510kg (80,700oz) in the September quarter from 2,107kg (67,800oz) in the June quarter,
this being in line with the production plan but also assisted by positive ore phasing and GIP release of 41kg (1,300oz).
More gold was mined in the June quarter from the longhole stopes but trammed and recovered in the September quarter.
Total tonnes mined in the September quarter decreased by 7% to 504kt from 542kt in the June quarter due to lower than
planned longhole stoping fleet reliability mainly on East Mine.
Reef grade mined decreased by 3% to 6.59g/t in the September quarter from 6.77g/t in the June quarter which is in line with
the business plan and largely driven by the mining footprint. Total underground tonnes processed increased by 2% to 484kt
in the September quarter from 476kt in the June quarter in line with the business plan.
Reef yield increased by 19% to 5.87g/t in the September quarter from 4.93g/t in the June quarter due to ore phasing, GIP
release, and stockpile movements. More gold was mined from the high grade longhole stopes in the June quarter but
trammed and recovered in the September quarter.
Surface tonnes processed increased by 44% to 298kt in the September quarter from 207kt in the June quarter. The June quarter
was negatively impacted by planned process plant upgrade and planned maintenance work that was carried out. Surface yield
increased by 67% to 0.10g/t in the September quarter from 0.06g/t in the June quarter due to higher head grade, improved
residence time, and carbon management resulting in improved recovery.
Total development decreased by 3% to 2,818m in the September quarter from 2,907m in the June quarter as cuts shifted from
destress mining to establishing new cut access development, which is characterised by lower rates due to fewer faces being
available.
Backfill decreased by 28% to 57,505m3 in the September quarter from 80,250m3 in the June quarter due to fewer stopes available
for backfilling as well as intermittent availability of backfill ranges, which have since been resolved. Backfilling
efficiencies remain one of the key focus areas that will enable stope availability and turnaround to sustain productivity.
AIC decreased by 12% to R784,092/kg (US$1,309/oz) in the September quarter from R891,619/kg (US$1,479/oz) in the June quarter,
mainly due to an increase in gold sold, partially offset by higher cost of sales before amortisation and depreciation and
higher capital expenditure.
Sustaining and total capital expenditure increased by 36% to R446 million (US$24 million) in the September quarter from
R329 million (US$18 million) in the June quarter. The increase is due to fleet replacements and refurbishments, an increase
in New Mine Development, shaft conveyance system upgrades and the old return dam upgrade.
Ghana region
Damang
Sept 2023 June 2023 % Variance
000
Ore mined tonnes 1,056 1,437 (27)%
000
Waste (capital) tonnes - - -%
000
Waste (operational) tonnes 760 2,261 (66)%
000
Total waste mined tonnes 760 2,261 (66)%
000
Total tonnes mined tonnes 1,816 3,698 (51)%
Strip ratio waste/ore 0.7 1.6 56%
Grade mined g/t 1.17 1.05 11%
Gold mined 000'oz 39.7 48.3 (18)%
000
Tonnes milled tonnes 1,228 1,204 2%
Yield g/t 1.02 1.03 (1)%
Gold produced 000'oz 40.4 39.8 2%
Gold sold 000'oz 39.8 39.8 -%
AISC US$/oz 1,355 1,121 (21)%
AIC US$/oz 1,355 1,130 (20)%
Sustaining capital expenditure US$m 1.2 1.6 (25)%
Non-sustaining expenditure US$m - - -%
Total capital expenditure US$m 1.2 1.6 (25)%
Gold production increased by 2% to 40,400oz in the September quarter from 39,800oz in the June quarter due to higher plant
throughput.
Total tonnes mined decreased by 51% to 1.8Mt in the September quarter from 3.7Mt in the June quarter. Ore tonnes mined decreased
by 27% to 1.06Mt in the September quarter from 1.44Mt in the June quarter. The decrease in both ore tonnes and total tonnes
mined is as a result of narrow pit width at depth. This is in line with the mining schedule as the pit reaches the end of
its economic life.
Operational waste tonnes mined decreased by 66% to 0.8Mt in the September quarter from 2.3Mt in the June quarter due to the
decrease in operational waste stripping in the Huni and Lima Kwesi Gap pits as ore is exposed. The strip ratio decreased by
56% to 0.7 in the September quarter from 1.6 in the June quarter.
Mined grade increased by 11% to 1.17g/t in the September quarter from 1.05g/t in the June quarter due to higher-grade ore
mined from the conglomerates in the Huni pit.
Gold mined decreased by 18% to 39,750oz in the September quarter from 48,300oz in the June quarter due to lower ore tonnes
mined.
In the September quarter, 964kt was fed to the plant from ex-pit at a grade of 1.18g/t and 264kt from stockpile at a grade
of 1.09g/t compared to 982kt at 1.14g/t from ex-pit and 222kt from stockpile at a grade of 1.19g/t in the June quarter.
Yield decreased by 1% to 1.02g/t in the September quarter from 1.03g/t in the June quarter due to lower grade stockpile
material processed exacerbated by a decrease in mine call factor and mill recovery in the September quarter.
AIC increased by 20% to US$1,355/oz in the September quarter from US$1,130/oz in the June quarter, mainly due to higher cost
of sales before amortisation and depreciation due to a GIP charge to cost of US$7m in the September quarter compared with a
GIP credit to cost of US$11m in the June quarter as a result of depletion of stockpiles in the September quarter compared
to a build up of ore stockpiles in the June quarter. This was partially offset by lower studies cost and lower capital
expenditure.
Sustaining and total capital expenditure decreased by 25% to US$1m in the September quarter from US$2m in the June quarter
due to lower expenditure incurred on the Huni Waste Dump development.
Tarkwa
Sept 2023 June 2023 % Variance
000
Ore mined tonnes 3,127 5,079 (38)%
000
Waste (capital) tonnes 12,059 11,158 8%
000
Waste (operational) tonnes 8,876 6,776 31%
000
Total waste mined tonnes 20,935 17,934 17%
000
Total tonnes mined tonnes 24,062 23,013 5%
Strip ratio waste/ore 6.7 3.5 (91)%
Grade mined g/t 1.13 1.22 (7)%
Gold mined 000'oz 113.2 199.7 (43)%
000
Tonnes milled tonnes 3,630 3,546 2%
Yield g/t 1.11 1.31 (15)%
Gold produced 000'oz 129.0 148.9 (13)%
Gold sold 000'oz 126.9 148.9 (15)%
AISC US$/oz 1,533 1,228 (25)%
AIC US$/oz 1,533 1,228 (25)%
Sus ...
