Operating Profit of R2.8 Billion and Net Earnings of R1.0 Billion in the Quarter Ended September 2009

Thursday, October 29, 2009 2:53 AM

JOHANNESBURG, Oct. 29, 2009 (PRNewswire-FirstCall) -- Gold Fields Limited Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today announced net earnings for the September 2009 quarter of R1,007 million, compared with a loss of R293 million and net earnings of R39 million for the June 2009 and the September 2008 quarters respectively. In US dollar terms net earnings for the September 2009 quarter were US$129 million, compared with a loss of US$29 million and net earnings of US$5 million for the June 2009 and the September 2008 quarters respectively.

    September 2009 quarter salient features:

- Attributable gold production at 906,000 ounces was in line
with the previous quarter;
- Total cash cost increased 5 per cent from R140,916 per kilogram (US$512
per ounce) to R147,343 per kilogram (US$586 per  ounce);
- Notional cash expenditure increased 2 per cent from R203,042
per kilogram (US$738 per ounce) to R207,754 per kilogram (US$826 per
ounce);
- Net debt at R6.7 billion (US$908 million) is robust at 0.58
of annual EBITDA;
- Post quarter end announcement of 271 million ounces of
mineral resources and 81 million ounces of mineral reserves for F2010;
- Royalty payable by St Ives terminated for a total
consideration of A$308 million;
- Stake in Eldorado sold for US$299 million, following the
exchange of Sino shares for Eldorado shares.

Statement by Nick Holland, Chief Executive Officer of Gold Fields:

"Despite a challenging quarter at Driefontein and Kloof, where safety related interruptions had a material effect on their respective production levels, Gold Fields maintained its production in line with the guidance provided on 6 August 2009, thus demonstrating greater stability and consistency in the production results of the Group.

We are extremely disappointed with the six fatalities during the quarter, and have again redoubled our efforts to reinforce the commitment of every person in Gold Fields to operate safely. Safety is our number one value and we remain committed not to mine if we cannot mine safely, and to improve even further on the record safety year that we had during F2009.

Particularly pleasing during the past quarter has been the outstanding performances from Cerro Corona, Beatrix and South Deep, all of which exceeded their guidance, and Tarkwa which came in on guidance.

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