Gold Fields Limited (GFI) 2017年年度報告「NYSE」.pdf

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1、2017INTEGRATEDANNUAL REPORTABOUT THIS REPORTGold Fields Limited is a globally diversified gold producer with seven operating mines in Australia,Ghana,Peru and South Africa,and a total attributable annual gold-equivalent production of approximately 2.2million ounces.It has attributable gold Mineral R

2、eserves of around 49million ounces and gold Mineral Resources of around104 million ounces.Attributable copper Mineral Reserves total 764 million pounds and Mineral Resources 4,881 million pounds.Gold Fields has a primary listing on the Johannesburg Stock Exchange(JSE)Limited,with secondary listings

3、on the New York Stock Exchange(NYSE)and the Swiss Exchange(SIX).This report has been compiled in accordance with the GRI Standards and the International Integrated Reporting Council Framework.Gold Fields also references a broad range of additional codes,frameworks and standards in compiling the repo

4、rt,including the King IV Code on Corporate Governance.The full list can be found in the Annual Financial Report(p3).We consider that this IAR,together with additional documents held online,complies with the requirements ofthe GRI Standards.Average exchange rates for 2017 of R13.33/US$1 and US$0.77/A

5、$1 havebeen used in this report.For 2018,forecast exchange rates of R12.00/US$1 and US$0.80/A$1 have been used.Forward looking statementsThis report contains forward looking statements within the meaning ofsection 27A of the U.S.Securities Act of 1933,as amended,or the Securities Act,and section 21E

6、 of the U.S.Securities Exchange Act of 1934,as amended,or the Exchange Act,with respect to Gold Fields financial condition,results of operations,business strategies,operating efficiencies,competitive position,growth opportunities for existing services,plans and objectives of management,markets for s

7、tock and other matters.Refer to the full forward looking statements on subject mattersGold Fields has complied with the ICMM Sustainable Development Framework,Principles,Position Statements and Reporting Requirements(see p137 for the assurance hereof).Our compliance with the ICMM is addressed throug

8、hout this report and on our website.This detail covers:The alignment of our sustainable development policies against the 10 principles and mandatory position statements The process for identifying specific sustainable development risks and opportunities The existence and implementation of systems an

9、d approaches for managing sustainable development risks and opportunities Gold Fields performance across a selection of identified material sustainable development risks and opportunities.Our disclosures in accordance with the GRI Standards can be found at has provided independent reasonable assuran

10、ce over selected sustainability information in this report,which is prepared in accordance with the GRI Standards.As a member of the ICMM,weare committed to obtaining assurance in line with the ICMM Sustainable Development Framework:Assurance Procedure.ERM has provided assurance over our statement o

11、n compliance with the ICMM Sustainable Development Framework,Principles and Reporting Requirements.The key sustainability performance data for assurance by ERM in 2017 can be found on p139 140.Board approvalThe Gold Fields Board of Directors acknowledges its responsibility toensure the integrity of

12、this IAR and has applied its collective mind throughout the preparation of this report.The Board believes that the integrated report is presented in compliance with the International Integrated Reporting Framework.Furthermore,the Board considers that this IAR complies in all material respects with t

13、he relevant statutory requirements of the various regulations governing disclosure and reporting by Gold Fields and that the annual financial statements comply in all material respects with the South African Companies Act No 71 of 2008,as amended,as well as with the International Financial Reporting

14、 Standards.As such,the Board unanimously approves the content of the IAR 2017,including the Annual Financial Report 2017,and authorised itsrelease on 22 March 2018.Cheryl CarolusChairperson of the Board27 March 2018Our integrated reporting approach aims to enable our stakeholders to make a more info

15、rmed assessment of the value of Gold Fields and its prospects.This Integrated Annual Report(IAR)is structured around the Gold Fields Group Balanced Scorecard,which is how we measure our performance against our strategy and the matters we consider to be most material to the sustainability of our Grou

16、p(p22).The IAR also forms part of our adherence to the Global Reporting Initiative(GRI)Standards and the 10 Principles of the International Council on Mining&Metals(ICMM),whose mandatory requirements of its position statements are presented online.We also align with the 10 Principles of the United N

17、ations Global Compact.Our 2017 full IAR comprises the following reports:2017INTEGRATEDANNUAL REPORT 1.2017FINANCIAL ANNUAL REPORT 2.PAGE HEADER continued2017MINERAL RESOURCES AND MINERAL RESERVES 3.1.Integrated Annual Report:Our primary report and details of the Groups value creation story over the

18、short,medium and long term.2.Annual Financial Report:Our full Corporate Governance Report,Board and Board subcommittee reports,Remuneration Report and our Annual Financial Statements,fulfilling our statutory financial reporting requirements.3.The Mineral Resource and Mineral Reserve Supplement:Detai

19、led technical and operational information on our mines and growth projects.4.The Notice of Annual General Meeting:The resolutions to be tabled to shareholders at our Annual General Meeting.5.GRI Index:Gold Fields GRI Content Index for the IAR 2017.Report scope and boundaryThis report covers the repo

20、rting period from 1 January 2017 to 31 December 2017 and provides an overview of our seven operations in Australia,Ghana,Peru and South Africa,as well as our exploration and business development activities.Details on the exact location of each operation and project can be found on p2 and p3.We use a

21、n integrated approach to reporting that examines our operational,financial and sustainability performance.All non-financial data for 2013 excludes the Yilgarn South assets we acquired that year,unless otherwise indicated.Non-financial data for 2017 only covers our seven operating mines and excludes

22、exploration activities and projects.Data from Darlot,which was sold,is included for the January to September 2017 period.Cover image:The Invincible Complex at the St Ives mine in Western AustraliaThe Gold Fields Integrated Annual Report 2017CONTENTScontents1)Our businessOur global footprint2Our busi

23、ness and value creation model4Our operating environment6Risks and materiality8Value creation and distribution122)LeadershipVision of the Chairperson16CEO Report193)Safe operational deliveryIntroduction42Operational performance45Safety50Health53Fit-for-purpose workforce56Energy management61Innovation

24、 and technology664)Capital discipline and financialperformanceFinancial performance70Capital discipline755)Portfolio managementManaging our portfolio80Life extension through near-mine exploration86Mineral Resources and Reserves summary886)Licence and reputationOverview94Environmental stewardship95St

25、akeholder relations105Summarised corporate governance124Summarised remuneration report1307)AssuranceFirst party:Internal Audit statement136Independent assurance statement of GoldFields Limited137Key sustainability performance data139Administration and corporate informationIBCUnited Nations Sustainab

26、le Development GoalsGiven our commitment to sustainable development,there is great potential for Gold Fields to make an important and lasting contribution towards the United NationsSustainable Development Goals(SDGs).Gold Fields seeks to work with partners to catalyse lasting social and economic pro

27、gress that supports an end to poverty,protects the planet and ensures prosperity for all.The following development goals are viewed as critical in the work of the mining and metals sector in particular.Where we believe our work is relevant to achievement of these goals the icons below will appear in

28、 this IAR.Good Health and WellbeingQuality EducationClean Water and SanitationAffordable and Clean EnergyDecent Work and Economic GrowthIndustry,Innovationand InfrastructureSustainable Cities and CommunitiesResponsible Consumption and ProductionClimate ActionLife on LandPartnerships for the GoalsPle

29、ase refer to our online reportat Send us your feedbackTo ensure that we report on issues that matter to our stakeholders please provide any feedback and questions to:, or visit to download the feedback refer to a page within these reportsThe Gold Fields Integrated Annual Report 20171Our businessGold

30、 Fields West Africa region consists of two mines in Ghana,Tarkwa and DamangContribution to Group productionOUR GLOBAL FOOTPRINTWest Africa region Group performance South Africa region Key:lMineslCorporate officeRegional officeslProject1 TRIFR Total Recordable Injury Frequency Rate Injuries per 1 mil

31、lion hours worked,including employees and contractors2 Net cash-flow=cash-flow from operating activities less net capital expenditure and environmental payments,excluding growth capital3 The statistics for Australia include Darlot up to the date of its sale on 2 October 20174 Group net cash-flow=cas

32、h-flow from operating activities less net capital expenditure and environmental payments,including growth capital800700600500400300200100014151617710716736754Managed production(Koz)1,2001,0008006004002000141516171,1191,0201,0941,049All-in cost(US$/oz)1.21.00.80.60.40.20141516170.500.680.751.02Safety

33、(TRIFR1)18015012090603001415161717910012344Net cash-fow2(US$m)300250200150100500(50)141516172.422.274.043.40Safety(TRIFR1)2,0001,5001,0005000141516171,4001,2341,7321,559All-in cost(US$/oz)200(20)(40)(60)(80)(100)14151617(43)12(116)(80)Net cash-fow2(US$m)30025020015010050014151617281290201198Managed

34、production(Koz)543210141516172.912.424.652.91Safety(TRIFR1)The South Deep mine,which is still in a ramp-up phase,is the only operating asset inthe South Africa regionContribution to Group productionTarkwa AccraDamang 32%South Deepll Johannesburg12%The Gold Fields Integrated Annual Report 20172Gold F

35、ields presence in the Americas region consists of theCerro Corona mine in Peru and the Salares Norte project in ChileContribution to Group productionAustralia regionAmericas regionProjectsStatusl Gruyere(Australia)l Far Southeast(Philippines)l Salares Norte(Chile)l Arctic Platinum project(Finland)In

36、 developmentScoping studyFeasibilitySold2,5002,0001,5001,0005000141516172,2332,2192,2942,236Managed production(Koz)300250200150100500(50)14151617(2)294235123Group net cash-flow4(US$m)1,2001,0008006004002000141615171,0881,0061,0871,026All-in cost(US$/oz)800700600500400300200100014151617673762702777Al

37、l-in cost(US$/oz)1501209060300141516171177715035Net cash-fow2(US$m)35030025020015010050014151617307270327296Managed production(Au-eq koz)1.21.00.80.60.40.20141516170.190.340.381.09Safety(TRIFR1)1,2001,0008006004002000141516179489411,015912All-in cost3(US$/oz)30025020015010050014151617188256218255Net

38、 cash-flow2,3(US$m)1,2001,0008006004002000141516179359421,031988Managed production3(Koz)201510501415161710.449.4317.0416.27Safety3(TRIFR1)The Australia region consists of three mines Agnew,Granny Smith and St Ives the Gruyere project and the FarSoutheast project in the PhilippinesContribution to Gro

39、up productionlFar SoutheastlSt IvesGranny SmithlAgnewlGruyerelPerth Lima ChilePeruCerro CoronalSalares Nortel42%14%The Gold Fields Integrated Annual Report 20173Our businessOUR BUSINESS AND VALUE CREATION MODELKEY INPUTS,RESOURCES AND CAPITALSFinancial capital Capital investment framework to priorit

40、ise investment in line with strategy Operational budgets Selected hedging of exchange rates and commodity prices Net debt:US$1,303m(end-2017)Dedicated expenditure(2017):US$840m capital expenditure US$217m growth capital US$623 sustaining capital US$87m near-mine exploration spending US$1,837m procur

41、ement budget Ghana Development AgreementHuman capital 8,856 employees;9,738 contractors(comprising exploration,financial,mining,processing,operational,human resources,legal investor relations,sustainable development expertise)Natural capital Water withdrawal:32,985ML Energy usage:12,178TJIntellectua

42、l capital Innovation and technology strategy and implementation Extensive exploration database on our Australian projects Geological mapping in partnership with technology companies Partnerships with Original Equipment Manufacturers(OEMs)for efficient use of machinery and mine vehicles Identificatio

43、n and implementation of low carbon and renewable energy projectsSocial and relationship capital Regulatory licences Social licence to operate from our host-communities Six Shared Value community investment projectsManufactured capital Six open pit or shallow underground mechanised operations in Aust

44、ralia,Ghana and Peru One deep-level,bulk underground mechanised operation in South Africa Two development projects Seven Carbon-in-leach or Carbon-in-pulp processing facilities 27 tailings storage facilities,of which 16 are active Three on-site gas-fired power plants US$162m investment portfolioEXPL

45、ORATIONNear-mine exploration by our operations and selected greenfields exploration,in partnerships with junior miners,ensures that we continually extend the life of our portfolio of assets for long-term sustainabilityGOLD SALESWe sell gold bullion to authorised bullion banks which in turn sell it o

46、n to central banks,investors,the jewellery industry,other industries and technology sectors.The gold-copper concentrate is sold to smelters for processingCLOSUREWe manage the process of closing our mines in a responsible manner.The life cycle of the mine entails careful environmental management prac

47、tices,including concurrent rehabilitation,to ensure the least disruption to our natural resources both during operations and post-closure.Furthermore,post-closure social and economic sustainability requires consultation with affected communities during the life-of-mine BUSINESS ACTIVITIES156The Gold

48、 Fields Integrated Annual Report 20174OUTPUTSMININGWe physically extract gold-bearing ore from open pits and underground mines in a fully mechanised,internationally diversified portfolio.We apply experience and technical expertise to ensure the safe and efficient extraction of the ore.This is done d

49、irectly by our teams or through contractor miningPROCESSINGWe generate additional value by physical and chemical processing of gold-bearing ore into semi-pure gold dor.The gold dor is externally refined by registered refineries into gold bullion.At our Cerro Corona mine we produce a gold-copper conc

50、entrateDEVELOPMENTDevelopment of projects that have undergone a stringent evaluation through scoping,pre-feasibility and feasibility studies-and,once brought to fruition,will improve the cost and production profile of our portfolio234Operational/Financial Extended average life-of-mine profile of our

51、 portfolio of mines 2.16Moz of gold produced US$2.85bn in value distributed to stakeholders US$1.86bn in operational and capital procurements US$506m spent on employee salaries,wages,benefits and bonus payments Gold-eq Mineral Resources of 104Moz and Mineral Reserves of 49Moz at end-December 2017Env

52、ironmental CO2 emissions:1.96Mt Mining waste:212MtSkills development and training US$20m invested in training 223 hours of training per employeeCommunities US$17m investment in SED funding to benefit host communities Host community workforce employment:7,516 people Host community procurement spend:U

53、S$774mOUTCOMES*Improved shareholder confidence US$160m paid in dividends and interest Mine closure liabilities of US$381m Net debt increased by US$137m to US$1,303m in2017 US$2m in net cash-outflow Free cash-flow margin of 16%Safety and health Three fatalities 2.42 total recordable injuries per mill

54、ion hours worked Community investments 1,850 job created and preserved at Damang US$17m in SED spent in our host communities Around 40%of our total workforce is sourced from host communities 45%of our goods and services from host community enterprises Strengthened social licence to operate*Due to th

55、e interconnected nature of our outcomes,we have not categorised these outcomes by capitalsThe Gold Fields Integrated Annual Report 20175Our businessOUR OPERATING ENVIRONMENTGold Fields is subject to external strategic dynamics that inform decision-making,and influence our business performance.IssueT

56、he price of gold continued its volatile recovery during 2017,ending the year at US$1,300/oz,up US$150/oz from the end of December 2016 and US$230/oz from the December 2015 low of US$1,070/oz.Similarly,the average gold price received by Gold Fields increased from US$1,140/oz in 2015 to US$1,241 in 20

57、16 and further to US$1,255/oz in 2017.More than any other variable,the gold price is the key dynamic informing our business strategy.The traditional investment case for gold as a safe haven asset was called into question as many investors sold their physical gold holdings after the gold price collap

58、sed in 2012.While much of the gold prices short-term movement is driven by market sentiment and geopolitical developments,an analysis of golds supply and demand fundamentals underpins our belief that the gold price should continue to improve over the next few years,though there will undoubtedly be p

59、eriods of short-term volatility.According to the World Gold Council(WGC),gold demand fell 7%to4,072 tonnes in 2017,driven by a decrease in investment demand.Exchange traded funds inflows of 203 tonnes,although positive,lagged the 545 tonnes recorded in 2016.Bar and coin demand fell 2%to 771tonnes on

60、 the back of a sharp drop in US retail investment.India andChina led a 4%recovery in jewellery demand to 2,136 tonnes,although this remains below historic levels.Net purchases by central banks and other official institutions continued to slow in 2017,decreasing to 371 tonnes from 390 tonnes in 2016

61、and 577 tonnes in 2015.However,buying by the Russian and Chinese central banks,while having slowed down,is expected to continue in 2018.In the long term,gold supply issues will also support a recovery in the gold price,in our view.According to WGC data,2017 mine production was flat at 3,269 tonnes,a

62、fter increasing only 1%in 2016.Many gold market analysts are of the view that the industry has reached peak production levels given the limited number of new gold discoveries sincethe mid-1990s together with the decreased levels of exploration spend in recent years.ResponseGold Fields does not predi

63、ct the gold price.We expect volatility and structure the business accordingly.We maximise value by:Prioritising cash-flow over production volumes Setting targets for each mine at a 15%free cash-flow margin around planning price of US$1,300/oz Eliminating marginal mining Selling non-strategic assetsT

64、he Group is therefore in a relatively strong state to weather a sustained lower gold price(at circa US$1,100/oz)and well positioned to capture future upside when the gold price recovers.During 2017,we invested in the future of our portfolios with a number of new projects,while at the same time conti

65、nuing to invest in the ongoing development of ore bodies through proactive near-mine exploration.Our mines avoid high-grading due to the obvious negative impact this would have on the sustainability of their ore bodies by mining at or below their reserve grade.These growth strategies are strategic e

66、ssentials that will in no way be compromised by the current price environment.3key strategic themes and how Gold Fields is responding to them1Gold price120100806040200121311101415161710410510510199949188Total mine supply(Moz)2001501005001,8001,6001,4001,2001,0008006004002000Global gold demand and su

67、pply versus the US$gold price(Moz)(US$/oz)20122011201020132014201520162017141131148140140137143138138144147151146139152136DemandSupplyGold price(rhs)Source:World Gold CouncilAn analysis of theThe Gold Fields Integrated Annual Report 20176 Understanding:investment in communities relies on a thorough

68、understanding of the risks,community needs and community perceptions.Since2015,Gold Fields has undertaken relational proximity studies at a number of its mines and in 2017 also undertook socio-economic baseline and social return on investment studies at its South Deep mine inSouth Africa(p122)Shared

69、 Value:the pursuit of mine-level business strategies that enhance the value of our own business and generate positive social impacts.Gold Fields currently has six Shared Value projects around the mines.The most important of these are our enhanced efforts to recruit employees and contractors from hos

70、t communities and to source goods and services from host companies(p111)These initiatives are particularly important in the low gold price context,which has an impact on the Groups ability to invest in community development projects as well as raising the prospect of job cuts among employees,many of

71、 whom hail from host communities.IssueThe nature of the extractive sector means the industry must pay particular attention to its social licence to operate.Unlike other companies,mines are dependent on their mineral deposits and cannot relocate to new locations when facing deteriorating local or nat

72、ional operating environments.Furthermore,many mines lives are finite but still can span decades.Mines must be able to navigate complex social,economic and political dynamics over time to avoid conflicts with their host communities.As it is,conflicts between communities and mines have risen sharply o

73、ver the past decade.To manage the potential risks,mining companies need to maximise their positive impacts,minimise their negative impacts and make sure that this is communicated to and recognised by host community stakeholders.For many decades this was not the case and,apart from a limited number o

74、f community jobs and procurement offered by mining companies,these communities saw few benefits.Similarly,taxes and royalties went into the coffers of central governments and rarely found their way back through investment in host communities.It is therefore not surprising that demands from host comm

75、unities have become more vocal and strident in recent years.Amid widespread use of social media and activism in these communities their demands have also found a global audience.ResponseAt Gold Fields,a strong social licence to operate is a prerequisite for long-term generation of value for stakehol

76、ders.This approach had to be underpinned by:Responsibility:ongoing investment in responsible operational standards to avoid and mitigate negative social and environmental impacts.This includes effective water and environmental management,which has become an increasingly material issue for most minin

77、g companies(p95)Trust:frank,two-way communication,realistic expectation management and visibly honouring commitments builds trust.This includes ongoing engagement on issues such as indigenous rights,employment opportunities and social transformation(p110)2Social licence to operate040806020100120Numb

78、er of incidentsSource:ICMM,BHR(2017 not available)Global conficts between communities and mines200220032005200620042007200820092010201120122015201620142013 IssueA sound and certain regulatory and fiscal environment should enable the global gold sector to ride out short-term fluctuations in gold pric

79、es and achieve sustained returns over the 15-to 20-year average life of a mining project.In many jurisdictions,however,the legal and tax environment has become less conducive to the long-term viability of the mining sector.Many governments view the industry as an easy target for higher taxes and oth

80、er fiscal imposts.Asa result,the governments share of mining revenue has grown at the expense of other stakeholders.3Regulatory issues ResponseThe question is how the trust gap between mining companies and governments can best be bridged.Gold Fields on its own and in conjunction with its peers in th

81、e wider global mining industry,has sought to address this trust gap ina number of ways:The industry is continuing to spread value to a number of stakeholders.Over the past threeyears,Gold Fields has consistently created between US$2bn and US$3bn in total value annually for our wide range of stakehol

82、ders accounting for around 90%of revenue on average(p12)Gold Fields is actively promoting host community employment and procurement from host community enterprises in an effort to strengthen its social licence to operate and mitigate any regulatory actions that limit its ability to share the benefit

83、s of mining(p112)We actively engage with our host governments in Ghana,Australia,Peru and South Africa,either directly or through industry organisations,in addressing the resource nationalism that,we believe,prevents the sector from achieving sustainable growth.321013141516172.852.512.432.652.98Gold

84、 Fields total value creation(US$bn)The Gold Fields Integrated Annual Report 20177Our businessRISKS AND MATERIALITY1A sustained and significantly lower gold price and currency exchange rate volatility Updated metal price forecasts approved for 2018 Business plans implemented and monitored through mon

85、thly andquarterly cost,capital and production reviews Ongoing portfolio optimisation to ensure cash generation Approval obtained to hedge gold and copper production for the various regions and subsequent structures have been entered into Business restructuring and technology strategies to improve ef

86、ficiencies and costs2South Deep2.1 Partial achievement of the production targets as defined in the rebase plan and the associated loss of investor confidence Organisational transformation initiatives to unlock the full potential of all our employees Skills development programmes artisan upskilling a

87、nd supervisor training programme progressed Ensure compliance to mine design programme implementation Improve fleet performance by focusing on effective maintenance and operation of equipment2.2 Logistics and utilities infrastructure Continued maintenance and upgrading of underground logistics and u

88、tilities infrastructure Upgrading of ore pass systems Design work for implementation of upgraded backfill system in progress Haulage infrastructure(rail upgrade)work programme progressing Ongoing roadway maintenance programme Comprehensive logistics and utilities infrastructure audit and a five-year

89、 implementation plan to commence in 20183Non-delivery of Damang reinvestment and Gruyere projects Both projects progressing in line with or ahead of their respective project schedules Long-lead engineering items ordered and/or being manufactured Gruyere access road and sealed airstrip projects compl

90、eted Monitoring wells have been drilled,cut-off trenches constructed and radar installed at the Damang East wall to improve pit wall stability4Regulatory uncertainty/Mining Charter in South Africa Ongoing consultation with the Minister of Mines and the Presidency of South Africa through the Chamber

91、of Mines in developing a new Mining Charter for the South African Mining Industry Legal strategy in place and implemented through Chamber of Mines to facilitate certainty around historic transactions specifically with regard to ownership to ensure the security ofmining licences5Replacing Resources a

92、nd Reserves at international operations Comprehensive near-mine exploration programmes in place Mergers and acquisitions strategy to identify opportunities Acquisition of additional shares in Cardinal Resources Damang reinvestment and Gruyere projects progressing as perproject schedules Salares Nort

93、e project feasibility study on track for completion in2018 Significant exploration commitments in Australia and Ghana6Loss of social licence to operate and community acceptance Growth opportunities in stable mining destinations Gruyere and Salares Norte Fit-for-purpose community relations structures

94、 in place Strengthen stakeholder engagement strategy to deal with Native Title issues in Australia Enhanced community investment and Shared Value projects in Ghana,Peru and South Africa Interaction with communities via the SA Chamber of Mines regarding their involvement in the new Mining Charter7Wat

95、er pollution,supply and cost Strict and focused compliance with environmental management regulations All operations ISO14001 certificated Water management plans are being widened to include post-closure water management Water recycle,reuse and conservation practices in place in all regions8Safety an

96、d health of our employees Unrelenting focus on safety and health as the number one value in Gold Fields Behaviour-based safety and visible-felt leadership programmes ongoing in all regions ICMM Critical Control Management health and safety-based processes and policies rolled out and being tracked at

97、 the Boards Safety,Health and Sustainable Development(SHSD)Committee The Chairperson of the Boards SHSD Committee chairs the South Deep quarterly safety meetings with the CEO in attendance9Attraction and retention of skills Fit-for-purpose regional/mine structures in place to deliver on operational

98、plans Human resource strategy focused on developing a high-performance culture Succession planning and talent review systems in place at mine,regional and group levels Entrenching the Gold Fields values and cultureTop 15 Group risks and opportunities in 2017Risks and mitigating strategiesThe Gold Fi

99、elds Integrated Annual Report 2017810Cost of energy and security of power supply Five-year energy and carbon plans built into mine operational plans and being implemented Continued investigation into the feasibility of renewable energy options Genser gas power plants commissioned at Tarkwa and Daman

100、g and realising significant cost savings and providing stable power feeds South Deep 40MW solar photovoltaic(PV)project in final phase of agreement process with an independent power producer Oil price hedges in place in Australian and Ghana ending in December 201911Impacts of global climate change C

101、omprehensive climate change vulnerability risk assessments conducted at all mines with remedial action plans being developed Aligning our financial and operational climate change disclosure to latest international standards Evaluating 20%renewable energy options for new projects in Australia and Chi

102、le12Cyber crime/loss of information,communication and technology(ICT)data Implementation of a cyber intelligence programme incorporating external monitoring and early detection of cyber attacks Cyber security maturity assessment conducted and areas for continual improvement identified and being impl

103、emented Cyber security specialist position to be appointed Review and implementation of the ISO 27001 security standard for key risk areas Attack and penetration testing is ongoing,led by Internal Audit and ICT Department13Group litigation Legal and engagement strategies to deal with potential Nativ

104、e Title-based claims at our Australian operations In South Africa,work is ongoing through the Occupational Lung Disease Working Group,including legal and stakeholder mitigating strategies,to achieve a fair settlement on the Silicosis claims Potential liability on the Silicosis payment booked for acc

105、ounting purposes14Wage agreement in South Africa and Ghana Early preparation for wage negotiations with proper market analysis,industry trends and settlements Communication of the macroeconomic environment Contingency plans in place for strike action In Ghana,Tarkwa is implementing the conversion to

106、 contractor mining15Political uncertainty in South Africa(national elections in2019)Geographic derisking towards favourable jurisdictions ongoing Improved engagement strategies with governments and regulators Lobbying governments directly and through the Chamber of Mines including legal strategies a

107、nd actions Rand West City forum established to facilitate engagement between mines,local government and community organisations1101178651514134932How Gold Fields manages risk The approach to assessing risk in Gold Fields is a collective effort by management of the risks facing the business.The asses

108、sments of the risks may be subjective and qualitative to a degree as they are primarily used internally.Acomprehensive set of risk mitigating actions reduces identified risks significantly.All heat maps reflect residual risks.Risk tables have been published in the IAR on this basis for the last eigh

109、t years.Our top 10materiality issuesGold Fields Group materiality score for Global Reporting Initiative standards(where 1=critical to Gold Fields and 10=not material at all)Economic performance 1.8Socio-economic compliance(SLO)2.5Safety and health 2.7Employment 2.8Labour/management relations 2.8Publ

110、ic policy 3.3Indirect economic impacts 3.3Water 3.4Energy 3.5Training and education 4.2 For how we determine our risks and materiality,see Gold Fields Integrated Annual Report 20179Our businessRISKS AND MATERIALITY continuedTop 5 risks and opportunities per region in 2017South America regionMaximumS

111、EVERITYMinimumPROBABILITYMaximum53142Risks and mitigating strategies1Implementation of the in-pit tailings project at Cerro Corona Scoping study awarded to an international consulting engineering firm Group support through corporate technical services Feasibility study to facilitate early in-pit tai

112、lings has been completed2Salares Norte project,Chile potential delay in Environmental Impact Assessment(EIA)approval Completion of the hydrogeological model at the Salares Grande basin Proactive and timeous community engagement programme Proactive communication of information to relevant authorities

113、3Oxide ore stock transportation to nearby CMC mining company Securing commercial contract and close co-operation with CMC Road maintenance Safe mining and haulage planning and optimisation Ensuring support from impacted communities and community safety programmes4Transition to a new mining contract

114、through retender process Ensuring seamless workforce transfer from old to new contractor Building up of ore stocks Build efficiency incentives into the new mining contract5Local social pressures,conflicts and community expectations Proactive community and stakeholder relationships and engagement Cri

115、sis management plans to deal with potential conflict Stringent follow-up and feedback on all community commitments Involvement of government authorities in our social projectsWest Africa regionMaximumSEVERITYMinimumPROBABILITYMaximum13542Risks and mitigating strategies1Transition from owner to contr

116、actor mining at Tarkwa Ongoing engagement with union and affected stakeholders Employee awareness and sensitisation programmes in place including transfer to contractor and industry-based severance packages Establishing and monitoring key milestones for the transition project Change management proce

117、ss Stockpiles built up to minimise impact of possible disruptions2Fiscal and government policy changes Frequent engagement with relevant government departments Intensive engagement via the Ghana Chamber of Mines Ensure adherence to principles and conditions in the Development Agreement(DA)3Execution

118、 of Damang mine reinvestment project Implementation and delivery of milestones under the reinvestment plan Fit-for-purpose organisational structure and continuous improvement initiatives Ongoing monitoring of contract mining milestones Pit wall control implementation Drilling and mining of Amoanda a

119、nd Huni pits as key additions to the long-term plan4Reserve depletion at Tarkwa inadequate organic growth and LoM extension Drilling to test new mineralisation targets Comprehensive brownfields exploration on lease area Innovation and technology programme to improve mining efficiencies Ensure utilis

120、ation of DA benefits for long-term LoM and exploration potential5Power switching to own/backup power generation and impact of costs Monitoring of independent power purchase agreement with Genser Energy to reduce grid reliance Strict implementation of project deadlines Damang:Commissioning of Genser

121、Power plants completed in Q4 2016 Tarkwa:Full commissioning of the fourth turbine to be completed in early 2018The Gold Fields Integrated Annual Report 201710Australia regionMaximumSEVERITYMinimumPROBABILITYMaximum3Risks and mitigating strategies1Reserve life at all mines Significant near-mine explo

122、ration to delineate further Mineral Reserves Divestment of Darlot completed and Gruyere construction on schedule Extended exploration programme at Agnew Ongoing business improvement initiatives to achieve cost savings2Gruyere project delivery Overall engineering and construction progress of the proj

123、ect on target Deliverables strictly monitored against engineering design and construction Joint venture management and steering committee structures in place Approvals for construction of gas pipeline obtained Amendments to environmental approvals obtained3Australian Dollar gold price Ongoing busine

124、ss improvement initiatives focused on business efficiencies and reduced costs Australian Dollar gold price hedging strategy4Turnover of key personnel and impact on operational performance Review and improvement of employee development programmes Strategic workshop to reposition attraction,retention

125、and engagement of key personnel Market-related remuneration5External influences on rising input costs including taxes Jobs-first for Western Australia campaign launched through industry bodies Engagement with politicians and media Review of stakeholder relations strategySouth Africa regionMaximumSEV

126、ERITYMinimumPROBABILITYMaximum34251Risks and mitigating strategies1Partial achievement of the production build-up targets as defined in the South Deep rebase plan and the associated loss of investor confidence Transforming organisational culture to ensure high performance based on trust and accounta

127、bility at all levels Skills development programme,including artisan upskilling and supervisory training programmes implemented and monitored Grade and compliance to mine design programmes in place for early remediation Improve fleet performance by focusing on effective maintenance and operation of e

128、quipment Integrating and optimising all aspects of the mining value chain2Safety and health of employees Implementation of the ICMM Critical Control Management process to prevent major unwanted health and safety incidents Behaviour-based safety and visible felt leadership programmes strengthened Dat

129、abase established to log all safety incidents and sub-standard safety conditions People and vehicle proximity detection devices on locos and heavy equipment installed Seismicity monitoring system and response plans implemented Dust reduction task team created in line with regulatory requirements and

130、 Chamber of Mines working group established to reduce underground silica dust exposure Focus on fan silencing and equipment maintenance to reduce noise in the workplace and all category A and B employees to be issued with personalised hearing protection devices3Geotechnical risk associated with mini

131、ng at depth and evolving mining operations Implemented Geotechnical Review Board recommendations,including revised support strategies,mining sequence,pillar,configuration changes and improved modelling capabilities High profile destress design change implemented with improved pillar yielding/reduced

132、 backfill dependency Comprehensive backfill intervention strategy implemented including the appointment of dedicated staff Support strategy implemented for ground support Pre-conditioning formal training by expert business partner 4Regulatory uncertainty/Mining Charter in South Africa Ongoing consul

133、tation with the Minister of Mines and the Presidency of South Africa through the Chamber of Mines in developing a new Mining Charter for the South African mining industry Legal strategy in place and implemented through Chamber of Mines to facilitate certainty around historic transactions specificall

134、y with regard to ownership to ensure the security of mining licences5Loss of social licence to operate and community activism New 2018 2022 SLP approved by the Social,Ethics and Transformation Committee and submitted to the Department of Mineral Resources for approval Fit-for-purpose community relat

135、ions and stakeholder engagement structure in place and delivery onthis Delivery of the three-year host community employment and procurement plan on track,collaborating with community trusts on project implementation1254The Gold Fields Integrated Annual Report 201711Our businessGovernmentsPayments in

136、cludeMining royalties and land-use payments,taxes,duties and levies and dividends.Why these stakeholders matterGovernments provide us with access to ore bodies by granting mining and other licences.They also deliver the infrastructure necessary to build and maintain our mines,including roads,electri

137、city and water supply.What we contributed in 2017 We paid governments US$310m(2016:US$235m)in taxes and royalties,11%of total value distribution(2016:10%)In addition,the Ghanaian government receives dividends relating to its 10%shareholding in Gold Fields Ghana,depending on the Companys performanceN

138、ational value distribution by region 2017(US$m)Americas62Australia160South Africa2West Africa 79Corporate7Total Gold Fields310BusinessPayments includeOperational and capital procurements.Why these stakeholders matterSupply chain businesses provide the equipment and services needed to develop and mai

139、ntain our operations.They comprise business partners,contractors and suppliers.What we contributed in 2017 We paid US$1,857m to suppliers and contractors,representing 65%of total value creation(2016:US$1,648m/66%)Of the total 2017 procurement expenditure,US$1,620m or 88%,was spent on businesses base

140、d in operating countries(2016:US$1,360m/83%)US$774m,or 45%of total procurement,was spent on suppliers and contractors from host communities(2016:US$558m/41%)National value distribution by region 2017(US$m)Americas 147 Australia815South Africa221West Africa 667Corporate7Total Gold Fields 1,857 Workfo

141、rcePayments includeSalaries and wages,benefits and bonus payments(including shares and payroll taxes).Why these stakeholders matterThe technical skills,experience and activity ofour people drive the day-to-day operations ofour business.What we contributed in 2017 We paid US$506m(2016:US$482m)to empl

142、oyees in terms of salaries,dividends and benefits,representing 18%of total value distribution(2016:19%)We also provide employees(where legislated)with additional benefits such as retirement savings,healthcare assistance,life and disability insurance,housing assistance and personal accident coverNati

143、onal value distribution by region 2017(US$m)Americas38Australia135South Africa168West Africa 115Corporate49Total Gold Fields506VALUECREATION AND DISTRIBUTIONTotal and national value distributionNational value distribution by region and type 2017(US$m)GovernmentBusinessEmployees/contractorsCommunitie

144、sCapital providersNational value distributionAmericas62 147 3874257Australia1608151351,110South Africa22211684212407West Africa 7966711569876Corporate7749136199Total Gold Fields310 1,857506171602,8501 South Deep does not yet pay income tax as it is in a loss-making position 2 This includes spending

145、from the South Deep trusts and SLP commitmentsThe Gold Fields Integrated Annual Report 201712CommunitiesPayments includeSocio-economic development(SED)spending,including infrastructure,health and wellbeing,education and training,local environmental initiatives and donations.Why these stakeholders ma

146、tterHost communities are thesource of a significant portion of our workforce and a key component ofour social licence to operate.What we contributed in 2017 We invested US$17m(2016:US$16m)in terms of SEDinvestment Independently,the South Deep trusts spent R23m(US$1.7m)in2017(2016:R19.3m/US$1.4m)40%o

147、f our workforce is drawn from host communities(2016:48%)See p111 for an analysis of our host community employment and procurement as well as other benefits and investment incommunitiesNational value distribution by region 2017(US$m)Americas7AustraliaSouth Africa42West Africa 6CorporateTotal Gold Fie

148、lds17Capital providersPayments includeInterest and dividend payments to capital providers.Why these stakeholders matterFinancial institutions,shareholders and bond holders invest with us,thus enabling us to fund the development,maintenance and growth of our operations and our overall business.What w

149、e contributed in 2017 We paid US$160m(2016:US$122m)to the providers of debt and equity capital,mainly in the form of interest anddividends Net debt increased by US$137m to US$1,303m during 2017National value distribution by region 2017(US$m)Americas4AustraliaSouth Africa12West Africa 9Corporate136To

150、tal Gold Fields160Managing our impacts The nature of our mining operations requires that we understand,minimise and manage the impact of our operation.Community impacts in 2017Community investments:US$17mFunding of projects that directly benefit ourhost communitiesHost community workforce employment

151、:7,516 peopleAround 40%of our total workforce is sourced from host communitiesHost community procurement:US$774mDuring 2017 Gold Fields procured 45%of its goods and services from host community enterprisesEnvironmental impacts in 2017Water withdrawal:33GCO2 emissions:1.96m tonnesMining waste:212m to

152、nnesEnergy usage:12.2m GJFarming vegetables near our Tarkwa mineThe Gold Fields Integrated Annual Report 201713Our businessDrilling on Lake Lefroy at St IvesVision of the Chairpersonp16CEO reportp19 Introduction and overviewp20 Group performance scorecardp22 Gold Fields strategy at a glancep32 Strat

153、egy overviewp35 The road ahead for 2018 and beyondp37 The mine of the futurep40LeadershipAt Gold Fields,we understand that strong and ethical leadership is the foundation of the Groups ability to create value.We are committed to embedding best practice governance at all levels of the organisation to

154、 deliver on our strategy.VISION OF THE CHAIRPERSONJust over five years ago in February 2013 Gold Fields unbundling of its legacy South African gold mines into Sibanye Gold(now Sibanye-Stillwater)was formalised.The rationale at the time was to refocus Gold Fields as a geographically diversified minin

155、g group with a quality portfolio of highly mechanised,open-pit or bulk underground operations and projects as well as focused management teams.Gold Fields has continuously met its production and cost targetsCheryl Carolus,ChairpersonThe Gold Fields Integrated Annual Report 201716As the Board looks b

156、ack over the past five years,I believe we can reflect with a measure of satisfaction on how Gold Fields has lived up to its vision to the benefit of its key stakeholders.Despite operating in a difficult economic environment the gold price has fallen by almost 20%over the five-year period Gold Fields

157、 has continuously met its production and cost targets and generated US$419m in net cash-inflow over that period.If we exclude 2013,theyear in which the gold price experienced a large drop,net cash-inflow since then has been over US$650m.This demonstrates that the change in strategy in 2013 from a mo

158、re production growth focus to a sustainable cash focus isbearing fruit.This cash has been used to create significant value for our key stakeholders,while at the same time enabling the Company to invest in future growth by funding the life extension of its existing mines,protecting the integrity of t

159、he mines ore bodies and bringing new projects to fruition.Investors are gradually being won over by the success of the strategy of long-term sustainable cash generation for the business.It has been undoubtedly an immense source of frustration for management and our shareholders that the share price

160、has not reflected the Companys sound operational performance since 2013.During 2017,however,the Gold Fields share price recovered strongly.On the JSE it rose by over 24%to end 2017 at R54.10 and on the New York Stock Exchange by 43%to US$4.30 one of the top performers in the gold sector.I am certain

161、 that further value will be created for shareholders over time.However,some investors believe that much of our fortunes remain inextricably linked to both the short-term performance and outlook for South Deep,our sole remaining South African mine.While South Deep is a key component of our portfolio,

162、I continue to stress that Gold Fields is a global gold company with much more than South Deep in its portfolio.Indeed,with production and cash-flow already heavily weighted towards our mines in Australia,South America and Ghana,we are increasing our investment in these regions to ensure the longevit

163、y and sustainability of our international portfolio.At Damang,we are spending US$341m over a number of years to extend the mines life to2025 and in Australia we have partnered with Gold Road to develop the Gruyere project in the highly prospective Yamarna district in Western Australia.In Chile,Salar

164、es Norte progressed into the feasibility phase last year.All these projects are being progressed within time and budgeted parameters.While our international mines and projects are consistently meeting or even exceeding their targets and guidance,South Deep remains the one asset in the portfolio that

165、 is yet to contribute meaningfully to Gold Fields success.In February 2017,the Board approved a comprehensive five-year rebase plan that will set the mine up to achieve asteady-state production level of approximately 500,000oz by 2022 at an All-in costs(AIC)of R410,000/kg.After a setback in Q1 2017,

166、when the two fatal accidents and three fall-of-ground incidents impacted production in high-grade areas,South Deep fell short of its production and cost targets for the first year of the plan.This has had some follow-through impact on the second year as well,but the integrity of the rebase plan is n

167、ot in question and its successful implementation is a prerequisite for realising the mines long-term value for the benefit of both our shareholders and other local stakeholders.Safe operational delivery at the mines and projects remains the Boards priority and we fully support managements efforts in

168、 further entrenching safety standards and behaviours.While the number of total recordable injuries for the Group increased slightly in 2017,thelong-term trend at Gold Fields has been a steady reduction in recordable and serious injuries between 2013 and 2017 there hasbeen a 42%improvement intheTotal

169、 Recordable Injury Frequency Rate.However,it is unacceptable that miners continue to lose their lives while working at our mines.Tragically this is what happened atSouth Deep during 2017;Thankslord Bekwayo,a dump truck operator,and Nceba Mehlwana,aloco driver,were killed in underground accidents.A t

170、hird fatality occurred at our Tarkwa mine in Ghana when a contractor,Moses Adeaba,was killed by falling scaffolding equipment in a warehouse.Our sincere condolences go out to the relatives,friends and colleagues of Messrs The Gold Fields Integrated Annual Report 201717LeadershipVISION OF THE CHAIRPE

171、RSON continuedBekwayo,Mehlwana and Adeaba.The Board has once again urged management to prioritise efforts to ensure zero harm.This is possible,with the right leadership from minemanagement and the right behaviours exhibited by the workforce,as was illustrated by the Cerro Corona mine in Peru,which r

172、ecorded only one recordable injury last year.Tarkwa had just three recordable injuries during 2017,notwithstanding that the fatal accident was one of them.Stakeholder engagement,beyond the regular interaction with our shareholders and investors,remains a critical issue for the Board.We devote consid

173、erable time to ensure that Gold Fields management deals appropriately with the challenges,issues and concerns of the key stakeholders in our host countries,including governments,employees,shareholders and host communities.During 2017,Gold Fields total value distribution to our stakeholders was US$2.

174、85bn in the form of payments to governments,capital providers,business suppliers,communities and employees.Many of these stakeholders are,often rightfully,demanding an increasing share of the benefits of mining.In return though,we would expect governments and trade unions,in particular,to also play

175、their part in ensuring the longevity and sustainability of the sector.During current negotiations with organised labour at our Ghanaian and South African operations,for example,we have not always found the common ground that could help us extend the life and sustainability of our operations.It is al

176、so imperative that we find ways of working with governments in all our jurisdictions in the spirit that enabled the development agreement we entered into with the Ghana government in 2016.As a direct consequence of this agreement,we were able tolaunch the reinvestment into the Damang mine last year,

177、creating and preserving around 1,850 direct and indirect jobs andleading to significant new community investment.We are alsoin the process of finding morecommon ground with the government in South Africa,where the new Presidency has committed to renegotiations of the Mining Charter and other legisla

178、tion.These negotiations had stalled in previous years when industry had no option but to pursue legal means to stop the implementation of unworkable and economically irresponsible regulations.As directors of this Company,one ofour key responsibilities is to ensure that the global corporate governanc

179、e programmes at Gold Fields are in line with the ever-changing and more stringent standards expected from multi-national companies.The Board iscommitted to upholding the governance outcomes of ethical culture,good performance,effective control and legitimacy underpinned by the King IV Code on Corpor

180、ate Governance.During 2017 the Board oversaw the implementation of the Code and believes that Gold Fields is now materially compliant with King IV.Furthermore,Gold Fields revised Code of Conduct was rolled out to most of its operations during the year,which includes our commitment to respecting the

181、human rights of all our stakeholders,as set out in the Human Rights Policy Statement.A number of key Group policies were also approved by the Board during the year,none more significant than the Group Diversity Policy,which commits GoldFields leadership team to implementing policies and targets toac

182、hieve,among others,greater gender and race diversity at all levels of the Company.AppreciationOver the past few years the Boards composition has changed with six new directors joining the Board since 2016 the latest being Carmen Letton who joined in May last year.The directors have settled into thei

183、r new roles and the Board,Ibelieve,has the requisite skills set and experience to continue guiding the Company on the right course inyears to come.I want to pay a special tribute to Gayle Wilson,who retired in May last year after nine years on the Board,the last seven years as Chairperson of the Aud

184、it Committee.This is undoubtedly one of the most demanding roles on the Board,but Gayle completed it with aplomb and a professionalism that has been a constant throughout her career.Gold Fields has rightfully gained a strong reputation for transparent and comprehensive reporting under Gayles watch.G

185、old Fields management teams and employees work in difficult economic and operational circumstances amid a relentless focus on cost controls and operational efficiencies.Under the leadership of CEO Nick Holland,they have done so with a strong commitment and dedication to the Company.On behalf of the

186、Board,Iwould like to express my gratitude to Nick,his executive team and the workforce around the globe.Cheryl CarolusChairpersonThe Gold Fields Integrated Annual Report 201718CEO REPORTExceptional performance at our international operationsNick Holland,CEOFor a fifth year in a row Gold Fields has m

187、anaged to meet or exceed its production and cost guidance during 2017.These strong results are testament to the exceptional performances of the teams at our international operations.The Gold Fields Integrated Annual Report 201719LeadershipCEO REPORT continuedDear stakeholdersI am proud to say that f

188、or the fifth year in a row Gold Fields has met or exceeded its production and cost guidance during 2017.Our 2.16Moz attributable production for the year was above our guided 2.10 2.15Moz and 2016 production of 2.15Moz.All-in costs(AIC)of US$1,088/oz were lower than the guided US$1,170 US$1,190/oz,bu

189、t higher than the US$1,006/oz reported in 2016 due to an increase in project capital spending.Despite the increased spending we declared a total dividend of R0.90/share and retained stable debt levels.These strong results are testament to the exceptional operational performances of our international

190、 operations.Our mines in Ghana,Peru and Australia generated US$483m(excluding growth capital at Gruyere and Damang)in cash by exceeding production targets and controlling costs.After a challenging Q1 2017,the South Deep mine in South Africa came in below the targets set for the first year of its fiv

191、e-year rebase plan announced early in 2017.The sound cash-generating performance by the Group is particularly noteworthy given that 2017 was the first year of Gold Fields reinvestment programme aprogramme that seeks to sustain the current production base for thenext decade.Total capital expenditure

192、during 2017 amounted to US$840m(US$834m at continuing operations and US$6m at discontinued operations)with a further US$835m budgeted for 2018.We are in effect adding two new mines to the portfolio and ramping another project up the value chain,in addition to an extensive brownfields exploration pro

193、gramme.The major investments are:A US$341m investment at our Damang mine in Ghana to extend the life-of-mine(LoM)to 2025.Capital spending during 2017 wasUS$115m A 50-50 joint venture with Australian explorer Gold Road Resources in the Gruyere project in Western Australia.The two companies are jointl

194、y investing atotal of A$532m(US$411m)in the project.During 2017 our portion of the spending was A$184m(US$141m),including capital investment and other sundry management costs A A$99m(US$75m)near-mine(brownfields)exploration programme at our Australian mines in 2017,which added 0.5Moz in Mineral Rese

195、rves(after depletion)and 0.4Moz in Mineral Resources during the year The Salares Norte project in Chile,which has progressed into feasibility status.The feasibility study is expected to be completed by the end of 2018.Spending on further drilling and other work totalled US$53m during 2017At South De

196、ep,annual production was impacted by two fatal accidents and three fall-of-ground incidents in Q1 2017,which negatively affected the contribution from higher-grade corridors.Despite subsequent improvements during the remainder of the year,full-year production of 281,000oz came in 11%below the 2017 g

197、uidance of 315,000oz,whilethe AIC,at R600,109/kg(US$1,400/oz),was above the R585,000/kg(US$1,290/oz)guided.I believe that South Deeps long-term production and cost guidelines,contained in the mines rebase plan released in February 2017,are realistic and achievable.The plan targets steady-state produ

198、ction of approximately 500,000oz by 2022 at an AIC of R410,000/kg.The tragic deaths of two of our South Deep colleagues Thankslord Bekwayo and Nceba Mehlwana and that of a contractor at our Tarkwa mine,Moses Adeaba,were a reminder that safety must remain our overarching priority.My heartfelt condole

199、nces once again go out to the families and friends of the deceased.Over the past few years we have made progress in improving the safety culture and standards at all our operations as is reflected in the 42%improvement in the Total Recordable Injury Frequency Rate(TRIFR)to 2.42 recordable injuries p

200、er million hours worked in 2017 from 4.14 in2013.But,as the fatalities so tragically remind us,we can never let our guard down when it comes to the health and safety of people working at our operations.Our strong operational performance and the merits of the investment programme are starting to be r

201、ecognised by the market.The Gold Fields share price improved by almost 43%on the New York StockExchange(24%on the Johannesburg Stock Exchange)during 2017,one of the best stock performers among our global gold mining peer group.It appears to reflect a gradual recognition that Gold Fields is a globall

202、y diversified gold company with our fortunes linked to the performance of all our operations,not just that of South Deep,our sole remaining South African mine.Introduction and overviewThe Gold Fields Integrated Annual Report 201720Gold Fields five-year production and cost profile2,5002,0001,5001,000

203、5000Production 20132017201420152016ActualGuidance2,1602,1582,1462,1252,1592,2002,2192,2002,0221,957(koz)(koz)1,4001,2001,0008006004002000All-in costs(AIC)20132017201420152016ActualGuidance1,0881,1801,0061,0401,0261,0751,0871,1501,1461,240Mining is an industry that has significant impacts on the coun

204、tries and communities in which it operates.This requires continued proactive stakeholder engagement strategies and sustainable development policies.Communities,in particular,have over many years become critical stakeholders for our mines.During 2017,we spent significant resources in investing inShar

205、ed Value community programmes,including increasing the share of jobs and procurement spend allocated to host communities.The judicious use ofwater and energy resources by our mines is another critical element,not only as part of our commitment to operational efficiencies and environmental stewardshi

206、p,but also as part of strengthening our social licence to operate.During the year,the Board approved updated policies to strengthen sustainable development programmes and stakeholder engagement initiatives.This includes updated sustainable development and climate change policies and strategies as we

207、ll as an increased commitment to the work of the International Council on Mining&Metals(ICMM),of which we are amember.Gold Fields value distribution to stakeholders in 2017 as measured by the World Gold Council definitions rose strongly toUS$2.85bn compared with US$2.51bn in 2016.Supporting our inte

208、grated management approach is robust andeffective corporate governance throughout the Company.During 2017,Gold Fields implemented its revised Code of Conduct,which forms the ethical foundation of the business and informs how we conduct ourselves and interact withall stakeholders.The Board ofDirector

209、s has also overseen theimplementation of the recommendations of the King IV Report on Corporate Governance and approved a new diversity policy for our workforce.This will drive raceand gender diversity at all operations,which is critical as webelieve that the wide array of perspectives that results

210、from such diversity promotes innovation and drives business success.In the second section of this report,we unpack the Companys strategy(p32 36).The decision that faced Gold Fields management in 2017 was to balance distributing the value we generated to stakeholders with reinvesting into our assets

211、to ensure that our portfolio of mines continues to generate cash sustainably into the foreseeable future.To date we have been successful and I have confidence that our management teams will once again meet this challenge to the long-term benefit of all our stakeholders.The Gold Fields Integrated Ann

212、ual Report 201721LeadershipCEO REPORT continuedPerformance highlights(Group,including discontinued operations)20172016Attributable productionMoz2.162.15 All-in sustaining costs(AISC)3US$/oz955980 All-in costs(AIC)3US$/oz1,0881,006Net cash-flow1 US$m(2)294 Free cash-flow(FCF)margin3%1617 Net debtUS$b

213、n1.3031.166 Dividend declaredR/share0.901.10 FatalitiesNumber31Total Recordable Injury Frequency Rate(TRIFR)/million hours worked2.422.27 Total value distributionUS$bn2.8502.505 Energy usage2 TJ12,17811,697Water usageM32,98530,321CO2 emissionsmillion tonnes1.961.96 Host community procurement(%of tot

214、al)%4538 Host community employment(%of total)%4048Mine closure liabilitiesUS$m3813811 Net cash-flow=cash-flow from operating activities less net capital expenditure and environmental payments2 The sum of direct and indirect energy consumption reflects a conversion factor used by Granny Smith,Darlot,

215、Tarkwa and Damang power stations to account for generation losses3 These measures have been defined in managements discussion and analysis in the Annual Financial Report and have been reconciled to IFRSIntroduction and overview continuedGroup performance scorecardDeliver FCF margin of 15%at US$1,300

216、/ozManage balance sheet and maximise capital returnsImprove quality of our portfolioProtect licence to operate and enhance reputationSafely meet guidance for operationsSafely deliver strategic projectsLICENCE AND REPUTATIONPORTFOLIO MANAGEMENTCAPITAL DISCIPLINESTRATEGIC OBJECTIVEMaximise total share

217、holder return sustainablySAFE OPERATIONAL DELIVERYThe Gold Fields Integrated Annual Report 201722Group performance scorecardEach year,Gold Fields adopts a Group performance scorecard that incorporates the Companys strategic priorities and seeks to instil the right culture and behaviours among our wo

218、rkforce,driven by the imperative of cash generation and sustainably growing the business.By integrating all of the key value drivers into the business,the scorecard also aims to enhance the Groups sustainability and reflects the integrated nature of our business.The scorecard consists offour key per

219、formance areas and elements against which we measure our performance.These are:safe operational delivery,capital discipline,portfolio management and licence and reputation.This Integrated Annual Report is structured along the lines of our 2018 scorecard and an overview ofeach performance area follow

220、s.Safe operational deliveryGold Fields remains committed torunning its operations safely,productively and cost-effectively without undermining their longevity.We measure the success of business optimisation by looking at our progress on safety and health towards zero harm;the performance and growth

221、of our portfolio of mines and projects;setting up the South Deep project for long-term success;delivering the Damang and Gruyere projects;using energy and water efficiently;and implementing appropriate workforce strategies toachieve these targets.Safety and healthSafety is managements first priority

222、 and it is critical that we continuously emphasise our commitment to zero harm.Therefore,the fact that we had three fatalities at our mines during 2017,compared with one in2016,is a serious setback.Our overall safety performance regressed during 2017,with the Total Recordable Injury Frequency Rate(T

223、RIFR)increasing to 2.42 per million hours worked from 2.27 in 2016,as the total number of recordable injuries rose to 138 from 124 in 2016.Despite the setback in our safety performances in 2017 we remain convinced that zero harm is possible with the right commitment from management and the right beh

224、aviours exhibited by the workforce.Our Cerro Corona mine shows that it can be done.The mine reported only one recordable injury in 2017.That was in January of thatyear;since then it has gone 14months without a recordable injury.Behaviour-based safety programmes are in place across theCompany and our

225、 work at embedding these into our day-to-day performance,along with visible management leadership on the ground,will be strengthened in the wake of the fatalities during 2017.Asafety leadership forum has been established to share learnings and good practices across the Company.Our regions have also

226、intensified operation-specific health and wellness programmes,focusing on improving the physical and mental health of our employees.Furthermore,to address the risk ofmajor,particularly fatal,incidents,Gold Fields adopted the critical control management approach promoted by the International Council

227、on Mining&Metals(ICMM).Material unwanted events in safety,health,environment and in the community were identified and prioritised in each region.Controls to prevent or mitigate these events are now being implemented.I am also pleased to report that the Occupational Lung Disease Working Group,represe

228、nting gold mining companies in South Africa,is making good progress in negotiations with the legal representatives of workers that have been affected by silicosis.We remain committed to finding a fair and sustainable solution for the claimants and the companies.During the year,we raised a provision

229、of R390m(US$30m)for apossible settlement of the silicosis class action claims.Business performance2018 is the second year of our reinvestment programme that seeks to improve the quality of our portfolio and sustain the current production base for the next decade.The significant capital expenditure r

230、equirements that accompany this programme inevitably resulted in higher Group costs and reduced net cash-flow during 2017.As such,we guided the market at the beginning of 2017 on higher costs and marginally lower production.As we have done consistently over the past five years,we again exceeded our

231、guidance during 2017.Attributable production of 2.16Moz,was above our guidance range for the year of 2.10 to 2.15Moz and inline with the 2.15Moz produced in2016.Four of the mines in the Group reported improved production in 2017 compared with2016,and Damang was well ahead of guidance.South Deeps pro

232、duction was lower than in 2016.The Gold Fields Integrated Annual Report 201723LeadershipCEO REPORT continuedStrong cost management across theGroup resulted in a good costperformance with AIC of US$1,088/oz and AISC of US$955/oz in 2017,below guidance for the year of US$1,170 1,190/oz and US$1,035 1,

233、045/oz respectively.In 2016,AIC and AISC were US$1,006/oz and US$980/oz,respectively.The Group reported net cash-outflow of US$2m(2016:US$294m cash-inflow)and a FCF margin(which excludes capital spend on growth projects)of 16%(2016:17%).The gold price received by Gold Fields during 2017 averaged US$

234、1,255/oz(2016:US$1,241/oz).The Group and mine operating and financial performances are detailed on p42 49.Project delivery2017 was the first year in our driveto secure the longevity and sustainability of our portfolio of assets.Group capital expenditure levels increased to US$840m during 2017(2016:U

235、S$650m),of which US$217m was growth capital.All our key projects are tracking their delivery deadlines and financial budgets:US$115m was spent on the Damang reinvestment project during the year.The project is ahead of its planned progress and in line with budget.(For an update on the Damang reinvest

236、ment project,see p81)We spent A$184m(US$141m)on the Gruyere project in Western Australia,a joint venture with Gold Road Resources.Of this A$106m(US$81m)was project capital and the remainder the deferred portion of the purchase price of our 50%in Gruyere.The deposit,which has 3.5Moz in total Mineral

237、Reserves,is set to produce 270koz a year(100%basis)over a 13-year LoM.All the key contractors for the project have been appointed and progress on construction is in line to meet the targeted completion date of Q1 2019.(For details of the Gruyere JV,see p84)Exploration drilling progressed at the Sala

238、res Norte project in Chile,which moved into feasibility phase in 2017.US$53m was spent in 2017 and a further US$83m has been budgeted for 2018 on the feasibility study with its completion set for the second half of 2018(for details on Salares Norte,seep85)South Deep rebase planAfter a two-year detai

239、led assessment by the South Deep management team,the Board approved a rebase plan for the minein February 2017.This plan sketches the long-term production and cost profile of the mine and contained the following key targets:Increasing the tonnes milled to 230kt/month by 2022 Ramping up production to

240、 approximately 500,000oz/year by 2022 Reducing AIC to US$410,000/kg by 2022 Growth capital expenditure of R2.3bn(US$151m)from 2017 2022The implementation of the rebase plan,however,got off to a slow start,with five safety incidents in the higher-grade section of the mine impacting production during

241、the first quarter of the year.As a result,Q1 2017 production was 600kg(19koz)lower than planned.Although there was an improvement in production during the remainder of the year,the mine was unable to make up the shortfall in production from the first quarter and consequently fell short of guidance f

242、or the year.Production for the full year decreased by 3%to 8,748kg(281koz)in 2017 from 9,032kg(290koz)in 2016 and was short of the guided 9,800kg(315koz).Net operating costs were 2%higher at R4,062m(US$305m).AIC increased by 3%to R600,109/kg(US$1,400/oz)compared with R583,059/kg(US$1,234/oz)in 2016,

243、as a result of lower production.The rebase plan had guided an AIC of R585,000/kg(US$1,280/oz)for year one.South Deep also reported a goodwill impairment of R3.5bn(US$278m)during 2017,underpinned by a reduction in the gold price,assumption used in the LoM impairment model and the slow start of the re

244、base plan.Though there has been some operational improvement at the mine,work is still required in the areas of mine development,destress mining and long-hole stoping.During 2017,development decreased marginally to 6,897 metres from 6,933 metres in 2016.Development in the new mine areas increased by

245、 20%to 976 metres in2017 from 811 metres.Destress mining increased by 3%to 33,419m in 2017 from 32,333m in2016.Long-hole stoping volumes mined increased by 3%to 767kt in2017 from 745kt in 2016.The knock-on effect of the lower production in Q1 2017 is expected to continue into 2018 and we are guiding

246、 for production of 10,000kg(321koz)and AIC of R540,000/kg(US$1,400/oz),compared with the original rebase plan year two guidance of 11,136kg(358koz)andR567,910/kg(US$1,240/oz).Group performance scorecard continuedThe Gold Fields Integrated Annual Report 201724However,we have full confidence inthe int

247、egrity of the rebase plan and believe that South Deep will beable to meet the 2022 targets(p82 83).A new regional management team has also begun to tackle many of the operational deficiencies that were evident and is also reviewing the cost structure of the mine,including the size of the workforce,i

248、n line with its production profile.Energy supply and costThe supply and cost of energy is amaterial focus area of our operational strategies,as it is becoming an increasingly expensive resource globally.The use of many energy resources also has a significant impact on our environmental footprint.As

249、such,our mines have been tasked with developing and implementing policies that ensure security of energy supply as well as cost savings,while also seeking to reduce our carbon footprint.Energy accounted for 17%of Group operating costs in 2017.While energy consumption increased by 4%in 2017,the Group

250、 reduced energy spending by 11%to US$258m in 2017,amid greater operational energy efficiencies that yielded savings of around US$22m.Furthermore,with our increasing usage of renewable and low-carbon energy sources,we expect further energy efficiencies and reduced carbon emissions in the future.Costs

251、 will also benefit from this trend,given the recent rise in global oil prices.In Ghana,Gold Fields signed a power purchasing agreement(PPA)with an independent power producer,Genser,after significant cost increases and supply outages experienced in preceding years when we relied solely on the state-o

252、wned utilities for supply.In terms of the agreement,Genser commissioned the gas-powered plants at both Tarkwa and Damang during Q4 2016.By Q1 2018,the plants provided 100%of power atDamang and 60%at Tarkwa,significantly improving supply and reducing costs at both mines.In 2017,we reached a commercia

253、l agreement and are close to signing a 25-year PPA with an independent power producer(IPP)for a 40MW solar photovoltaic facility at our South Deep mine.The IPP will develop,build,own,operate and maintain the plant with commissioning expect in 2019.Gold Fields remains committed to itsgoal of 20%renew

254、able energy generation over the LoM at all new projects and is investigating this requirement for the Salares Norte project in Chile.Greater use of renewables has the added benefit of reducing our carbon footprint,which is one of Gold Fields key environmental priorities.During 2017,our total CO2 emi

255、ssions declined marginally to 1.959m tonnes(2016:1.964m tonnes),but we expect longer-term benefits arising from the energy efficiency and fuel-switching projects we have put in place at our mines.Fit-for-purpose workforceA key area of focus in 2017 was toensure that our mines have appropriately size

256、d and qualified workforces to drive safe operational delivery.Contractor mining has over the years been used at a number of ouroperations in line with various operational requirements and LoM factors,such as longer hauling distances and the increasing depth of our underground operations.These includ

257、e the Gruyere project,Cerro Corona in Peru,Ghanas Damang mine and at many of our Australian operations.In early 2018,we also commenced our transition to contractor mining at the Tarkwa mine,given the escalating cost of labour in Ghana and the need to invest in new equipment and fleet.In South Africa

258、,in response to the continued underperformance at South Deep,we have commenced aworkforce restructuring as part of our drive to align costs with the mines production profile.This has todate seen a 26%reduction in staff numbers among managers and supervisors at the mine.Other important human resource

259、 initiatives implemented in 2017 included the continued drive to have appropriately skilled people in the right roles.With the increasing shift towards mechanisation and automation,we have found that inaddition to the continued development and training of our workforce,it is important to recruit app

260、ropriately skilled people at our mines.During 2017,we spent over US$20m globally on training and development on top of recruiting the best mining skills to supplement our existing talent pool.Having the right culture in the organisation is another key component for delivery.During theyear,we reinvig

261、orated the GoldFields Vision and Values,contextualising them within the Company strategy to embed the behaviours required for delivery.The Gold Fields Integrated Annual Report 201725LeadershipCEO REPORT continuedWe also re-emphasised the importance of focusing on the overarching Group-wide strategic

262、 objectives,and building a more unified workforce across our global operations.This project will continue to run throughout 2018.The year also saw an increased focus on workforce diversity both in terms of gender and race.While our global workforce is culturally diverse,gender and racial diversity r

263、emain a challenge within certain regions.A more diverse workforce and the varying skills,perspectives and problem-solving approaches that come with it can be a powerful internal lever for improved delivery.This will remain an imperative for management in the year ahead and was given a big boost when

264、 the Board adopted the Group Diversity Policy during 2017.Innovation and technologyInnovation and technology(I&T)is critical in improving safety,volumes and costs at our mines over time.During 2017,a newly established I&T division at Gold Fields started implementing the I&T strategy approved by the

265、Board in late 2016.The ultimate goal of the strategy is to work towards the Gold Fields Mine of the Future,which will be premised on automation,an integrated digital data platform,remote machine operation,virtual reality and reduced mining waste.In 2017,we commenced with the foundational phase of th

266、e strategy,which is scheduled to be completed by 2019.This will be followed by programmes to optimise our operations by year three and implementing new technologies andinnovation over the full five-year period.Our regions have also been tasked with implementing three-year technology plans.They start

267、ed this work in 2017,with the I&T division consolidating and driving the process.During 2017 the following milestones were achieved by Gold Fields operations in implementing the I&T strategy:Purchased high-precision GPS drilling rigs at Cerro Corona and Tarkwa to improve blasting efficiencies Rolled

268、 out drone survey technology in West Africa to accelerate tailings,waste dump and pit surveying Rolled out mine sense blending software and systems at Cerro Corona Increased use of tele-remote systems from surface at Granny SmithOur regions have also started to implement their own roadmaps,including

269、 identifying I&T projects forimplementation in 2018.The following are our major Group-wide project objectives for 2018:Start to upgrade information technology and operating technology networks at all ouroperations.This includes installing underground wireless technologies in South Africa and Austral

270、ia to enable real-time data availability to assist our teams in decision making Rollout the Mine of the Future Hearts and Minds programme among employees to develop a manufacturing mindset among the workforce at our operations A critical element of our strategy is partnerships with IT companies and

271、original equipment manufacturers(OEMs)that are leaders in the field.This will be done on a Company-wide basis,but also in co-operation with our peers in the ICMM.The introduction of electrical machinery and vehicles in mining operations is one of the key projects that the ICMM will raise with OEMs t

272、his year.Capital disciplineThe core focus of Gold Fields financial strategy is to grow our FCF margin and to sustain this margin in the long term.The Group has set a FCF margin target of at least 15%at a notional long-term planning gold price of US$1,300/oz,which translates to an AIC breakeven level

273、 of approximately US$1,050/oz.To ensure the sustainability of FCF generation in the longer term,reinvesting in and upgrading our portfolio is essential.As such,Gold Fields embarked on a period of reinvestment at the beginning of 2017,with 2017 and 2018 being the peak capital expenditure years of the

274、 programme.This will temporarily put pressure on our net cash-flow generated and our ability to retain our debt levels below the long-term target.Financial performanceDespite the significant capital investment programme,Gold Fieldsproduced a sound financial performance during 2017.With most of the m

275、ines reporting production in line with or ahead of guidance,and the average gold price received slightly higher at US$1,255/oz(2016:US$1,241/oz),net revenue increased by 2%to US$2,811m in 2017.Given the volatility in commodity prices and exchange rates and,more pertinently,the high levels of Group p

276、erformance scorecard continuedThe Gold Fields Integrated Annual Report 201726project capital expenditure incurred during the year,management undertook short-term,tactical hedging of the oil price,the copper price and the Australian Dollar gold price to protect cash-flows.While these hedges worked in

277、 Gold Fields favour,apart from the copper price hedge,it must be stressed that management has not deviated from its policy of not considering long-term,systematic gold price hedging.Despite a stronger South African Rand and Australian Dollar during 2017,which pushes up the input costs for our mines

278、in those jurisdictions in US Dollar terms,Group AIC came in below guidance at US$1,088/oz(2016:US$1,006/oz).Taking into account all of the above,net losses attributable to Gold Fields shareholders amounted to US$19m in 2017 compared to earnings of US$158m in 2016.Critical to our margin focus and our

279、investment programme is the cash-flow generated by the operations,which remained strong and came in ahead of expectations in 2017.Excluding project capital and exploration expenditure,operational cash-flow was US$441m(US$188m in Australia,US$117m in Peru,US$179m in Ghana and a negative US$43m inSout

280、h Africa)versus US$444m in 2016.During 2017,the Group recorded net cash-outflow of US$2m,compared to an inflow of US$294m in 2016.Included in this cash-flow number is total capital expenditure of US$840m,which includes US$623m in sustaining capital and US$217m in project capital.In addition,US$53m w

281、as spent at Salares Norte,which is currently infeasibility study.The FCF margin decreased slightly from 17%in 2016 to 16%in 2017,driven primarily by an increase in taxes paid.Encouragingly,this is ahead of our targeted 15%FCF margin at a US$1,300/oz gold planning price.DividendsGold Fields has a lon

282、g and well-established policy of rewarding shareholders by paying out between 25%and 35%of normalised earnings as dividends.This policy is viewed as an important element of Gold Fields investment case and we have consistently honoured this commitment.Despite recording a net cash outflow,the Group ma

283、intained its dividend policy and declared a total dividend for the year of R0.90/share(2016:R1.10/share),which translates to 39%of normalised earnings for the year.Debt reductionOne of Gold Fields key strategic objectives has been to reduce the amount of debt on our balance sheet.In this regard,mana

284、gement set itself a long-term target of reducing the net debt to adjusted earnings before interest,taxation,depreciation and amortisation(EBITDA)ratio to below 1.0 x.Having moved into a capital-intensive phase during 2017,management guided the market for a pick-up in net debt during the year.As such

285、,the focus has shifted to limiting the cash outflow,minimising the increase in debt and maintaining the strength of the balance sheet through the peak capital expenditure years(2017 and 2018).Net debt increased by US$137m during the year to US$1,303m at the end of 2017 from US$1,166m at the end of 2

286、016.Given the improved Group production and the lower costs,the outperformance of the Damang reinvestment plan,less capital expenditure incurred at Gruyere than planned and a higher gold price than budgeted,Gold Fields ended 2017 on a net debt/EBITDA ratio of 1.03x,a slight increase from the 0.95x a

287、t the end of 2016.Portfolio managementGold Fields manages its assets toimprove the overall quality of itsportfolio and ensure the sustainability of the cash-flow generated by this portfolio.In this regard,the focus is on reducing Group AIC,increasing the free cash-flow per ounce and extending the li

288、fe of the assets.When looking at growth in the Gold Fields context,our focus is not on growing the level of production but rather on growing FCF per ounce and extending the average reserve life per operation sustainability.We believe that by maintaining this focus we will improve the quality of our

289、portfolio over time.Elements of the portfolio management process include:Acquiring or developing lower-cost(than Group average),longer-life assets Disposing of higher-cost,shorter-life assets that management believes can be better served by acompany that has more time and resources to commit to them

290、 Extending the life of current assets through near-mine brownfields exploration The Gold Fields Integrated Annual Report 201727LeadershipCEO REPORT continued Focusing on in-country opportunities to leverage off our existing footprint,infrastructure and skills set Pursuing cash-generative acquisition

291、 opportunities is part of our growth strategy although opportunistic in nature.However,given our existing capital commitments,further acquisitions at present appear unlikely and would be limited to opportunistic bolt-ons to existing operations,ideally in countries in which we already have a presence

292、.During 2017,we made a judicious return to greenfields exploration with a US$21m investment for a 19.8%stake(partially diluted as at end-December 2017)in ASX-listed Cardinal Resources,which has a number of exploration projects in Ghana.We are looking at accelerating our investments in greenfields ex

293、ploration in the long term,but this would be limited to countries in which we currently operate.Quality portfolio of assetsOn an annual basis,all assets in our portfolio are subject to the Groups strategic planning process.A scenario analysis is conducted for each operation,assessing how to best max

294、imise cash-flow,LoM and margin.The results of this analysis are then used in conjunction with the Groups capital profile and the current economic environment as inputs into our annual business planning.The following key decisions were implemented with regards to the existing portfolio during 2017:Re

295、investment into Damang in Ghana commenced at the beginning of the year,which will extend the mines life to 2025.During 2017,US$115m in project capital was incurred,primarily on waste stripping A$184m(US$141m)was spent intotal on the Gruyere project in Western Australian during 2017,of which A$106m(U

296、S$81m)was growth capital and the remainder the deferred portion of the purchase price for our 50%interest in Gruyere.Development of the project is on track and all key contractors have been appointed.Gold Fields has also acquired a 9.9%stake in Gold Road Resources,which holds the other 50%of Gruyere

297、 Gold Fields continued to streamline its portfolio by selling Darlot in Western Australia to Red 5.Red 5 paid for the acquisition through a combination of cash and shares.Gold Fields also partially underwrote a rights issue by Red 5 and now holds a 19.9%share in the company The sale of the Arctic Pl

298、atinum Project to CD Capital was concluded in early 2018 for a cash consideration of US$40m and future royalties of 2%Gold Fields further consolidated its royalty portfolio in 27.9%-held Toronto-listed Maverix MetalsThe strength of our international portfolio is evident in the continued net cash-flo

299、w generation of our mines in Australia,Ghana and Peru,which collectively generated US$369m during 2017(2016:US$432m).Critically,we announced a successful extension of Cerro Coronas life to 2030 through work on the tailings facility and the future use of in-pit tailings.The only operating asset in th

300、e Group that still needs to be brought to full account is the South Deep project,but management is confident that itwill achieve the production and costs targets outlined in the five-year rebase plan.Brownfields exploration and mine developmentWe have made ongoing investment in brownfields explorati

301、on at our mines,as well as the development of their ore bodies,strategic priorities.Even in a sustained low gold price environment we would bereluctant to cut development spending on ore bodies as they ensure that these mines have a sustainable future.The costs associated with maintaining the integr

302、ity of our ore bodies are built into our mines cash-flow models.Gold Fields believes that near-mine exploration offers the best route to low-cost ounce replacement that can generate cash in the short and medium term.In addition to adding to Gold Fields Mineral Resource and Mineral Reserve base,near-

303、mine exploration:Extends the life of the Groups existing mines Ensures each region can continue to leverage its infrastructure Provides a robust platform for regional growthIn 2017,Gold Fields spent US$87m on near-mine exploration(2016:US$80m),which supported a total of 754,669 metres of near-mine d

304、rilling(2016:694,527 metres).The majority of this spending US$75m(A$99m)was incurred at our Australian mines.US$11m was spent in Ghana,which is significantly higher than the US$3m spent in the region in 2016,amid a renewed focus on extending the life of the Tarkwa mine.For 2018,we have budgeted US$8

305、7m for near-mine exploration of which US$66m(A$86m)will be at our Australian operations(including Gruyere).Our Australian mines have successfully extended their lives through a consistent investment inbrownfields exploration activities.During 2017,this yielded a number of successful projects:Group p

306、erformance scorecard continuedThe Gold Fields Integrated Annual Report 201728 Mine life extension of Agnew through the addition of the Waroonga North ore body Extension of the Invincible South ore body at St Ives A potential new ore source at Granny Smith with the Blurry Bif ore bodyMineral Resource

307、s and Mineral ReservesDuring 2017,Gold Fields increased attributable gold Mineral Reserves(net of depletion)by 0.89Moz to 49.01Moz and Mineral Resources by 2.27Moz to 103.76Moz.Attributable copper Mineral Reserves totalled 764Mlbs(2016:454Mlbs)and Mineral Resources 4,881Mlbs(2016:5,813Mlbs).In Austr

308、alia during 2017,attributable Mineral Reserves increased by 0.42Moz to 6.18Moz and Mineral Resources by 0.51Moz to 16.00Moz,testament to the continued success of brownfields exploration at the mines.In Ghana,attributable Mineral Reserves now stand at 6.87Moz(2016:6.98Moz)and attributable Mineral Res

309、ources at 13.30Moz(2016:13.56Moz),while at South Deep attributable Mineral Reserves total 34.02Moz(2016:34.07Moz)and our attributable Mineral Resources 60.35Moz(2016:57.48Moz).Gold Mineral Reserves at the Cerro Corona mine in Peru are now 1.93Moz(2016:1.30Moz)and Mineral Resources 2.53Moz(2016:2.46M

310、oz).We updated the Mineral Resources position at the Salares Norte project in Chile,following additional drilling and updated resource modelling.At end-December 2017,the project had gold Mineral Resources of 3.66Moz(2016:3.79Moz)and Silver Resources of 49.46Moz(2016:43.76Moz).Licence and reputationT

311、he success of our business is dependent on our relationships witha number of key external stakeholders that determine both our regulatory and social licences to operate,as well as the reputation we have with these stakeholders.Toprotect and enhance these relationships we must minimise the impact of

312、our operations through environmental stewardship while ensuring we have ongoing engagement with our stakeholders to create shared value.Finally,our reputation and our ability to fulfil our stakeholder promises requires the highest levels of corporate governance and compliance.During 2017,the Board a

313、pproved a new sustainable development policy statement that commits Gold Fields“to integrate sustainable development principles into strategy,business planning,management systems and decision-making processes to maintain our licence to operate and leave a positive legacy.The results will be an appro

314、priate balance of the Companys requirements to perform financially,to manage the environment responsibly and to ensure broad social benefits.”Environmental stewardshipResponsible environmental management remains a vital component of Gold Fields regulatory and social licence to operate at all our ope

315、rations and projects.In 2017,we reported two Level 3 environmental incidents(2016:three),one in Australia and one in Ghana(p95).Gold Fields has had no Level 4 or 5 environmental incident for well overseven years.Water is a particular focus of our environmental strategy,as it is becoming an increasin

316、gly scarce andexpensive resource globally.Managing the risks around current and anticipated water security,which includes the quantity and quality of supply as well as associated costs,is essential to ensure sustainable production for existing operations and the future viability of projects.During 2

317、017,water withdrawal across the Group increased to 32.99M(2016:30,32M)and water recycled or reused amounted to 43.29M(2016:44,32M).Water withdrawal per ounce was higher at 14.78k/oz in 2017 compared with 13.67k/oz in 2016.Our operations are investing in improving water practices,including pollution

318、prevention,recycling and conservation initiatives.Work carried out by the ICMM on water and tailings management has provided best-practice guidelines to the Company and during 2017 we worked closely to align our practices to ICMM position statements on water and tailings management.Wecompleted inter

319、nal and external reviews of all our 26 tailings facilities at our mines and projects and are inthe process of closing out all the gaps identified by these reviews.The total gross mine closure liability for Gold Fields remained unchanged at$381m in 2017.We plan on further enhancing our integrated app

320、roach to mine closure management during 2018 with a focus on progressive environmental rehabilitation,the social impact of closure and full LoM closure obligations.Stakeholder relationsEmployees,business partners,shareholders and investors,governments and communities have been identified as Gold Fie

321、lds key stakeholders.Their support and acceptance is critical in ensuring that we receive and retain our regulatory approvals and social licence to operate.This can only be achieved if we develop stakeholder relationships that are based on transparent and open engagement The Gold Fields Integrated A

322、nnual Report 201729LeadershipCEO REPORT continuedGroup performance scorecard continuedand if we create shared value for them.The ability to generate cash is critical in distributing the benefits from mining to our stakeholders.In 2017 Gold Fields value distribution as measured by the World Gold Coun

323、cil totalled US$2.850bn,compared with the US$2.505bn we distributed in 2016.This amount was dispensed as follows during 2017:US$160m(2016:US$122m)to shareholders and debt providers,who are seeking a return on their invested capital through dividend and interest payments US$506m(2016:US$482m)to our e

324、mployees,whose work is rewarded through salaries and other benefits US$1.857bn(2016:US$1.648bn)to contractors and suppliers,from whom we procure goods and services US$310m(2016:US$235m)to governments,which grant us our mining licences and who benefit from our tax and royalty payments US$17m(2016:US$

325、16m)in social investment programmes among our host communities,whose support is critical for our social licence to operate and who benefit significantly through host community jobs and procurementGovernment relationsAs the issuers of mining licences,developers of policy and implementers of regulatio

326、ns,host governments at all levels(national,regional and local)are one of Gold Fields most critical stakeholders.As such we seek to work closely with them in establishing relationships that benefit the country and impacted communities,while at the same time providing an environment in which our opera

327、tions can prosper in the long term.These relationships are not always easy,but Gold Fields has mostly found ways of working successfully with governments.During 2017,wecommenced our US$341m reinvestment programme in Damang,which created or secured around 1,850 jobs.This decision was taken after we c

328、oncluded a development agreement with the Ghana government,which provided for fiscal stability.This is what,I believe,is a clear win-win situation for both parties.In South Africa as well we have seen amore engaged approach by government in early 2018,with the advent of the presidency of Cyril Ramap

329、hosa.After years of impasse with government over the implementation of a new Mining Charter to govern the sector,which left the industry no choice but to embark on legal action,fresh talks commenced in March 2018.The negotiations between the new Minister of Mines and the Chamber of Mines,representin

330、g industry,are ongoing and now also include community organisations.In Australia,the Western Australian regional government sought to impose higher royalties on the gold sector during 2017.This too was thwarted by an industry publicity campaign that highlighted the adverse economic impact,including

331、job losses that would have resulted from the higher taxes.Our value proposition and relationships with shareholders,investors and employees are discussed elsewhere in this report.Community relations and Shared ValueOne of the biggest challenges facing mining companies is building relationships and t

332、rust with their host communities,without which there is potential for operational disruption,project delays and cancellations the loss of the social licence to operate referred to previously.Gold Fields has traditionally invested in communities through a range of educational,skills development,healt

333、h and infrastructure projects and,more recently,through Shared Value-based projects.This approach to structuring our investments in communities ensures that the value created is shared by communities and the business.To date,our regions have implemented six Shared Value projects,ranging from the promotion of mathematics and science education among South Deeps host communities to multi-lateral wate