GFI - Gold Fields Limited - Improved earnings refl11 Aug 2011
GFI
GOGOF                                                                           
GFI - Gold Fields Limited - Improved earnings reflect increased production and a
higher gold price                                                               
Gold Fields Limited                                                             
Incorporated in the Republic of South Africa                                    
Registration number 1968/004880/06                                              
Share code: GFI                                                                 
Issuer code: GOGOF                                                              
ISIN - ZAE 000018123                                                            
IMPROVED EARNINGS REFLECT INCREASED PRODUCTION AND A HIGHER GOLD PRICE          
JOHANNESBURG. 11 August 2011, Gold Fields Limited (NYSE & JSE: GFI) today       
announced net earnings for the June quarter of R1,267 million compared with     
R1,100 million in the March quarter and earnings of R900 million in the June    
2010 quarter. In US dollar terms net earnings for the June quarter were US$186  
million, compared with US$158 million in the March quarter and earnings of      
US$120 million in the June 2010 quarter.                                        
June 2011 quarter salient features:                                             
-  Group attributable equivalent gold production of 872,000 ounces, 5 per cent  
higher than the March quarter;                                                  
-  Total cash cost of R177,934 per kilogram (US$816 per ounce);                 
-  NCE margin constant at 21 per cent;                                          
-  Programme to acquire minorities in Peru and Ghana completed; and             
-  5 year US$1 billion loan facility secured.                                   
Interim dividend of 100 SA cents per share is payable on 5 September 2011.      
Statement by Nick Holland, Chief Executive Officer of Gold Fields:              
"Gold Fields had earnings growth of 15 per cent to R1,267 million against a gold
price increase of 5 per cent. Production increased by 5 per cent to 872,000 gold
equivalent ounces compared with the March 2011 quarter, despite unscheduled     
production interruptions at St Ives in Australia and at KDC in South Africa, as 
well as the six public holidays in South Africa.                                
Costs during the June quarter were impacted by the annual increase in           
electricity tariffs in South Africa compounded by seasonally-adjusted winter    
tariffs. Despite this the Group managed to contain net operating costs to R5.1  
billion, an increase of 5 per cent on the March quarter, with all four Regions  
benefitting from the Business Process Re-engineering (BPR) programme introduced 
in the second half of 2010. Excluding the effects of the electricity tariff     
hikes, which accounted for R180 million (US$27 million) of the cost increase    
during the June quarter, net operating costs would have risen by a mere 1 per   
cent. The NCE margin for the June quarter was maintained at 21 per cent compared
with the March quarter. For the six months ended June 2011 the NCE margin       
improved to 21 per cent compared with a 14 per cent NCE margin for the same     
period last year, with the improvement largely attributable to the 25 per cent  
rise in the dollar gold price over the same period.                             
Safety remains our single most important operational challenge, particularly in 
the South Africa region where we regrettably recorded seven fatal injuries      
during the June quarter. This brings the total number of fatalities for the     
first six months of the year to 13 compared with 11 fatalities during the       
previous six months. We are concerned that, following three years of consistent 
and significant improvements in safety at our South African mines, the trend has
levelled off. We remain committed to improving safety with an immediate focus on
interventions to engineer-out risk, improve compliance to standards, and bring  
about further behavioural changes in support of safe working practices by all   
employees.                                                                      
During the June quarter we made significant progress at our four major          
international growth projects as part of our plan to achieve five million       
quality gold equivalent ounces, in production or in development by 2015.        
In addition our South Deep project in South Africa continues to progress towards
its target of 750,000 ounces per annum at full production.                      
At the Far South East project in the Philippines, where Gold Fields has an      
option to acquire 60 per cent, we now have eight underground diamond drill rigs 
turning. During the quarter, initial results confirmed our preliminary mining   
model and identified significant additional mineralisation outside of the model,
both laterally and at depth. Our aim is to deliver a first resource model, by   
March 2012. Concurrently we are making good progress on a range of technical,   
social and environmental studies required to advance this project.              
We are also on course to complete a feasibility study for the Chucapaca project 
in Peru by mid-2012. Twelve drill rigs are onsite to complete Phase 2 of our    
drilling programme and we expect to complete an updated resource model in the   
last quarter of this year.                                                      
The Arctic Platinum project in Finland has progressed to a pre-feasibility      
consolidation study (PFS) which will review and update the previous feasibility 
study, completed in 2005. The PFS is set to be completed by December 2011.      
Metallurgical test work at the pilot plant, which forms part of the PFS is      
progressing on schedule and is expected to be completed by the end of this year.
At the Yanfolila project in Mali the resource definition drilling programme     
continued apace with four drill rigs turning. We expect to complete a scoping   
study on this project in the third quarter of this year.                        
On 20 June 2011 our shareholders overwhelmingly approved the acquisition of     
IamGold`s indirect 18.9 per cent stake in the Tarkwa and Damang mines in Ghana  
which has increased our shareholding from 71.1 per cent to 90 per cent.  This   
acquisition and adds about 180,000 ounces to our annual attributable production 
and 2.14 million ounces of reserves."                                           
Stock data                                                                      
Number of shares in issue                                                       
- at end June 2011                  722,957,368                                 
- average for the quarter           721,981,479                                 
Free Float                          100 per cent                                
ADR Ratio                           1:1                                         
Bloomberg / Reuters                 GFISJ / GFLJ.J                              
JSE Limited - (GFI)                                                             
Range - Quarter                      ZAR92.90 - ZAR128.40                       
Average Volume - Quarter             2,156,049 shares / day                     
NYSE - (GFI)                                                                    
Range - Quarter                      US$13.80 - US$18.55                        
Average Volume - Quarter             4,043,453 shares / day                     
SOUTH AFRICAN RAND                                                              
Key statistics                                                                  
                                       Six months to                            
                                   June        June        June                 
                                   2010        2011        2010                 
Gold produced*                    52,619      52,927      27,929            kg  
Total cash cost                  167,785     173,243     166,215          R/kg  
Notional cash expenditure        238,614     251,078     235,223          R/kg  
Tonnes milled/treated             29,126      29,645      14,863           000  
Revenue                          277,152     319,031     287,454          R/kg  
Operating costs                      339         344         343       R/tonne  
Operating profit                   6,308       8,548       3,738            Rm  
Operating margin                      39          46          42             %  
NCE margin                            14          21          18             %  
Net earnings                       1,216       2,367         900            Rm  
                                    172         328         128     SA c.p.s.   
Headline earnings                  1,331       2,372       1,039            Rm  
189         329         147     SA c.p.s.   
Net earnings excluding gains                                                    
and losses on foreign                                                           
exchange, financial                1,266       2,478         945            Rm  
instruments, non-recurring           179         344         134     SA c.p.s.  
                                            Quarter                             
                                              March        June                 
                                               2011        2011                 
Gold produced*                                25,808      27,118            kg  
Total cash cost                              168,455     177,934          R/kg  
Notional cash expenditure                    245,326     256,692          R/kg  
Tonnes milled/treated                         14,458      15,187           000  
Revenue                                      311,708     326,206          R/kg  
Operating costs                                  343         346       R/tonne  
Operating profit                               4,091       4,457            Rm  
Operating margin                                  46          47             %  
NCE margin                                        21          21             %  
Net earnings                                   1,100       1,267            Rm  
                                                153         175     SA c.p.s.   
Headline earnings                              1,101       1,270            Rm  
153         176     SA c.p.s.   
Net earnings excluding gains                                                    
and losses on foreign                                                           
exchange, financial                            1,152       1,326            Rm  
instruments, non-recurring                       160         184     SA c.p.s.  
UNITED STATES DOLLARS                                                           
Key statistics                                                                  
                                                           Quarter              
June       March       June   
                                                  2011        2011       2010   
Gold produced*                      oz (000)        872         830        898  
Total cash cost                         $/oz        816         751        688  
Notional cash expenditure               $/oz      1,178       1,093        974  
Tonnes milled/treated                    000     15,187      14,458     14,863  
Revenue                                 $/oz      1,496       1,389      1,191  
Operating costs                      $/tonne         51          49         46  
Operating profit                          $m        656         586        496  
Operating margin                           %         47          46         42  
NCE margin                                 %         21          21         18  
Net earnings                              $m        186         158        120  
US c.p.s.         26          22         17   
Headline earnings                         $m        187         158        138  
                                  US c.p.s.         26          22         20   
Net earnings excluding gains                                                    
$m        195         165        125   
and losses on foreign                                                           
exchange, financial                                                             
instruments, non-recurring                                                      
items and share of                 US c.p.s.         27          23         18  
profit/(loss) of associates                                                     
after royalties and taxation                                                    
                                                 Six months to                  
June       June   
                                                              2011       2010   
Gold produced*                                  oz (000)      1,702      1,691  
Total cash cost                                     $/oz        783        696  
Notional cash expenditure                           $/oz      1,135        990  
Tonnes milled/treated                                000     29,645     29,126  
Revenue                                             $/oz      1,442      1,148  
Operating costs                                  $/tonne         50         45  
Operating profit                                      $m      1,242        840  
Operating margin                                       %         46         39  
NCE margin                                             %         21         14  
Net earnings                                          $m        344        163  
US c.p.s.         48         23   
Headline earnings                                     $m        345        178  
                                              US c.p.s.         48         25   
Net earnings excluding gains                          $m        360        169  
and losses on foreign                                                           
exchange, financial                                                             
instruments, non-recurring                                                      
items and share of                             US c.p.s.         50         23  
profit/(loss) of associates                                                     
after royalties and taxation                                                    
* All of the key statistics given above are managed figures, except for gold    
produced which is attributable equivalent production. All operations are wholly 
owned except for Tarkwa and Damang in Ghana (71.1 per cent) and Cerro Corona in 
Peru (98.5 per cent). Gold produced (and sales) throughout this report includes 
copper gold equivalents of approximately 6 per cent.                            
Certain forward looking statements                                              
Certain statements in this document constitute "forward looking statements"     
within the meaning of Section 27A of the US Securities Act of 1933 and Section  
21E of the US Securities Exchange Act of 1934.                                  
Such forward looking statements involve known and unknown risks, uncertainties  
and other important factors that could cause the actual results, performance or 
achievements of the company to be materially different from the future results, 
performance or achievements expressed or implied by such forward looking        
statements. Such risks, uncertainties and other important factors include among 
others: economic, business and political conditions in South Africa, Ghana,     
Australia, Peru and elsewhere; the ability to achieve anticipated efficiencies  
and other cost savings in connection with past and future acquisitions,         
exploration and development activities; decreases in the market price of gold   
and/or copper; hazards associated with underground and surface gold mining;     
labour disruptions; availability terms and deployment of capital or credit;     
changes in government regulations, particularly environmental regulations; and  
new legislation affecting mining and mineral rights; changes in exchange rates; 
currency devaluations; inflation and other macro-economic factors, industrial   
action, temporary stoppages of mines for safety and unplanned maintenance       
reasons; and the impact of the AIDS crisis in South Africa. These forward       
looking statements speak only as of the date of this document.                  
The company undertakes no obligation to update publicly or release any revisions
to these forward looking statements to reflect events or circumstances after the
date of this document or to reflect the occurrence of unanticipated events.     
Health and safety                                                               
We regret to report seven fatalities at the South Africa region and one fatality
at Tarkwa in the West Africa region during the quarter. At the South Africa     
region, three accidents were seismic related and four were due to gravity falls 
of ground.                                                                      
The Group`s fatal injury frequency rate regressed from 0.13 to 0.20. The lost   
day injury frequency rate regressed from 3.76 to 4.86 and the days lost         
frequency rate regressed from 171 to 201.  The recent trend in our rates is     
deeply concerning.                                                              
Despite the regressions, there have been significant achievements during the    
quarter in the Group. KDC again achieved one million fatality free shifts. Our  
Cerro Corona operation in Peru continues its sterling safety performance, with  
no lost day injuries recorded since 2009. St Ives, Agnew and Damang have also   
reported zero lost day injuries for the quarter.                                
The strategy to eliminate fatalities in the Group remains unchanged with two    
areas of focus, being engineering out the risk and ensuring compliance to       
internal standards.                                                             
Definitions                                                                     
Lost Day Injury (LDI) takes into account any injury occurring in the workplace  
where a person is unable to attend a full shift due to his injury at any time   
following the injury.                                                           
Days Lost takes into account the number of days lost due to injuries recorded.  
Financial review                                                                
Quarter ended 30 June 2011 compared with quarter ended 31 March 2011            
Revenue                                                                         
Attributable gold production increased by 5 per cent from 830,000 ounces in the 
March quarter to 872,000 ounces in the June quarter.  At the South African      
operations, production increased by 9 per cent from 411,000 ounces to 447,000   
ounces. Attributable gold production at the West African operations decreased by
3 per cent from 173,000 ounces to 168,000 ounces. Attributable equivalent gold  
production at the South American operation increased by 13 per cent from 87,000 
ounces to 98,000 ounces due to the buy-out of minority shares which increased   
our average interest for the quarter from 80.7 to 96.6 per cent. At the         
Australian operations, gold production increased marginally from 158,000 ounces 
to 159,000 ounces.                                                              
In the South Africa region, at KDC, gold production increased by 4 per cent from
262,600 ounces (8,169 kilograms) in the March quarter to 272,500 ounces (8,475  
kilograms) in the June quarter due to an increase in tonnes milled offset by a 9
per cent reduction in underground yield which is believed to be temporary and   
localised. At Beatrix, gold production increased by 32 per cent from 74,400     
ounces (2,314 kilograms) to 98,000 ounces (3,048 kilograms) in line with an     
increase in underground volumes.  At South Deep, production increased by 3 per  
cent from 74,000 ounces (2,301 kilograms) to 76,100 ounces (2,366 kilograms).   
At the West Africa region, managed gold production at Tarkwa decreased by 3 per 
cent from 186,100 ounces to 180,800 ounces for the quarter mainly due to        
decreased CIL throughput at a lower head grade.  At Damang, gold production     
decreased by 2 per cent from 57,500 ounces to 56,300 ounces due to lower mining 
volumes from the higher grade Damang pit cutback.                               
At the South America region, equivalent production at Cerro Corona decreased by 
7 per cent from 108,100 equivalent ounces in the March quarter to 101,000       
equivalent ounces in the June quarter due to the lower copper prices relative to
the gold prices.                                                                
At the Australasia region, St Ives` gold production decreased by 10 per cent    
from 120,500 ounces to 108,700 ounces due to a decrease in processing volumes as
a result of a SAG mill failure. At Agnew gold production increased by 33 per    
cent from 37,900 ounces to 50,400 ounces due to an increase in underground ore  
mined and a higher head grade.                                                  
The average quarterly US Dollar gold price achieved increased from US$1,389 per 
ounce in the March quarter to US$1,496 per ounce in the June quarter.  The      
average Rand/US Dollar exchange rate at R6.78 was 3 per cent stronger than the  
March quarter level of R6.98, while the average Australian Dollar exchange rate 
strengthened against the US Dollar by 6 per cent during the quarter to A$1.00 = 
US$1.06.  The resultant rand gold price increased from R311,708 per kilogram to 
R326,206 per kilogram.                                                          
Revenue increased from R8,969 million (US$1,285 million) in the March quarter to
R9,581 million (US$1,411 million) in the June quarter due to the increase in    
production and the higher gold price received.                                  
Operating costs                                                                 
Net operating costs increased by 5 per cent from R4,878 million (US$699 million)
in the March quarter to R5,124 million (US$755 million) in the June quarter.    
Total cash cost increased by 6 per cent from R168,455 per kilogram (US$751 per  
ounce) to R177,934 per kilogram (US$816 per ounce).                             
At the South Africa region, net operating costs increased by 10 per cent from   
R2,783 million (US$399 million) to R3,074 million (US$453 million) mainly due to
the 28 per cent annual electricity price increase together with one month of    
significantly higher winter tariffs. Excluding the impact of the higher         
electricity tariffs, costs would only have increased by R111 million (US$16     
million) or 4 per cent. The higher operating costs were partially offset by     
higher production resulting in total cash cost increasing by only 3 per cent    
from R213,759 per kilogram (US$953 per ounce) to R220,261 per kilogram (US$1,010
per ounce).                                                                     
At the West Africa region, net operating costs were similar at US$122 million   
(R825 million).  Total cash cost at the West African operations increased from  
US$521 per ounce in the March quarter to US$564 per ounce in the June quarter   
due to the lower production and higher royalties.                               
At Cerro Corona in South America, net operating costs decreased from US$44      
million (R305 million) to US$38 million (R258 million). This decrease was mainly
due to a decrease in the workers` statutory participation in profits. Total cash
cost increased from US$387 per ounce in the March quarter to US$408 per ounce in
the June quarter due to lower equivalent production produced and sold, partially
offset by lower costs.                                                          
At the Australasia region, net operating costs were similar at A$135 million    
(R967 million). Total cash cost for the region increased from A$835 per ounce   
(US$838 per ounce) to A$858 per ounce (US$909 per ounce).                       
Operating margin                                                                
The net effect of the changes in revenue and costs, after taking into account   
gold-in-process movements, was a 9 per cent increase in operating profit from   
R4,091 million (US$586 million) in the March quarter to R4,457 million (US$656  
million) in the June quarter.  The Group operating margin at 47 per cent was one
percentage point higher than the March quarter.  The margin at the South African
operations increased from 30 per cent to 33 per cent.  At the West African      
operations the margin increased from 64 per cent to 66 per cent.  At Cerro      
Corona in South America the margin increased from 72 per cent to 73 per cent and
at the Australian operations the margin increased from 39 per cent to 40 per    
cent.                                                                           
Amortisation                                                                    
Amortisation increased from R1,240 million (US$178 million) in the March quarter
to R1,277 million (US$188 million) in the June quarter as a result of the       
increase in production.                                                         
Other                                                                           
Net interest paid of R32 million (US$5 million) in the June quarter compares    
with net interest paid of R41 million (US$6 million) in the March quarter.  In  
the June quarter interest paid of R88 million (US$13 million) was partly offset 
by interest received of R39 million (US$6 million) and interest capitalised of  
R17 million (US$2 million).  This compares with interest paid of R116 million   
(US$17 million), partly offset by interest received of R55 million (US$8        
million) and interest capitalised of R20 million (US$3 million) in the March    
quarter.                                                                        
The share of profit of associates after taxation of R1 million (US$0 million) in
the June quarter compares with a share of loss of R4 million (US$1 million) in  
the March quarter.  The June quarter`s profit and March quarter`s loss both     
related to the Group`s 34.9 per cent interest in Rand Refinery.                 
The loss on foreign exchange of R19 million (US$3 million) in the June quarter  
compares with a gain of R3 million (US$0 million) in the March quarter.  These  
differences relate to the conversion of offshore cash holdings into their       
functional currencies.                                                          
The gain on financial instruments of R25 million (US$4 million) in the June     
quarter, compares with R6 million (US$1 million) in the March quarter.  These   
gains mainly related to the receipt of 15 million shares in Timpetra Resources  
Limited (an Australian listed junior exploration company), in exchange for      
Central Victoria tenements, an Australian exploration project.                  
Share based payments of R123 million (US$18 million) were similar to the March  
quarter.                                                                        
Other costs increased from R76 million (US$11 million) in the March quarter to  
R85 million (US$13 million) in the June quarter mainly due to transaction costs 
and fees incurred on the buy-out of minorities in Peru.                         
Exploration                                                                     
Exploration expenditure increased from R139 million (US$20 million) in the March
quarter to R214 million (US$31 million) in the June quarter mainly due to       
increased expenditure at Woodjam, Yanfolila, Hualgayoc and East Lachlan         
exploration projects.                                                           
Refer to the exploration and corporate development section of this report for   
more detail on exploration activities.                                          
Feasibility and evaluation costs                                                
Feasibility and evaluation costs decreased from R27 million (US$4 million) in   
the March quarter to R17 million (US$3 million) in the June quarter mainly due  
to timing of expenditure at the Far South East (FSE) project in the Philippines.
Non-recurring items                                                             
The non-recurring items of R101 million (US$15 million) in the June quarter and 
the R83 million (US$12 million) in the March quarter were mainly due to         
voluntary separation packages, business process re-engineering and restructuring
costs at all our operations.                                                    
Royalties                                                                       
Government royalties increased from R165 million (US$24 million) in the March   
quarter to R236 million (US$35 million) in the June quarter.  The higher royalty
payment in the June quarter was mainly due to the increase in royalty from 3 per
cent to 5 per cent at the Ghanaian operations with effect from 1 April 2011 and 
the higher revenue on which royalties are calculated.                           
Taxation                                                                        
Taxation for the quarter amounted to R866 million (US$128 million) compared with
R780 million (US$112 million) in the March quarter in line with the higher      
taxable income.                                                                 
Normal taxation decreased from R600 million (US$86 million) to R521 million     
(US$77 million). Deferred taxation increased from R180 million (US$26 million)  
in the March quarter to R346 million (US$51 million) in the June quarter.       
Earnings                                                                        
Net earnings attributable to owners of the parent amounted to R1,267 million    
(US$186 million) or 175 SA cents per share (US$0.26 per share), compared with   
earnings of R1,100 million (US$158 million) or 153 SA cents per share (US$0.22  
per share) in the March quarter.                                                
Headline earnings i.e. earnings excluding the after tax effect of asset sales,  
impairments and the sale of investments, amounted to R1,270 million (US$187     
million) or 176 SA cents per share (US$0.26 per share), compared with earnings  
of R1,101 million (US$158 million) or 153 SA cents per share (US$0.22 per share)
in the March quarter.                                                           
Earnings excluding non-recurring items as well as gains and losses on foreign   
exchange, financial instruments and gains or losses of associates after         
royalties and taxation amounted to R1,326 million (US$195 million) or 184 SA    
cents per share (US$0.27 per share), compared with earnings of R1,152 million   
(US$165 million) or 160 SA cents per share (US$0.23 per share) reported in the  
March quarter.                                                                  
Cash flow                                                                       
Cash inflow from operating activities for the quarter amounted to R2,954 million
(US$436 million), compared with R2,783 million (US$398 million) in the March    
quarter as a result of the higher earnings.                                     
In the June quarter dividends of R7 million (US$1 million) were paid to non-    
controlling interest holders at Cerro Corona. This compared with dividends of   
R506 million (US$73 million) paid to owners of the parent and R59 million (US$9 
million) paid to non-controlling shareholders at Damang in the March quarter.   
Capital expenditure increased from R2,069 million (US$296 million) in the March 
quarter to R2,285 million (US$336 million) in the June quarter.                 
At the South Africa region, capital expenditure increased from R995 million     
(US$143 million) in the March quarter to R1,169 million (US$172 million) in the 
June quarter mainly due to timing of expenditure.  Capital expenditure at South 
Deep amounted to R472 million (US$69 million) in the June quarter compared with 
R411 million (US$59 million) in the March quarter, with the majority of the     
expenditure on development and the ventilation shaft deepening and              
infrastructure.  Expenditure on ore reserve development (ORD) at KDC and Beatrix
was R73 million more at R546 million.  KDC`s ORD increased from R380 million to 
R436 million and Beatrix`s ORD increased from R93 million to R110 million       
quarter on quarter in line with the increase in waste development metres.       
At the West Africa region, capital expenditure decreased from US$84 million to  
US$69 million due to a reduction in expenditure on mining fleet and equipment at
Damang, as the owner mining project is nearing completion.  In South America, at
Cerro Corona, capital expenditure was similar at US$16 million.                 
At the Australasia region, capital expenditure increased from A$39 million to   
A$56 million for the quarter.  St Ives increased from A$24 million to A$39      
million with the majority of the expenditure on mine development (A$24 million) 
on Athena and Hamlet, and exploration (A$8 million). At Agnew, capital          
expenditure increased from A$15 million to A$17 million.                        
The balance of the buy-out of non-controlling interest holders at La Cima       
amounted to R1,243 million (US$184 million) representing a further 8.8 per cent 
of the issued shares of Gold Fields La Cima, taking the Group`s holding to 98.5 
per cent at the end of the June quarter. This compares with R1,368 million      
(US$198 million) in the March quarter which related to the buy-out of 9 per cent
of the issued shares of Gold Fields La Cima which took the Group`s holding up to
89.7 per cent at the end of the March quarter.                                  
Buy-out of non-controlling interest holders at Ghana amounted to R4,520 million 
(US$667 million) and represented 18.9 per cent of the issued shares of Gold     
Fields Ghana and Abosso Goldfields taking the Group`s holding to 90.0 per cent  
at quarter end.  The additional attributable ounces associated with this buy-out
will be accounted for from the September quarter.                               
Proceeds on disposal of investments of R12 million (US$2 million) relates to a  
loan repayment from one of the Group`s mining contractors at St Ives.           
Net cash inflow from financing activities in the June quarter amounted to R2.8  
billion (US$404 million) compared with R2.3 billion (US$330 million) in the     
March quarter.  Loans received in the June quarter amounted to R3.9 billion     
(US$570 million) mainly as a result of draw-downs on offshore facilities for the
purchase of the Ghanaian minorities.  Loans repaid amounted to R1.2 billion     
(US$174 million), consisting primarily of the final repayment of R610 million   
(US$90 million) of preference shares issued, R276 million (US$40 million)       
repayment on an offshore facility, R128 million (US$19 million) scrip lending   
repayment and a partial repayment of the non-recourse term loan at Cerro Corona 
of R69 million (US$10 million).                                                 
Net cash outflow for the June quarter at R2,288 million (US$347 million)        
compared with an inflow of R1,074 million (US$154 million) in the March quarter.
After accounting for a positive translation adjustment of R29 million (US$23    
million) on offshore cash balances, the net cash outflow for the June quarter   
was R2,258 million (US$324 million). The cash balance at the end of June was    
R4,345 million (US$631 million) compared with R6,603 million (US$954 million) at
the end of March.                                                               
Notional cash expenditure (NCE)                                                 
Notional cash expenditure is defined as operating costs (including general and  
administration) plus capital expenditure, which includes near-mine exploration  
and capitalised feasibility costs, and is reported on a per kilogram and per    
ounce basis - refer to the detailed table on page 24 of this report.            
NCE reflects how much free cash flow is available in order to pay taxation,     
interest, greenfields exploration, feasibility projects and dividends.          
NCE margin is defined as the difference between revenue per ounce and NCE per   
ounce expressed as a percentage.                                                
The Group NCE for the June quarter amounted to R256,692 per kilogram (US$1,178  
per ounce) compared with R245,326 per kilogram (US$1,093 per ounce) in the March
quarter.  The NCE margin for the Group remained at 21 per cent.  Operational    
NCE, that is excluding Corporate and capitalised project expenditure, which     
includes feasibility costs at Chucapaca and APP, increased from R241,716 per    
kilogram (US$1,077 per ounce) in the March quarter to R251,790 per kilogram     
(US$1,155 per ounce) in the June quarter.                                       
At the South Africa region, NCE increased from R295,494 per kilogram (US$1,317  
per ounce) to R305,501 per kilogram (US$1,401 per ounce).  The NCE margin of 7  
per cent in the June quarter compares with 5 per cent in the March quarter.  The
higher margin was due to the increase in production and higher gold price,      
partially offset by the increase in operating costs and higher capital          
expenditure. NCE excluding the funding of South Deep increased from R272,250 per
kilogram (US$1,213 per ounce) in the March quarter to R280,986 per kilogram     
(US$1,289 per ounce) in the June quarter.  The NCE margin excluding South Deep  
was 15 per cent in the June quarter compared with 13 per cent in the March      
quarter.                                                                        
At the West Africa region, NCE decreased from US$938 per ounce to US$885 per    
ounce and the NCE margin increased from 32 per cent to 41 per cent due to a     
decrease in operating costs and lower capital expenditure.                      
At the South America region, NCE decreased from US$537 per ounce in the March   
quarter to US$526 per ounce in the June quarter due to decreased operating      
costs.  The NCE margin increased from 61 per cent to 62 per cent.               
At the Australasia region, NCE increased from A$1,035 per ounce (US$1,038 per   
ounce) in the March quarter to A$1,195 per ounce (US$1,265 per ounce) in the    
June quarter due to increased operating costs and increased capital expenditure,
resulting in an NCE margin of 16 per cent compared with 26 per cent in the March
quarter.                                                                        
Balance sheet (Investments and net debt)                                        
Investments decreased from R1,079 million (US$160 million) at 31 December 2010  
to R1,013 million (US$147 million) at 30 June 2011. This was mainly due to Mvela
Resources unbundling the 856,330 shares held, back to Gold Fields. The Group    
reclassified these shares as Treasury shares which are accounted for under      
shareholders equity.                                                            
The cash balance decreased from R5,464 million (US$810 million) at the end of   
the December quarter to R4,345 million (US$631 million) at the end of the June  
quarter.                                                                        
Net debt (long-term loans plus the current portion of long-term loans less cash 
and deposits) increased from R3,974 million (US$589 million) in the December    
quarter to R10,208 million (US$1,482 million) in the June quarter, as a result  
of borrowings to fund the buy-out of minority shareholders in La Cima and Ghana.
Detailed and operational review                                                 
Cost and revenue optimisation initiatives through Business Process Re-          
engineering                                                                     
The Business Process Re-engineering programme (BPR) commenced during the second 
half of calendar 2010.  The BPR involves a review of the mines` underlying      
organisational structures as well as the operational production processes from  
the stope to the mill. The objective is to introduce a new business blueprint,  
together with an appropriate organisational structure, which will support       
sustainable gold output at an NCE margin of 20 per cent in the short to medium  
term and 25 per cent in the longer term.                                        
South Africa region                                                             
The BPR underpins the suite of M projects which were established during         
financial 2008 to optimise costs and revenue over a three year period.          
Stoping full potential (Project 1M)                                             
Project 1M is a productivity initiative that aims to improve quality mining     
volumes by increasing the face advance by between 5 and 10 per cent per annum.  
The BPR Stoping full potential project aims to enable the delivery of full      
potential at every workface by introducing standardised reporting and practices,
and eliminating constraints.                                                    
The BPR Stoping full potential project aims to leverage advance per blast to    
drive quality-volume and address the key constraints which affect productivity  
on a shaft by shaft basis, including effective face times, logistics in-flow and
out-flow models and mining cycles.                                              
This is being achieved through the following key improvement initiatives:       
- Implementation of a daily performance management routine and a suite of tools 
to minimise lost blasts;                                                        
- Acceleration of efforts to equip panels to improve flexibility and face       
length;                                                                         
- Implementing improved planning and scheduling on a rolling 18 month basis for 
each panel;                                                                     
- Optimising availability of in-stope workers through new labour management     
processes; and                                                                  
- Addressing shaft specific key infrastructural and engineering constraints such
as ventilation, hoisting and shaft schedules, and winch management and repairs. 
Average face advance improved from 6.1 metres to 6.7 metres in the June quarter.
The focus will remain on improvement of flexibility and panel availability      
factors for sustainable safe production.                                        
Developing full potential (Project 2M)                                          
Project 2M is a technology initiative aimed at mechanising all flat-end         
development (i.e. development on the horizontal plane) at the long-life shafts  
of KDC and Beatrix.  South Deep is already a fully mechanised mine. The aim of  
the project is to improve safety and productivity, reduce development costs and 
increase ore reserve flexibility through higher monthly development advance     
rates.                                                                          
The flat-end metres advance achieved by mechanised means was similar to the     
previous quarter at 86 per cent. Planning is being optimised in such a manner   
that a drill rig can service multiple ends to improve utilisation of the rig and
thus improve strike rate and efficiency.                                        
NCE full potential (Project 3M)                                                 
The BPR NCE full potential project focuses on all categories of spend.  The     
first phase of the BPR initiatives, which commenced in the second half of       
calendar 2010 in South Africa and included the merger of the Kloof and          
Driefontein operations, now known as KDC, was concluded at the end of December  
2010.                                                                           
In the second phase of the project, targeted cost reductions of between R500    
million (US$68 million) and R1.0 billion (US$137 million) have been scheduled   
for KDC and Beatrix for the period to December 2012.  These cost saving         
initiatives are to be achieved through various programmes which include         
productivity improvement initiatives, continued reduction in staff through      
natural attrition and voluntary separation, and power cost savings initiatives. 
This will assist in absorbing some of the inflationary pressures faced in terms 
of input costs.                                                                 
A key priority is a fit for purpose structure at South Deep which is:           
- consistent with the new regional structure and principles;                    
- appropriate for the ramp-up; and                                              
- customised for bulk trackless mechanised mining.                              
The completion of this work is a key deliverable in 2011.                       
The intent with BPR in 2011 is to mitigate as much of the anticipated mining    
inflation increases as possible.  Cost reductions of R35 million were achieved  
in the June quarter, resulting in savings of R294 million since the initiative  
started in mid-2010. These savings were mainly achieved by changing to a more   
cost effective underground mining support regime, a reduction in staff through  
natural attrition and the voluntary separation programme, a reduction in non-   
specialised contractors and power cost saving initiatives.                      
Project 4M                                                                      
Project 4M focuses on the Mine Health and Safety Council (MHSC) milestones      
agreed to on 15 June 2003 at a tripartite health and safety summit, comprising  
representatives from Government, organised labour and mining companies. The     
focus is on achieving occupational health and safety targets and milestones over
a 10-year period. The commitment was driven by the need to achieve greater      
improvements in occupational health and safety in the mining industry.          
One of the milestone targets is that no machine or piece of equipment may       
generate a sound pressure level in excess of 110dB(A) after December 2013. In   
order to achieve this target the company is focusing on reducing the noise at   
source.                                                                         
The number of measurements expressed as a percentage of noise measurements of   
machinery/equipment emitting noise in excess of 110dB (A) is currently 0.3 per  
cent.  Silencing of equipment is ongoing and each intervention is project       
managed.                                                                        
Silicosis remains one of the biggest health risks associated with the gold      
mining industry. In order to meet the silicosis targets the company has several 
interventions in place, which include:                                          
- the upgrading of tip filters by either replacing complete units or installing 
additional first stage pre-filtration systems to increase dust filtration       
efficiency by removing larger particles of dust before they enter the primary   
dust filtration unit (improved from 94 per cent to 99 per cent implementation to
date across the South African region);                                          
- the use of foggers to trap dust particles liberated from tipping points before
dust enters the main air stream (similar at 83 per cent implementation to date  
across the South African region);                                               
- footwall treatment to bind dust on the footwall and prevent it from being     
liberated into the intake airways (similar at 100 per cent implementation to    
date across the South African region); and                                      
- installation of tip doors. The tip doors are installed into the tipping points
and remain closed when no tipping is taking place, thus reducing dust from      
entering the intake airways. The tip doors being spring loaded are self-closing 
once tipping is completed (improved from 54 per cent to 60 per cent             
implementation to date across the South African region).                        
It must be noted that although the footwall treatment was completed in all      
identified areas, periodic retreatment is required to maintain effectiveness.   
The re-treatment is 35 per cent completed.                                      
Of the individual gravimetric dust sample measurements taken during the June    
quarter, 98 per cent of individual samples were below the occupational exposure 
limit of 0.1 milligrams per cubic metre, thus meeting the target of not less    
than 95 per cent.                                                               
In March 2011, the South African Constitutional Court ruled that legislation    
which limited employees` rights to claim compensation for certain diseases,     
including silicosis, were unconstitutional. As a result, the Court found that   
employees had the right to sue employers for common law damages to the extent   
that such employees could prove that they had suffered loss as a result of the  
negligence of the employer and such loss could be quantified. The potential     
impact to the Group is being assessed. In addition, we are reviewing our current
processes to determine what additional measures can be taken to further mitigate
the risks to employees of contracting silicosis.                                
West Africa region                                                              
Tarkwa                                                                          
The June quarter has seen the consolidation of several productivity and         
efficiency initiatives at Tarkwa which has resulted in savings of US$6 million  
on BPR initiatives for the quarter.  The main contributors were cost reductions 
and drill yield improvement, i.e. increased volume blasted per drill metre. The 
increased drill yield was achieved by using stronger explosives, increasing the 
burden and spacing of drill patterns, while maintaining fragmentation           
performance and increasing the blasted capital waste bench height from 6 metres 
to 9 metres. This resulted in a US$2 million cost reduction against the 2010    
baseline. The removal of bottlenecks at the North Heap leach facility has seen a
10 per cent improvement in tonnes processed against plan for the June quarter.  
This was mainly due to a reduction in operational and mechanical down time and  
the installation of three new large tertiary crushers commissioned during May.  
Metallurgical initiatives focused on improving recovery in the CIL plant. During
the June quarter strategic sourcing and renegotiation of supply agreements for  
basic chemicals, explosives, grinding media and mill liners resulted in US$1    
million spend reduction on these items against the 2010 baseline. Drill and     
blast efficiencies have improved by 20 per cent by optimising drill and blast   
design parameters.                                                              
Focus for the September quarter will be directed at removing bottlenecks from   
the mining operations and improving gold recovery at the North Heap leach       
facility. This will be achieved by improving utilisation and availability of    
mining equipment in order to maximise quality ore supply from the open pit to   
the processing plants and improve capital strip tonnages.  At the North Heap    
leach facility the focus will be on optimising particle size distribution for   
maximum gold liberation from crushed ore placed on the North Heap leach facility
as well as reducing gold in process currently on heaps, targeting a 10 per cent 
reduction over the next two quarters.                                           
Damang                                                                          
Focus during the quarter was on harnessing the benefits realised from the       
conversion from contractor to owner operation and owner maintenance. To date,   
benefits of US$9 million were achieved of which US$7 million were realised in   
the June quarter.                                                               
Phase 2 of the BPR commenced during the June quarter with the completion of a   
full review of further potential improvement initiatives.  The focus during the 
September quarter will be on implementing the first phase of these additional   
improvement projects.                                                           
Australasia region                                                              
St Ives                                                                         
The focus at St Ives has been on direct costs and productivity improvements     
within the existing site arrangements, including improvements in the heap leach 
operation, Lefroy mill area and short-term interval controls in both the        
underground and open pit operations. The second point of focus involved detailed
planning and implementation of owner mining for all underground ore extraction, 
while still maintaining the contractor development model similar to Agnew.      
Recently an agreement was reached with the primary underground contractor to    
acquire a major portion of its site based employees, mining fleet and associated
equipment required to facilitate the transitioning into an owner mining         
operation. This transition will be completed during the September 2011 quarter. 
Further studies in the opportunities afforded by owner mining are being         
undertaken at St Ives in other contractor areas to improve the cost structure   
and productivities. A resource optimisation study is currently in progress to   
identify further improvements in mine scheduling.                               
Agnew                                                                           
At Agnew the main focus has been on securing productivity improvements from the 
implementation of owner mining in mid-2010. This required focus on short-term   
interval control at the underground operations, allowing for improved scheduling
of equipment and resources.   This was a major contributor to a 25 per cent     
increase in tonnes extracted from the underground mines in the June quarter     
compared with the March quarter.                                                
In addition, it was determined that a move from contractor to owner maintenance 
would also lead to cost improvements.  This change was implemented during the   
June quarter.  Currently contractors are only used for underground development  
activities.                                                                     
South Africa region                                                             
KDC                                                                             
                                                     June         March         
                                                                                
                                                     2011         2011          
Gold produced                          - 000`oz       272.5        262.6        
                                      - kg           8,475        8,169         
Yield - underground                    - g/t          6.0          6.6          
- combined                             - g/t          3.2          3.2          
Total cash cost                        - R/kg         225,133      206,916      
                                      - US$/oz       1,033        922           
Notional cash expenditure              - R/kg         290,289      264,341      
                                      - US$/oz       1,332        1,178         
NCE margin                             - %            11           15           
Gold production increased from 262,600 ounces (8,169 kilograms) in the March    
quarter to 272,500 ounces (8,475 kilograms) in the June quarter. This increase  
was despite the negative impact of six public holidays, safety stoppages and    
interventions following seismic related events.                                 
Underground tonnes milled increased from 1.09 million tonnes in the March       
quarter to 1.27 million tonnes in the June quarter. Underground yield decreased 
from 6.6 grams per tonne to 6.0 grams per tonne largely due to lower grades     
encountered on the western section of the mine. The decline in grade is         
considered temporary and has improved since quarter end.  Surface tonnes milled 
decreased from 1.44 million tonnes to 1.38 million tonnes and the surface yield 
decreased from 0.7 grams per tonne to 0.6 grams per tonne.                      
Main development increased by 2 per cent from 11,545 metres to 11,740 metres,   
while on-reef development decreased by 14 per cent from 2,378 metres to 2,040   
metres. The average development value decreased from 2,257 centimetre grams per 
tonne in the March quarter to 1,991 centimetre grams per tonne in the June      
quarter.                                                                        
Operating costs increased from R1,721 million (US$247 million) to R1,915 million
(US$282 million). This increase was mainly due to the 28 per cent annual        
electricity price increase, together with one month of higher winter tariff and 
an increase in material costs as a result of increased underground mine support 
costs. Total cash cost for the quarter increased from R206,916 per kilogram     
(US$922 per ounce) in the March quarter to R225,133 per kilogram (US$1,033 per  
ounce) in the June quarter.                                                     
Operating profit increased from R826 million (US$118 million) in the March      
quarter to R862 million (US$127 million) in the June quarter.                   
Capital expenditure increased from R439 million (US$63 million) to R545 million 
(US$80 million) mainly due to timing of expenditure on various projects and an  
increase in ore reserve development.                                            
Notional cash expenditure increased from R264,341 per kilogram (US$1,178 per    
ounce) in the March quarter to R290,289 per kilogram (US$1,332 per ounce) in the
June quarter primarily as a result of the higher operating costs and capital    
expenditure partially offset by higher production. The NCE margin decreased from
15 per cent to 11 per cent.                                                     
Beatrix                                                                         
                                               June             March           
2011             2011            
Gold produced               - 000`oz            98.0             74.4           
                           - kg                3,048            2,314           
Yield - underground         - g/t               4.5              4.4            
- combined                  - g/t               2.8              2.5            
Total cash cost             - R/kg              203,871          232,411        
                           - US$/oz            935              1,036           
Notional cash expenditure   - R/kg              255,118          300,173        
- US$/oz            1,170            1,338           
NCE margin                  - %                 23               4              
Gold production increased from 74,400 ounces (2,314 kilograms) in the March     
quarter to 98,000 ounces (3,048 kilograms) in the June quarter.                 
Underground tonnes milled increased from 499,000 tonnes to 648,000 tonnes, in   
line with historic levels of output.  Underground yield improved slightly from  
4.4 grams per tonne to 4.5 grams per tonne. Surface tonnes milled increased from
409,000 tonnes to 422,000 tonnes. Surface yield was unchanged at 0.3 grams per  
tonne.                                                                          
Main development increased from 5,135 metres in the March quarter to 6,682      
metres in the June quarter. The on-reef development increased from 1,495 metres 
to 1,673 metres and the average main development value increased from 1,121     
centimetre grams per tonne in the March quarter to 1,325 centimetre grams per   
tonne in the June quarter, and reflects the value variability of the zones being
developed.                                                                      
Operating costs increased from R549 million (US$79 million) in the March quarter
to R625 million (US$92 million) in the June quarter.  This increase was mainly  
due to increased production as well as the 28 per cent annual electricity price 
increase, together with one month of higher winter tariffs. Total cash cost     
decreased from R232,411 per kilogram (US$1,036 per ounce) to R203,871 per       
kilogram (US$935 per ounce) due to the higher production.                       
Operating profit increased from R174 million (US$25 million) in the March       
quarter to R385 million (US$56 million) in the June quarter.                    
Capital expenditure increased from R145 million (US$21 million) to R152 million 
(US$23 million) with the majority spent on infrastructure upgrades, the methane 
exploitation Clean Development Mechanism (CDM) project and ore reserve          
development.                                                                    
Notional cash expenditure decreased from R300,173 per kilogram (US$1,338 per    
ounce) in the March quarter to R255,118 per kilogram (US$1,170 per ounce) in the
June quarter due to the increased production.  The NCE margin increased from 4  
per cent to 23 per cent due to higher production partially offset by higher     
operating costs and higher capital expenditure.                                 
South Deep project                                                              
                                               June             March           
                                               2011             2011            
Gold produced               - 000`oz            76.1             74.0           
- kg                2,366            2,301           
Yield - underground         - g/t               5.3              5.7            
- combined                  - g/t               3.4              4.0            
Total cash cost             - R/kg              223,922          219,296        
- US$/oz            1,027            977             
Notional cash expenditure   - R/kg              424,894          401,391        
                           - US$/oz            1,949            1,789           
NCE margin                  - %                 (29)             (28)           
Gold production at South Deep increased from 74,000 ounces (2,301 kilograms) in 
the March quarter to 76,100 ounces (2,366 kilograms) in the June quarter. This  
was largely due to an 8 per cent increase in underground ore processed for the  
quarter to 419,000 tonnes.  Although the reef tonnes broken decreased from      
415,000 to 360,000 tonnes in the June quarter, underground ore production was   
augmented by clean-up of underground accumulations during the quarter.          
Production on the mine was affected by intermittent public holidays during the  
quarter and mechanised mining equipment breakdowns.  In addition, a major fall  
of ground in the 95 1 West main ramp severely hampered production, with the area
scheduled to be fully rehabilitated in the September quarter.                   
Total tonnes milled, which included 156,000 tonnes from surface sources and     
115,000 tonnes of off-reef development, increased from 578,000 tonnes in the    
March quarter to 690,000 tonnes in the June quarter. The higher volume of ore   
processed was offset by lower grades, with the underground yield decreasing from
5.7 grams per tonne in the March quarter to 5.3 grams per tonne in the June     
quarter.  The lower yield was due to a decrease in higher grade benching and    
long-hole stoping at 95 3 West and 2 West, as a result of breakdowns of long-   
hole drilling machines.                                                         
Development increased from 2,842 metres in the March quarter to 3,063 metres in 
the June quarter.  The new mine capital development in phase 1, sub 95 level,   
increased from 1,143 metres in the March quarter to 1,173 metres in the June    
quarter.  Development in the current mine areas above 95 level increased from   
1,699 metres to 1,890 metres.  Vertical development decreased from 261 metres in
the March quarter to 181 metres in the June quarter.  De-stress mining increased
from 4,987 square metres in the March quarter to 5,529 square metres in the June
quarter.                                                                        
Operating costs increased from R512 million (US$73 million) in the March quarter
to R533 million (US$79 million) in the June quarter. The increase was mainly due
to the 28 per cent annual electricity price increase, together with one month of
higher winter tariff. In addition, material costs increased due to the 19 per   
cent increase in tonnes milled. Total cash cost increased from R219,296 per     
kilogram (US$977 per ounce) to R223,922 per kilogram (US$1,027 per ounce).      
Operating profit increased by 18 per cent from R207 million (US$30 million) in  
the March quarter to R245 million (US$36 million) in the June quarter due to the
higher gold price received.                                                     
Capital expenditure increased from R411 million (US$59 million) in the March    
quarter to R472 million (US$69 million) in the June quarter, in line with the   
project plan. The majority of this capital expenditure was on development, the  
ventilation shaft deepening and infrastructure, trackless equipment, as well as 
construction of the new tailings dam facility.                                  
Notional cash expenditure increased from R401,391 per kilogram (US$1,789 per    
ounce) in the March quarter to R424,894 per kilogram (US$1,949 per ounce) in the
June quarter mainly due to the higher operating costs and higher capital        
expenditure.                                                                    
West Africa region                                                              
Ghana                                                                           
Tarkwa                                                                          
                                                      June         March        
2011         2011         
Gold produced                             - 000`oz     180.8        186.1       
Yield  - heap leach                       - g/t        0.5          0.5         
- CIL plant                               - g/t        1.4          1.5         
- combined                                - g/t        1.0          1.0         
Total cash cost                           - US$/oz     534          464         
Notional cash expenditure                 - US$/oz     889          871         
NCE margin                                - %          41           37          
Gold production decreased from 186,100 ounces in the March quarter to 180,800   
ounces in the June quarter. The lower production was as a result of decreased   
CIL throughput at a lower head grade.                                           
Total tonnes mined, including capital stripping, decreased from 29.3 million    
tonnes in the March quarter to 28.9 million tonnes in the June quarter.         
Production was affected by excessive rainfall during the quarter. Ore mined at  
5.4 million tonnes was similar to the previous quarter. Mined grade at 1.23     
grams per tonne was marginally lower than the 1.24 grams per tonne reported for 
the March quarter. The strip ratio reduced from 4.36 in the March quarter to    
4.33 in the June quarter.                                                       
The total feed to the CIL plant decreased from 2.94 million tonnes in the March 
quarter to 2.92 million tonnes in the June quarter. Yield decreased from 1.5    
grams per tonne to 1.4 grams per tonne. The CIL plant produced 129,400 ounces   
for the June quarter compared with the record 138,500 ounces in the March       
quarter.                                                                        
Total feed to the North and South heap leach increased from 2.86 million tonnes 
to 2.97 million tonnes and the yield increased from 0.52 grams per tonne to 0.54
grams per tonne. The High Pressure Grinding Roller (HPGR) at the South heap     
leach processed 0.82 million tonnes, compared with 0.87 million tonnes in the   
March quarter. The heap leach process produced 51,400 ounces, compared with     
47,600 ounces in the March quarter. The increase was attributable to an increase
in gold placed on the heaps and improved dissolutions.                          
Net operating costs increased from US$83 million (R576 million) in the March    
quarter to US$88 million (R596 million) in the June quarter.  This was mainly   
due to a lower gold-in-process credit in the June quarter and higher fuel       
prices. Total cash cost increased from US$464 per ounce in the March quarter to 
US$534 per ounce in the June quarter, mainly as a result of the decrease in     
production and the increase in the royalty from 3 per cent to 5 per cent, with  
effect from 1 April 2011.                                                       
Operating profit increased from US$175 million (R1,219 million) to US$185       
million (R1,257 million).                                                       
Capital expenditure decreased from US$57 million (R396 million) in the March    
quarter to US$52 million (R354 million) in the June quarter, with new mining    
equipment, the tailings dam expansion and pre-stripping being the major items.  
Notional cash expenditure increased from US$871 per ounce to US$889 per ounce   
due to decreased production and increased costs. The NCE margin increased from  
37 per cent to 41 per cent.                                                     
Damang                                                                          
                                                      June        March         
                                                      2011        2011          
Gold produced                       - 000`oz           56.3        57.5         
Yield                               - g/t              1.4         1.4          
Total cash cost                     - US$/oz           660         703          
Notional cash expenditure           - US$/oz           876         1,154        
NCE margin                          - %                42          17           
Gold production decreased from 57,500 ounces in the March quarter to 56,300     
ounces in the June quarter as a result of lower mining volumes from the high    
grade Damang pit cutback (DPCB). This was due to partial sterilisation of the   
pit floor for safety reasons whilst mining the East Ramp, which will allow      
access to additional ore supply by increasing the mining width from the end of  
the year.                                                                       
Total tonnes mined, including capital stripping, increased from 5.1 million     
tonnes in the March quarter to 5.7 million tonnes in the June quarter.  The     
increase in tonnes mined is a requirement for exposing long term ore reserves   
and delivery of fresh ore to the mill. Ore mined decreased from 1.3 million     
tonnes to 1.2 million tonnes. Capital stripping for the quarter increased from  
1.2 million tonnes to 2.3 million tonnes. The total strip ratio, including      
capital strip, was 3.8 compared with the previous quarter`s 3.1.                
Tonnes processed at 1.27 million tonnes were similar to the March quarter.      
Net operating costs decreased from US$39 million (R274 million) in the March    
quarter to US$34 million (R229 million) in the June quarter due to a US$7       
million saving, mainly realised from a full quarter of owner mining, partially  
offset by a gold-in-process charge of US$2 million. Total cash cost decreased   
from US$703 per ounce to US$660 per ounce mainly due to the decrease in         
operating cost.                                                                 
Operating profit increased from US$40 million (R280 million) in the March       
quarter to US$51 million (R348 million) in the June quarter.                    
Capital expenditure decreased from US$27 million (R187 million) to US$17 million
(R113 million) as a result of the owner mining project reaching completion.     
Notional cash expenditure decreased from US$1,154 per ounce in the March quarter
to US$876 per ounce in the June quarter.  The NCE margin increased from 17 per  
cent to 42 per cent as a result of lower operating costs and capital            
expenditure.                                                                    
South America region                                                            
Peru                                                                            
Cerro Corona                                                                    
June        March       
                                                        2011        2011        
Gold produced                             - 000`oz       41.1        40.6       
Copper produced                           - tonnes       9,814       9,685      
Total equivalent gold produced            - 000` eq oz   101.0       108.1      
Total equivalent gold sold                - 000` eq oz   101.5       112.2      
Yield  - gold                             - g/t          0.8         0.8        
- copper                                  - %            0.60        0.64       
- combined                                - g/t          1.8         2.1        
Total cash cost                           - US$/eq oz    408         387        
Notional cash expenditure                 - US$/eq oz    526         537        
NCE margin                                - %            62          61         
Gold price *                              - US$/oz       1,499       1,383      
Copper price *                            - US$/t        9,176       9,648      
* Average daily spot price for the period used to calculate total equivalent    
gold ounces produced.                                                           
Gold produced increased from 40,600 ounces in the March quarter to 41,100 ounces
in the June quarter. Copper production increased from 9,685 tonnes to 9,814     
tonnes. Despite this, equivalent production decreased from 108,100 ounces to    
101,000 ounces due to lower copper prices relative to gold prices in the June   
quarter. Concentrate with a payable content of 42,196 ounces of gold was sold at
an average price of US$1,502 per ounce and 9,998 tonnes of copper were sold at  
an average price of US$8,444 per tonne, net of treatment and refining charges.  
The higher gold and copper production in the June quarter was due to a 9 per    
cent increase in ore processed (1.72 million tonnes compared with 1.58 million  
tonnes in the previous quarter). The increased production was attributable to   
higher plant availability during the June quarter and higher throughput.        
Total tonnes mined increased from 3.29 million tonnes in the March quarter to   
3.48 million tonnes in the June quarter. Ore mined at 1.71 million tonnes was 2 
per cent higher than the 1.67 million tonnes in the previous quarter, reflecting
the higher plant availability and tonnage treated. The strip ratio for the June 
quarter was 1.04, compared with 0.97 in the previous quarter.                   
Gold yield was similar to the previous quarter at 0.8 grams per tonne, and      
copper yield was marginally lower at 0.60 per cent compared with 0.64 per cent  
in the March quarter.                                                           
Net operating costs decreased from US$44 million (R305 million) in the March    
quarter to US$38 million (R258 million) in the June quarter, mainly due to lower
workers` statutory participation in profits in line with lower earnings and a   
lower gold-in-process charge. Total cash cost increased from US$387 per         
equivalent ounce in the March quarter to US$408 per equivalent ounce in the June
quarter, primarily due to lower equivalent ounces sold during the June quarter. 
Operating profit decreased from US$112 million (R785 million) in the March      
quarter to US$104 million (R704 million) in the June quarter, due to the lower  
spot copper price received during the June quarter.                             
Capital expenditure was similar at US$16 million (R106 million) with expenditure
mainly on the tailings facility.                                                
Notional cash expenditure decreased from US$537 per equivalent ounce in the     
March quarter to US$526 per equivalent ounce in the June quarter mainly due to  
the effect of the lower working costs. The NCE margin increased from 61 per cent
to 62 per cent.                                                                 
Australasia region                                                              
Australia                                                                       
St Ives                                                                         
                                                     June          March        
                                                     2011          2011         
Gold produced                         - 000`oz        108.7         120.5       
Yield - heap leach                    - g/t           0.5           0.5         
- milling                            - g/t           2.7           2.9          
- combined                           - g/t           2.0           2.3          
Total cash cost                       - A$/oz         959           860         
- US$/oz        1,015         862          
Notional cash expenditure             - A$/oz         1,295         997         
                                     - US$/oz        1,371         1,000        
NCE margin                            - %             9             28          
Gold production decreased from 120,500 ounces in the March 2011 quarter to      
108,700 ounces in the June 2011 quarter because of unplanned downtime at the    
Lefroy mill due to a failure on the SAG mill motor and a decrease in high grade 
underground ore mined this quarter.                                             
At the underground operations, ore mined decreased from 456,700 tonnes at 4.2   
grams per tonne in the March quarter to 401,600 tonnes at 4.5 grams per tonne in
the June quarter. The tonnage reduction reflects the scheduled closure of the   
Belleisle mine in May.  Belleisle is being replaced by the Athena mine which    
will reach commercial levels of production during the September quarter.        
Overall grade improved due to increased tonnage and grades delivered from       
Athena.                                                                         
At the open pit operations total ore tonnes mined increased from 948,000 tonnes 
at 1.9 grams per tonne in the March quarter to 1,038,000 tonnes at 1.7 grams per
tonne in the June quarter. The reduction in grade was due to lower grades       
realised from Apollo, as this pit reached the end of its life.                  
Gold produced from the Lefroy mill decreased from 113,600 ounces in the March   
quarter to 100,700 ounces in the June quarter, due to the SAG mill motor        
failure, resulting in a 6 per cent reduction in throughput.  Tonnes processed   
decreased from 1.22 million tonnes in the March quarter to 1.15 million tonnes  
in the June quarter.  Mill head grade decreased marginally from 3.0 grams per   
tonne in the March quarter to 2.9 grams per tonne in the June quarter,          
reflecting an increase in open pit material treated during the June quarter.    
Production from the heap leach facility increased from 6,900 ounces in the March
quarter to 8,000 ounces in the June quarter, due to an increase in throughput of
135,000 tonnes, from 395,000 tonnes to 530,000 tonnes.                          
Net operating costs decreased from A$105 million (R736 million) in the March    
quarter to A$103 million (R740 million) in the June quarter. This decrease was  
primarily due to an inventory draw-down in the March quarter. Total cash cost   
increased from A$860 per ounce (US$862 per ounce) to A$959 per ounce (US$1,015  
per ounce) due to the lower gold production.                                    
Operating profit decreased from A$62 million (R435 million) to A$51 million     
(R365 million), due to the decrease in gold production.                         
Capital expenditure increased from A$24 million (R166 million) to A$39 million  
(R275 million) due primarily to mine development (A$24 million) and exploration 
(A$8 million). Increased spend on mine development occurred at Athena mine, the 
new Hamlet underground mine and at the Formidable open pit.                     
Notional cash expenditure increased from A$997 per ounce (US$1,000 per ounce) in
the March quarter to A$1,295 per ounce (US$1,371 per ounce) in the June quarter.
The NCE margin decreased from 28 per cent to 9 per cent due to higher capital   
expenditure and lower production.                                               
Agnew                                                                           
                                                     June          March        
                                                     2011          2011         
Gold produced                         - 000`oz        50.4          37.9        
Yield                                 - g/t           6.8           6.4         
Total cash cost                       - A$/oz         641           758         
                                     - US$/oz        679           760          
Notional cash expenditure             - A$/oz         979           1,155       
- US$/oz        1,037         1,158        
NCE margin                            - %             31            17          
                                                                                
Gold production increased from 37,900 ounces in the March quarter to 50,400     
ounces in the June quarter. Ore mined from underground increased from 147,000   
tonnes at a head grade of 8.2 grams per tonne in the March quarter to 183,000   
tonnes at a head grade of 8.8 grams per tonne in the June quarter. Ore          
production commenced at the Songvang open pit in the June quarter, producing    
90,000 ore tonnes at a head grade of 1.7 grams per tonne.                       
Tonnes processed increased from 184,000 tonnes in the March quarter to 231,000  
tonnes in the June quarter, with an increase in yield from 6.4 grams per tonne  
to 6.8 grams per tonne as underground production and head grade increased. The  
tonnes mined from underground were supplemented with the lower grade surface    
material from the Songvang open pit.                                            
Net operating costs increased from A$29 million (R204 million) in the March     
quarter to A$32 million (R227 million) in the June quarter, mainly due to ore   
production from the Songvang open pit during the quarter.  Total cash cost per  
ounce decreased from A$758 per ounce (US$760 per ounce) to A$641 per ounce      
(US$679 per ounce) primarily due to the increased production. The increased     
underground production came without any increase in underground mining costs    
quarter on quarter.                                                             
Operating profit increased from A$24 million (R166 million) in the March quarter
to A$41 million (R291 million) in the June quarter.                             
Capital expenditure increased from A$15 million (R105 million) in the March     
quarter to A$17 million (R124 million) in the June quarter.  This included A$3  
million spent on the Songvang open pit project and A$2 million on the new       
ventilation system, which includes a return air shaft and primary ventilation   
fans for the extension of Waroonga underground mine.                            
Notional cash expenditure decreased from A$1,155 per ounce (US$1,158 per ounce) 
in the March quarter to A$979 per ounce (US$1,037 per ounce) in the June quarter
due to the increased production. The NCE margin increased from 17 per cent to 31
per cent.                                                                       
Quarter ended 30 June 2011 compared with quarter ended 30 June 2010             
Group attributable equivalent gold production decreased by 3 per cent from      
898,000 ounces for the quarter ended June 2010 to 872,000 ounces for the quarter
ended June 2011.                                                                
At the South African operations gold production decreased from 488,000 ounces to
447,000 ounces.  KDC`s gold production decreased from 326,000 ounces to 273,000 
ounces due to a decrease in volumes mined.  Beatrix`s gold production increased 
from 92,000 ounces to 98,000 ounces mainly due to higher volumes mined and      
processed.  South Deep`s gold production increased from 70,000 ounces to 76,000 
ounces in line with the build-up plan.                                          
At the West African operations, total managed gold production decreased from    
257,000 ounces for the quarter ended June 2010 to 237,000 ounces for the quarter
ended June 2011. At Tarkwa, gold production decreased by 10 per cent from       
200,000 ounces to 181,000 ounces due to a decrease in CIL throughput head       
grades. At Damang, gold production decreased marginally from 57,000 ounces to   
56,000 ounces.                                                                  
In South America, gold equivalent production at Cerro Corona increased from     
97,000 ounces in the June 2010 quarter to 101,000 ounces in the June 2011       
quarter, mainly due to an increase in ore mined and processed as well as higher 
copper prices relative to gold prices in the June 2011 quarter.                 
At the Australasia operations gold production increased by 7 per cent from      
149,000 ounces in the June 2010 quarter to 159,000 ounces in the June 2011      
quarter.  St Ives decreased from 118,000 ounces to 109,000 ounces.  This was    
mainly due to a decrease in tonnes mined from both surface and underground,     
exacerbated by lower grades.  Production at Agnew increased from 32,000 ounces  
to 50,000 ounces due to increased stope availability at Kim following the       
rehabilitation of poor ground conditions as well as additional ounces from      
Songvang.                                                                       
Revenue increased by 9 per cent from R8,803 million (US$1,169 million) to R9,581
million (US$1,411 million).  The average gold price increased by 13 per cent    
from R287,454 per kilogram (US$1,191 per ounce) in the quarter ended June 2010  
to R326,206 per kilogram (US$1,496 per ounce) in the June 2011 quarter.  The    
Rand strengthened from US$1 = R7.51 to US$1 = R6.78 or 10 per cent, while the   
Rand/Australian Dollar weakened by 8 per cent from A$1 = R6.66 to A$1 = R7.18.  
The Australian Dollar strengthened 19 per cent from 89 cents to 106 cents to the
US Dollar.                                                                      
Net operating costs increased by only 1 per cent from R5,065 million (US$673    
million) to R5,124 million (US$755 million). At the South Africa region, the    
increase in costs was mainly due to annual wage and electricity tariff          
increases. At the West Africa region, the increase in costs was due to          
electricity tariff increases, fuel price increases and annual wage increases,   
while in South America increased statutory workers` participation in profits    
contributed to the increase in costs. Total cash cost for the Group increased   
from R166,215 per kilogram (US$688 per ounce) to R177,934 per kilogram (US$816  
per ounce) due to decreased gold production and increased operating costs.      
At the South African operations operating costs increased by 6 per cent from    
R2,905 million (US$386 million) for the June 2010 quarter to R3,074 million     
(US$453 million) for the June 2011 quarter.  This was due to annual wage        
increases and increased electricity tariffs, partly offset by cost saving       
initiatives and fewer employees at all the operations.  Total cash cost at the  
South African operations increased from R187,770 per kilogram to R220,261 per   
kilogram as a result of the above and the decrease in production.               
At the West African operations, net operating costs decreased from US$151       
million in the June 2010 quarter to US$122 million in the June 2011 quarter.    
This was due to a higher gold-in-process credit, a decrease in production and   
operating cost as a result of the conversion to owner maintenance.  These       
decreases were partly offset by annual wage increases, fuel increases and power 
increases.                                                                      
At Cerro Corona in South America, net operating costs increased from US$32      
million in the June 2010 quarter to US$38 million in the June 2011 quarter, in  
line with the increase in production and the increase in workers` statutory     
participation.                                                                  
At the Australasia operations, net operating costs increased from A$117 million 
in the June 2010 quarter to A$135 million in the June 2011 quarter. At St Ives, 
net operating costs increased from A$89 million to A$103 million mainly due to  
increased waste normalisation charges and increased contractor mining costs. At 
Agnew, net operating costs increased from A$27 million to A$32 million due to   
the fuel price and salary increases together with the increase in production.   
Operating profit increased from R3,738 million (US$496 million) to R4,457       
million (US$656 million).                                                       
Non-recurring costs of R101 million (US$15 million) for the June 2011 quarter   
compare with non-recurring costs of R144 million (US$19 million) for the June   
2010 quarter.  The non-recurring items for the June 2011 quarter include        
voluntary separation packages and business process re-engineering costs at all  
the operations. The non-recurring items for the June 2010 quarter were mainly as
a result of an impairment on our investment in Rusoro of R197 million (US$26    
million), partly offset by profit on the disposal of Eldorado shares of R49     
million (US$6 million).                                                         
Government royalties increased from R221 million (US$29 million) in the June    
2010 quarter to R236 million (US$35 million) in the June 2011 quarter.          
Taxation increased from R644 million (US$86 million) in the June 2010 quarter to
R866 million (US$128 million) in the June 2011 quarter in line with the higher  
taxable income.                                                                 
Net earnings attributable to owners of the parent amounted to R1,267 million    
(US$186 million), compared with earnings of R900 million (US$120 million) for   
the quarter ended June 2010.                                                    
Earnings excluding non-recurring items, gains and losses on foreign exchange,   
financial instruments and gains or losses of associates after taxation, amounted
to R1,326 million (US$195 million) for the quarter ended June 2011, compared    
with R945 million (US$125 million) for the quarter ended June 2010.             
Growth                                                                          
Gold Fields has a target of achieving five million ounces per annum, either in  
production or in development, by the end of 2015. To this end we have developed 
an extensive pipeline of projects which are discussed below.                    
PROJECT DEVELOPMENT                                                             
Far South East (FSE)                                                            
In the Philippines, exploration at the Far South East project (Gold Fields have 
an option to earn 60 per cent) is progressing well with eight underground       
diamond drill rigs operating and nearly 22,000 metres completed in 17 core      
holes. In addition, surface drilling also commenced during the quarter. Initial 
results of the proof-of-concept drilling confirmed the preliminary model based  
on historic drilling and identified the presence of significant mineralisation  
outside the model, both laterally and at depth.  Drilling is in progress to     
further scope the system as well as complete a sufficient number of infill holes
to support the first resource model to be delivered in March 2012.              
In addition to the resource definition drilling, a comprehensive geotechnical   
programme is underway as well as studies on hydrogeology, mining methods and    
potential sites for tailings disposal and infrastructure.  The community        
relations team has ramped up its activities in the district and initiated       
sustainable development programmes in partnership with the local communities.   
Exploration expenditure of R26 million (US$4 million) and feasibility and       
evaluation costs of R17 million (US$3 million) in the June quarter compare with 
exploration expenditure of R17 million (US$2 million) and feasibility and       
evaluation costs of R27 million (US$4 million) in the March quarter.            
Chucapaca                                                                       
Progress is being made towards completion of the feasibility study at the       
Chucapaca project in Peru (Gold Fields 51 per cent).  Twelve drill rigs are on  
site working on infill and geotechnical drilling within the resource area.      
Results continue to be positive and an updated interim resource estimate is     
expected to be released in the last quarter of the year.  The final model for   
the feasibility study is planned for mid-2012.                                  
Sterilisation drilling and additional holes for metallurgical samples have      
commenced.  A battery of metallurgical variability tests has been completed and 
an optimisation study is in progress.  The results of this work will feed into  
the plant throughput and process design for the environmental impact assessment 
and the feasibility study.  Baseline work for the environmental impact          
assessment is expected to be completed in the March 2012 quarter.  As part of   
our formal agreements with the communities, a significant effort has been made  
to hire and train local employees as well as establish sustainable development  
programmes within communities impacted by the project.                          
Capitalised exploration expenditure for the June quarter amounted to US$18      
million compared with US$12 million in the March quarter.                       
Arctic Platinum project (APP)                                                   
In April 2011 a decision was reached to conduct a pre-feasibility consolidation 
study (PFS) for the APP project in Finland (Gold Fields 100 per cent).  The     
primary objective of the study is to review the previous feasibility study      
completed in 2005, update the mineral resource and mining profiles, incorporate 
the changed metallurgical and residue disposal requirements and to develop an   
updated capital and operating cost model for the project.  The PFS is scheduled 
for completion by the end of the year.                                          
The pilot plant metallurgical test work which forms an integral part of the PFS 
is on schedule.  The pilot plant flotation runs were completed in Finland on two
50 tonne samples from the Konttijarvi and Ahmavaara deposits and both           
concentrate samples have been transported to Canada for pilot plant             
hydrometallurgical recovery of gold, platinum, palladium, copper and nickel.    
Overall metal recoveries in the flotation concentrates appear to be satisfactory
in relation to the prior bench-scale test work.  The pilot-scale                
hydrometallurgical campaign commenced in July 2011 and initial results are      
expected by September 2011.                                                     
A new mining licence application was filed in June for an area measuring 2,434  
hectares which is contiguous with the Suhanko project.  The new licence area,   
referred to as Suhanko II, covers the Vaaralampi and Tuumasuo PGE-Cu-Ni         
deposits.  The process of completing the Environmental Impact Assessment for    
Suhanko II has been initiated.                                                  
Yanfolila                                                                       
At the Yanfolila project in southern Mali (Gold Fields 85 per cent), resource   
delineation drilling continued with four rigs on the Komana East, Komana West   
and Kabaya South deposits, in parallel with other elements of a scoping study   
which is on schedule for completion during the September 2011 quarter.  Target  
definition work and initial drilling also continued on several other promising  
targets which are located within a 20 kilometre radius of Komana East.          
EXPLORATION PROJECTS                                                            
In addition to the three resource development projects mentioned above, the     
greenfields exploration portfolio also consists of two advanced drilling        
projects, six initial drilling projects and nine target definition projects in  
Peru, Chile, Ghana, Canada, Kyrgyzstan, and Australia.  Near mine exploration   
continued at St Ives, Agnew, Damang and Cerro Corona during the quarter.        
Advanced drilling projects                                                      
In British Columbia, Canada, Gold Fields can earn up to a 70 per cent interest  
in the Woodjam project with joint venture partners Fjordland Exploration Inc.   
(TSX.V:"FEX") and Cariboo Rose Resources (TSX.V:"CRB").  Resource delineation   
drilling continued during the quarter with two drill rigs on the Southeast Zone 
porphyry copper-gold-molybdenum target. The drilling programme is on schedule   
for completion during the September 2011 quarter and delivery of a SAMREC 2007  
compliant mineral resource declaration on the Southeast Zone and a conceptual   
study by September 2011.  Additional prospective third party concessions within 
the project area were optioned during the quarter and will be incorporated into 
the initial drilling plans to be carried out during the remainder of the year.  
At the Talas project in Kyrgyzstan (Gold Fields 60 per cent), a new community   
engagement strategy has been implemented. Environmental monitoring and          
reclamation of disturbed areas is ongoing.  There has been a notable improvement
in community relations and the Central Government continues to be very          
supportive of the project.  The exploration programme is expected to re-start in
2012.                                                                           
Initial drilling projects                                                       
The East Lachlan joint ventures in New South Wales, Australia, comprise of two  
project areas (Wellington North and Cowal East) where Gold Fields has an 80 per 
cent interest and another two projects where Gold Fields is still earning into  
an 80 per cent interest with Clancy Exploration Ltd (ASX:"CLY").  Reverse       
circulation drilling completed at the MacGregors greenstone hosted orogenic gold
prospect (Parkes East JV Project) intersected wide zones of near surface, low   
grade gold mineralisation confirming a large hydrothermal gold system from      
surface which is open along strike and at depth. Initial reverse circulation    
drilling was also undertaken at the Boxdale Prospect, Moorefield Project.       
Initial indications confirm the presence of a wide, near surface mineralised    
structure with encouraging gold and silver contents together with anomalous     
arsenic and antimony values. Full field air core drilling for porphyry copper-  
gold mineralisation at the Myall joint venture has been temporarily suspended   
due to cereal crop sowing and continuing wet weather.                           
On the Alectown tenements (Gold Fields 100 per cent) located within the East    
Lachlan project area, reverse circulation drilling on the Buryan targets        
confirmed the presence of low grade porphyry-style gold and copper              
mineralisation in a strongly altered diorite intrusion. Drilling also           
intersected a new carbonate base metal-gold epithermal target on the edge of the
porphyry system identified above and returned low grade gold and copper         
mineralisation. The epithermal and porphyry mineralisation at Buryan remains    
open along strike and at depth.                                                 
Reverse circulation scout drilling was carried out at the Salares Norte property
in Chile (Gold Fields has an option for 100 per cent) to test selected          
epithermal targets.  Initial results are encouraging and a follow-up drilling   
programme is planned for the next field season.  An option agreement was signed 
for the adjacent third party-owned Rio Baker concessions (Gold Fields option for
100 per cent) which will be incorporated into the exploration plan for the      
Salares Norte project area.  At the nearby Pircas epithermal gold project in    
Chile (Gold Fields has an option for 100 per cent), the reverse circulation     
drilling programme was cut short by winter weather after only two holes were    
completed.  This drilling programme is planned to continue in September 2011.   
A 2,000 metre diamond drilling programme commenced in late June 2011 at the     
Toodoggone project in British Columbia, Canada where Gold Fields can earn up to 
75 per cent in a joint venture with Cascadero Copper Corporation (TSX.V:"CCD"). 
The drill holes are testing the Mex porphyry copper-gold target which was not   
drilled by Gold Fields in the last exploration campaign completed in 2009.      
At the Asheba project in Ghana (Gold Fields 90 per cent), interpretation of the 
initial drill results combined with old mine maps have delineated additional    
exploration targets along strike and the project warrants further work.         
Near Mine exploration                                                           
St Ives                                                                         
The main focus this quarter has been on resource development drilling in the    
Neptune and Victory prospective open pit expansion areas.  In excess of 25,000  
metres of reverse circulation and diamond drilling have been completed in the   
Neptune area and results continue to be positive.  Interim model updates are in 
progress and will be combined in order to complete the global optimisation of   
the Greater Neptune-Greater Revenge project area.                               
Framework diamond drilling has been completed around the Victory complex.       
Prospective new mineralisation has been identified to the west of the current   
Leviathan pit which will require follow up. Additional mineralisation was also  
identified in the vicinity of the Britannia Footwall, Sirius and Paddy`s        
resources.                                                                      
Target generation drilling was carried out at several other targets within the  
Junction - South Argo Trend and the South Foster area. Reserve conversion and   
extensional drilling is in progress at Athena, Hamlet and Cave rocks.           
Agnew                                                                           
Recent drilling has identified three high grade ore-shoots at depth on the      
Waroonga Main Lode North: the Fitzroy, the Bengal and the Hastings shoots. The  
Fitzroy and Bengal shoots plunge steeply to the northwest and may intersect with
the Porphyry Link Zone which was previously identified between the Main North   
and Kim Lodes. Results of the NAVIRegistered drilling have been positive and    
resource delineation drilling will take place in these areas during the second  
half of 2011.                                                                   
Encouraging assay results from two new holes into the Porphyry Link Zone suggest
that the extensions to the shallow plunging, moderate grade mineralisation      
situated on the southern edge of the Kim South Lode extends to the south and may
potentially join up with the high grade mineralisation in the Fitzroy and Bengal
Shoots. Although the immediate focus at Waroonga is on confirming grade and     
continuity of the high grade shoots, this mineralised trend between Kim Lode and
the Fitzroy Shoot requires follow-up which will be scheduled for the 2012 work  
programme.                                                                      
Recent reconnaissance air core drilling was completed to the north of the       
Cinderella deposit. Two zones of shallow mineralisation were delineated,        
approximately 200 metres and 1 kilometre north of the potential Cinderella pit  
position respectively. A follow-up drilling programme is required.              
Damang                                                                          
Based on positive results of the recently completed Phase 1 proof of concept    
drilling programme at Greater Damang, a pre-feasibility study (PFS) commenced in
July 2011.  This includes the Phase 2 resource definition drilling programme of 
43,000 metres, already underway.  Drilling will be completed from the active pit
floor in most cases and is designed to test the limits of potential             
mineralisation at depth.  Assay results have been broadly consistent with       
expectation and continue to define both continuity of the system to depth and   
presence of regular higher grade pods which drive the economics of this deposit.
Cerro Corona                                                                    
Initial assay results of the recently completed Phase 2 infill and extensional  
drilling programme appear to generally confirm the existing resource model, with
local areas of either higher or lower grade than modelled.  The data will be    
used to develop a revised litho-structural-alteration model and resource update 
to better define the Life of Mine reserves.                                     
Exploration framework drilling commenced in June on the adjacent Sylvita        
project.  Of the five holes completed, three have successfully intersected      
altered porphyry and two intersected limestone with narrower dykes intruding the
sequence.  Skarn and sulphide manto mineralisation has been observed in the     
limestone close to dykes and the porphyry, with some indications of localised   
strong copper mineralisation.                                                   
The Oxide Stockpile Drilling project was completed in June 2011.  Assays        
received confirmed the estimated grade of the stockpile, as well as distribution
and very low levels of soluble copper within the stockpile stack.  Full analysis
and modelling of the stockpiles was completed in July 2011.                     
Business development                                                            
An option agreement was signed with a private owner in May 2011 which allows    
Gold Fields the right to acquire 100 per cent of the Mandiana project in Guinea 
for a schedule of modest option payments over three years.  Field work will     
focus on the delineation and testing of initial drilling targets within the     
first year.                                                                     
An option agreement was signed in June 2011 which allows Gold Fields the right  
to acquire the third party Robson claim within the Eldorado project area in     
British Columbia, Canada.  Terms include modest work commitments over four years
and a royalty which can be purchased.                                           
Corporate                                                                       
New housing complex                                                             
On 26 May 2011 a new employee housing project was opened near KDC as part of the
R560 million, five year staff housing programme. The new Tembelihle Park complex
represents an investment of R25 million and will offer housing accommodation to 
a hundred KDC employees and their families.                                     
The complex is an integral part of the Group`s continuing programme to renovate 
housing, construct new family homes and upgrade and de-densify high-density     
accommodation at its South African mines.                                       
Trust donates to TutuDesk campaign                                              
South Deep Education Trust presented R2 million to Archbishop Emeritus Desmond  
Tutu`s 2015 TutuDesk campaign on 15 June 2011.  This campaign aims to reduce    
classroom desk shortages affecting over 90 million African school children by   
2015.                                                                           
The plastic lapdesks are manufactured by the Lapdesk Company for disadvantaged  
school children who have no access to desks or classrooms. More than a million  
children have received lapdesks at schools in South Africa since the company`s  
formation in 2002.                                                              
Ghana acquisition approved                                                      
On 20 June 2011 further to the announcement on 15 April 2011, shareholders      
overwhelmingly approved the US$667 million acquisition of IamGold Corporation`s 
indirect 18.9 per cent stake in the Tarkwa and Damang gold mines in Ghana.      
New loan facility                                                               
Gold Fields announced on 6 July 2011 that it has secured a 5-year US$1 billion  
revolving credit facility. The loan will replace a US$450 million three-year    
facility with a September 2013 maturity.                                        
The new facility, agreed by Gold Fields with a syndicate of fourteen banks, was 
oversubscribed by 1.33 times.                                                   
The loan carries an interest rate of between 120 basis points and 160 basis     
points over the London Interbank Offered Rate (Libor) depending on the level of 
utilisation.                                                                    
Changes to the executive                                                        
Peter Turner, the current Executive Vice President (EVP), West Africa region,   
has taken up the position of EVP, South African region, with effect from Monday 
8 August 2011. Peter`s appointment is based on his wide-ranging experience in   
operating both open-cast and deep-level mines, having previously worked as Vice 
President, at both Driefontein and Kloof, and in his previous career at the     
AngloGold Ashanti Group.                                                        
Tim Rowland, who has been acting as Head of the South African region for the    
last eight months, will take up the position of EVP, Group Technical Services, a
new position that will house the full technical function for the Group. Prior to
running the South African region on an acting basis, Tim headed the Mineral     
Resource and Mineral Reserve portfolio for the Group. Tim`s extensive           
experience, both at Gold Fields and at AngloGold Ashanti over the past 25 years,
makes him the ideal person to lead the Technical Services Group.                
Following the retirement of Ben Zikmundovsky, EVP International Capital Projects
and International Technical Services, at the end of July, the existing          
Exploration and Business Development portfolio was consolidated together with   
the International Capital portfolio. Tommy McKeith will head the consolidated   
Group Growth function as EVP Growth and International Projects.                 
Cash dividend                                                                   
In line with the company`s policy to pay out 50 per cent of its earnings        
attributable to owners of the parent adjusted for impairments and after taking  
account of investment opportunities, an interim dividend has been declared for  
the 6 months period ending 30 June 2011 payable to shareholders as follows:     
Interim dividend number 75:                          100 SA cents per share     
Last date to trade cum- dividend:                    Friday, 26 August 2011     
Sterling and US dollar conversion date:              Monday, 29 August 2011     
Trading commences ex dividend:                       Monday, 29 August 2011     
Record date:                                         Friday, 2 September 2011   
Payment date:                                        Monday, 5 September 2011   
Share certificates may not be dematerialised or rematerialised between Monday,  
29 August 2011 and Friday, 2 September 2011, both dates inclusive.              
Outlook                                                                         
The production guidance provided on 18 February 2011 for the year ending        
December 2011 remains unchanged. Equivalent gold production is estimated at     
between 3.5 million and 3.7 million attributable ounces. Total cash cost is     
estimated at US$790 per ounce (R178,000 per kilogram) compared with US$760 per  
ounce (R175,000 per kilogram) provided in February. This is mainly due to an    
increase in fuel costs at the West Africa region, higher power costs at the     
South Africa and West Africa regions, higher wage costs than originally         
anticipated, an increase in the workers` participation of profits at Cerro      
Corona and increased royalties at all our operations due to the higher gold     
price. The NCE is estimated at US$1,190 per ounce (R268,000 per kilogram)       
compared with US$1,050 per ounce (R240,000 per kilogram) due to the increase in 
costs above together with significant investment in our growth projects, such as
Chucapaca, APP and the feasibility study at Greater Damang, given the rate at   
which these projects are progressing.  These growth projects, previously        
expensed, have reached a point where they are now being capitalised. These      
estimates are based on exchange rates of R/US$7.00 and US$/A$1.03 for the year  
as a whole which assumes R/US$7.14 for the remaining six months of the year. The
above is subject to an improved safety performance limiting the impact of safety
related stoppages and the forward looking statement on pages 1 and 27.          
Basis of accounting                                                             
The condensed consolidated preliminary financial information is prepared in     
accordance with IAS 34 Interim Financial Reporting and South African Statements 
and Interpretations of Statements of Generally Accepted Accounting Practice (AC 
500 series).  The accounting policies and disclosure requirements used in the   
preparation of this report are consistent with those applied in the previous    
financial year except for the adoption of applicable revised and/or new         
standards issued by the International Accounting Standards Board.               
N.J. Holland                                                                    
Chief Executive Officer                                                         
11 August 2011                                                                  
Income statement                                                                
International Financial Reporting Standards Basis                               
Figures are in millions unless otherwise stated                                 
                                                      Quarter                   
                                             June         March          June   
SOUTH AFRICAN RAND                                                              
2011          2011          2010   
Revenue                                    9,581.0       8,969.4       8,802.7  
Operating costs, net                     (5,124.2)     (4,878.4)     (5,064.7)  
- Operating costs                        (5,250.7)     (4,959.0)     (5,102.5)  
- Gold inventory change                      126.5          80.6          37.8  
Operating profit                           4,456.8       4,091.0       3,738.0  
Amortisation and depreciation            (1,277.2)     (1,240.0)     (1,368.2)  
Net operating profit                       3,179.6       2,851.0       2,369.8  
Net interest paid                           (31.5)        (40.9)        (33.4)  
Share of gain/(loss) of associates after                                        
taxation                                       0.8         (3.5)          86.2  
(Loss)/gain on foreign exchange             (19.0)           3.0           6.0  
Gain/(loss) on financial instruments          24.6           6.4          19.1  
Share-based payments                       (122.5)       (122.0)        (46.1)  
Other                                       (84.8)        (76.1)       (119.9)  
Exploration                                (213.5)       (138.5)       (185.5)  
Feasibility and evaluation costs            (17.2)        (27.3)             -  
Profit before royalties, taxation and                                           
non-recurring items                        2,716.5       2,452.1       2,096.2  
Non-recurring items                        (100.6)        (82.6)       (144.1)  
Profit before royalties and taxation       2,615.9       2,369.5       1,952.1  
Royalties                                  (236.4)       (164.6)       (220.8)  
Profit before taxation                     2,379.5       2,204.9       1,731.3  
Mining and income taxation                 (866.3)       (780.0)       (643.7)  
- Normal taxation                          (520.7)       (599.8)       (339.6)  
- Deferred taxation                        (345.6)       (180.2)       (304.1)  
Net profit                                 1,513.2       1,424.9       1,087.6  
Attributable to:                                                                
- Owners of the parent                     1,266.8       1,100.4         899.9  
- Non-controlling interest                   246.4         324.5         187.7  
Non-recurring items:                                                            
Profit on sale of investments                    -             -          63.8  
(Loss)/profit on sale of assets              (2.4)         (1.3)           0.5  
Restructuring costs                         (63.0)        (84.6)        (11.8)  
Gain on financial instruments                    -             -             -  
Impairment of investments                    (1.2)             -       (196.6)  
Other                                       (34.0)           3.3             -  
Total non-recurring items                  (100.6)        (82.6)       (144.1)  
Taxation                                      30.1          25.9         (7.0)  
Net non-recurring items after taxation      (70.5)        (56.7)       (151.1)  
Net earnings                               1,266.8       1,100.4         899.9  
Net earnings per share (cents)                 175           153           128  
Diluted earnings per share (cents)             174           151           125  
Headline earnings                          1,270.1       1,101.4       1,039.1  
Headline earnings per share (cents)            176           153           147  
Diluted headline earnings per share                                             
(cents)                                        174           151           145  
Net earnings excluding gains and losses                                         
on foreign exchange, financial                                                  
instruments, non-recurring items and                                            
share of gain/(loss) of associates after                                        
royalties and taxation                     1,326.4       1,151.7         945.4  
Net earnings per share excluding gains                                          
and losses on foreign exchange,                                                 
financial instruments, non-recurring                                            
items and share of gain/(loss) of                                               
associates after royalties and taxation                                         
(cents)                                        184           160           134  
Gold sold - managed       kg                29,371        28,775        30,623  
Gold price received       R/kg             326,206       311,708       287,454  
Total cash cost           R/kg             177,934       168,455       166,215  
                                                             Six months   to    
                                                           June          June   
SOUTH AFRICAN RAND                                                              
2011          2010   
Revenue                                                 18,550.4      16,082.6  
Operating costs, net                                  (10,002.6)     (9,774.5)  
- Operating costs                                     (10,209.7)     (9,860.8)  
- Gold inventory change                                    207.1          86.3  
Operating profit                                         8,547.8       6,308.1  
Amortisation and depreciation                          (2,517.2)     (2,507.5)  
Net operating profit                                     6,030.6       3,800.6  
Net interest paid                                         (72.4)        (78.1)  
Share of gain/(loss) of associates after taxation          (2.7)          90.3  
(Loss)/gain on foreign exchange                           (16.0)         (9.6)  
Gain/(loss) on financial instruments                        31.0         (5.9)  
Share-based payments                                     (244.5)       (167.0)  
Other                                                    (160.9)       (216.3)  
Exploration                                              (352.0)       (312.4)  
Feasibility and evaluation costs                          (44.5)             -  
Profit before royalties, taxation and non-recurring                             
items                                                    5,168.6       3,101.6  
Non-recurring items                                      (183.2)       (121.8)  
Profit before royalties and taxation                     4,985.4       2,979.8  
Royalties                                                (401.0)       (338.0)  
Profit before taxation                                   4,584.4       2,641.8  
Mining and income taxation                             (1,646.3)     (1,073.7)  
- Normal taxation                                      (1,120.5)       (495.0)  
- Deferred taxation                                      (525.8)       (578.7)  
Net profit                                               2,938.1       1,568.1  
Attributable to:                                                                
- Owners of the parent                                   2,367.2       1,215.6  
- Non-controlling interest                                 570.9         352.5  
Non-recurring items:                                                            
Profit on sale of investments                                  -          88.2  
(Loss)/profit on sale of assets                            (3.7)           1.4  
Restructuring costs                                      (147.6)        (13.5)  
Gain on financial instruments                                  -             -  
Impairment of investments                                  (1.2)       (197.9)  
Other                                                     (30.7)             -  
Total non-recurring items                                (183.2)       (121.8)  
Taxation                                                    56.0         (6.7)  
Net non-recurring items after taxation                   (127.2)       (128.5)  
Net earnings                                             2,367.2       1,215.6  
Net earnings per share (cents)                               328           172  
Diluted earnings per share (cents)                           325           169  
Headline earnings                                        2,371.5       1,331.1  
Headline earnings per share (cents)                          329           189  
Diluted headline earnings per share (cents)                  325           186  
Net earnings excluding gains and losses on foreign                              
exchange, financial                                                             
instruments, non-recurring items and share of                                   
gain/(loss) of associates after                                                 
royalties and taxation                                   2,478.1       1,265.5  
Net earnings per share excluding gains and losses on                            
foreign exchange,                                                               
financial instruments, non-recurring items and share                            
of gain/(loss) of                                                               
associates after royalties and taxation (cents)              344           179  
Gold sold - managed       kg                              58,146        58,028  
Gold price received       R/kg                           319,031       277,152  
Total cash cost           R/kg                           173,243       167,785  
Income statement                                                                
International Financial Reporting Standards Basis                               
Figures are in millions unless otherwise stated                                 
                                            Quarter                             
                                                 June       March        June   
UNITED STATES DOLLARS                                                           
2011        2011        2010   
Revenue                                        1,411.3     1,285.0     1,169.2  
Operating costs, net                           (754.9)     (699.0)     (673.1)  
- Operating costs                              (773.5)     (710.5)     (678.1)  
- Gold inventory change                           18.6        11.5         5.0  
Operating profit                                 656.4       586.0       496.1  
Amortisation and depreciation                  (188.2)     (177.7)     (181.7)  
Net operating profit                             468.2       408.3       314.4  
Net interest paid                                (4.6)       (5.9)       (4.4)  
Share of gain/(loss) of associates after                                        
taxation                                           0.1       (0.5)        11.4  
(Loss)/gain on foreign exchange                  (2.7)         0.4         0.8  
Gain/(loss) on financial instruments               3.6         0.9         2.4  
Share-based payments                            (18.0)      (17.5)       (6.3)  
Other                                           (12.8)      (10.6)      (15.9)  
Exploration                                     (31.3)      (19.9)      (24.7)  
Feasibility and evaluation costs                 (2.6)       (3.9)           -  
Profit before royalties, taxation and                                           
non-recurring items                              399.9       351.3       277.7  
Non-recurring items                             (14.8)      (11.8)      (18.6)  
Profit before royalties and taxation             385.1       339.5       259.1  
Royalties                                       (34.7)      (23.6)      (29.2)  
Profit before taxation                           350.4       315.9       229.9  
Mining and income taxation                     (127.6)     (111.7)      (85.5)  
- Normal taxation                               (77.0)      (85.9)      (45.1)  
- Deferred taxation                             (50.6)      (25.8)      (40.4)  
Net profit                                       222.8       204.2       144.4  
Attributable to:                                                                
- Owners of the parents                          186.3       157.7       119.5  
- Non-controlling interest                        36.5        46.5        24.9  
Non-recurring items:                                                            
Profit on sale of investments                        -           -         8.8  
(Loss)/profit on sale of assets                  (0.3)       (0.2)           -  
Restructuring costs                              (9.4)      (12.1)       (1.6)  
Gain on financial instruments                        -           -         0.1  
Impairment of investments                        (0.2)           -      (25.9)  
Other                                            (4.9)         0.5           -  
Total non-recurring items                       (14.8)      (11.8)      (18.6)  
Taxation                                           4.4         3.7       (1.0)  
Net non-recurring items after taxation          (10.4)       (8.1)      (19.6)  
Net earnings                                     186.3       157.7       119.5  
Net earnings per share (cents)                      26          22          17  
Diluted earnings per share (cents)                  25          22          17  
Headline earnings                                186.7       157.9       137.8  
Headline earnings per share (cents)                 26          22          20  
Diluted headline earnings per share (cents)         25          22          19  
Net earnings excluding gains and losses on                                      
foreign exchange, financial                                                     
instruments, non-recurring items and share of                                   
gain/(loss) of associates after                                                 
royalties and taxation                           195.2       165.0       125.4  
Net earnings per share excluding gains and                                      
losses on foreign exchange,                                                     
financial instruments, non-recurring items and                                  
share of gain/(loss) of                                                         
associates after royalties and taxation (cents)     27          23          18  
South African rand/United States dollar                                         
conversion rate                                   6.78        6.98        7.51  
South African rand/Australian dollar                                            
conversion rate                                   7.18        7.00        6.66  
Gold sold - managed       oz (000)                 944         925         985  
Gold price received       US$/oz                 1,496       1,389       1,191  
Total cash cost           US$/oz                   816         751         688  
                                               Six months to                    
June          June   
UNITED STATES DOLLARS                                                           
                                                           2011          2010   
Revenue                                                  2,696.3       2,140.4  
Operating costs, net                                   (1,453.9)     (1,300.7)  
- Operating costs                                      (1,484.0)     (1,312.2)  
- Gold inventory change                                     30.1          11.5  
Operating profit                                         1,242.4         839.7  
Amortisation and depreciation                            (365.9)       (333.7)  
Net operating profit                                       876.5         506.0  
Net interest paid                                         (10.5)        (10.3)  
Share of gain/(loss) of associates after taxation          (0.4)          11.9  
(Loss)/gain on foreign exchange                            (2.3)         (1.3)  
Gain/(loss) on financial instruments                         4.5         (1.0)  
Share-based payments                                      (35.5)        (22.4)  
Other                                                     (23.4)        (28.6)  
Exploration                                               (51.2)        (41.6)  
Feasibility and evaluation costs                           (6.5)             -  
Profit before royalties, taxation and non-recurring                             
items                                                      751.2         412.7  
Non-recurring items                                       (26.6)        (14.7)  
Profit before royalties and taxation                       724.6         398.0  
Royalties                                                 (58.3)        (44.8)  
Profit before taxation                                     666.3         353.2  
Mining and income taxation                               (239.3)       (143.2)  
- Normal taxation                                        (162.9)                
- Deferred taxation                                       (76.4)        (77.0)  
Net profit                                                 427.0         210.0  
Attributable to:                                                                
- Owners of the parents                                    344.0         163.2  
- Non-controlling interest                                  83.0          46.8  
Non-recurring items:                                                            
Profit on sale of investments                                  -          12.6  
(Loss)/profit on sale of assets                            (0.5)           0.2  
Restructuring costs                                       (21.5)         (1.8)  
Gain on financial instruments                                  -           0.4  
Impairment of investments                                  (0.2)        (26.1)  
Other                                                      (4.4)             -  
Total non-recurring items                                 (26.6)        (14.7)  
Taxation                                                     8.1         (1.1)  
Net non-recurring items after taxation                    (18.5)        (15.8)  
Net earnings                                               344.0         163.2  
Net earnings per share (cents)                                48            23  
Diluted earnings per share (cents)                            47            23  
Headline earnings                                          344.6         177.7  
Headline earnings per share (cents)                           48            25  
Diluted headline earnings per share (cents)                   47            25  
Net earnings excluding gains and losses on foreign                              
exchange, financial                                                             
instruments, non-recurring items and share of                                   
gain/(loss) of associates after                                                 
royalties and taxation                                     360.2         168.9  
Net earnings per share excluding gains and losses on                            
foreign exchange,                                                               
financial instruments, non-recurring items and share                            
of gain/(loss) of                                                               
associates after royalties and taxation (cents)               50            23  
South African rand/United States dollar conversion rate     6.88          7.51  
South African rand/Australian dollar conversion rate        7.09          6.71  
Gold sold - managed       oz (000)                         1,869         1,865  
Gold price received       US$/oz                           1,442         1,148  
Total cash cost           US$/oz                             783           696  
Statement of comprehensive income                                               
International Financial Reporting Standards Basis                               
Figures are in millions unless otherwise stated                                 
                                                          Quarter               
                                                 June       March        June   
SOUTH AFRICAN RAND                                                              
2011        2011        2010   
                                              1,513.2     1,424.9     1,087.6   
Net profit                                                                      
Other comprehensive income/(expenses), net of                                   
tax                                               89.2       397.1       170.4  
Marked to market valuation of listed                                            
investments                                     (23.7)        28.0        19.4  
Currency translation adjustments and other       114.8       367.3       155.8  
Share of equity investees other comprehensive                                   
loss                                                 -           -       (2.4)  
Deferred taxation on marked to market                                           
valuation of listed investments                  (1.9)         1.8       (2.4)  
Total comprehensive income                     1,602.4     1,822.0     1,258.0  
Attributable to:                                                                
- Owners of the parent                         1,355.5     1,497.2     1,066.1  
- Non-controlling interest                       246.9       324.8       191.9  
1,602.4     1,822.0     1,258.0   
                                                               Six months to    
                                                             June        June   
SOUTH AFRICAN RAND                                                              
2011        2010   
                                                          2,938.1     1,568.1   
Net profit                                                                      
Other comprehensive income/(expenses), net of tax            486.3     (385.7)  
Marked to market valuation of listed investments               4.3     (114.6)  
Currency translation adjustments and other                   482.1     (274.9)  
Share of equity investees other comprehensive loss               -       (2.5)  
Deferred taxation on marked to market valuation of listed                       
investments                                                  (0.1)         6.3  
Total comprehensive income                                 3,424.4     1,182.4  
Attributable to:                                                                
- Owners of the parent                                     2,852.7       831.2  
- Non-controlling interest                                   571.7       351.2  
                                                          3,424.4     1,182.4   
Statement of comprehensive income                                               
International Financial Reporting Standards Basis                               
Figures are in millions unless otherwise stated                                 
                                                         Quarter                
                                                 June       March        June   
UNITED STATES DOLLARS                                                           
2011        2011        2010   
Net profit                                       222.8       204.2       144.4  
Other comprehensive income/(expenses),                                          
net of tax                                        53.8     (110.4)     (154.0)  
Marked to market valuation of listed investments (3.4)         4.0         2.5  
Currency translation adjustments and other        57.5     (114.7)     (155.9)  
Share of equity investees other comprehensive                                   
loss                                                 -           -       (0.3)  
Deferred taxation on marked to market valuation                                 
of listed investments                            (0.3)         0.3       (0.3)  
Total comprehensive income                       276.6        93.8       (9.6)  
Attributable to:                                                                
- Owners of the parent                           233.3        58.2      (23.5)  
- Non-controlling interest                        43.3        35.6        13.9  
                                                276.6        93.8       (9.6)   
                                                                Six months to   
June       June   
UNITED STATES DOLLARS                                                           
                                                              2011       2010   
Net profit                                                    427.0      210.0  
Other comprehensive income/(expenses), net of tax            (56.6)        6.6  
Marked to market valuation of listed investments                0.6     (15.4)  
Currency translation adjustments and other                   (57.2)       21.4  
Share of equity investees other comprehensive loss                -      (0.3)  
Deferred taxation on marked to market valuation of listed                       
investments                                                       -        0.9  
Total comprehensive income                                    370.4      216.6  
Attributable to:                                                                
- Owners of the parent                                        291.5      166.4  
- Non-controlling interest                                     78.9       50.2  
                                                             370.4      216.6   
Statement of financial position                                                 
International Financial Reporting Standards Basis                               
Figures are in millions unless otherwise stated                                 
                                                           SOUTH AFRICAN RAND   
                                                            June     December   
2011         2010   
Property, plant and equipment                            55,843.0     53,249.8  
Goodwill                                                  4,458.9      4,458.9  
Non-current assets                                        1,168.8      1,137.9  
Investments                                               1,013.2      1,078.5  
Deferred taxation                                           705.0        753.1  
Current assets                                           10,668.0     11,136.1  
- Other current assets                                    6,323.0      5,672.3  
- Cash and deposits                                       4,345.0      5,463.8  
Total assets                                             73,856.9     71,814.3  
Shareholders equity                                      42,666.6     46,622.5  
Deferred taxation                                         8,404.1      7,814.5  
Long-term loans                                          10,831.9      7,671.9  
Environmental rehabilitation provisions                   2,393.0      2,271.2  
Post-retirement health care provisions                       18.0         18.0  
Other long term provisions                                  110.0        133.2  
Current liabilities                                       9,433.3      7,283.0  
- Other current liabilities                               5,712.7      5,516.8  
- Current portion of long-term loans                      3,720.6      1,766.2  
Total equity and liabilities                             73,856.9     71,814.3  
South African rand/US dollar conversion rate                                    
South African rand/Australian dollar conversion rate                            
Net debt                                                 10,207.5      3,974.3  
                                                        UNITED STATES DOLLARS   
June     December   
                                                            2011         2010   
Property, plant and equipment                             8,104.9      7,888.9  
Goodwill                                                    647.2        660.6  
Non-current assets                                          169.6        168.6  
Investments                                                 147.1        159.8  
Deferred taxation                                           102.3        111.6  
Current assets                                            1,548.3      1,649.8  
- Other current assets                                      917.7        840.3  
- Cash and deposits                                         630.6        809.5  
Total assets                                             10,719.4     10,639.3  
Shareholders equity                                       6,192.5      6,907.1  
Deferred taxation                                         1,219.8      1,157.7  
Long-term loans                                           1,572.1      1,136.6  
Environmental rehabilitation provisions                     347.3        336.5  
Post-retirement health care provisions                        2.6          2.7  
Other long term provisions                                   16.0         19.7  
Current liabilities                                       1,369.1      1,079.0  
- Other current liabilities                                 829.1        817.3  
- Current portion of long-term loans                        540.0        261.7  
Total equity and liabilities                             10,719.4     10,639.3  
South African rand/US dollar conversion rate                 6.89         6.75  
South African rand/Australian dollar conversion rate         7.23         6.77  
Net debt                                                  1,481.5        588.8  
Condensed statement of changes in equity                                        
International Financial Reporting Standards Basis                               
Figures are in millions unless otherwise stated                                 
                                         SOUTH AFRICAN RAND                     
Share capital        Other      Retained   
                                       and premium     reserves      earnings   
Balance as at 31 December 2010             31,560.6       (38.3)      12,019.8  
Total comprehensive income                        -        485.5       2,367.2  
Profit for the period                             -            -       2,367.2  
Other comprehensive income                        -        485.5             -  
Dividends paid                                    -            -       (505.8)  
Share-based payments                              -        244.5             -  
Loans received from non-controlling                                             
interest                                          -            -             -  
Purchase of non-controlling interest              -            -     (4,469.8)  
Treasury shares                              (81.4)            -             -  
Exercise of employee share options             19.7            -             -  
Balance as at 30 June 2011                 31,498.9        691.7       9,411.4  
                                                Non-controlling         Total   
                                                       interest        equity   
Balance as at 31 December 2010                           3,080.4      46,622.5  
Total comprehensive income                                 571.7       3,424.4  
Profit for the period                                      570.9       2,938.1  
Other comprehensive income                                   0.8         486.3  
Dividends paid                                            (15.1)       (520.9)  
Share-based payments                                           -         244.5  
Loans received from non-controlling interest                88.5          88.5  
Purchase of non-controlling interest                   (2,660.9)     (7,130.7)  
Treasury shares                                                -        (81.4)  
Exercise of employee share options                             -          19.7  
Balance as at 30 June 2011                               1,064.6      42,666.6  
                                                      UNITED STATES DOLLARS     
Share capital        Other     Retained   
                                        and premium     reserves     earnings   
Balance as at 31 December 2010               4,602.7        207.4      1,640.6  
Total comprehensive (expenses)/income              -       (52.5)        344.0  
Profit for the period                              -            -        344.0  
Other comprehensive expenses                       -       (52.5)            -  
Dividends paid                                     -            -       (73.2)  
Share-based payments                               -         35.5            -  
Loans received from non-controlling                                             
interest                                           -            -            -  
Purchase of non-controlling interest               -            -      (657.6)  
Treasury shares                               (11.8)            -            -  
Exercise of employee share options               2.9            -            -  
Balance as at 30 June 2011                   4,593.8        190.4      1,253.8  
                                                Non-controlling         Total   
                                                       interest        equity   
Balance as at 31 December 2010                             456.4       6,907.1  
Total comprehensive (expenses)/income                       78.9         370.4  
Profit for the period                                       83.0         427.0  
Other comprehensive expenses                               (4.1)        (56.6)  
Dividends paid                                             (2.2)        (75.4)  
Share-based payments                                           -          35.5  
Loans received from non-controlling interest                12.9          12.9  
Purchase of non-controlling interest                     (391.5)     (1,049.1)  
Treasury shares                                                -        (11.8)  
Exercise of employee share options                             -           2.9  
Balance as at 30 June 2011                                 154.5       6,192.5  
                                                        SOUTH AFRICAN RAND      
Share capital         Other     Retained   
                                       and premium      reserves     earnings   
Balance as at 31 December 2009             31,503.5     (1,252.6)     11,727.9  
Total comprehensive (expenses)/income             -       (384.4)      1,215.6  
Profit for the period                             -             -      1,215.6  
Other comprehensive expenses                      -       (384.4)            -  
Dividends paid                                    -             -      (353.0)  
Share-based payments                              -         167.0            -  
Loans repaid to non-controlling                                                 
interest                                          -             -            -  
Exercise of employee share options             18.9             -            -  
Balance as at 30 June 2010                 31,522.4     (1,470.0)     12,590.5  
Non-controlling        Total   
                                                        interest       equity   
Balance as at 31 December 2009                            2,746.4     44,725.2  
Total comprehensive (expenses)/income                       351.2      1,182.4  
Profit for the period                                       352.5      1,568.1  
Other comprehensive expenses                                (1.3)      (385.7)  
Dividends paid                                            (175.2)      (528.2)  
Share-based payments                                            -        167.0  
Loans repaid to non-controlling interest                  (116.4)      (116.4)  
Exercise of employee share options                              -         18.9  
Balance as at 30 June 2010                                2,806.0     45,448.9  
                                                        UNITED STATES DOLLARS   
Share capital        Other     Retained   
                                        and premium     reserves     earnings   
Balance as at 31 December 2009               4,594.8      (708.3)      1,600.9  
Total comprehensive income                         -          3.2        163.2  
Profit for the period                              -            -        163.2  
Other comprehensive income                         -          3.2            -  
Dividends paid                                     -            -       (45.5)  
Share-based payments                               -         22.4            -  
Loans repaid to non-controlling                                                 
interest                                           -            -            -  
Exercise of employee share options               2.5            -            -  
Balance as at 30 June 2010                   4,597.3      (682.7)      1,718.6  
Non-controlling       Total   
                                                         interest      equity   
Balance as at 31 December 2009                               359.0     5,846.4  
Total comprehensive income                                    50.2       216.6  
Profit for the period                                         46.8       210.0  
Other comprehensive income                                     3.4         6.6  
Dividends paid                                              (23.1)      (68.6)  
Share-based payments                                             -        22.4  
Loans repaid to non-controlling interest                    (15.4)      (15.4)  
Exercise of employee share options                               -         2.5  
Balance as at 30 June 2010                                   370.7     6,003.9  
Statement of cash flows                                                         
International Financial Reporting Standards Basis                               
Figures are in millions unless otherwise stated                                 
                                                 Quarter                        
                                             June         March          June   
SOUTH AFRICAN RAND                            2011          2011          2010  
                                          2,954.2       2,782.5       3,649.7   
Cash flows from operating activities                                            
Profit before royalties, tax and                                                
non-recurring items                        2,716.5       2,452.1       2,096.2  
Non-recurring items                        (100.6)        (82.6)       (144.1)  
Amortisation and depreciation              1,277.2       1,240.0       1,368.2  
South Deep BEE dividend paid                     -        (21.4)             -  
Change in working capital                     47.8       (290.6)         767.0  
Royalties and taxation paid                (984.9)       (662.0)       (545.5)  
Other non-cash items                         (1.8)         147.0         107.9  
Dividends paid                               (7.3)       (564.4)       (175.2)  
Ordinary shareholders                            -       (505.8)             -  
Non-controlling interest holders             (7.3)        (58.6)       (175.2)  
Cash flows from investing activities     (8,029.7)     (3,422.4)     (1,890.2)  
Capital expenditure - additions          (2,285.0)     (2,068.6)     (2,156.9)  
Capital expenditure - proceeds on                                               
disposal                                       8.2           8.7           2.4  
La Cima non-controlling interest buy-out (1,242.6)     (1,368.4)             -  
Ghana non-controlling interest buy-out   (4,519.7)             -             -  
Purchase of investments                          -         (0.7)         (3.6)  
Proceeds on disposal of investments           12.0          11.5         339.8  
Environmental and post-retirement health                                        
care payments                                (2.6)         (4.9)        (71.9)  
Cash flows from financing activities       2,795.2       2,277.8       (665.9)  
Loans received                             3,927.3       3,171.8       2,444.1  
Loans repaid                             (1,184.6)       (949.7)     (3,001.0)  
Non-controlling interest holders loans                                          
received                                      46.6          41.9             -  
Non-controlling interest holders loans                                          
repaid                                           -             -       (116.4)  
Shares issued                                  5.9          13.8           7.4  
Net cash (outflow)/inflow                (2,287.6)       1,073.5         918.4  
Translation adjustment                        29.4          65.9          47.2  
Cash at beginning of period                6,603.2       5,463.8       2,824.9  
Cash at end of period                      4,345.0       6,603.2       3,790.5  
*Cash flow before financing activities                                          
and dividend payments                    (5,075.5)       (639.9)       1,759.5  
                                                           Six months to        
                                                           June          June   
SOUTH AFRICAN RAND                                          2011          2010  
                                                        5,736.7       6,233.2   
Cash flows from operating activities                                            
Profit before royalties, tax and non-recurring items     5,168.6       3,101.6  
Non-recurring items                                      (183.2)       (121.8)  
Amortisation and depreciation                            2,517.2       2,507.5  
South Deep BEE dividend paid                              (21.4)             -  
Change in working capital                                (242.8)       1,472.8  
Royalties and taxation paid                            (1,646.9)       (936.2)  
Other non-cash items                                       145.2         209.3  
Dividends paid                                           (571.7)       (528.2)  
Ordinary shareholders                                    (505.8)       (353.0)  
Non-controlling interest holders                          (65.9)       (175.2)  
Cash flows from investing activities                  (11,452.1)     (3,644.4)  
Capital expenditure - additions                        (4,353.6)     (4,028.7)  
Capital expenditure - proceeds on disposal                  16.9           3.2  
La Cima non-controlling interest buy-out               (2,611.0)             -  
Ghana non-controlling interest buy-out                 (4,519.7)             -  
Purchase of investments                                    (0.7)        (50.9)  
Proceeds on disposal of investments                         23.5         511.8  
Environmental and post-retirement health care payments     (7.5)        (79.8)  
Cash flows from financing activities                     5,073.0        (88.1)  
Loans received                                           7,099.1       5,106.1  
Loans repaid                                           (2,134.3)     (5,096.7)  
Non-controlling interest holders loans received             88.5             -  
Non-controlling interest holders loans repaid                  -       (116.4)  
Shares issued                                               19.7          18.9  
Net cash (outflow)/inflow                              (1,214.1)       1,972.5  
Translation adjustment                                      95.3        (10.2)  
Cash at beginning of period                              5,463.8       1,828.2  
Cash at end of period                                    4,345.0       3,790.5  
*Cash flow before financing activities and dividend                             
payments                                               (5,715.4)       2,588.8  
                                                                 Quarter        
                                                 June       March        June   
UNITED STATES DOLLARS                             2011        2011        2010  
435.5       397.6       482.1   
Cash flows from operating activities                                            
Profit before royalties, tax and                                                
non-recurring items                              399.9       351.3       277.7  
Non-recurring items                             (14.8)      (11.8)      (18.6)  
Amortisation and depreciation                    188.2       177.7       181.7  
South Deep BEE dividend paid                         -       (3.1)           -  
Change in working capital                          6.3      (41.6)       100.9  
Royalties and taxation paid                    (144.1)      (96.0)      (73.6)  
Other non-cash items                                 -        21.1        14.0  
Dividends paid                                   (1.1)      (81.9)      (23.1)  
Ordinary shareholders                                -      (73.2)           -  
Non-controlling interest holders                 (1.1)       (8.7)      (23.1)  
Cash flows from investing activities         (1,185.1)     (492.1)     (239.7)  
Capital expenditure - additions                (336.4)     (296.4)     (286.5)  
Capital expenditure - proceeds on disposal         1.3         1.2         0.3  
La Cima non-controlling interest buy-out       (184.4)     (197.7)           -  
Ghana non-controlling interest buy-out         (667.0)           -           -  
Purchase of investments                              -       (0.1)       (0.4)  
Proceeds on disposal of investments                1.8         1.6        56.4  
Environmental and post-retirement health                                        
care payments                                    (0.4)       (0.7)       (9.5)  
Cash flows from financing activities             403.9       330.2      (88.0)  
Loans received                                   570.0       458.2       322.9  
Loans repaid                                   (173.8)     (136.1)     (396.5)  
Non-controlling interest holders loans                                          
received                                           6.8         6.1           -  
Non-controlling interest holders loans repaid        -           -      (15.4)  
Shares issued                                      0.9         2.0         1.0  
Net cash (outflow)/inflow                      (346.8)       153.8       131.3  
Translation adjustment                            23.2       (9.1)      (14.9)  
Cash at beginning of period                      954.2       809.5       384.3  
Cash at end of period                            630.6       954.2       500.7  
*Cash flow before financing activities and                                      
dividend payments                              (749.6)      (94.5)       242.4  
                                                            Six months to       
June        June   
UNITED STATES DOLLARS                                         2011        2010  
                                                            833.1       826.9   
Cash flows from operating activities                                            
Profit before royalties, tax and non-recurring items         751.2       412.7  
Non-recurring items                                         (26.6)      (14.7)  
Amortisation and depreciation                                365.9       333.7  
South Deep BEE dividend paid                                 (3.1)           -  
Change in working capital                                   (35.3)       192.5  
Royalties and taxation paid                                (240.1)     (123.9)  
Other non-cash items                                          21.1        26.6  
Dividends paid                                              (83.0)      (68.6)  
Ordinary shareholders                                       (73.2)      (45.5)  
Non-controlling interest holders                             (9.8)      (23.1)  
Cash flows from investing activities                     (1,677.2)     (473.8)  
Capital expenditure - additions                            (632.8)     (536.0)  
Capital expenditure - proceeds on disposal                     2.5         0.4  
La Cima non-controlling interest buy-out                   (382.1)           -  
Ghana non-controlling interest buy-out                     (667.0)           -  
Purchase of investments                                      (0.1)       (6.9)  
Proceeds on disposal of investments                            3.4        79.3  
Environmental and post-retirement health care payments       (1.1)      (10.6)  
Cash flows from financing activities                         734.1      (10.5)  
Loans received                                             1,028.2       677.8  
Loans repaid                                               (309.9)     (675.4)  
Non-controlling interest holders loans received               12.9           -  
Non-controlling interest holders loans repaid                    -      (15.4)  
Shares issued                                                  2.9         2.5  
Net cash (outflow)/inflow                                  (193.0)       274.0  
Translation adjustment                                        14.1      (12.3)  
Cash at beginning of period                                  809.5       239.0  
Cash at end of period                                        630.6       500.7  
*Cash flow before financing activities and dividend                             
payments                                                   (844.1)       353.1  
*Cash flow before financing activities is defined as the sum of cash flows from 
operating activities and cash flows from investing activities.                  
Reconciliation of headline earnings with net earnings                           
International Financial Reporting Standards Basis                               
Figures are in millions unless otherwise stated                                 
                                            SOUTH AFRICAN RAND                  
Quarter              
                                                 June       March        June   
                                                 2011        2011        2010   
Net earnings                                   1,266.8     1,100.4       899.9  
Profit on sale of investments                        -           -      (63.8)  
Taxation effect on sale of investments               -           -         6.9  
Loss/(profit) on sale of assets                    2.4         1.3       (0.5)  
Taxation effect on sale of assets                (0.3)       (0.3)           -  
Impairment of investments                          1.2           -       196.6  
Headline earnings                              1,270.1     1,101.4     1,039.1  
Headline earnings per share - cents                176         153         147  
                                                                Year to date    
June        June   
                                                             2011        2010   
Net earnings                                               2,367.2     1,215.6  
Profit on sale of investments                                    -      (88.2)  
Taxation effect on sale of investments                           -         6.9  
Loss/(profit) on sale of assets                                3.7       (1.4)  
Taxation effect on sale of assets                            (0.6)         0.3  
Impairment of investments                                      1.2       197.9  
Headline earnings                                          2,371.5     1,331.1  
Headline earnings per share - cents                            329         189  
Based on headline earnings as given above divided by 721,981,479 (March 2011 -  
720,785,806 and June 2010 - 705,826,038) being the weighted average number of   
ordinary shares in issue.                                                       
Reconciliation of headline earnings with net earnings                           
International Financial Reporting Standards Basis                               
Figures are in millions unless otherwise stated                                 
UNITED STATES DOLLARS                     
                                                            Quarter             
                                                   June       March      June   
                                                   2011        2011      2010   
Net earnings                                       186.3       157.7     119.5  
Profit on sale of investments                          -           -     (8.8)  
Taxation effect on sale of investments                 -           -       1.2  
Loss/(profit) on sale of assets                      0.3         0.2         -  
Taxation effect on sale of assets                  (0.1)           -         -  
Impairment of investments                            0.2           -      25.9  
Headline earnings                                  186.7       157.9     137.8  
Headline earnings per share - cents                   26          22        20  
Year to date      
                                                              June       June   
                                                              2011       2010   
Net earnings                                                  344.0      163.2  
Profit on sale of investments                                     -     (12.6)  
Taxation effect on sale of investments                            -        1.2  
Loss/(profit) on sale of assets                                 0.5      (0.2)  
Taxation effect on sale of assets                             (0.1)          -  
Impairment of investments                                       0.2       26.1  
Headline earnings                                             344.6      177.7  
Headline earnings per share - cents                              48         25  
Based on headline earnings as given above divided by 721,981,479 (March 2011 -  
720,785,806 and June 2010 - 705,826,038) being the weighted average number of   
ordinary shares in issue.                                                       
                             Hedging / Derivatives                              
The Groups policy is to remain unhedged to the gold price. 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.                                                  
There were no outstanding hedging or derivative as at the end of June 2011.     
                            Debt maturity ladder                                
Figures are in millions unless otherwise stated                  
                                  31 Dec 2011     31 Dec 2012     31 Dec 2013   
Committed loan facilities                                                       
(including US$ bond and preference                                              
shares)                                                                         
Rand million                                 -         1,000.0           500.0  
US dollar million                         40.0           557.0            48.0  
Dollar debt translated to rand           275.6         3,837.7           330.7  
Total (Rm)                               275.6         4,837.7           830.7  
Utilisation - Committed loan                                                    
facilities (including US$ bond and                                              
preference shares)                                                              
Rand million                                 -               -               -  
US dollar million                         40.0           540.0            40.0  
Dollar debt translated to rand           275.6         3,720.6           275.6  
Total (Rm)                               275.6         3,720.6           275.6  
Long-term loans per balance sheet                                               
(Rm)                                                                            
Current portion of long-term loans                                              
per balance sheet (Rm)                                                          
Total loans per balance sheet (Rm)                                              
                                                      1 Jan 2014                
                                                              to                
                                                     31 Dec 2020        Total   
Committed loan facilities (including US$ bond and                               
preference shares)                                                              
Rand million                                              1,500.0      3,000.0  
US dollar million                                         2,072.1      2,717.1  
Dollar debt translated to rand                           14,276.9     18,720.9  
Total (Rm)                                               15,776.9     21,720.9  
Utilisation - Committed loan facilities (including                              
US$ bond and                                                                    
preference shares)                                                              
Rand million                                                    -            -  
US dollar million                                         1,492.1      2,112.1  
Dollar debt translated to rand                           10,280.7     14,552.5  
Total (Rm)                                               10,280.7     14,552.5  
Long-term loans per balance sheet (Rm)                                10,831.9  
Current portion of long-term loans per balance sheet                            
(Rm)                                                                   3,720.6  
Total loans per balance sheet (Rm)                                    14,552.5  
Exchange rate: US$1 = R6.89 being the closing rate at the end of the June 2011  
quarter.                                                                        
Operating and financial results                                                 
SOUTH AFRICAN RAND                                                              
                                                          Total                 
                                                           Mine                 
                                                     Operations         Total   
Operating Results                                                               
Ore milled/treated (000 tonnes)   June 2011               15,187         4,408  
                                 March 2011              14,458         4,020   
                                 Year to date            29,645         8,428   
Yield (grams per tonne)           June 2011                  1.9           3.2  
                                 March 2011                 2.0           3.2   
                                 Year to date               2.0           3.2   
Gold produced (kilograms)         June 2011               29,357        13,889  
March 2011              28,646        12,784   
                                 Year to date            58,003        26,673   
Gold sold (kilograms)             June 2011               29,371        13,889  
                                 March 2011              28,775        12,784   
Year to date            58,146        26,673   
Gold price received (Rand per                                                   
kilogram)                         June 2011              326,206       328,778  
                                 March 2011             311,708       312,070   
Year to date           319,031       320,770   
Total cash cost (Rand per                                                       
kilogram)                         June 2011              177,934     220,261    
                                 March 2011             168,455       213,759   
Year to date           173,243       217,145   
Notional cash expenditure (Rand                                                 
per kilogram)                     June 2011              251,790       305,501  
                                 March 2011             241,716       295,494   
Year to date           246,815       300,705   
Operating costs (Rand per tonne)  June 2011                  346           697  
                                 March 2011                 343           692   
Financial Results (Rand million)  Year to date               344           695  
Revenue                           June 2011              9,581.0       4,566.4  
                                 March 2011             8,969.4       3,989.5   
                                 Year to date          18,550.4       8,555.9   
Net operating costs               June 2011            (5,124.2)     (3,074.0)  
March 2011           (4,878.4)     (2,782.7)   
                                 Year to date        (10,002.6)     (5,856.7)   
- Operating costs                 June 2011            (5,250.7)     (3,074.0)  
                                 March 2011           (4,959.0)     (2,782.7)   
Year to date        (10,209.7)     (5,856.7)   
- Gold inventory change           June 2011                126.5             -  
                                 March 2011                80.6             -   
                                 Year to date             207.1             -   
Operating profit                  June 2011              4,456.8       1,492.4  
                                 March 2011             4,091.0       1,206.8   
                                 Year to date           8,547.8       2,699.2   
Amortisation of mining assets     June 2011            (1,241.0)       (665.9)  
March 2011           (1,203.2)       (648.9)   
                                 Year to date         (2,444.2)     (1,314.8)   
Net operating profit              June 2011              3,215.8         826.5  
                                 March 2011             2,887.8         557.9   
Year to date           6,103.6       1,384.4   
Other expenses                    June 2011              (157.5)        (69.2)  
                                 March 2011             (126.3)        (61.9)   
                                 Year to date           (283.8)       (131.1)   
Profit before royalties and                                                     
taxation                          June 2011              3,058.3         757.3  
                                 March 2011             2,761.5         496.0   
                                 Year to date           5,819.8       1,253.3   
Royalties, mining and income                                                    
taxation                          June 2011            (1,043.5)       (240.2)  
                                 March 2011             (914.8)       (187.4)   
                                 Year to date         (1,958.3)       (427.6)   
- Normal taxation                 June 2011              (447.5)         (2.6)  
                                 March 2011             (573.1)        (44.6)   
                                 Year to date         (1,020.6)        (47.2)   
- Royalties                       June 2011              (236.4)        (42.3)  
March 2011             (164.6)        (35.3)   
                                 Year to date           (401.0)        (77.6)   
- Deferred taxation               June 2011              (359.6)       (195.3)  
                                 March 2011             (177.1)       (107.5)   
Year to date           (536.7)       (302.8)   
Profit before non-recurring items June 2011              2,014.8         517.1  
                                 March 2011             1,846.7         308.6   
                                 Year to date           3,861.5         825.7   
Non-recurring items               June 2011               (99.5)        (41.0)  
                                 March 2011              (81.8)        (41.6)   
                                 Year to date           (181.3)        (82.6)   
Net profit                        June 2011              1,915.3         476.1  
March 2011             1,764.9         267.0   
                                 Year to date           3,680.2         743.1   
Net profit excluding gains and                                                  
losses on foreign exchange,       June 2011              2,001.3         502.4  
financial instruments and                                                       
non-recurring items               March 2011             1,825.7         293.9  
                                 Year to date           3,827.0         796.3   
Capital Expenditure               June 2011            (2,141.1)     (1,169.1)  
March 2011           (1,965.2)       (994.9)   
                                 Year to date         (4,106.3)     (2,164.0)   
                                          South Africa Region                   
                                             KDC       Beatrix     South Deep   
Operating Results                                                               
Ore milled/treated                                                              
(000 tonnes)           June 2011            2,648         1,070            690  
                      March 2011           2,534           908            578   
Year to date         5,182         1,978          1,268   
Yield (grams per tonne)June 2011              3.2           2.8            3.4  
                      March 2011             3.2           2.5            4.0   
                      Year to date           3.2           2.7            3.7   
Gold produced                                                                   
(kilograms)            June 2011            8,475         3,048          2,366  
                      March 2011           8,169         2,314          2,301   
                      Year to date        16,644         5,362          4,667   
Gold sold (kilograms)  June 2011            8,475         3,048          2,366  
                      March 2011           8,169         2,314          2,301   
                      Year to date        16,644         5,362          4,667   
Gold price received                                                             
(Rand per kilogram)    June 2011          327,740       331,398        329,121  
                      March 2011         311,788       312,576        312,560   
                      Year to date       319,911       323,275        320,956   
Total cash cost (Rand                                                           
per kilogram)          June 2011          225,133       203,871        223,922  
                      March 2011         206,916       232,411        219,296   
                      Year to date       216,192       216,188        221,641   
Notional cash                                                                   
expenditure (Rand per                                                           
kilogram)              June 2011          290,289       255,118        424,894  
                      March 2011         264,341       300,173        401,391   
                      Year to date       277,553       274,562        413,306   
Operating costs (Rand                                                           
per tonne)             June 2011              723           584            773  
                      March 2011             679           605            887   
Financial Results                                                               
(Rand million)         Year to date           702           594            825  
Revenue                June 2011          2,777.6       1,010.1          778.7  
                      March 2011         2,547.0         723.3          719.2   
                      Year to date       5,324.6       1,733.4        1,497.9   
Net operating costs    June 2011        (1,915.4)       (625.2)        (533.4)  
                      March 2011       (1,720.9)       (549.4)        (512.4)   
                      Year to date     (3,636.3)     (1,174.6)      (1,045.8)   
- Operating costs      June 2011        (1,915.4)       (625.2)        (533.4)  
March 2011       (1,720.9)       (549.4)        (512.4)   
                      Year to date     (3,636.3)     (1,174.6)      (1,045.8)   
- Gold inventory changeJune 2011                -             -              -  
                      March 2011               -             -              -   
Year to date             -             -              -   
Operating profit       June 2011            862.2         384.9          245.3  
                      March 2011           826.1         173.9          206.8   
                      Year to date       1,688.3         558.8          452.1   
Amortisation of mining                                                          
assets                 June 2011          (401.1)       (139.0)        (125.8)  
                      March 2011         (413.0)        (97.6)        (138.3)   
                      Year to date       (814.1)       (236.6)        (264.1)   
Net operating profit   June 2011            461.1         245.9          119.5  
                      March 2011           413.1          76.3           68.5   
                      Year to date         874.2         322.2          188.0   
Other expenses         June 2011           (42.2)        (10.9)         (16.1)  
March 2011          (37.5)        (10.7)         (13.7)   
                      Year to date        (79.7)        (21.6)         (29.8)   
Profit before                                                                   
royalties and taxation June 2011            418.9         235.0          103.4  
March 2011           375.6          65.6           54.8   
                      Year to date         794.5         300.6          158.2   
Royalties, mining and                                                           
income taxation        June 2011          (114.5)        (86.8)         (38.9)  
March 2011         (137.3)        (24.7)         (25.4)   
                      Year to date       (251.8)       (111.5)         (64.3)   
- Normal taxation      June 2011            (2.6)             -              -  
                      March 2011          (43.9)         (0.7)              -   
Year to date        (46.5)         (0.7)              -   
- Royalties            June 2011           (33.3)         (5.1)          (3.9)  
                      March 2011          (28.1)         (3.6)          (3.6)   
                      Year to date        (61.4)         (8.7)          (7.5)   
- Deferred taxation    June 2011           (78.6)        (81.7)         (35.0)  
                      March 2011          (65.3)        (20.4)         (21.8)   
                      Year to date       (143.9)       (102.1)         (56.8)   
Profit before                                                                   
non-recurring items    June 2011            304.4         148.2           64.5  
                      March 2011           238.3          40.9           29.4   
                      Year to date         542.7         189.1           93.9   
Non-recurring items    June 2011           (23.9)         (6.0)         (11.1)  
March 2011          (18.8)        (12.2)         (10.6)   
                      Year to date        (42.7)        (18.2)         (21.7)   
Net profit             June 2011            280.5         142.2           53.4  
                      March 2011           219.5          28.7           18.8   
Year to date         500.0         170.9           72.2   
Net profit excluding                                                            
gains and losses on                                                             
foreign exchange,      June 2011            296.0         146.1           60.3  
financial instruments                                                           
and non-recurring                                                               
items                  March 2011           231.8          36.7           25.4  
                      Year to date         527.8         182.8           85.7   
Capital Expenditure    June 2011          (544.8)       (152.4)        (471.9)  
                      March 2011         (438.5)       (145.2)        (411.2)   
                      Year to date       (983.3)       (297.6)        (883.1)   
                             Operating and financial results                    
SOUTH AFRICAN RAND                               West Africa Region             
                                                            Ghana               
                                              Total        Tarkwa      Damang   
Operating                                                                       
Results                                                                         
Ore                                                                             
milled/treated (000                                                             
tonnes)         June 2011                      7,155         5,883       1,272  
March 2011                      7,053         5,803       1,250   
            Year to date                     14,208        11,686       2,522   
Yield (grams                                                                    
per tonne)      June 2011                        1.0           1.0         1.4  
March 2011                        1.1           1.0         1.4   
            Year to date                        1.1           1.0         1.4   
Gold                                                                            
produced                                                                        
(kilograms)     June 2011                      7,377         5,625       1,752  
              March 2011                      7,574         5,787       1,787   
            Year to date                     14,951        11,412       3,539   
Gold sold                                                                       
(kilograms)     June 2011                      7,377         5,625       1,752  
              March 2011                      7,574         5,787       1,787   
            Year to date                     14,951        11,412       3,539   
Gold price                                                                      
received                                                                        
(Rand per                                                                       
kilogram)       June 2011                    329,375       329,387     329,338  
              March 2011                    310,180       310,161     310,241   
Year to date                    319,651       319,637     319,695   
Total cash                                                                      
cost (Rand                                                                      
per                                                                             
kilogram)       June 2011                    122,841       116,302     143,836  
              March 2011                    116,887       104,234     157,862   
            Year to date                    119,825       110,182     150,918   
Notional                                                                        
cash                                                                            
expenditure                                                                     
(Rand per                                                                       
kilogram)       June 2011                    193,019       193,689     190,868  
March 2011                    210,496       195,542     258,926   
            Year to date                    201,873       194,628     225,233   
Operating                                                                       
costs (Rand                                                                     
per tonne)      June 2011                        134           125         174  
              March 2011                        143           127         221   
Financial                                                                       
Results                                                                         
(Rand                                                                           
million)     Year to date                        139           126         197  
Revenue         June 2011                    2,429.8       1,852.8       577.0  
              March 2011                    2,349.3       1,794.9       554.4   
Year to date                    4,779.1       3,647.7     1,131.4   
Net                                                                             
operating                                                                       
costs           June 2011                    (825.0)       (595.6)     (229.4)  
March 2011                    (850.8)       (576.4)     (274.4)   
            Year to date                  (1,675.8)     (1,172.0)     (503.8)   
- Operating                                                                     
costs           June 2011                    (957.0)       (735.5)     (221.5)  
March 2011                  (1,011.4)       (735.7)     (275.7)   
            Year to date                  (1,968.4)     (1,471.2)     (497.2)   
- Gold                                                                          
inventory                                                                       
change          June 2011                      132.0         139.9       (7.9)  
              March 2011                      160.6         159.3         1.3   
            Year to date                      292.6         299.2       (6.6)   
Operating                                                                       
profit          June 2011                    1,604.8       1,257.2       347.6  
              March 2011                    1,498.5       1,218.5       280.0   
            Year to date                    3,103.3       2,475.7       627.6   
Amortisation                                                                    
of mining                                                                       
assets          June 2011                    (211.8)       (174.6)      (37.2)  
              March 2011                    (222.4)       (180.6)      (41.8)   
            Year to date                    (434.2)       (355.2)      (79.0)   
Net                                                                             
operating                                                                       
profit          June 2011                    1,393.0       1,082.6       310.4  
              March 2011                    1,276.1       1,037.9       238.2   
Year to date                    2,669.1       2,120.5       548.6   
Other                                                                           
expenses        June 2011                     (56.0)        (39.6)      (16.4)  
              March 2011                     (30.9)        (21.8)       (9.1)   
Year to date                     (86.9)        (61.4)      (25.5)   
Profit                                                                          
before                                                                          
royalties                                                                       
and taxation    June 2011                    1,337.0       1,043.0       294.0  
              March 2011                    1,245.2       1,016.1       229.1   
            Year to date                    2,582.2       2,059.1       523.1   
Royalties,                                                                      
mining and                                                                      
income                                                                          
taxation        June 2011                    (458.6)       (359.9)      (98.7)  
              March 2011                    (414.1)       (335.2)      (78.9)   
Year to date                    (872.7)       (695.1)     (177.6)   
- Normal                                                                        
taxation        June 2011                    (259.7)       (209.4)      (50.3)  
              March 2011                    (320.2)       (291.9)      (28.3)   
Year to date                    (579.9)       (501.3)      (78.6)   
- Royalties     June 2011                    (122.1)        (93.1)      (29.0)  
              March 2011                     (70.5)        (53.9)      (16.6)   
            Year to date                    (192.6)       (147.0)      (45.6)   
- Deferred                                                                      
taxation        June 2011                     (76.8)        (57.4)      (19.4)  
              March 2011                     (23.4)          10.6      (34.0)   
            Year to date                    (100.2)        (46.8)      (53.4)   
Profit                                                                          
before                                                                          
non-recurring                                                                   
items           June 2011                      878.4         683.1       195.3  
March 2011                      831.1         680.9       150.2   
            Year to date                    1,709.5       1,364.0       345.5   
Non-recurring                                                                   
items           June 2011                     (42.3)         (8.5)      (33.8)  
March 2011                     (26.0)        (23.9)       (2.1)   
            Year to date                     (68.3)        (32.4)      (35.9)   
Net profit      June 2011                      836.1         674.6       161.5  
              March 2011                      805.1         657.0       148.1   
Year to date                    1,641.2       1,331.6       309.6   
Net profit                                                                      
excluding                                                                       
gains and                                                                       
losses on       June 2011                      881.5         690.2       191.3  
foreign                                                                         
exchange,                                                                       
financial                                                                       
instruments                                                                     
and            March 2011                      826.0         674.0       152.0  
non-recurring                                                                   
items        Year to date                    1,707.5       1,364.2       343.3  
Capital                                                                         
Expenditure     June 2011                    (466.9)       (354.0)     (112.9)  
              March 2011                    (582.9)       (395.9)     (187.0)   
            Year to date                  (1,049.8)       (749.9)     (299.9)   
South                 
SOUTH AFRICAN RAND                                       America                
                                                         Region                 
                                                           Peru                 
Cerro                 
                                                         Corona         Total   
Operating Results                                                               
Ore milled/treated (000 tonnes)            June 2011       1,717         1,907  
March 2011       1,582         1,803   
                                       Year to date       3,299         3,710   
Yield (grams per tonne)                    June 2011         1.8           2.6  
                                         March 2011         2.1           2.7   
Year to date         2.0           2.7   
Gold produced (kilograms)                  June 2011       3,143         4,948  
                                         March 2011       3,362         4,926   
                                       Year to date       6,505         9,874   
Gold sold (kilograms)                      June 2011       3,157         4,948  
                                         March 2011       3,491         4,926   
                                       Year to date       6,648         9,874   
Gold price received (Rand per kilogram)    June 2011     304,846       327,890  
March 2011     312,088       312,850   
                                       Year to date     308,649       320,387   
Total cash cost (Rand per kilogram)        June 2011      88,882       198,080  
                                         March 2011      86,823       188,023   
Year to date      87,801       193,063   
Notional cash expenditure (Rand per                                             
kilogram)                                  June 2011     114,604       275,788  
                                         March 2011     120,494       232,887   
Year to date     117,648       254,385   
Operating costs (Rand per tonne)           June 2011         148           506  
                                         March 2011         182           486   
Financial Results (Rand million)        Year to date         165           496  
Revenue                                    June 2011       962.4       1,622.4  
                                         March 2011     1,089.5       1,541.1   
                                       Year to date     2,051.9       3,163.5   
Net operating costs                        June 2011     (258.3)       (966.9)  
March 2011     (305.0)       (939.9)   
                                       Year to date     (563.3)     (1,906.8)   
- Operating costs                          June 2011     (254.7)       (965.0)  
                                         March 2011     (288.1)       (876.8)   
Year to date     (542.8)     (1,841.8)   
- Gold inventory change                    June 2011       (3.6)         (1.9)  
                                         March 2011      (16.9)        (63.1)   
                                       Year to date      (20.5)        (65.0)   
Operating profit                           June 2011       704.1         655.5  
                                         March 2011       784.5         601.2   
                                       Year to date     1,488.6       1,256.7   
Amortisation of mining assets              June 2011     (102.7)       (260.6)  
March 2011      (97.3)       (234.6)   
                                       Year to date     (200.0)       (495.2)   
Net operating profit                       June 2011       601.4         394.9  
                                         March 2011       687.2         366.6   
Year to date     1,288.6         761.5   
Other expenses                             June 2011      (22.2)        (10.1)  
                                         March 2011      (23.4)        (10.1)   
                                       Year to date      (45.6)        (20.2)   
Profit before royalties and taxation       June 2011       579.2         384.8  
                                         March 2011       663.8         356.5   
                                       Year to date     1,243.0         741.3   
Royalties, mining and income taxation      June 2011     (202.9)       (141.8)  
March 2011     (181.8)       (131.5)   
                                       Year to date     (384.7)       (273.3)   
- Normal taxation                          June 2011     (185.2)             -  
                                         March 2011     (208.3)             -   
Year to date     (393.5)             -   
- Royalties                                June 2011      (30.4)        (41.6)  
                                         March 2011      (19.9)         (38.9   
                                       Year to date      (50.3)        (80.5)   
- Deferred taxation                        June 2011        12.7       (100.2)  
                                         March 2011        46.4        (92.6)   
                                       Year to date        59.1       (192.8)   
Profit before non-recurring items          June 2011       376.3         243.0  
March 2011       482.0         225.0   
                                       Year to date       858.3         468.0   
Non-recurring items                        June 2011       (0.2)        (16.0)  
                                         March 2011       (1.3)        (12.9)   
Year to date       (1.5)        (28.9)   
Net profit                                 June 2011       376.1         227.0  
                                         March 2011       480.7         212.1   
                                       Year to date       856.8         439.1   
Net profit excluding gains and losses on   June 2011       376.3         241.1  
foreign exchange, financial instruments                                         
and                                       March 2011       481.6         224.2  
non-recurring items                     Year to date       857.9         465.3  
Capital Expenditure                        June 2011     (105.5)       (399.6)  
                                         March 2011     (117.0)       (270.4)   
                                       Year to date     (222.5)       (670.0)   
SOUTH AFRICAN RAND                                      Australasia Region #    
Australia               
                                                          St Ives       Agnew   
Operating Results                                                               
Ore milled/treated (000                                                         
tonnes)                                    June 2011         1,676         231  
                                         March 2011         1,619         184   
                                       Year to date         3,295         415   
Yield (grams per tonne)                    June 2011           2.0         6.8  
March 2011           2.3         6.4   
                                       Year to date           2.2         6.6   
Gold produced (kilograms)                  June 2011         3,379       1,569  
                                         March 2011         3,747       1,179   
Year to date         7,126       2,748   
Gold sold (kilograms)                      June 2011         3,379       1,569  
                                         March 2011         3,747       1,179   
                                       Year to date         7,126       2,748   
Gold price received                                                             
(Rand per kilogram)                        June 2011       327,079     329,637  
                                         March 2011       312,410     314,249   
                                       Year to date       319,366     323,035   
Total cash cost (Rand                                                           
per kilogram)                              June 2011       221,367     147,929  
                                         March 2011       193,541     170,483   
                                       Year to date       206,736     157,606   
Notional cash                                                                   
expenditure (Rand per                                                           
kilogram                 )                 June 2011       298,935     225,940  
                                         March 2011       224,393     259,881   
Year to date       259,739     240,502   
Operating costs (Rand                                                           
per tonne)                                 June 2011           438         996  
                                         March 2011           417       1,097   
Financial Results (Rand                                                         
million)                                Year to date           428       1,041  
Revenue                                    June 2011       1,105.2       517.2  
                                         March 2011       1,170.6       370.5   
Year to date       2,275.8       887.7   
Net operating costs                        June 2011       (740.2)     (226.7)  
                                         March 2011       (735.6)     (204.3)   
                                       Year to date     (1,475.8)     (431.0)   
- Operating costs                          June 2011       (734.9)     (230.1)  
                                         March 2011       (675.0)     (201.8)   
                                       Year to date     (1,409.9)     (431.9)   
- Gold inventory change                    June 2011         (5.3)         3.4  
March 2011        (60.6)       (2.5)   
                                       Year to date        (65.9)         0.9   
Operating profit                           June 2011         365.0       290.5  
                                         March 2011         435.0       166.2   
Year to date         800.0       456.7   
Amortisation of mining                                                          
assets                                     June 2011                            
                                         March 2011                             
Year to date                             
Net operating profit                       June 2011                            
                                         March 2011                             
                                       Year to date                             
Other expenses                             June 2011                            
                                         March 2011                             
                                       Year to date                             
Profit before royalties                                                         
and taxation                               June 2011                            
                                         March 2011                             
                                       Year to date                             
Royalties, mining and                                                           
income taxation                            June 2011                            
                                         March 2011                             
                                       Year to date                             
- Normal taxation                          June 2011                            
March 2011                             
                                       Year to date                             
- Royalties                                June 2011                            
                                         March 2011                             
Year to date                             
- Deferred taxation                        June 2011                            
                                         March 2011                             
                                       Year to date                             
Profit before                                                                   
non-recurring items                        June 2011                            
                                         March 2011                             
                                       Year to date                             
Non-recurring items                        June 2011                            
                                         March 2011                             
                                       Year to date                             
Net profit                                 June 2011                            
March 2011                             
                                       Year to date                             
Net profit excluding                                                            
gains and losses on                        June 2011                            
foreign exchange,                                                               
financial instruments                                                           
and                                       March 2011                            
non-recurring items                     Year to date                            
Capital Expenditure                        June 2011       (275.2)     (124.4)  
                                         March 2011       (165.8)     (104.6)   
                                       Year to date       (441.0)     (229.0)   
# As a significant portion of the acquisition price was allocated to tenements  
of St Ives and Agnew based 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.                                                                         
Operating and financial results                                                 
UNITED STATES DOLLARS                                                           
                                                            Total               
                                                             Mine               
Operations       Total   
Operating Results                                                               
Ore milled/treated (000 tonnes)        June 2011            15,187       4,408  
                                      March 2011           14,458       4,020   
Year to date         29,645       8,428   
Yield (ounces per tonne)               June 2011             0.062       0.101  
                                      March 2011            0.064       0.102   
                                      Year to date          0.063       0.102   
Gold produced (000 ounces)             June 2011             943.8       446.5  
                                      March 2011            921.0       411.0   
                                      Year to date        1,864.8       857.7   
Gold sold (000 ounces)                 June 2011             944.3       446.5  
March 2011            925.1       411.0   
                                      Year to date        1,869.4       857.7   
Gold price received (dollars per ounce)June 2011             1,496       1,508  
                                      March 2011            1,389       1,391   
Year to date          1,442       1,450   
Total cash cost (dollars per ounce)    June 2011               816       1,010  
                                      March 2011              751         953   
                                      Year to date            783         982   
Notional cash expenditure (dollars per                                          
ounce)                                 June 2011             1,155       1,401  
                                      March 2011            1,077       1,317   
                                      Year to date          1,116       1,359   
Operating costs (dollars per tonne)    June 2011                51         103  
                                      March 2011               49          99   
Financial Results ($ million)          Year to date             50         101  
Revenue                                June 2011           1,411.3       672.0  
March 2011          1,285.0       571.6   
                                      Year to date        2,696.3     1,243.6   
Net operating costs                    June 2011           (754.9)     (452.6)  
                                      March 2011          (699.0)     (398.7)   
Year to date      (1,453.9)     (851.3)   
- Operating costs                      June 2011           (773.5)     (452.6)  
                                      March 2011          (710.5)     (398.7)   
                                      Year to date      (1,484.0)     (851.3)   
- Gold inventory change                June 2011              18.6           -  
                                      March 2011             11.5           -   
                                      Year to date           30.1           -   
Operating profit                       June 2011             656.4       219.4  
March 2011            586.0       172.9   
                                      Year to date        1,242.4       392.3   
Amortisation of mining assets          June 2011           (182.9)      (98.1)  
                                      March 2011          (172.4)      (93.0)   
Year to date        (355.3)     (191.1)   
Net operating profit                   June 2011             473.5       121.3  
                                      March 2011            413.6        79.9   
                                      Year to date          887.2       201.2   
Other expenses                         June 2011            (23.2)      (10.2)  
                                      March 2011           (18.1)       (8.9)   
                                      Year to date         (41.3)      (19.1)   
Profit before royalties and taxation   June 2011             450.4       111.1  
March 2011            395.5        71.1   
                                      Year to date          845.9       182.2   
Royalties, mining and income taxation  June 2011           (153.6)      (35.3)  
                                      March 2011          (131.1)      (26.8)   
Year to date        (284.6)      (62.2)   
- Normal taxation                      June 2011            (66.2)       (0.5)  
                                      March 2011           (82.1)       (6.4)   
                                      Year to date        (148.3)       (6.9)   
- Royalties                            June 2011            (34.7)       (6.2)  
                                      March 2011           (23.6)       (5.1)   
                                      Year to date         (58.3)      (11.3)   
- Deferred taxation                    June 2011            (52.6)      (28.6)  
March 2011           (25.4)      (15.4)   
                                      Year to date         (78.0)      (44.0)   
Profit before non-recurring items      June 2011             296.8        75.8  
                                      March 2011            264.5        44.2   
Year to date          561.3       120.0   
Non-recurring items                    June 2011            (14.6)       (6.0)  
                                      March 2011           (11.7)       (6.0)   
                                      Year to date         (26.4)      (12.0)   
Net profit                             June 2011             282.2        69.8  
                                      March 2011            252.8        38.3   
                                      Year to date          534.9       108.0   
Net profit excluding gains and losses                                           
on foreign                             June 2011             294.7        73.6  
exchange, financial instruments and                                             
non-recurring                          March 2011            261.6        42.1  
items                                  Year to date          556.3       115.7  
Capital Expenditure                    June 2011           (315.3)     (172.0)  
                                      March 2011          (281.5)     (142.5)   
                                      Year to date        (596.8)     (314.5)   
                                       South Africa Region                      
KDC            Beatrix     South Deep   
Operating Results                                                               
Ore milled/treated                                                              
(000 tonnes)        June 2011          2,648              1,070            690  
March 2011         2,534                908            578   
                   Year to date       5,182              1,978          1,268   
Yield (ounces per                                                               
tonne)              June 2011          0.103              0.092          0.110  
March 2011         0.104              0.082          0.128   
                   Year to date       0.103              0.087          0.118   
Gold produced (000                                                              
ounces)             June 2011          272.5               98.0           76.1  
March 2011         262.6               74.4           74.0   
                   Year to date       535.1              172.4          150.0   
Gold sold (000                                                                  
ounces)             June 2011          272.5               98.0           76.1  
March 2011         262.6               74.4           74.0   
                   Year to date       535.1              172.4          150.0   
Gold price received                                                             
(dollars per ounce) June 2011          1,504              1,520          1,510  
March 2011         1,389              1,393          1,393   
                   Year to date       1,446              1,461          1,451   
Total cash cost                                                                 
(dollars per ounce) June 2011          1,033                935          1,027  
March 2011           922              1,036            977   
                   Year to date         977                977          1,002   
Notional cash                                                                   
expenditure                                                                     
(dollars per ounce) June 2011          1,332              1,170          1,949  
                   March 2011         1,178              1,338          1,789   
                   Year to date       1,255              1,241          1,868   
Operating costs                                                                 
(dollars per tonne) June 2011            107                 86            114  
                   March 2011            97                 87            127   
Financial Results                                                               
($ million)         Year to date         102                 86            120  
Revenue             June 2011          409.0              148.3          114.7  
                   March 2011         364.9              103.6          103.0   
                   Year to date       773.9              251.9          217.7   
Net operating costs June 2011        (282.0)             (92.0)         (78.6)  
March 2011       (246.5)             (78.7)         (73.4)   
                   Year to date     (528.5)            (170.7)        (152.0)   
- Operating costs   June 2011        (282.0)             (92.0)         (78.6)  
                   March 2011       (246.5)             (78.7)         (73.4)   
Year to date     (528.5)            (170.7)        (152.0)   
- Gold inventory                                                                
change              June 2011              -                  -              -  
                   March 2011             -                  -              -   
Year to date           -                  -              -   
Operating profit    June 2011          127.0               56.3           36.1  
                   March 2011         118.4               24.9           29.6   
                   Year to date       245.4               81.2           65.7   
Amortisation of                                                                 
mining assets       June 2011         (59.2)             (20.4)         (18.6)  
                   March 2011        (59.2)             (14.0)         (19.8)   
                   Year to date     (118.3)             (34.4)         (38.4)   
Net operating profitJune 2011           67.9               35.9           17.5  
                   March 2011          59.2               10.9            9.8   
                   Year to date       127.1               46.8           27.3   
Other expenses      June 2011          (6.2)              (1.6)          (2.4)  
March 2011         (5.4)              (1.5)          (2.0)   
                   Year to date      (11.6)              (3.1)          (4.3)   
Profit before                                                                   
royalties and                                                                   
taxation            June 2011            61.7              34.3           15.1  
                   March 2011          53.8                9.4            7.9   
                   Year to date       115.5               43.7           23.0   
Royalties, mining                                                               
and income taxation June 2011         (16.9)             (12.7)          (5.7)  
                   March 2011        (19.7)              (3.5)          (3.6)   
                   Year to date      (36.6)             (16.2)          (9.3)   
- Normal taxation   June 2011          (0.5)                  -              -  
March 2011         (6.3)              (0.1)              -   
                   Year to date       (6.8)              (0.1)              -   
- Royalties         June 2011          (4.9)              (0.7)          (0.6)  
                   March 2011         (4.0)              (0.5)          (0.5)   
Year to date       (8.9)              (1.3)          (1.1)   
- Deferred taxation June 2011         (11.6)             (11.9)          (5.1)  
                   March 2011         (9.4)              (2.9)          (3.1)   
                   Year to date      (20.9)             (14.8)          (8.3)   
Profit before                                                                   
non-recurring items June 2011           44.7               21.6            9.4  
                   March 2011          34.1                5.9            4.2   
                   Year to date        78.9               27.5           13.6   
Non-recurring items June 2011          (3.5)              (0.9)          (1.6)  
                   March 2011         (2.7)              (1.7)          (1.5)   
                   Year to date       (6.2)              (2.6)          (3.2)   
Net profit          June 2011           41.2               20.7            7.8  
March 2011          31.4                4.1            2.7   
                   Year to date        72.7               24.8           10.5   
Net profit                                                                      
excluding gains and                                                             
losses on foreign   June 2011           43.5               21.3            8.8  
exchange, financial                                                             
instruments and                                                                 
non-recurring       March 2011          33.2                5.3            3.6  
items               Year to date        76.7               26.6           12.5  
Capital Expenditure June 2011         (80.1)             (22.5)         (69.4)  
                   March 2011        (62.8)             (20.8)         (58.9)   
                   Year to date     (142.9)             (43.3)        (128.4)   
Average exchange rates were US$1 = R6.78 and US$1 = R6.98 for the June 2011 and 
March 2011 quarters respectively.                                               
The Australian dollar exchange rates were A$1 = R7.18 and A$1 = R7.00 for the   
June 2011 and the March 2011 quarters respectively.                             
Operating and financial results                      
UNITED STATES DOLLARS                                 West Africa Region        
                                                             Ghana              
                                          Total             Tarkwa     Damang   
Operating Results                                                               
Ore milled/treated         June 2011       7,155              5,883      1,272  
(000 tonnes)              March 2011       7,053              5,803      1,250  
                       Year to date      14,208             11,686      2,522   
Yield (ounces per tonne)   June 2011       0.033              0.031      0.044  
                         March 2011       0.035              0.032      0.046   
                       Year to date       0.034              0.031      0.045   
Gold produced (000                                                              
ounces)                    June 2011       237.2              180.8       56.3  
                         March 2011       243.5              186.1       57.5   
                       Year to date       480.6              366.9      113.8   
Gold sold (000 ounces)     June 2011       237.2              180.8       56.3  
March 2011       243.5              186.1       57.5   
                       Year to date       480.6              366.9      113.8   
Gold price received        June 2011       1,511              1,511      1,511  
(dollars per ounce)       March 2011       1,382              1,382      1,382  
Year to date       1,445              1,445      1,445   
Total cash cost            June 2011         564                534        660  
(dollars per ounce)       March 2011         521                464        703  
                       Year to date         542                498        682   
Notional cash                                                                   
expenditure                June 2011         885                889        876  
(dollars per ounce)       March 2011         938                871      1,154  
                       Year to date         913                880      1,018   
Operating costs            June 2011          20                 18         26  
(dollars per tonne)       March 2011          21                 18         32  
                       Year to date          20                 18         29   
Financial Results ($                                                            
million)                                                                        
Revenue                    June 2011       358.1              273.0       85.0  
                         March 2011       336.6              257.1       79.4   
                       Year to date       694.6              530.2      164.4   
Net operating costs        June 2011     (121.7)             (87.8)     (33.9)  
                         March 2011     (121.9)             (82.6)     (39.3)   
                       Year to date     (243.6)            (170.3)     (73.2)   
- Operating costs          June 2011     (141.2)            (108.4)     (32.8)  
March 2011     (144.9)            (105.4)     (39.5)   
                       Year to date     (286.1)            (213.8)     (72.3)   
- Gold inventory change    June 2011        19.5               20.7      (1.1)  
                         March 2011        23.0               22.8        0.2   
Year to date        42.5               43.5      (1.0)   
Operating profit           June 2011       236.4              185.3       51.1  
                         March 2011       214.7              174.6       40.1   
                       Year to date       451.1              359.8       91.2   
Amortisation of mining     June 2011      (31.2)             (25.8)      (5.5)  
Assets                    March 2011      (31.9)             (25.9)      (6.0)  
                       Year to date      (63.1)             (51.6)     (11.5)   
Net operating profit       June 2011       205.1              159.5       45.6  
March 2011       182.8              148.7       34.1   
                       Year to date       388.0              308.2       79.7   
Other expenses             June 2011       (8.2)              (5.8)      (2.4)  
                         March 2011       (4.4)              (3.1)      (1.3)   
Year to date      (12.6)              (8.9)      (3.7)   
Profit before royalties                                                         
and                        June 2011       196.9              153.7       43.2  
taxation                  March 2011       178.4              145.6       32.8  
Year to date       375.3              299.3       76.0   
Royalties, mining and                                                           
income                     June 2011      (67.5)             (53.0)     (14.5)  
taxation                  March 2011      (59.3)             (48.0)     (11.3)  
Year to date     (126.8)            (101.0)     (25.8)   
- Normal taxation          June 2011      (38.4)             (31.0)      (7.4)  
                         March 2011      (45.9)             (41.8)      (4.1)   
                       Year to date      (84.3)             (72.9)     (11.4)   
- Royalties                June 2011      (17.9)             (13.6)      (4.2)  
                         March 2011      (10.1)              (7.7)      (2.4)   
                       Year to date      (28.0)             (21.4)      (6.6)   
- Deferred taxation        June 2011      (11.2)              (8.3)      (2.9)  
March 2011       (3.4)                1.5      (4.9)   
                       Year to date      (14.6)              (6.8)      (7.8)   
Profit before              June 2011       129.4              100.7       28.7  
non-recurring items       March 2011       119.1               97.6       21.5  
Year to date       248.5              198.3       50.2   
Non-recurring items        June 2011       (6.2)              (1.3)      (4.9)  
                         March 2011       (3.7)              (3.4)      (0.3)   
                       Year to date       (9.9)              (4.7)      (5.2)   
Net profit                 June 2011       123.2               99.4       23.8  
                         March 2011       115.3               94.1       21.2   
                       Year to date       238.5              193.5       45.0   
Net profit excluding                                                            
gains and                  June 2011       129.8              101.7       28.1  
losses on foreign                                                               
exchange,                 March 2011       118.3               96.6       21.8  
financial instruments                                                           
and                     Year to date       248.2              198.3       49.9  
non-recurring items                                                             
Capital Expenditure        June 2011      (69.1)             (52.3)     (16.8)  
                         March 2011      (83.5)             (56.7)     (26.8)   
Year to date     (152.6)            (109.0)     (43.6)   
UNITED STATES DOLLARS                                      South America        
                                                           Region               
                                                             Peru               
Cerro               
                                                           Corona       Total   
Operating Results                                                               
Ore milled/treated                 June 2011                 1,717       1,907  
(000 tonnes)                      March 2011                 1,582       1,803  
                               Year to date                 3,299       3,710   
Yield (ounces per tonne)           June 2011                 0.059       0.083  
                                 March 2011                 0.068       0.088   
Year to date                 0.063       0.086   
Gold produced (000 ounces)         June 2011                 101.0       159.1  
                                 March 2011                 108.1       158.4   
                               Year to date                 209.1       317.5   
Gold sold (000 ounces)             June 2011                 101.5       159.1  
                                 March 2011                 112.2       158.4   
                               Year to date                 213.7       317.5   
Gold price received                June 2011                 1,398       1,504  
(dollars per ounce)               March 2011                 1,391       1,394  
                               Year to date                 1,395       1,448   
Total cash cost                    June 2011                   408         909  
(dollars per ounce)               March 2011                   387         838  
Year to date                   397         873   
Notional cash expenditure          June 2011                   526       1,265  
(dollars per ounce)               March 2011                   537       1,038  
                               Year to date                   532       1,150   
Operating costs                    June 2011                    22          75  
(dollars per tonne)               March 2011                    26          70  
                               Year to date                    24          72   
Financial Results ($ million)                                                   
Revenue                            June 2011                 142.2       239.0  
                                 March 2011                 156.1       220.8   
                               Year to date                 298.2       459.8   
Net operating costs                June 2011                (38.2)     (142.5)  
March 2011                (43.7)     (134.7)   
                               Year to date                (81.9)     (277.2)   
- Operating costs                  June 2011                (37.6)     (142.1)  
                                 March 2011                (41.3)     (125.6)   
Year to date                (78.9)     (267.7)   
- Gold inventory change            June 2011                 (0.6)       (0.4)  
                                 March 2011                 (2.4)       (9.0)   
                               Year to date                 (3.0)       (9.4)   
Operating profit                   June 2011                 104.0        96.5  
                                 March 2011                 112.4        86.1   
                               Year to date                 216.4       182.2   
Amortisation of mining             June 2011                (15.1)      (38.4)  
Assets                            March 2011                (13.9)      (33.6)  
                               Year to date                (29.1)      (72.0)   
Net operating profit               June 2011                  88.8        58.2  
                                 March 2011                  98.5        52.5   
Year to date                 187.3       110.7   
Other expenses                     June 2011                 (3.3)       (1.5)  
                                 March 2011                 (3.4)       (1.4)   
                               Year to date                 (6.6)       (2.9)   
Profit before royalties and        June 2011                  85.6        56.7  
Taxation                          March 2011                  95.1        51.1  
                               Year to date                 180.7       107.7   
Royalties, mining and income       June 2011                (29.9)      (20.9)  
taxation                          March 2011                (26.0)      (18.8)  
                               Year to date                (55.9)      (39.7)   
- Normal taxation                  June 2011                (27.4)           -  
                                 March 2011                (29.8)           -   
Year to date                (57.2)           -   
- Royalties                        June 2011                 (4.5)       (6.1)  
                                 March 2011                 (2.9)       (5.6)   
                               Year to date                 (7.3)      (11.7)   
- Deferred taxation                June 2011                   1.9      (14.8)  
                                 March 2011                   6.6      (13.3)   
                               Year to date                   8.6      (28.0)   
Profit before                      June 2011                  55.7        35.8  
non-recurring items               March 2011                  69.1        32.2  
                               Year to date                 124.8        68.0   
Non-recurring items                June 2011                             (2.4)  
                                 March 2011                 (0.2)       (1.8)   
Year to date                 (0.2)       (4.2)   
Net profit                         June 2011                  55.7        33.4  
                                 March 2011                  68.9        30.4   
                               Year to date                 124.5        63.8   
Net profit excluding gains and     June 2011                  55.7        35.5  
losses on foreign exchange,       March 2011                  69.0        32.1  
financial instruments and       Year to date                 124.7        67.6  
non-recurring items                                                             
Capital Expenditure                June 2011                (15.6)      (58.6)  
                                 March 2011                (16.8)      (38.7)   
                               Year to date                (32.3)      (97.4)   
UNITED STATES DOLLARS       Australasia Region              AUSTRALIAN DOLLARS  
Australia#                    
                                         St Ives            Agnew       Total   
Operating Results                                                               
Ore milled/treated          June 2011       1,676              231       1,907  
(000 tonnes)               March 2011       1,619              184       1,803  
                        Year to date       3,295              415       3,710   
Yield (ounces per tonne)    June 2011       0.065            0.218       0.083  
                          March 2011       0.074            0.206       0.088   
Year to date       0.070            0.213       0.086   
Gold produced (000                                                              
ounces)                     June 2011       108.7             50.4       159.1  
                          March 2011       120.5             37.9       158.4   
Year to date       229.1             88.4       317.5   
Gold sold (000 ounces)      June 2011       108.7             50.4       159.1  
                          March 2011       120.5             37.9       158.4   
                        Year to date       229.1             88.4       317.5   
Gold price received         June 2011       1,500            1,512       1,420  
(dollars per ounce)        March 2011       1,392            1,400      1,390   
                        Year to date       1,444            1,460       1,406   
Total cash cost             June 2011       1,015              679         858  
(dollars per ounce)        March 2011         862              760         835  
                        Year to date         935              713         847   
Notional cash expenditure   June 2011       1,371            1,037       1,195  
(dollars per ounce)        March 2011       1,000            1,158       1,035  
Year to date       1,174            1,087       1,116   
Operating costs             June 2011          65              147          70  
(dollars per tonne)        March 2011          60              157          69  
                        Year to date          62              151          70   
Financial Results ($                                                            
million)                                                                        
Revenue                     June 2011       163.1             75.9       226.0  
                          March 2011       167.7             53.1       220.2   
Year to date       330.8            129.0       446.2   
Net operating costs         June 2011     (109.1)           (33.4)     (134.7)  
                          March 2011     (105.4)           (29.3)     (134.3)   
                        Year to date     (214.5)           (62.6)     (268.9)   
- Operating costs           June 2011     (108.2)           (33.9)     (134.5)  
                          March 2011      (96.7)           (28.9)     (125.3)   
                        Year to date     (204.9)           (62.8)     (259.8)   
- Gold inventory change     June 2011       (0.9)              0.5       (0.2)  
March 2011       (8.7)            (0.4)       (9.0)   
                        Year to date       (9.6)              0.1       (9.2)   
Operating profit            June 2011        54.0             42.6        91.4  
                          March 2011        62.3             23.8        85.9   
Year to date       116.3             66.4       177.2   
Amortisation of mining      June 2011                                   (36.3)  
Assets                     March 2011                                   (33.5)  
                        Year to date                                   (69.8)   
Net operating profit        June 2011                                     55.0  
                          March 2011                                     52.4   
                        Year to date                                    107.4   
Other expenses              June 2011                                    (1.4)  
March 2011                                    (1.4)   
                        Year to date                                    (2.8)   
Profit before royalties                                                         
and                         June 2011                                     53.6  
taxation                   March 2011                                     50.9  
                        Year to date                                    104.6   
Royalties, mining and                                                           
income                      June 2011                                   (19.8)  
taxation                   March 2011                                   (18.8)  
                        Year to date                                   (38.5)   
- Normal taxation           June 2011                                        -  
                          March 2011                                        -   
Year to date                                        -   
- Royalties                 June 2011                                    (5.8)  
                          March 2011                                    (5.6)   
                        Year to date                                   (11.4)   
- Deferred taxation         June 2011                                   (14.0)  
                          March 2011                                   (13.2)   
                        Year to date                                   (27.2)   
Profit before               June 2011                                     33.9  
non-recurring items        March 2011                                     32.1  
                        Year to date                                     66.0   
Non-recurring items         June 2011                                    (2.2)  
                          March 2011                                    (1.8)   
Year to date                                    (4.1)   
Net profit                  June 2011                                     31.6  
                          March 2011                                     30.3   
                        Year to date                                     61.9   
Net profit excluding                                                            
gains and                   June 2011                                     33.6  
losses on foreign                                                               
exchange,                  March 2011                                     32.0  
financial instruments andYear to date                                     65.6  
non-recurring items                                                             
Capital Expenditure         June 2011      (40.3)           (18.3)      (55.9)  
                          March 2011      (23.8)           (15.0)      (38.6)   
Year to date      (64.1)           (33.3)      (94.5)   
                                                 Australasia Region#            
                                                           St Ives      Agnew   
Operating Results                                                               
Ore milled/treated                       June 2011            1,676        231  
(000 tonnes)                            March 2011            1,619        184  
                                     Year to date            3,295        415   
Yield (ounces per tonne)                 June 2011            0.065      0.218  
March 2011            0.074      0.206   
                                     Year to date            0.070      0.213   
Gold produced (000 ounces)               June 2011            108.7       50.4  
                                       March 2011            120.5       37.9   
Year to date            229.1       88.4   
Gold sold (000 ounces)                   June 2011            108.7       50.4  
                                       March 2011            120.5       37.9   
                                     Year to date            229.1       88.4   
Gold price received                      June 2011            1,417      1,428  
(dollars per ounce)                     March 2011            1,388      1,396  
                                     Year to date            1,401      1,417   
Total cash cost                          June 2011              959        641  
(dollars per ounce)                     March 2011              860        758  
                                     Year to date              907        691   
Notional cash expenditure                June 2011            1,295        979  
(dollars per ounce)                     March 2011              997      1,155  
Year to date            1,139      1,055   
Operating costs                          June 2011               61        139  
(dollars per tonne)                     March 2011               60        157  
                                     Year to date               60        147   
Financial Results ($ million)                                                   
Revenue                                  June 2011            153.8       72.3  
                                       March 2011            167.2       52.9   
                                     Year to date            321.0      125.2   
Net operating costs                      June 2011          (103.1)     (31.6)  
                                       March 2011          (105.1)     (29.2)   
                                     Year to date          (208.2)     (60.8)   
- Operating costs                        June 2011          (102.4)     (32.1)  
March 2011           (96.4)     (28.8)   
                                     Year to date          (198.9)     (60.9)   
- Gold inventory change                  June 2011            (0.6)        0.5  
                                       March 2011            (8.7)      (0.4)   
Year to date            (9.3)        0.1   
Operating profit                         June 2011             50.7       40.7  
                                       March 2011             62.1       23.7   
                                     Year to date            112.8       64.4   
Amortisation of mining                   June 2011                              
Assets                                  March 2011                              
                                     Year to date                               
Net operating profit                     June 2011                              
March 2011                               
                                     Year to date                               
Other expenses                           June 2011                              
                                       March 2011                               
Year to date                               
Profit before royalties and              June 2011                              
Taxation                                March 2011                              
                                     Year to date                               
Royalties, mining and income             June 2011                              
taxation                                March 2011                              
                                     Year to date                               
- Normal taxation                        June 2011                              
March 2011                               
                                     Year to date                               
- Royalties                              June 2011                              
                                       March 2011                               
Year to date                               
- Deferred taxation                      June 2011                              
                                       March 2011                               
                                     Year to date                               
Profit before                            June 2011                              
non-recurring items                     March 2011                              
                                     Year to date                               
Non-recurring items                      June 2011                              
March 2011                               
                                     Year to date                               
Net profit                               June 2011                              
                                       March 2011                               
Year to date                               
Net profit excluding gains and           June 2011                              
losses on foreign exchange,             March 2011                              
financial instruments and             Year to date                              
non-recurring items                                                             
Capital Expenditure                      June 2011           (38.5)     (17.4)  
                                       March 2011           (23.7)     (14.9)   
                                     Year to date           (62.2)     (32.3)   
# 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.                          
Total cash cost                                                                 
Gold Industry Standards Basis                                                   
Figures are in South African rand millions unless otherwise stated              
                                                          Total                 
                                                           Mine                 
                                                     Operations         Total   
Operating costs(1)                      June 2011      (5,250.7)     (3,074.0)  
                                      March 2011      (4,959.0)     (2,782.7)   
                                    Year to date     (10,209.7)     (5,856.7)   
Gold-in-process and                     June 2011          114.7             -  
inventory change*                      March 2011           75.6             -  
                                    Year to date          190.3             -   
Less:                                   June 2011         (27.3)        (17.3)  
Rehabilitation costs                   March 2011         (24.1)        (17.3)  
Year to date         (51.4)        (34.6)   
General and admin                       June 2011        (119.0)        (39.8)  
                                      March 2011        (176.6)        (68.0)   
                                    Year to date        (295.6)       (107.8)   
Plus:                                   June 2011        (236.4)        (42.3)  
Royalties                              March 2011        (164.6)        (35.3)  
                                    Year to date        (401.0)        (77.6)   
TOTAL CASH COST(2)                      June 2011      (5,226.1)     (3,059.2)  
March 2011      (4,847.3)     (2,732.7)   
                                    Year to date     (10,073.4)     (5,791.9)   
Plus:                                   June 2011      (1,229.2)       (665.9)  
Amortisation*                          March 2011      (1,198.2)       (648.9)  
Year to date      (2,427.4)     (1,314.8)   
Rehabilitation                          June 2011         (27.3)        (17.3)  
                                      March 2011         (24.1)        (17.3)   
                                    Year to date         (51.4)        (34.6)   
TOTAL PRODUCTION(3)                     June 2011      (6,482.6)     (3,742.4)  
COST                                   March 2011      (6,069.6)     (3,398.9)  
                                    Year to date     (12,552.2)     (7,141.3)   
Gold sold                               June 2011          944.3         446.5  
- thousand ounces                      March 2011          925.1         411.0  
                                    Year to date        1,869.4         857.7   
TOTAL CASH COST                         June 2011            816         1,010  
- US$/oz                               March 2011            751           953  
Year to date            783           982   
TOTAL CASH COST                         June 2011        177,934       220,261  
- R/kg                                 March 2011        168,455       213,759  
                                    Year to date        173,243       217,145   
TOTAL PRODUCTION                        June 2011          1,013         1,236  
COST - US$/oz                          March 2011            940         1,185  
                                    Year to date            976         1,210   
TOTAL PRODUCTION                        June 2011        220,714       269,451  
COST - R/kg                            March 2011        210,933       265,871  
                                    Year to date        215,874       267,735   
                                                 South Africa Region            
                                                                        South   
KDC       Beatrix          Deep   
Operating costs(1)         June 2011     (1,915.4)       (625.2)       (533.4)  
                         March 2011     (1,720.9)       (549.4)       (512.4)   
                       Year to date     (3,636.3)     (1,174.6)     (1,045.8)   
Gold-in-process and        June 2011             -             -             -  
inventory change*         March 2011             -             -             -  
                       Year to date             -             -             -   
Less:                      June 2011        (12.4)         (3.6)         (1.3)  
Rehabilitation costs      March 2011        (12.4)         (3.6)         (1.3)  
                       Year to date        (24.8)         (7.2)         (2.6)   
General and admin          June 2011        (28.3)         (5.3)         (6.2)  
                         March 2011        (46.3)        (11.6)        (10.1)   
Year to date        (74.6)        (16.9)        (16.3)   
Plus:                      June 2011        (33.3)         (5.1)         (3.9)  
Royalties                 March 2011        (28.1)         (3.6)         (3.6)  
                       Year to date        (61.4)         (8.7)         (7.5)   
TOTAL CASH COST(2)         June 2011     (1,908.0)       (621.4)       (529.8)  
                         March 2011     (1,690.3)       (537.8)       (504.6)   
                       Year to date     (3,598.3)     (1,159.2)     (1,034.4)   
Plus:                      June 2011       (401.1)       (139.0)       (125.8)  
Amortisation*             March 2011       (413.0)        (97.6)       (138.3)  
                       Year to date       (814.1)       (236.6)       (264.1)   
Rehabilitation             June 2011        (12.4)         (3.6)         (1.3)  
                         March 2011        (12.4)         (3.6)         (1.3)   
Year to date        (24.8)         (7.2)         (2.6)   
TOTAL PRODUCTION(3)        June 2011     (2,321.5)       (764.0)       (656.9)  
COST                      March 2011     (2,115.7)       (639.0)       (644.2)  
                       Year to date     (4,437.2)     (1,403.0)     (1,301.1)   
Gold sold                  June 2011         272.5          98.0          76.1  
- thousand ounces         March 2011         262.6          74.4          74.0  
                       Year to date         535.1         172.4         150.0   
TOTAL CASH COST            June 2011         1,033           935         1,027  
- US$/oz                  March 2011           922         1,036           977  
                       Year to date           977           977         1,002   
TOTAL CASH COST            June 2011       225,133       203,871       223,922  
- R/kg                    March 2011       206,916       232,411       219,296  
Year to date       216,192       216,188       221,641   
TOTAL PRODUCTION           June 2011         1,257         1,150         1,274  
COST - US$/oz             March 2011         1,154         1,231         1,248  
                       Year to date         1,205         1,183         1,260   
TOTAL PRODUCTION           June 2011       273,923       250,656       277,642  
COST - R/kg               March 2011       258,991       276,145       279,965  
                       Year to date       266,595       261,656       278,787   
                                                   West Africa Region           
Ghana               
                                              Total        Tarkwa      Damang   
Operating costs(1)           June 2011       (957.0)       (735.5)     (221.5)  
                           March 2011     (1,011.4)       (735.7)     (275.7)   
Year to date     (1,968.4)     (1,471.2)     (497.2)   
Gold-in-process and          June 2011         107.1         115.7       (8.6)  
inventory change*           March 2011         133.4         130.5         2.9  
                         Year to date         240.5         246.2       (5.7)   
Less:                        June 2011         (4.8)         (4.2)       (0.6)  
Rehabilitation costs        March 2011         (1.6)         (1.1)       (0.5)  
                         Year to date         (6.4)         (5.3)       (1.1)   
General and admin            June 2011        (61.0)        (54.5)       (6.5)  
March 2011        (61.6)        (54.8)       (6.8)   
                         Year to date       (122.6)       (109.3)      (13.3)   
Plus:                        June 2011       (122.1)        (93.1)      (29.0)  
Royalties                   March 2011        (70.5)        (53.9)      (16.6)  
Year to date       (192.6)       (147.0)      (45.6)   
TOTAL CASH COST(2)           June 2011       (906.2)       (654.2)     (252.0)  
                           March 2011       (885.3)       (603.2)     (282.1)   
                         Year to date     (1,791.5)     (1,257.4)     (534.1)   
Plus:                        June 2011       (186.9)       (150.4)      (36.5)  
Amortisation*               March 2011       (195.2)       (151.8)      (43.4)  
                         Year to date       (382.1)       (302.2)      (79.9)   
Rehabilitation               June 2011         (4.8)         (4.2)       (0.6)  
March 2011         (1.6)         (1.1)       (0.5)   
                         Year to date         (6.4)         (5.3)       (1.1)   
TOTAL PRODUCTION(3)          June 2011     (1,097.9)       (808.8)     (289.1)  
COST                        March 2011     (1,082.1)       (756.1)     (326.0)  
Year to date     (2,180.0)     (1,564.9)     (615.1)   
Gold sold                    June 2011         237.2         180.8        56.3  
- thousand ounces           March 2011         243.5         186.1        57.5  
                         Year to date         480.6         366.9       113.8   
TOTAL CASH COST              June 2011           564           534         660  
- US$/oz                    March 2011           521           464         703  
                         Year to date           542           498         682   
TOTAL CASH COST              June 2011       122,841       116,302     143,836  
- R/kg                      March 2011       116,887       104,234     157,862  
                         Year to date       119,825       110,182     150,918   
TOTAL PRODUCTION             June 2011           683           660         757  
COST - US$/oz               March 2011           637           582         813  
Year to date           659           620         786   
TOTAL PRODUCTION             June 2011       148,827       143,787     165,011  
COST - R/kg                 March 2011       142,870       130,655     182,429  
                         Year to date       145,810       137,128     173,806   
South                 
                                                        America                 
                                                         Region                 
                                                           Peru                 
Cerro                 
                                                         Corona         Total   
Operating costs(1)                         June 2011     (254.7)       (965.0)  
                                         March 2011     (288.1)       (876.8)   
Year to date     (542.8)     (1,841.8)   
Gold-in-process and                        June 2011         8.9         (1.3)  
inventory change*                         March 2011      (11.6)        (46.2)  
                                       Year to date       (2.7)        (47.5)   
Less:                                      June 2011       (0.8)         (4.4)  
Rehabilitation costs                      March 2011       (0.9)         (4.3)  
                                       Year to date       (1.7)         (8.7)   
General and admin                          June 2011         5.2        (23.4)  
March 2011      (15.6)        (31.4)   
                                       Year to date      (10.4)        (54.8)   
Plus:                                      June 2011      (30.4)        (41.6)  
Royalties                                 March 2011      (19.9)        (38.9)  
Year to date      (50.3)        (80.5)   
TOTAL CASH COST(2)                         June 2011     (280.6)       (980.1)  
                                         March 2011     (303.1)       (926.2)   
                                       Year to date     (583.7)     (1,906.3)   
Plus:                                      June 2011     (115.2)       (261.2)  
Amortisation*                             March 2011     (102.6)       (251.5)  
                                       Year to date     (217.8)       (512.7)   
Rehabilitation                             June 2011       (0.8)         (4.4)  
March 2011       (0.9)         (4.3)   
                                       Year to date       (1.7)         (8.7)   
TOTAL PRODUCTION(3)                        June 2011     (396.6)     (1,245.7)  
COST                                      March 2011     (406.6)     (1,182.0)  
Year to date     (803.2)     (2,427.7)   
Gold sold                                  June 2011       101.5         159.1  
- thousand ounces                         March 2011       112.2         158.4  
                                       Year to date       213.7         317.5   
TOTAL CASH COST                            June 2011         408           909  
- US$/oz                                  March 2011         387           838  
                                       Year to date         397           873   
TOTAL CASH COST                            June 2011      88,882       198,080  
- R/kg                                    March 2011      86,823       188,023  
                                       Year to date      87,801       193,063   
TOTAL PRODUCTION                           June 2011         576         1,155  
COST - US$/oz                             March 2011         519         1,069  
Year to date         546         1,112   
TOTAL PRODUCTION                           June 2011     125,626       251,758  
COST - R/kg                               March 2011     116,471       239,951  
                                       Year to date     120,818       245,868   
Australasia Region                
                                                Australia                       
                                                          St Ives       Agnew   
Operating costs(1)                      June 2011          (734.9)     (230.1)  
March 2011         (675.0)     (201.8)   
                                       Year to date     (1,409.9)     (431.9)   
Gold-in-process and                     June 2011            (3.9)         2.6  
inventory change*                       March 2011          (44.3)       (1.9)  
Year to date        (48.2)         0.7   
Less:                                   June 2011            (3.5)       (0.9)  
Rehabilitation costs                    March 2011           (3.5)       (0.8)  
                                       Year to date         (7.0)       (1.7)   
General and admin                       June 2011           (15.3)       (8.1)  
                                       March 2011          (20.2)      (11.2)   
                                       Year to date        (35.5)      (19.3)   
Plus:                                   June 2011           (28.0)      (13.6)  
Royalties                               March 2011          (29.6)       (9.3)  
                                       Year to date        (57.6)      (22.9)   
TOTAL CASH COST(2)                      June 2011          (748.0)     (232.1)  
                                       March 2011         (725.2)     (201.0)   
Year to date     (1,473.2)     (433.1)   
Plus:                                   June 2011                               
Amortisation*                           March 2011                              
                                       Year to date                             
Rehabilitation                          June 2011                               
                                       March 2011                               
                                       Year to date                             
TOTAL PRODUCTION(3)                     June 2011                               
COST                                    March 2011                              
                                       Year to date                             
Gold sold                               June 2011            108.7        50.4  
- thousand ounces                       March 2011           120.5        37.9  
Year to date         229.1        88.4   
TOTAL CASH COST                         June 2011            1,015         679  
- US$/oz                                March 2011             862         760  
                                       Year to date           935         713   
TOTAL CASH COST                         June 2011          221,367     147,929  
- R/kg                                  March 2011         193,541     170,483  
                                       Year to date       206,736     157,606   
TOTAL PRODUCTION                        June 2011                               
COST - US$/oz                           March 2011                              
                                       Year to date                             
TOTAL PRODUCTION                        June 2011                               
COST - R/kg                             March 2011                              
Year to date                             
DEFINITIONS                                                                     
Total cash cost and Total production cost 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 non-recurring
items.                                                                          
(2) Total cash cost - Operating costs less off-mine costs, which include general
and administration costs, as detailed in the table above.                       
(3) Total production cost - Total cash cost 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 were US$1 = R6.78 and US$1 = R6.98 for the June 2011 and 
March 2011 quarters respectively.                                               
Capital expenditure##                                                           
Figures are in South African rand millions unless otherwise stated              
                                                     Total Mine                 
                                                     Operations                 
                                                                        Total   
Sustaining capital                      June 2011      (1,009.9)       (151.0)  
                                      March 2011        (983.1)       (110.7)   
                                    Year to date      (1,993.0)       (261.7)   
Ore reserve                             June 2011        (546.2)       (546.2)  
development                            March 2011        (473.0)       (473.0)  
                                    Year to date      (1,019.2)     (1,019.2)   
Project capital#                        June 2011        (622.4)       (471.9)  
                                      March 2011        (515.9)       (411.2)   
Year to date      (1,138.3)       (883.1)   
Brownfields                             June 2011        (106.5)             -  
Exploration                            March 2011         (96.6)             -  
                                    Year to date        (203.1)             -   
Total capital                           June 2011      (2,285.0)     (1,169.1)  
expenditure                            March 2011      (2,068.6)       (994.9)  
                                    Year to date      (4,353.6)     (2,164.0)   
                                       South Africa Region                      
South   
                                                  KDC     Beatrix        Deep   
Sustaining capital               June 2011     (108.9)      (42.1)           -  
                               March 2011      (58.5)      (52.2)           -   
Year to date     (167.4)      (94.3)           -   
Ore reserve                      June 2011     (435.9)     (110.3)           -  
development                     March 2011     (380.0)      (93.0)           -  
                             Year to date     (815.9)     (203.3)           -   
Project capital#                 June 2011           -           -     (471.9)  
                               March 2011           -           -     (411.2)   
                             Year to date           -           -     (883.1)   
Brownfields                      June 2011           -           -           -  
Exploration                     March 2011           -           -           -  
                             Year to date           -           -           -   
Total capital                    June 2011     (544.8)     (152.4)     (471.9)  
expenditure                     March 2011     (438.5)     (145.2)     (411.2)  
Year to date     (983.3)     (297.6)     (883.1)   
                                            West Africa Region                  
                                                      Ghana                     
                                                Total      Tarkwa      Damang   
Sustaining capital             June 2011       (439.1)     (354.0)      (85.1)  
                             March 2011       (554.8)     (395.9)     (158.9)   
                           Year to date       (993.9)     (749.9)     (244.0)   
Ore reserve                    June 2011             -           -           -  
development                   March 2011             -           -           -  
                           Year to date             -           -           -   
Project capital#               June 2011             -           -           -  
                             March 2011             -           -           -   
Year to date             -           -           -   
Brownfields                    June 2011        (27.8)           -      (27.8)  
Exploration                   March 2011        (28.1)           -      (28.1)  
                           Year to date        (55.9)           -      (55.9)   
Total capital                  June 2011       (466.9)     (354.0)     (112.9)  
expenditure                   March 2011       (582.9)     (395.9)     (187.0)  
                           Year to date     (1,049.8)     (749.9)     (299.9)   
                                                            South               
America               
                                                           Region               
                                                             Peru               
                                                            Cerro               
Corona       Total   
Sustaining capital                           June 2011      (98.1)     (320.9)  
                                           March 2011     (113.4)     (201.9)   
                                         Year to date     (211.5)     (522.8)   
Ore reserve                                  June 2011           -           -  
development                                 March 2011           -           -  
                                         Year to date           -           -   
Project capital#                             June 2011       (7.4)           -  
March 2011       (3.6)           -   
                                         Year to date      (11.0)           -   
Brownfields                                  June 2011           -      (78.7)  
Exploration                                 March 2011           -      (68.5)  
Year to date           -     (147.2)   
Total capital                                June 2011     (105.5)     (399.6)  
expenditure                                 March 2011     (117.0)     (270.4)  
                                         Year to date     (222.5)     (670.0)   
Australasia Region         Corporate   
                                            Australia                           
                                              St Ives       Agnew               
Sustaining capital             June 2011       (215.3)     (105.6)       (0.8)  
March 2011       (113.2)      (88.7)       (2.3)   
                           Year to date       (328.5)     (194.3)       (3.1)   
Ore reserve                    June 2011             -           -           -  
development                   March 2011             -           -           -  
Year to date             -           -           -   
Project capital#               June 2011             -           -     (143.1)  
                             March 2011             -           -     (101.1)   
                           Year to date             -           -     (244.2)   
Brownfields                    June 2011        (59.9)      (18.8)           -  
Exploration                   March 2011        (52.6)      (15.9)           -  
                           Year to date       (112.5)      (34.7)           -   
Total capital                  June 2011       (275.2)     (124.4)     (143.9)  
expenditure                   March 2011       (165.8)     (104.6)     (103.4)  
                           Year to date       (441.0)     (229.0)     (247.3)   
# Project capital under Corporate in the June quarter includes exploration      
expenditure of R119 million (US$18 million) at Chucapaca and R12 million (US$1  
million) at the Arctic Platinum Project (APP). This compares to expenditure of  
R85 million (US$12 million) and R16 million (US$2 million) at Chucapaca and APP 
respectively in the March quarter. The balance includes general corporate       
capital expenditure.                                                            
Notional cash expenditure##                                                     
Figures are in South African rand millions unless otherwise stated              
                                                          Total                 
                                                          Group                 
Total   
Operating costs                         June 2011      (5,250.7)     (3,074.0)  
                                      March 2011      (4,959.0)     (2,782.7)   
                                    Year to date     (10,209.7)     (5,856.7)   
Capital                                 June 2011      (2,285.0)     (1,169.1)  
expenditure                            March 2011      (2,068.6)       (994.9)  
                                    Year to date      (4,353.6)     (2,164.0)   
Notional cash                           June 2011        256,692       305,501  
expenditure                            March 2011        245,326       295,494  
- R/kg                               Year to date        251,078       300,705  
Notional cash                           June 2011          1,178         1,401  
expenditure                            March 2011          1,093         1,317  
- US$/oz                             Year to date          1,135         1,359  
                                         South Africa Region                    
                                                                        South   
                                              KDC       Beatrix          Deep   
Operating costs            June 2011     (1,915.4)       (625.2)       (533.4)  
                         March 2011     (1,720.9)       (549.4)       (512.4)   
                       Year to date     (3,636.3)     (1,174.6)     (1,045.8)   
Capital                    June 2011       (544.8)       (152.4)       (471.9)  
expenditure               March 2011       (438.5)       (145.2)       (411.2)  
                       Year to date       (983.3)       (297.6)       (883.1)   
Notional cash              June 2011       290,289       255,118       424,894  
expenditure               March 2011       264,341       300,173       401,391  
- R/kg                  Year to date       277,553       274,562       413,306  
Notional cash              June 2011         1,332         1,170         1,949  
expenditure               March 2011         1,178         1,338         1,789  
- US$/oz                Year to date         1,255         1,241         1,868  
West Africa Region                 
                                                            Ghana               
                                              Total        Tarkwa      Damang   
Operating costs              June 2011       (957.0)       (735.5)     (221.5)  
March 2011     (1,011.4)       (735.7)     (275.7)   
                         Year to date     (1,968.4)     (1,471.2)     (497.2)   
Capital                      June 2011       (466.9)       (354.0)     (112.9)  
expenditure                 March 2011       (582.9)       (395.9)     (187.0)  
Year to date     (1,049.8)       (749.9)     (299.9)   
Notional cash                June 2011       193,019       193,689     190,868  
expenditure                 March 2011       210,496       195,542     258,926  
- R/kg                    Year to date       201,873       194,628     225,233  
Notional cash                June 2011           885           889         876  
expenditure                 March 2011           938           871       1,154  
- US$/oz                  Year to date           913           880       1,018  
                                                          South                 
America                 
                                                         Region                 
                                                           Peru                 
                                                          Cerro                 
Corona         Total   
Operating costs                            June 2011     (254.7)       (965.0)  
                                         March 2011     (288.1)       (876.8)   
                                       Year to date     (542.8)     (1,841.8)   
Capital                                    June 2011     (105.5)       (399.6)  
expenditure                               March 2011     (117.0)       (270.4)  
                                       Year to date     (222.5)       (670.0)   
Notional cash                              June 2011     114,604       275,788  
expenditure                               March 2011     120,494       232,887  
- R/kg                                  Year to date     117,648       254,385  
Notional cash                              June 2011         526         1,265  
expenditure                               March 2011         537         1,038  
- US$/oz                                Year to date         532         1,150  
                                            Australasia Region      Corporate   
                                            Australia                           
                                                   St                           
Ives       Agnew               
Operating costs                June 2011       (734.9)     (230.1)           -  
                             March 2011       (675.0)     (201.8)           -   
                           Year to date     (1,409.9)     (431.9)           -   
Capital                        June 2011       (275.2)     (124.4)     (143.9)  
expenditure                   March 2011       (165.8)     (104.6)     (103.4)  
                           Year to date       (441.0)     (229.0)     (247.3)   
Notional cash                  June 2011       298,935     225,940           -  
expenditure                   March 2011       224,393     259,881           -  
- R/kg                      Year to date       259,739     240,502           -  
Notional cash                  June 2011         1,371       1,037           -  
expenditure                   March 2011         1,000       1,158           -  
- US$/oz                    Year to date         1,174       1,087           -  
## Notional cash expenditure (NCE) per kilogram (ounce) = operating costs plus  
capital expenditure divided by gold produced.                                   
Underground and surface                                                         
South African rand and metric units                                             
                                                             Total              
                                                              Mine              
                                                        Operations              
Operating Results                                                        Total  
Ore milled/treated                                                              
(000 tonne)                                                                     
- underground                              June 2011          3,036      2,451  
March 2011          2,713      2,061   
                                       Year to date          5,749      4,512   
- surface                                  June 2011         12,151      1,957  
                                         March 2011         11,745      1,959   
Year to date         23,896      3,916   
- total                                    June 2011         15,187      4,408  
                                         March 2011         14,458      4,020   
                                       Year to date         29,645      8,428   
Yield (grams per tonne)                                                         
- underground                              June 2011            5.3        5.2  
                                         March 2011            5.4        5.6   
                                       Year to date            5.3        5.4   
- surface                                  June 2011            1.1        0.6  
                                         March 2011            1.2        0.6   
                                       Year to date            1.1        0.6   
- combined                                 June 2011            1.9        3.2  
March 2011            2.0        3.2   
                                       Year to date            2.0        3.2   
Gold produced (kilograms)                                                       
- underground                              June 2011         15,953     12,741  
March 2011         14,750     11,534   
                                       Year to date         30,703     24,275   
- surface                                  June 2011         13,404      1,148  
                                         March 2011         13,896      1,250   
Year to date         27,300      2,398   
- total                                    June 2011         29,357     13,889  
                                         March 2011         28,646     12,784   
                                       Year to date         58,003     26,673   
Operating costs                                                                 
(Rand per tonne)                                                                
- underground                              June 2011          1,130      1,176  
                                         March 2011          1,155      1,269   
Year to date          1,142      1,218   
- surface                                  June 2011            150         98  
                                         March 2011            155         86   
                                       Year to date            153         92   
- total                                    June 2011            346        697  
                                         March 2011            343        692   
                                       Year to date            344        695   
                                        South Africa Region                     
South   
Operating Results                                    KDC     Beatrix     Deep#  
Ore milled/treated                                                              
(000 tonne)                                                                     
- underground                       June 2011      1,269         648       534  
                                  March 2011      1,092         499       470   
                                Year to date      2,361       1,147     1,004   
- surface                           June 2011      1,379         422       156  
March 2011      1,442         409       108   
                                Year to date      2,821         831       264   
- total                             June 2011      2,648       1,070       690  
                                  March 2011      2,534         908       578   
Year to date      5,182       1,978     1,268   
Yield (grams per tonne)                                                         
- underground                       June 2011        6.0         4.5       5.3  
                                  March 2011        6.6         4.4       5.7   
Year to date        6.3         4.4       5.5   
- surface                           June 2011        0.6         0.3       0.9  
                                  March 2011        0.7         0.3       0.9   
                                Year to date        0.7         0.3       0.9   
- combined                          June 2011        3.2         2.8       3.4  
                                  March 2011        3.2         2.5       4.0   
                                Year to date        3.2         2.7       3.7   
Gold produced (kilograms)                                                       
- underground                       June 2011      7,609       2,902     2,230  
                                  March 2011      7,159       2,171     2,204   
                                Year to date     14,768       5,073     4,434   
- surface                           June 2011        866         146       136  
March 2011      1,010         143        97   
                                Year to date      1,876         289       233   
- total                             June 2011      8,475       3,048     2,366  
                                  March 2011      8,169       2,314     2,301   
Year to date     16,644       5,362     4,667   
Operating costs                                                                 
(Rand per tonne)                                                                
- underground                       June 2011      1,390         927       972  
March 2011      1,453       1,052     1,070   
                                Year to date      1,419         981     1,018   
- surface                           June 2011        110          59        93  
                                  March 2011         93          60        90   
Year to date        101          59        92   
- total                             June 2011        723         584       773  
                                  March 2011        679         605       887   
                                Year to date        702         594       825   
West Africa Region                    
                                                             Ghana              
Operating Results                                  Total     Tarkwa     Damang  
Ore milled/treated                                                              
(000 tonne)                                                                     
- underground                       June 2011          -          -          -  
                                  March 2011          -          -          -   
                                Year to date          -          -          -   
- surface                           June 2011      7,155      5,883      1,272  
                                  March 2011      7,053      5,803      1,250   
                                Year to date     14,208     11,686      2,522   
- total                             June 2011      7,155      5,883      1,272  
March 2011      7,053      5,803      1,250   
                                Year to date     14,208     11,686      2,522   
Yield (grams per tonne)                                                         
- underground                       June 2011          -          -          -  
March 2011          -          -          -   
                                Year to date          -          -          -   
- surface                           June 2011        1.0        1.0        1.4  
                                  March 2011        1.1        1.0        1.4   
Year to date        1.1        1.0        1.4   
- combined                          June 2011        1.0        1.0        1.4  
                                  March 2011        1.1        1.0        1.4   
                                Year to date        1.1        1.0        1.4   
Gold produced (kilograms)                                                       
- underground                       June 2011          -          -          -  
                                  March 2011          -          -          -   
                                Year to date          -          -          -   
- surface                           June 2011      7,377      5,625      1,752  
                                  March 2011      7,574      5,787      1,787   
                                Year to date     14,951     11,412      3,539   
- total                             June 2011      7,377      5,625      1,752  
March 2011      7,574      5,787      1,787   
                                Year to date     14,951     11,412      3,539   
Operating costs                                                                 
(Rand per tonne)                                                                
- underground                       June 2011          -          -          -  
                                  March 2011          -          -          -   
                                Year to date          -          -          -   
- surface                           June 2011        134        125        174  
March 2011        143        127        221   
                                Year to date        139        126        197   
- total                             June 2011        134        125        174  
                                  March 2011        143        127        221   
Year to date        139        126        197   
                                          South America                         
                                              Region                            
                                                               Peru             
Cerro             
Operating Results                                             Corona     Total  
Ore milled/treated                                                              
(000 tonne)                                                                     
- underground                                   June 2011          -       585  
                                              March 2011          -       652   
                                            Year to date          -     1,237   
- surface                                       June 2011      1,717     1,322  
March 2011      1,582     1,151   
                                            Year to date      3,299     2,473   
- total                                         June 2011      1,717     1,907  
                                              March 2011      1,582     1,803   
Year to date      3,299     3,710   
Yield (grams per tonne)                                                         
- underground                                   June 2011          -       5.5  
                                              March 2011          -       4.9   
Year to date          -       5.2   
- surface                                       June 2011        1.8       1.3  
                                              March 2011        2.1       1.5   
                                            Year to date        2.0       1.4   
- combined                                      June 2011        1.8       2.6  
                                              March 2011        2.1       2.7   
                                            Year to date        2.0       2.7   
Gold produced (kilograms)                                                       
- underground                                   June 2011          -     3,212  
                                              March 2011          -     3,216   
                                            Year to date          -     6,428   
- surface                                       June 2011      3,143     1,736  
March 2011      3,362     1,710   
                                            Year to date      6,505     3,446   
- total                                         June 2011      3,143     4,948  
                                              March 2011      3,362     4,926   
Year to date      6,505     9,874   
Operating costs                                                                 
(Rand per tonne)                                                                
- underground                                   June 2011          -       935  
March 2011          -       796   
                                            Year to date          -       861   
- surface                                       June 2011        148       316  
                                              March 2011        182       311   
Year to date        165       314   
- total                                         June 2011        148       506  
                                              March 2011        182       486   
                                            Year to date        165       496   
Australasia Region                      
                                                          Australia             
Operating Results                                            St Ives     Agnew  
Ore milled/treated                                                              
(000 tonne)                                                                     
- underground                                June 2011           412       173  
                                           March 2011           501       151   
                                         Year to date           913       324   
- surface                                    June 2011         1,264        58  
                                           March 2011         1,118        33   
                                         Year to date         2,382        91   
- total                                      June 2011         1,676       231  
March 2011         1,619       184   
                                         Year to date         3,295       415   
Yield (grams per tonne)                                                         
- underground                                June 2011           4.2       8.6  
March 2011           4.1       7.7   
                                         Year to date           4.1       8.2   
- surface                                    June 2011           1.3       1.5  
                                           March 2011           1.5       0.4   
Year to date           1.4       1.1   
- combined                                   June 2011           2.0       6.8  
                                           March 2011           2.3       6.4   
                                         Year to date           2.2       6.6   
Gold produced (kilograms)                                                       
- underground                                June 2011         1,732     1,480  
                                           March 2011         2,049     1,167   
                                         Year to date         3,781     2,647   
- surface                                    June 2011         1,647        89  
                                           March 2011         1,698        12   
                                         Year to date         3,345       101   
- total                                      June 2011         3,379     1,569  
March 2011         3,747     1,179   
                                         Year to date         7,126     2,748   
Operating costs                                                                 
(Rand per tonne)                                                                
- underground                                June 2011           799     1,258  
                                           March 2011           661     1,242   
                                         Year to date           723     1,251   
- surface                                    June 2011           321       214  
March 2011           308       430   
                                         Year to date           315       292   
- total                                      June 2011           438       996  
                                           March 2011           417     1,097   
Year to date           428     1,041   
# June quarter includes 115,000 tonnes (March quarter includes 83,000 tonnes) of
waste processed from underground. In order to show the yield based on ore mined,
the calculation of the yield at South Deep only, excludes the underground waste.
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, which are reported    
separately where appropriate.                                                   
KDC                                                   June 2011 quarter         
                                         Carbon                                 
                                Reef     Leader     Kloof      Main       VCR   
Advanced                          (m)      4,728       185     1,232     5,596  
Advanced on reef                  (m)        909        51       243       836  
Sampled                           (m)        849        54       156       657  
Channel width                    (cm)         79        90        76       110  
Average value                 - (g/t)       21.8      30.7       9.4      23.4  
                          - (cm.g/t)      1,716     2,769       717     2,578   
KDC                                                  March 2011 quarter         
                                         Carbon                                 
Reef     Leader     Kloof      Main       VCR   
Advanced                          (m)      4,657       207     1,100     5,581  
Advanced on reef                  (m)      1,062        91       166     1,059  
Sampled                           (m)        963        75       183       894  
Channel width                    (cm)         67       101       113       108  
Average value                 - (g/t)       27.7      17.5       6.3      28.3  
                          - (cm.g/t)      1,860     1,777       709     3,046   
KDC                                                     Year to date F2011      
Carbon                                  
                               Reef     Leader     Kloof      Main        VCR   
Advanced                         (m)      9,385       392     2,332     11,177  
Advanced on reef                 (m)      1,971       142       409      1,895  
Sampled                          (m)      1,812       129       339      1,551  
Channel width                   (cm)         73        97        96        109  
Average value                - (g/t)       24.7      22.7       7.4       26.2  
                         - (cm.g/t)      1,793     2,192       713      2,847   
Beatrix                                              June 2011 quarter          
                                            Reef     Beatrix     Kalkoenkrans   
Advanced                                      (m)       4,953            1,729  
Advanced on reef                              (m)       1,371              302  
Sampled                                       (m)       1,431              288  
Channel width                                (cm)         104              129  
Average value                             - (g/t)        11.7             14.2  
                                      - (cm.g/t)       1,221            1,840   
Beatrix                                           March 2011 quarter            
                                            Reef     Beatrix     Kalkoenkrans   
Advanced                                      (m)       3,586            1,549  
Advanced on reef                              (m)       1,180              315  
Sampled                                       (m)         870              315  
Channel width                                (cm)         104               79  
Average value                             - (g/t)        10.5             15.3  
                                      - (cm.g/t)       1,092            1,212   
Beatrix                                             Year to date F2011          
                                            Reef     Beatrix     Kalkoenkrans   
Advanced                                      (m)       8,539            3,278  
Advanced on reef                              (m)       2,551              617  
Sampled                                       (m)       2,301              603  
Channel width                                (cm)         104              103  
Average value                             - (g/t)        11.3             14.7  
                                      - (cm.g/t)       1,172            1,512   
South Deep             June 2011 quarter March 2011 quarter Year to date F2011  
                   Reef     Elsburgs(1,2)     Elsburgs(1,2)     Elsburgs(1,2)   
Main Advanced        (m)             3,063             2,842             5,905  
- Main above 95                                                                 
level                (m)             1,890             1,699             3,589  
- Main below 95                                                                 
level                (m)             1,173             1,143             2,316  
Advanced on reef     (m)             1,511             1,537             3,048  
Square metres                                                                   
effectively                                                                     
de-stressed         (m2)             1,777             1,316             3,093  
- Reserve value                                                                 
de-stressed        (g/t)               7.1               7.2               7.2  
1) Trackless development in the Elsburg reefs is evaluated by means of the      
resource model.                                                                 
2) Full channel width not fully exposed in development, hence not reported.     
Administration and corporate information                                        
Corporate Secretary                                                             
Cain Farrel                                                                     
Tel: (+27)(11) 562 9742                                                         
Fax: (+27)(11) 562 9829                                                         
e-mail: cain.farrel@goldfields.co.za                                            
Registered Office                                                               
Johannesburg                                                                    
Gold Fields Limited                                                             
150 Helen Road                                                                  
Sandown                                                                         
Sandton                                                                         
2196                                                                            
Postnet Suite 252                                                               
Private Bag X30500                                                              
Houghton 2041                                                                   
Tel:  (+27)(11) 562 9700                                                        
Fax:  (+27)(11) 562 9829                                                        
Office of the United Kingdom                                                    
Secretaries                                                                     
London                                                                          
St Jamess Corporate Services Limited                                            
6 St Jamess Place                                                               
London SW1A 1NP                                                                 
United Kingdom                                                                  
Tel:    (+44)(20) 7499 3916                                                     
Fax:    (+44)(20) 7491 1989                                                     
American Depository Receipts Transfer Agent                                     
Bank of New York Mellon                                                         
BNY Mellon Shareowner Services                                                  
P O Box 358516                                                                  
Pittsburgh, PA15252-8516                                                        
US toll-free telephone: (1)(888) 269 2377                                       
Tel: (+1) 201 680 6825                                                          
e-mail: shrrelations@bnymellon.com                                              
Gold Fields Limited                                                             
Incorporated in the Republic of South Africa                                    
Registration number 1968/004880/06                                              
Share code: GFI                                                                 
Issuer code: GOGOF                                                              
ISIN - ZAE 000018123                                                            
Investor Enquiries                                                              
Zakira Amra                                                                     
Tel:    (+2711) 562 9775                                                        
Mobile: (+27) 79 694 0267                                                       
e-mail: zakira.amra@goldfields.co.za                                            
Nikki Catrakilis-Wagner                                                         
Tel:    (+2711) 562 9706                                                        
Mobile: (+27) 83 309 6720                                                       
e-mail: nikki.catrakilis-                                                       
wagner@goldfields.co.za                                                         
Willie Jacobsz                                                                  
Tel:     (+508) 839 1188                                                        
Mobile:  (+857) 241 7127                                                        
e-mail: willie.jacobsz@gfexpl.com                                               
Media Enquiries                                                                 
Sven Lunsche                                                                    
Tel:    (+2711) 562 9763                                                        
Mobile: (+27) 83 260 9279                                                       
e-mail: sven.lunsche@goldfields.co.za                                           
Transfer Secretaries                                                            
South Africa                                                                    
Computershare Investor Services                                                 
(Proprietary) Limited                                                           
Ground Floor                                                                    
70 Marshall Street                                                              
Johannesburg, 2001                                                              
P O Box 61051                                                                   
Marshalltown, 2107                                                              
Tel:     (+27)(11) 370 5000                                                     
Fax:     (+27)(11) 688 5248                                                     
United Kingdom                                                                  
Capita Registrars                                                               
The Registry                                                                    
34 Beckenham Road                                                               
Beckenham                                                                       
Kent BR3 4TU                                                                    
England                                                                         
Tel:     0871 664 0300 (calls cost 10p a minute                                 
        plus network extras, lines are open                                     
8.30am-5.30pm Mon-Fri) or                                               
        (from overseas) +44 20 8639 3399                                        
Fax:     +44 20 8658 3430                                                       
e-mail: ssd@capitaregistrars.com                                                
Website                                                                         
http://www.goldfields.co.za                                                     
Sponsor:                                                                        
J.P. Morgan Equities Limited                                                    
Listings                                                                        
JSE / NYSE / NASDAQ Dubai: GFI                                                  
NYX: GFLB                                                                       
SWX: GOLI                                                                       
Forward looking statements                                                      
Certain statements in this document constitute "forward looking statements"     
within the meaning of Section 27A of the US Securities Act of 1933 and Section  
21E of the US Securities Exchange Act of 1934.                                  
Such forward looking statements involve known and unknown risks, uncertainties  
and other important factors that could cause the actual results, performance or 
achievements of the company to be materially different from the future results, 
performance or achievements expressed or implied by such forward looking        
statements. Such risks, uncertainties and other important factors include among 
others: economic, business and political conditions in South Africa, Ghana,     
Australia, Peru and elsewhere; the ability to achieve anticipated efficiencies  
and other cost savings in connection with past and future acquisitions,         
exploration and development activities; decreases in the market price of gold   
and/or copper; hazards associated with underground and surface gold mining;     
labour disruptions; availability, terms and deployment of capital or credit;    
changes in government regulations, particularly environmental regulations and   
new legislation affecting mining and mineral rights; changes in exchange rates, 
currency devaluations, inflation and other macro-economic factors; industrial   
action; temporary stoppages of mines for safety and unplanned maintenance       
reasons; and the impact of the AIDS crisis in South Africa. These forward       
looking statements speak only as of the date of this document.                  
The company undertakes no obligation to update publicly or release any revisions
to these forward looking statements to reflect events or circumstances after the
date of this document or to reflect the occurrence of unanticipated events.     
Directors                                                                       
M A Ramphele (Chair)                                                            
N J Holland * (Chief Executive Officer)                                         
PA Schmidt (Chief Financial Officer)                                            
K Ansah#                                                                        
CA Carolus                                                                      
R Danino **                                                                     
A R Hill!                                                                       
J L Lazaro
*                                                                    
R P Menell                                                                      
M S Moloko                                                                      
D N Murray                                                                      
D M J Ncube                                                                     
R L Pennant-Rea *                                                               
G M Wilson                                                                      
* British                                                                       
** Peruvian                                                                     
#Ghanaian                                                                       
Independent Director                                                            
!Canadian                                                                       
Non-independent Director                                                        

*Filipino                                                                      
Date: 11/08/2011 08:01:44 Produced by the JSE SENS Department.                  
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