Form 6-K

FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of February 2004
Commission File Number 1-31318

Gold Fields Limited
(Translation of registrant’s name into English)
24 St. Andrews Rd.
Parktown, 2193
South Africa
(Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F..x... Form 40-F.....

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ..... No ..x...

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

 

NEWS RELEASE
Q2 F2004 RESULTS
Quarter Ended 31 December 2003
-Unaudited-

 

     
  STOCK DATA  
     
  Number of shares in issue  
  -  at 31 December 2003 491,147,202  
  -  average for the quarter 484,511,921  
  Free Float 100%  
  ADR Ratio 1:1  
  Bloomberg / Reuters GFISJ / GFLJ.J  
       
  JSE SECURITIES EXCHANGE SOUTH AFRICA– (GFI)  
       
  Range - Quarter ZAR81.90 – ZAR105.01  
  Average Volume - Quarter 1,447,300 shares / day  
       
  NYSE – (GFI)  
       
  Range - Quarter US$12.32 – US$15.33  
  Average Volume - Quarter 1,565,600 shares / day  
       
  INVESTOR RELATIONS  
       
  Europe & South Africa  
  Willie Jacobsz Nerina Bodasing  
  Tel: +27 11 644-2460 Tel: +27 11 644-2630  
  Fax: +27 11 484-0639 Fax: +27 11 484-0639  
  E-mail: investors@goldfields.co.za
  North America  
  Cheryl A. Martin    
  Tel: +1 303 796-8683  
  Fax: +1 303 796-8293  
  E-mail: camartin@gfexpl.com  
  www.goldfields.co.za      www.gold-fields.com
  
       

Second Quarter Headline Earnings increased 52 per cent
to R249 million (US$36 million)

JOHANNESBURG. 29 January 2004 – Gold Fields Limited (NYSE & JSE: GFI) today announced December 2003 quarter net earnings of R277 million (57 cents per share) compared to net earnings of R421 million (89 cents per share) in the September 2003 quarter and R817 million (173 cents per share) for the December quarter in 2002. In US dollar terms the December 2003 quarter net earnings were $42 million (US$0.09 per share) compared with $57 million (US$0.12 per share) in the September 2003 quarter and $83 million (US$0.18 per share) for the December quarter in 2002. Second quarter highlights included:

· Attributable gold production of 1.05 million ounces achieved, ahead of the September quarter.

· Total cash costs decreased 1 per cent in rand terms to R66,991 per kilogram and increased 9 per cent in US dollar terms to $308 per ounce.

· Operating profit of R545 million (US$80 million), 4 per cent down in rand terms from the previous quarter as a result of the lower rand gold price. In US dollar terms a 5 per cent improvement was achieved.

· Global diversification continues with value adding acquisitions in both China and South America.

Ian Cockerill, Chief Executive Officer of Gold Fields said:

“During the December quarter all operations performed satisfactorily and to expectation, with the exception of Driefontein which was adversely affected by fires at 4 west and 5 west shafts in the high grade areas. Fortunately, the fires have now been contained and Driefontein is expected to return to planned performance levels over the next two quarters.”

“In line with the previously stated desire to deal with a firmer yet volatile rand operating environment, this quarter has been characterised by a reduction in lower grade mining, an increase in old gold recovery and a critical review in cost expenditures all aimed at increasing margins during this challenging period. The company is on target to reposition the South African assets by the end of the March quarter, but benefits have already been seen at the various mines.”

“We are pleased with the response to the international placing of US$225 million concluded during the December quarter as this provides funds for both organic growth and acquisitions.”

SA Rand
Salient features 
US Dollars
Six months to Quarter Quarter Six months to
Dec 2002
Dec 2003
Dec 2002
Sept 2003
Dec 2003
Dec
2003
Sept
2003
Dec
2002
Dec 2003
Dec
2002
69,093
64,779
33,930
32,299
32,480
kg
Gold produced*
oz (000)
1,045
1,038
1,091
2,083
2,221
61,528
67,277
61,853
67,566
66,991
R/kg
 Total cash costs
$/oz
308
282
197
295
190
21,271
23,137
10,560
11,497
11,640
000
 Tons milled
000
11,640
11,497
10,560
23,137
21,271
102,808
85,511
100,969
86,184
84,842
R/kg
 Revenue
$/oz
390
360
321
375
318
223
203
222
204
202
R/ton
 Operating costs
$/ton
30
27
23
29
22
2,897
1,114
1,319
570
545
Rm
Operating profit
$m
80
77
136
157
288
1,359
699
817
421
277
Rm
Net earnings
$m
42
57
83
98
135
288
146
173
89
57
SA c.p.s.
US c.p.s.
9
12
18
21
29
1,255
413
714
164
249
Rm
Headline earnings
$m
36
22
72
58
125
266
86
151
35
51
SA c.p.s.
US c.p.s.
7
5
15
12
26
1,309
247
574
136
111
Rm
Net earnings excluding gains and losses on financial instruments and foreign debt net of cash and exceptional items
$m
17
18
59
35
130
278
52
122
29
23
SA c.p.s.
US c.p.s.
3
4
13
7
28
*Attributable – All companies wholly owned except for Ghana (71.1%).

Overview

In line with expectations, earnings were lower than the September 2003 quarter, at R277 million (US$42 million). This is due to the stronger rand and a reduction in exceptional earnings, arising mainly from the profit on the sale of certain mineral rights and associated assets to AngloGold included in the September quarter. The sale of these mineral rights bolstered earnings by R240 million (US$32 million) in the September quarter.

The Group’s attributable gold production for the December quarter at 1.045 million ounces is marginally above the September quarter. The decrease at Driefontein, due to the 4 west and 5 west fires, was offset by increased production at the other operations.

Total cash costs in the December quarter decreased marginally from R67,566 per kilogram to R66,991 per kilogram due to the increased production and stronger rand. The increase in US dollar terms was 9 per cent from US$282 per ounce to US$308 per ounce due to the rand strengthening 9 per cent from R7.44 to R6.76 to the US dollar.

Health and safety

During the quarter the lost day injury frequency rate at the South African operations improved from 15.8 to 15.4, the serious injury frequency rate regressed from 7.2 to 7.9 and the fatal injury frequency rate regressed from 0.31 to 0.34. Management is disappointed with this regression from what has previously been an improving trend. All efforts are being directed towards reversing this phenomenon.

Financial Review
Quarter ended 31 December 2003 compared to quarter ended 30 September 2003

REVENUE

Revenue is marginally lower than the previous quarter due to a lower rand gold price as a consequence of a 9 per cent strengthening of the average rand/US dollar exchange rate from 7.44 in the September 2003 quarter to 6.76 this quarter. The US dollar gold price of US$390 per ounce was however 8 per cent higher than the US$360 per ounce achieved in the September quarter. The resultant rand gold price of R84,842 per kilogram is thus 2 per cent lower than the R86,184 per kilogram achieved last quarter. The lower gold price was partly offset by the higher gold sales at 34,451 kilograms (1,108,000 ounces) as compared to 34,257 kilograms (1,101,000 ounces) last quarter. This resulted in revenue of R2,923 million (US$431 million) compared to R2,952 million (US$397 million) last quarter.

OPERATING COSTS

Operating costs at R2,355 million (US$347 million) for the quarter were less than 1 per cent higher than the previous quarter’s costs of R2,342 million (US$315 million). At the South African operations, costs increased 1 per cent compared to the previous quarter. This was mainly due to the additional costs at Driefontein, due to the opening up of additional areas as a result of the underground fires. Costs at Kloof and Beatrix were unchanged from last quarter despite increases in production. At the international operations costs were flat in rand terms at R655 million (US$96 million) for the quarter.

OPERATING PROFIT MARGIN

The net effect of the lower revenue and marginally higher costs, partly offset by a lower gold in process charge resulting from a reduced net release of inventory at the international operations, was a decrease in operating profit from R570 million (US$77 million) in the September quarter to R545 million (US$80 million) this quarter.

The operating margin for the Group remained at 19 per cent for the current quarter. This is despite a decline in margins at the South African operations from 11 per cent in the previous quarter to 7 per cent in the current quarter. The decline at the South African operations resulted from reduced production levels at Driefontein and the lower rand gold price. The margin at the international operations increased from 34 per cent last quarter to 38 per cent this quarter, with all operations showing an improvement.

AMORTISATION

Amortisation was slightly higher than the previous quarter at R308 million (US$45 million), in line with the increased production.

FINANCIAL INSTRUMENTS AND DEBT

The Australian dollar once again strengthened against the US dollar, from 68.14 US cents at the end of the September quarter to 73.41 US cents at the end of the current quarter. Outstanding debt at the Australian operations reduced from US$19 million at the end of the September quarter to US$11 million by the end of December. A small loss on the debt, net of cash in Australia of R5 million (US$1 million) due to the revaluation of cash balances in US dollars, was offset by an exchange gain of R65 million (US$9 million) on funds held offshore arising from the share issue last quarter. The net result is an exchange gain of R60 million (US$8 million) for the quarter.

As previously reported, the Australian operations established currency financial instruments to protect their underlying cash flows against a possible strengthening of the Australian dollar against the United States dollar. At the quarter end, US$288 million was outstanding under these instruments. Gains on these financial instruments amounted to R143 million (US$20 million) in the current quarter compared to R68 million (US$9 million) in the previous quarter. At the end of the December quarter, the marked to market value of these US dollar/Australian dollar financial instruments was a positive R706 million (US$103 million).

The gain on the above financial instruments was partially offset by an unrealised loss of R23 million (US$3 million) on the SA rand/US dollar forward cover of US$50 million. These forward purchases are to hedge the Group’s commitment in respect of the Tarkwa mill and owner mining projects approved at US$159 million, to the extent that these projects are funded from South African sources. During the quarter US$10 million was purchased in addition to the US$40 million held at the end of the September quarter. In the September quarter the unrealised loss amounted to R32 million (US$4 million). The weighted average forward rate in respect of the forward cover is R8.4264 to the US dollar and maturity is on 3 June 2004. The marked to market value of this forward purchase at the end of the quarter was a negative R64 million (US$9 million negative).

On 7 January 2004, Gold Fields Australia entered into equal and opposite transactions regarding the Australian dollar/United States dollar currency financial instruments. The existing forward purchases of Australian dollars and the put and call options were closed out by entering into equal and opposite transactions. The close out of the outstanding open position of US$275 million was at an average spot rate of 0.7670 US$/AU$. These transactions locked in gross profit amounting to US$115.7 million and the underlying cash receipts were deferred to match the maturity dates of the original transactions. An amount of US$102.8 million has already been accounted for up until the end of December 2003. In addition, in order that the Group is able to participate in further Australian dollar appreciation a strip of quarterly maturing Australian dollar/US dollar call options were purchased in respect of an amount of US$275 million of which the value dates and amounts match those of the original structure. The Australian dollar call options resulted in a cost of US$8.3 million, which was also deferred to match the maturity dates of the original structure. The average strike price of the options is 0.7670 US$/AU$.

Details of the financial instruments are provided on page 11 of this report.

EXPLORATION AND OTHER

Exploration decreased, from R55 million (US$7 million) in the September quarter to R35 million (US$5 million) in the December quarter largely as a result of timing of certain expenditures.

EXCEPTIONAL ITEMS

Profit before taxation and exceptional items increased 29 per cent to R370 million (US$54 million) compared to R287 million (US$39 million) posted in the September 2003 quarter. This was mainly due to the gain on financial instruments, described earlier, partly offset by interest paid on short term borrowings, which resulted in a cost of R15 million in the current quarter compared to an income last quarter of R21 million (US$3 million). Exceptional items amounted to R31 million (US$6 million) and includes the sale of the remaining shares in both Chesapeake Gold Corporation (360,000) and Orezone Resources Inc. (2,186,500) together with 226,000 shares in Radius Exploration Ltd. (8 per cent of our holding), 848,000 (64 per cent of our holding) held in Committee Bay Resources Ltd. and 245,000 Harmony Shares (20 per cent of our holding). The exceptional

1 Q2F2004    

gain in the September quarter related to the sale of mineral rights and associated assets at Driefontein and the sale of investments, which amounted to R205 million (US$28 million).

TAXATION

Taxation at R84 million (US$12 million) compared to R37 million (US$5 million) for the previous quarter. This is due to higher gains on the financial instruments and the deferred tax release last quarter as a result of the Driefontein sale of mineral rights and associated assets of R53 million. The South African operations are currently not in tax paying positions due to reduced profits and high capital expenditure.

EARNINGS

As a result of the above net earnings, after accounting for minority interests, were R277 million (US$42 million) or 57 SA cents per share (US$0.09 per share), compared to R421 million (US$57 million) or 89 SA cents per share (US$0.12 per share) in the previous quarter.

Headline earnings i.e. net earnings less the net after tax effect of asset sales and the sale of investments, amounted to R249 million (US$36 million) compared to R164 million (US$22 million) last quarter. The main reason for this increase is the higher gains on foreign debt and cash together with the higher gains on financial instruments. Headline earnings per share increased from 35 SA cents (US$0.05) to 51 SA cents (US$0.07) over the same period.

Earnings, excluding exceptional items as well as the net gains on financial instruments and foreign debt net of cash after taxation, amounted to R110 million (US$17 million) or 23 SA cents per share (US$0.03 per share) as compared to R136 million (US$18 million) or 29 SA cents per share (US$0.04 per share) achieved last quarter.

CASH FLOW

Operating cash flow for the quarter was R677 million (US$96 million), compared to operating cash flow in the September quarter of R32 million (US$4 million). The increase is mainly due to the positive change in working capital of R297 million (US$39 million), due to a decrease in gold debtors, and a decrease in tax payments of R253 million (US$32 million), both of these due to timing.

Capital expenditure was R662 million (US$97 million) as compared to R553 million (US$74 million) in the September 2003 quarter. The increase is mainly due to the Tarkwa mill project, which accounted for an increase of R80 million (US$12 million). R252 million (US$39 million) was expended at the South African operations. A significant portion of this expenditure was directed at the major projects with R54 million at the 1E and 5E shafts at Driefontein, R42 million at Kloof 4 shaft and R46 million at Beatrix 3 shaft. Major projects are still forecast to be in line with approved votes. The Australian operations incurred capital expenditure of R143 million (A$27 million), the majority on development of existing projects and exploration to increase the ore reserve base at those operations. At the Ghanaian operations, capital expenditure amounted to R194 million (US$29 million), the majority at Tarkwa on the mill project.

Net cash inflow for the quarter was R1,437 million (US$198 million) after taking account of the above as well as external loan repayments of R103 million (US$15 million) and the proceeds from an offshore private placement of 17.25 million shares finalised during the quarter, which amounted to US$217 million (R1,489 million). The cash balance at the end of the December 2003 quarter was R1,104 million (US$161 million) as compared to a deficit of R279 million (US$39 million) at the end of the September 2003 quarter. Debt at the end of December was R101 million (US$15 million) as compared to R211 million (US$29 million) at the end of September 2003. The majority of these loans have since been repaid.

Quarter ended 31 December 2003 compared to quarter ended 31 December 2002

Attributable gold production decreased to 1,045,000 ounces in the December 2003 quarter compared to 1,091,000 ounces in the December 2002 quarter. The decrease in production was due to the sale of St Helena effective 30 October 2002 and the lower grades encountered at the South African operations. This was partly offset by the excellent results achieved at the international operations, where attributable production year on year is up 15 per cent from 300,000 ounces to 346,000 ounces.

Revenue decreased 19 per cent in rand terms (increased 16 per cent in US dollar terms) from R3,607 million (US$370 million) to R2,923 million (US$431 million). This was due to a reduction in the rand gold price achieved from R100,969 per kilogram (US$321 per ounce) in the December 2002 quarter to R84,842 per kilogram (US$390 per ounce) in the December 2003 quarter and the lower production. Operating costs were virtually unchanged in rand terms. Operating cost increases at the South African operations of R117 million (US$88 million) were offset by the impact of converting costs at the international operations into South African rand at a stronger R/US dollar exchange rate than the corresponding quarter in the previous year. The average exchange rate strengthened from R9.77 to the US dollar in the December 2002 quarter to R6.76 in the current quarter. In US dollars the increase in cost of US$107 million was due to the 30 per cent stronger rand.

Operating profit at R545 million (US$80 million) for the December 2003 quarter compares to R1,320 million (US$136 million) for the December 2002 quarter. After including the sale of St Helena in last December’s results and the lower interest received due to interest paid this quarter on short term borrowings, profit before tax at R370 million is one third of that achieved in the December 2002 quarter.

Earnings decreased from R817 million (US$83 million) in the December 2002 quarter to R277 million (US$42 million) in the current quarter.

Six months ended 31 December 2003 compared to six months ended 31 December 2002

Attributable gold production decreased 6 per cent from 2,221,000 ounces to 2,083,000 as a result of lower grades at the South African operations and the sale of St Helena. This was partly offset by the increased production from the international operations.

Revenue decreased by 22 per cent in rand terms (increased 10 per cent in US dollar terms) from R7,570 million (US$752 million) to R5,875 million (US$828 million) due to the decrease in production and the decrease in the gold price from R102,808 per kilogram (US$318 per ounce) to R85,511 per kilogram (US$375 per ounce) for the six months ended 31 December 2003.

Operating costs decreased 1 per cent when compared to the prior year at R4,697 million (US$662 million) mainly due to the translation of costs at the international operations at a 29 per cent stronger rand, which strengthened from R10.07 to R7.10 to the dollar over this period.

Operating profit at R1,114 million (US$157 million) compares to R2,897 million (US$288 million) achieved in the six months to December 2002. After accounting for the gains on financial instruments of R156 million (US$22 million) and foreign debt net of cash of R61 million (US$9 million), profit before tax amounted to R656 million (US$92 million) compared to R2,139 million (US$213 million) for the same period last year.

Net earnings reduced from R1,359 million (US$135 million) in the six months to December 2002 to R699 million (US$98 million) for the current six months.

Detailed and Operational Review

Group overview

Attributable gold production for the December 2003 quarter improved to 1,045,000 ounces when compared to the September 2003 quarter. Approximately one third of this production is attributable to the international operations. As expected last quarter, production from the Australian operations increased 10 per cent to 190,000 ounces this quarter. This was as a result of an increase in tons throughput at St Ives and improved grades and mining mix at Agnew. The increase at St Ives is largely due to increased volumes from the low grade toll milling campaign aimed at boosting cash flows. Operating profit from the Australian operations increased 38 per cent to R165 million (US$34 million) for the quarter. The Ghanaian operations showed an increase in gold production of 1 per cent to 219,300 ounces due to an increase in tons treated at Damang. Ghana contributed operating profit of R243 million (US$36 million), a 4 per cent increase on the previous quarter’s operating profit. At the South African operations production was 2 per cent lower at 698,000 ounces. An increase of 1 per cent in production at both Beatrix and Kloof was offset by a 6 per cent decrease at Driefontein due to recent fires in the high grade areas.

Operating profit at the South African operations decreased from R216 million (US$29 million) to R137 million (US$21 million) mainly as a consequence of the lower production and lower gold price. The

    Q2F2004 2

international operations contributed R262 million (US$38 million) of the total net operating profit compared to R217 million (US$29 million) last quarter.

Earnings in Australia amounted to R136 million (US$20 million), up from R55 million (US$7 million) in the previous quarter. Excluding the gains on financial instruments and foreign debt net of cash this quarter’s earnings amounted to R43 million (US$6 million) compared to R9 million (US$1 million) last quarter.

Group ore milled increased from 11.50 million tons to 11.64 million tons due to an increase in surface tons mainly at St Ives, due to the toll milling campaign, and Damang. The overall yield remained unchanged at 3.0 grams per ton in line with the September 2003 quarter. Total cash costs in rand terms decreased to R66,991 per kilogram from R67,566 per kilogram achieved last quarter as a result of the increased production and stronger rand. In US dollar terms, total cash costs increased from US$282 per ounce to US$308 per ounce mainly due to the stronger South African rand. Operating cost per ton at R202 improved from R204 last quarter, the increase in operating costs being offset by the increase in tons milled.

South African Operations

DRIEFONTEIN

   
December 2003
September 2003
Gold produced
- 000'ozs
272.3
289.0
Total cash costs
- R/kg
73,126
67,835
 
- US$/oz
336
284

Production at Driefontein decreased 6 per cent to 272,300 ounces. This was due to a decrease in underground tonnage and yield when compared to the previous quarter. These decreases were due to fires, which affected output at 4W, 5W, 6W, 7W and 2E shafts. The fires necessitated additional costs to open up new mining areas and the replacement of underground ore with low grade surface material. Underground tonnage therefore decreased to 950,000 tons from 994,000 tons, while overall tonnage decreased to 1,558,000 tons from the 1,603,000 tons achieved last quarter. The increased proportion of surface to underground ore treated resulted in the combined yield decreasing from 5.6 grams per ton last quarter to 5.4 grams per ton this quarter.

Total cash costs increased by 8 per cent in rand terms to R73,126 per kilogram from R67,835 per kilogram last quarter, mainly due to the effect of the fires. In US dollar terms total cash costs increased from US$284 per ounce to US$336 per ounce quarter on quarter as a result of the stronger rand, allied with the lower production. Operating profit thus declined from R133 million (US$18 million) in the September quarter to R68 million (US$11 million) in the current quarter. Capital expenditure was virtually unchanged at R82 million (US$13 million) for the quarter compared to R88 million (US$12 million) in the previous quarter, but will be lower over the remainder of the year as funding requirements for the major projects i.e. 5E and 1 Tertiary shaft reduce and with the mill upgrades being completed. Despite some teething problems on commissioning, the Driefontein 1 plant mill installation achieved design throughput towards the end of the December quarter.

Following the fires production will continue to be affected into the March quarter, but despite this and the Christmas break, a small increase in production can be expected in the forthcoming quarter at similar cash cost levels.

KLOOF

   
December 2003
September 2003
Gold produced
- 000'ozs
265.1
262.4
Total cash costs
- R/kg
75,849
76,614
 
- US$/oz
349
320

Gold production at Kloof was 265,100 ounces, which was 1 per cent higher than the previous quarter. This was due to higher underground grades, which offset the lower underground mill tonnage as a result of the cessation of operations at 9 shaft. Underground and surface tonnage was 921,000 tons and 363,000 tons respectively compared to 969,000 tons underground and 278,000 surface tons last quarter. Surface yield reduced from 1.0 gram per ton to 0.8 grams per ton offset by an increase in surface tonnage. The combined yield decreased marginally from 6.5 grams per ton to 6.4 grams per ton, due to the increase in surface tonnage. The 9 shaft marginal mining and development project has now been put on care and maintenance and the shaft has been restructured as a pumping facility only.

Total cash costs decreased by 1 per cent in rand terms to R75,849 per kilogram, but increased by 9 per cent in US dollar terms, from US$320 per ounce to US$349 per ounce due to the strengthening of the rand compared to the previous quarter. Revenue from the increase in gold output was offset by the lower rand gold price received and a small increase in costs was incurred, mainly due to the restructuring of 9 shaft. Operating profit reduced by 9 per cent quarter on quarter in rand terms from R55 million (US$7 million) to R50 million (US$7 million). Capital expenditure decreased from R124 million (US$17 million) to R87 million (US$14 million) this quarter. This level of expenditure is expected to be maintained in the March quarter.

All areas being mined below or close to prevailing pay limits have been closely scrutinised during the quarter. In response, crew moves have taken place at all shafts to higher-grade panels, high-grade pillars or other gold winning operations. The pillar extraction programme continues to gain momentum as opportunities are better defined and opening up and equipping schedules are profiled. The old gold winning programme will continue to receive the necessary focus.

As a result of the Christmas and New Year closure and the traditionally slow January start up, output in the March quarter is expected to be slightly below that achieved in the December quarter.

BEATRIX

   
December 2003
September 2003
Gold produced
- 000'ozs
160.8
159.2
Total cash costs
- R/kg
77,005
78,509
 
- US$/oz
354
328

Gold production at Beatrix increased marginally to 160,800 ounces from the 159,200 ounces achieved in the previous quarter. This increase was due to an improved underground yield to 4.7 grams per ton from 4.4 grams per ton, which offset the decrease in underground tons. Underground ore milled decreased to 1,000,000 tons this quarter from 1,054,000 last quarter in line with our policy to reduce marginal mining announced last quarter, while surface tons increased 19 per cent from 329,000 tons to 390,000 tons. This increase was partly due to 208,000 tons sent to the neighbouring Joel mine for toll processing, an increase of 20,000 tons when compared to the September quarter. Surface yields decreased from 0.8 grams per ton to 0.7 grams per ton.

Detailed and focused action plans have restored mining mixes at the various shafts as reported in the previous quarter. The holing of a number of raise lines, resolution of logistical and ventilation bottlenecks continue to be addressed in order to improve tonnage throughput. At 2 shaft, grades have recovered to planned levels although volumes are still slightly below plan. Beatrix 4 shaft incurred operating losses of R25 million during the quarter, despite a 6 per cent improvement in gold values. Negotiations to mine additional shifts including holidays and Sundays at the shafts are well advanced. This should allow greater flexibility and an increase in volumes in the next quarter. Exploration drilling on surface and underground has confirmed extension of current facies at existing grades into adjacent areas at 4 shaft.

Total cash costs decreased 2 per cent in rand terms to R77,005 per kilogram and increased to US$354 per ounce from US$328 per ounce last quarter. Operating profit declined from R28 million (US$4 million) to R18 million (US$3 million) quarter on quarter due to the lower gold price. Capital expenditure increased from R77 million (US$11 million) last quarter to R83 million (US$13 million) this quarter, with the commissioning of the Knelson concentrator at 1 plant.

Despite the Christmas/New Year break, production in the March 2004 quarter should not be materially different from the December 2003 quarter.

 3 Q2F2004    

International Operations

Ghana

TARKWA

   
December 2003
September 2003
Gold produced
- 000'ozs
141.8
147.7
Total cash costs
- US$/oz
227
210

Gold production decreased to 141,800 ounces compared to 147,700 ounces in the September quarter. This decrease in gold production is due to a 4 per cent decrease in the volume of ore treated, as yields remained unchanged quarter on quarter. Gold in process release was similar to the previous quarter. Mining and processing volumes declined slightly due to rain interruptions and unscheduled down time due to liner replacements at the north crusher.

For the December quarter operating costs increased marginally to US$30 million. Unit costs increased from US$6.95 per ton treated to US$7.76 per ton mainly attributable to an increase in the stripping ratio, an 8 per cent increase in diesel costs, charges associated with mobilising additional haul trucks to the site and the cost of the maintenance referred to earlier. The effect of the additional trucks is expected to be seen in the March quarter, with a planned increase in mining volumes. This increase in operating expenditure coupled with the slightly lower gold production led to an 8 per cent increase in total cash costs to US$227 per ounce. Tarkwa contributed US$23 million (R156 million) to operating profit, an increase of 4 per cent quarter on quarter.

The Tarkwa plant construction and owner mining projects are well underway and on schedule. This is the primary reason for the significant increase in capital expenditure this quarter to US$28 million (R189 million) from US$11 million (R81 million) in the September quarter.

In the March quarter gold production is expected to be relatively stable subject to gold in process movements, which remain difficult to predict. Total cash costs are expected to remain close to current levels, as the effect of a planned increase in stripping ratio from 2.2 in the quarter to 2.8 in the coming period will offset the effect of the one off charges referred to earlier. In the longer term costs are expected to return closer to historic levels of around US$210 per ounce.

DAMANG

   
December 2003
September 2003
Gold produced
- 000'ozs
77.5
70.1
Total cash costs
- US$/oz
236
232

At Damang, production increased 10 per cent to 77,500 ounces due to an increase in mill throughput, from 1,186,000 tons to 1,358,000 tons. The increase in milled volume against the previous quarter is due to the extended mill shut down, which occurred in July and ongoing optimisation of the mill set up and feedblend. Both gold production and mill throughput represent record levels for this mine. Yield was maintained at 1.8 grams per ton.

Total cash costs increased from US$232 per ounce to US$236 per ounce quarter on quarter. The increase in unit cash costs occurred despite a decrease in unit operating costs from US$13.5 per ton to US$12.2 per ton treated. The increase in cash costs was due to the inclusion of a US$1.2 million gold in process charge this quarter, reflecting the ongoing movement in high value ores through the stockpiles compared to the inclusion of a US$0.1 million gold in process credit in the September quarter. The increase in stockpile utilisation reflects the decline in availability of higher grade ores in the Damang pit complex due to the maturity of that pit and the effect of heavy rain on mining during the quarter. The net result was an increase in operating profit of 37 per cent to US$13 million (R87 million).

Exploration to increase the current ore reserve continues and US$1 million (R6 million) was included in costs during the quarter. Capital expenditure once again was negligible.

Production should be marginally lower in the March 2004 quarter with slightly lower tons and yields. Total cash costs should remain at current levels.

Australia

ST IVES

   
December 2003
September 2003
Gold produced
- 000'ozs
140.1
127.0
Total cash costs
- A$/oz
395
412
 
- US$/oz
280
271

Gold production at St Ives was 140,100 ounces, an increase of 10 per cent when compared to the September quarter’s production of 127,000 ounces. This increase was due to a 9 per cent increase in tons treated, from 1,688,000 tons last quarter to 1,845,000 tons this quarter. This increase in treatment volumes was mainly due to an increase in the toll treatment program to 409,000 tons, producing approximately 30,000 ounces.

Ore production from underground increased by 5 per cent with an ongoing build up of production from the Argo and Leviathan underground operations, offsetting a marginal decline in performance at Junction underground, following continuation of operating difficulties there.

Operating costs at A$56 million (R273 million, US$40 million) were 11 per cent above the previous quarter due to costs associated with toll treatment and an increase in ore mined from underground and surface. Total cash costs were A$395 per ounce (US$280 per ounce) for the December quarter compared to A$412 per ounce (US$271 per ounce) in the September quarter. The decrease in total cash costs largely reflects the inclusion of a A$3 million credit to operating costs reflecting capital expenditure previously charged to operating costs for build up of operations on the new underground mines. St Ives contributed A$21 million (R104 million, US$15 million) to operating profit compared to A$16 million (R79 million, US$11 million) in the previous quarter. The gold price achieved of A$551 per ounce was similar to the September quarter. Capital expenditure reduced to A$21 million (R107 million, US$16 million) in the December quarter from A$26 million (R126 million, US$18 million) in the September quarter due to the near completion of the Mars pit establishment costs.

Gold production and total cash costs should remain close to current levels in the coming quarter.

AGNEW

   
December 2003
September 2003
Gold produced
- 000'ozs
50.1
45.9
Total cash costs
- A$/oz
296
372
 
- US$/oz
210
245

Gold production at Agnew increased 9 per cent quarter on quarter to 50,100 ounces. This reflects a 16 per cent increase in head grade, offset by an 8 per cent planned reduction in mill throughput. The higher head grade is due to a 10 per cent increase in delivery of high grade ores from the Kim and Deliverer operations, displacing low grade stockpiled ores. With the increase in head grade, mill throughput has been reduced to optimise gold recovery and increase the operating margin.

The mine reported a significant decrease in total cash costs in Australian dollars from A$372 per ounce (US$245 per ounce) last quarter, to this quarter’s A$296 per ounce (US$210 per ounce). This reduction in unit costs reflects not only the effect of the higher gold production but also a reduction in expenditure on development at the Deliverer mine.

The contribution to operating profit from Agnew was A$13 million (R61 million, US$9 million) compared to A$8 million (R41 million and US$6) last quarter. Capital expenditure was little changed at A$7 million (R33 million, US$5 million) as exploration and development of the underground operations at Waroonga continued.

Agnew performed above expectations once again and it is unlikely that this level of production and profitability can be maintained. Thus production next quarter is forecast close to the average of the last two quarters.

    Q2F2004 4

Capital and development projects

ST IVES EXPANSION PROJECT

As previously announced, a decision was taken during the quarter to proceed with this project, which involves the construction of a new 4.5mtpa mill and CIP facility, along with associated infrastructure. This plant will replace the existing 3.1mtpa mill. The project entails a total investment of some A$125 million and is expected to be completed by the end of December 2004.

By the end of the quarter the execution team had been mobilised, initial site preparation was underway, and detailed engineering had commenced.

TARKWA EXPANSION PROJECT

New Mill Project

During the December 2003 quarter construction of the new 4.2mtpa mill at Tarkwa advanced significantly. The majority of site earthworks were completed, while erection activities had commenced, beginning with the CIL tanks. Construction of the tailings storage facility has also commenced.

The mill remains on track for commissioning in the quarter ended December 2004. The project remains within the US$85 million budget save for possible currency exposure on the Australian dollar and South African rand, representing up to US$3 to 4 million of overruns.

Conversion to owner mining

Following the decision in the previous quarter to proceed with Caterpillar haul trucks (and support fleet) and Liebherr excavators, orders were finalised in this period for Sandvik-Tamrock rock drills along with various other support equipment and systems. All orders were placed within budget. The first of these new haul trucks are due to arrive in Ghana at the end of January 2004.

Planning for the transition of staff from the current contractor to the mine’s employ is advanced and this transition is expected to commence in the fourth quarter of financial 2004. Design of the fleet workshops and fuel bay were completed in the December 2003 quarter and construction is due to commence in January.

ARCTIC PLATINUM PROJECT

Activity at APP has been focused on the two large tonnage open pittable deposits at Suhanko, namely Kontijarvi and Ahmavaara. During the December 2003 quarter the bulk of the work focused on detailed in-fill exploration, particularly on a recently excavated exposure of the Kontijarvi deposit, which has proven key in advancing the understanding of the geology and grade distribution of these deposits.

A similar exercise will be undertaken on Ahmavaara in the March 2004 quarter, after which a trial mine will be undertaken, aimed at both verifying grade and geological models but also producing a bulk feed for a pilot plant run, planned to be undertaken near the end of the fourth quarter. This trial mine, pilot scale concentrator campaign and the subsequent downstream treatment testwork is the critical path to completion of the feasibility study on this project. It is planned to reach an investment decision by the end of this calendar year.

DAMANG EXPANSION PROJECT

During the December 2003 quarter drilling of both paleoplacer and hydrothermal deposits continued. The highest priority remained developing alternative sources of high grade hydrothermal ores, and drilling targeted the Rex and Amoando deposits which had previously been drilled by Ranger Minerals, the former owners of Damang. By quarter end drilling had been completed and evaluation was underway.

Drilling of the Tomento East paleoplacer deposit was also completed. This target represents the best conglomerate target identified to date at Damang and while encouraging and subject to final interpretation and modelling, is expected only to produce incremental low grade, soft ore feed to the Damang mill. Apart from some follow up in the south extension of the Bonsa forest area, drilling of the conglomerates is now complete at Damang.

Exploration and Corporate Development

CERRO CORONA IN PERU

On 19 December 2003, it was announced that an agreement was reached whereby 92 per cent of the voting shares of Sociedad Minera La Cima S.A., subject to certain conditions, would be acquired from various members of the Gubbins family. Sociedad Minera La Cima, which owns the Cerro Corona Project and other mineral properties in Cajamarca, Peru has been acquired conditional upon approval of the Environmental Impact Study and the issue of construction permits.

The feasibility study suggests that the project has the capacity during phase 1 to produce 147,000 ounces of gold and 65 million pounds of copper per year (280,000 ounces of gold-equivalent), with total operating costs of $212 per ounce of gold equivalent or $0.48 per pound of copper equivalent (using a gold price of $360/oz and a copper price of 80c/lb). A second phase, which could potentially double production, is currently under investigation.

The deposit, which lies within a well endowed trend just to the north of the Yanacocha mine in the Cajamarca district of northern Peru, is well studied and has robust economics.

The remainder of the belt and the district has seen relatively little modern exploration and is thus quite prospective.

This transaction is in line with our strategy of diversifying our geographical, technical and political risk by acquiring and developing long-life, world class assets in all of the major gold provinces of the world. This acquisition will give us our first operational exposure in South America, a base from which we intend to grow in the region.

FURTHER CHINA VENTURES

Gold Fields has entered into a strategic partnership with Chinese company Fujian Zijin Mining Industry (Zijin) to explore for and develop gold mines in China. This complements the exploration joint venture with Sino Mining in the Shandong province of China.

Zijin is one of China’s largest gold producers. The firm’s main asset is the Fujian province-based Zijinshan Gold Mine, China’s biggest gold-producing mine. The company has interests in a number of other gold and base metal projects throughout China, ranging from grass-roots exploration to operating stage.

Shares worth $7.73 million in Zijin have been purchased by Gold fields through its wholly owned subsidiary Orogen Holdings. This is about 5.7 per cent of the float of 27 per cent of the company in the initial public offering of Zijin on the Hong Kong bourse. Now that the shares have been purchased, a joint venture will be established. Initially, Gold Fields would hold 60 per cent of the venture and Zijin 40 per cent of the joint venture. The purpose of the joint venture would be to explore and develop gold properties in China’s Fujian province.

On 16 January 2004 Sino Gold Fields Joint Venture (“SGF”) entered into an exploration alliance and project joint venture agreement in Shandong Province, Peoples Republic of China.

The agreement is with the Shandong provincial Bureau of Geo-Mineral Exploration and Development (“Shandong BGMR”) for a cooperative joint venture to explore the Hei-Shan gold exploration project. This is a greenfields exploration prospect with alteration style lode deposits. Previously tested to a shallow depth, the site has favourable structural settings and is adjacent to similar style deposits that are producing gold at depth beneath an unmineralised portion of over 200 metres. The agreement also covers possible project evaluation and development and an exclusive right to cooperate in three other exploration areas, preserved for 12 months. The cooperative joint venture is held 70 per cent by SGF and 30 per cent by Shandong BGMR, with SGF providing the first phase exploration funding and Shandong BGMR the tenement.

SGF is the 50/50 joint venture between Sino Gold and Gold Fields to identify and acquire exploration properties in Shandong Province, which is China’s richest gold producing province with several two to three million ounce gold deposits. This region is considered to be highly prospective and is a focus for SGF’s activity.

OTHER PROJECTS

Lastly, Gold Fields announced a joint venture option with Bolivar Gold Corporation to earn up to 60 per cent in the Monte Ollasteddu prospect in southeast Sardinia. Bolivar had previously optioned a 70 per cent interest in this project from Gold Mines of Sardinia.

5 Q2F2004    

During the quarter, exploration drilling was undertaken on the Arctic Platinum project in Finland, the Bibiani project in Ghana, the Mansounia project in Guinea, the Miyabi project in Tanzania and the Essakane project in Burkina Faso.

Project interests were sold to joint venture partners at the Hereward joint venture in Bulgaria, the Tambor joint venture in Guatemala and the Sanu joint venture in Eritrea. Gold Fields also relinquished its interest in the Capanema project in Brazil.

The company is responding to favourable market conditions for gold by aggressively increasing its exploration program and continuing its search for quality, value adding acquisitions.

Corporate matters

BLACK ECONOMIC EMPOWERMENT TRANSACTION

On 26 November 2003, Gold Fields Limited and Mvelaphanda Resources Limited announced that they had reached agreement in terms of which Mvela Gold, a wholly-owned subsidiary of Mvela Resources, will, subject to the fulfilment of certain conditions precedent acquire a 15 per cent beneficial interest in the South African gold mining assets of Gold Fields, including the world-class Beatrix, Driefontein and Kloof mines for a cash consideration of R4,139 million. This follows an initial joint cautionary announcement dated 10 June 2003, and three subsequent joint cautionary announcements, dated 24 July 2003, 5 September 2003, and 8 October 2003 respectively.

Gold Fields has created a wholly owned subsidiary, GFI Mining South Africa Limited (GFI-SA), which will acquire, prior to the implementation of this transaction, the gold mining assets of Beatrix Mining Ventures Limited, Driefontein Consolidated (Pty) Limited and Kloof Gold Mining Company Limited as well as ancillary assets. Mvela Gold will, on implementation of the empowerment transaction, advance a loan of R4,139 million to GFI-SA, financed by way of commercial bank debt of approximately R1,349 million, mezzanine finance of R1,100 million and the balance of approximately R1,690 million raised by Mvela Resources through an equity capital raising, which includes R100 million of equity which Gold Fields will subscribe for at the book-build price. At the end of five years the loan will be repaid and Mvela Gold will subscribe for 15 per cent of the share capital of GFI-SA.

Gold Field believes that this transaction satisfies the 15 per cent Historically Disadvantaged South African ownership requirement of the scorecard attached to the Broad Based Socio-Economic Mining Charter for the South African Mining Industry, and has been undertaken on commercial terms and for fair value so that it will benefit all shareholders.

In terms of the transaction, and in furthering its empowerment objectives, Mvela Gold will have the right to appoint two nominees out of a maximum of seven to the GFI-SA board, and will also be entitled to appoint two members to each of GFI-SA’s Operations Committee and Transformation Committee, which latter committee will be established to monitor compliance with the Mining Charter and other transformation objectives.

Mvela Resources has announced that it intends to be a long-term investor in Gold Fields and has accordingly undertaken not to dispose of its empowerment interest for at least five years or until the date on which the loan to GFI-SA becomes repayable. For a period of one year following this, the 15 per cent interest in GFI-SA may, at the option of Mvela Gold or Gold Fields, be exchanged for new ordinary shares in Gold Fields. Furthermore, Mvela Resources has undertaken to facilitate the participation of a broad-based black economic empowerment consortium in the transaction. Such a consortium is expected to comprise community-based development trusts, broad-based empowerment mining companies, and women and youth empowerment groupings. In addition, Mvela Resources has undertaken to issue 7.5 million five-year warrants to a BEE trust, in order to provide assistance for those groupings which lack the resources for equity participation. Each warrant will be convertible into ordinary shares of Mvela Resources at an issue price of R35 at the end of a five year period.

This transaction is subject to certain conditions being met, including approval by the shareholders of both Gold Fields and Mvela Resources of the necessary resolutions. It is anticipated that circulars will be posted to shareholders during February 2004

Ms. Phumzile Mlambo-Ngcuka, South African Minister of Minerals and Energy, has noted that this transaction reflects recognition by both Gold Fields and Mvela Resources of the need to transform the economy of South Africa and to increase the interests of historically disadvantaged South Africans in traditional mining house ownership structures. Mvela Resources and Gold Fields have gone a long way in ensuring that this transaction encompasses the spirit and the letter of the Mining Charter on a commercially sustainable basis for both companies.

The transaction is expected to be closed during March 2004.

SALE OF DRIEFONTEIN’S 1C11 BLOCK

As previously announced last quarter, Driefontein sold the mining Block 1C11 and associated assets to AngloGold for a cash consideration of R315 million at a profit net of taxation of R240 million. The sale was subject to the suspensive condition that the transaction be approved by the Competition Commission. This condition was unconditionally fulfilled on 21 January 2004. The block is currently being transferred to AngloGold after which the transfer of funds will occur in due course.

INTERNATIONAL PRIVATE PLACEMENT

On 7 November 2003, Gold Fields completed an international private placement of 15 million new ordinary shares for a cash price of US$13 per share (US$195 million).

Gold Fields granted to the underwriters, JP Morgan, an option to purchase an additional 2.25 million shares at the same price (US$29.25 million). This option was exercised on 3 December 2003. The net raising after costs amounted to US$217 million.

As Reserve Bank approval for the money to remain offshore was approved, it will be used to fund a portion of our capital requirements in Ghana and Australia and to actively pursue future offshore growth opportunities.

LEGAL

There have been no further developments to our earlier report in respect of the law suit filed by Zalumzi Singleton Mtwesi (“Mtwesi”) against Gold Fields Limited in the Supreme Court of the State of New York County of New York on 6 May 2003. In summary, Mtwesi and the plaintiffs class demand an order certifying the plaintiffs class and compensatory damages from Gold Fields Limited. The suit has not been served on Gold Fields Limited. If and when service of the suit takes place it will be vigorously contested. Gold Fields Limited will keep shareholders appraised of any future developments in this matter.

DIVIDEND

In line with the Company’s policy of paying out 50 per cent of its earnings, subject to investment opportunities, an interim dividend has been declared payable to all shareholders as follows:

- Interim dividend: 40 SA cents
- Last date to trade cum-dividend: 13 February 2004
- Sterling & US Dollar conversion date: 16 February 2004
- Trading commences ex-dividend: 16 February 2004
- Record date: 20 February 2004
- Payment date: 23 February 2004

Share certificates may not be dematerialised or rematerialised between Monday, 16 February 2004 and Friday, 20 February 2004, both dates inclusive.

Outlook

Gold production is expected to be marginally lower in the March 2004 quarter mainly due to the impact of the traditional Christmas break at the South African operations. In addition, in the event that the gold price remain at current levels i.e. above R90,000 per kilogram and US$400 per ounce, revenue and operating margins should improve.

Basis of accounting

The unaudited results for the quarter and six months have been prepared on the International Financial Reporting Standards (IFRS) basis. The detailed financial, operational and development results for the December 2003 quarter and six months are submitted in this report.

These consolidated quarterly statements are prepared in accordance with IFRS 34, Interim Financial Reporting. The accounting policies are consistent with those applied at the previous year-end.

    Q2F2004 6

Income Statement
International Financial Reporting Standards Basis

SA RAND Quarter Six months to
(Figures are in millions unless otherwise stated)
December
2003
September
2003
December
2002
December
2003
December
2002
Revenue
2,922.9
2,952.4
3,606.8
5,875.3
7,570.3
Operating costs
2,354.7
2,341.8
2,344.7
 4,696.5
4,746.9
Gold inventory change
23.6
40.8
(57.4)
64.4
(73.8)
Operating profit
544.6
569.8
1,319.5
1,114.4
2,897.2
Amortisation and depreciation
307.5
298.8
351.3
606.3
693.2
Net operating profit
237.1
271.0
968.2
508.1
2,204.0
Finance income/(cost)
44.9
21.9
86.7
66.8
47.9
- Net interest and investment income/(cost)
(15.2)
20.8
54.9
5.6
87.9
- Exchange gains/(losses) on foreign debt and cash
60.1
1.1
31.8
61.2
(40.0)
Gain/(loss) on financial instruments
119.5
36.4
166.2
155.9
(35.7)
Other income/(expense)
3.5
12.4
(8.0)
 15.9
3.0
Exploration
(35.4)
(55.1)
(34.8)
(90.5)
(80.3)
Profit before taxation and exceptional items
369.6
286.6
1,178.3
656.2
2,138.9
Exceptional gain
31.4
204.5
123.0
235.9
123.0
Profit before taxation
401.0
491.1
1,301.3
892.1
2,261.9
Mining and income taxation
83.6
37.3
449.1
120.9
834.8
- Normal taxation
40.0
47.8
254.6
87.8
543.3
- Deferred taxation
43.6
(10.5)
194.5
33.1
291.5
           
Profit after taxation
317.4
453.8
852.2
771.2
1,427.1
Minority interest
40.0
32.6
34.9
 72.6
68.1
           
Net earnings
277.4
421.2
817.3
698.6
1,359.0
           
Exceptional items:
          
Profit on sale of investments
32.3
16.1
-
 48.4
-
Sale of mineral rights
-
187.2
-
 187.2
-
Disposal of St Helena
-
-
121.7
 -
121.7
Other
(0.9)
1.2
1.3
0.3
1.3
Total exceptional items
31.4
204.5
123.0
235.9
123.0
Taxation
(6.9)
52.3
(19.2)
 45.4
(19.2)
           
Net exceptional items after tax
24.5
256.8
103.8
281.3
103.8
           
Net earnings per share (cents)
57
89
173
 146
288
Headline earnings
249.0
164.4
713.5
 413.4
1,255.2
Headline earnings per share (cents)
51
35
151
 86
266
Diluted earnings per share (cents)
56
89
172
 145
286
Net earnings excluding gains and losses on financial instruments and foreign debt, net of cash and exceptional items
110.4
136.4
573.9
 246.8
1,309.0
Net earnings per share excluding gains and losses on financial instruments and foreign debt, net of cash and exceptional items (cents)
23
29
122
52
278
           
Gold sold – managedkg
34,451
34,257
35,722
 68,708
73,635
Gold price receivedR/kg
84,842
86,184
100,969
 85,511
102,808
Total cash costsR/kg
66,991
67,566
61,853
67,277
61,528

 7 Q2F2004    

Income Statement
International Financial Reporting Standards Basis

US DOLLARS Quarter Six months to
(Figures are in millions unless otherwise stated)
December
2003
September
2003
December
2002
December
2003
December
2002
Revenue
430.7
396.8
370.0
827.5
751.8
Operating costs
346.7
314.8
240.0
 661.5
471.4
Gold inventory change
3.6
5.5
(5.7)
9.1
(7.3)
Operating profit
80.4
76.5
135.7
156.9
287.7
Amortisation and depreciation
45.2
40.2
35.9
85.4
68.8
Net operating profit
35.2
36.3
99.8
71.5
218.9
Finance income/(cost)
6.4
3.0
8.5
9.4
4.8
- Net interest and investment income/(cost)
(2.0)
2.8
5.5
0.8
8.7
- Exchange gains/(losses) on foreign debt and cash
8.4
0.2
3.0
8.6
(3.9)
Gain/(loss) on financial instruments
17.1
4.9
16.0
22.0
(3.5)
Other income/(expense)
0.5
1.7
(0.8)
 2.2
0.3
Exploration
(5.3)
(7.4)
(3.6)
(12.7)
(8.0)
Profit before taxation and exceptional items
53.9
38.5
119.9
92.4
212.5
Exceptional gain
5.7
27.5
12.2
33.2
12.2
Profit before taxation
59.6
66.0
132.1
125.6
224.7
Mining and income taxation
12.1
5.0
45.8
17.1
82.9
- Normal taxation
6.0
6.4
26.2
12.4
54.0
- Deferred taxation
6.1
(1.4)
19.6
4.7
28.9
           
Profit after taxation
47.5
61.0
86.3
108.5
141.8
Minority interest
5.8
4.4
3.6
 10.2
6.8
           
Net earnings
41.7
56.6
82.7
98.3
135.0
           
Exceptional items:
          
Profit on sale of investments
4.6
2.2
-
 6.8
-
Sale of mineral rights
-
25.2
-
 25.2
-
Disposal of St Helena
-
-
12.1
 -
12.1
Other
1.1
0.1
0.1
1.2
0.1
Total exceptional items
5.7
27.5
12.2
33.2
12.2
Taxation
(0.6)
7.0
(1.9)
 6.4
(1.9)
           
Net exceptional items after tax
5.1
34.5
10.3
39.6
10.3
           
Net earnings per share (cents)
9
12
18
 21
29
Headline earnings
36.1
22.1
72.4
 58.2
124.7
Headline earnings per share (cents)
7
5
15
 12
26
Diluted earnings per share (cents)
8
12
17
 20
28
Net earnings excluding gains and losses on financial instruments and foreign debt, net of cash and exceptional items
16.5
18.3
59.2
 34.8
130.0
Net earnings per share excluding gains and losses on financial instruments and foreign debt, net of cash and exceptional items (cents)
3
4
13
 7
28
Exchange rate – SA Rand/US Dollar
6.76
7.44
9.77
7.10
10.07
           
Gold sold – managedozs                                                                    (000)
1,108
1,101
1,148
 2,209
2,367
Gold price received                                                                             $/oz
390
360
321
 375
318
Total cash costs                                                                                    $/oz
308
282
197
295
190

    Q2F2004 8

Balance Sheets
International Financial Reporting Standards Basis

(Figures are in millions)
 SA RAND US DOLLARS
December
2003
June
2003
December
2003
  
June
2003
Mining and mineral assets 15,569.9 15,371.3 2,266.4   1,973.2
Non-current assets
 289.1
275.0
42.1
  
35.3
Investments
 764.0
512.1
111.2
  
65.7
Current assets
3,510.2
3,059.5
510.9
  
392.7
- Other current assets
2,406.2
2,018.7
350.2
  
259.1
- Net cash and deposits
1,104.0
1,040.8
160.7
  
133.6
              -  Gross cash and deposits 2,268.6 1,040.8 324.7   133.6
              -  Less overdraft 20,133.2 19,217.9 2,930.6   2,466.9
Total assets
 
Shareholders’ equity
 12,978.5
11,295.5
1,889.2
  
1,450.0
Minority interest
 544.5
668.2
79.3
  
85.8
Deferred taxation
 4,273.9
4,279.6
622.1
  
549.4
Long-term loans
 44.8
164.2
6.5
  
21.1
Environmental rehabilitation provisions
 718.5
715.3
104.6
  
91.8
Post-retirement health care provisions
 73.8
90.7
10.7
  
11.6
Current liabilities
1,499.2
2,004.4
218.2
  
257.2
- Other current liabilities
1,443.2
1,844.7
210.0
  
236.7
- Current portion of long-term loans
56.0
159.7
8.2
  
20.5
Total equity and liabilities
20,133.2
19,217.9
2,930.6
  
2,466.9
S.A. Rand/U.S. Dollar conversion rate
    
6.87
  
7.79

Condensed Statements of Changes in Equity
International Financial Reporting Standards Basis

(Figures are in millions)
 SA RAND US DOLLARS
December
2003
December
2002
December
2003
December
2002
Balance as at the beginning of the financial year
11,295.5
11,095.8
1,450.0
1,071.0
Currency translation adjustment and other
 (245.4)
(573.5)
164.4
116.6
Issue of share capital
 9.4
0.8
1.3
0.1
Increase in share premium
 1,562.1
15.0
220.0
1.5
Marked to market valuation of listed investments
 130.7
146.9
18.4
14.6
Dividends
 (472.4)
(1,038.5)
(63.2)
(96.6)
Net earnings
 698.6
1,359.0
98.3
135.0
Balance as at the end of December
12,978.5
11,005.5
1,889.2
1,242.2

Reconciliation of Headline Earnings with Net Earnings

(Figures are in millions unless otherwise stated)
SA RAND
US DOLLARS
December
2003
September
2003
December
2002
December
2003
September
2003
December
2002
Net earnings
277.4
421.2
817.3
41.7
56.6
82.7
Profit on sale of investments
 (32.3)
(16.1)
-
(4.6)
(2.2)
-
Taxation effect of profit on sale of investments
 6.9
0.4
-
0.6
0.1
-
Profit on disposal of mineral rights and associated assets
 -
(187.2)
-
-
(25.2)
-
Taxation effect of profit on disposal of mineral rights and associated assets
 -
(53.0)
-
-
(7.1)
-
Disposal of St Helena net of tax
 -
-
(102.5)
-
-
(10.2)
Profit on sundry asset sales
 (3.0)
(0.9)
(1.3)
(1.6)
(0.1)
(0.1)
Headline earnings
249.0
164.4
713.5
36.1
22.1
72.4
Headline earnings per share – cents
 51
35
151
7
5
15
Based on headline earnings as given above divided by 484,511,921 (September 2003 – 472,885,574 and December 2002 – 471,777,323) being the weighted average number of ordinary shares in issue
            

 

 9 Q2F2004    

Cash Flow Statements
International Financial Reporting Standards Basis

SA RAND Quarter Six months to
(Figures are in millions) December
2003 		September
2003 		December
2002 		December
2003 		December
2002
Cash flow from operating activities
676.7
31.6
1,340.4
708.3
2,336.1
Profit before tax and exceptional items
369.6
286.6
1,178.3
656.2
2,138.9
Exceptional items
31.4
204.5
123.0
235.9
123.0
Amortisation and depreciation
307.5
298.8
351.3
606.3
693.2
Change in working capital
85.5
(211.2)
142.9
(125.7)
(19.4)
Taxation paid
(50.7)
(303.3)
(41.9)
(354.0)
(528.1)
Other non-cash items
(66.6)
(243.8)
(413.2)
(310.4)
(71.5)
Dividends paid
-
(472.4)
(29.1)
(472.4)
(1,067.6)
Ordinary shareholders
-
(472.4)
-
(472.4)
(1,038.5)
Minority shareholders in subsidiaries
-
-
(29.1)
-
(29.1)
Cash utilised in investing activities
(647.3)
(766.0)
(485.4)
(1,413.3)
(1,060.8)
Capital expenditure – additions
(662.0)
(552.7)
(530.8)
(1,214.7)
(1,088.1)
Capital expenditure – proceeds on disposal
29.5
56.5
0.8
86.0
0.9
Purchase of investments
(57.3)
(280.3)
(61.2)
(337.6)
(74.0)
Proceeds on the disposal of investments/subsidiary
54.2
17.6
120.0
71.8
120.0
Environmental and post-retirement health care payments
(11.7)
(7.1)
(14.2)
(18.8)
(19.6)
Cash flow from financing activities
1,407.3
(61.9)
(229.1)
1,345.4
(205.0)
Loans repaid
(103.2)
(90.6)
(200.5)
(193.8)
(200.5)
Minority shareholder’s loan received/(repaid)
15.7
12.4
(35.5)
28.1
(35.5)
Shares issued
1,494.8
16.3
6.9
1,511.1
31.0
Net cash inflow/(outflow)
1,436.7
(1,268.7)
596.8
168.0
2.7
Translation adjustment
 (53.4)
(51.4)
(110.0)
(104.8)
 (103.9)
Cash at beginning of period
 (279.3)
1,040.8
1,439.1
1,040.8
2,027.1
Cash/(debt) at end of period
1,104.0
(279.3)
1,925.9
1,104.0
1,925.9

US DOLLARS Quarter Six months to
(Figures are in millions)
December
2003
September
2003
December
2002
December
2003
December
2002
Cash flow from operating activities
95.5
4.2
136.7
99.7
232.0
Profit before tax and exceptional items
53.9
38.5
119.9
92.4
212.5
Exceptional items
5.7
27.5
12.2
33.2
12.2
Amortisation and depreciation
45.2
40.2
35.9
85.4
68.8
Change in working capital
10.7
(28.4)
13.7
(17.7)
(1.9)
Taxation paid
(9.1)
(40.8)
(4.9)
(49.9)
(52.4)
Other non-cash items
(10.9)
(32.8)
(40.1)
(43.7)
(7.2)
Dividends paid
  
(63.2)
(2.9)
(63.2)
(99.5)
Ordinary shareholders
-
(63.2)
-
(63.2)
(96.6)
Minority shareholders in subsidiaries
-
-
(2.9)
-
(2.9)
Cash utilised in investing activities
(96.0)
(103.0)
(50.0)
(199.0)
(105.4)
Capital expenditure – additions
(96.8)
(74.3)
(54.4)
(171.1)
(108.1)
Capital expenditure – proceeds on disposal
4.5
7.6
0.1
12.1
0.1
Purchase of investments
(9.8)
(37.7)
(6.2)
(47.5)
(7.4)
Proceeds on the disposal of investments/subsidiary
7.7
2.4
11.9
10.1
11.9
Environmental and post-retirement health care payments
(1.6)
(1.0)
(1.4)
(2.6)
(1.9)
Cash flow from financing activities
198.2
(8.5)
(24.5)
189.7
(22.2)
Loans repaid
(14.6)
(12.4)
(21.5)
(27.0)
(21.5)
Minority shareholder’s loan received/(repaid)
2.2
1.7
(3.8)
3.9
(3.8)
Shares issued
210.6
2.2
0.8
212.8
3.1
Net cash inflow/(outflow)
197.7
(170.5)
59.3
27.2
4.9
Translation adjustment
 1.8
(1.9)
22.6
(0.1)
 16.8
Cash at beginning of period
(38.8)
133.6
135.5
133.6
195.7
Cash/(debt) at end of period
160.7
(38.8)
217.4
160.7
217.4

    Q2F2004 10

Derivatives

Policy

The Group’s policy is to remain unhedged.  However, hedges are sometimes undertaken on a project specific basis as follows:
• to protect cash flows at times of significant expenditure, for specific debt servicing requirements, and
•·to safeguard the viability of higher cost operations.
• Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows.
Gold Fields has various currency financial instruments - those remaining are described in the schedule.  It has been decided not to account for these instruments under the hedge accounting rules of IFRS 39 and accordingly the positions have been marked to market at the quarter and year-end.

On 7 January 2004, Gold Fields Australia entered into equal and opposite transactions regarding the Australian dollar/United States dollar currency financial instruments.  The existing forward purchases of Australian dollars and the put and call options were closed out by entering into equal and opposite transactions.  The close out of the outstanding open position of US$275 million* was at an average spot rate of 0.7670 US$/AU$.  These transactions locked in gross profit amounting to US$115.7 million and the underlying cash receipts were deferred to match the maturity dates of the original transactions.  An amount of US$102.8 million has already been accounted for up until the end of December 2003.  In addition, in order that the Group is able to participate in further Australian dollar appreciation a strip of quarterly maturing Australian dollar/US dollar call options were purchased in respect of an amount of US$275 million of which the value dates and amounts match those of the original structure.  The Australian dollar call options resulted in a cost of US$8.3 million, which was also deferred to match the maturity dates of the original structure.  The average strike price of the options is 0.7670 US$/AU$.  The future US dollar locked-in value and cost of the new structure is depicted in the table below:
*At the end of December the outstanding instruments amounted to US$288 million.  Subsequent to the end of December, an amount of US$13 million matured leaving a balance of US$275 million outstanding on such instruments.
   
Payment value dates  (All figures in US dollars 000's)
Gross Profit
Deferred Cost
Net Future Cashflows
31 March 2004
6,632
217
6,415
30 June 2004
6,433
278
6,155
30 September 2004
11,578
628
10,950
31 December 2004
11,216
676
10,540
31 March 2005
10,911
716
10,195
30 June 2005
10,634
749
9,885
30 September 2005
10,336
776
9,560
30 December 2005
10,074
799
9,275
31 March 2006
9,845
825
9,020
30 June 2006
9,568
848
8,720
29 September 2006
9,331
871
8,460
29 December 2006
9,140
895
8,245
TOTAL
115,698
8,278
107,420
The call options purchased at a cost of US$8.3 million are detailed below:
US DOLLAR / AUSTRALIAN DOLLAR
          
Year ended 30 June
2004
2005
2006
2007
TOTAL
Australian dollar call options:
          
Amount (US Dollars)-000's
12,500
87,500
100,000
75,000
275,000
Average strike price    (US$/AU$)
0.7670
0.7670
0.7670
0.7670
0.7670
           
           
US DOLLAR / RAND
          
Year ended 30 June
2004
2005
2006
2007
TOTAL
Forward purchases:
          
Amount (US Dollars)-000's
50,000
-
-
-
50,000
Average rate(ZAR/US$)
8.4264
-
-
-
8.4264
During the quarter, additional forward cover of US$10 million was purchased in respect of the Tarkwa mill and owner mining projects. The total forward purchase of US$50 million matures on 3 June 2004.  The marked to market value of all transactions making up the positions in the above table was a negative R63.8 million (US$9.3 million negative).  The value was based on an exchange rate of ZAR/US$ 6.87 and the prevailing interest rates and volatilities at the time.

 11 Q2F2004    

Total Cash Costs
Gold Institute Industry Standard

(All figures are in Rand millions
unless otherwise stated)
Total Mine
Operations
SA OPERATIONS
INTERNATIONAL
Total
Driefontein
Kloof
Beatrix
Total
Ghana
Australia
Tarkwa
Damang
St Ives
Agnew
Operating costs (1) December 2003
2,354.7
1,700.2
648.0
651.6
400.6
654.5
206.0
112.6
272.5
63.4
  September 2003
2,341.8
1,685.8
636.1
649.2
400.5
656.0
219.6
119.2
248.6
68.6
  Financial year to date
4,696.5
3,386.0
1,284.1
1,300.8
801.1
1,310.5
425.6
231.8
521.1
132.0
Gold in process and inventory change*       December 2003
21.9
-
-
-
-
21.9
11.9
8.2
(4.7)
6.5
  September 2003
36.4
-
-
-
-
36.4
11.0
(0.5)
12.4
13.5
 
Financial year to date
58.3
-
-
-
-
58.3
22.9
7.7
7.7
20.0
                       
Less:
 Rehabilitation costs
December 2003
10.0
9.0
2.8
5.4
0.8
1.0
0.1
0.3
0.4
0.2
   
September 2003
10.2
9.0
2.8
5.3
0.9
1.2
0.2
0.3
0.5
0.2
 
Financial year to date
20.2
18.0
5.6
10.7
1.7
2.2
0.3
0.6
0.9
0.4
                       
  Production taxes
December 2003
8.7
8.7
2.1
4.9
1.7
-
-
-
-
-
   
September 2003
7.8
7.8
1.9
4.4
1.5
-
-
-
-
-
 
Financial year to date
16.5
16.5
4.0
9.3
3.2
-
-
-
-
-
                       
  General and admin
December 2003
88.4
61.5
25.9
20.9
14.7
26.9
11.5
2.9
10.7
1.8
   
September 2003
82.6
53.0
23.6
18.5
10.9
29.6
12.0
3.1
13.1
1.4
 
Financial year to date
171.0
114.5
49.5
39.4
25.6
56.5
23.5
6.0
23.8
3.2
                       
Cash operating costs
December 2003
2,269.5
1,621.0
617.2
620.4
383.4
648.5
206.3
117.6
256.7
67.9
 
September 2003
2,277.6
1,616.0
607.8
621.0
387.2
661.6
218.4
115.3
247.4
80.5
 
Financial year to date
4,547.1
3,237.0
1,225.0
1,241.4
770.6
1,310.1
424.7
232.9
504.1
148.4
                       
Plus:
 Production taxes
December 2003
8.7
8.7
2.1
4.9
1.7
-
-
-
-
-
   
September 2003
7.8
7.8
1.9
4.4
1.5
-
-
-
-
-
 
Financial year to date
16.5
16.5
4.0
9.3
3.2
-
-
-
-
-
                       
  Royalties
December 2003
29.7
-
-
-
-
29.7
11.3
6.3
8.9
3.2
   
September 2003
29.2
-
-
-
-
29.2
11.9
5.6
8.6
3.1
 
Financial year to date
58.9
-
-
-
-
58.9
23.2
11.9
17.5
6.3
                       
TOTAL CASH COSTS (2)
December 2003
2,307.9
1,629.7
619.3
625.3
385.1
678.2
217.6
123.9
265.6
71.1
 
September 2003
2,314.6
1,623.8
609.7
625.4
388.7
690.8
230.3
120.9
256.0
83.6
 
Financial year to date
4,622.5
3,253.5
1,229.0
1,250.7
773.8
1,369.0
447.9
244.8
521.6
154.7
                       
Plus:
 Amortisation*
December 2003
285.4
137.4
53.5
63.2
20.7
148.0
25.2
12.0
110.8
    September 2003 279.4
137.6
57.1
59.5
21.0
141.8
27.5
14.4
99.9
    Financial year to date 564.8
275.0
110.6
122.7
41.7
289.8
52.7
26.4
210.7
                       
  Rehabilitation
December 2003
10.0
9.0
2.8
5.4
0.8
1.0
0.1
0.3
0.6
   
September 2003
10.2
9.0
2.8
5.3
0.9
1.2
0.2
0.3
0.7
   
Financial year to date
20.2
18.0
5.6
10.7
1.7
2.2
0.3
0.6
1.3
                     
TOTAL PRODUCTION COSTS (3)
December 2003
2,603.3
1,776.1
675.6
693.9
406.6
827.2
242.9
136.2
448.1
 
September 2003
2,604.2
1,770.4
669.6
690.2
410.6
833.8
258.0
135.6
440.2
 
Financial year to date
5,207.5
3,546.5
1,345.2
1,384.1
817.2
1,661.0
500.9
271.8
888.3
                     
Gold sold – thousand ounces
December 2003
1,107.6
698.1
272.3
265.1
160.8
409.5
141.8
77.5
140.1
50.1
 
September 2003
1,101.4
710.6
289.0
262.4
159.2
390.8
147.7
70.1
127.0
45.9
 
Financial year to date
2,209.0
1,408.7
561.3
527.5
320.0
800.3
289.5
147.6
267.2
96.0
                       
TOTAL CASH COSTS – US$/oz
December 2003
308
345
336
349
354
245
227
236
280
210
 
September 2003
282
307
284
320
328
238
210
232
271
245
 
Financial year to date
295
325
308
334
341
241
218
234
275
227
                       
TOTAL PRODUCTION COSTS - US$/oz December 2003 348 376 367 387 374 299 253 260 348
 
September 2003
318
335
311
353
347
287
235
260
342
 
Financial year to date
332
355
338
370
360
292
244
260
344

DEFINITIONS

Total cash costs and Total production costs are calculated in accordance with the Gold Institute industry standard.

(1) Operating costs – All gold mining related costs before amortisation/depreciation, changes in gold inventory, taxation and exceptional items.

(2) Total cash costs – Operating costs less off-mine costs, including general and administration costs, as detailed in the table above.

(3) Total production costs – Total cash costs plus amortisation/depreciation and rehabilitation provisions, as detailed in the table above.

* Adjusted for amortisation/depreciation (non-cash item) excluded from gold in process change.

Average exchange rates are US$1 = R6.76 and US$1 = R7.44 for the December 2003 and September 2003 quarters respectively.

    Q2F2004 12

Operating and Financial Results

SA RAND
  
Total Mine Operations
SA Operations
   
Total
Driefontein
Kloof
Beatrix
   
Operating Results
            
Ore milled / treated (000 tons)
December 2003
11,640
4,232
1,558
1,284
1,390
 
September 2003
11,497
4,233
1,603
1,247
1,383
 
Financial year to date
23,137
8,465
3,161
2,531
2,773
Yield (grams per ton)
December 2003
3.0
5.1
5.4
6.4
3.6
 
September 2003
3.0
5.2
5.6
6.5
3.6
 
Financial year to date
3.0
5.2
5.5
6.5
3.6
Gold produced (kilograms)
December 2003
34,451
21,714
8,469
8,244
5,001
 
September 2003
34,257
22,102
8,988
8,163
4,951
 
Financial year to date
68,708
43,816
17,457
16,407
9,952
Gold sold (kilograms)
December 2003
34,451
21,714
8,469
8,244
5,001
 
September 2003
34,257
22,102
8,988
8,163
4,951
 
Financial year to date
68,708
43,816
17,457
16,407
9,952
Gold price received (Rand per kilogram)
December 2003
84,842
84,586
84,579
85,104
83,743
 
September 2003
86,184
86,037
85,570
86,243
86,548
 
Financial year to date
85,511
85,318
85,089
85,671
85,139
Total cash costs (Rand per kilogram)
December 2003
66,991
75,053
73,126
75,849
77,005
 
September 2003
67,566
73,468
67,835
76,614
78,509
 
Financial year to date
67,277
74,254
70,402
76,230
77,753
Total production costs (Rand per kilogram)
December 2003
75,565
81,795
79,773
84,170
81,304
 
September 2003
76,019
80,101
74,499
84,552
82,933
 
Financial year to date
75,792
80,941
77,058
84,360
82,114
Operating costs (Rand per ton)
December 2003
202
402
416
507
288
 
September 2003
204
398
397
521
290
 
Financial year to date
203
400
406
514
289
Financial Results (Rand million)
            
Revenue
December 2003
2,922.9
1,836.7
716.3
701.6
418.8
 
September 2003
2,952.4
1,901.6
769.1
704.0
428.5
 
Financial year to date
5,875.3
3,738.3
1,485.4
1,405.6
847.3
Operating costs
December 2003
2,354.7
1,700.2
648.0
651.6
400.6
 
September 2003
2,341.8
1,685.8
636.1
649.2
400.5
 
Financial year to date
4,696.5
3,386.0
1,284.1
1,300.8
801.1
Gold inventory change
December 2003
23.6
-
-
-
-
 
September 2003
40.8
-
-
-
-
 
Financial year to date
64.4
-
-
-
-
Operating profit
December 2003
544.6
136.5
68.3
50.0
18.2
 
September 2003
569.8
215.8
133.0
54.8
28.0
 
Financial year to date
1,114.4
352.3
201.3
104.8
46.2
Amortisation of mining assets
December 2003
283.8
137.5
53.6
63.2
20.7
 
September 2003
275.0
137.6
57.1
59.5
21.0
 
Financial year to date
558.8
275.1
110.7
122.7
41.7
Net operating profit
December 2003
260.8
(1.0)
14.7
(13.2)
(2.5)
 
September 2003
294.8
78.2
75.9
(4.7)
7.0
 
Financial year to date
555.6
77.2
90.6
(17.9)
4.5
Other income/(expenses)
December 2003
120.9
(17.0)
(11.0)
(1.4)
(4.6)
 
September 2003
54.8
(10.5)
(6.2)
(4.1)
(0.2)
 
Financial year to date
175.7
(27.5)
(17.2)
(5.5)
(4.8)
Profit before taxation
December 2003
381.7
(18.0)
3.7
(14.6)
(7.1)
 
September 2003
349.6
67.7
69.7
(8.8)
6.8
 
Financial year to date
731.3
49.7
73.4
(23.4)
(0.3)
Mining and income taxation
December 2003
95.4
(22.7)
(4.5)
(15.5)
(2.7)
 
September 2003
53.5
(62.2)
(42.1)
(24.0)
3.9
 
Financial year to date
148.9
(84.9)
(46.6)
(39.5)
1.2
-Normal taxation
December 2003
34.2
(0.2)
(0.1)
(0.3)
0.2
 
September 2003
35.0
1.3
0.6
0.6
0.1
 
Financial year to date
69.2
1.1
0.5
0.3
0.3
-Deferred taxation
December 2003
61.2
(22.5)
(4.4)
(15.2)
(2.9)
 
September 2003
18.5
(63.5)
(42.7)
(24.6)
3.8
 
Financial year to date
79.7
(86.0)
(47.1)
(39.8)
0.9
Exceptional items
December 2003
(0.2)
(2.1)
(1.0)
(1.2)
0.1
 
September 2003
188.4
187.2
187.2
-
-
 
Financial year to date
188.2
185.1
186.2
(1.2)
0.1
Net earnings
December 2003
286.1
2.6
7.2
(0.3)
(4.3)
 
September 2003
484.5
317.1
299.0
15.2
2.9
 
Financial year to date
770.6
319.7
306.2
14.9
(1.4)
Capital expenditure (Rand million)
December 2003
586.1
251.9
81.7
87.4
82.8
 
September 2003
535.9
288.6
87.9
123.7
77.0
 
Financial year to date
1,122.0
540.5
169.6
211.1
159.8
Planned for next six months to June 2004
  
1,583.6
340.3
89.6
144.9
105.8

 13 Q2F2004    

Operating and Financial Results

SA RAND
  
International
   
Total
Ghana
Australia #
   
Tarkwa
Damang
St Ives
Agnew
Operating Results
            
Ore milled / treated (000 tons)
 December 2003
7,408
3,918
1,358
1,845
287
  September 2003
7,264
4,080
1,186
1,688
310
 
Financial year to date
14,672
7,998
2,544
3,533
597
Yield (grams per ton)
December 2003
1.7
1.1
1.8
2.4
5.4
  September 2003
1.7
1.1
1.8
2.3
4.6
 
Financial year to date
1.7
1.1
1.8
2.4
5.0
Gold produced (kilograms)
December 2003
12,737
4,409
2,411
4,359
1,558
  September 2003
12,155
4,595
2,181
3,951
1,428
 
Financial year to date
24,892
9,004
4,592
8,310
2,986
Gold sold (kilograms)
December 2003
12,737
4,409
2,411
4,359
1,558
  September 2003
12,155
4,595
2,181
3,951
1,428
 
Financial year to date
24,892
9,004
4,592
8,310
2,986
Gold price received (Rand per kilogram)
December 2003
85,279
85,076
86,105
84,997
85,366
  September 2003
86,450
86,355
85,878
86,940
86,275
 
Financial year to date
85,851
85,729
85,977
85,921
85,800
Total cash costs (Rand per kilogram)
December 2003
53,246
49,354
51,389
60,931
45,635
  September 2003
56,833
50,120
55,433
64,794
58,543
 
Financial year to date
54,998
49,745
53,310
62,768
51,808
Total production costs (Rand per kilogram)
December 2003
64,945
55,092
56,491
75,731
  September 2003
68,597
56,148
62,173
81,837
 
Financial year to date
66,728
55,631
59,190
78,648
Operating costs (Rand per ton)
December 2003
88
53
83
148
221
  September 2003
90
54
101
147
221
 
Financial year to date
89
53
91
147
221
Financial Results (Rand million)
            
Revenue
 December 2003
1,086.2
375.1
207.6
370.5
133.0
  September 2003
1,050.8
396.8
187.3
343.5
123.2
  Financial year to date
2,137.0
771.9
394.9
714.0
256.2
Operating costs
 December 2003
654.5
206.0
112.6
272.5
63.4
  September 2003
656.0
219.6
119.2
248.6
68.6
  Financial year to date
1,310.5
425.6
231.8
521.1
132.0
Gold inventory change
 December 2003
23.6
12.7
8.2
(5.7)
8.4
  September 2003
40.8
11.9
(0.5)
16.0
13.4
 
Financial year to date
64.4
24.6
7.7
10.3
21.8
Operating profit
December 2003
408.1
156.4
86.8
103.7
61.2
  September 2003
354.0
165.3
68.6
78.9
41.2
  Financial year to date
762.1
321.7
155.4
182.6
102.4
Amortisation of mining assets
 December 2003
146.3
24.4
12.0
109.9
  September 2003
137.4
26.6
14.4
96.4
 
Financial year to date
283.7
51.0
26.4
206.3
Net operating profit
December 2003
261.8
132.0
74.8
55.0
  September 2003
216.6
138.7
54.2
23.7
  Financial year to date
478.4
270.7
129.0
78.7
Other income/(expenses)
 December 2003
137.9
1.7
0.3
135.9
  September 2003
65.3
1.4
(0.9)
64.8
 
Financial year to date
203.2
3.1
(0.6)
200.7
Profit before taxation
December 2003
399.7
133.7
75.1
190.9
  September 2003
281.9
140.1
53.3
88.5
  Financial year to date
681.6
273.8
128.4
279.4
Mining and income taxation
 December 2003
118.1
54.1
7.3
56.7
  September 2003
115.7
56.6
24.0
35.1
  Financial year to date
233.8
110.7
31.3
91.8
-Normal taxation
 December 2003
34.4
14.3
8.0
12.1
  September 2003
33.7
15.2
6.8
11.7
  Financial year to date
68.1
29.5
14.8
23.8
-Deferred taxation
 December 2003
83.7
39.8
(0.7)
44.6
  September 2003
82.0
41.4
17.2
23.4
  Financial year to date
165.7
81.2
16.5
68.0
Exceptional items
 December 2003
1.9
-
-
1.9
  September 2003
1.2
-
-
1.2
 
Financial year to date
3.1
-
-
3.1
Net earnings
December 2003
283.5
79.6
67.8
136.1
  September 2003
167.4
83.5
29.3
54.6
 
Financial year to date
450.9
163.1
97.1
190.7
Capital expenditure (Rand million)
December 2003
334.2
189.1
5.0
106.6
33.5
  September 2003
247.3
81.0
7.3
125.7
33.3
  Financial year to date
581.5
270.1
12.3
232.3
66.8
Planned for next six months to June 2004
  
1,243.3
788.6
3.6
382.5
68.6

# As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew on endowment ounces and also as these two Australian operations are entitled to transfer and then off-set tax losses from one company to another, it is not meaningful to split the income statement below operating profit.

    Q2F2004 14

Operating and Financial Results

US DOLLARS
  
Total Mine Operations
SA Operations
   
Total
Driefontein
Kloof
Beatrix
   
Operating Results
            
Ore milled / treated (000 tons)
December 2003
11,640
4,232
1,558
1,284
1,390
 
September 2003
11,497
4,233
1,603
1,247
1,383
 
Financial year to date
23,137
8,465
3,161
2,531
2,773
Yield (ounces per ton)
December 2003
0.095
0.165
0.175
0.206
0.116
 
September 2003
0.096
0.168
0.180
0.210
0.115
 
Financial year to date
0.095
0.166
0.178
0.208
0.115
Gold produced (000 ounces)
December 2003
1,107.6
698.1
272.3
265.1
160.8
 
September 2003
1,101.4
710.6
289.0
262.4
159.2
 
Financial year to date
2,209.0
1,408.7
561.3
527.5
320.0
Gold sold (000 ounces)
December 2003
1,107.6
698.1
272.3
265.1
160.8
 
September 2003
1,101.4
710.6
289.0
262.4
159.2
 
Financial year to date
2,209.0
1,408.7
561.3
527.5
320.0
Gold price received (Dollars per ounce)
December 2003
390
389
389
392
385
 
September 2003
360
360
358
361
362
 
Financial year to date
375
374
373
375
373
Total cash costs (Dollars per ounce)
December 2003
308
345
336
349
354
 
September 2003
282
307
284
320
328
 
Financial year to date
295
325
308
334
341
Total production costs (Dollars per ounce)
December 2003
348
376
367
387
374
 
September 2003
318
335
311
353
347
 
Financial year to date
332
355
338
370
360
Operating costs (Dollars per ton)
December 2003
30
59
62
75
43
 
September 2003
27
54
53
70
39
 
Financial year to date
29
56
57
72
41
Financial Results ($ million)
            
Revenue
December 2003
430.7
270.9
105.8
103.4
61.7
 
September 2003
396.8
255.6
103.4
94.6
57.6
 
Financial year to date
827.5
526.5
209.2
198.0
119.3
Operating costs
December 2003
346.7
250.3
95.4
95.9
59.0
 
September 2003
314.8
226.6
85.5
87.3
53.8
 
Financial year to date
661.5
476.9
180.9
183.2
112.8
Gold inventory change
December 2003
3.6
-
-
-
-
 
September 2003
5.5
-
-
-
-
 
Financial year to date
9.1
-
-
-
-
Operating profit
December 2003
80.4
20.7
10.5
7.4
2.7
 
September 2003
76.5
29.0
17.9
7.4
3.8
 
Financial year to date
156.9
49.6
28.4
14.8
6.5
Amortisation of mining assets
December 2003
41.7
20.3
7.9
9.3
3.1
 
September 2003
37.0
18.5
7.7
8.0
2.8
 
Financial year to date
78.7
38.7
15.6
17.3
5.9
Net operating profit
December 2003
38.7
0.4
2.6
(1.8)
(0.3)
 
September 2003
39.5
10.5
10.2
(0.6)
0.9
 
Financial year to date
78.3
10.9
12.8
(2.5)
0.6
Other income/(expenses)
December 2003
17.4
(2.5)
(1.6)
(0.2)
(0.6)
 
September 2003
7.4
(1.4)
(0.8)
(0.6)
(0.0)
 
Financial year to date
24.7
(3.9)
(2.4)
(0.8)
(0.7)
Profit before taxation
December 2003
56.1
(2.1)
1.0
(2.1)
(1.0)
 
September 2003
46.9
9.1
9.4
(1.2)
0.9
 
Financial year to date
103.0
7.0
10.3
(3.3)
(0.0)
Mining and income taxation
December 2003
13.8
(3.6)
(0.9)
(2.3)
(0.4)
 
September 2003
7.2
(8.4)
(5.7)
(3.2)
0.5
 
Financial year to date
21.0
(12.0)
(6.6)
(5.6)
0.2
-Normal taxation
December 2003
5.0
(0.0)
(0.0)
(0.0)
0.0
 
September 2003
4.7
0.2
0.1
0.1
0.0
 
Financial year to date
9.7
0.2
0.1
0.0
0.0
-Deferred taxation
December 2003
8.7
(3.6)
(0.9)
(2.3)
(0.4)
 
September 2003
2.5
(8.5)
(5.7)
(3.3)
0.5
 
Financial year to date
11.2
(12.1)
(6.6)
(5.6)
0.1
Exceptional items
December 2003
1.2
0.9
1.1
(0.2)
0.0
 
September 2003
25.3
25.2
25.2
-
-
 
Financial year to date
26.5
26.1
26.2
(0.2)
0.0
Net earnings
December 2003
43.5
2.5
2.9
0.1
(0.6)
 
September 2003
65.0
42.6
40.2
2.0
0.4
 
Financial year to date
108.5
45.0
43.1
2.1
(0.2)
Capital expenditure ($ million)
December 2003
88.9
38.6
12.5
13.5
12.6
 
September 2003
74.4
40.1
12.2
17.2
10.7
 
Financial year to date
163.3
78.7
24.7
30.7
23.3
Planned for next six months to June 2004
230.5
49.5
13.0
21.1
15.4

Average exchange rates are US$1 = R6.76 and US$1 = R7.44 for the December 2003 and September 2003 quarters respectively. The Australian Dollar exchange rates were AU$1 = R4.80 and AU$1 = R4.89 for the December 2003 and September 2003 quarters respectively.

Figures may not add as they are rounded independently.

 15 Q2F2004    

Operating and Financial Results

US DOLLARS
  
International
Australian Dollars
   
Total
Ghana
Australia #
Australia #
   
Tarkwa
Damang
St Ives
Agnew
St Ives
Agnew
Operating Results
                
Ore milled / treated (000 tons)
 December 2003
7,408
3,918
1,358
1,845
287
1,845
287
  September 2003
7,264
4,080
1,186
1,688
310
1,688
310
 
Financial year to date
14,672
7,998
2,544
3,533
597
3,533
597
Yield (ounces per ton)
December 2003
0.055
0.036
0.057
0.076
0.175
0.076
0.175
  September 2003
0.054
0.036
0.059
0.075
0.148
0.075
0.148
 
Financial year to date
0.055
0.036
0.058
0.076
0.161
0.076
0.161
Gold produced (000 ounces)
December 2003
409.5
141.8
77.5
140.1
50.1
140.1
50.1
  September 2003
390.8
147.7
70.1
127.0
45.9
127.0
45.9
 
Financial year to date
800.3
289.5
147.6
267.2
96.0
267.2
96.0
Gold sold (000 ounces)
December 2003
409.5
141.8
77.5
140.1
50.1
140.1
50.1
  September 2003
390.8
147.7
70.1
127.0
45.9
127.0
45.9
 
Financial year to date
800.3
289.5
147.6
267.2
96.0
267.2
96.0
Gold price received (Dollars per ounce)
December 2003
392
391
396
391
393
551
553
  September 2003
361
361
359
363
361
553
549
 
Financial year to date
376
376
377
376
376
550
549
Total cash costs (Dollars per ounce)
December 2003
245
227
236
280
210
395
296
  September 2003
238
210
232
271
245
412
372
 
Financial year to date
241
218
234
275
227
402
332
Total production costs (Dollars per ounce)
December 2003
299
253
260
348
491
  September 2003
287
235
260
342
521
 
Financial year to date
292
244
260
344
503
Operating costs (Dollars per ton)
December 2003
13
8
12
22
33
31
46
  September 2003
12
7
14
20
30
30
45
 
Financial year to date
13
7
13
21
31
30
45
Financial Results ($ million)
                
Revenue
 December 2003
159.7
55.4
30.4
54.4
19.5
76.7
27.5
  September 2003
141.2
53.3
25.2
46.2
16.6
70.2
25.2
  Financial year to date
301.0
108.7
55.6
100.6
36.1
146.9
52.7
Operating costs
 December 2003
96.4
30.4
16.6
40.0
9.4
56.4
13.1
  September 2003
88.2
29.5
16.0
33.4
9.2
50.8
14.0
  Financial year to date
184.6
59.9
32.6
73.4
18.6
107.2
27.2
Gold inventory change
 December 2003
3.6
1.9
1.2
(0.7)
1.3
(1.2)
1.8
  September 2003
5.5
1.6
(0.1)
2.2
1.8
3.3
2.7
 
Financial year to date
9.1
3.5
1.1
1.5
3.1
2.1
4.5
Operating profit
December 2003
59.8
23.1
12.7
15.1
8.9
21.4
12.6
  September 2003
47.6
22.2
9.2
10.6
5.5
16.1
8.4
  Financial year to date
107.3
45.3
21.9
25.7
14.4
37.6
21.1
Amortisation of mining assets
 December 2003
21.5
3.6
1.8
16.1
22.7
  September 2003
18.5
3.6
1.9
13.0
19.7
 
Financial year to date
40.0
7.2
3.7
29.1
42.4
Net operating profit
December 2003
38.3
19.5
10.9
7.9
11.3
  September 2003
29.1
18.6
7.3
3.2
4.8
  Financial year to date
67.4
38.1
18.2
11.1
16.2
Other income/(expenses)
 December 2003
19.8
0.2
0.0
19.6
28.0
  September 2003
8.8
0.2
(0.1)
8.7
13.3
 
Financial year to date
28.6
0.4
(0.1)
28.3
41.3
Profit before taxation
December 2003
58.1
19.7
10.9
27.5
39.3
  September 2003
37.9
18.8
7.2
11.9
18.1
  Financial year to date
96.0
38.6
18.1
39.4
57.5
Mining and income taxation
 December 2003
17.4
8.0
1.2
8.2
11.7
  September 2003
15.6
7.6
3.2
4.7
7.2
  Financial year to date
32.9
15.6
4.4
12.9
18.9
-Normal taxation
 December 2003
5.1
2.1
1.2
1.8
2.5
  September 2003
4.5
2.0
0.9
1.6
2.4
  Financial year to date
9.6
4.2
2.1
3.4
4.9
-Deferred taxation
 December 2003
12.3
5.9
0.0
6.4
9.2
  September 2003
11.0
5.6
2.3
3.1
4.8
  Financial year to date
23.3
11.4
2.3
9.6
14.0
Exceptional items
 December 2003
0.3
-
-
0.3
0.4
  September 2003
0.2
-
-
0.2
0.2
 
Financial year to date
0.4
-
-
0.4
0.6
Net earnings
December 2003
41.0
11.7
9.7
19.5
28.0
  September 2003
22.5
11.2
3.9
7.3
11.2
 
Financial year to date
63.5
23.0
13.7
26.9
39.2
Capital expenditure ($ million)
December 2003
50.3
28.1
0.8
16.4
5.1
20.5
6.5
  September 2003
34.3
11.3
1.0
17.5
4.6
25.6
6.8
  Financial year to date
84.6
39.3
1.8
33.8
9.7
46.1
13.3
Planned for next six months to June 2004
181.0
114.8
0.5
55.7
10.0
75.9
13.6

Average exchange rates are US$1 = R6.76 and US$1 = R7.44 for the December 2003 and September 2003 quarters respectively. The Australian Dollar exchange rates were AU$1 = R4.80 and AU$1 = R4.89 for the December 2003 and September 2003 quarters respectively.

# As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew on endowment ounces and also as these two Australian operations are entitled to transfer and then off-set tax losses from one company to another, it is not meaningful to split the income statement below operating profit.

Figures may not add as they are rounded independently.

    Q2F2004 16

Underground and Surface
SA Rand and Metric Units

Operating Results
  
Total Mine
Operations
SA OPERATIONS
INTERNATIONAL
Total
Driefontein
Kloof
Beatrix
Total
Ghana
Australia
Tarkwa
Damang
St Ives
Agnew
Ore milled / treated (000 ton)
                    
- underground
December 2003
3,306
2,871
950
921
1,000
435
-
-
326
109
 
September 2003
3,435
3,017
994
969
1,054
418
-
-
323
95
 
Financial year to date
6,741
5,888
1,944
1,890
2,054
853
-
-
649
204
                       
                       
- surface
December 2003
8,334
1,361
608
363
390
6,973
3,918
1,358
1,519
178
 
September 2003
8,062
1,216
609
278
329
6,846
4,080
1,186
1,365
215
 
Financial year to date
16,396
2,577
1,217
641
719
13,819
7,998
2,544
2,884
393
                       
                       
- total
December 2003
11,640
4,232
1,558
1,284
1,390
7,408
3,918
1,358
1,845
287
 
September 2003
11,497
4,233
1,603
1,247
1,383
7,264
4,080
1,186
1,688
310
 
Financial year to date
23,137
8,465
3,161
2,531
2,773
14,672
7,998
2,544
3,533
597
                       
Yield (grams per ton)
                      
- underground
December 2003
6.8
6.9
7.5
8.6
4.7
6.4
-
-
4.5
11.9
 
September 2003
6.8
6.8
8.1
8.1
4.4
6.7
-
-
5.2
11.8
 
Financial year to date
6.8
6.9
7.8
8.4
4.6
6.5
-
-
4.8
11.9
                       
                       
- surface
December 2003
1.4
1.4
2.3
0.8
0.7
1.4
1.1
1.8
1.9
1.5
 
September 2003
1.3
1.3
1.6
1.0
0.8
1.4
1.1
1.8
1.7
1.4
 
Financial year to date
1.4
1.3
1.9
0.9
0.8
1.4
1.1
1.8
1.8
1.4
                       
                       
- combined
December 2003
3.0
5.1
5.4
6.4
3.6
1.7
1.1
1.8
2.4
5.4
 
September 2003
3.0
5.2
5.6
6.5
3.6
1.7
1.1
1.8
2.3
4.6
 
Financial year to date
3.0
5.2
5.5
6.5
3.6
1.7
1.1
1.8
2.4
5.0
                     
Gold produced (kilograms)
                    
- underground
December 2003
22,529
19,763
7,092
7,958
4,713
2,766
-
-
1,468
1,298
 
September 2003
23,377
20,580
8,016
7,880
4,684
2,797
-
-
1,676
1,121
 
Financial year to date
45,906
40,343
15,108
15,838
9,397
5,563
-
-
3,144
2,419
                       
                       
- surface
December 2003
11,922
1,951
1,377
286
288
9,971
4,409
2,411
2,891
260
 
September 2003
10,880
1,522
972
283
267
9,358
4,595
2,181
2,275
307
 
Financial year to date
22,802
3,473
2,349
569
555
19,329
9,004
4,592
5,166
567
                       
                       
- total
December 2003
34,451
21,714
8,469
8,244
5,001
12,737
4,409
2,411
4,359
1,558
 
September 2003
34,257
22,102
8,988
8,163
4,951
12,155
4,595
2,181
3,951
1,428
 
Financial year to date
68,708
43,816
17,457
16,407
9,952
24,892
9,004
4,592
8,310
2,986
                       
Operating costs (Rand per ton)
                    
- underground
December 2003
539
565
635
685
387
373
-
-
355
428
 
September 2003
520
537
606
651
368
399
-
-
364
516
 
Financial year to date
530
551
620
668
377
386
-
-
360
469
                       
- surface
December 2003
69
58
74
56
36
71
53
83
103
94
 
September 2003
69
54
56
65
40
71
54
101
96
91
 
Financial year to date
69
56
65
60
38
71
53
91
100
93
                       
- total
December 2003
202
402
416
507
288
88
53
83
148
221
 
September 2003
204
398
397
521
290
90
54
101
147
221
 
Financial year to date
203
400
406
514
289
89
53
91
148
221

 

 17 Q2F2004    

Development Results

Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore reserves. All figures below exclude shaft sinking metres

Driefontein
December 2003
quarter
September 2003
quarter
Year to date
F2004
 
Reef
Carbon
Leader
Main
VCR
Carbon
Leader
Main
VCR
Carbon Leader
Main
VCR
Advanced
 (m)
5,382
970
1,571
5,195
1,149
1,572
10,577
2,119
3,143
Advanced on reef
 (m)
765
370
285
855
384
131
1,620
754
416
Sampled
 (m)
609
276
234
900
216
114
1,509
492
348
Channel width
 (cm)
130
57
104
120
84
97
124
69
102
Average value
 –(g/t)
14.9
8.5
20.8
18.0
9.8
31.5
16.7
9.2
24.1
 
– (cm.g/t)
1,935
486
2,163
2,167
827
3,044
2,073
636
2,452

Kloof
  
December 2003
quarter
September 2003
quarter
Year to date
F2004
 
Reef
Carbon
Leader
Kloof
Main
VCR
Carbon
Leader
Kloof
Main
VCR
Carbon
Leader
Kloof
Main
VCR
Advanced
 (m)
14
370
1,894
10,268
-
484
1,760
9,685
14
854
3,654
19,953
Advanced on reef
 (m)
14
193
516
1,664
-
200
509
1,814
14
393
1,025
3,478
Sampled
 (m)
6
150
378
1,086
-
159
459
1,428
6
309
837
2,514
Channel width
 (cm)
46
93
78
92
-
91
69
78
46
92
73
84
Average value
 –(g/t)
5.4
15.6
12.5
28.4
-
3.0
13.2
29.8
5.4
9.1
12.8
29.1
 
– (cm.g/t)
247
1,442
975
2,621
-
274
906
2,317
247
841
937
2,448

Beatrix
  
December 2003
quarter
September 2003
quarter
Year to date
F2004
 
Reef
Beatrix
Kalkoenkrans
Beatrix
Kalkoenkrans
Beatrix
Kalkoenkrans
Advanced
 (m)
8,732
2,797
9,232
2,560
17,964
5,357
Advanced on reef
 (m)
1,850
699
2,193
677
4,043
1,376
Sampled
 (m)
1,719
741
2,355
651
4,074
1,392
Channel width
 (cm)
68
141
78
117
74
130
Average value
 –(g/t)
13.2
21.0
12.5
15.4
13.1
18.2
 
– (cm.g/t)
895
2,972
1,018
1,678
966
2,367

 

    Q2F2004 18
  CONTACT DETAILS 
     
  CORPORATE OFFICE 
  Gold Fields Limited
24 St Andrews Road
Parktown
Johannesburg
2193
Postnet Suite 252
Private Bag x 30500
Houghton 2041
Tel:  +27 11 644-2400
Fax:  +27 11 484-0626
 London Office
St James’ Corporate Services Limited
6 St James’ Place
London SW1A 1 NP
Tel:  +944 207 499-3916
Fax:  +944 207 491-1989
  DIRECTORS 
  C M T Thompson = (Chairman)
A J Wright (Deputy Chairman)
I D Cockerill * (Chief Executive Officer)
G J Gerwel
N J Holland * (Chief Financial Officer)
J M McMahon *
G R Parker #

R L Pennant-Rea *
P J Ryan
T M G Sexwale
B R van Rooyen
C I von Christierson
= Canadian     * British     # USA
  COMPANY SECRETARY 
  C Farrel
24 St Andrews Road
Parktown
Johannesburg
2193		 Postnet Suite 252
Private Bag x 30500
Houghton 2041
Tel:  +27 11 644-2406
Fax:  +27 11 484-0626
  INVESTOR RELATIONS 
  Willie Jacobsz
Tel:  +27 11 644-2460		  
  Europe & South Africa
Nerina Bodasing
Tel:  +27 11 644-2630
Fax:  +27 11 484-0639
E-mail: investors@goldfields.co.za
North America
Cheryl A. Martin
Tel:  +1 303 796-8683
Fax:  +1 303 796-8293
E-mail: camartin@gfexpl.com
  TRANSFER OFFICES 
  Johannesburg
Computershare Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
P O Box 61051
Marshalltown, 2107
Tel: 27 11 370-5000
Fax: 27 11 370-5271
 		London
Capita Registrars
Bourne House
34 Beckenham Road
Beckenham Kent BR3 4TU
Tel: +944 208 639-2000
Fax: +944 208 658-3430

  AMERICAN DEPOSITARY RECEIPT BANKER 
  United States
Bank of New York
101 Barclay Street
New York N.Y. 10286
USA
Tel:  +91 212 815-5133
Fax:  +91 212 571-3050
 United Kingdom
Bank of New York
46 Berkley Street
London
W1X 6AA
Tel:  +944 207 322-6341
Fax:  +944 207 322-6028


     
  FORWARD LOOKING STATEMENTS  
     
  Certain statements in this document constitute “forward looking statements” within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934.
Such forward looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the company to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. Such risks, uncertainties and other important factors include among others: economic, business and political conditions in South Africa; decreases in the market price of gold; hazards associated with underground and surface gold mining; labour disruptions; changes in government regulations, particularly environmental regulations; changes in exchange rates; currency devaluations; inflation and other macro-economic factors; and the impact of the AIDS crisis in South Africa. These forward looking statements speak only as of the date of this document.
The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events.

Gold Fields Limited
Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code:     GFI
Issuer code:    GOGOF
ISIN: ZAE 000018123
  

 19 Q2F2004 [LOGO] MOTIV
printed by INCE (pty) Ltd		  

 

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GOLD FIELDS LIMITED
   
By:
Name:  Mr W J Jacobsz
Title:
 Senior Vice President:  Investor
Relations and Corporate Affairs 

Date: 2 February 2004