GOLD FIELDS LIMITED - Year ended 31 December 201616 Feb 2017
GFI 201702160002A
Year ended 31 December 2016 - Unaudited Results

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

MEDIA RELEASE
Year ended 31 December 2016 - Unaudited Results

SALIENT FEATURES
2,146 million ounces for 2016 of attributable gold production 
566,000 ounces for the Dec quarter

US$980 per ounce for 2016 All-in-sustaining costs
US$911 per ounce for the Dec quarter

US$1,006 per ounce for 2016 All-in-costs
US$941 per ounce for the Dec quarter

US$294 million cash inflow for 2016 from operating activities*
US$82 million cash inflow for the Dec quarter

Net debt/EBITDA Ratio 0.95X As at 31 Dec 2016

Note: *Cash flow from operating activities less net capital expenditure and environmental payments.   
                                 

EXCEEDING TARGETS 

JOHANNESBURG. 16 February 2017
Gold Fields Limited (NYSE & JSE: GFI) today announced normalised earnings of US$191 million for the year ended December 2016 compared with normalised 
losses of US$45 million for the year ended December 2015.  

A final dividend number 85 of 60 SA cents per share (gross) is payable on 13 March 2017, giving a total dividend for the year ended December 2016 of 
110 SA cents per share (gross).

Statement by Nick Holland, 
Chief Executive Officer of Gold Fields

Exceeding targets in 2016
Gold Fields reports results for the year ended 31 December 2016, with both production and costs beating original guidance.  During 2016, we achieved a 
number of our strategic objectives including improving safety; achieving guidance; generating strong net cash flow; deleveraging the balance sheet and 
growing the dividend in line with higher normalised earnings.  In addition, we are investing in the future to allow us to continue to deliver and grow 
sustainable free cash flow for years to come.
 
Safety is our top priority and our efforts to achieve zero harm continued in 2016.  The Group's fatality injury frequency rate improved by 67% to 0.02 
in 2016 (FY2015: 0.06).  The total recordable injury frequency rate (TRIFR) improved by 33% to 2.27 in 2016 (FY2015: 3.40). 

For FY2016, attributable gold equivalent production was 2,146koz (FY2015: 2,159koz), with all-in sustaining costs (AISC) of US$980/oz (FY2015: 
US$1,007/oz) and all-in costs (AIC) of US$1,006/oz (FY2015: US$1,026/oz).  This compares with revised guidance of 2,100koz to 2,150koz (original 
guidance of 2,050koz to 2,100koz) at AISC of US$1,000/oz to US$1,010/oz and AIC of US$1,035/oz to US$1,045/oz (same for original and revised guidance).


Our focus on generating free cash flow yielded positive results again in 2016 with the eight mines in the Group generating net cash flow of US$444m 
(FY2015: US$254m).  A significant driver of the increase in net cash flow was South Deep achieving a small net cash inflow for the full year of 
US$12m, compared to the c.US$80m outflow in the previous year.  After taking into account the interest paid on net debt, growth expenditure at Salares 
Norte and sundry other costs, Group net cash flow was US$294m (FY2015: US$123m). 

The strong cash generation has enabled us to further improve our balance sheet, by reducing our net debt by US$214m during the year to US$1,166m at 
the end of 2016 (31 December 2015: US$1,380m).  Net debt to EBITDA as at 31 December 2016 was 0.95x, surpassing our target of 1.0x by end 2016 which 
we set ourselves at the start of 2015.  It is worth highlighting that this improved balance sheet has been achieved even after the US$197m payment to 
Gold Road for the acquisition of 50% of the Gruyere Gold project announced at the end of 2016. 

In line with our trading statement released on 2 February 2017, there was a more than threefold increase in normalised earnings for 2016 to US$191m 
(FY2015: US$45m) or US$0.24 per share (FY2015: US$0.06).  The increase in normalised earnings has enabled us to declare a final dividend of 60 SA 
cents, which takes the total dividend for 2016 to 110 SA cents, which implies a pay-out at the upper end of our dividend policy. 

As detailed in a separate announcement, we have announced the new long-term build-up plan for South Deep.  The mine is expected to ramp-up to steady 
state production of c.500koz over the next 5 years at AIC below US$900/oz.  

Strong operational performance in Q4 2016
Attributable gold equivalent production for Q4 2016 was 566koz (Q3 2016: 537koz), with all-in sustaining costs (AISC) of US$911/oz (Q3 2016: 
US$1,026/oz) and all-in costs (AIC) of US$941/oz (Q3 2016: US$1,038/oz). 

Reinvesting today for tomorrow
In 2017, we will continue to drive operational excellence but in addition increase our focus on setting up the business for the future.  With various 
new growth and development projects, we have entered the next cycle in our evolution.  This focuses on reinvesting in the business and our future to 
target both continuing and increasing free cash flow for the benefit of all stakeholders.

At the end of 2016 we announced our joint venture with Gold Road to develop and operate the Gruyere Gold project.  We have taken over its management 
in February 2017 and production should start early in 2019.  Last year also saw the decision on the reinvestment plan for Damang, extending the life-
of-mine from 2017 to 2024, with clear upside beyond that. 

In Chile, the Salares Norte project has achieved the key milestone of receiving Government approval for sufficient water rights. As at 31 December 
2016, Salares Norte had Mineral Resources of 4.4Moz gold equivalent ounces (25.6Mt at 4.6g/t Au; 53.1g/t Ag), of which 52% is in the Indicated 
category. In addition, land easement has been granted for a period of 30 years. The project is on track to complete a prefeasibility study in Q2 2017. 

In addition, we will continue to invest in brownfields exploration in Australia with positive results at St Ives and Granny Smith, and look for 
opportunities, for life extension at Cerro Corona and Tarkwa.

Investments such as these do not mean that our strategy has changed.  We remain focused on generating cash in order to reduce our debt, pay dividends 
to shareholders and share the value we create with employees and host communities. 

However, for us to grow and sustain cash flow, investing is necessary.  While we may spend more cash than we may generate in 2017, depending on, inter 
alia, gold price and exchange rate, we are taking a longer term view to growing our cash flow in the future.  Our business is a long-term game, which 
has to be sustainable though price cycles. Importantly, we are ensuring that we only embark on investments and capital expenditure with excellent 
potential for pay-backs and returns and which will continue to drive down our costs.  It is also important to remember that we need to keep managing 
our existing ore bodies with regard to grade management and ongoing sustainable capital expenditure, so as to provide a platform for repetitive strong
 cashflow.

In October, we announced the Damang reinvestment plan which requires an investment of US$340m and will extend the life of mine (LoM) by eight years 
from 2017 to 2024. Over the LoM, a total of 165Mt waste and ore will be mined, with 32Mt processed at a grade of 1.65g/t, resulting in total gold 
production of 1.56Moz (average annual production of 225koz) at average AIC of US$950/oz.  The project offers healthy returns, with an IRR of 28% at a 
gold price of US$1,200/oz and a payback period of 4.5 years. 

In November 2016, Gold Fields entered into a 50:50 joint venture with Gold Road Resources for the development and operation of the Gruyere Gold 
project in Western Australia. The total purchase consideration was A$350m payable in cash and a 1.5% royalty on Gold Fields' share of production after 
total mine production exceeds 2Moz with an approximate value of A$15 million.  The Gruyere project is expected to have average annualised production 
of 270koz for a 13-year life of mine at average AISC of c.A$945/oz (US$690/oz at A$1;00: US$0.73), with construction capital expenditure estimated at 
A$507m. First production from Gruyere is expected end-2018/early-2019.  The project offers a return of 6% on reserves only and excluding other known 
deposits on the joint venture tenements at a gold price of A$1,600/oz, after taking the acquisition cost into account. Importantly, this investment 
established a foothold in a new and very significant gold province, the Yamarna belt, east of the Yilgarn Craton system. 

Gruyere has received approval from the Department of Mines and Petroleum (DMP) for the Project Management Plan, Mining Proposal and Mine Closure Plan. 
This is the final level of approval required to allow commencement of construction of the process plant and associated infrastructure, and development 
work on the Gruyere open pit mine. In addition, all environmental approvals have been received.

Before year-end we completed the sale of a portfolio of eleven existing producing and non-producing royalties to Maverix Metals Inc, in return for 
42.85 million common shares and 10 million common share purchase warrants of Maverix.  Gold Fields owns approximately 32% of the issued and 
outstanding common shares of Maverix, which is currently worth around US$42m. 

South Deep cash positive in 2016
South Deep is a key part of the Gold Fields portfolio and will be a key contributor to Group production and cash flow as the mine ramps up to full 
production. Production at South Deep increased by 47% to 9,032kg (290koz) in FY2016 from 6,160kg (198koz) in FY2015 driven primarily by increased 
mining volumes. AIC decreased 8% YoY to R583,059/kg (US$1,234/oz).  Good progress was made on a number of important activities:
-  An overall improvement in safety during 2016 with the TRIFR improving 17% YoY to 2.42 in FY2016 (FY2015: 2.91).  As previously reported, there was 
   one fatality at the mine during the year. 
-  Improved operating performance and the higher rand gold price received resulted in the mine generating net cash flow of R175m (US$12m), which is a 
   complete turnaround from the outflow of R1,009m (US$80m) in 2015. 
-  Development increased by 47% to 6,933 metres in 2016 from 4,701 metres in 2015. New mine development increased by 9% YoY to 811 metres.
-  Given the change to the high profile method in the middle of 2015, destress mining was little changed YoY at 32,333m2 (FY2015: 31,499m2).  
   The high profile method accounted for 69% of total destress mining in 2016 compared to 5% in 2015.  All destress mining on the mine now uses the
   high profile method.
-  Longhole stoping volumes increased by 74% to 745kt in FY2016 (FY2015: 429kt).  There was a notable improvement in longhole stoping rig productivity 
   during FY2016, which increased by 28% YoY to 9,805t/rig.
-  Secondary support installation increased by 32% YoY in FY2016 to 8,694 metres.
-  Backfill placed was 10% higher YoY at 373m3.

Australia 
Gold production in the Australia region for FY2016 was 5% lower YoY at 942koz, but exceeded original and revised guidance of 905koz and 925koz, 
respectively.  AIC for the region was 4% higher YoY in A$ terms at A$1,261/oz and 3% higher YoY in US$ terms at US$941/oz.  The region had another 
strong year of cash generation, with net cash flow of A$343m (US$256m) for 2016.

In line with our strategy to continually upgrade the Gold Fields portfolio, we have commenced a sales process for Darlot. Darlot was acquired in 2013 
as part of the acquisition of Barrick Gold's Yilgarn South assets. We have invested heavily to extend the life of the mine beyond the initial 
projected six months which has resulted in Darlot producing more than 241,000 ounces of gold in the past three years. However, we believe that Darlot 
needs a more intensive exploration focus, which Gold Fields is unable to provide given our significant exploration activities at our other Australian 
assets as well as the development of Gruyere project. 

The brownfields exploration programme in Australia continued to show positive results in 2016, with resources flat and reserves up +10% for the year 
(excluding Gruyere), with both Granny Smith and St Ives more than replacing depletion in 2016. The total exploration spend for the year was A$102m. 

West Africa
Attributable gold production from the West Africa region was 5% lower YoY at 644koz due to lower production at both Tarkwa and Damang.  However, AIC 
for the region decreased by 3% YoY to US$1,020/oz mainly as a result of lower net operating costs and lower capital expenditure, partially offset by 
lower gold sold.  The region generated net cash flow of US$100m for FY2016.  The Damang project is progressing according to plan, with the mining 
contractors having been mobilised on site, along with most of their fleet. 

South America
Attributable equivalent gold production at Cerro Corona decreased by 9% YoY to 269koz, mainly due to lower gold head grades, as a result of planned sequencing and the lower copper price. AIC decreased by 31% YoY to US$499 per gold ounce (2% YoY to US$762 per equivalent ounce).  AIC per equivalent 
ounce decreased by 2% YoY to US$762 per equivalent ounce (2015: US$777 per equivalent ounce).  Despite the lower production, the mine generated net 
cash flow of US$77m.

FY2017 outlook and guidance 
Attributable equivalent gold production for the Group for 2017 is expected to be between 2.10 million ounces and 2.15 million ounces, unchanged from 
the updated guidance provided in 2016.  The Australian region is expected to produce around 910,000 ounces.  Cerro Corona's anticipated gold 
equivalent production of around 290,000 ounces is higher than 2016 with the increase mainly due to the positive impact of the higher copper/gold price 
ratio.  Lower production of 120,000 ounces is expected at Damang given the reinvestment currently underway and South Deep is expected to increase 
production to around 9,800 kilograms (315,000 ounces). AISC, for the Group, is expected to be between US$1,010 per ounce and US$1,030 per ounce.

As mentioned earlier, Gold Fields plans to embark on a year of reinvestment in 2017 with the focus on new growth and development projects, and to 
target both sustaining and growing free cash flow.  Apart from the additional investment in South Deep, three other major projects namely the Damang 
reinvestment project, the Gruyere development project and the Salares Norte project require investment.  Growth expenditure at South Deep is planned 
to increase to R287 million (US$20 million) in 2017 (2016: R115 million/US$8 million).

In 2017, US$120 million will be invested in future growth at Damang largely on waste stripping to expose high grade ore sources in the future, while 
A$153 million (US$112 million) is planned to be spent on the development of Gruyere and A$106 million (US$78 million) on the balance of the purchase 
price.  In Chile, Salares Norte is on track to complete a prefeasibility study in H2 2017.  The plan is to increase expenditure to US$64 million at 
Salares Norte in 2017 (2016: US$39 million) as it anticipates commencing detailed feasibility.  

As a result of the above, AIC for the Group is planned to increase significantly to between US$1,170 per ounce to US$1,190 per ounce.  Sustaining 
capital expenditure for the Group is planned at US$617 million and growth capital expenditure is planned at US$252 million. The US$252 million 
comprises US$120 million for Damang, A$153 million (US$112 million) for Gruyere, as well as R287 million (US$20 million) at South. These expectations 
assume exchange rates of R/US$: 14.14 and A$/US$: 0.73.

Stock data for the year ended 31 December 2016                                                                                         
Number of shares in issue                                             NYSE - (GFI)                            
- at 31 December 2016                               820,606,945       Range - Year                  US$2.64 - US$6.45 
- average for the year                              810,082,191       Average Volume - Year         6,421,988 shares/day 
Free Float                                         100 per cent       JSE Limited - (GFI)                            
ADR Ratio                                                   1:1       Range - Year                  ZAR38.78 - ZAR91.30 
Bloomberg/Reuters                                  GFISJ/GFLJ.J       Average Volume - Year         3,378,480 shares/day 


KEY STATISTICS   
                                                                                UNITED STATES DOLLARS
                                                                      Quarter                                Year ended 
                                                    December        September        December 
                                                        2016             2016            2015            2016            2015 
Key Statistics                 
Gold produced*                        000'oz             566              537             566           2,146           2,159 
Tonnes milled/treated             000 tonnes           8,606            8,656           8,386          34,222          33,014 
Revenue                               US$/oz           1,198            1,329           1,092           1,241           1,140 
US$/South African rand 
conversion rate                        US$/R           13.87            14.15           14.08           14.70           12.68 
US$/Australian dollar 
conversion rate                       A$/US$            0.75             0.76            0.72            0.75            0.75 
Operating costs                    US$/tonne              45               41              41              42              43 
All-in sustaining costs#              US$/oz             911            1,026             929             980           1,007 
Total all-in cost#                    US$/oz             941            1,038             942           1,006           1,026 
Operating profit                        US$m                                                            1,362           1,089 
Adjusted EBITDA**                        US$                                                            1,232           1,002 
Net profit/(loss) attributable 
to owners of the parent                 US$m                                                              163            (242)
Net profit/(loss) attributable 
to owners of the parent            US c.p.s.                                                               20             (31)
Headline earnings/(loss)                US$m                                                              208             (28)
Headline earnings/(loss)           US c.p.s.                                                               26              (4)
Normalised earnings                     US$m                                                              191              45 
Normalised earnings                US c.p.s.                                                               24               6 
** Reconciliation between 
   operating profit and 
   adjusted EBITDA 
Operating profit                         US$                                                            1,362           1,089 
Environmental rehabilitation 
interest                                 US$                                                               11              12 
Other                                    US$                                                              (49)            (45)
Exploration and project costs            US$                                                              (92)            (54)
Adjusted EBITDA                          US$                                                            1,232           1,002 
* All of the key statistics are managed figures from continuing operations, except for gold produced which is attributable 
  equivalent production.
# Refer to page 26 and 27.
All operations are wholly owned except for Tarkwa and Damang in Ghana (90.0 per cent) and Cerro Corona in Peru (99.5 per cent).
Gold produced (and sold) throughout this report includes copper gold equivalents of approximately 5 per cent of Group production.
Figures may not add as they are rounded independently.


CERTAIN FORWARD LOOKING STATEMENTS 

This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or 
the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to 
Gold Fields' financial condition, results of operations, business strategies, operating efficiencies, competitive position, 
growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. 

These forward-looking statements, including, among others, those relating to the future business prospects, revenues and income of 
Gold Fields, wherever they may occur in this report and the exhibits to the report, are necessarily estimates reflecting the best 
judgment of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to 
differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should 
be considered in light of various important factors, including those set forth in this report. Important factors that could cause 
actual results to differ materially from estimates or projections contained in the forward-looking statements include, without 
limitation: 

- overall economic and business conditions in South Africa, Ghana, Australia, Peru and elsewhere; 
- changes in assumptions underlying Gold Fields' mineral reserve estimates; 
- the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions; 
- the ability to achieve anticipated production cost estimates at existing operations as outlined in this report or as otherwise disclosed; 
- the success of the Group's business strategy, development activities and other initiatives; 
- the ability of the Group to comply with requirements that it operate in a sustainable manner and provide benefits to affected communities; 
- decreases in the market price of gold or copper; 
- the occurrence of hazards associated with underground and surface gold mining or contagious diseases at Gold Field's operations; 
- the occurrence of work stoppages related to health and safety incidents; 
- loss of senior management or inability to hire or retain employees; 
- fluctuations in exchange rates, currency devaluations and other macroeconomic monetary policies; 
- the occurrence of labour disruptions and industrial actions; 
- power cost increases as well as power stoppages, fluctuations and usage constraints; 
- supply chain shortages and increases in the prices of production imports; 
- the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms and conditions of 
  Gold Fields' facilities and Gold Fields' overall cost of funding; 
- the adequacy of the Group's insurance coverage; 
- the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects, exploration project or 
  other initiatives; 
- changes in relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, regulations and potential 
  new legislation affecting mining and mineral rights; 
- fraud, bribery or corruption at Gold Field's operations that leads to censure, penalties or negative reputational impacts; and 
- political instability in South Africa, Ghana, Peru or regionally in Africa or South America. 

Gold Fields 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 report or to reflect the occurrence of unanticipated events. 

RESULTS FOR THE GROUP 

SAFETY
The Group's fatality injury frequency rate improved by 67 per cent from 0.06 in 2015 to 0.02 in 2016.  The total recordable injury frequency rate (TRIFR)1 improved by 33 per cent from 3.40 in 2015 to 2.27 in 2016. 

1  Total Recordable Injury Frequency rate (TRIFR). (TRIFR) = (Fatalities + Lost Time Injuries2 + Restricted Work Injuries3 + Medically Treated 
   Injuries4) x 1,000,000/number of man-hours worked.
2  A Lost Time Injury (LTI) is a work-related injury resulting in the employee or contractor being unable to attend work for a period of one or more 
   days after the day of the injury. The employee or contractor is unable to perform any functions.
3  A Restricted Work Injury (RWI) is a work-related injury sustained by an employee or contractor which results in the employee or contractor being 
   unable to perform one or more of their routine functions for a full working day, from the day after the injury occurred. The employee or contractor 
   can still perform some of his duties.
4  A Medically Treated Injury (MTI) is a work-related injury sustained by an employee or contractor which does not incapacitate that employee and who, 
   after having received medical treatment, is deemed fit to immediately resume his/her normal duties on the next calendar day, immediately following 
   the treatment/re-treatment.

For the year ended 31 December 2016 compared with the year ended 31 December 2015

REVENUE
Attributable equivalent gold production decreased marginally from 2.159 million ounces in 2015 to 2.146 million ounces in 2016.  

Gold production at South Deep in South Africa, increased by 47 per cent from 6,160 kilograms (198,000 ounces) to 9,032 kilograms (290,400 ounces). 

Attributable gold production at the West African operations decreased by 5 per cent from 678,500 ounces in 2015 to 644,200 ounces in 2016 due to lower 
production at both Tarkwa and Damang.  Attributable equivalent gold production at Cerro Corona in Peru decreased by 9 per cent from 294,200 ounces in 
2015 to 268,900 ounces in 2016.  Gold production at the Australian operations decreased by 5 per cent from 988,000 ounces in 2015 to 942,400 ounces in 
2016 due to lower production at all the operations.

At the South Africa region, production at South Deep increased by 47 per cent from 6,160 kilograms (198,000 ounces) in 2015 to 9,032 kilograms 
(290,400 ounces) in 2016 due to increased volumes and grades.  

At the West Africa region, managed gold production at Tarkwa decreased by 3 per cent from 586,100 ounces in 2015 to 568,100 ounces in 2016 mainly due 
to lower yield.  At Damang, managed gold production decreased by 12 per cent from 167,800 ounces in 2015 to 147,700 ounces in 2016 mainly due to lower 
yield.

At the South America region, total managed gold equivalent production at Cerro Corona decreased by 9 per cent from 295,600 ounces in 2015 to 270,200 
ounces in 2016 mainly due to the lower copper price relative to the gold price (price factor), lower gold head grades and lower gold recovery.  

At the Australia region, St Ives' gold production decreased by 2 per cent from 371,900 ounces in 2015 to 362,900 ounces in 2016 mainly due to lower 
grades.  At Agnew/Lawlers, gold production decreased by 3 per cent from 236,600 ounces in 2015 to 229,300 ounces in 2016 mainly due to decreased 
tonnes mined and processed.  At Darlot, gold production decreased by 15 per cent from 78,400 ounces in 2015 to 66,400 ounces in 2016 mainly due to 
lower grades mined.  At Granny Smith, gold production decreased by 6 per cent from 301,100 ounces in 2015 to 283,800 ounces in 2016 due to lower 
grades mined and processed. 

The average US dollar gold price achieved by the Group increased by 9 per cent from US$1,140 per equivalent ounce in 2015 to US$1,241 per equivalent 
ounce in 2016.  The average rand gold price increased by 22 per cent from R478,263 per kilogram to R584,894 per kilogram.  The average Australian 
dollar gold price increased by 9 per cent from A$1,541 per ounce to A$1,675 per ounce.  The average US dollar gold price for the Ghanaian operations 
increased by 7 per cent from US$1,161 per ounce in 2015 to US$1,247 per ounce in 2016.  The average equivalent US dollar gold price, net of treatment 
and refining charges, for Cerro Corona increased by 20 per cent from US$996 per equivalent ounce in 2015 to US$1,199 per equivalent ounce in 2016.  
The average US dollar/Rand exchange rate weakened by 16 per cent from R12.68 in 2015 to R14.70 in 2016.  The average Australian/US dollar exchange 
rate was similar at A$1.00 = US$0.75.

Revenue increased by 8 per cent from US$2,545 million in 2015 to US$2,750 million in 2016 mainly due to the higher gold price achieved.

OPERATING COSTS
Net operating costs decreased by 5 per cent from US$1,456 million in 2015 to US$1,388 million in 2016.  The US$68 million lower net operating cost was 
due to US$18 million lower cost in local currency and the exchange rate effect of US$50 million on translation into US$ dollar.  The gold-in-process 
credit to cost of US$46 million in 2016 compared with a charge of US$25 million in 2015.  This change in gold-in-process was mainly at St Ives due to 
the processing of low grade stockpiles in 2015 that were built-up in 2014 while the Invincible pit was being stripped in 2015.  Sufficient ore to fill 
the mill and to create stockpiles was mined in 2016.

At the South Africa region, net operating costs at South Deep increased by 33 per cent from R3,000 million (US$237 million) in 2015 to R3,993 million 
(US$272 million) in 2016 mainly due to a 47 per cent increase in production, annual salary increases, the electricity increase and an increase in 
employees and contractors in line with the strategy to sustainably improve all aspects of the operation and to position the mine to achieve the 
targets set out in the rebase plan.

At the West Africa region, net operating costs decreased by 10 per cent from US$513 million in 2015 to US$463 million in 2016.  This decrease in net 
operating costs was mainly due to lower production, benefits realised as a result of the incorporation of the development agreement which is now fully 
embedded at the operations following ratification in March 2016, continued business process re-engineering, as well as a build-up of inventory of 
US$18 million in 2016 compared with US$5 million in 2015.  At Tarkwa, net operating costs were similar at US$327 million due to higher operating 
costs, partially offset by a bigger build-up of gold-in-process.  A build-up of stockpiles of US$18 million in 2016 compared with US$7 million in 
2015.  At Damang, net operating costs decreased by 27 per cent from US$186 million to US$136 million due to lower mining and consumable costs in line 
with the lower production. 

At the South America region, net operating costs at Cerro Corona decreased by 3 per cent from US$145 million in 2015 to US$140 million in 2016 mainly 
due to a build-up of concentrate of US$4 million in 2016 compared with a drawdown of US$1 million in 2015. 

At the Australia region, net operating costs decreased by 8 per cent from A$747 million (US$562 million) in 2015 to A$689 million (US$514 million) in 
2016 mainly due to gold-in-process movements.  At St Ives, the gold-in-process credit to cost of A$15 million (US$11 million) in 2016 compared with a 
charge of A$34 million (US$25 million) in 2015.  In 2015, St Ives processed low grade stockpiles built-up in 2014, whereas enough ore was mined to 
fill the mill and to create stockpiles in 2016.  At Granny Smith, the credit to cost of A$10 million (US$7 million) in 2016 compared with a charge of 
A$7 million (US$5 million) in 2015.  This A$17 million (US$12 million) change in gold-in-process was mainly due to timing of the campaign milling.  
At Agnew/Lawlers, a gold-in-process credit of A$7 million (US$5 million) in 2016 compared with A$2 million (US$1 million) in 2015.  At Darlot, a 
gold-in-process charge of A$1 million (US$nil million) in 2016 compared with a credit to cost of A$1 million (US$1 million) in 2015.

OPERATING PROFIT 
Operating profit for the Group increased by 25 per cent from US$1,089 million in 2015 to US$1,362 million in 2016 due to the increase in revenue and 
the decrease in net operating costs. 

AMORTISATION AND DEPRECIATION
Amortisation and depreciation for the Group increased by 11 per cent from US$610 million in 2015 to US$679 million in 2016.  This increase of 
US$69 million was due to amortisation and depreciation increases of US$83 million due to the increase in production at South Deep and a decrease in 
depreciable reserves at Cerro Corona and at St Ives in Australia, partially offset by an exchange rate effect of US$14 million. 

OTHER
Net interest expense for the Group decreased by 9 per cent from US$65 million in 2015 to US$59 million in 2016.  Interest expense of US$83 million, 
partially offset by interest income of US$9 million and interest capitalised of US$15 million in 2016 compared with interest expense of US$88 million, 
partially offset by interest income of US$6 million and interest capitalised of US$17 million in 2015.

The share of equity accounted losses decreased by 67 per cent from US$6 million in 2015 to US$2 million in 2016 due to downscaling of activities at 
Far Southeast project (FSE).  

The loss on foreign exchange of US$6 million in 2016 compared with a gain of US$10 million in 2015.  These gains and losses on foreign exchange 
related to the conversion of offshore cash holdings into their functional currencies.

The gain on financial instruments of US$14 million in 2016 was mainly due to the South Deep currency hedge of US$70 million at an average price of 
R16.8273 to the US$.  This compared with a loss of US$5 million in 2015 which related to the mark to market adjustment on the diesel hedges that the 
Australian operations entered into on 10 September 2014 and 26 November 2014.  The diesel hedges came to an end on 31 December 2015.

Share-based payments for the Group increased by 27 per cent from US$11 million in 2015 to US$14 million in 2016 due to the implementation of a new 
long-term employee incentive scheme.  Long-term employee benefits increased by 120 per cent from US$5 million to US$11 million due to mark to market 
adjustments relating to the share price portion of the incentive scheme. 

Other costs for the Group increased by 9 per cent from US$45 million to US$49 million, mainly due to the write-off of bank facility fees of 
US$5 million as a result of refinancing of the off-shore credit facility during 2016. 

EXPLORATION AND PROJECT COSTS
Exploration and project costs increased by 70 per cent from US$54 million in 2015 to US$92 million in 2016 mainly due to an increase at Salares Norte 
from US$16 million in 2015 to US$39 million in 2016 and the write-off of brownfields exploration costs at the Australian operations from A$41 million 
(US$31 million) in 2015 to A$64 million (US$48 million) in 2016. This write-off is a book entry and non- cash.  

NON-RECURRING ITEMS
Non-recurring expenses of US$17 million in 2016 compared with US$218 million in 2015.

The non-recurring expenses in 2016 included mainly:
-  Cash-generating unit impairment of US$66 million at Cerro Corona.  The impairment calculation is based on the 2016 life of mine plan using the 
   following assumptions:
   -  Gold price 2017: US$1,100 per ounce, 2018: US$1,200 per ounce, 2019 onwards: US$1,300 per ounce;
   -  Copper price 2017 and 2018: US$2.50 per pound, 2019 onwards: US$2.80 per pound;
   -  Resource price US$60 per ounce;
   -  Life of mine: 7 years; and
   -  Discount rate: 4.8 per cent.
      The impairment is due to a reduction in gold and copper reserves due to depletion, a decrease in the gold and copper price assumptions for 2017 
      and 2018, a lower resource price and an increase in the Peru tax rate. 
-  Impairment of fleet relating to the disposal of fleet to the contractor and inoperable assets at Damang (US$10 million);
-  Retrenchment costs (US$12 million), mainly at Damang (US$10 million) and Granny Smith (A$2 million/US$1 million);
-  Other: US$5 million.

This was partially offset by:
-  Profit on sale of royalties as part of the Maverix transaction (US$48 million);
-  Profit on buy-back of the bond (US$18 million); and
-  A decrease in rehabilitation provision (US$10 million) mainly due to decreases in base cases associated with a reduction in the diesel price at the 
   Australian operations (A$10 million/US$7 million).


Non-recurring items of US$218 million in 2015 included mainly: 
-  Impairment of the Group's investment in Far South East (FSE) in the Philippines (US$101 million) to its recoverable amount; 
-  Impairment of the Group's investment in Hummingbird (US$15 million) to its fair value; 
-  Loss on disposal of assets at Cerro Corona (US$5 million);
-  Scrapping of assets no longer in use at Cerro Corona (US$7 million);
-  Write-off of stockpiles at Damang (US$8 million) due to net realisable value adjustments; 
-  Retrenchment costs (US$9 million), mainly at Tarkwa (US$5 million) and St Ives (A$4 million/US$3 million); 
-  Impairment of Arctic Platinum project (US$39 million) to its fair value less cost of disposal;
-  Impairment at Darlot: gross A$19 million (US$14 million), tax A$6 million (US$4 million), net A$13 million (US$10 million); and
-  Impairment at Damang: gross US$36 million, tax US$13 million, net US$23 million.  This was based on current studies which may result in the pits 
   not being mined and thus necessitating them being written down to nil carrying value.

This was partially offset by:
-  A decrease in rehabilitation provision (US$15 million) due to increased discount rates at South Deep (R78 million/US$6 million) and at the 
   Australian operations (A$12 million/US$9 million).

ROYALTIES
Government royalties for the Group increased by 5 per cent from US$76 million in 2015 to US$80 million in 2016 in line with higher revenue.

TAXATION
The taxation charge for the Group of US$192 million in 2016 compared with US$247 million in 2015.  Normal taxation increased from US$143 million to 
US$205 million due to higher taxable income.  The deferred tax credit of US$13 million in 2016 compared with a charge of US$104 million in 2015.

The deferred tax credit of US$13 million in 2016, arose mainly due to lower impairments of the deferred tax assets of US$30 million (2015: 
US$68 million) at Cerro Corona and US$nil (2015:US$37 million) at Damang along with a lower charge of US$1 million (2015: US$32 million) related to 
the weakening of the Peruvian Nuevo Sol.  In addition, there were changes in the tax rates in both Ghana and Peru.  This resulted in a deferred tax 
credit of US$21 million (2015: US$nil) in Ghana and a deferred tax charge of US$12 million (2015: US$5 million credit) in Peru.

In Peru, tax depreciation is recognised using the straight line depreciation method for the majority of assets over periods longer than the life of 
mine.  As Cerro Corona has a current life of mine to 2023, a significant portion of assets will not be fully depreciated for tax purposes by the end 
of the life of the mine.  In prior years, the Group believed that the life could be extended through an expansion of the tailings storage facility.  
However, during 2015, the Group completed the expansion feasibility study and concluded that in the current gold and copper price environment it would 
not be viable.  Based on the Group's best estimate at 31 December 2016, it is unlikely that Cerro Corona will earn taxable profits post the current 
life of mine in order to utilise these deductible temporary differences as they reverse.  As a result of the above, the Group impaired an amount of 
US$15 million (2015: US$68 million) related to deferred tax assets not recoverable at Cerro Corona at 31 December 2016. 

The impairment of the deferred tax asset at Damang in 2015 of US$37 million arose due to uncertainty regarding the extent of future taxable profits 
against which it can be utilised.  

The tax returns for Cerro Corona are filed in Peruvian Nuevo Sol (Soles) and the functional currency for accounting purposes is the US dollar.  For 
accounting purposes, unutilised tax allowances must be converted from Soles to dollars at the closing rate at the period end.  Therefore, the US 
dollar equivalent of unutilised taxation allowances fluctuate due to movements in the exchange rate between the Peruvian Nuevo Sol and the US dollar.
 This resulted in a change in the temporary taxation differences for non-monetary assets on translation. A deferred tax charge of US$2 million (2015: 
US$32 million) arose due to the weakening of the exchange rate from 3.38 Nuevo Sol in 2015 to 3.40 Nuevo Sol in 2016 (2.84 Nuevo Sol in 2014 to 
3.38 Nuevo Sol in 2015). It has no cash effect.

EARNINGS 
Net profit attributable to owners of the parent of US$163 million or US$0.20 per share in 2016 compared with a net loss of US$242 million or 
US$0.31 per share in 2015.

Headline earnings attributable to owners of the parent of US$208 million or US$0.26 per share in 2016 compared with headline losses of US$28 million 
or US$0.04 per share in 2015. 

Normalised earnings of US$191 million or US$0.24 per share in 2016 compared with US$45 million or US$0.06 per share in 2015. 

CASH FLOW 
Cash inflow from operating activities of US$957 million in 2016 compared with US$771 million in 2015, a 24 per cent increase.  This increase was 
mainly due to an increase in operating profit of US$165 million, partially offset by an investment into working capital of US$3 million in 2016 
compared with a release of working capital of US$44 million in 2015 as well as higher tax paid of US$235 million in 2016 compared with US$195 million 
in 2015. 

Dividends paid of US$39 million in 2016 compared with US$27 million in 2015.  Dividends paid to owners of the parent increased from US$15 million in 
2015 to US$39 million in 2016.  Dividends paid to non-controlling interest holders of US$nil million in 2016 compared with US$12 million in 2015. 

Cash outflow from investing activities increased from US$652 million in 2015 to US$868 million in 2016 due to an increase in capital expenditure from 
US$634 million in 2015 to US$650 million in 2016.  Purchase of Gruyere Gold project amounted to US$197 million (A$266 million).  Environmental 
payments decreased from US$18 million in 2015 to US$15 million in 2016.  

Cash inflow from operating activities less net capital expenditure and environmental payments of US$294 million in 2016 compared with US$123 million 
in 2015, a 139 per cent increase.  This increase was mainly due to higher profit, partially offset by higher capital expenditure, higher royalties and 
taxation paid and negative working capital adjustments.  The US$294 million in 2016 comprised: US$444 million net cash generated by the eight mining 
operations (after royalties, taxes, capital expenditure and environmental payments), less US$69 million of net interest paid, US$47 million for 
exploration mainly at Salares Norte (this excludes any mine based brownfields exploration which is included in the US$444 million above) and 
US$34 million on non-mine based costs.  The US$123 million in 2015 comprised: US$254 million generated by the eight mining operations less 
US$78 million of interest paid, US$22 million for exploration and US$31 million on non-mine based costs.

In the South Africa region at South Deep, capital expenditure increased from R848 million (US$67 million) in 2015 to R1,145 million (US$78 million) 
in 2016 due to higher expenditure on fleet, the refurbishment of the man winder at Twin shaft and higher expenditure on mining employee accommodation. 

At the West Africa region, capital expenditure decreased from US$221 million to US$206 million.  At Tarkwa, capital expenditure decreased from 
US$204 million to US$168 million due to higher fleet expenditure in 2015.  Capital expenditure in 2016 was mainly incurred on pre-stripping.  Capital 
expenditure at Damang increased from US$17 million to US$38 million mainly due to waste stripping at Amoanda pit. 

In the South America region at Cerro Corona, capital expenditure decreased from US$65 million to US$43 million mainly due to higher expenditure on the 
construction of the tailings dam, waste storage facilities and once-off capital projects in 2015. 

At the Australia region, capital expenditure increased from A$373 million (US$281 million) in 2015 to A$431 million (US$322 million) in 2016.  At St 
Ives, capital expenditure increased from A$152 million (US$115 million) in 2015 to A$188 million (US$140 million) in 2016 due to increased pre-strip 
at Neptune, Invincible and A5.  At Agnew/Lawlers, capital expenditure decreased from A$97 million (US$73 million) to A$94 million (US$70 million) due 
to decreased development at Waroonga, partially offset by increased exploration expenditure.  At Darlot, capital expenditure increased marginally from 
A$27 million (US$20 million) to A$29 million (US$21 million) and at Granny Smith, capital expenditure increased from A$96 million (US$72 million) in 
2015 to A$121 million (US$90 million) in 2016 due to increased capital development, increased exploration expenditure and the new fresh air intake 
ventilation raise.

Net cash inflow from financing activities of US$37 million in 2016 compared with an outflow of US$88 million in 2015.  The inflow in 2016 related to a 
drawdown of US$1.299 billion and proceeds on the issue of shares of US$0.151 billion, partially offset by the repayment of US$1.413 billion on 
offshore and local loans.  

The net cash inflow for the Group of US$87 million in 2016 compared with US$4 million in 2015.  The cash balance was US$527 million in 2016 compared 
with US$440 million in 2015. 

ALL-IN SUSTAINING AND TOTAL ALL-IN COST
The Group all-in sustaining costs decreased by 3 per cent from US$1,007 per ounce in 2015 to US$980 per ounce in 2016 mainly due to lower net 
operating costs, lower losses on commodity cost hedges, higher by-product credits, partially offset by higher non-cash and cash remuneration and 
higher sustaining capital expenditure.  AISC in 2015 included US$8 million of inventory written off at Damang.  Total all-in cost decreased by 2 per 
cent from US$1,026 per ounce in 2015 to US$1,006 per ounce in 2016 for the same reasons as all-in sustaining costs, as well as lower non-sustaining 
capital expenditure, partially offset by higher exploration, feasibility and evaluation costs. 

In the South Africa region, at South Deep, all-in sustaining costs decreased by 6 per cent from R607,429 per kilogram (US$1,490 per ounce) to 
R570,303 per kilogram (US$1,207 per ounce) mainly due to increased gold sold, partially offset by higher operating costs and higher sustaining capital 
expenditure.  The total all-in cost decreased by 8 per cent from R635,622 per kilogram (US$1,559 per ounce) to R583,059 per kilogram (US$1,234 per 
ounce) due to the same reasons as for all-in sustaining costs as well as lower non-sustaining capital expenditure.

At the West Africa region, all-in sustaining costs and total all-in cost decreased by 3 per cent from US$1,049 per ounce in 2015 to US$1,020 per ounce 
in 2016 mainly due to lower net operating costs and lower capital expenditure, partially offset by lower gold sold.

At the South America region, all-in sustaining costs and total all-in cost decreased by 31 per cent from US$718 per ounce to US$499 per ounce mainly 
due to lower net operating costs, lower sustaining capital expenditure and higher by-product credits, partially offset by lower gold sold.  All-in 
sustaining costs and total all-in cost per equivalent ounce decreased by 2 per cent from US$777 per equivalent ounce to US$762 per equivalent ounce 
mainly due to the same reasons as above.

At the Australia region, all-in sustaining costs and total all-in cost increased by 4 per cent from A$1,211 per ounce (US$912 per ounce) in 2015 to 
A$1,261 per ounce (US$941 per ounce) in 2016 mainly due to higher capital expenditure and lower gold sold, partially offset by lower net operating 
costs.

FREE CASH FLOW MARGIN.
The free cash flow (FCF) margin is revenue less cash outflow divided by revenue expressed as a percentage. 

The FCF for the Group in 2016 is calculated as follows:

                                                                                                     US$'m                      US$/oz 
Revenue*                                                                                           2,615.4                       1,247   
Less: Cash outflow                                                                                (2,177.2)                     (1,039)  
AIC                                                                                               (2,109.4)                     (1,006)  
Adjusted for                                                                                                                             
Currency hedge                                                                                        14.3                           7   
Share-based payments (non-cash)                                                                       14.4                           7   
Long-term employee benefits (non-cash)                                                                11.0                           5   
Exploration, feasibility and evaluation costs outside of existing operations                          47.1                          22   
Tax paid (excluding royalties which is included in AIC above)                                       (155.2)                        (74)  
Free cash flow**                                                                                     438.2                         208   
FCF margin                                                                                              17%                               
Gold sold only - 000'ounces                                                                        2,096.8                                

*  Revenue from income statement at US$2,749.5 million less revenue from by-products in AIC at US$134.1 million equals US$2,615.4 million. 
** Free cash flow does not agree with cash flows from operating activities less capital expenditure in the statement of cash flows 
   on page 23 mainly due to working capital adjustments and non-recurring items included in statement of cash flows. 

The FCF margin of 17 per cent in 2016 at a gold price of US$1,247 per ounce compared with 8 per cent in the in 2015 at a gold price of US$1,154 per 
ounce.  The FCF margin for 2016, exceeds the Group's target of a 15 per cent FCF margin at a gold price of US$1,300 per ounce.

The higher FCF margin in 2016 was mainly due to lower net operating costs and the higher gold price received, partially offset by higher capital 
expenditure.

BALANCE SHEET 
Net debt (long-term loans plus the current portion of long-term loans less cash and deposits) decreased from US$1,380 million for the year ended 
December 2015 to US$1,166 million for the year ended December 2016, a US$214 million decrease. 

NET DEBT/ADJUSTED EBITDA
The net debt/adjusted EBITDA ratio of 0.95 at 31 December 2016 compared with 1.38 at the end of the financial year ended 31 December 2015.  

South Africa region 

South Deep Project 

                                                                                        2016                    2015 
Gold produced                                                 000'oz                   290.4                   198.0                         
                                                                  kg                   9,032                   6,160                         
Gold sold                                                     000'oz                   289.4                   198.0                         
                                                                  kg                   9,001                   6,160                         
Yield - underground reef                                         g/t                    5.50                    4.98                         
AISC                                                            R/kg                 570,303                 607,429                         
                                                              US$/oz                   1,207                   1,490                         
AIC                                                             R/kg                 583,059                 635,622                         
                                                              US$/oz                   1,234                   1,559                         

Gold production increased by 47 per cent from 6,160 kilograms (198,000 ounces) in 2015 to 9,032 kilograms (290,400 ounces) in 2016 due to increased 
volumes and grades.

Underground tonnes milled increased by 33 per cent from 1.23 million tonnes in 2015 to 1.63 million tonnes in 2016.  Total tonnes milled increased by 
50 per cent from 1.50 million tonnes to 2.25 million tonnes.  Total tonnes milled in 2016 included 107,000 tonnes of underground waste mined and 
507,000 tonnes of surface tailings material compared with 51,000 tonnes of underground waste mined and 214,000 tonnes of surface tailings material in 
2015.  Underground reef yield increased by 10 per cent from 4.98 grams per tonne to 5.5 grams per tonne due to the mining of higher grade areas closer 
to the Corridor 4W shoreline and improved mining quality (dimensional and spatial compliance). 

Development increased by 47 per cent from 4,701 metres in 2015 to 6,933 metres in 2016.  New mine capital development (phase one, sub 95 level) 
increased by 9 per cent from 744 metres in 2015 to 811 metres in 2016.  Development in the current mine areas in 95 level and above increased by 
55 per cent from 3,957 metres to 6,122 metres.  Destress mining (low and high profile) increased by 6 per cent from 30,444 square metres in 2015 to 
32,333 square metres in 2016.  The low increase in destress square meters was mainly due to the strategic decision to stop destress cuts after the 
intersection of geological features as well as the earlier than planned conversion to high profile destress.  The destress conversion from low profile 
to high profile mining was completed in 2016.  High profile destress mining commenced in June 2015 and improved significantly from 3,604 square metres 
in 2015 to 22,466 square metres in 2016 with conversion of existing low profile destress cuts to high profile destress cuts.  Low profile destress 
decreased from 26,840 square meters in 2015 to 9,867 square meters in 2016.  The high profile and low profile methods contributed 69 per cent and 
31 per cent, respectively, to total destress in 2016.  Longhole stoping volume mined increased by 74 per cent from 429,475 tonnes in 2015 to 745,190 
tonnes in 2016.  

The current mine (95 level and above) contributed 64 per cent of the ore tonnes in 2016, while the new mine (below 95 level) contributed 36 per cent.

Net operating costs increased by 33 per cent from R3,000 million (US$237 million) in 2015 to R3,993 million (US$272 million) in 2016, mainly due to 
the 47 per cent increase in production, annual salary increases, the electricity increase and an increase in employees and contractors in line with 
the strategy to sustainably improve all aspects of the operation.

Operating profit of R1,273 million (US$87 million) in 2016 compared with a loss of R54 million (US$4 million) in 2015.  This was mainly due to the 
46 per cent (2,841 kilograms) increase in gold sold together with a 22 per cent improvement in the rand gold price, partially offset by increased net 
operating costs.

Capital expenditure increased by 35 per cent from R848 million (US$67 million) in 2015 to R1,145 million (US$78 million) in 2016 as a result of higher 
spending on fleet, the refurbishment of the man winder at Twin shaft and higher spend on mining employee accommodation.

All-in sustaining costs decreased by 6 per cent from R607,429 per kilogram (US$1,490 per ounce) in 2015 to R570,303 per kilogram (US$1,207 per ounce) 
in 2016 mainly due to increased gold sold, partially offset by higher net operating costs and higher sustaining capital expenditure.

Total all-in cost decreased by 8 per cent from R635,622 per kilogram (US$1,559 per ounce) in 2015 to R583,059 per kilogram (US$1,234 per ounce) in 
2016 due to the same reasons as for all-in-sustainable costs as well as lower non-sustaining capital expenditure.

Sustaining capital expenditure increased from R675 million (US$53 million) in 2015 to R1,030 million (US$70 million) in 2016 due to additional fleet, 
the refurbishment of the twin shaft man winder and higher expenditure on mining employee accommodation.  Non-sustaining capital expenditure decreased 
from R173 million (US$14 million) to R115 million (US$8 million). 

Guidance 
The estimate for calendar 2017 is as follows:
-  Gold produced ~ 9,800 kilograms (315,000 ounces)
-  Destress square metres ~ 46,000 square meters
-  Development metres ~ 7,880 meters 
-  Sustaining capital expenditure ~ R1,020 million (US$72 million)
-  Growth capital expenditure~ R290 million (US$20 million)
-  All-in sustaining costs ~ R555,000 per kilogram (US$1,220 per ounce)
-  Total all-in cost ~ R585,000 per kilogram (US$1,290 per ounce)

West Africa region 

Ghana 
Tarkwa 
                                                                                                  2016                        2015 
Gold produced                                                       000'oz                       568.1                       586.1 
Yield - CIL plant                                                      g/t                        1.30                        1.35 
AISC and AIC                                                        US$/oz                         959                         970 

Gold production decreased by 3 per cent from 586,100 ounces in 2015 to 568,100 ounces in 2016 due to the lower yield.

Total tonnes mined, including capital stripping, decreased from 101.4 million tonnes in 2015 to 101.2 million tonnes in 2016.  Ore tonnes mined 
decreased from 14.8 million tonnes to 14.6 million tonnes.  Operational waste tonnes mined increased from 33.8 million tonnes to 36.1 million tonnes 
while capital waste tonnes mined decreased from 52.8 million tonnes to 50.5 million tonnes.  Head grade mined decreased from 1.42 grams per tonne to 
1.38 grams per tonne.  The strip ratio increased from 5.9 to 6.3. 

The CIL plant throughput increased from 13.5 million tonnes in 2015 to 13.6 million tonnes in 2016 due to overall plant effectiveness.  Realised yield 
from the CIL plant decreased from 1.35 grams per tonne to 1.30 grams per tonne due to lower grades processed. 

Net operating costs, including gold-in-process movements, was similar at US$327 million due to higher operating costs offset by a bigger build-up of 
gold-in-process.  A build-up of stockpiles of US$18 million in 2016 compared with US$7 million in 2015. 

Operating profit increased from US$354 million in 2015 to US$382 million in 2016 due to higher revenue as a result of the higher gold price received.

Capital expenditure decreased by 18 per cent from US$204 million to US$168 million mainly due to the purchase of mining fleet for replacement in 2015.
Mining fleet expenditure including componentisation in 2015 was US$69 million compared with US$23 million in 2016.

All-in sustaining costs and total all-in cost decreased by 1 per cent from US$970 per ounce in 2015 to US$959 per ounce in 2016 due to lower capital 
expenditure, partially offset by lower gold sold.

Guidance 
The estimate for calendar 2017 is as follows:
-  Gold produced ~ 565,000 ounces
-  Capital expenditure ~ US$180 million
-  All-in sustaining costs ~ US$985 per ounce
-  Total all-in cost ~ US$985 per ounce

Damang 

                                                                                                  2016                        2015 
Gold produced                                                       000'oz                       147.7                       167.8 
Yield                                                                  g/t                        1.08                        1.22 
AISC and AIC                                                        US$/oz                       1,254                       1,326 

Gold production decreased by 12 per cent from 167,800 ounces in 2015 to 147,700 ounces in 2016 mainly due to lower head grade and lower yield.

Total tonnes mined, including capital stripping, decreased from 21.4 million tonnes in 2015 to 18.8 million tonnes in 2016 due to the late start of 
mining at the Amoanda pit.

Ore tonnes mined decreased from 4.7 million tonnes to 2.8 million tonnes.  Operational waste tonnes mined decreased from 16.7 million tonnes to 
8.2 million tonnes as a result of only mining operational waste tonnes in 2015, while both operational waste tonnes and capital waste tonnes were 
mined in 2016.  Capital waste of 7.8 million tonnes was mined at Amoanda pit in 2016.  Head grade mined increased from 1.27 grams per tonne to 
1.32 grams per tonne.  The strip ratio increased from 3.6 to 5.7.

Yield decreased from 1.22 grams per tonne to 1.08 grams per tonne due to an increase in lower grade stockpiles treated.  In 2016, 2.2 million tonnes 
of fresh ore and oxides were milled at an average grade of 1.37 grams per tonne and 2.1 million tonnes of stockpiles were milled at an average grade 
of 1.04 grams per tonne.  This compared with 3.6 million tonnes of fresh ore and oxides milled at an average grade of 1.41 grams per tonne and 
0.7 million tonnes of stockpiles milled at an average grade of 1.27 grams per tonne in 2015. 

Tonnes processed decreased marginally from 4.29 million tonnes in 2015 to 4.27 million tonnes in 2016. 

Net operating costs, including gold-in-process movements, decreased by 27 per cent from US$186 million to US$136 million mainly due to lower mining 
and consumable costs in line with the lower production.   

Operating profit increased from US$8 million in 2015 to US$47 million in 2016 due to lower net operating costs and higher gold prices achieved, 
partially offset by lower gold sold. 

Capital expenditure increased by 124 per cent from US$17 million to US$38 million with the majority spent on waste stripping at Amoanda pit.

All-in sustaining costs and total all-in cost decreased by 5 per cent from US$1,326 per ounce in 2015 to US$1,254 per ounce in 2016 due to lower net 
operating costs, partially offset by lower gold sold and higher capital expenditure. 

Guidance 
The estimate for calendar 2017 is as follows:
-  Gold produced ~ 120,000 ounces
-  Sustaining capital expenditure ~ US$20 million
-  Growth capital expenditure ~ US$120 million
-  All-in sustaining costs ~ US$1,175 per ounce
-  Total all-in cost ~ US$2,250 per ounce

South America region 

Peru 
Cerro Corona 

                                                                                                  2016                        2015 
Gold produced                                                       000'oz                       150.2                       158.9 
Copper produced                                                     tonnes                      30,667                      28,702 
Total equivalent gold produced                                   000'eq oz                       270.2                       295.6 
Total equivalent gold sold                                       000'eq oz                       268.9                       293.3 
Yield - gold                                                           g/t                        0.70                        0.77 
      - copper                                                    per cent                        0.46                        0.45 
      - combined                                                       g/t                        1.20                        1.37 
AISC and AIC                                                        US$/oz                         499                         718 
AISC and AIC *                                                   US$/eq oz                         762                         777 
Gold price**                                                        US$/oz                       1,247                       1,163 
Copper price**                                                       US$/t                       4,848                       5,533 
                                                                                                                                   
* Refer to page 25 and 27 for calculations. 
** Average daily spot price for the period used to calculate total equivalent gold ounces produced. 

Gold production decreased by 5 per cent from 158,900 ounces in 2015 to 150,200 ounces in 2016.  Copper production increased by 7 per cent from 
28,702 tonnes to 30,667 tonnes.  Equivalent gold production decreased by 9 per cent from 295,600 ounces to 270,200 ounces.  The decrease in equivalent 
gold production was due to the lower copper to gold price ratio as well as lower gold head grades treated and lower gold recovery.  The lower head 
grades were in line with the mine sequencing and the planned production schedule in 2016.  Gold head grade decreased from 1.07 grams per tonne to 
1.03 grams per tonne and copper head grade increased from 0.52 per cent to 0.53 per cent. 

Gold recoveries decreased from 71.9 per cent to 67.5 per cent mainly due to the presence of fine porous pyrite in the ore treated in 2016.  Action 
plans to mitigate the lower recoveries include blending to homogenise ore characteristics before feeding the plant and in-pit drilling to better 
predict the presence of porous pyrite. Copper recoveries increased from 86.1 per cent to 86.6 per cent.  Gold yield decreased from 0.77 grams per 
tonne to 0.70 grams per tonne and copper yield increased from 0.45 per cent to 0.46 per cent.  

In 2016, concentrate with a payable content of 149,105 ounces of gold was sold at an average price of US$1,244 per ounce and 29,905 tonnes of copper 
was sold at an average price of US$4,182 per tonne, net of treatment and refining charges.  This compared with 158,805 ounces of gold that was sold at 
an average price of US$1,109 per ounce and 28,221 tonnes of copper that was sold at an average price of US$4,229 per tonne, net of treatment and 
refining charges in 2015.  Total equivalent gold sales decreased by 8 per cent from 293,300 ounces in 2015 to 268,900 ounces in 2016 mainly due to 
lower gold produced and lower price factor.

Total tonnes mined increased by 11 per cent from 12.96 million tonnes in 2015 to 14.45 million tonnes in 2016 in line with the mine sequencing.  
The higher tonnes mined were mainly due to lower intensity of the rainy season.  Ore mined increased by 3 per cent from 6.84 million tonnes to 
7.06 million tonnes.  Waste tonnes mined increased by 21 per cent from 6.12 million tonnes to 7.39 million tonnes.  The strip ratio increased from 
0.89 to 1.05 due to higher waste mined in 2016 in line with the mining sequence.  

Ore processed increased by 4 per cent from 6.71 million tonnes in 2015 to 6.98 million tonnes in 2016 mainly due to higher plant throughput 
(832 tonnes per hour versus 811 tonnes per hour) after the completion of the plant optimisation project.

Net operating costs, including gold-in-process movements, decreased by 3 per cent from US$145 million in 2015 to US$140 million in 2016.  The lower 
cost was mainly due to a US$4 million build-up of concentrate inventory in 2016 compared with US$1 million drawdown in 2015. 

Operating profit increased by 24 per cent from US$147 million in 2015 to US$183 million in 2016 mainly due to the higher gold price and higher copper 
production, partially off-set by lower gold production and lower copper price.

Capital expenditure decreased by 34 per cent from US$65 million to US$43 million mainly due to higher expenditure on construction of the tailing dam, 
waste storage facilities and once-off capital projects in 2015.

All-in sustaining costs and total all-in cost decreased by 31 per cent from US$718 per ounce in 2015 to US$499 per ounce in 2016.  This was mainly due 
to higher by-product credits and lower capital expenditure, partially offset by lower gold sold.  All-in sustaining costs and total all-in costs per 
equivalent ounce decreased by 2 per cent from US$777 per equivalent ounce to US$762 per equivalent ounce mainly due to the same reasons as above.

Guidance 
The estimate for calendar 2017 is as follows:
-  Gold equivalents produced ~ 290,000 ounces
-  Gold only produced ~ 152,000 ounces
-  Copper tonnes produced ~ 27,500 tonnes  
-  Capital expenditure ~ US$53 million
-  All-in sustaining costs ~ US$780 per equivalent ounce
-  Total all-in cost ~ US$780 per equivalent ounce
-  Copper price ~ US$2.50 per pound  ] for purposes of calculating
-  Gold price ~ US$1,100 per ounce   ] equivalent ounces
-  All-in sustaining costs ~ US$620 per ounce
-  Total all-in cost ~ US$620 per ounce

Australia region 

St Ives 

                                                                                                  2016                        2015 
Gold produced                                                       000'oz                       362.9                       371.9 
Yield - underground                                                    g/t                        4.73                        4.52 
      - surface                                                        g/t                        2.43                        2.29 
      - combined++                                                     g/t                        2.79                        2.99 
AISC and AIC                                                         A$/oz                       1,273                       1,287 
                                                                    US$/oz                         949                         969 

* Heap leach produced 600 ounces, rinsed from inventory (4,500 ounces was rinsed in 2015). 
++ Heap leach blended with mill feed to reflect the overall recovery of 2.79 grams per tonne (mill 2.84 grams per tonne). 

Gold production decreased by 2 per cent from 371,900 ounces in 2015 to 362,900 ounces in 2016 due to lower grade of ore milled following the closure 
of the Cave Rocks and Athena underground mines and transition to a predominantly open pit operation.  

Total tonnes mined increased by 82 per cent from 24.05 million tonnes in 2015 to 43.74 million tonnes in 2016.  The additional tonnes mined are a 
result of the transition to a predominantly open pit operation.

At the underground operations, ore mined decreased by 48 per cent from 1.21 million tonnes in 2015 to 0.63 million tonnes in 2016 following the 
closure of the Cave Rocks mine in 2015 and Athena mine in 2016.  The grade mined increased by 7 per cent from 4.72 grams per tonne to 5.07 grams per 
tonne as a result of the closure of the lower grade Cave Rocks mine.  As a result, contained gold mined from underground decreased from 183,400 ounces 
in 2015 to 102,200 ounces in 2016.

Total tonnes mined were 43.11 million tonnes in 2016 compared with 22.84 million tonnes in 2015.  At the open pits total ore tonnes mined increased by 
101 per cent from 1.83 million tonnes in 2015 to 3.67 million tonnes in 2016 due to the ramp-up of the Invincible pit, combined with mining at the 
A5 and Neptune pits as part of a strategic shift to a primary open pit operation at St Ives.  Grade mined decreased by 5 per cent from 2.69 grams per 
tonne to 2.56 grams per tonne due to lower grade ore mined from the A5 pit while the Neptune pit was undergoing pre-strip. Contained gold mined from 
the open pits increased from 157,800 ounces in 2015 to 301,900 ounces in 2016. 

Operational waste tonnes mined increased by 74 per cent from 6.90 million tonnes in 2015 to 12.03 million tonnes in 2016.

Capital waste tonnes mined increased by 94 per cent from 14.11 million tonnes to 27.41 million tonnes.  The strip ratio decreased from 11.5 to 10.7.  
The increased tonnes reflect the increase in activity at the Invincible mine which is now in full production and the commencement of Stage 2 of the 
Neptune open pit, giving St Ives two significant areas of open pit activity beyond 2016.  There was no mining activity at Neptune during the first 
half of 2015. 

Throughput at the Lefroy mill increased by 5 per cent from 3.87 million tonnes in 2015 to 4.05 million tonnes in 2016, mainly due to St Ives having 
mined sufficient tonnes to fill the mill in 2016, whereas a campaign milling strategy was adopted to supplement production in the first six months of 
2015.  The mill was closed for two weeks during the second half of 2016 for the installation of a new electrical control block for the Sag mill.  
Yield decreased from 2.95 grams per tonne to 2.84 grams per tonne due to increased mill feed from lower grade open pits during 2016.  Gold production 
from the Lefroy mill decreased from 367,400 ounces in 2015 to 360,400 ounces in 2016.  In addition, 93,277 tonnes of toll treatment produced 
1,945 ounces in 2016 that was credited to St Ives as part of the commercial arrangement.  

Residual leaching and irrigation of the existing heap leach pad produced a further 600 ounces in 2016.  This compared with 4,500 ounces produced in 
2015.  The residual leaching ceased in April 2016.  

Net operating costs, including gold-in-process movements decreased by 17 per cent from A$293 million (US$220 million) in 2015 to A$244 million 
(US$182 million) in 2016.  The significant cost reduction is the result of:
-  closure of the Cave Rocks and Athena underground mines;
-  efficiencies in the open pits with the cost per tonne of material movement decreasing year-on-year by 21 per cent on larger volumes and 
productivity improvements; and
-  benefits of enhanced open pit production resulting in a gold-in-process credit of A$15 million (US$11 million) in 2016 due to a build-up of 
stockpiles compared with a gold-in-process charge of A$34 million (US$25 million) due to a drawdown of stockpiles during 2015. 

The benefits of the above cost reductions were partially offset by increased mining volumes at the open pit operations.

Operating profit increased by 29 per cent from A$281 million (US$212 million) in 2015 to A$363 million (US$271 million) in 2016 due to a higher 
Australian dollar gold price (A$1,672 per ounce in 2016 versus A$1,543 per ounce in 2015) and a significant reduction in net operating costs, 
partially offset by slightly lower gold production.

Capital expenditure increased by 24 per cent from A$152 million (US$115 million) in 2015 to A$188 million (US$140 million) in 2016 with an additional 
A$23 million (US$17 million) incurred on pre-stripping at Neptune and Invincible open pits. 

All-in sustaining costs and total all-in cost decreased by 1 per cent from A$1,287 per ounce (US$969 per ounce) in 2015 to A$1,273 per ounce 
(US$949 per ounce) in 2016 due to the significant reduction in net operating costs, partially offset by lower gold sold and higher capital 
expenditure.

Guidance 
The estimate for calendar 2017 is as follows:
-  Gold produced ~ 360,000 ounces
-  Capital expenditure ~ A$185 million (US$135 million)
-  All-in sustaining costs ~ A$1,325 per ounce (US$970 per ounce)
-  Total all-in cost ~ A$1,325 per ounce (US$970 per ounce).

Agnew/Lawlers 

                                                                                                  2016                        2015 
Gold produced                                                       000'oz                       229.3                       236.6 
Yield                                                                  g/t                        6.07                        6.02 
AISC and AIC                                                         A$/oz                       1,301                       1,276 
                                                                    US$/oz                         971                         959 

Gold production decreased by 3 per cent from 236,600 ounces in 2015 to 229,300 ounces in 2016 mainly due to a reduction in ore processed. 

Ore mined from underground increased marginally from 1.20 million tonnes in 2015 to 1.21 million tonnes in 2016.  Head grade mined decreased by 2 per 
cent from 6.42 grams per tonne to 6.32 grams per tonne due to reduced mining from the high grade Genesis 500 Series North at New Holland.  

Tonnes processed decreased by 3 per cent from 1.22 million tonnes in 2015 to 1.18 million tonnes in 2016.  This reduction was due to a shortage of 
mill feed early in the year with the mill running just under capacity and an oversupply of ore in the second half of the year with not all ore mined 
being processed.  The combined yield increased from 6.02 grams per tonne to 6.07 grams per tonne mainly due to the preferential feed of higher grade 
ore in the latter part of the year.

Net operating costs, including gold-in-process movements, were similar at A$189 million (US$141 million). 

Operating profit increased by 10 per cent from A$176 million (US$133 million) in 2015 to A$194 million (US$145 million) in 2016 due to the higher 
Australian dollar gold price (A$1,670 per ounce in 2016 versus A$1,539 per ounce in 2015), partially offset by lower production.

Capital expenditure decreased by 3 per cent from A$97 million (US$73 million) in 2015 to A$94 million (US$70 million) in 2016.  The decrease in 
capital expenditure was due to increased development of Fitzroy Bengal Hastings (FBH) at Waroonga during 2015, partially offset by increased 
exploration expenditure in 2016.

All-in sustaining costs and total all-in cost increased by 2 per cent from A$1,276 per ounce (US$959 per ounce) in 2015 to A$1,301 per ounce 
(US$971 per ounce) in 2016 due to lower gold sold, partially offset by lower capital expenditure.  

Guidance 
The estimate for calendar 2017 is as follows:
-  Gold produced ~ 220,000 ounces
-  Capital expenditure ~ A$87 million (US$64 million)
-  All-in sustaining costs ~ A$1,390 per ounce (US$1,020 per ounce)
-  Total all-in cost ~ A$1,390 per ounce (US$1,020 per ounce)


Darlot 

                                                                                             2016                        2015 
Gold produced                                                  000'oz                        66.4                        78.4 
Yield                                                             g/t                        4.55                        5.34 
AISC and AIC                                                    A$/oz                       1,662                       1,403 
                                                               US$/oz                       1,238                       1,057 

Gold production decreased by 15 per cent from 78,400 ounces in 2015 to 66,400 ounces in 2016 due to lower grades mined. 

Ore mined from underground increased by 2 per cent from 0.41 million tonnes to 0.42 million tonnes.  Head grade mined decreased by 18 per cent from 
6.08 grams per tonne in 2015 to 4.98 grams per tonne in 2016.  The reduced grade was due to mining of the lower grade bulk Felsic's area of Lords 
South Lower.  A further 28,200 tonnes at 1.29 grams per tonne were sourced from a surface oxide trial during 2016 contributing 1,200 ounces.  

Tonnes processed decreased by 2 per cent from 0.46 million tonnes in 2015 to 0.45 million tonnes in 2016.  The yield decreased from 5.34 grams per tonne to 4.55 grams per tonne due to lower grade ore mined and the addition of ore from the low grade oxide trial.   


Net operating costs, including gold-in-process movements, decreased by 3 per cent from A$79 million (US$59 million) in 2015 to A$77 million 
(US$58 million) in 2016 due to cost reduction measures applied to mining activities.

Operating profit decreased by 21 per cent from A$43 million (US$32 million) to A$34 million (US$25 million) due to lower gold production, partially 
offset by a higher Australian dollar gold price received (A$1,679 per ounce in 2016 versus A$1,546 per ounce in 2015).

Capital expenditure increased by 7 per cent from A$27 million (US$20 million) to A$29 million (US$21 million).  Expenditure in 2016 was mainly 
incurred on exploration and the commencement of development of the Oval ore body.  The Oval ore body is a recent discovery which is expected to 
provide the primary ore feed in 2017.  

All-in sustaining costs and total all-in cost increased by 18 per cent from A$1,403 per ounce (US$1,057 per ounce) in 2015 to A$1,662 per ounce 
(US$1,238 per ounce) in 2016 due to lower gold sold and higher capital expenditure, partially offset by lower net operating costs.  

Darlot was able to remain cash flow positive for the year (A$1 million) while spending A$16 million in capital development and A$11 million on 
exploration.  

Guidance 
The estimate for calendar 2017 is as follows:
-  Gold produced ~ 52,000 ounces
-  Capital expenditure ~ A$12 million (US$8 million)
-  All-in sustaining costs ~ A$1,755 per ounce (US$1,285 per ounce)
-  Total all-in cost ~ A$1,755 per ounce (US$1,285 per ounce)

Granny Smith 

                                                                                                  2016                        2015 
Gold produced                                                       000'oz                       283.8                       301.1 
Yield                                                                  g/t                        6.11                        6.45 
AISC and AIC                                                         A$/oz                       1,119                       1,017 
                                                                    US$/oz                         834                         764 

Gold production decreased by 6 per cent from 301,100 ounces in 2015 to 283,800 ounces in 2016 due to lower grades mined and an increase in stockpiled 
ore as a consequence of the timing of the December milling campaign.

Ore mined from underground increased by 10 per cent from 1.38 million tonnes to 1.52 million tonnes.  Head grade mined decreased by 5 per cent from 
6.94 grams per tonne in 2015 to 6.61 grams per tonne in 2016 in line with the 2016 mining plan.

Tonnes processed were similar at 1.45 million tonnes.  The yield decreased from 6.45 grams per tonne to 6.11 grams per tonne due to lower head grades.  
The mill was not operating at capacity and the timing of the milling campaign results in variances between tonnes mined and milled.  This was 
significant to the year-on-year production analysis with a net 70,000 tonnes drawn down from stockpiles in 2015 and a net 70,000 tonnes build-up in 
2016.

Net operating costs, including gold-in-process movements decreased by 5 per cent from A$188 million (US$141 million) to A$179 million 
(US$134 million).  Mining costs increased due to the additional volumes, but were more than offset by the net gold-in-process credit associated with 
the respective timing of the milling campaigns, referred to above.  The gold-in-process credit to cost of A$10 million (US$7 million) in 2016 compared 
with a charge of A$7 million (US$5 million) in 2015.

Operating profit increased by 8 per cent from A$275 million (US$207 million) in 2015 to A$298 million (US$222 million) in 2016 mainly due to the 
higher Australian gold price received (A$1,682 per ounce in 2016 versus A$1,538 per ounce in 2015).

Capital expenditure increased by 26 per cent from A$96 million (US$72 million) in 2015 to A$121 million (US$90 million) in 2016.  The majority of the 
expenditure related to capital development, exploration and the establishment of new fresh air intake ventilation raises.  The mines electricity 
generation moved from diesel to gas in May 2016 with the commissioning of the new power station.  This power station is providing savings in power 
and maintenance costs, lower carbon emissions and reduced risk of power interruptions. 

All-in sustaining costs and total all-in cost increased by 10 per cent from A$1,017 per ounce (US$764 per ounce) in 2015 to A$1,119 per ounce 
(US$834 per ounce) in 2016 mainly due to lower gold sold and higher capital expenditure, partially offset by the lower net operating costs.
Guidance 

The estimate for calendar 2017 is as follows:
-  Gold produced ~ 278,000 ounces
-  Capital expenditure ~ A$115 million (US$84 million)
-  All-in sustaining costs ~ A$1,215 per ounce (US$890 per ounce)
-  Total all-in cost ~ A$1,215 per ounce (US$890 per ounce)

Corporate

RESIGNATION OF NICO MULLER 
Gold Fields announced the resignation of Nico Muller, EVP: South Africa, effective 3 March 2017.  Nico will be leaving Gold Fields to take up the 
position of chief executive officer of Impala Platinum. 

The Board and management of Gold Fields thanked Nico for his significant contribution to South Deep and the company as well as his leadership and 
wished him every success in his new role.

Since joining Gold Fields in October 2014, Nico has played an important role in fixing the base at South Deep and repositioning the mine for a 
sustainable future.  In doing so, Nico has recruited a strong leadership team which will continue to take South Deep forward. 

DIRECTORATE CHANGES
Messrs Kofi Ansah and Alan Hill retired as non-executive directors of the Gold Fields Board of Directors on 31 December 2016. 

Gold Fields Chairperson Cheryl Carolus thanked Messrs Ansah and Hill for their valuable contribution and the enormous depth of experience they brought 
to the board over the many years in which they served as directors.  Mr Ansah has been a Gold Fields director since April 2004 and Mr Hill since 
August 2009.

THUSANANG CLINIC 
South Deep handed over the Thusanang 2 Clinic to the Gauteng Department of Health in August 2016.

Thusanang is an informal settlement on the border of South Deep mine's property in the Rand West municipality in Gauteng and is home to about 
8,000 residents.  The clinic brings much relief to a community that previously had to rely on a mobile clinic which only visited the area once a week. 

JOINT VENTURE WITH GOLD ROAD 
Gold Fields entered into a 50:50 joint venture with Gold Road Resources Limited (Gold Road) (ASX: GOR) for the development and operation of the 
Gruyere Gold Project in Western Australia, which comprises the Gruyere gold deposit as well as additional resources including Central Bore and 
Attila/Alaric (Gruyere). 

Gold Fields acquired a 50 per cent interest in the Gruyere Gold project for a total purchase consideration of A$350 million payable in cash and a 
1.5 per cent royalty on Gold Fields' share of production after total mine production exceeds 2Moz with an approximate value of A$15 million.  The cash 
consideration comprises A$250 million paid at completion in December 2016 and A$100 million payable according to an agreed construction cash call 
schedule. The consideration will be funded utilising existing cash resources and banking facilities in Australia. 
SALE OF ROYALTY PORTFOLIO TO MAVERIX 
Gold Fields Limited refers shareholders to the announcement made by TSX-listed, Maverix Metals Inc. (Maverix) (TSX-V: MMX) involving Gold Fields 
Netherlands Services B.V., and certain of its other wholly owned subsidiaries.  Maverix has agreed to acquire a portfolio of eleven existing producing 
and non-producing royalties from Gold Fields in return for 42.85 million common shares and 10 million common share purchase warrants of Maverix.  The 
transaction was completed in December 2016 and Gold Fields owns approximately 32 per cent of the issued and outstanding common shares of Maverix.  The 
fair value of the 42.85 million common shares was US$42 million and the shares are recognised as an equity accounted investee. The fair value of the 
10 million common share purchase warrants was US$6 million and are classified as derivative instruments.

CASH DIVIDEND
In line with the company's dividend policy to pay out a dividend of between 25 and 35 per cent of its earnings, the Board has approved and declared a 
final dividend number 85 of 60 SA cents per ordinary share (gross) in respect of the year ended 31 December 2016.  This translates to 32 per cent of 
normalised earnings.  The final will be subject to the Dividend Withholding Tax that was introduced with effect from 1 April 2012 of 15 per cent.  
In accordance with paragraphs 11.17(a)(i) and 11.17(c) of the JSE Listings Requirements, the following additional information is disclosed:
-  The dividend has been declared out of income reserves;
-  The local dividends withholding tax rate is 15 per cent (fifteen per centum);
-  The gross local dividend amount is 60 SA cents per ordinary share for shareholders exempt from dividends tax;
-  The Dividend Withholding Tax of 15 per cent (fifteen per centum) will be applicable to this dividend;
-  The net local dividend amount is 51.000 SA cents per ordinary share for shareholders liable to pay the dividends tax;
-  Gold Fields currently has 821,532,707 ordinary shares in issue; and
-  Gold Fields' income tax number is 9160035607.

Shareholders are advised of the following dates in respect of the final dividend:

Final dividend number 85: 60 SA cents per share
Last date to trade cum-dividend: Tuesday 7 March 2017
Sterling and US dollar conversion date: Wednesday 8 March 2017
Shares commence trading ex-dividend: Wednesday 8 March 2017
Record date: Friday 10 March 2017
Payment of dividend: Monday 13 March 2017

Share certificates may not be dematerialised or rematerialised between Wednesday, 8 March 2017 and Friday, 10 March 2017, both dates inclusive.

Outlook for 2017 
Attributable equivalent gold production for the Group for 2017 is expected to be between 2.10 million ounces and 2.15 million ounces, unchanged from 
the updated guidance provided for 2016.  The Australian region is expected to produce around 910,000 ounces with reduced ounces at the four mines 
largely due to a change in mining mix across these dynamic operations which inevitably affect grade and tonnage.  Cerro Corona's gold equivalent 
production of around 290,000 ounces is higher than 2016 with the increase mainly due to the positive impact of the higher copper/gold price ratio.  
Lower production is expected at Damang given the reinvestment currently underway and South Deep is expected to increase production to around 9,800 
kilograms (315,000 ounces). AISC is expected to be between US$1,010 per ounce and US$1,030 per ounce.

As mentioned earlier, Gold Fields plans to embark on a year of reinvestment in 2017 with the focus on new growth and development projects, and to 
target both sustaining and growing free cash flow.  Apart from the additional investment in South Deep, three other major projects namely the Damang 
reinvestment project, the Gruyere development project and the Salares Norte project require investment.  Growth expenditure at South Deep is planned 
to increase to R287 million (US$20 million) in 2017 (2016: R115 million/US$8 million).

In 2017, US$120 million will be invested in future growth at Damang largely on waste stripping to expose high grade ore sources in the future, while 
A$153 million (US$112 million) is planned to be spent on the development of Gruyere and A$106 million (US$78 million) on the balance of the purchase 
price.  In Chile, Salares Norte is on track to complete a prefeasibility study in H2 2017.  The plan is to increase expenditure to US$64 million at 
Salares Norte in 2017 (2016: US$39 million) as it anticipates commencing detailed feasibility.  

As a result of the above, AIC for the Group is planned to increase significantly to between US$1,170 per ounce to US$1,190 per ounce.  Sustaining 
capital expenditure for the Group is planned at US$617 million and growth capital expenditure is planned at US$252 million. The US$252 million 
comprises US$120 million for Damang, A$153 million (US$112 million) for Gruyere, as well as R287 million (US$20 million) at South. These expectations 
assume exchange rates of R/US$: 14.14 and A$/US$: 0.73.

The above is subject to safety performance which limits the impact of safety-related stoppages and the forward looking statement on pages 4 and 40.



N.J. Holland
Chief Executive Officer
16 February 2017



REVIEWED CONDENSED CONSOLIDATED PRELIMINARY FINANCIAL STATEMENTS 

Notes to the condensed consolidated financial statements

BASIS OF ACCOUNTING
The condensed consolidated financial statements are prepared in accordance with the requirements of the JSE Limited Listings Requirements for 
preliminary reports and the requirements of the Companies Act 2008 of South Africa.

The Listings Requirements require preliminary reports to be prepared in accordance with the framework concepts and the measurement and recognition 
requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices 
Committee and Financial Pronouncements as issued by Financial Reporting Standards Council and to also, as a minimum, contain the information required 
by IAS 34, Interim Financial Reporting.

The accounting policies applied in the preparation of the condensed consolidated financial statements are in terms of IFRS and are consistent with 
those applied in the previously issued consolidated financial statements. 

AUDITOR'S REVIEW
The condensed consolidated financial statements of Gold Fields Limited for the year ended 31 December 2016 have been reviewed by the company's 
auditor, KPMG Inc.  The segmental operating results included in the condensed consolidated financial statements have not been reviewed by KPMG Inc. 
The auditor's report does not necessarily report on all of the information contained in this media release.  Shareholders are therefore advised that 

in order to obtain a full understanding of the nature of the auditor's engagement they should refer to the auditor's report on the last page of this 
release.

LITIGATION STATEMENT
In relation to the Litigation statement, there has been no further update since the release of the annual financial statements for the year ended 
31 December 2015 except for:

SILICOSIS
As previously reported, the respondents in the certification application, including Gold Fields, all opposed the certification application, which was 
heard by the Gauteng Local Division of the High Court from 12 to 23 October 2015.

On 13 May 2016, the High Court ordered, amongst other things: (1) the certification of two classes: (a) a silicosis class comprising current and 
former mine workers who have contracted silicosis and the dependents of mine workers who have died of silicosis; and (b) a tuberculosis class 
comprising current and former mine workers who have worked on the mines for a period of not less than two years and who have contracted pulmonary 
tuberculosis and the dependents of deceased mine workers who died of pulmonary tuberculosis; and (2) that the common law be developed to provide that, 
where a claimant commences suing for general damages and subsequently dies whether arising from harm caused by a wrongful act or omission of a person 
or otherwise, before close of pleadings, and who would but for his or her death have been entitled to continue with such action, the claim for general 
damages will transmit to the estate of the deceased claimant.

The progression of the classes certified will be done in two phases: (i) a determination of common issues, on an opt-out basis, and (ii) the hearing 
and determination of individualized issues, on an opt in basis. In addition, costs were awarded in favour of the claimants.  The High Court ruling did 
not represent a ruling on the merits of the cases brought by the claimants.  The amount of damages has not yet been quantified for any of the 
claimants in the consolidated class application or for any other members of the classes.

Gold Fields and the other respondents believe that the judgment addressed a number of highly complex and important issues, including a far reaching 
amendment of the common law, that have not previously been considered by other courts in South Africa.  The High Court itself found that the scope and 
magnitude of the proposed claims is unprecedented in South Africa and that the class action would address novel and complex issues of fact and law.  
The companies applied for leave to appeal against the judgement because they believed that the court's ruling on some of these issues is incorrect and 
that another court may come to a different decision.

On 24 June 2016, the High Court granted the mining companies leave to appeal against the finding amending the common law in respect of the 
transmissibility of general damages claims. It refused leave to appeal on the certification of silicosis and tuberculosis classes.

On 15 July 2016, the Gold Fields and the other respondents each filed petitions to the Supreme Court of Appeal for leave to appeal against the 
certification of the two separate classes for silicosis and tuberculosis.

On 21 September 2016, the Supreme Court of Appeal granted the respondents leave to appeal against all aspects of the class certification judgment of 
the High Court delivered in May 2016.  The appeal record has been filed.  It is anticipated that an appeal hearing date may be allocated in the third 
quarter of 2017.

The ultimate outcome of this matter cannot presently be determined and, accordingly, no adjustment for any effects on the Company that may result from
the proceedings, if any, has been made in the condensed consolidated financial statements.

SOUTH DEEP TAX DISPUTE
The South Deep mine (South Deep) is jointly owned and operated by GFIJVH (50 per cent) and GFO (50 per cent).  As at 31 December 2016, South Deep's 
gross deductible temporary differences amounted to US$1,585.3 million (R22,242.2 million), resulting in a deferred tax asset balance of 
US$475.6 million (R6,672.7 million).  This amount is included in the consolidated deferred tax asset of US$48.7 million on Gold Fields' statement of 
financial position.  South Deep's gross deductible temporary differences comprises unredeemed capital expenditure balances of US$633.2 million 
(R8,884.0 million) (tax effect: US$190.0 million (R2,665.2 million)) at GFIJVH and US$606.4 million (R8,508.0 million) (tax effect: US$181.9 million 
(R2,552.4 million)) at GFO, a capital allowance balance (Additional Capital Allowance) of US$163.4 million (R2,292.0 million) (tax effect: 
US$49.0 million (R687.6 million) at GFIJVH and an assessed loss balance of US$182.3 million (R2,558.2 million) (tax effect: US$54.7 million 
(R767.5 million) at GFO.

During the September 2014 quarter, the South African Revenue Services (SARS) issued a Finalisation of Audit Letter (the Audit Letter) stating that 
SAR has restated GFIJH's Additional Capital Allowance balance reflected on its 2011 tax return from US$163.4 million (R2,292.0 million) to nil.  The 
tax effect of this amount is US$49.0 million (R687.6 million) that being the amount referred to above as Additional Capital Allowance.

The Additional Capital Allowance was claimed by GFIJVH in terms of section 36(11)(c) of the South African Income Tax Act, 1962 (the Act). The 
Additional Capital Allowance provides an incentive for new mining development and only applies to unredeemed capital expenditure. The Additional 
Capital Allowance allows a 12 per cent capital allowance over and above actual capital expenditure incurred on developing a deep level gold mine, as 
well as a further annual 12 per cent allowance on the mine's unredeemed capital expenditure balance brought forward, until the year that the mine 
starts earning mining taxable income (i.e. when all tax losses and unredeemed capital expenditure have been fully utilised).

In order to qualify for the Additional Capital Allowance, South Deep must qualify as a 'post 1990 gold mine' as defined in the Act.  A 'post 1990 gold 
mine', according to the Act, is defined as 'a gold mine which, in the opinion of the Director General: Mineral and Energy Affairs, is an independent 
workable proposition and in respect of which a mining authorisation for gold mining was issued for the first time after 14 March 1990'.

During 1999, the Director-General: Minerals and Energy Affairs (DME) and SARS confirmed, in writing, that FIJVH is a 'post 1990 gold mine' as defined, 
and therefore qualified for the Additional Capital Allowance.  Relying on these representations, GFIJVH subsequently filed its tax returns on this 
basis, as was confirmed by the DME and SARS.

In the Audit Letter, SARS stated that both the DME and SARS erred in issuing the confirmations as mentioned above and that GFIJVH does not qualify as 
a 'post 1990 gold mine' and therefore does not qualify for the Additional Capital Allowance.

The Group has taken legal advice on the matter and was advised by external Senior Counsel that SARS should not be allowed to disallow the claiming of 
the Additional Capital Allowance. GFIJVH has in the meantime not only formally appealed against the position taken by SARS, but also filed an 
application in the High Court and will vigorously defend its position.  A trial date in the Tax Court has been set for October 2017.

Accordingly, no adjustment for any effects on the Company that may result from the proceedings, if any, has been made in the condensed consolidated 
financial statements.

GOLD WORKING GROUP
The Occupational Lung Disease Working Group (the "Working Group"), made up of African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold 
Fields, Harmony and Sibanye Gold, remains of the view that achieving a mutually acceptable comprehensive settlement which is both fair to past, 
present and future employees, and sustainable for the sector, is preferable to protracted litigation.  Notwithstanding that the companies deny 
liability for the claims, the Working Group will continue with its efforts - which have been ongoing for more than a year - to find common ground with 
stakeholders, including the claimants' legal representatives.

MINING CHARTER OWNERSHIP ELEMENT DECLARATION APPLICATION
Gold Fields remains committed to, through the South African Chamber of Mines ("Chamber"), open and transparent negotiations with the Department of 
Mineral Resources, relating to the Draft Reviewed Mining Charter published without consultation with industry in early 2016.  The Chamber is concerned 
with a number of the proposals put forward in the Draft Reviewed Mining Charter which it believes are ill-conceived and/or unachievable targets which 
will in all likelihood have a negative effect on the continued sustainability of the mining industry in South Africa.  Negotiations in this regard are 
ongoing.
 
With regards to the Declaratory Order, as previously reported, the Chamber commenced a court application (with the agreement of the previous Minister 
of Mines, Minister Ramatlhodi) against the Minister and Director General of the Department of Mineral Resources regarding continuing consequences of 
previous BEE deals.  Until an agreed outcome has been reached with regards to the Draft Reviewed Mining Charter, the Chamber has decided not to 
withdraw the application but has not yet applied for a hearing date, which it can do at any time.

ASSET IMPAIRMENTS AND WRITE-OFFS
Asset impairments and write-offs recognised by the Group during 2016 include:
-  Cash-generating unit impairment of US$66 million at Cerro Corona.  The impairment calculation is based on the 2016 life of mine plan using the  
   following assumptions:
   -  Gold price 2017: US$1,100 per ounce, 2018: US$1,200 per ounce, 2019 onwards: US$1,300 per ounce;
   -  Copper price 2017 and 2018: US$2.50 per pound, 2019 onwards: US$2.80 per pound;
   -  Resource price US$60 per ounce;
   -  Life of mine: 7 years; and
   -  Discount rate: 4.8 per cent.
   The impairment is due to a reduction in gold and copper reserves due to depletion, a decrease in the gold and copper price assumptions for 2017 
   and 2018, a lower resource price and an increase in the Peru tax rate. 
-  Impairment of the fleet at Damang (US$10 million). 

PROFIT ON SALE OF ASSETS
Profit on sale of assets includes US$48 million relating to the sale of a royalty portfolio during December 2016.  The consideration received included 
42.85 million common shares and 10 million common share purchase warrants of Maverix Metals Inc.  The investment in common shares has been accounted 
for as an equity accounted investee amounting to US$42 million and the warrants as a derivative instrument with a fair value of US$6 million.

GRUYERE ACQUISITION
Gold Fields acquired a 50 per cent interest in the Gruyere Gold Project during December 2016 for a total purchase consideration of A$350 million 
(US$273 million) payable in cash and a 1.5 per cent royalty on Gold Field's share of production after the total mine production exceeds 2 million 
ounces.  The purchase consideration comprises A$250 million (US$185 million) payable on the effective date (13 December 2016), and A$100 million 
(US$74 million) payable according to an agreed construction cash call schedule.  In addition, transaction costs of A$19 million (US$14 million) were 
incurred and capitalised.  The 1.5 per cent royalty will be accounted for as the production milestones are met.  The 50 per cent interest in the 
project will be accounted for as a joint operation. The acquisition was accounted for as an asset acquisition.

BOND BUY-BACK
On 19 February 2016, Gold Fields announced an offer to purchase US$200 million of the US$1 billion notes outstanding.  Gold Fields accepted the 
purchase of an aggregate principal amount of notes equal to US$148 million at the purchase price of US$880 per US$1,000 in principal amount of notes.  
A profit of US$18 million was recognised on the buy-back of the notes.

EQUITY RAISING
On 17 March 2016, Gold Fields successfully completed a US$152 million (R2.3 billion) accelerated equity raising by way of a private placement, to 
institutional investors.  A total number of 38,857,913 new Gold Fields shares were placed at a price of R59.50 per share. 

CREDIT FACILITIES SUCCESSFULLY REFINANCED
Gold Fields successfully refinanced its US$1,440 million credit facilities due in November 2017.  The new facilities amount to US$1,290 million and 
comprise three tranches:
-  US$380 million: 3 year term loan maturing in June 2019 - margin 250 basis points (bps) over Libor;
-  US$360 million: 3 year revolving credit facility (RCF) also maturing in June 2019 (with an option to extend to up to 5 years) - margin 220bps 
   over Libor; and
-  US$550 million: 5 year RCF maturing in June 2021 - margin 245bps over Libor.

The new facilities were concluded with a syndicate of 15 banks.  On average, the interest rate on the new facilities is similar to the interest rate 
on the existing facilities.  A total of US$645 million was drawn down from the new facilities on 13 June 2016 to repay the group's existing 
US$ facilities, with US$645 million remaining unutilised. The refinancing is a key milestone in Gold Fields' balance sheet management and increases 
the maturity of its core debt, with the first maturity now only in June 2019 (previously November 2017). 

TAXATION
The major items causing the Group's income taxation to differ from the maximum South Africa statutory mining tax rate of 34 per cent include:
                                                                                                                           US$'m 
Taxation on profit before taxation at maximum South African statutory tax rate                                              (124)
Rate adjustment to reflect the actual realised company tax rates                                                              23 
Non-deductible exploration expense                                                                                           (15)
Non-deductible interest expense                                                                                              (24)
Non-deductible share based payments                                                                                           (5)
Non-deductible expenditure, net                                                                                              (10)
Deferred tax assets not recognised at Cerro Corona and Damang                                                                (35)
Other, net                                                                                                                    (2)
Mining and income taxation                                                                                                  (192)

ADDITIONAL NOTES INCLUDE 
-· Hedging/derivatives on page 21; 
-· Debt maturity ladder on page 22; and 
-· Reconciliation of headline earnings with net earnings on page 23. 


THE PRELIMINARY FINANCIAL STATEMENTS ARE PRESENTED ON A CONDENSED CONSOLIDATED BASIS 

INCOME STATEMENT 

Figures are in millions unless otherwise stated 
                                                                                                        UNITED STATES DOLLARS            
                                                                                                             Year ended                  
                                                                                           Dec 2016(Reviewed)           Dec 2015(Audited)
Revenue                                                                                              2,749.5                     2,545.4 
Operating costs, net                                                                                (1,387.5)                   (1,456.2)
  - Operating costs                                                                                 (1,433.0)                   (1,431.3)
  - Gold inventory change                                                                               45.5                       (24.9)
Operating profit                                                                                     1,362.0                     1,089.2 
Amortisation and depreciation                                                                         (679.2)                     (609.9)
Net operating profit                                                                                   682.8                       479.3 
Net interest expense                                                                                   (59.1)                      (64.9)
Share of equity accounted earnings after taxation                                                       (2.3)                       (5.7)
(Loss)/gain on foreign exchange                                                                         (6.4)                        9.5 
Gain/(loss) on financial instruments                                                                    14.4                        (4.7)
Share-based payments                                                                                   (14.4)                      (10.9)
Long-term employee benefits                                                                            (11.0)                       (5.3)
Other                                                                                                  (48.5)                      (45.1)
Exploration and project costs                                                                          (92.2)                      (53.5)
Profit before royalties, taxation and non-recurring items                                              463.3                       298.7 
Non-recurring items                                                                                    (17.1)                     (218.2)
Profit before royalties and taxation                                                                   446.2                        80.5 
Royalties                                                                                              (80.4)                      (76.0)
Profit before taxation                                                                                 365.8                         4.5 
Mining and income taxation                                                                            (192.1)                     (247.1)
  - Normal taxation                                                                                   (204.7)                     (142.9)
  - Deferred taxation                                                                                   12.6                      (104.2)
Net profit/(loss)                                                                                      173.7                      (242.6)
Attributable to:                                                                                                                         
  - Owners of the parent                                                                               162.8                      (242.1)
  - Non-controlling interest                                                                            10.9                        (0.5)
Non-recurring items:                                                                                                                     
Profit on sale of investments                                                                            2.3                         0.1 
Profit/(loss) on sale of assets                                                                         48.0                        (0.1)
Restructuring costs                                                                                    (11.7)                       (9.3)
Impairment of stockpiles and consumables                                                                   -                        (8.0)
Impairment of investments and assets                                                                   (76.5)                     (213.1)
Other                                                                                                   20.8                        12.2 
Total non-recurring items                                                                              (17.1)                     (218.2)
Taxation on items above                                                                                 12.0                        20.9 
Non-recurring deferred taxation items (non-cash)                                                       (29.6)                     (100.4)
Net non-recurring items after tax                                                                      (34.7)                     (297.7)
Net earnings/(loss)                                                                                    162.8                      (242.1)
Basic earnings/(loss) per share (cents)                                                                   20                         (31)
Diluted earnings/(loss) per share (cents)                                                                 20                         (31)
Headline earnings/(loss)                                                                               208.4                       (28.2)
Headline earnings/(loss) per share (cents)                                                                26                          (4)
Diluted headline earnings/(loss) per share (cents)                                                        26                          (4)
Net earnings excluding gains and losses on foreign exchange, 
financial instruments and non-recurring items after royalties and taxation                             190.9                        44.7 
Net earnings per share excluding gains and losses on foreign exchange, 
financial instruments and non-recurring items after royalties and taxation (cents)                        24                           6 
US dollar/South African rand conversion rate                                                           14.70                       12.68 
US dollar/Australian dollar conversion rate                                                             0.75                        0.75 
Gold equivalent sold - managed eq oz (000)                                                             2,216                       2,233 
Gold equivalent price received US$/eq oz                                                               1,241                       1,140 
Figures may not add as they are rounded independently. 

The condensed consolidated financial statements have been prepared by the corporate accounting staff of Gold Fields Limited headed 
by Tzvet Ilarionova, the Group's Financial Controller. This process was supervised by Paul Schmidt, the Group's Chief Financial Officer. 


STATEMENT OF COMPREHENSIVE INCOME 
Figures are in millions unless otherwise stated 
                                                                                                        UNITED STATES DOLLARS            
                                                                                                             Year ended                  
                                                                                           Dec 2016(Reviewed)           Dec 2015(Audited)
Net profit/(loss)                                                                                      173.7                      (242.6)
Other comprehensive income/(loss), net of tax#                                                         121.4                      (636.6)
Marked to market valuation of listed investments                                                        (8.3)                        0.4 
Currency translation adjustments                                                                       129.7                      (637.0)
                                                                                                                                         
Total comprehensive income/(loss)                                                                      295.1                      (879.2)
Attributable to:                                                                                                                         
  - Owners of the parent                                                                               284.2                      (878.7)
  - Non-controlling interest                                                                            10.9                        (0.5)
                                                                                                       295.1                      (879.2)

# All items can be subsequently reclassified to the income statement. 


STATEMENT OF FINANCIAL POSITION 

Figures are in millions unless otherwise stated 
                                                                                                    UNITED STATES DOLLARS 
                                                                                         Dec 2016(Reviewed)           Dec 2015(Audited)
Property, plant and equipment                                                                      4,547.8                     4,312.4 
Goodwill                                                                                             317.8                       295.3 
Non-current assets                                                                                   177.3                       167.8 
Investments                                                                                          190.4                       140.0 
Deferred taxation                                                                                     48.7                        54.1 
Current assets                                                                                     1,052.7                       908.1 
  - Other current assets                                                                             499.6                       467.1 
  - Cash and deposits                                                                                526.7                       440.0 
  - Assets held for sale                                                                              26.4                         1.0 
Total assets                                                                                       6,334.7                     5,877.7 
Shareholders' equity                                                                               3,189.6                     2,768.0 
Deferred taxation                                                                                    465.5                       487.3 
Long-term loans                                                                                    1,504.9                     1,761.6 
Environmental rehabilitation provisions                                                              283.1                       275.4 
Long-term employee benefits                                                                           23.6                        12.6 
Other long-term provisions                                                                             8.6                         8.7 
Current liabilities                                                                                  859.4                       564.1 
- Other current liabilities                                                                          671.4                       505.4 
- Current portion of long-term loans                                                                 188.0                        58.7 
Total equity and liabilities                                                                       6,334.7                     5,877.7 
US dollar/South African rand conversion rate                                                         14.03                       15.10 
US dollar/Australian dollar conversion rate                                                           0.72                        0.73 
Net debt                                                                                           1,166.2                     1,380.3 


HEDGING/DERIVATIVES (Reviewed) 

The Group's policy is to remain unhedged to the gold price. However, hedges are sometimes undertaken 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.

Derivative instruments*
South Africa
On 25 February 2016, USD/ZAR forward exchange contracts were entered into for a total delivery of US$69.8 million starting July 2016 until December 2016.  The average forward rate achieved over the 6 month period was R16.8273.

The hedge was delivered into July and August and the balance closed out in September 2016.  The average rate achieved on delivery and close out was R13.8010, resulting in a positive cash flow and realised a gain on financial instruments of R211 million (US$14 million) recognised in profit or loss.

* Do not qualify for hedge accounting and are accounted for as derivative financial instruments in the income statement.


STATEMENT OF CHANGES IN EQUITY
 
Figures are in millions unless otherwise stated 
                                                                   UNITED STATES DOLLARS 
                                               Share capital             Other          Retained   Non-controlling             Total
                                                 and premium          reserves          earnings          interest            equity 
Balance as at 31 December 2015 (Audited)             3,471.0          (2,262.2)          1,447.3             111.9           2,768.0 
Total comprehensive income                                 -             121.4             162.8              10.9             295.1 
Profit for the period                                      -                 -             162.8              10.9             173.7 
Other comprehensive income                                 -             121.4                 -                 -             121.4 
Dividends declared                                         -                 -             (39.2)             (0.2)            (39.4)
Share-based payments                                       -              14.4                 -                 -              14.4 
Share issue                                            151.5                 -                 -                 -             151.5 
Balance as at 31 December 2016 (Reviewed)            3,622.5          (2,126.4)          1,570.9             122.6           3,189.6 


                                                                   UNITED STATES DOLLARS 
                                               Share capital             Other          Retained   Non-controlling             Total
                                                 and premium          reserves          earnings          interest            equity 
Balance as at 31 December 2014                       3,470.8          (1,636.5)          1,704.5             124.5           3,663.3 
Total comprehensive (loss)/income                          -            (636.6)           (242.1)             (0.5)           (879.2)
(Loss) for the period                                      -                 -            (242.1)             (0.5)           (242.6)
Other comprehensive loss                                   -            (636.6)                -                 -            (636.6)
Dividends declared                                         -                 -             (15.1)            (12.1)            (27.2)
Share-based payments                                       -              10.9                 -                 -              10.9 
Exercise of employee share options                       0.2                 -                 -                 -               0.2 
Balance as at 31 December 2015                       3,471.0          (2,262.2)          1,447.3             111.9           2,768.0 


DEBT MATURITY LADDER (Reviewed)
 
Figures are in millions unless otherwise stated 
                                                                   UNITED STATES DOLLARS 
                                                                                                             1 Jan 2018 to 
                                                                     31 Dec 2016          31 Dec 2017          31 Dec 2021                Total 
US dollar million                                                              -                    -                    -                    - 
Rand million                                                             1,650.0                    -                    -              1,650.0 
Rand debt translated to dollar                                             117.6                    -                    -                117.6 
Total (US$'m)                                                              117.6                    -                    -                117.6 
US dollar million                                                              -                220.0              2,284.0              2,504.0 
Rand million                                                                   -                    -              1,500.0              1,500.0 
Rand debt translated to dollar                                                 -                    -                106.9                106.9 
Total (US$'m)                                                                  -                220.0              2,390.9              2,610.9 
Total (US$'m) - Uncommitted and committed loan facilities                  117.6                220.0              2,390.9              2,728.5 
Rand million                                                               856.0                    -                    -                856.0 
US dollar million                                                              -                    -                    -                    - 
Rand debt translated to dollar                                              61.0                    -                    -                 61.0 
Total (US$'m)                                                               61.0                    -                    -                 61.0 
US dollar million                                                              -                127.0              1,504.9              1,631.9 
Rand million                                                                   -                    -                    -                    - 
Rand debt translated to dollar                                                 -                    -                    -                    - 
Total (US$'m)                                                                  -                127.0              1,504.9              1,631.9 
Total (US$'m) - Utilisation - Uncommitted and committed loan facilities     61.0                127.0              1,504.9              1,692.9 

Exchange rate: US$1 = R14.03 being the closing rate for 2016. 


STATEMENT OF CASH FLOWS 

Figures are in millions unless otherwise stated 
                                                                                                         UNITED STATES DOLLARS         
                                                                                                              Year ended               
                                                                                           Dec 2016(Reviewed)           Dec 2015(Audited)
Cash flows from operating activities                                                                   956.9                       771.1 
Profit before royalties, tax and non-recurring items                                                   463.3                       298.7 
Non-recurring items                                                                                    (17.1)                     (218.2)
Amortisation and depreciation                                                                          679.2                       609.9 
South Deep BEE dividend                                                                                 (1.3)                       (1.7)
Change in working capital                                                                               (2.7)                       43.6 
Royalties and taxation paid                                                                           (234.8)                     (195.3)
Other non-cash items                                                                                    70.3                       234.1 
Dividends paid                                                                                         (39.4)                      (27.2)
Owners of the parent                                                                                   (39.2)                      (15.1)
Non-controlling interest holders                                                                        (0.2)                      (12.1)
Cash flows from investing activities                                                                  (867.9)                     (651.5)
Capital expenditure - additions                                                                       (649.9)                     (634.1)
Capital expenditure - proceeds on disposal                                                               2.3                         3.1 
Purchase of Gruyere Gold project assets                                                               (197.1)                          - 
Purchase of investments                                                                                (12.7)                       (3.0)
Proceeds on disposal of investments                                                                      4.4                           - 
Environmental payments                                                                                 (14.9)                      (17.5)
Cash flows from financing activities                                                                    37.0                       (88.3)
Loans received                                                                                       1,298.7                       506.0 
Loans repaid                                                                                        (1,413.2)                     (594.3)
Proceeds on issue of shares                                                                            151.5                           - 
Net cash inflow                                                                                         86.6                         4.1 
Translation adjustment                                                                                   0.1                       (22.1)
Cash at beginning of year                                                                              440.0                       458.0 
Cash at end of year                                                                                    526.7                       440.0 
Cash flow from operating activities less net capital expenditure and environmental payments            294.4                       122.6 


RECONCILIATION OF HEADLINE EARNINGS WITH NET EARNINGS (Reviewed) 

Figures are in millions unless otherwise stated 
                                                                                                         UNITED STATES DOLLARS 
                                                                                                              Year ended 
                                                                                    Dec 2016(Reviewed)                  Dec 2015(Audited)
Net earnings/(loss)                                                                             162.8                             (242.1)
Profit on sale of investments                                                                    (2.3)                              (0.1)
(Profit)/loss on sale of assets                                                                 (48.0)                               0.1 
Impairment of investments and assets and other                                                  124.0                              243.9 
Taxation effect on above                                                                        (26.9)                             (27.9)
Non-controlling interest effect on above                                                         (1.2)                              (2.1)
Headline earnings/(loss)                                                                        208.4                              (28.2)
Headline earnings/(loss) per share - cents                                                         26                                 (4)

Based on headline earnings/(loss) as given above divided by 810,082,192 (December 2015 - 776,567,472) being the weighted average number of 
ordinary shares in issue.                                                                                     


SEGMENTAL OPERATING AND FINANCIAL RESULTS 

                                                                                      South Africa                          West Africa Region         South America 
                                                                                            Region                                                            Region 
                                                                  Total Mine 
                                                                  Operations                                                  Ghana                             Peru 
                                                                                             South                                                             Cerro 
UNITED STATES DOLLARS                                                                         Deep                 Total     Tarkwa     Damang                Corona 
Operating Results (Unreviewed)                                                                                                                                       
Ore milled/treated                           Year 2016                34,222                 2,248                17,876     13,608      4,268                 6,977 
(000 tonnes)                                 Year 2015                33,014                 1,496                17,815     13,520      4,295                 6,710 
                                                                                                                                                                     
Yield                                        Year 2016                   2.0                   4.0                   1.2        1.3        1.1                   1.2 
(grams per tonne)                            Year 2015                   2.1                   4.1                   1.3        1.3        1.2                   1.4 
                                                                                                                                                                     
Gold produced                                Year 2016               2,218.7                 290.4                 715.8      568.1      147.7                 270.2 
(000 managed equivalent ounces)              Year 2015               2,235.6                 198.0                 753.9      586.1      167.8                 295.6 
                                                                                                                                                                     
Gold sold                                    Year 2016               2,216.4                 289.4                 715.8      568.1      147.7                 268.9 
(000 managed equivalent ounces)              Year 2015               2,233.3                 198.0                 753.9      586.1      167.8                 293.3 
                                                                                                                                                                     
Gold price received                          Year 2016                 1,241                 1,238                 1,247      1,248      1,242                 1,199 
(dollar per equivalent ounce)                Year 2015                 1,140                 1,173                 1,161      1,161      1,161                   996 
                                                                                                                                                                     
Operating costs                              Year 2016                    42                   121                    27         25         32                    21 
(dollar per tonne)                           Year 2015                    43                   158                    29         25         43                    21 
                                                                                                                                                                     
All-in-sustaining costs                      Year 2016                   973                 1,207                 1,020        959      1,254                   499 
(dollar per ounce)                           Year 2015                 1,001                 1,490                 1,049        970      1,326                   718 
                                                                                                                                                                     
Total all-in-cost                            Year 2016                   977                 1,234                 1,020        959      1,254                   499 
(dollar per ounce)                           Year 2015                 1,007                 1,559                 1,049        970      1,326                   718 
                                                                                                                                                                     
Financial Results ($ million) (Reviewed)                                                                                                                             
Revenue                                      Year 2016               2,749.5                 358.2                 892.3      708.9      183.4                 322.3 
                                             Year 2015               2,545.4                 232.3                 875.5      680.7      194.8                 292.2 
                                                                                                                                                                     
Net operating costs                          Year 2016              (1,388.6)               (271.6)               (463.4)    (327.3)    (136.1)               (139.9)
                                             Year 2015              (1,457.0)               (236.6)               (513.3)    (326.9)    (186.4)               (144.8)
                                                                                                                                                                     
- Operating costs                            Year 2016              (1,434.1)               (272.3)               (481.2)    (344.7)    (136.4)               (143.7)
                                             Year 2015              (1,432.1)               (236.6)               (518.5)    (334.2)    (184.3)               (143.8)
                                                                                                                                                                     
- Gold inventory change                      Year 2016                  45.5                   0.7                  17.8       17.5        0.4                   3.8 
                                             Year 2015                 (24.9)                    -                   5.2        7.3       (2.1)                 (1.0)
                                                                                                                                                                     
Operating profit/(loss)                      Year 2016               1,360.8                  86.6                 428.9      381.6       47.3                 182.5 
                                             Year 2015               1,088.4                  (4.3)                362.2      353.8        8.4                 147.4 
                                                                                                                                                                     
Amortisation and depreciation                Year 2016                (670.7)                (71.5)               (202.2)    (184.4)     (17.8)               (115.6)
                                             Year 2015                (608.5)                (67.9)               (188.7)    (162.3)     (26.4)               (100.1)
                                                                                                                                                                     
Net operating profit/(loss)                  Year 2016                 690.1                  15.0                 226.7      197.2       29.5                  66.9 
                                             Year 2015                 479.9                 (72.2)                173.5      191.5      (18.0)                 47.3 
                                                                                                                                                                     
Other (expenses)/income                      Year 2016                 (93.9)                  3.7                 (20.1)     (14.7)      (5.4)                (20.5)
                                             Year 2015                 (82.8)                 (9.5)                (11.6)      (6.9)      (4.7)                (17.0)
                                                                                                                                                                     
Profit/(loss) before royalties and taxation  Year 2016                 596.2                  18.8                 206.5      182.4       24.1                  46.4 
                                             Year 2015                 397.1                 (81.7)                161.9      184.6      (22.7)                 30.2 
                                                                                                                                                                     
Royalties, mining and income taxation        Year 2016                (259.0)                 (7.8)                (74.4)     (65.3)      (9.2)                (52.0)
                                             Year 2015                (309.8)                 20.9                (114.8)     (93.3)     (21.5)               (111.8)
                                                                                                                                                                     
- Normal taxation                            Year 2016                (194.0)                    -                 (52.4)     (52.4)         -                 (45.9)
                                             Year 2015                (135.0)                    -                 (35.4)     (34.6)      (0.7)                (33.0)
                                                                                                                                                                     
- Royalties                                  Year 2016                 (80.4)                 (1.8)                (44.6)     (35.4)      (9.2)                 (4.6)
                                             Year 2015                 (76.0)                 (1.2)                (43.8)     (34.0)      (9.7)                 (3.1)
                                                                                                                                                                     
- Deferred taxation                          Year 2016                 (15.3)                 (6.0)                 22.6       22.6          -                  (1.5)
                                             Year 2015                 (98.8)                 22.1                 (35.7)     (24.7)     (11.0)                (75.7)
                                                                                                                                                                     
Profit/(loss) before non-recurring items     Year 2016                 337.2                  10.9                 132.1      117.2       14.9                  (5.6)
                                             Year 2015                  87.2                 (60.7)                 47.0       91.3      (44.3)                (81.5)
                                                                                                                                                                     
Non-recurring items                          Year 2016                  65.3                   2.1                 (19.6)      (0.2)     (19.4)                (67.5)
                                             Year 2015                 (62.2)                  5.5                 (48.8)      (3.8)     (45.0)                (11.8)
                                                                                                                                                                     
Net profit/(loss)                            Year 2016                271.9#                  13.0                 112.5      116.9       (4.5)                (73.1)
                                             Year 2015                 25.0#                 (55.2)                 (1.8)      87.5      (89.3)                (93.4)
                                                                                                                                                                     
Capital expenditure                          Year 2016                (648.6)                (77.9)               (206.3)    (168.4)     (37.9)                (42.8)
                                             Year 2015                (633.6)                (66.9)               (221.1)    (204.2)     (16.9)                (64.8)
                                                                                                                                                                     
                                                                                                                                                                     
Average exchange rates were US$1 = R14.70 for 2016 and US$1 = R12.68 for 2015. 
The Australian/US dollar exchange rates were A$1 = US$0.75 for 2016 and for 2015. 
Figures may not add as they are rounded independently. 
#The difference of US$98 million (2015: negative US$268 million) between net profit/(loss) per the income statement and the Total Mine Operations relates to corporate 
  and other. 


SEGMENTAL OPERATING AND FINANCIAL RESULTS (continued)

                                                         UNITED STATES DOLLARS                                AUSTRALIAN DOLLARS                           SOUTH
                                                                                                                                                         AFRICAN
                                                                                                                                                            RAND
                                                             Australia Region                                   Australia Region                    South Africa
                                                                                                                                                          Region
                                                                Agnew/            Granny                              Agnew/            Granny             South 
                                               Total  St Ives  Lawlers   Darlot    Smith             Total  St Ives  Lawlers   Darlot    Smith              Deep  
Operating Results (Unreviewed)
Ore milled/treated       Year 2016             7,122    4,046    1,176      454    1,446             7,122    4,046    1,176      454    1,446             2,248
(000 tonnes)             Year 2015             6,993    3,867    1,218      457    1,451             6,993    3,867    1,218      457    1,451             1,496
                                                                                                                                                               
Yields                   Year 2016               4.1      2.8      6.1      4.6      6.1               4.1      2.8      6.1      4.6      6.1               4.0
(grams per tonne)        Year 2015               4.4      3.0      6.0      5.3      6.5               4.4      3.0      6.0      5.3      6.5               4.1          
                                                                                                                                                               
Gold produced            Year 2016             942.4    362.9    229.3     66.4    283.8             942.4    362.9    229.3     66.4    283.8             9,032          
(000 managed 
equivalent ounces)       Year 2015             988.0    371.9    236.6     78.4    301.1             988.0    371.9    236.6     78.4    301.1             6,160          
                                                                                                                                                               
Gold sold                Year 2016             942.4    362.9    229.3     66.4    283.8             942.4    362.9    229.3     66.4    283.8             9,001          
(000 managed 
equivalent ounces)       Year 2015             988.0    371.9    236.6     78.4    301.1             988.0    371.9    236.6     78.4    301.1             6,160          
                                                                                                                                                               
Gold price received      Year 2016             1,249    1,246    1,245    1,252    1,254             1,675    1,672    1,670    1,679    1,682           584,894          
(dollar per 
equivalent ounce)        Year 2015             1,159    1,161    1,158    1,163    1,157             1,541    1,543    1,539    1,546    1,538           478,263          
                                                                                                                                                               
Operating costs          Year 2016                75       48      124      126       98               101       64      166      169      131             1,781          
(dollar per tonne)       Year 2015                76       50      117      131       94               101       67      156      174      125             2,005          
                                                                                                                                                               

All-in-sustaining costs  Year 2016               941      949      971    1,238      834             1,261    1,273    1,301    1,662    1,119           570,303          
(dollar per ounce)       Year 2015               912      969      959    1,057      764             1,211    1,287    1,276    1,403    1,017           607,429          
                                                                                                                                                               
Total all-in-cost        Year 2016               941      949      971    1,238      834             1,261    1,273    1,301    1,662    1,119           583,059          
(dollar per ounce)       Year 2015               912      969      959    1,057      764             1,211    1,287    1,276    1,403    1,017           635,622          
                                                                                                                                                               
Financial Results ($ million) (Reviewed)   
Revenue                  Year 2016           1,176.7    452.3    285.4     83.1    355.8           1,578.3    606.6    382.9    111.5    477.3           5,264.9 
                         Year 2015           1,145.4    431.8    273.9     91.3    348.4           1,522.4    573.9    364.1    121.3    463.1           2,946.1 
                                                                                                                                                      
Net operating costs      Year 2016            (513.8)  (181.8)  (140.5)   (57.7)  (133.8)           (689.1)  (243.8)  (188.5)   (77.4)  (179.4)         (3,992.5) 
                         Year 2015            (562.3)  (220.3)  (141.4)   (59.2)  (141.3)           (747.3)  (292.8)  (188.0)   (78.6)  (187.9)         (3,000.2) 
                                                                                                                                                      
- Operating costs        Year 2016            (536.9)  (192.8)  (145.7)   (57.3)  (141.1)           (720.1)  (258.5)  (195.4)   (76.9)  (189.3)         (4,002.9) 
                         Year 2015            (533.2)  (195.0)  (142.6)   (59.8)  (135.9)           (708.8)  (259.2)  (189.5)   (79.5)  (180.7)         (3,000.2) 
- Gold inventory change  Year 2016              23.1     11.0      5.1     (0.4)     7.4              30.9     14.7      6.9     (0.6)     9.9              10.5 
                         Year 2015             (29.0)   (25.3)     1.1      0.6     (5.4)            (38.5)   (33.7)     1.5      0.9     (7.2)                - 
                                                                                                                                                      
Operating profit/loss    Year 2016             662.9    270.5    144.9     25.4    222.1             889.1    362.8    194.4     34.1    297.9           1,272.5 
                         Year 2015             583.1    211.5    132.5     32.1    207.1             775.0    281.1    176.1     42.6    275.2             (54.1)
                                                                                                                                                      
Amortisation and 
depreciation             Year 2016            (281.3)                                               (377.3)                                             (1,051.4) 
                         Year 2015            (251.8)                                               (334.7)                                               (861.0)
                                                                                                                                                      
Net operating 
profit/(loss)            Year 2016             381.6                                                 511.8                                                 221.1 
                         Year 2015             331.3                                                 440.4                                                (915.1)
                                                                                                                                                      
Other (expenses)/
income                   Year 2016             (57.1)                                                (76.5)                                                 54.7 
                         Year 2015             (44.6)                                                (59.3)                                               (120.7)
                                                                                                                                                      
Profit/(loss) before 
royalties                Year 2016             324.5                                                 435.2                                                 275.7 
and taxation             Year 2015             286.7                                                 381.0                                              (1,035.8) 
                                                                                                                                                      
Royalties, mining and 
income taxation          Year 2016            (124.7)                                               (167.3)                                               (115.2)
                         Year 2015            (104.1)                                               (138.4)                                                265.5 
                                                                                                                                                      
- Normal taxation        Year 2016             (95.7)                                               (128.3)                                                    - 
                         Year 2015             (66.7)                                                (88.6)                                                    - 
                                                                                                                                                      
- Royalties              Year 2016             (29.3)                                                (39.4)                                                (26.3)
                         Year 2015             (28.0)                                                (37.2)                                                (14.7)
                                                                                                                                                      
- Deferred taxation      Year 2016               0.3                                                   0.4                                                 (88.9)
                         Year 2015              (9.5)                                                (12.6)                                                280.2 
                                                                                                                                                      
Profit/(loss) before 
non-recurring items      Year 2016             199.8                                                 267.9                                                 160.5 
                         Year 2015             182.5                                                 242.6                                                (770.3)
                                                                                                                                                      
Non-recurring items      Year 2016              19.7                                                  26.5                                                  30.5 
                         Year 2015              (7.0)                                                 (9.3)                                                 69.8 
                                                                                                                                                      
Net profit/(loss)        Year 2016             219.5                                                 294.4                                                 191.1 
                         Year 2015             175.5                                                 233.3                                                (700.5)
                                                                                                                                                      
                                                                                                                                                               
Capital expenditure      Year 2016            (321.7)  (140.0)   (70.0)   (21.4)   (90.3)           (431.4)  (187.8)   (93.8)   (28.7)  (121.1)         (1,144.5)          
                         Year 2015            (280.8)  (114.5)   (73.0)   (20.0)   (72.4)           (373.3)  (152.2)   (97.1)   (26.6)   (96.3)           (848.4)         
                                                                                                                                                               

# As a significant portion of the acquisition price was allocated to tenements on endowment ounces and also as the 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. 
1 For Australia, all financial numbers are in Australian dollar. 
2 For South Africa, all financial numbers are in Rand and Rand per kilogram. 
Figures may not add as they are rounded independently. 


ALL-IN-COSTS (Unreviewed)
 
WORLD GOLD COUNCIL INDUSTRY STANDARD 
Figures are in US dollar million unless otherwise stated 
                                                               Total                   South                                                                   South
                                                               Group                  Africa                                                                 America
                                                          Operations                  Region                      West Africa Region                          Region
                                                                                                                           Ghana                                Peru
                                                                                       South                                                                   Cerro
UNITED STATES DOLLARS                                                                   Deep                   Total      Tarkwa      Damang                  Corona
Operating costs(1)                 Year 2016                (1,433.0)                 (272.3)                 (481.2)     (344.7)     (136.4)                 (143.7)
                                   Year 2015                (1,431.3)                 (236.6)                 (518.5)     (334.2)     (184.3)                 (143.8)
                                                                                                                                                                   
Gold inventory change              Year 2016                    45.5                     0.7                    17.8        17.5         0.4                     3.8 
                                   Year 2015                   (24.9)                      -                     5.2         7.3        (2.1)                   (1.0)
                                                                                                                                                                   
Inventory write-off                Year 2016                       -                       -                       -           -           -                       - 
                                   Year 2015                    (8.0)                      -                    (8.0)          -        (8.0)                      - 
                                                                                                                                                                   
Royalties                          Year 2016                   (80.4)                   (1.8)                  (44.6)      (35.4)       (9.2)                   (4.6)
                                   Year 2015                   (76.0)                   (1.2)                  (43.8)      (34.0)       (9.7)                   (3.1)
                                                                                                                                                                   
Realised gains/(losses) on 
commodity cost hedges              Year 2016                    (1.6)                      -                       -           -           -                       - 
                                   Year 2015                   (12.1)                      -                       -           -           -                       - 
                                                                                                                                                                   
Community/social 
responsibility costs               Year 2016                   (15.3)                   (1.2)                   (5.4)       (5.1)       (0.3)                   (8.7)
                                   Year 2015                   (12.2)                   (1.7)                   (2.3)       (2.1)       (0.2)                   (8.3)
                                                                                                                                                                   
Non-cash remuneration - 
share-based payments               Year 2016                   (14.4)                   (2.3)                   (2.8)       (2.5)       (0.3)                   (2.0)
                                   Year 2015                   (10.9)                   (1.0)                   (1.8)       (1.5)       (0.3)                   (1.2)
                                                                                                                                                                   
Cash remuneration (long-term 
employee benefits)                 Year 2016                   (11.0)                   (2.4)                   (3.7)       (3.0)       (0.8)                   (1.8)
                                   Year 2015                    (5.3)                   (1.0)                   (1.7)       (1.4)       (0.4)                   (0.8)
                                                                                                                                                                   
Other                              Year 2016                   (12.8)                      -                       -           -           -                    (0.9)
                                   Year 2015                    (8.5)                      -                       -           -           -                       - 
                                                                                                                                                                   
By-product credits                 Year 2016                   134.1                     0.5                     1.6         1.5         0.1                   130.6 
                                   Year 2015                   120.7                     0.4                     5.5         5.5           -                   113.8 
                                                                                                                                                                   
Rehabilitation amortisation 
and interest                       Year 2016                   (23.5)                   (0.4)                   (5.5)       (4.8)       (0.7)                   (3.9)
                                   Year 2015                   (25.0)                   (0.8)                   (4.3)       (3.7)       (0.6)                   (4.9)
                                                                                                                                                                   
Sustaining capital expenditure     Year 2016                  (640.8)                  (70.1)                 (206.3)     (168.4)      (37.9)                  (42.8)
                                   Year 2015                  (619.9)                  (53.2)                 (221.1)     (204.2)      (16.9)                  (64.8)
                                                                                                                                                                   
All-in sustaining costs(2)         Year 2016                (2,053.2)                 (349.3)                 (730.2)     (545.0)     (185.2)                  (74.0)
                                   Year 2015                (2,113.3)                 (295.1)                 (790.8)     (568.2)     (222.5)                 (114.0)
                                                                                                                                                                   
Exploration, feasibility and 
evaluation costs                   Year 2016                   (47.1)                      -                       -           -           -                       - 
                                   Year 2015                   (26.0)                      -                       -           -           -                       - 
                                                                                                                                                                   
Non-sustaining capital 
expenditure                        Year 2016                    (9.1)                   (7.8)                      -           -           -                       - 
                                   Year 2015                   (14.2)                  (13.7)                      -           -           -                       - 
                                                                                                                                                                   
Total all-in cost(3)               Year 2016                (2,109.4)                 (357.1)                 (730.2)     (545.0)     (185.2)                  (74.0)
                                   Year 2015                (2,153.5)                 (308.8)                 (790.8)     (568.2)     (222.5)                 (114.0)
                                                                                                                                                                   
                                                                                                                                                                   
Total all-in sustaining cost       Year 2016                (2,053.6)                 (349.3)                 (730.2)     (545.0)     (185.2)                  (74.0)
                                   Year 2015                (2,113.3)                 (295.1)                 (790.8)     (568.2)     (222.5)                 (114.0)
                                                                                                                                                                   
Gold only ounces sold - 
(000 ounces)                       Year 2016                 2,096.8                   289.4                   715.8       568.1       147.7                   149.1 
                                   Year 2015                 2,098.8                   198.0                   753.9       586.1       167.8                   158.8 
                                                                                                                                                                   
AISC per ounce of gold sold 
US$/oz                             Year 2016                     980                   1,207                   1,020         959       1,254                     499 
                                   Year 2015                   1,007                   1,490                   1,049         970       1,326                     718 
                                                                                                                                                                   
                                                                                                                                                                   
Total all-in cost                  Year 2016                (2,109.4)                 (357.1)                 (730.2)     (545.0)     (185.2)                  (74.0)
                                   Year 2015                (2,153.5)                 (308.8)                 (790.8)     (568.2)     (222.5)                 (114.0)
                                                                                                                                                                   
Gold only ounces sold - 
(000 ounces)                       Year 2016                 2,096.8                   289.4                   715.9       568.1       147.7                   149.1 
                                   Year 2015                 2,098.8                   198.0                   753.9       586.1       167.8                   158.8 
                                                                                                                                                                   
AIC per ounce of gold sold 
US$/oz                             Year 2016                   1,006                   1,234                   1,020         959       1,254                     499 
                                   Year 2015                   1,026                   1,559                   1,049         970       1,326                     718 
                                                                                                                                                                   
DEFINITIONS 
All-in costs are calculated in accordance with the World Gold Council Industry standard. 
(1) Operating costs - As published and includes all mining and processing costs, third party refining costs, permitting costs and corporate G&A charges. 
(2) All-in sustaining costs - Include operating costs and costs detailed above, including sustaining capital expenditure based on managed gold sales. 
(3) Total all-in cost - Includes sustaining and group costs, excluding income tax, M&A activity, working capital, impairments 
(other than inventory impairments), financing costs, one-time severance charges and items to normalise earnings. 


ALL-IN-COSTS (Unreviewed) 

WORLD GOLD COUNCIL INDUSTRY STANDARD 
Figures are in US dollar million unless otherwise stated 

                                                                                                 Australia Region                        
                                                                                                    Australia                                      Corporate
                                                                                              Agnew/                      Granny                         and
UNITED STATES DOLLARS                                              Total       St Ives       Lawlers        Darlot         Smith                    projects
Operating costs(1)                 Year 2016                      (536.9)       (192.8)       (145.7)        (57.3)       (141.1)                        1.1 
                                   Year 2015                      (533.2)       (195.0)       (142.6)        (59.8)       (135.9)                        0.8 
                                                                                                                                                       
Gold inventory change              Year 2016                        23.1          11.0           5.1          (0.4)          7.4                           - 
                                   Year 2015                       (29.0)        (25.3)          1.1           0.6          (5.4)                          - 
                                                                                                                                                       
Inventory write-off                Year 2016                           -             -             -             -             -                           - 
                                   Year 2015                           -             -             -             -             -                           - 
                                                                                                                                                       
Royalties                          Year 2016                       (29.3)        (11.5)         (7.1)         (2.0)         (8.8)                          - 
                                   Year 2015                       (28.0)        (10.7)         (6.6)         (2.1)         (8.7)                          - 
                                                                                                                                                       
Realised gains/(losses) on 
commodity cost hedges              Year 2016                        (1.6)         (0.6)         (0.2)         (0.1)         (0.7)                          - 
                                   Year 2015                       (12.1)         (5.0)         (1.5)         (0.5)         (5.2)                          - 
                                                                                                                                                       
Community/social 
responsibility costs               Year 2016                           -             -             -             -             -                           - 
                                   Year 2015                           -             -             -             -             -                           - 
                                                                                                                                                       
Non-cash remuneration 
- share based payments             Year 2016                        (3.6)         (1.5)         (0.8)         (0.4)         (0.9)                       (3.6)
                                   Year 2015                        (2.5)         (1.2)         (0.7)         (0.2)         (0.4)                       (4.4)
                                                                                                                                                       
Cash remuneration 
(long-term employee benefits)      Year 2016                        (3.5)         (0.9)         (0.9)         (0.6)         (1.0)                        0.5 
                                   Year 2015                        (1.2)         (0.2)         (0.5)         (0.2)         (0.3)                       (0.6)
                                                                                                                                                       
Other                              Year 2016                           -             -             -             -             -                       (11.9)
                                   Year 2015                           -             -             -             -             -                        (8.5)
                                                                                                                                                       
By-product credits                 Year 2016                         1.4           0.8           0.2           0.3           0.1                           - 
                                   Year 2015                         1.0           0.5           0.3           0.2           0.1                           - 
                                                                                                                                                             
Rehabilitation amortisation
and interest                       Year 2016                       (13.8)         (8.9)         (3.2)         (0.2)         (1.4)                          - 
                                   Year 2015                       (14.9)         (8.9)         (3.4)         (0.8)         (1.8)                          - 
                                                                                                                                                       
Sustaining capital expenditure     Year 2016                      (321.7)       (140.0)        (70.0)        (21.4)        (90.3)                          - 
                                   Year 2015                      (280.8)       (114.5)        (73.0)        (20.0)        (72.4)                          - 
                                                                                                                                                       
All-in sustaining costs(2)         Year 2016                      (885.8)       (344.3)       (222.5)        (82.3)       (236.7)                      (13.9)
                                   Year 2015                      (900.7)       (360.2)       (226.8)        (82.9)       (230.0)                      (13.0)
                                                                                                                                                       
Exploration, feasibility 
and evaluation costs               Year 2016                           -             -             -             -             -                       (47.1)
                                   Year 2015                           -             -             -             -             -                       (26.0)
                                                                                                                                                       
Non-sustaining capital 
expenditure                        Year 2016                           -             -             -             -             -                        (1.3)
                                   Year 2015                           -             -             -             -             -                        (0.5)
                                                                                                                                                       
Total all-in cost(3)               Year 2016                      (885.8)       (344.3)       (222.5)        (82.3)       (236.7)                      (62.0)
                                   Year 2015                      (900.7)       (360.2)       (226.8)        (82.9)       (230.0)                      (39.5)
                                                                                                                                                       
                                                                                                                                                       
Total all-in sustaining cost       Year 2016                      (885.8)       (344.3)       (222.5)        (82.3)       (236.7)                      (13.9)
                                   Year 2015                      (900.7)       (360.2)       (226.8)        (82.9)       (230.0)                      (13.0)
                                                                                                                                                       
Gold only ounces sold 
- (000 ounces)                     Year 2016                       942.4         362.9         229.3          66.4         283.8                           - 
                                   Year 2015                       988.0         371.9         236.6          78.4         301.1                           - 
                                                                                                                                                       
AISC per ounce of gold       
sold US$/oz                        Year 2016                         941           949           971         1,238           834                           - 
                                   Year 2015                         912           969           959         1,057           764                           - 
                                                                                                                                                       
                                                                                                                                                       
Total all-in cost                  Year 2016                      (885.8)       (344.3)       (222.5)        (82.3)       (236.7)                      (62.0)
                                   Year 2015                      (900.7)       (360.2)       (226.8)        (82.9)       (230.0)                      (39.5)
                                                                                                                                                       
Gold only ounces sold 
- (000 ounces)                     Year 2016                       942.4         362.9         229.3          66.4         283.8                           - 
                                   Year 2015                       988.0         371.9         236.6          78.4         301.1                           - 
                                                                                                                                                       
AIC per ounce of gold 
sold US$/oz                        Year 2016                         941           949           971         1,238           834                           - 
                                   Year 2015                         912           969           959         1,057           764                           - 
                                                                                                                                                       


ALL-IN SUSTAINING COSTS AND ALL-IN COSTS GROSS OF BY-PRODUCT CREDITS PER EQUIVALENT OUNCE OF GOLD SOLD (Unreviewed) 

WORLD GOLD COUNCIL INDUSTRY STANDARD 
Figures are in US dollar million unless otherwise stated 
                                                                Total                  South                                                                   South
                                                                Group                 Africa                                                                 America
                                                           Operations                 Region                       West Africa Region                         Region
                                                                                                                          Ghana                                 Peru
                                                                                       South                                                                   Cerro
UNITED STATES DOLLARS                                                                   Deep                   Total      Tarkwa      Damang                  Corona

All-in sustaining costs            Year 2016                (2,053.2)                 (349.3)                 (730.2)     (545.0)     (185.2)                  (74.0)
(per table on page 26)             Year 2015                (2,113.3)                 (295.1)                 (790.8)     (568.2)     (222.5)                 (114.0)
                                                                                                                                                         
Add back by-product credits        Year 2016                  (134.1)                   (0.5)                   (1.6)       (1.5)       (0.1)                 (130.6)
                                   Year 2015                  (120.7)                   (0.4)                   (5.5)       (5.5)          -                  (113.8)
                                                                                                                                                         
All-in sustaining costs gross      Year 2016                (2,187.3)                 (349.8)                 (731.7)     (546.5)     (185.2)                 (204.6)
of by-product credits              Year 2015                (2,234.0)                 (295.5)                 (796.3)     (573.7)     (222.5)                 (227.8)
                                                                                                                                                         
Gold equivalent ounces sold        Year 2016                 2,216.4                   289.4                   715.8       568.1       147.7                   268.9 
                                   Year 2015                 2,233.3                   198.0                   753.9       586.1       167.8                   293.3 
                                                                                                                                                         
AISC gross of by-product           Year 2016                     987                   1,209                   1,022         962       1,254                     762 
credits per equivalent ounce       Year 2015                   1,000                   1,492                   1,056         979       1,326                     777 
of gold - US$/eq oz                                                                                                                                                
                                                                                                                                                         
All-in costs                       Year 2016                (2,109.4)                 (357.1)                 (730.2)     (545.0)     (185.2)                  (74.0)
(per table on page 26)             Year 2015                (2,153.5)                 (308.8)                 (790.8)     (568.2)     (222.5)                 (114.0)
                                                                                                                                                         
Add back by-product credits        Year 2016                  (134.1)                   (0.5)                   (1.6)       (1.5)       (0.1)                 (130.6)
                                   Year 2015                  (120.7)                   (0.4)                   (5.5)       (5.5)          -                  (113.8)
                                                                                                                                                         
All-in costs gross of              Year 2016                (2,243.5)                 (357.6)                 (731.7)     (546.5)     (185.2)                 (204.6)
by-product credits                 Year 2015                (2,274.2)                 (309.2)                 (796.3)     (573.7)     (222.5)                 (227.8)
                                                                                                                                                         
Gold equivalent ounces sold        Year 2016                 2,216.4                   289.4                   715.8       568.1       147.7                   268.9 
                                   Year 2015                 2,233.3                   198.0                   753.9       586.1       167.8                   293.3 
                                                                                                                                                         
AIC gross of by-product            Year 2016                   1,012                   1,236                   1,022         962       1,254                     762 
credits per equivalent ounce       Year 2015                   1,018                   1,561                   1,056         979       1,326                     777 
of gold - US$/eq oz                                                                                                                                                


ALL-IN SUSTAINING COSTS AND ALL-IN COSTS GROSS OF BY-PRODUCT CREDITS PER EQUIVALENT OUNCE OF GOLD SOLD (Unreviewed)

WORLD GOLD COUNCIL INDUSTRY STANDARD 
Figures are in US dollar million unless otherwise stated
                                                                                             Australia Region                        
                                                                                                Australia                                          Corporate
                                                                                              Agnew/                      Granny                         and
UNITED STATES DOLLARS                                              Total       St Ives       Lawlers        Darlot         Smith                    projects
All-in sustaining costs            Year 2016                      (885.8)       (344.3)       (222.5)        (82.3)       (236.7)                      (13.9)
(per table on page 27)             Year 2015                      (900.7)       (360.2)       (226.8)        (82.9)       (230.0)                      (12.7)
                                                                                                                                                       
Add back by-product credits        Year 2016                        (1.4)         (0.8)         (0.2)         (0.3)         (0.1)                          - 
                                   Year 2015                        (1.0)         (0.5)         (0.3)         (0.2)         (0.1)                          - 
                                                                                                                                                       
All-in sustaining costs gross      Year 2016                      (887.3)       (345.1)       (222.8)        (82.5)       (236.8)                      (13.9)
of by-product credits              Year 2015                      (901.8)       (360.7)       (227.1)        (83.1)       (230.1)                      (12.7)
                                                                                                                                                       
Gold equivalent ounces sold        Year 2016                       942.4         362.9         229.3          66.4         283.8                           - 
                                   Year 2015                       988.0         371.9         236.6          78.4         301.1                           - 
                                                                                                                                                       
AISC gross of by-product           Year 2016                         942           951           972         1,243           834                           - 
credits per equivalent ounce       Year 2015                         913           970           960         1,059           764                           - 
of gold - US$/eq oz                                                                                                                                                     
                                                                                                                                                       
All-in costs                       Year 2016                      (885.8)       (344.3)       (222.5)        (82.3)       (236.7)                      (61.5)
(per table on page 27)             Year 2015                      (900.7)       (360.2)       (226.8)        (82.9)       (230.0)                      (39.2)
                                                                                                                                                       
Add back by-product credits        Year 2016                        (1.4)         (0.8)         (0.2)         (0.3)         (0.1)                          - 
                                   Year 2015                        (1.0)         (0.5)         (0.3)         (0.2)         (0.1)                          - 
                                                                                                                                                             
All-in costs gross of              Year 2016                      (887.3)       (345.1)       (222.8)        (82.5)       (236.8)                      (61.5)
by-product credits                 Year 2015                      (901.8)       (360.7)       (227.1)        (83.1)       (230.1)                      (39.2)
                                                                                                                                                       
Gold equivalent ounces sold        Year 2016                       942.4         362.9         229.3          66.4         283.8                           - 
                                   Year 2015                       988.0         371.9         236.6          78.4         301.1                           - 
                                                                                                                                                             
AIC gross of by-product            Year 2016                         942           951           972         1,243           834                           - 
credits per equivalent ounce       Year 2015                         913           970           960         1,059           764                           - 
of gold - US$/eq oz                                                                                                                        


UNDERGROUND AND SURFACE (Unreviewed) 

                                                              South                                                 South
                                                             Africa                West Africa Region              America                       Australia Region
                                       Total Mine            Region                                                Region
UNITED STATES DOLLARS,                 Operations                                         Ghana                      Peru                           Australia
IMPERIAL OUNCES WITH                                          South                                                 Cerro                              Agnew/              Granny
METRIC TONNES AND GRADE                                        Deep             Total   Tarkwa   Damang            Corona             Total   St Ives#  Lawlers   Darlot    Smith 
Ore milled/treated 
(000 tonnes)                                                                                                                                                          
                                                                                                                                                                        
- underground ore     Year 2016             5,311             1,633                 -        -        -                 -             3,678      628    1,176      428    1,445 
                      Year 2015             5,571             1,231                 -        -        -                 -             4,340    1,214    1,218      457    1,451 
                                                                                                                                                                        
- underground waste   Year 2016               107               107                 -        -        -                 -                 -        -        -        -        - 
                      Year 2015                51                51                 -        -        -                 -                 -        -        -        -        - 
                                                                                                                                                                        
- surface ore         Year 2016            28,804               507            17,876   13,608    4,268             6,977             3,444    3,418        -       26        1 
                      Year 2015            27,392               214            17,815   13,520    4,295             6,710             2,653    2,653        -        -        - 
                                                                                                                                                                        
- total milled        Year 2016            34,222             2,248            17,876   13,608    4,268             6,977             7,122    4,046    1,176      454    1,446 
                      Year 2015            33,014             1,496            17,815   13,520    4,295             6,710             6,993    3,867    1,218      457    1,451 
                                                                                                                                                                        
Yield (grams per tonne)                                                                                                                                                                
                                                                                                                                                                        
- underground ore     Year 2016               5.5               5.5                 -        -        -                 -               5.7      4.7      6.1      4.7      6.1 
                      Year 2015               5.5               5.0                 -        -        -                 -               5.7      4.5      6.0      5.3      6.5 
                                                                                                                                                                        
- underground waste   Year 2016                 -                 -                 -        -        -                 -                 -        -        -        -        - 
                      Year 2015                 -                 -                 -        -        -                 -                 -        -        -        -        - 
                                                                                                                                                                        
- surface ore        Year 2016               1.4               0.1               1.2      1.3      1.1               1.2               2.4      2.4        -      1.5        - 
                     Year 2015               1.4               0.2               1.3      1.3      1.2               1.4               2.3      2.3        -        -        - 
                                                                                                                                                                        
- combined           Year 2016               2.0               4.0               1.2      1.3      1.1               1.2               4.1      2.8      6.1      4.6      6.1 
                     Year 2015               2.1               4.1               1.3      1.3      1.2               1.4               4.4      3.0      6.0      5.3      6.5 
                                                                                                                                                                        
Gold produced (000 ounces)                                                                                                                                                               
                                                                                                                                                                        
- underground ore    Year 2016             963.0             289.2                 -        -        -                 -             673.8     95.5    229.4     65.2    283.8 
                     Year 2015             989.4             195.8                 -        -        -                 -             792.5    176.3    236.6     78.4    301.1 
                                                                                                                                                                        
- underground waste  Year 2016                 -                 -                 -        -        -                 -                 -        -        -        -        - 
                     Year 2015                 -                 -                 -        -        -                 -                 -        -        -        -        - 
                                                                                                                                                                        
- surface ore        Year 2016           1,255.8               1.2             715.8    568.1    147.7             270.2             268.5    267.4        -      1.2        - 
                     Year 2015           1,246.2               1.1             753.9    586.1    167.8             295.6             195.5    195.5        -        -        - 
                                                                                                                                                                        
- total              Year 2016           2,218.7             290.4             715.8    568.1    147.7             270.2             942.4    362.9    229.3     66.4    283.8 
                     Year 2015           2,235.6             198.0             753.9    586.1    167.8             295.6             988.0    371.9    236.6     78.4    301.1 
                                                                                                                                                                        
Operating costs (dollar per tonne)                                                                                                                                                    
                                                                                                                                                                        
- underground        Year 2016               128               153                 -        -        -                 -               112      109      124      131       98 
                     Year 2015               122               184                 -        -        -                 -               102       87      117      131       94 
                                                                                                                                                                        
- surface            Year 2016                26                12                27       25       32                21                36       36        -       42        - 
                     Year 2015                28                 1                29       25       43                21                34       34        -        -        - 
                                                                                                                                                                        
- total              Year 2016                42               121                27       25       32                21                75       48      124      126       98 
                     Year 2015                43               158                29       25       43                21                76       50      117      131       94 
                                                                                                                                                                        

# Year ended December 2016 includes 600 ounces at St Ives, from rinsing inventory at the heap leach operations. (Year ended December 2015 includes 4,500 ounces). 


REVIEW OF OPERATIONS (Unreviewed) 

Quarter ended 31 December 2016 compared with quarter ended 30 September 2016 
South Africa region 

South Deep Project 

                                                                              Dec 2016               Sept 2016 
Gold produced                                           000'oz                    80.9                    69.4                         
                                                            kg                   2,516                   2,160                         
Gold sold                                               000'oz                    79.9                    69.4                         
                                                            kg                   2,485                   2,160                         
Yield - underground reef                                   g/t                    5.51                    5.04                         
AISC                                                      R/kg                 488,534                 586,712                         
                                                        US$/oz                   1,097                   1,289                         
AIC                                                       R/kg                 499,954                 599,245                         
                                                        US$/oz                   1,122                   1,317      
                   
Gold production increased by 16 per cent from 2,160 kilograms (69,400 ounces) in the September quarter to 2,516 kilograms 
(80,900 ounces) in the December quarter mainly due to a 5 per cent increase in tonnes treated and a 10 per cent increase in recovered 
head grade. 

Underground reef tonnes milled increased by 7 per cent from 427,000 tonnes in the September quarter to 455,000 tonnes in the December 
quarter giving an average of 152,000 reef tonnes per month.  Total tonnes milled increased by 5 per cent from 539,000 tonnes to 
565,000 tonnes due to an increase in underground material milled.  Total tonnes milled in the December quarter included 35,000 tonnes 
of underground development waste mined and 75,000 tonnes of surface tailings material compared with 26,000 tonnes of underground 
development waste mined and 86,000 tonnes of surface tailings material in the September quarter.  Underground reef yield increased by 
9 per cent from 5.04 grams per tonne to 5.51 grams per tonne mainly due to fruition of the longhole stoping operating model implemented 
in June 2016. This model has expedited critical work (development, backfill and secondary support) required to make longhole stopes 
available.

Development increased by 13 per cent from 1,812 metres in the September quarter to 2,043 metres in the December quarter to promote 
longhole stope availability.  New mine capital development (phase one, sub 95 level) increased by 3 per cent from 204 metres in the 
September quarter to 210 metres in the December quarter.  Development in the current mine areas in 95 level and above increased by 
14 per cent from 1,608 metres to 1,833 metres.  Destress mining decreased by 3 per cent from 6,340 square metres in the September 
quarter to 6,148 square metres in the December quarter mainly due to the unfortunate fatal accident on 10 September 2016. In addition, 
two destress cuts were temporarily stopped as a result of the intersection of geological features. Together, these incidents resulted 
in the loss of 5 days of destress production.  Longhole stoping increased by 31 per cent from 192,000 tonnes to 252,000 tonnes, a 
record achievement for the mine.

The current mine (95 level and above) contributed 63 per cent of the ore tonnes in the December quarter, compared with 64 per cent in 
the September quarter.  The longhole stoping method accounted for 51 per cent of total ore tonnes mined in the December quarter 
compared with 48 per cent in the September quarter. 

Net operating costs decreased by 1 per cent from R1,022 million (US$72 million) to R1,012 million (US$73 million) mainly due to lower 
payroll charges.  Gold-in-process amounted to R11 million (US$1 million) and related to unsold gold at the end of the December quarter. 

Capital expenditure decreased by 3 per cent from R234 million (US$17 million) in the September quarter to R228 million (US$17 million) 
in the December quarter.

Sustaining capital expenditure decreased by 3 per cent from R207 million (US$15 million) in the September quarter to R200 million 
(US$15 million) in the December quarter.  Non-sustaining capital expenditure was similar at R28 million (US$2 million).

All-in sustaining costs decreased by 17 per cent from R586,712 per kilogram (US$1,289 per ounce) in the September quarter to 
R488,534 per kilogram (US$1,097 per ounce) in the December quarter mainly due to increased gold sold, lower sustaining capital 
expenditure and lower net operating costs.

Total all-in cost decreased by 17 per cent from R599,245 per kilogram (US$1,317 per ounce) in the September quarter to R499,954 per 
kilogram (US$1,122 per ounce) in the December quarter due to the same reasons as for all-in-sustaining costs.

West Africa region 
Ghana 
Tarkwa 

                                                                                              Dec 2016                   Sept 2016 
Gold produced                                                       000'oz                       145.9                       148.6 
Yield                                                                  g/t                        1.36                        1.33 
AISC and AIC                                                        US$/oz                         906                         950 

Gold production decreased by 2 per cent from 148,600 ounces in the September quarter to 145,900 ounces in the December quarter due to 
lower plant throughput. 

Total tonnes mined, including capital stripping, decreased by 3 per cent from 25.3 million tonnes in the September quarter to 
24.5 million tonnes in the December quarter.  Ore tonnes mined increased by 17 per cent from 3.6 million tonnes to 4.2 million tonnes 
due to a higher number of available face positions in line with the mining sequence.  Operational waste tonnes mined decreased by 
29 per cent from 11.2 million tonnes to 7.9 million tonnes while capital waste tonnes mined increased by 18 per cent from 10.5 million 
tonnes to 12.4 million tonnes, both as per the mining sequence.  Grade mined decreased from 1.41 grams per tonne to 1.35 grams per 
tonne.  The strip ratio decreased from 6.5 to 5.3. 

The CIL plant throughput decreased by 4 per cent from 3.48 million tonnes in the September quarter to 3.33 million tonnes in the 
December quarter due to earlier than planned Sag and Ball mill relining.  Realised yield increased by 2 per cent from 1.33 grams per 
tonne to 1.36 grams per tonne due to higher grades processed.

Net operating costs, including gold-in-process movements, decreased by 8 per cent from US$89 million to US$82 million due to an 
US$8 million gold-in-process credit to cost in the December quarter compared with US$1 million in the September quarter.

Capital expenditure increased by 11 per cent from US$37 million to US$41 million due to higher expenditure on deferred stripping as a 
result of higher capital tonnes mined.

All-in sustaining costs and total all-in cost decreased by 5 per cent from US$950 per ounce in the September quarter to US$906 per 
ounce in the December quarter due to lower net operating costs, partially offset by lower gold sold and higher capital expenditure.

Damang 

                                                                                              Dec 2016                   Sept 2016 
Gold produced                                                       000'oz                        36.9                        38.9 
Yield                                                                  g/t                        1.02                        1.07 
AISC and AIC                                                        US$/oz                       1,317                       1,182 

Gold production decreased by 5 per cent from 38,900 ounces in the September quarter to 36,900 ounces in the December quarter mainly 
due to lower head grade processed.

Total tonnes mined, including capital stripping, decreased by 13 per cent from 4.8 million tonnes in the September quarter to 
4.2 million tonnes in the December quarter mainly due to lower equipment availability, given the age of the fleet and pending the full 
transition to contractor mining. 

Ore tonnes mined increased by 33 per cent from 0.6 million tonnes in the September quarter to 0.8 million tonnes in the December 
quarter.  Total waste tonnes mined decreased by 19 per cent from 4.2 million tonnes to 3.4 million tonnes.  Capital waste tonnes 
(included in total waste tonnes) decreased by 76 per cent from 3.6 million tonnes to 0.9 million tonnes. Operational waste tonnes 
increased from 0.6 million tonnes to 2.5 million tonnes. Head grade mined increased by 2 per cent from 1.20 grams per tonne to 
1.22 grams per tonne.  The strip ratio decreased from 7.1 to 4.2.

Yield decreased by 5 per cent from 1.07 grams per tonne to 1.02 grams per tonne due to lower grade realised from stockpile ore 
processed.  For the December quarter, 0.66 million tonnes of fresh ore and oxides were milled at an average grade of 1.26 grams per 
tonne and 0.47 million tonnes of stockpiles were milled at an average grade of 1.01 grams per tonne.  This compared with 0.41 million 
tonnes of fresh ore and oxides milled at an average grade of 1.21 grams per tonne and 0.72 million tonnes of stockpiles milled at an 
average grade of 1.18 grams per tonne for the September quarter.  As a consequence, tonnes processed were similar at 1.13 million 
tonnes.

Net operating costs, including gold-in-process movements, increased by 30 per cent from US$27 million to US$35 million mainly due to 
increased operating tonnes mined and a gold-in-process charge to cost of US$1 million in the December quarter compared with a credit to 
cost of US$2 million in the September quarter.

Capital expenditure decreased by 31 per cent from US$16 million to US$11 million mainly due to lower capital waste stripping in the 
December quarter.  

All-in sustaining costs and total all-in cost increased by 11 per cent from US$1,182 per ounce in the September quarter to US$1,317 per 
ounce in the December quarter mainly due to lower gold sold and higher net operating cost, partially offset by lower capital 
expenditure.

South America region 
Peru 
Cerro Corona 

                                                                              Dec 2016               Sept 2016 
Gold produced                                           000'oz                    44.6                    35.1                         
Copper produced                                         tonnes                   8,681                   7,293                         
Total equivalent gold produced                       000'eq oz                    81.5                    61.2                         
Total equivalent gold sold                           000'eq oz                    85.8                    62.9                         
Yield - gold                                               g/t                    0.83                    0.67                         
- copper                                              per cent                    0.52                    0.44                         
- combined                                              eq g/t                    1.46                    1.11                         
AISC and AIC                                            US$/oz                     303                     765                         
AISC and AIC                                         US$/eq oz                     676                     945                         
Gold price*                                             US$/oz                   1,235                   1,334                         
Copper price*                                            US$/t                   5,227                   4,768                         

* Average daily spot price for the period used to calculate total equivalent gold ounces produced. 

Gold production increased by 27 per cent from 35,100 ounces in the September quarter to 44,600 ounces in the December quarter.  Copper 
production increased by 19 per cent from 7,293 tonnes to 8,681 tonnes.  Equivalent gold production increased by 33 per cent from 
61,200 ounces to 81,500 ounces.  The increase in gold and copper production was mainly due to higher gold and copper head grades in 
line with the mining sequence.  Gold head grade increased by 21 per cent from 1.00 grams per tonne to 1.21 grams per tonne and copper 
head grade increased by 18 per cent from 0.51 per cent to 0.60 per cent.  Gold recoveries increased from 66.5 per cent to 68.7 per cent 
mainly due to lower presence of fine porous pyrite in ore treated during November and December.  Copper recoveries increased from 
86.4 per cent to 86.5 per cent.  As a result, gold yield increased by 24 per cent from 0.67 grams per tonne to 0.83 grams per tonne and 
copper yield increased by 18 per cent from 0.44 per cent to 0.52 per cent. 

In the December quarter, concentrate with a payable content of 46,000 ounces of gold was sold at an average price of US$1,208 per ounce 
and 8,549 tonnes of copper was sold at an average price of US$4,626 per tonne, net of treatment and refining charges.  This compared 
with 36,200 ounces of gold that was sold at an average price of US$1,334 per ounce and 7,479 tonnes of copper that was sold at an 
average price of US$3,974 per tonne, net of treatment and refining charges, in the September quarter. 

Total tonnes mined decreased by 9 per cent from 3.60 million tonnes in the September quarter to 3.29 million tonnes in the December 
quarter mainly due to lower waste mined in line with the mining sequence.  Ore mined decreased by 3 per cent from 1.78 million tonnes 
to 1.73 million tonnes.  Operational waste tonnes mined decreased by 14 per cent from 1.82 million tonnes to 1.56 million tonnes.

Ore processed increased by 2 per cent from 1.71 million tonnes in the September quarter to 1.74 million tonnes in the December quarter 
mainly due to higher throughput (833 tonnes per hour in the December quarter versus 829 tonnes per hour in the September quarter) and 
higher plant availability (97 per cent in the December quarter versus 93 per cent in the September quarter) due to maintenance 
activities.

Net operating costs, including gold-in-process movements, increased by 5 per cent from US$38 million to US$40 million mainly due to 
increases in the diesel price and grinding media as well as increased statutory workers participation.  

Capital expenditure increased by 7 per cent from US$15 million to US$16 million and related to the construction activities at the 
tailings dam and waste storage facilities. 

All-in sustaining costs and total all-in cost per gold ounce decreased by 60 per cent from US$765 per ounce in the September quarter 
to US$303 per ounce in the December quarter mainly due to higher gold sold and higher copper by-product credits, partially offset by 
higher net operating costs.  All-in sustaining costs and total all-in costs per equivalent ounce decreased by 28 per cent from 
US$945 per equivalent ounce to US$676 per equivalent ounce due to the same reasons as above, as well as higher equivalent ounces sold.

St Ives 

                                                                                              Dec 2016                   Sept 2016 
Gold produced                                                       000'oz                        95.6                        91.5 
Yield - underground                                                    g/t                        4.56                        4.50 
- surface                                                              g/t                        2.47                        2.47 
- combined                                                             g/t                        2.72                        2.83 
AISC and AIC                                                         A$/oz                       1,213                       1,383 
                                                                    US$/oz                         914                       1,050 

Gold production increased by 4 per cent from 91,500 ounces in the September quarter to 95,600 ounces in the December quarter. 

At the underground operations, ore tonnes mined decreased by 10 per cent from 157,000 tonnes in the September quarter to 142,000 tonnes 
in the December quarter due to a deterioration of ground conditions at Hamlet.  Head grade decreased by 3 per cent from 4.78 grams per 
tonne to 4.65 grams per tonne due to scheduling.  

At the open pit operations, ore tonnes mined decreased by 14 per cent from 962,000 tonnes in the September quarter to 831,000 tonnes 
in the December quarter due to ore production being impacted by the removal of the temporary western ramp into the Invincible pit. The 
interim ramp was installed to connect Stage 3 and Stage 5 of the Invincible pit. It allowed for considerable savings in haulage costs, 
there was no room to leave it in place.  Grade mined increased by 8 per cent from 2.54 grams per tonne to 2.74 grams per tonne due to 
higher grade of ore mined from Stage 3 of the Invincible pit.

Operational waste tonnes mined increased by 136 per cent from 2.2 million tonnes in the September quarter to 5.2 million tonnes in the 
December quarter following the completion of pre-strip activities at Invincible Stage 5 pit during the December quarter.  The 
classification of the material changed from capital waste to operational waste and as a result, capital waste tonnes mined decreased by 
45 per cent from 7.7 million tonnes to 4.2 million tonnes.  Total material movements at the open pits decreased by 6 per cent from 
10.9 million tonnes to 10.2 million tonnes.  The strip ratio increased from 10.3 to 11.3 due to the reduced ore tonnes while the 
western ramp was being removed.

Throughput at the Lefroy mill increased by 9 per cent from 1,005,000 tonnes in the September quarter to 1,094,000 tonnes in the 
December quarter.  The mill was closed for the first week of the September quarter to complete the installation of a new electrical 
control block for the Sag mill.  Yield decreased by 4 per cent from 2.83 grams per tonne to 2.72 grams per tonne with the additional 
tonnes milled comprising lower grade feed. 

Net operating costs, including gold-in-process movements, increased by 23 per cent from A$61 million (US$46 million) to A$75 million 
(US$56 million) due to the Invincible Stage 5 pit transitioning from pre-stripping to ore and waste mining.  This increase was fully 
offset by a reduction in pre-strip capital costs.   

Capital expenditure decreased by 35 per cent from A$57 million (US$43 million) to A$37 million (US$28 million) mainly due to decreased 
expenditure on pre-stripping at Invincible.

All-in sustaining costs and total all-in cost decreased by 12 per cent from A$1,383 per ounce (US$1,050 per ounce) in the September 
quarter to A$1,213 per ounce (US$914 per ounce) in the December quarter due to lower capital expenditure and increased gold sold, 
partially offset by higher net operating costs.

Agnew/Lawlers 

                                                                                              Dec 2016                   Sept 2016 
Gold produced                                                       000'oz                        62.2                        57.8 
Yield                                                                  g/t                        6.49                        5.78 
AISC and AIC                                                         A$/oz                       1,081                       1,246 
                                                                    US$/oz                         815                         955 

Gold production increased by 8 per cent from 57,800 ounces in the September quarter to 62,200 ounces in the December quarter.

Ore mined from underground increased by 8 per cent from 325,000 tonnes in the September quarter to 352,000 tonnes in the December 
quarter due to the availability of additional ore development headings in the Cinderella orebody at New Holland and multiple stoping 
fronts on line in the FBH orebody at Waroonga.  Operational waste tonnes mined increased by 7 per cent from 51,500 tonnes in the 
September quarter to 55,100 tonnes in the December quarter. Head grade mined decreased marginally from 6.25 grams per tonne to 
6.20 grams per tonnes due to an increase in development ore. 

Tonnes processed decreased by 4 per cent from 312,000 tonnes in the September quarter to 298,000 tonnes in the December quarter. 
The combined yield increased by 12 per cent from 5.78 grams per tonne to 6.49 grams per tonne due to the mill being preferentially fed 
higher grade ore.  
Net operating costs, including gold-in-process movements, increased by 7 per cent from A$45 million (US$34 million) to A$48 million 
(US$36 million) mainly due to increased ore mined during the December quarter.  

Capital expenditure decreased by 18 per cent from A$22 million (US$17 million) to A$18 million (US$13 million) due to lower capital 
development at Waroonga following the completion of the Waroonga North exploration drive during the September quarter.

All-in sustaining costs and total all-in cost decreased by 13 per cent from A$1,246 per ounce (US$955 per ounce) in the September 
quarter to A$1,081 per ounce (US$815 per ounce) in the December quarter due to increased gold sold and lower capital expenditure 
partially offset by higher net operating costs.

Darlot 

                                                                                              Dec 2016                   Sept 2016 
Gold produced                                                       000'oz                        14.0                        15.3 
Yield                                                                  g/t                        3.87                        4.27 
AISC and AIC                                                         A$/oz                       1,921                       1,688 
                                                                    US$/oz                       1,443                       1,286 

Gold production decreased by 8 per cent from 15,300 ounces in the September quarter to 14,000 ounces in the December quarter due to 
lower underground grades mined. 

Ore mined from underground decreased from 109,300 tonnes in the September quarter to 106,500 tonnes in the December quarter.  In 
addition, a further 2,500 tonnes were sourced from a surface oxide trial in the December quarter.  Head grade mined decreased from 
4.32 grams per tonne in the September quarter to 3.96 grams per tonne in the December quarter.  The reduced grade was due to mining of 
the lower grade bulk Felsic's area of Lords South Lower during the December quarter. 

Tonnes processed increased by 2 per cent from 111,000 tonnes in the September quarter to 113,000 tonnes in the December quarter.  
The yield decreased by 10 per cent from 4.27 grams per tonne to 3.87 grams per tonne mainly due to lower grade ore mined. 

Net operating costs, including gold-in-process movements, increased by 12 per cent from A$17 million (US$13 million) to A$19 million 
(US$15 million) mainly due to a A$1 million (US$1 million) gold-in-circuit charge to cost in the December quarter compared with A$nil 
million (US$nil million) in the September quarter.

Capital expenditure increased by 14 per cent from A$7 million (US$5 million) to A$8 million (US$6 million) mainly due to exploration 
and development of the Oval ore body.  The Oval ore body is a recent discovery which is expected to provide the primary ore feed in 
2017.

All-in sustaining costs and total all-in cost increased by 14 per cent from A$1,688 per ounce (US$1,286 per ounce) in the September 
quarter to A$1,921 per ounce (US$1,443 per ounce) in the December quarter due to lower gold sold, higher net operating costs and higher 
capital expenditure.

Granny Smith 

                                                                                              Dec 2016                   Sept 2016 
Gold produced                                                       000'oz                        67.4                        72.8 
Yield                                                                  g/t                        6.37                        6.03 
AISC and AIC                                                         A$/oz                       1,175                       1,167 
                                                                    US$/oz                         885                         885 

Gold production decreased by 7 per cent from 72,800 ounces in the September quarter to 67,400 ounces in the December quarter mainly 
due to a reduction in tonnes processed.

Ore mined from underground decreased by 2 per cent from 381,000 tonnes in the September quarter to 374,000 tonnes mainly due to the 
excavation of two major ventilation raises (VR4 and VR7) in the December quarter.  Head grade mined increased by 4 per cent from 
6.56 grams per tonne in the September quarter to 6.84 grams per tonne in the December quarter as production returned to the higher 
grade areas in Zone 90.

Tonnes processed decreased by 13 per cent from 376,000 tonnes in the September quarter to 329,000 tonnes in the December quarter 
mainly due to timing of the mill campaign in December which allowed critical maintenance work and subsequently resulted in a stockpile 
being accumulated at year end. The yield increased by 6 per cent from 6.03 grams per tonne to 6.37 grams per tonne reflecting the 
higher grades mined. 

Net operating costs, including gold-in-process movements, decreased by 9 per cent from A$46 million (US$35 million) in the September 
quarter to A$42 million (US$32 million) in the December quarter.  The lower operating cost was due to a A$7 million (US$5 million) 
gold-in-process credit to cost compared with A$2 million (US$1 million) in the September quarter.

Capital expenditure increased by 6 per cent from A$34 million (US$26 million) in the September quarter to A$36 million (US$27 million) 
in the December quarter mainly due to higher expenditure related to the purchase of fleet.  

All-in sustaining costs and total all-in cost increased by 1 per cent from A$1,167 per ounce (US$885 per ounce) in the September 
quarter to A$1,175 per ounce (US$885 per ounce) in the December quarter due to the lower gold sold, partially offset by lower net 
operating costs.

SALIENT FEATURE AND COST BENCHMARKS (Unreviewed) 

Salient features and cost benchmarks for the quarters ended 31 December 2016, 30 September 2016 and 31 December 2015 
                                                         Total                   South                                                                   South
                                                          Mine                  Africa                                                                 America
                                                    Operations                  Region                         West Africa Region                       Region
                                                                                                                      Ghana                               Peru
                                                                                 South                                                                   Cerro
UNITED STATES DOLLARS                                                             Deep                   Total      Tarkwa      Damang                  Corona
Operating Results                                                                                                                                              
Ore milled/treated 
(000 tonnes)                  Dec 2016                   8,606                     565                   4,465       3,336       1,129                   1,742 
                             Sept 2016                   8,656                     539                   4,604       3,475       1,129                   1,709 
                              Dec 2015                   8,386                     549                   4,361       3,299       1,062                   1,727 

Yield (grams per tonne)       Dec 2016                     2.1                     4.4                     1.3         1.4         1.0                     1.5 
                             Sept 2016                     2.0                     4.0                     1.3         1.3         1.1                     1.1 
                              Dec 2015                     2.2                     3.9                     1.3         1.4         1.3                     1.2 
Gold produced (000 managed 
equivalent ounces)            Dec 2016                   584.4                    80.9                   182.8       145.9        36.9                    81.5 
                             Sept 2016                   555.4                    69.4                   187.5       148.6        38.9                    61.2 
                              Dec 2015                   585.0                    68.1                   187.6       144.8        42.9                    66.2 
Gold sold (000 managed 
equivalent ounces)            Dec 2016                   587.7                    79.9                   182.8       145.9        36.9                    85.8 
                             Sept 2016                   557.1                    69.4                   187.5       148.6        38.9                    62.9 
                              Dec 2015                   586.3                    68.1                   187.6       144.8        42.9                    67.5 
Net operating costs 
(dollar million)              Dec 2016                  (368.4)                  (72.6)                 (117.4)      (82.0)      (35.3)                  (39.8)
                             Sept 2016                  (353.6)                  (71.7)                 (116.0)      (89.0)      (27.1)                  (37.6)
                              Dec 2015                  (342.2)                  (61.1)                 (117.8)      (72.8)      (45.0)                  (38.5)
Operating costs 
(dollar per tonne)            Dec 2016                      45                     130                      28          27          31                      23 
                             Sept 2016                      41                     133                      26          26          26                      21 
                              Dec 2015                      41                     111                      28          24          42                      21 
All-in-sustaining costs 
(dollar per ounce)            Dec 2016                     914                   1,097                     989         906       1,317                     303 
                             Sept 2016                   1,017                   1,289                     999         950       1,182                     765 
                              Dec 2015                     920                   1,095                     925         799       1,361                   1,285 
Total all-in-cost 
(dollar per ounce)            Dec 2016                     917                   1,122                     989         906       1,317                     303 
                             Sept 2016                   1,020                   1,317                     999         950       1,182                     765 
                              Dec 2015                     927                   1,156                     925         799       1,361                   1,285 
Sustaining capital 
expenditure (dollar million)  Dec 2016                  (155.9)                  (14.7)                  (52.0)      (40.6)      (11.4)                  (15.5)
                             Sept 2016                  (173.2)                  (14.9)                  (52.2)      (36.6)      (15.6)                  (14.9)
                              Dec 2015                  (155.1)                  (13.2)                  (37.5)      (34.8)       (2.8)                  (27.6)
Non-sustaining 
capital expenditure 
(dollar million)              Dec 2016                    (2.0)                   (2.0)                      -           -           -                       - 
                             Sept 2016                    (1.9)                   (1.9)                      -           -           -                       - 
                              Dec 2015                    (4.2)                   (4.2)                      -           -           -                       - 
Total capital expenditure 
(dollar million)              Dec 2016                  (157.9)                  (16.7)                  (52.0)      (40.6)      (11.4)                  (15.5)
                             Sept 2016                  (175.1)                  (16.8)                  (52.2)      (36.6)      (15.6)                  (14.9)
                              Dec 2015                  (159.3)                  (17.4)                  (37.5)      (34.6)       (2.8)                  (27.6)

Average exchange rates were US$1 = R13.87, US$1 = R14.15 and US$1 = R14.08 for the December 2016, September 2016 and December 2015 quarters respectively. 
Figures may not add as they are rounded independently. 


SALIENT FEATURE AND COST BENCHMARKS (Unreviewed)
 
Salient features and cost benchmarks for the quarters ended 31 December 2016, 30 September 2016 and 31 December 2015 
                                                     UNITED STATES DOLLARS                             AUSTRALIAN DOLLARS                               SOUTH
                                                                                                                                                      AFRICAN
                                                                                                                                                         RAND
                                                                                                        Australia Region                         South Africa
                                                                                                                                                       Region
AUSTRALIAN DOLLARS                                           Agnew/            Granny                              Agnew/            Granny             South 
                                            Total  St Ives  Lawlers   Darlot    Smith             Total  St Ives  Lawlers   Darlot    Smith              Deep 
Operating Results                                                                                                                                                
Ore milled/treated     Dec 2016             1,834    1,094      298      113      329             1,834    1,094      298      113      329               565 
(000 tonnes)          Sept 2016             1,804    1,005      312      111      376             1,804    1,005      312      111      376               539 
                       Dec 2015             1,749      974      298      118      359             1,749      974      298      118      359               549 
Yield                  Dec 2016               4.1      2.7      6.5      3.8      6.4               4.1      2.7      6.5      3.8      6.4               4.4 
(grams per tonne)     Sept 2016               4.1      2.8      5.8      4.3      6.0               4.1      2.8      5.8      4.3      6.0               4.0 
                       Dec 2015               4.7      3.2      6.9      6.5      6.3               4.7      3.2      6.9      6.5      6.3               3.9 
Gold produced          Dec 2016             239.2     95.6     62.2     14.0     67.4             239.2     95.6     62.2     14.0     67.4             2,516 
(000 managed 
equivalent ounces)    Sept 2016             237.3     91.5     57.8     15.3     72.8             237.3     91.5     57.8     15.3     72.8             2,160 
                       Dec 2015             263.0    100.4     65.7     24.6     72.4             263.0    100.4     65.7     24.6     72.4             2,119 
Gold sold              Dec 2016             239.2     95.6     62.2     14.0     67.4             239.2     95.6     62.2     14.0     67.4             2,485 
(000 managed 
equivalent ounces)    Sept 2016             237.3     91.5     57.8     15.3     72.8             237.3     91.5     57.8     15.3     72.8             2,160 
                       Dec 2015             263.0    100.4     65.7     24.6     72.4             263.0    100.4     65.7     24.6     72.4             2,119 
Net operating costs*   Dec 2016            (138.6)   (56.2)   (36.1)   (14.5)   (31.8)           (184.9)   (75.3)   (48.2)   (19.1)   (42.2)         (1,012.1) 
(million)             Sept 2016            (128.3)   (46.2)   (34.4)   (13.1)   (34.7)           (168.5)   (60.8)   (45.1)   (17.1)   (45.5)         (1,021.8) 
                       Dec 2015            (124.8)   (45.6)   (31.2)   (14.3)   (33.7)           (175.7)   (64.6)   (44.0)   (20.0)   (47.3)           (857.3)
Operating costs        Dec 2016                80       51      135      120      111               107       69      180      159      148             1,797 
(dollar per tonne)    Sept 2016                73       45      122      119       95                96       59      161      155      125             1,882 
                       Dec 2015                73       48      113      123       90               102       67      159      172      126             1,567 

All-in-sustaining 
costs (dollar per      Dec 2016               913      914      815    1,443      885             1,209    1,213    1,081    1,921    1,175           488,534 
ounce)                Sept 2016               991    1,050      955    1,286      885             1,303    1,383    1,246    1,688    1,167           586,712 
                       Dec 2015               819      836      828      817      787             1,146    1,171    1,160    1,142    1,101           495,833 
Total 
all-in-cost            Dec 2016               913      914      815    1,443      885             1,209    1,213    1,081    1,921    1,175           499,954 
(dollar per ounce)    Sept 2016               991    1,050      955    1,286      885             1,303    1,383    1,246    1,688    1,167           599,245 
                       Dec 2015               819      836      828      817      787             1,146    1,171    1,160    1,142    1,101           522,642 
Sustaining capital*    Dec 2016             (73.8)   (27.6)   (13.4)    (6.2)   (26.7)            (97.8)   (36.5)   (17.7)    (8.2)   (35.5)           (199.7)
(million)             Sept 2016             (91.2)   (43.1)   (16.8)    (5.4)   (25.9)           (120.0)   (56.8)   (21.9)    (7.1)   (34.2)           (207.1)
                       Dec 2015             (76.9)   (32.4)   (20.1)    (4.9)   (19.5)           (106.6)   (44.8)   (27.9)    (6.8)   (27.0)           (184.4)

Non-sustaining 
capital*               Dec 2016                 -        -        -        -        -                 -        -        -        -        -             (28.3)
(million)             Sept 2016                 -        -        -        -        -                 -        -        -        -        -             (27.1)
                       Dec 2015                 -        -        -        -        -                 -        -        -        -        -             (59.0)
Total capital 
expenditure*           Dec 2016             (73.8)   (27.6)   (13.4)    (6.2)   (26.7)            (97.8)   (36.5)   (17.7)    (8.2)   (35.5)           (228.0)
(million)             Sept 2016             (91.2)   (43.1)   (16.8)    (5.4)   (25.9)           (120.0)   (56.8)   (21.9)    (7.1)   (34.2)           (234.2)
                       Dec 2015             (76.9)   (32.4)   (20.1)    (4.9)   (19.5)           (106.6)   (44.8)   (27.9)    (6.8)   (27.0)           (243.4)

Average exchange rates were US$1 = R13.87, US$1 = R14.15 and US$1 = R14.08 for the December 2016, September 2016 and December 2015 quarters respectively. 
The Australian/US dollar exchange rates were A$1 = US$0.75, A$1 = US$0.76 and A$1 = US$0.72 for the December 2016, September 2016 and December 2015 quarters 
respectively. 
Figures may not add as they are rounded independently. 
* In local currency. 


UNDERGROUND AND SURFACE (Unreviewed)

                                                              South                                                 South
                                                             Africa                West Africa Region              America                       Australia Region
                                       Total Mine            Region                                                Region
UNITED STATES DOLLARS,                 Operations                                         Ghana                      Peru                           Australia
IMPERIAL OUNCES WITH                                          South                                                 Cerro                              Agnew/              Granny
METRIC TONNES AND GRADE                                        Deep             Total   Tarkwa   Damang            Corona             Total   St Ives#  Lawlers   Darlot    Smith 
Ore milled/treated (000 tonnes)
- underground ore      Dec 2016             1,323               455                 -        -        -                 -               868        128      298      113      329 
                      Sept 2016             1,404               427                 -        -        -                 -               977        178      312      111      376 
                       Dec 2015             1,414               404                 -        -        -                 -             1,010        235      298      118      359 
                                                                                                                                                                          
- underground waste    Dec 2016                35                35                 -        -        -                 -                 -          -        -        -        - 
                      Sept 2016                26                26                 -        -        -                 -                 -          -        -        -        - 
                       Dec 2015                23                23                 -        -        -                 -                 -          -        -        -        - 
                                                                                                                                                                          
- surface ore          Dec 2016             7,248                75             4,465    3,336    1,129             1,742               966        966        -        -        - 
                      Sept 2016             7,226                86             4,604    3,475    1,129             1,709               827        827        -        -        - 
                       Dec 2015             6,949               122             4,361    3,299    1,062             1,727               739        739        -        -        - 
                                                                                                                                                                          
- total milled         Dec 2016             8,606               565             4,465    3,336    1,129             1,742             1,834      1,094      298      113      329 
                      Sept 2016             8,656               539             4,604    3,475    1,129             1,709             1,804      1,005      312      111      376 
                       Dec 2015             8,386               549             4,361    3,299    1,062             1,727             1,749        974      298      118      359 
                                                                                                                                                                        
Yield (grams per tonne)                                                                                                                                                                
                                                                                                                                                                        
- underground ore      Dec 2016               5.6               5.5                 -        -        -                 -               5.8        4.6      6.5      3.9      6.4 
                      Sept 2016               5.2               5.0                 -        -        -                 -               5.5        4.5      5.8      4.3      6.0 
                       Dec 2015               5.8               5.2                 -        -        -                 -               6.1        4.8      6.9      6.5      6.3 
                                                                                                                                                                            
- underground waste    Dec 2016                 -                 -                 -        -        -                 -                 -          -        -        -        - 
                      Sept 2016                 -                 -                 -        -        -                 -                 -          -        -        -        - 
                       Dec 2015                 -                 -                 -        -        -                 -                 -          -        -        -        - 
                                                                                                                                                                            
- surface ore          Dec 2016               1.5               0.1               1.3      1.4      1.0               1.5               2.5        2.5        -        -        - 
                      Sept 2016               1.3               0.1               1.3      1.3      1.1               1.1               2.5        2.5        -        -        - 
                       Dec 2015               1.4               0.1               1.3      1.4      1.3               1.2               2.7        2.7        -        -        - 
                                                                                                                                                                            
- combined             Dec 2016               2.1               4.4               1.3      1.4      1.0               1.5               4.1        2.7      6.5      3.9      6.4 
                      Sept 2016               2.0               4.0               1.3      1.3      1.1               1.1               4.1        2.8      5.8      4.3      6.0 
                       Dec 2015               2.2               3.9               1.3      1.4      1.3               1.2               4.7        3.2      6.9      6.5      6.3 
                                                                                                                                                                         
Gold produced (000 ounces)                                                                                                                                                               
                                                                                                                                                                        
- underground ore      Dec 2016             243.1              80.8                 -        -        -                 -             162.3       18.8     62.2     14.0     67.4 
                      Sept 2016             240.7              69.2                 -        -        -                 -             171.5       25.7     57.8     15.3     72.8 
                       Dec 2015             266.7              67.7                 -        -        -                 -             199.0       36.3     65.7     24.6     72.3 
                                                                                                                                                                        
- underground waste    Dec 2016                 -                 -                 -        -        -                 -                 -          -        -        -        - 
                      Sept 2016                 -                 -                 -        -        -                 -                 -          -        -        -        - 
                       Dec 2015                 -                 -                 -        -        -                 -                 -          -        -        -        - 
                                                                                                                                                                            
- surface ore          Dec 2016             341.3               0.1             182.8    145.9     36.9              81.5              76.9       76.9        -        -        - 
                      Sept 2016             314.7               0.2             187.5    148.6     38.9              61.2              65.8       65.8        -        -        - 
                       Dec 2015             318.4               0.5             187.6    144.8     42.9              66.2              64.1       64.1        -        -        - 
                                                                                                                                                                        
- total                Dec 2016             584.4              80.9             182.8    145.9     36.9              81.5             239.2       95.6     62.2     14.0     67.4 
                      Sept 2016             555.4              69.4             187.5    148.6     38.9              61.2             237.3       91.5     57.8     15.3     72.8 
                       Dec 2015             585.0              68.1             187.6    144.8     42.9              66.2             263.0      100.4     65.7     24.6     72.4 
                                                                                                                                                                        
Operating costs (dollar per tonne)                                                                                                                                                    
                                                                                                                                                                        
- underground          Dec 2016               139               149                 -        -        -                 -               128        158      135      120      111 
                      Sept 2016               128               157                 -        -        -                 -               111        120      122      119       95 
                       Dec 2015               112               142                 -        -        -                 -                96        104      113      123       90 
                                                                                                                                                                        
- surface              Dec 2016                28                 3                28       27       31                23                37         37        -        -        - 
                      Sept 2016                25                 2                26       26       26                21                29         29        -        -        - 
                       Dec 2015                27                 3                28       24       42                21                40         40        -        -        - 
                                                                                                                                                                            
- total                Dec 2016                45               130                28       27       31                23                80         51      135      120      111 
                      Sept 2016                41               133                26       26       26                21                73         45      122      119       95 
                       Dec 2015                41               111                28       24       42                21                73         48      113      123       90 

# Quarter ended December 2016 includes 300 ounces at St Ives, from rinsing inventory at the heap leach operations, 
  December 2015 quarter included 180 ounces from rinsing. 


ADMINISTRATION AND CORPORATE INFORMATION

Corporate Secretary 
Lucy Mokoka 
Tel: +27 11 562 9719
Fax: +27 11 562 9829 
e-mail: lucy.mokoka@goldfields.com 

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 James's Corporate Services Limited 
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
United Kingdom 
Tel: +44 20 7796 8644
Fax: +44 20 7796 8645
e-mail: general@corpserv.co.uk

American depository receipts transfer agent 
Shareholder Correspondence should be mailed to:
BNY Mellon Shareowner Services
P.O. Box 30170
College Station, TX 77842-3170

Overnight Correspondence should be sent to:
BNY Mellon Shareowner Services
211 Quality Circle, Suite 210
College Station, TX 77845
e-mail: shrrelations@cpushareownerservices.com

Phone Numbers
Tel: 888 269 2377 Domestic
Tel: 201 680 6825 Foreign

Sponsor 
J.P. Morgan Equities South Africa (Pty) Ltd

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

Listings
JSE / NYSE / GFI
SWX: GOLI

Investor enquiries
Avishkar Nagaser
Tel: +27 11 562 9775
Mobile: +27 82 312 8692
e-mail: avishkar.nagaser@goldfields.com

Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
e-mail: thomas.mengel@goldfields.com

Media enquiries 
Sven Lunsche
Tel: +27 11 562 9763 
Mobile: +27 83 260 9279 
e-mail: sven.lunsche@goldfields.com

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 Asset Services 
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 - 5:00pm Mon-Fri] or [from overseas]
Overseas: +44 20 8639 5000 
Fax: +44 20 8658 3430 
e-mail: ssd@capitaregistrars.com 
Calls cost 12p per minute plus your phone company's access charge.
If you are outside the United Kingdom, please call +44 371 664 0300. 
Calls outside the United Kingdom will be charged at the applicable 
international rate. 
The helpline is open between 9:00am - 5:30pm. Monday to Friday excluding 
public holidays in England and Wales.


Directors
CA Carolus+ (Chair)   
RP Menell+ (Deputy Chair)   
NJ Holland*## (Chief Executive Officer)   
PA Schmidt## (Chief Financial Officer)
A Andani#+   
K Ansah#+   
PJ Bacchus+ 
TP Goodlace+  
AR Hill/+   
DMJ Ncube+   
SP Reid>+   
YGH Suleman+
GM Wilson+

* British  # Ghanaian  / Canadian  > Australian
+ Independent Director  ## Non-independent Director

Website
www.goldfields.com


INDEPENDENT AUDITOR'S REVIEW REPORT ON CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 

To the shareholders of Gold Fields Limited
We have reviewed the condensed consolidated financial statements of Gold Fields Limited, which comprise the condensed consolidated 
statement of financial position as at 31 December 2016, the condensed consolidated income statement and the condensed consolidated 
statements of comprehensive income, changes in equity and cash flows for the year then ended, and selected explanatory notes, as set 
out on pages 16 to 23 and marked as reviewed, and the segmental financial results for the year ended 31 December 2016, as set out on 
pages 24 to 25 and marked as reviewed.

Directors' Responsibility for the Condensed Consolidated Financial Statements
The directors are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance 
with the requirements of the JSE Limited Listings Requirements for preliminary reports, as set out in the "Basis of accounting" note to 
the financial statements, and the requirements of the Companies Act of South Africa, and for such internal control as the directors 
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud 
or error.

Auditor's Responsibility
Our responsibility is to express a conclusion on these financial statements. We conducted our review in accordance with International 
Standard on Review Engagements (ISRE) 2410, which applies to a review of historical information performed by the independent auditor of 
the entity. ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the financial 
statements are not prepared in all material respects in accordance with the applicable financial reporting framework. This standard 
also requires us to comply with relevant ethical requirements.
A review of financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily 
consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and 
evaluate the evidence obtained.

The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International 
Standards on Auditing. Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements 
of Gold Fields Limited for the year ended 31 December 2016 are not prepared, in all material respects, in accordance with the 
requirements of the JSE Limited Listings Requirements for preliminary reports, as set out in the "Basis of accounting" note to the 
financial statements, and the requirements of the Companies Act of South Africa.

/s/ KPMG Inc.
Registered Auditor
Per Coenie Basson
Chartered Accountant (SA) 
Director
Registered Auditor 
16 February 2017 
Parktown
South Africa

FORWARD LOOKING STATEMENTS 

This report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, or 
the Securities Act, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to 
Gold Fields' financial condition, results of operations, business strategies, operating efficiencies, competitive position, 
growth opportunities for existing services, plans and objectives of management, markets for stock and other matters. 

These forward-looking statements, including, among others, those relating to the future business prospects, revenues and income of 
Gold Fields, wherever they may occur in this report and the exhibits to the report, are necessarily estimates reflecting the best 
judgment of the senior management of Gold Fields and involve a number of risks and uncertainties that could cause actual results to 
differ materially from those suggested by the forward-looking statements. As a consequence, these forward-looking statements should 
be considered in light of various important factors, including those set forth in this report. Important factors that could cause 
actual results to differ materially from estimates or projections contained in the forward-looking statements include, without 
limitation: 

- overall economic and business conditions in South Africa, Ghana, Australia, Peru and elsewhere; 
- changes in assumptions underlying Gold Fields' mineral reserve estimates; 
- the ability to achieve anticipated efficiencies and other cost savings in connection with past and future acquisitions; 
- the ability to achieve anticipated cost savings at existing operations; 
- the success of the Group's business strategy, development activities and other initiatives; 
- the ability of the Group to comply with requirements that it operate in a sustainable manner and provide benefits to affected 
  communities; 
- decreases in the market price of gold or copper; 
- the occurrence of hazards associated with underground and surface gold mining or contagious diseases at Gold Field's 
  operations; 
- the occurrence of work stoppages related to health and safety incidents; 
- loss of senior management or inability to hire or retain employees; 
- fluctuations in exchange rates, currency devaluations and other macroeconomic monetary policies; 
- the occurrence of labour disruptions and industrial actions; 
- power cost increases as well as power stoppages, fluctuations and usage constraints; 
- supply chain shortages and increases in the prices of production imports; 
- the ability to manage and maintain access to current and future sources of liquidity, capital and credit, including the terms 
  and conditions of Gold Fields' facilities and Gold Fields' overall cost of funding; 
- the adequacy of the Group's insurance coverage; 
- the manner, amount and timing of capital expenditures made by Gold Fields on both existing and new mines, mining projects, 
  exploration project or other initiatives; 
- changes in relevant government regulations, particularly labour, environmental, tax, royalty, health and safety, water, 
  regulations and potential new legislation affecting mining and mineral rights; 
- fraud, bribery or corruption at Gold Field's operations that leads to censure, penalties or negative reputational 
  impacts; and 
- political instability in South Africa, Ghana, Peru or regionally in Africa or South America. 
  Gold Fields 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 report or to reflect the occurrence of unanticipated events.

Date: 16/02/2017 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
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 information disseminated through SENS.