Annual report for the year ended 30 June 2010 Annual report for the year ended 30 June 2010 [ leveraged to gold ] “The most significant value opportunity in the sector.” Scope of this report This report provides an overview of Gold Fields’ four South African and five international operations for the year ended 30 June 2010, on a Group and mine-by-mine basis. It details the company’s financial statements and Mineral Reserves and Mineral Resources and looks ahead to the Group’s prospects for the next four quarters as it expands its global footprint. The Sustainable Development section of the report covers the activities of all of our existing mines as well as parts of our exploration and business development activities for the year ended 30 June 2010. Forward looking statements Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa, Ghana, Australia, Peru and elsewhere; the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions, exploration and development activities; decreases in the market price of gold or copper; hazards associated with underground and surface gold mining; labour disruptions; availability terms and deployment of capital or credit; changes in government regulations, particularly environmental regulations; and new legislation affecting mining and mineral rights; changes in exchange rates; currency devaluations; inflation and other macro-economic factors, industrial action, temporary stoppages of mines for safety reasons; and the impact of the Aids crisis in South Africa. These forward looking statements speak only as of the date of this document. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Back - Tarkwa Gold Mine, Ghana Front (large) - Chucapaca exploration project, Peru Front (small) - South Deep Mine, South Africa Global presence at a glance Who we are Where we operate South Africa Region 1. Driefontein Gold Mine 3. Beatrix Gold Mine Production › 22,076 kg (709,800 oz) Production › 12,188 kg (391,900 oz) Total cash cost › R168,568/kg (US$692/oz) Total cash cost › R180,358/kg (US$740/oz) NCE › R225,208/kg (US$924/oz) NCE › R239,867/kg (US$984/oz) Mineral Reserves › 17.2 Moz Mineral Reserves › 5.7 Moz Mineral Resources › 52.0 Moz Mineral Resources › 17.1 Moz Employees in service › 16,031 Employees in service › 9,987 2. Kloof Gold Mine 4. South Deep Gold Mine Production › 17,624 kg (566,500 oz) Production › 8,236 kg (264,800 oz) Total cash cost › R187,154/kg(US$768/oz) Total cash cost › R197,669/kg (US$811/oz) NCE › R256,962/kg (US$1,054/oz) NCE › R399,211/kg (US$1,638/oz) Mineral Reserves › 9.5 Moz Mineral Reserves › 29.3 Moz Mineral Resources › 77.9 Moz Mineral Resources › 63.6 Moz Employees in service › 14,490 Employees in service › 2,787 Who we are Where we operate West Africa Region 1. Tarkwa Gold Mine 2. Damang Gold Mine Production › 22,415 kg (720,700 oz) Production › 6,451 kg (207,400 oz) Total cash cost › R130,636/kg (US$536/oz) Total cash cost › R160,890/kg (US$660/oz) NCE › R181,115/kg (US$743/oz) NCE › R188,591/kg (US$774/oz) Mineral Reserves › 9.9 Moz Mineral Reserves › 2.1 Moz Mineral Resources › 15.3 Moz Mineral Resources › 4.7 Moz Employees in service › 2,154 Employees in service › 428 Who we are Where we operate Australasia Region 1. St Ives Gold Mine 2. Agnew Gold Mine Production › 13,097 kg (421,100 oz) Production › 5,140 kg (165,200 oz) Total cash cost › R173,085/kg Total cash cost › R131,323/kg (A$806/oz, US$710/oz) (A$611/oz, US$539/oz) NCE › R238,345/kg NCE › R213,132/kg (A$992/oz, (A$1,110/oz, US$978/oz) US$875/oz) Mineral Reserves › 2.3 Moz Mineral Reserves › 1.2 Moz Mineral Resources › 6.9 Moz Mineral Resources › 4.0 Moz Employees in service › 326 Employees in service › 142 Who we are Where we operate South America Region 1. Cerro Corona Mine Production › 12,243kg (393,600 oz) Total cash cost › R84,737/kg (US$348/oz) NCE › R136,650/kg (US$561/oz) Mineral Reserves › 5.3 Moz (gold equivalent) Mineral Resources › 8.7 Moz (gold equivalent) Employees in service › 310 Mineral Resources and Mineral Reserves are managed unless otherwise stated. South Africa Region excludes WWTTP Gold and Uncle Harry’s 14.6 Moz Inferred Mineral Resources. Our achievements and priorities How we performed Contribution to Group › Continued improvement in overall safety Revenue from continuing operations performance -1% (FY2009: R16,065.5 million) 50% › South Deep build-up on track with 52 per cent production increase › South Deep new order mining right R15,898.9 million executed › Beatrix pioneers carbon trading in gold industry › IAS/SAMREC Award for best R&R reporting See pages 19 – 20 and 34 – 35 Our achievements and priorities How we performed Contribution to Group › No fatalities during the year Revenue from continuing operations CIL plant at Tarkwa resulted in record 25% › +43% (2009: US$712.9 million) production levels › Secondary crusher commissioned at Damang › Decision to move to owner mining at Damang US$1,017.0 million See pages 20 and 46 – 51 Our achievements and priorities How we performed Contribution to Group › Termination of the Morgan Stanley royalty at Revenue from continuing operations 15% St Ives for A$308 million -2% (2009: A$741.0 million) › Major discovery in the developing Argo-Athena camp › Owner mining at Agnew implemented A$724.4 million See pages 21 and 52 – 57 Our achievements and priorities How we performed Contribution to Group › Excellent safety record Revenue from continuing operations 10% › Las Aquailas construction completed to +124% (2009: US$183.8 million) 3,740 metres above sea level › First full year of production at Cerro Corona above expectation US$411.4 million › Detailed engineering of oxide plant under way See pages 21 and 58 – 63 NCE: Notional Cash Expenditure – operating costs, including general and administration costs plus capital expenditure, including brownfields exploration. Section 1: Business review Section 2: Sustainability report Section 3: Financial statements 1 2 Financial 2010 summary performance 90 Message from the Chief Executive Officer 143 Annual financial statements 6 Message from the Chair 92 Introduction 144 Statement of responsibility by the Board 10 Report from the Chief Executive Officer 98 Economic impact 144 Corporate secretary’s confirmation 30 Board of directors 100 Our people 145 Report of the independent auditors 32 Executive committee 106 Health, safety and well-being 146 Management’s discussion and analysis 34 Review of operations – South Africa Region 110 Environment of the financial statements 46 Review of operations – West Africa Region 114 Energy and carbon management 165 Financial statements 52 Review of operations – Australasia Region 118 Supply chain management and material stewardship 260 Operating and financial information by mine 58 Review of operations – South America Region 122 Social responsibility and stakeholder engagement 264 Glossary of terms 64 Review of operations – Exploration and 126 Corporate governance 272 Administration and corporate information business development 134 Risk management 273 Notice of annual general meeting 70 Mineral Resources and Mineral Reserves 141 Assurance report 279 Form of proxy Gold Fields profile Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.5 million gold equivalent ounces per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and near- mine exploration projects at various stages of development. Gold Fields has total attributable gold equivalent Mineral Reserves of 78 million ounces and Mineral Resources of 281 million ounces. Gold Fields is listed on JSE Limited (primary listing), the New York Stock Exchange (NYSE), the NASDAQ Dubai Limited, the Euronext in Brussels (NYX) and the Swiss Exchange (SWX). The Gold Fields vision To be the global leader in sustainable gold mining Our values Safety ›› If we cannot mine safely, we will not mine Responsibility ›› We act responsibly and care for the environment, each other, and our stakeholders – our employees, our communities and our shareholders Honesty ›› We act with fairness, integrity, honesty and transparency Respect ›› We treat each other with trust, respect and dignity Innovation ›› We encourage innovation and entrepreneurship Delivery ›› We do what we say we will do Gold Fields Limited annual report 2010 2 Financial 2010 financial performance for the year ended 30 June 2010 Financial summary1 Rand million, unless otherwise stated F2010 F2009 F2008 F2007 F2006 Revenue 31,565 29,087 23,010 19,434 14,605 Basic earnings – cents per share 515 229 683 423 313 Headline earnings – cents per share 449 431 459 392 303 Dividends declared – cents