GOLD FIELDS LIMITED - Results for 6 months ended 317 Aug 2017
GFI 201708170003A
Results for 6 months ended 30June 2017

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
Gold Fields Unaudited Results
Six months ended June 2017 

JOHANNESBURG. 17 August 2017: Gold Fields Limited (NYSE & JSE: GFI) today announced normalised earnings of US$77m for the six months to 
June 2017 compared with normalised earnings of US$103m for the six months to June 2016. 

Normalised earnings from continuing operations of US$80m for the six months to June 2017 compared with normalised earnings of US$98m 
for the six months to June 2016. 

Normalised loss from discontinued operations of US$3m for the six months to June 2017 compared with normalised earnings of US$6m for 
the six months to June 2016. 

An interim dividend of 40 SA cents per share (gross) is payable on 11 September 2017.

SALIENT FEATURES
Including continuing and discontinued operations

- 1.047 million ounces of attributable gold production
- US$980 per ounce All-in sustaining costs
- US$1,103 per ounce All-in costs
- US$102 million cash outflow from operating activities*
- Damang and Gruyere projects on schedule and budget
- South Deep implementing first year of rebase plan
- Net debt/EBITDA Ratio 1.12x 
Note: *Cash flow from operating activities less net capital expenditure and environmental payments.

STATEMENT BY NICK HOLLAND, 
CHIEF EXECUTIVE OFFICER OF GOLD FIELDS

Projects tracking well

At the end of 2016, Gold Fields embarked on a reinvestment programme in order to sustain the current production base for the next 8 to 
10 years and to improve the all-in costs for the Group. Both the Damang and Gruyere projects progressed well during the 6 months, with 
South Deep having a slower start to the year than planned due to the fatalities and falls of ground in Q1. Having planned the year at a 
gold price of US$1,100/oz, the average gold price received of US$1,232/oz has positively impacted our results and has assisted in 
maintaining a strong balance sheet during a period of high capital expenditure. 

As reported in the recent trading statement, attributable gold equivalent production, for the six months ended 30 June 2017, was 
1.047Moz (H1 2016: 1.044Moz). All-in sustaining costs for the period were US$980/oz (H1 2016: US$992/oz), with all-in costs of 
US$1,103/oz (H1 2016: US$1,024/oz) as a result of the increased growth capital. 

As mentioned above, normalised earnings in H1 2017, decreased to US$77m, from US$103m in H1 2016 due to the impact of stronger exchange 
rates on converting local currency costs and amortisation to US dollars and secondly an increase in amortisation at Tarkwa linked to 
new reserves published in March 2017 as well as increased mining volumes at this mine. 

Normalised earnings from continuing operations were US$80m or US$0.10/share.

In line with our dividend policy, we have declared an interim dividend of 40 SA cents per share which compares with the 2016 interim 
dividend of 50 SA cents per share. 

Gold Fields reported a net cash outflow for the half year of US$102m, compared with an inflow of US$60m in H1 2016, mainly due to the 
growth capital spent at Gruyere, Damang and Salares Norte. Stripping out the project capital of US$141m at these three projects, the 
net cash flow would have been an inflow of US$39m. Consequently, the net debt balance increased to US$1,365m from US$1,166m at the end 
of FY 2016, with the net debt to EBITDA ratio edging higher to 1.12x (from 0.95x at 31 December 2016) but still well below the debt 
covenant level of 2.5x. 

Update on projects

Damang 

The Damang reinvestment project, which commenced on 23 December 2016, has got off to a strong start and is currently tracking well 
against the project plan. During H1 2017, total tonnes mined were 18.9Mt while gold production was 77koz, underpinned by high-grade 
material from the Amoanda pit. Construction of the Far East Tailings Storage Facility (FETSF) commenced during Q1 2017 and is on track 
for completion by the end of 2017. It will provide cost effective tailings capacity of 44Mt.
 
Given the strong start to the project total tonnes mined in 2017 are now expected to be 41Mt vs. the project schedule of 33Mt, with the 
key focus on capital stripping. 

Gruyere

During H1 2017, the Gruyere JV undertook a detailed review of the Feasibility Study, which resulted in a number of improvements and 
enhancements to the project.

The capital cost budget has been revised to A$532m to include certain other costs, including those associated with complying to the 
International Cyanide Management Code. 

The project construction schedule remains unchanged, with engineering progress at 13.5% (budget: 14.8%) and construction progress in-
line with budget at 9.3%. The Gruyere Village, which includes 648 rooms, offices and recreational facilities, was commissioned during 
H1 2017. As scheduled, Stage 1 (installation of the first 288 rooms) in March 2017 and Stage 2 (installation of a further 360 rooms) 
was completed in May 2017. Six of the eight planned boreholes at the Anne Beadell borefield were commissioned during H1 2017. These are 
expected to provide the majority of water required for construction works and potable water for the Gruyere Village.

The Bulk Earthworks contract was awarded to MACA Civil in May 2017. The contract covers the development of the main access road, 
borefield access tracks, sealed airstrip, and access roads to the process plant and the tailings storage facility. MACA began 
resourcing and mobilising its workforce in early May for an expected construction duration of 15 months. 

The Engineering, Procurement and Construction (EPC) contract for the design, procurement and installation of the Gruyere processing 
plant and the associated infrastructure was awarded to Amec Foster Wheeler Cimvec Joint Venture and executed in June 2017. Contracts 
for the supply of key long lead equipment items have been awarded, including the ball mill and primary crusher to FL Schmidt and the 
SAG mill to Outotec. 

During H1 2017, a power supply contract was signed with APA Group, a leading Australian energy infrastructure business. APA will 
design, build, own and operate a 198 kilometre gas pipeline and a 45 megawatt gas-fired power plant which will supply Gruyere’s energy 
needs for the life of the project. Commissioning of both the pipeline and the power station is planned for Q4 2018. Procurement of the 
LPG will be undertaken by the Joint Venture.

Finally, the tender process for the mining contract is underway, with the award of the mining contract expected in Q4 2017. 
Mobilisation of the successful mining contractor is scheduled for Q1 2018.

Australia

Gold production in the Australia region for H1 2017 was 1% higher YoY at 469koz, with all operations except Darlot increasing 
production. AIC for the region was 3% lower YoY in A$ terms at A$1,228/oz and largely flat in US$ terms at US$924/oz. The net cash 
outflow from the region for H1 2017 was US$9m. However, if the US$60m spent on Gruyere is excluded, the region recorded an inflow of 
US$51m.

During H1 2017, A$47m of the exploration budget was spent, with 331,100 metres drilled during the period. There have been encouraging 
results at all operations including extensions at Wallaby at Granny Smith, both laterally and at depth, as well as extensions at 
Invincible and Invincible South at St Ives. At Agnew, infill and step-out drilling at Waroonga North yielded positive results, 
indicating that this ore body which is in close proximity and in a parallel shear zone to the high grade substantial Kim orebody, is 
increasing in size.

Subsequent to quarter end, Gold Fields announced the sale of Darlot, through a wholly owned subsidiary, to ASX-listed Red 5 Limited for 
a total consideration of A$18.5m, comprising A$12m in cash and 130m Red 5 shares. The cash component is made up of A$7m upfront and 
A$5m deferred for up to 24 months. The deferred consideration may be taken as additional shares in Red 5 or as cash at Gold Fields’ 
election. 

Red 5 intends to undertake a rights issue in order to assist with the funding of the cash component and general working capital 
purposes. Gold Fields will underwrite the rights issue up to A$7m. The transaction is subject to customary conditions, including Red 5 
shareholder approval, and is scheduled for completion and ownership transfer in September 2017. 

West Africa

Attributable gold production from the West Africa region was 4% higher YoY at 323koz in H1 2017 due to higher production at both Tarkwa 
and Damang. However, AIC for the region increased 9% YoY to US$1,142/oz driven by the US$53m in project capital spent at Damang during 
the half. The region generated net cash flow of US$21m for the six months to June 2017. If the project capital for Damang (US$53m) is 
excluded, the region would have generated net cash flow of US$74m. 

South America

Attributable equivalent gold production at Cerro Corona increased by 7% YoY to 136koz, underpinned by slightly higher recovered grades 
and the higher copper price. Consequently, AIC decreased by 7% YoY to US$677 per equivalent ounce. The mine generated net cash flow of 
US$27m during H1 2017.

Over the last 12 months our technical and operational teams have been working on options to extend the life of Cerro Corona. At the 
present time initial studies have been completed that show by using existing mineral resources and alternative tailings disposal 
methods (specifically in-pit tailings and as an alternative, a new tailings dam) mine life could potentially be economically extended 
to 2030. This initial work has been encouraging and a pre-feasibility study is expected to be completed in early 2018. 

South Deep

After a challenging start to 2017, with a number of incidents impacting Q1, production at South Deep in Q2 2017 increased by 61% QoQ. 
The recovery continued into the July month, during which 1,008kg (32koz) was produced. Despite the slow start to the year, the 
integrity of the rebase plan is still intact and largely on track. We strongly believe that the production schedule of the rebase plan 
over the next few years is on track. 

For the six months to 30 June 2017, production at South Deep decreased by 15% to 3,710kg (119koz) from 4,356kg (140koz) in H1 2016, 
driven by decreased volumes and grade. Two fatalities and three falls of ground impacted negatively on the March quarter’s production 
output. However, the June quarter demonstrated a significant improvement. AIC in H1 2017 increased 7% YoY to R662,973/kg (US$1,557/oz). 

- Safety continues to be a priority at South Deep, with no fatalities reported in Q2 after a bad start in Q1. The TRIFR improved 25% 
  YoY to 2.18 in H1 2017 from 2.89 in H1 2016. 
- The net cash outflow for the period was R630m compared with an outflow of R50m in H1 2016, in part due to the lower gold price 
  received of R525,042/kg compared with R601,187/kg in H1 2016. 
- Development decreased by 7% to 2,853 metres in H1 2017 from 3,078 metres in H1 2016.
- Destress mining decreased by 19% to 16,134 square metres for the six months ended 30 June 2017 from 19,845 square metres for the 
  six months ended 30 June 2016 (a change in the rib pillar design from 2016 to 2017 resulted in a change in the measurement of 
  destress square metres). Destress tonnes in H1 2017 were 109kt, compared with 163kt in H1 2016. 
- Longhole stoping volumes increased by 29% to 387kt in H1 2017 from 301kt in H1 2016, in line with the mines build-up plan, and 
  accounted for 50% of total tonnes broken.
- Secondary support increased by 19% YoY to 4,625 metres from 3,891 metres from H1 2016.
- Backfill placed was 17% lower YoY for the six months to June 2017 at 164m3 from 198m3 in H1 2016. Operational constraints in Q1 2017 
  impacted negatively on backfill placed. In addition, the rib pillar destress method requires significantly less backfill.

The improved performance from Q1 2017 to Q2 2017 is scheduled to continue for the remainder of the year. This is primarily as a result 
of additional mining cuts becoming available and improved access and infrastructure capacity particularly in the higher grade 
corridors. The forecast improvement will be further enabled by debottlenecking the ore handling infrastructure as well as improved 
primary equipment availabilities and utilisation. This is based on improved maintenance strategies and practices. 

Significant focus is being placed on integrating and optimising the overall mining cycle including the constraining ancillary 
activities of secondary support and backfill to improve overall productivity. There has been an improvement in compliance to mine 
design parameters and this is steadily translating into improved overall mining conditions, mining area availability and output.

As a result of this, we envisage steadily increasing the rate of destress mining to further improve volumes and create mining stock.

Mining Charter

We endorse the process undertaken by the Chamber of Mines with regards to the 2017 Mining Charter published on 15 June 2017. The 
interdict application is likely to be heard in mid-September 2017. Gold Fields supports achieving a solution that is viable to support 
economic growth and create a sustainable mining industry in South Africa in which investment is encouraged. A preference is to craft a 
solution through a win-win outcome for all. Unfortunately, the current envisaged charter renders this impossible. 

Silicosis 

As reported in our recent trading statement, Gold Fields has raised a provision of US$30 million (R390 million) after tax for a 
possible settlement of the silicosis class action claims. We remain committed to finding a sustainable solution for the industry and 
claimants. 

FY17 guidance intact 

Attributable equivalent gold production for 2017 is expected to be between 2.10Moz and 2.15Moz, with AISC of between US$1,010 per ounce 
and US$1,030 per ounce. As previously guided, due to the increased project capital spend, AIC is expected to be between US$1,170 per 
ounce to US$1,190 per ounce.

Looking beyond 2017, we believe that we can at least maintain our current production profile for the next 8 to 10 years. In the chart 
below, we show the five-year production and AIC profile. The benefits of the investments in Damang, Gruyere and South Deep start to 
come through from 2019 onwards, with production approaching 2.3Moz and AIC approaching sub-US$900/oz. Importantly, this profile is 
largely achieved from lower risk, less capital intensive organic projects. Any further upside and capital expenditure potential from 
Salares Norte is excluded.


STOCK DATA FOR THE 6 MONTHS ENDED 30 JUNE 2017       
Number of shares in issue                                         NYSE - (GFI)                            
- at end 30 June 2017                       820,614,217           Range - Six months                 US$3.10 - US$4.07 
- average for the six months                820,609,409           Average Volume - Six months        8,994,226 shares/day 
Free Float                                  100 per cent          JSE LIMITED - (GFI)                            
ADR Ratio                                   1:1                   Range - Quarter                    ZAR38.03 - ZAR55.51 
Bloomberg/Reuters                           GFISJ/GFLJ.J          Average Volume - Six months        3,317,883 shares/day 


Key Statistics                                                                         UNITED STATES DOLLAR 
                                                                                  Quarter                               Six months ended 
                                                             June 2017        March 2017         June 2016         June 2017         June 2016 
Gold produced*                             oz (000)                550               497               529             1,047             1,044 
  Continuing operations                                            539               483               510             1,022             1,007 
  Discontinued operations                                           11                14                19                25                37 
Tonnes milled/treated                          000               8,667             8,665             8,372            17,331            16,961 
  Continuing operations                                          8,552             8,545             8,242            17,096            16,731 
  Discontinued operations                                          115               120               130               235               230 
Revenue                                     US$/oz               1,247             1,216             1,242             1,232             1,218 
  Continuing operations                                          1,247             1,216             1,242             1,232             1,217 
  Discontinued operations                                        1,256             1,218             1,256             1,234             1,224 
Operating costs                          US$/tonne                  42                42                42                42                41 
  Continuing operations                                             41                41                39                41                40 
  Discontinued operations                                          127               126               116               127               133 
All-in sustaining costs#                    US$/oz                 949             1,016             1,023               980               992 
  Continuing operations                                            934             1,003             1,019               960               988 
  Discontinued operations                                        1,657             1,434             1,167             1,532             1,139 
Total all-in cost#                          US$/oz               1,092             1,114             1,061             1,103             1,024 
  Continuing operations                                          1,081             1,104             1,057             1,092             1,021 
  Discontinued operations                                        1,657             1,434             1,167             1,532             1,139 
Net debt                                      US$m               1,365             1,241             1,155             1,365             1,155 
Net debt to EBITDA ratio                                                                                                1.12              1.05 
Cash flow from operating activities**          US$                                                                      (102)               60 
  Continuing operations                                                                                                 (102)               60 
  Discontinued operations                                                                                                  -                 - 
Net earnings/(loss)                           US$m                                                                                           
  Continuing operations                                                                                                 55.7             109.9 
  Discontinued operations                                                                                               (2.7)              5.4 
Net earnings                              US c.p.s                                                                                           
  Continuing operations                                                                                                    7                13 
  Discontinued operations                                                                                                  -                 1 
Headline earnings/(loss)                      US$m                                                                                           
  Continuing operations                                                                                                 71.7             117.9 
  Discontinued operations                                                                                               (1.8)              6.0 
Headline earnings                        US c.p.s.                                                                                           
  Continuing operations                                                                                                    9                15 
  Discontinued operations                                                                                                  -                 1 
Normalised earnings/(loss)                    US$m                                                                                           
  Continuing operations                                                                                                 79.5              97.7 
  Discontinued operations                                                                                               (2.6)              5.6 
Normalised earnings                      US c.p.s.                                                                                           
  Continuing operations                                                                                                   10                12 
  Discontinued operations                                                                                                  -                 1 
*  All of the key statistics are managed figures from continuing operations, except for gold produced which is attributable equivalent production.
**  Cash flow from operating activities (net of tax) less net capital expenditure, environmental payments and financing costs.
#  Refer to page 24 and 25.
   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 6 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. 

Total Gold Fields Operations 
Income statement (Continuing and discontinued operations) 
Figures are in millions unless otherwise stated 
                                                                                          UNITED STATES DOLLAR 
                                                                                              Six months to                         
                                                                                   June 2017               June 2016                         
Revenue                                                                              1,334.6                 1,304.9                         
Operating costs - net                                                                 (707.2)                 (666.3)                        
Operating profit                                                                       627.4                   638.6                         
Amortisation and depreciation                                                         (323.5)                 (299.6)                        
Net operating profit                                                                   303.9                   339.0                         
Net interest expense                                                                   (31.6)                  (30.6)                        
Share of equity accounted earnings after 
taxation                                                                                (0.8)                   (1.6)                        
Loss on foreign exchange                                                                (4.2)                   (0.1)                        
Gain on financial instruments                                                            7.3                     5.5                         
Share-based payments                                                                   (11.7)                   (5.6)                        
Long-term employee benefits                                                             (3.3)                  (20.1)                        
Other                                                                                  (21.6)                  (24.0)                        
Exploration and project costs                                                          (48.4)                  (41.0)                        
Profit before royalties, taxation and 
non-recurring items                                                                    189.6                   221.5                         
Non-recurring items                                                                    (38.1)                    6.3                         
Profit before royalties and taxation                                                   151.5                   227.8                         
Royalties                                                                              (30.6)                  (38.5)                        
Profit before taxation                                                                 120.9                   189.3                         
Mining and income taxation                                                             (62.3)                  (68.1)                        
- Normal taxation                                                                      (83.4)                  (82.8)                        
- Deferred taxation                                                                     21.1                    14.7                         
Net profit                                                                              58.6                   121.2                         
Attributable to:                                                                                                                             
- Owners of the parent                                                                  53.0                   115.3                         
- Non-controlling interest                                                               5.6                     5.9                         
Net earnings                                                                            53.0                   115.3                         
Headline earnings                                                                       69.9                   123.9                         
Normalised earnings                                                                     76.9                   103.3                         

Statement of cash flows (Continuing and discontinued operations) 
Figures are in millions unless otherwise stated 
                                                                                                            UNITED STATES DOLLAR 
                                                                                                              Six months ended 
                                                                                                   June 2017                   June 2016 
Cash flows from operating activities                                                                   276.4                       383.9 
Profit before royalties, tax and non-recurring items                                                   189.6                       221.5 
Non-recurring items                                                                                    (38.1)                        6.3 
Amortisation and depreciation                                                                          323.5                       299.6 
South Deep BEE dividend                                                                                 (1.5)                       (1.3)
Payment of long-term incentive plan                                                                    (11.9)                          - 
Change in working capital                                                                              (25.6)                      (12.7)
Royalties and taxation paid                                                                           (196.4)                     (126.5)
Other non-cash items                                                                                    36.8                        (3.0)
                                                                                                                                         
Dividends paid                                                                                         (43.3)                      (10.6)
Owners of the parent                                                                                   (37.5)                      (10.6)
Non-controlling interest holders                                                                        (5.8)                          - 
                                                                                                                                         
Cash flows from investing activities                                                                  (438.5)                     (320.8)
Capital expenditure - additions                                                                       (389.0)                     (316.4)
Capital expenditure - proceeds on disposal                                                              20.7                         1.2 
Purchase of investments                                                                                (60.1)                          - 
Proceeds on disposal of investments                                                                        -                         2.7 
Environmental payments                                                                                 (10.1)                       (8.3)
                                                                                                                                         
Cash flows from financing activities                                                                   160.6                         6.5 
Loans received                                                                                         285.3                       421.6 
Loans repaid                                                                                          (124.7)                     (566.6)
Proceeds on issue of shares                                                                                -                       151.5 
                                                                                                                                         
Net cash (outflow)/inflow                                                                              (44.8)                       59.0 
Translation adjustment                                                                                  10.9                         4.4 
Cash at beginning of period                                                                            526.7                       440.0 
Cash at end of period                                                                                  492.8                       503.4 
Cash flow for continuing and discontinued operations from operating activities less net 
capital expenditure and environmental payments                                                        (102.0)                       60.4 

Results for the Group (Continuing and discontinued operations) 

SAFETY
The Group’s fatality injury frequency rate regressed from 0.00 for the six months ended 30 June 2016 to 0.07 for the six months ended 
30 June 2017. The total recordable injury frequency rate (TRIFR)1 for the Group regressed by 8 per cent from 2.20 for the six months 
ended 30 June 2016 to 2.37 for the six months ended 30 June 2017.

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 six months ended 30 June 2017 compared with the six months ended 30 June 2016

The discussion of financial and operating results below is an analysis of total Gold Fields operations (continuing and discontinued). 
Due to the fact that the discontinued operation does not have a material impact on the Group’s results, it has not been discussed 
separately. The discussion is based on the Income statement and Statement of cash flows on pages 5 and 6, respectively.

REVENUE
Attributable equivalent gold production increased marginally from 1,044,000 ounces for the six months ended 30 June 2016 to 
1,047,000 ounces for the six months ended 30 June 2017. South Deep and Darlot produced less gold in the six months ended 30 June 2017 
compared with the six months ended June 2016. 

Gold production at South Deep in South Africa, decreased by 15 per cent from 4,356 kilograms (140,000 ounces) to 3,710 kilograms 
(119,300 ounces). 

Attributable gold production at the West African operations increased by 4 per cent from 310,900 ounces for the six months ended 
30 June 2016 to 322,600 ounces for the six months ended 30 June 2017 due to increased production at both Tarkwa and Damang. 
Attributable equivalent gold production at Cerro Corona in Peru increased by 7 per cent from 126,900 ounces for the six months ended 
30 June 2016 to 136,300 ounces for the six months ended 30 June 2017. Gold production at the Australian operations increased by 
1 per cent from 466,100 ounces for the six months ended 30 June 2016 to 468,800 ounces for the six months ended 30 June 2017 due to 
higher production at all the operations except Darlot.

At the South Africa region, production at South Deep decreased by 15 per cent from 4,356 kilograms (140,000 ounces) for the six months 
ended 30 June 2016 to 3,710 kilograms (119,300 ounces) for the six months ended 30 June 2017 due to decreased volumes and grades, 
exacerbated by two fatalities in the six months ended June 2017, whilst in the comparative period there were none. Gold sold decreased 
by 14 per cent from 4,356 kilograms (140,000 ounces) to 3,740 kilograms (120,200 ounces).

At the West Africa region, managed gold production at Tarkwa increased by 3 per cent from 273,500 ounces for the six months ended 
30 June 2016 to 281,500 ounces for the six months ended 30 June 2017 mainly due to higher yield. At Damang, managed gold production 
increased by 7 per cent from 71,900 ounces for the six months ended 30 June 2016 to 76,900 ounces for the six months ended 30 June 2017 
mainly due to increased tonnes processed in excess of what was planned in the Damang reinvestment project.

At the South America region, total managed gold equivalent production at Cerro Corona increased by 7 per cent from 127,500 ounces for 
the six months ended 30 June 2016 to 137,000 ounces for the six months ended 30 June 2017 mainly due to increased gold and copper 
recoveries. Gold equivalent ounces sold increased by 14 per cent from 120,100 ounces to 135,700 ounces.
 
At the Australia region, St Ives’ gold production increased by 5 per cent from 175,900 ounces for the six months ended 30 June 2016 to 
184,100 ounces for the six months ended 30 June 2017 mainly due to increased volumes processed. At Agnew/Lawlers, gold production 
increased by 6 per cent from 109,300 ounces for the six months ended 30 June 2016 to 115,500 ounces for the six months ended 30 June 
2017 mainly due to increased ore tonnes processed. At Darlot, gold production decreased by 34 per cent from 37,200 ounces for the six 
months ended 30 June 2016 to 24,500 ounces for the six months ended 30 June 2017 mainly due to lower grades. At Granny Smith, gold 
production increased by 1 per cent from 143,700 ounces for the six months ended 30 June 2016 to 144,700 ounces for the six months ended 
30 June 2017 due to increased tonnes mined and processed, partially offset by lower grades. 

The average US dollar gold price achieved by the Group increased by 1 per cent from US$1,218 per equivalent ounce for the six months 
ended 30 June 2016 to US$1,232 per equivalent ounce for the six months ended 30 June 2017. The average rand gold price decreased by 
13 per cent from R601,187 per kilogram to R525,042 per kilogram. The average Australian dollar gold price decreased by 1 per cent from 
A$1,657 per ounce to A$1,642 per ounce. The average US dollar gold price for the Ghanaian operations increased by 1 per cent from 
US$1,217 per ounce for the six months ended 30 June 2016 to US$1,232 per ounce for the six months ended 30 June 2017. The average 
equivalent US dollar gold price, net of treatment and refining charges, for Cerro Corona decreased marginally from US$1,227 per 
equivalent ounce for the six months ended 30 June 2016 to US$1,221 per equivalent ounce for the six months ended 30 June 2017. 
The average US dollar/Rand exchange rate strengthened by 14 per cent from R15.39 for the six months ended 30 June 2016 to R13.24 for 
the six months ended 30 June 2017. The average Australian/US dollar exchange rate strengthened by 1 per cent from A$1.00 = US$0.74 to 
A$1.00 = US$0.75.

Gold equivalent ounces sold increased by 1 per cent from 1.07 million ounces to 1.08 million ounces. Revenue increased by 2 per cent 
from US$1,305 million for the six months ended 30 June 2016 to US$1,335 million for the six months ended 30 June 2017 due to the higher 
gold price achieved and increased gold sold. 

NET OPERATING COSTS
Net operating costs increased by 6 per cent from US$666 million for the six months ended 30 June 2016 to US$707 million for the six 
months ended 30 June 2017. The US$41 million higher net operating costs were due to an increase in costs of US$13 million in local 
currencies (2 per cent) and the exchange rate effect of US$28 million on translation into US dollars at a 14 per cent stronger rand and 
a 1 percent stronger Australian dollar. 

At the South Africa region, net operating costs at South Deep increased by 2 per cent from R1,959 million (US$127 million) for the six 
months ended 30 June 2016 to R1,997 million (US$151 million) for the six months ended 30 June 2017 mainly due to annual salary 
increases and an increase in employees and contractors in line with the strategy to sustainably improve all aspects of the operation in 
accordance with the rebase plan, partially offset by a build-up of gold-in-process of R63 million (US$5 million).

At the West Africa region, net operating costs decreased by 5 per cent from US$230 million for the six months ended 30 June 2016 to 
US$218 million for the six months ended 30 June 2017. This decrease in net operating costs was mainly due to continued business process 
re-engineering, as well as a gold-in process build-up of US$16 million for the six months ended 30 June 2017 compared with US$8 million 
for the six months ended 30 June 2016. 

At the South America region, net operating costs at Cerro Corona increased by 11 per cent from US$63 million for the six months ended 
30 June 2016 to US$70 million for the six months ended 30 June 2017 in line with the increase in production and due to a lower build-up 
of concentrate of US$1 million for the six months ended 30 June 2017 compared with a build-up of US$6 million for the six months ended 
30 June 2016. 

At the Australia region, net operating costs increased by 6 per cent from A$337 million (US$247 million) for the six months ended 
30 June 2016 to A$357 million (US$269 million) for the six months ended 30 June 2017 mainly due to increased production at all the 
operations except Darlot, as well as a gold inventory charge to cost of A$1 million (US$nil million) for the six months ended June 2017 
compared with a credit of A$15 million (US$11 million) for the six months ended June 2016. 

OPERATING PROFIT 
Operating profit for the Group decreased by 2 per cent from US$639 million for the six months ended 30 June 2016 to US$627 million for 
the six months ended 30 June 2017 due to the increase in net operating costs, partially offset by the increase in revenue. 


AMORTISATION 
Amortisation for the Group increased by 8 per cent from US$300 million for the six months ended 30 June 2016 to US$324 million for the 
six months ended 30 June 2017. The increase in amortisation relates mainly to stronger exchange rates in South Africa and Australia 
along with an increase at Tarkwa as a result of lower reserve ounces (reported on 28 March 2017) and an increase in ore mined and 
stockpiled. The US$24 million increase in amortisation was due to higher amortisation of US$16 million in local currencies and the 
exchange rate effect of US$8 million on translation into US dollars at a 14 per cent stronger rand and a 1 per cent stronger Australian 
dollar. 

OTHER
Net interest expense for the Group increased by 3 per cent from US$31 million for the six months ended 30 June 2016 to US$32 million 
for the six months ended 30 June 2017. Interest expense of US$44 million, partially offset by interest income of US$3 million and 
interest capitalised of US$9 million for the six months ended 30 June 2017 compared with interest expense of US$41 million, partially 
offset by interest income of US$3 million and interest capitalised of US$7 million for the six months ended 30 June 2016.

The share of equity accounted losses decreased by 50 per cent from US$2 million for the six months ended 30 June 2016 to US$1 million 
for the six months ended 30 June 2017 due to downscaling of activities at Far Southeast project (FSE) and mainly related to recurring 
site and overhead costs. 

The loss on foreign exchange of US$4 million for the six months ended 30 June 2017 compared with US$nil million for the six months 
ended 30 June 2016 and related to the conversion of offshore cash holdings into their functional currencies. 

The gain on financial instruments of US$7 million for the six months ended 30 June 2017 related to the mark to market of the gold hedge 
taken out at the Australian operations (a gain of A$14 million/US$11 million) and the oil hedges taken out at the Ghanaian and 
Australian operations (a loss US$2 million and A$2 million/US$2 million, respectively). This compared to a gain of US$6 million for the 
six months ended 30 June 2016 mainly due to the South Deep currency hedge. 

Share-based payments for the Group increased from US$6 million to US$12 million due to the introduction of the revised Gold Fields 2012 
share scheme. Long-term employee benefits decreased from US$20 million to US$3 million due to downward mark to market adjustments and 
no issue of benefits in 2017 due to the termination of the scheme.

Other costs for the Group decreased from US$24 million to US$22 million. 

EXPLORATION AND PROJECT COSTS
Exploration and project costs increased from US$41 million for the six months ended 30 June 2016 to US$48 million for the six months 
ended 30 June 2017, mainly due to increased write-off of exploration at the Australian operations from A$20 million (US$15 million) 
to A$28 million (US$21 million). Exploration costs at Salares Norte was similar at US$24 million.

NON-RECURRING ITEMS
Non-recurring expenses of US$38 million for the six months ended 30 June 2017 compared with non-recurring income of US$6 million for 
the six months ended 30 June 2016. The non-recurring expenses for the six months ended 30 June 2017 mainly related to the silicosis 
provision raised of US$30 million and US$7 million for the write-off of parked up fleet at Tarkwa. The non-recurring income for the six 
months ended 30 June 2016 was mainly due to a profit of US$18 million on the buy-back of the bond, partially offset by retrenchment 
costs of US$10 million at Damang.

ROYALTIES
Government royalties for the Group decreased from US$39 million for the six months ended 30 June 2016 to US$31 million for the six 
months ended 30 June 2017 due to the introduction of a sliding scale royalty in Ghana from 1 January 2017. The royalty rate decreased 
from 5 per cent in 2016 to an effective 3 per cent in 2017 (based on a sliding scale linked to revenue).

TAXATION
The taxation charge for the Group of US$62 million for the six months ended 30 June 2017 compared with US$68 million for the six months 
ended 30 June 2016. Normal taxation was similar at US$83 million. The deferred tax credit of US$21 million for the six months ended 
30 June 2017 compared with US$15 million for the six months ended 30 June 2016. The high effective tax rate for the six months ended 
30 June 2017 is mainly due to the non-deduction of certain interest payments of US$36 million and exploration costs at Salares Norte of 
US$24 million. If pre-tax profits are adjusted for these items, the normalised effective tax rate for the six months, as a percentage 
of adjusted pre-tax profits would have been 34 per cent. 

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 the unredeemed capital allowance balance in respect of the operation must be converted from Soles to 
dollars at the closing rate at quarter end. Therefore, the US dollar equivalent of the unredeemed capital allowance balance fluctuates 
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 credit of US$4 million arose due to the strengthening of 
the exchange rate from 3.40 Nuevo Sol to 3.27 Nuevo Sol in the six months to June 2017, compared with a deferred tax credit of 
US$5 million which arose due to the strengthening of the exchange rate from 3.38 Nuevo Sol to 3.28 Nuevo Sol in the six months to 
June 2016. It has no cash effect.

EARNINGS 
Net earnings attributable to owners of the parent of US$53 million or US$0.07 per share for the six months ended 30 June 2017 compared 
with net earnings of US$115 million or US$0.14 per share for the six months ended 30 June 2016.

Headline earnings attributable to owners of the parent of US$70 million or US$0.09 per share for the six months ended 30 June 2017 
compared with headline earnings of US$124 million or US$0.16 per share for the six months ended 30 June 2016. 

Normalised earnings of US$77 million or US$0.10 per share for the six months ended 30 June 2017 compared with US$103 million or 
US$0.13 per share for the six months ended 30 June 2016. 


CASH FLOW 
Cash inflow from operating activities of US$276 million for the six months ended 30 June 2017 compared with US$384 million for the six 
months ended 30 June 2016. The decrease was mainly due to a decrease in operating profit of US$32 million and tax paid increased from 
US$127 million to US$196 million. The increase in tax paid is due to the top up payment of the final 2016 tax liability of A$64 million 
(US$48 million) by the Australian operations in June 2017. In addition, investment into working capital increased from US$13 million to 
US$26 million.

Dividends paid of US$43 million for the six months ended 30 June 2017 compared with US$11 million paid for the six months ended 
30 June 2016. Dividends paid to owners of the parent increased from US$11 million to US$37 million and related to the final dividends 
paid for 2015 and 2016, respectively. Dividends paid to non-controlling interest holders of US$6 million for the six months ended 
30 June 2017 compared with nil for the six months ended 30 June 2016. 

Cash outflow from investing activities increased from US$321 million for the six months ended 30 June 2016 to US$439 million for the 
six months ended 30 June 2017 due to an increase in capital expenditure from US$316 million to US$389 million. The US$73 million higher 
capital expenditure was due to higher expenditure of US$64 million in local currencies and the exchange rate effect of US$9 million on 
translation into US dollars at a 14 per cent stronger rand and a 1 per cent stronger Australian dollar.

Sustaining capital expenditure decreased from US$316 million to US$293 million, while non-sustaining capital expenditure increased from 
US$4 million to US$96 million. This increase in non-sustaining capital expenditure is in line with the focus on reinvesting into the 
business and the future. At South Deep, growth expenditure increased from R59 million (US$4 million) to R62 million (US$4 million). 
Growth expenditure on the reinvestment plan at Damang and at Gruyere amounted to US$53 million and US$37 million (A$49 million), 
respectively. Both Damang and Gruyere had no growth expenditure in the six months ended June 2016. Environmental payments increased 
from US$8 million for the six months ended 30 June 2016 to US$10 million for the six months ended June 2017. 

Cash outflow from operating activities less net capital expenditure and environmental payments of US$102 million for the six months 
ended 30 June 2017 compared with an inflow of US$60 million for the six months ended 30 June 2016 mainly due to lower profit, higher 
capital expenditure, higher taxation paid and a bigger investment into working capital. 

The US$102 million outflow for the six months ended 30 June 2017 comprised: US$52 million net cash generated by the eight mining 
operations (after royalties, taxes, capital expenditure and environmental payments), less US$33 million of net interest paid, 
US$24 million at Salares Norte, US$60 million (A$80 million) at Gruyere [US$37 million (A$49 million) on capital expenditure and 
US$23 million (A$31 million) on working capital], as well as US$37 million on non-mine based costs mainly due to working capital 
movements. Included in the US$52 million above is US$53 million capital expenditure on the Damang reinvestment project and US$4 million 
on South Deep growth capital expenditure. 

The US$60 million for the six months ended 30 June 2016 comprised: US$163 million net cash generated by the eight mining operations 
(after royalties, taxes, capital expenditure and environmental payments), less US$37 million of net interest paid, US$28 million for 
exploration mainly at Salares Norte (this excludes any mine based brownfields exploration which is included in the US$163 million 
above) and US$38 million on non-mine based costs mainly due to working capital movements.

The difference between the US$52 million and the US$163 million net cash generated by the eight mining operations for the six months 
ended 30 June 2017 and June 2016, respectively, is due to the top up tax payment of the final 2016 tax liability by the Australian 
operations, US$52 million spent on the Damang reinvestment project in 2017 and working capital movements at all the operations.

In the South Africa region at South Deep, capital expenditure decreased from R682 million (US$44 million) for the six months ended 
30 June 2016 to R427 million (US$32 million) for the six months ended 30 June 2017 due to lower expenditure on fleet, reduced 
expenditure on major components and the once-off purchase of houses from Sibanye for the six months ended June 2016. 

At the West Africa region, capital expenditure increased from US$102 million to US$164 million. At Tarkwa, capital expenditure 
increased from US$91 million to US$97 million due to construction of the TSF5 (tailings storage facility). Capital expenditure at 
Damang increased from US$11 million to US$67 million mainly due to waste stripping at Amoanda pit and the Damang pit cutback with the 
commencement of the Damang reinvestment project in the six months to June 2017. US$53 million was spent on the project for the six 
months ended 30 June 2017.

In the South America region at Cerro Corona, capital expenditure decreased from US$13 million to US$12 million. The majority of the 
expenditure was on the construction of further raises to the tailings storage facility. 

At the Australia region, capital expenditure decreased by 12 per cent from A$214 million (US$157 million) for the six months ended 
30 June 2016 to A$189 million (US$142 million) for the six months ended 30 June 2017. At St Ives, capital expenditure increased 
marginally from A$94 million (US$69 million) to A$95 million (US$72 million). At Agnew/Lawlers, capital expenditure decreased from 
A$54 million (US$40 million) to A$38 million (US$29 million) due to increased decline development and higher exploration for the six 
months to June 2016. At Darlot, capital expenditure decreased from A$14 million (US$10 million) to A$9 million (US$6 million) due to 
lower exploration expenditure and at Granny Smith, capital expenditure decreased from A$51 million (US$38 million) for the six months 
ended 30 June 2016 to A$47 million (US$35 million) for the six months ended 30 June 2017 due to decreased capital development. 

Purchase of investments of US$60 million related to the purchase of 74,824,070 shares in Gold Road Resources (Gold Fields now holds a 
10 per cent interest) in Gold Road Resources Limited.

Net cash inflow from financing activities of US$161 million for the six months ended 30 June 2017 compared with US$7 million for the 
six months ended 30 June 2016. The inflow for the six months ended 30 June 2017 related to a drawdown of US$285 million, partially 
offset by the repayment of US$125 million on offshore and local loans. The inflow for the six months ended 30 June 2016 related to a 
drawdown of US$422 million and proceeds on the issue of shares of US$152 million, partially offset by the repayment of US$567 million 
on offshore and local loans.

The net cash outflow for the Group of US$45 million for the six months ended 30 June 2017 compared with an inflow of US$59 million for 
the six months ended 30 June 2016. After accounting for a positive translation adjustment of US$11 million on non-US dollar cash 
balances, the cash outflow for the six months ended 30 June 2017 was US$34 million. The cash balance at 30 June 2017 of US$493 million 
compared with US$503 million at 30 June 2016. 

ALL-IN SUSTAINING AND TOTAL ALL-IN COST
The Group all-in sustaining costs decreased by 1 per cent from US$992 per ounce for the six months ended 30 June 2016 to US$980 per 
ounce for the six months ended 30 June 2017 mainly due to lower sustaining capital expenditure and higher by-product credits, partially 
offset by higher net operating costs. Total all-in cost increased by 8 per cent from US$1,024 per ounce for the six months ended 
30 June 2016 to US$1,103 per ounce for the six months ended 30 June 2017 for the same reasons as all-in sustaining costs, offset by 
higher non-sustaining capital expenditure due to the inclusion of US$53 million on the Damang reinvestment project and A$49 million 
(US$37 million) on the Gruyere project. 

In the South Africa region, at South Deep, all-in sustaining costs increased by 6 per cent from R608,825 per kilogram (US$1,229 per 
ounce) to R646,526 per kilogram (US$1,521 per ounce) mainly due to decreased gold sold and higher net operating costs, partially offset 
by lower sustaining capital expenditure. The total all-in cost increased by 7 per cent from R622,453 per kilogram (US$1,257 per ounce) 
to R662,973 per kilogram (US$1,557 per ounce) due to the same reasons as for all-in sustaining costs as well as higher non-sustaining 
capital expenditure. 

At the West Africa region, all-in sustaining costs decreased by 5 per cent from US$1,052 per ounce for the six months ended 30 June 
2016 to US$995 per ounce for the six months ended 30 June 2017 mainly due to increased gold sold and lower net operating costs, 
partially offset by higher capital expenditure. Total all-in cost increased by 9 per cent from US$1,052 per ounce for the six months 
ended 30 June 2016 to US$1,142 per ounce for the six months ended 30 June 2017 mainly due to the same reasons as for all-in sustaining 
costs as well as non-sustaining capital expenditure of US$53 million as a result of the commencement of the Damang reinvestment project 
in the six months to June 2017. 

At the South America region, all-in sustaining costs and total all-in cost decreased by 48 per cent from US$489 per ounce to US$253 per 
ounce mainly due to higher gold sold and higher by-product credits, partially offset by higher net operating costs. All-in sustaining 
costs and total all-in cost per equivalent ounce decreased by 7 per cent from US$728 per equivalent ounce to US$677 per equivalent 
ounce due to the same reasons as above.

At the Australia region excluding the Gruyere project, all-in sustaining costs and all-in costs decreased by 3 per cent from 
A$1,265 per ounce (US$928 per ounce) for the six months ended 30 June 2016 to A$1,228 per ounce (US$924 per ounce) for the six months 
ended 30 June 2017 mainly due to higher gold sold and lower sustaining capital expenditure, partially offset by higher net operating 
costs. 

BALANCE SHEET 
Net debt (long-term loans plus the current portion of long-term loans less cash and deposits) increased from US$1,166 million for the 
six months ended 31 December 2016 to US$1,365 million for the six months ended 30 June 2017, a US$199 million increase. 

NET DEBT/EBITDA
The net debt/EBITDA ratio of 1.12 at 30 June 2017 compared with 0.95 at the end of the financial year ended December 2016. 

EBITDA
Adjusted EBITDA for calculating net debt/EBITDA is based on the previous 12 months earnings, which is determined as follows in 
US$ million:

Reconciliation between operating profit and adjusted EBITDA for the 6 months ended:
                                                                                                   June 2017                   June 2016 
Operating profit                                                                                         627                         639 
Environmental rehabilitation interest                                                                      6                           5 
Exploration and project costs                                                                            (48)                        (41)
Other                                                                                                    (22)                        (24)
                                                                                                         563                         579 
Reconciliation between operating profit and 
adjusted EBITDA for the 12 months ended:             
                                                                                                   June 2017                   June 2016 
Adjusted EBITDA for 6 months January to June                                                             563                         579 
Adjusted EBITDA for 6 months July to December                                                            654                         526 
Adjusted EBITDA for 12 months July to June                                                             1,217                       1,105

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 for the six months ended June 2017 is calculated as follows: 

                                                                                       US$'m                  US$/oz 
Revenue*                                                                             1,261.2                   1,239                         
Less: Cash outflow                                                                  (1,155.4)                 (1,135)                        
AIC                                                                                 (1,122.5)                 (1,103)                        
Adjusted for                                                                                                                                 
Share-based payments(non-cash)                                                          11.7                      11                         
Long-term employee benefits(non-cash)                                                    3.3                       3                         
Exploration, feasibility and evaluation 
costs outside of existing operations                                                    28.5                      28                         
Non-sustaining capital expenditure 
(DamangRe-investment & Gruyere)                                                         89.4                      88                         
Tax paid (excluding royalties which is 
included in AIC above)                                                                (165.8)                   (163)                        
Free cash flow**                                                                       105.8                     104                         
FCF margin                                                                                8%                                                 
Gold sold only - 000'ounces                                                          1,017.7                                                 
*  Revenue from income statement at US$1,334.6 million less revenue from by-products in AIC at US$73.4 million equals 
   US$1,261.2 million. 
** Free cash flow does not agree with cash flows from operating activities less capital expenditure in the statement of cash flows 
   on page 21 mainly due to working capital adjustments and non-recurring items included in the statement of cash flows. 

The FCF margin of 8 per cent for the six months ended 30 June 2017 at a gold price of US$1,232 per ounce compared with 14 per cent in 
the for the six months ended 30 June 2016 at a gold price of US$1,218 per ounce. 

The lower FCF margin for the six months ended 30 June 2017 was mainly due to higher net operating costs and higher tax paid, partially 
offset by the higher gold price received.

CONTINUING OPERATIONS

South Africa region

South Deep project
                                                                                          Six months ended                             
                                                                                   June 2017               June 2016 
Gold produced                                                 000'oz                   119.3                   140.0                         
                                                                  kg                   3,710                   4,356                         
Gold sold                                                     000'oz                   120.2                   140.0                         
                                                                  kg                   3,740                   4,356                         
Yield-underground reef                                           g/t                    5.50                    5.77                         
AISC                                                            R/kg                 646,526                 608,825                         
                                                              US$/oz                   1,521                   1,229                         
AIC                                                             R/kg                 662,973                 622,453                         
                                                              US$/oz                   1,557                   1,257 

Gold production decreased by 15 per cent from 4,356 kilograms (140,000 ounces) for the six months ended 30 June 2016 to 3,710 kilograms 
(119,300 ounces) for the six months ended 30 June 2017 due to decreased volumes and grades. Two fatalities and three falls of ground 
impacted negatively on the March quarter’s production output. However, the June quarter demonstrated a significant improvement.

Total underground tonnes mined decreased by 2 per cent from 797,000 tonnes for the six months ended 30 June 2016 to 780,000 tonnes for 
the six months ended 30 June 2017. The average reef grade mined decreased by 1 per cent from 5.65 grams per tonne to 5.59 grams per 
tonne. 

Total tonnes milled decreased by 15 per cent from 1.14 million tonnes to 0.97 million tonnes, mainly due to a build-up of excess broken 
stocks underground as a result of falls of ground in the March 2017 quarter when hauling ability and access to tips were restricted. 
Underground reef tonnes milled decreased by 11 per cent from 0.75 million tonnes for the six months ended 30 June 2016 to 0.67 million 
tonnes for the six months ended 30 June 2017. Total tonnes milled for the six months ended 30 June 2017 included 81,000 tonnes of 
underground waste mined and 217,000 tonnes of surface tailings material compared with 47,900 tonnes of underground waste mined and 
346,300 tonnes of surface tailings material for the six months ended 30 June 2016. Underground reef yield decreased by 5 per cent from 
5.77 grams per tonne to 5.50 grams per tonne due to restricted hauling from high grade areas in the March quarter.

Development decreased by 7 per cent from 3,077 metres for the six months ended 30 June 2016 to 2,853 metres for the six months ended 
30 June 2017. New mine capital development (phase one, sub 95 level) decreased by 10 per cent from 450 metres to 407 metres. 
Development in the current mine areas in 95 level and above decreased by 16 per cent from 1,901 metres to 1,604 metres, while reef 
horizon development north of wrench increased by 16 per cent from 725 metres to 843 metres. Longhole stoping volume mined increased by 
29 per cent from 301,000 tonnes for the six months ended 30 June 2016 to 387,000 tonnes for the six months ended 30 June 2017 
commensurate with the mines build-up strategy.

Destress mining decreased by 19 per cent from 19,845 square metres for the six months ended 30 June 2016 to 16,134 square metres for 
the six months ended 30 June 2017 (a change in the rib pillar design from 2016 to 2017 resulted in a change in the measurement of 
destress square metres). Destress for the year is expected to be around 37,000 square metres.

The current mine contributed 8 per cent less ore tonnes at 54 per cent of total tonnes for the six months ended 30 June 2017, while 
North of Wrench increased by 8 per cent and contributed 46 per cent of total ore tonnes mined for the six months ended June 2017. 
This compared with the current mine contributing 62 per cent and the North of Wrench 38 per cent, respectively, for the six months 
ended 30 June 2016.

Net operating costs increased by 2 per cent from R1,959 million (US$127 million) for the six months ended 30 June 2016 to 
R1,997 million (US$151 million) for the six months ended 30 June 2017. The increased costs were mainly due to annual salary increases 
and additional resources (employees and contractors) in line with the strategy to sustainably improve all aspects of the operation, 
partially offset by a gold-in-process credit to cost of R63 million (US$5 million).

An operating loss of R33 million (US$3 million) for the six months ended 30 June 2017 compared with an operating profit of R668 million 
(US$43 million) for the six months ended 30 June 2016. This was mainly due to the 14 per cent (616 kilograms) decrease in gold sold, 
partially offset by a 13 per cent weaker rand gold price.

Capital expenditure decreased by 37 per cent from R682 million (US$44 million) for the six months ended 30 June 2016 to R427 million 
(US$32 million) for the six months ended 30 June 2017.

Sustaining capital expenditure decreased by 41 per cent from R623 million (US$40 million) for the six months ended 30 June 2016 to 
R365 million (US$28 million) for the six months ended 30 June 2017 due to lower expenditure on fleet and major components and the once 
off purchase of houses from Sibanye for the six months ended 30 June 2016. Non-sustaining capital expenditure increased marginally from 
R59 million (US$4 million) to R62 million (US$4 million).

All-in sustaining costs increased by 6 per cent from R608,825 per kilogram (US$1,229 per ounce) for the six months ended 30 June 2016 
to R646,526 per kilogram (US$1,521 per ounce) for the six months ended 30 June 2017 mainly due to decreased gold sold and higher net 
operating costs, partially offset by lower sustaining capital expenditure.

Total all-in cost increased by 7 per cent from R622,453 per kilogram (US$1,257 per ounce) for the six months ended 30 June 2016 to 
R662,973 per kilogram (US$1,557 per ounce) for the six months ended 30 June 2017 due to the same reasons as for All-in sustaining costs 
as well as higher non-sustaining capital expenditure. 

Outlook for six months to December 2017

The improved performance from the March to the June quarter is forecast to continue for the remainder of the year. This is primarily as 
a result of additional mining cuts becoming available and improved access and infrastructure capacity particularly in the higher grade 
corridors. The forecasted improvement is expected to be enabled by the debottlenecking of ore handling infrastructure as well as 
improved primary equipment availabilities and utilisation based on improved maintenance strategies. Significant focus is being placed 
on integrating and optimising the overall mining cycle including the constraining ancillary activities of secondary support and 
backfilling to improve overall productivity. There has been an improvement in compliance to mine design parameters and this is steadily 
translating into improved overall mining conditions, mining area availability and output. As a result of this, we envisage steadily 
increasing the rate of destress mining to further improve volumes and create mining stock.

West Africa region

GHANA 

Tarkwa
                                                                                            Six months ended                             
                                                                                   June 2017               June 2016 
Gold produced                                                 000'oz                   281.5                   273.5                         
Yield                                                            g/t                    1.28                    1.25                         
AISC and AIC                                                  US$/oz                     989                     993  

Gold production increased by 3 per cent from 273,500 ounces for the six months ended 30 June 2016 to 281,500 ounces for the six months 
ended 30 June 2017 mainly due to higher yield. 

Total tonnes mined, including capital stripping, increased by 4 per cent from 51.3 million tonnes for the six months ended 30 June 2016 
to 53.3 million tonnes for the six months ended 30 June 2017. Ore tonnes mined increased by 23 per cent from 6.5 million tonnes to 
8.0 million tonnes. Operational waste tonnes mined increased by 16 per cent from 16.9 million tonnes to 19.6 million tonnes while 
capital waste tonnes mined decreased by 7 per cent from 27.6 million tonnes to 25.7 million tonnes. Head grade mined decreased by 
7 per cent from 1.44 grams per tonne to 1.34 grams per tonne. The strip ratio decreased from 6.8 to 5.7. 

The CIL plant throughput increased marginally from 6.80 million tonnes for the six months ended 30 June 2016 to 6.85 million tonnes for 
the six months ended 30 June 2017 due to higher plant utilisation and the improved milling rate. Realised yield from the CIL plant 
increased by 2 per cent from 1.25 grams per tonne to 1.28 grams per tonne due to higher ore feed to the plant. 

Net operating costs, including gold-in-process movements, increased by 1 per cent from US$156 million for the six months ended 
30 June 2016 to US$158 million for the six months ended 30 June 2017 as a result of higher tonnes mined and processed, partially offset 
by a bigger build-up of stockpiles. The US$15 million build-up of stockpiles for the six months ended 30 June 2017 compared with 
US$9 million for the six months ended 30 June 2016. 

Operating profit increased by 7 per cent from US$177 million for the six months ended 30 June 2016 to US$189 million for the six months 
ended 30 June 2017 as a result of higher gold sold, partially offset by higher net operating costs.

Capital expenditure increased by 7 per cent from US$91 million to US$97 million mainly due to timing of construction of the TSF5 for 
the six months ended 30 June 2017.

All-in sustaining costs and total all-in cost decreased marginally from US$993 per ounce for the six months ended 30 June 2016 to 
US$989 per ounce for the six months ended 30 June 2017 due to higher gold sold, partially offset by higher capital expenditure.

Damang
                                                                                            Six months ended                             
                                                                                   June 2017               June 2016 
Gold produced                                                 000'oz                    76.9                    71.9                         
Yield                                                            g/t                    1.04                    1.11                         
AISC                                                          US$/oz                   1,017                   1,260                         
AIC                                                           US$/oz                   1,702                   1,260      
    
Gold production increased by 7 per cent from 71,900 ounces for the six months ended 30 June 2016 to 76,900 ounces for the six months 
ended 30 June 2017 mainly due to increased tonnes mined and processed.

Total tonnes mined, including capital stripping, increased by 93 per cent from 9.8 million tonnes for the six months ended 30 June 2016 
to 18.9 million tonnes for the six months ended 30 June 2017 due to the implementation of the Damang reinvestment plan in 2017.

Ore tonnes mined increased by 21 per cent from 1.4 million tonnes to 1.7 million tonnes. Operational waste tonnes mined decreased by 
46 per cent from 5.0 million tonnes to 2.7 million tonnes due to the commencement of the Damang reinvestment plan which is all capital 
stripping in the main pit. Capital waste of 8.3 million tonnes was mined at Amoanda pit, 5.6 million tonnes at the Damang complex and 
0.6 million tonnes at Lima South pit for the six months ended June 2017, giving a total of 14.6 million tonnes for the six months ended 
30 June 2017. This compared with 3.4 million tonnes mined at Amoanda pit for the six months ended 30 June 2016. Head grade mined 
decreased by 13 per cent from 1.42 grams per tonne to 1.24 grams per tonne in line with the Damang reinvestment plan. The strip ratio 
increased from 6.0 to 10.4 due to higher capital waste stripped in line with the Damang reinvestment plan.

Tonnes processed increased by 14 per cent from 2.01 million tonnes for the six months ended 30 June 2016 to 2.29 million tonnes for the 
six months ended 30 June 2017. Yield decreased by 6 per cent from 1.11 grams per tonne to 1.04 grams per tonne due to lower grade pit 
material fed and lower grade stockpiles treated. For the six months ended 30 June 2017, tonnes milled were sourced as follow:  
0.98 million tonnes at 1.40 grams per tonne from the pits, 0.37 million tonnes at 0.97 grams per tonne from Abosso tailings and 
0.95 million tonnes at 0.66 grams per tonne from stockpiles. This compared with 1.15 million tonnes at 1.49 grams per tonne from the 
pits and 0.86 million tonne at 0.93 grams per tonne from stockpiles for the six months ended 30 June 2016. 

Net operating costs, including gold-in-process movements, decreased by 19 per cent from US$74 million to US$60 million mainly due to 
lower operating tonnes mined for the six months ended 30 June 2017 and a gold-in-process credit to cost of US$1 million compared with a 
charge of US$1 million for the six months ended 30 June 2016.

Operating profit increased by 169 per cent from US$13 million for the six months ended 30 June 2016 to US$35 million for the six months 
ended 30 June 2017 due to lower net operating costs, higher gold production and higher gold price achieved. 

Capital expenditure increased by 509 per cent from US$11 million to US$67 million, with US$46 million spent on capital waste stripping 
and the balance of US$21 million spent on waste dump pre-development work, engineering projects and construction of the Far East 
Tailings Storage Facility (FETSF).

Sustaining capital expenditure increased by 27 per cent from US$11 million to US$14 million, while US$53 million was spent on the 
Damang reinvestment plan. 

All-in sustaining costs decreased by 19 per cent from US$1,260 per ounce for the six months ended 30 June 2016 to US$1,017 per ounce 
for the six months ended 30 June 2017 due to lower net operating costs and higher gold sold, partially offset by higher sustaining 
capital expenditure.

All-in costs increased by 35 per cent from US$1,260 per ounce for the six months ended 30 June 2016 to US$1,702 per ounce for the six 
months ended 30 June 2017 due to no growth capital in 2016.

South America region

PERU 

Cerro Corona
                                                                                                             Six months ended     
                                                                                                   June 2017                   June 2016 
Gold produced                                                             000'oz                        69.9                        70.5 
Copper produced                                                           tonnes                      14,431                      14,693 
Total equivalent gold produced                                         000'eq oz                       137.0                       127.5 
Total equivalent gold sold                                             000'eq oz                       135.7                       120.1 
Yield  - gold                                                                g/t                        0.66                        0.65 
 - copper                                                               per cent                        0.44                        0.43 
 - combined                                                               eq g/t                        1.24                        1.12 
AISC and AIC                                                              US$/oz                         253                         489 
AISC and AIC                                                           US$/eq oz                         677                         728 
Gold price*                                                               US$/oz                       1,234                       1,209 
Copper price*                                                              US$/t                       5,731                       4,699 
* Average daily spot price for the period used to calculate total equivalent gold ounces produced.

Gold production decreased by 1 per cent from 70,500 ounces for the six months ended 30 June 2016 to 69,900 ounces for the six months 
ended 30 June 2017. Copper production decreased by 2 per cent from 14,693 tonnes to 14,431 tonnes. Equivalent gold production increased 
by 7 per cent from 127,500 ounces to 137,000 ounces. Gold head grade decreased from 0.96 grams per tonne to 0.95 grams per tonne and 
copper head grade remained similar at 0.50 per cent. Gold recoveries increased from 67.4 per cent to 69.7 per cent mainly due to 
optimisation of the flotation feed size to maximise recoveries whilst maintaining throughput at acceptable levels. Copper recoveries 
increased from 86.7 per cent to 88.4 per cent. Gold yield increased from 0.65 grams per tonne to 0.66 grams per tonne and copper yield 
increased from 0.43 per cent to 0.44 per cent. 

For the six months ended 30 June 2017, concentrate with a payable content of 70,156 ounces of gold was sold at an average price of 
US$1,239 per ounce and 14,138 tonnes of copper was sold at an average price of US$5,119 per tonne, net of treatment and refining 
charges. This compared with 66,847 ounces of gold that was sold at an average price of US$1,220 per ounce and 13,877 tonnes of copper 
that was sold at an average price of US$4,021 per tonne, net of treatment and refining charges, for the six months ended 30 June 2016. 
Total equivalent gold sales increased by 13 per cent from 120,100 ounces for the six months ended 30 June 2016 to 135,700 ounces for 
the six months ended 30 June 2017 mainly due to the higher price factor and higher recoveries as explained above.


Total tonnes mined decreased by 3 per cent from 7.56 million tonnes for the six months ended 30 June 2016 to 7.31 million tonnes for 
the six months ended 30 June 2017 in line with the mine sequencing. Ore mined decreased by 1 per cent from 3.56 million tonnes to 
3.53 million tonnes. Waste tonnes mined decreased by 6 per cent from 4.00 million tonnes to 3.78 million tonnes mainly due to the 
mining sequence. The strip ratio decreased from 1.13 to 1.07.

Ore processed decreased by 3 per cent from 3.53 million tonnes for the six months ended 30 June 2016 to 3.44 million tonnes for the six 
months ended 30 June 2017 mainly due to lower plant throughput (810 tonnes per hour versus 832 tonnes per hour) resulting from higher 
ore hardness.

Net operating costs, including gold-in-process movements, increased by 11 per cent from US$63 million for the six months ended 
30 June 2016 to US$70 million for the six months ended 30 June 2017. The higher cost was mainly due to a lower build-up of concentrate 
inventory of US$1 million for the six months ended 30 June 2017 compared with US$6 million for the six months ended 30 June 2016. 

Operating profit increased by 13 per cent from US$85 million for the six months ended 30 June 2016 to US$96 million for the six months 
ended 30 June 2017 mainly due to the higher gold and copper content sold and higher prices, partially offset by higher net operating 
cost.

Capital expenditure decreased by 8 per cent from US$13 million to US$12 million with the majority of the expenditure on construction of 
further raises of the tailings storage facility. 

All-in sustaining costs and total all-in cost decreased by 48 per cent from US$489 per ounce for the six months ended 30 June 2016 to 
US$253 per ounce for the six months ended 30 June 2017. This was 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 7 per 
cent from US$728 per equivalent ounce to US$677 per equivalent ounce due to the same reasons as above.

Australia region

St Ives
                                                                                            Six months ended                             
                                                                                   June 2017               June 2016 
Gold produced                                                 000'oz                   184.1                   175.9                         
Yield  - underground                                             g/t                    4.21                    4.92                         
 - surface                                                       g/t                    2.60                    2.39                         
 - combined                                                      g/t                    2.81                    2.81                         
AISC and AIC                                                   A$/oz                   1,184                   1,247                         
                                                              US$/oz                     891                     915     
    
Gold production increased by 5 per cent from 175,900 ounces for the six months ended 30 June 2016 to 184,100 ounces for the six months 
ended 30 June 2017 due to higher volumes processed.

Total tonnes mined decreased by 4 per cent from 22.4 million tonnes for the six months ended 30 June 2016 to 21.4 million tonnes for 
the six months ended 30 June 2017. 

At the underground operations, ore mined decreased by 15 per cent from 0.33 million tonnes for the six months ended 30 June 2016 to 
0.28 million tonnes for the six months ended 30 June 2017. The six months ended 30 June 2016 included the final 0.05 million tonnes 
from the Athena mine. The grade mined decreased by 17 per from 5.40 grams per tonne to 4.47 grams per tonne due to the mining sequence.

At the open pit operations, total ore tonnes mined decreased by 11 per cent from 1.88 million tonnes for the six months ended 
30 June 2016 to 1.67 million tonnes for the six months ended 30 June 2017. Grade mined increased by 20 per cent from 2.49 grams per 
tonne to 2.98 grams per tonne. The lower tonnes and higher grades in the six months to June 2017 were as a result of mining 
0.42 million tonnes of low grade ore (1.21 grams per tonne) from the A5 pit during the six months ended 30 June 2016. 

Operational waste tonnes mined decreased by 30 per cent from 4.64 million tonnes for the six months ended 30 June 2016 to 3.26 million 
tonnes for the six months ended 30 June 2017 with waste mining at Invincible concentrated on the capital stripping of stages 5 and 6. 
Capital waste tonnes mined increased by 5 per cent from 15.5 million tonnes to 16.2 million tonnes. The strip ratio increased from 
10.7 to 11.7. Total material movement was 4 per cent lower mainly due to the impact of the wet weather in the six months ended 
30 June 2017. 

Throughput at the Lefroy mill increased by 5 per cent from 1.95 million tonnes for the six months ended 30 June 2016 to 2.04 million 
tonnes for the six months ended 30 June 2017. Yield was similar at 2.81 grams per tonne. The higher throughput reflects a transition 
from campaign milling to full milling in 2017.

Net operating costs, including gold-in-process movements increased by 3 per cent from A$108 million (US$79 million) for the six months 
ended 30 June 2016 to A$111 million (US$83 million) for the six months ended 30 June 2017. The higher net operating costs are mainly 
due to a lower gold inventory credit of A$2 million (US$2 million) for the six months ended 30 June 2017 compared with a A$16 million 
(US$12 million) credit for the six months ended 30 June 2016. The reduced credit was partially offset by a A$10 million (US$8 million) 
reduction in mining costs on lower volumes of ore and operating waste mined.

Operating profit increased by 6 per cent from A$182 million (US$134 million) for the six months ended 30 June 2016 to A$193 million 
(US$145 million) for the six months ended 30 June 2017 due to increased gold sold. 

Capital expenditure increased by 1 per cent from A$94 million (US$69 million) for the six months ended 30 June 2016 to A$95 million 
(US$72 million) for the six months ended 30 June 2017. 

All-in sustaining costs and total all-in cost decreased by 5 per cent from A$1,247 per ounce (US$915 per ounce) for the six months 
ended 30 June 2016 to A$1,184 per ounce (US$891 per ounce) for the six months ended 30 June 2017 mainly due to increased gold sold, 
partially offset by higher net operating costs and higher capital expenditure.

Agnew/Lawlers
                                                                                           Six months ended                             
                                                                                   June 2017               June 2016 
Gold produced                                                 000'oz                   115.5                   109.3                         
Yield                                                            g/t                    5.75                    6.00                         
AISC and AIC                                                   A$/oz                   1,275                   1,456                         
                                                              US$/oz                     960                   1,068             

Gold production increased by 6 per cent from 109,300 ounces for the six months ended 30 June 2016 to 115,500 ounces for the six months 
ended 30 June 2017 mainly due to increased ore mined and processed. 

Ore mined from underground increased by 7 per cent from 532,000 tonnes for the six months ended 30 June 2016 to 568,400 tonnes for the 
six months ended 30 June 2017 with increased production from the Waroonga mine. Ore mined from Waroonga increased from 254,000 tonnes 
at 8.15 grams per tonne to 320,000 tonnes at 7.58 grams per tonne. At New Holland, ore mined decreased from 278,000 tonnes at 
4.87 grams per tonne to 248,000 tonnes at 5.56 grams per tonne. Head grade mined increased by 4 per cent from 6.44 grams per tonne to 
6.70 grams per tonne mainly due to higher grades achieved at New Holland.

Tonnes processed increased by 10 per cent from 566,200 tonnes for the six months ended 30 June 2016 to 624,300 tonnes for the six 
months ended 30 June 2017 due to higher tonnes available from the mines and the processing of ore stockpiled mined during the December 
2016 quarter. The combined yield decreased by 4 per cent from 6.00 grams per tonne to 5.75 grams per tonne mainly due to a 3,300 ounce 
increase in gold in circuit during the six months ended June 2017 compared to a 2,000 ounce drawdown in the six months ended 30 June 
2016.

Net operating costs, including gold-in-process movements, increased by 7 per cent from A$95 million (US$70 million) for the six months 
ended 30 June 2016 to A$102 million (US$76 million) for the six months ended 30 June 2017 mainly due to higher mining costs as a result 
of increased volumes mined and processed, partially offset by a gold-in-process credit to cost of A$nil million (US$nil million) for 
the six months ended 30 June 2017 compared with a charge of A$4 million (US$3 million) for the six months ended 30 June 2016.

Operating profit increased by 4 per cent from A$84 million (US$61 million) for the six months ended 30 June 2016 to A$87 million 
(US$66 million) for the six months ended 30 June 2017 due to increased production, partially offset by higher net operating costs. 

Capital expenditure decreased by 30 per cent from A$54 million (US$40 million) for the six months ended 30 June 2016 to A$38 million 
(US$29 million) for the six months ended 30 June 2017. Capital expenditure was higher in the previous year due to a ramp up of decline 
development to the Cinderella ore body at New Holland and an exploration development drive towards Waroonga North that was largely 
completed in the corresponding period.

All-in sustaining costs and total all-in cost decreased by 12 per cent from A$1,456 per ounce (US$1,068 per ounce) for the six months 
ended 30 June 2016 to A$1,275 per ounce (US$960 per ounce) for the six months ended 30 June 2017 due to higher gold sold and lower 
capital expenditure, partially offset by higher net operating costs. 

Granny Smith
                                                                                            Six months ended                             
                                                                                   June 2017               June 2016 
Gold produced                                                 000'oz                   144.7                   143.7                         
Yield                                                            g/t                    5.12                    6.03                         
AISC and AIC                                                   A$/oz                   1,110                   1,068                         
                                                              US$/oz                     835                     783                         

Gold production increased by 1 per cent from 143,700 ounces for the six months ended 30 June 2016 to 144,700 ounces for the six months 
ended 30 June 2017 due to increased tonnes mined and processed, partially offset by lower grades.

Ore mined from underground increased by 14 per cent from 763,000 tonnes to 867,000 tonnes reflecting the benefits of the mining 
improvement initiatives implemented over the past twelve months. Head grade mined decreased by 17 per cent from 6.52 grams per tonne 
for the six months ended 30 June 2016 to 5.41 grams per tonne for the six months ended 30 June 2017 due to the impact of the higher 
grade stopes in Z90 level which were mined in the six months ended 30 June 2016.

Tonnes processed increased by 19 per cent from 741,300 tonnes for the six months ended 30 June 2016 to 879,200 tonnes for the six 
months ended 30 June 2017. The yield decreased by 15 per cent from 6.03 grams per tonne to 5.12 grams per tonne due to lower head 
grades mined.

Net operating costs, including gold-in-process movements increased by 15 per cent from A$92 million (US$67 million) to A$106 million 
(US$80 million) mainly due to increased mining and processing costs as a result of additional volumes. In addition, the gold-in-process 
charge to cost of A$3 million (US$2 million) for the six months ended June 2017 compared with a credit to cost of A$2 million 
(US$1 million) for the six months ended June 2016.

Operating profit decreased by 11 per cent from A$149 million (US$109 million) for the six months ended 30 June 2016 to A$132 million 
(US$99 million) for the six months ended 30 June 2017 due to the lower Australian gold price (A$1,639 per ounce versus A$1,674 per 
ounce) and increased net operating costs.

Capital expenditure decreased by 8 per cent from A$51 million (US$38 million) for the six months ended 30 June 2016 to A$47 million 
(US$35 million) for the six months ended 30 June 2017. The majority of the expenditure related to capital development at the Wallaby 
mine and exploration. 

All-in sustaining costs and total all-in cost increased by 4 per cent from A$1,068 per ounce (US$783 per ounce) for the six months 
ended 30 June 2016 to A$1,110 per ounce (US$835 per ounce) for the six months ended 30 June 2017 mainly due to the higher net operating 
costs, partially offset by higher gold sold and lower capital expenditure.

DISCONTINUED OPERATION

Darlot
                                                                                             Six months ended                             
                                                                                   June 2017               June 2016 
Gold produced                                                 000'oz                    24.5                    37.2                         
Yield                                                            g/t                    3.24                    5.02                         
AISC and AIC                                                   A$/oz                   2,040                   1,554                         
                                                              US$/oz                   1,532                   1,139       

Gold production decreased by 34 per cent from 37,200 ounces for the six months ended 30 June 2016 to 24,500 ounces for the six months 
ended 30 June 2017 due to completion of mining from the higher grade Lords South Lower ore body during the six months ended 30 June 
2016 and the impact of the lower grades mined from remnant areas during the six months to June 2017 while the lower grade Oval ore body 
was brought into production over the past six months to 30 June 2017.

Ore mined from underground increased by 13 per cent from 204,800 tonnes to 232,200 tonnes. Head grade mined decreased by 44 per cent 
from 5.86 grams per tonne for the six months ended 30 June 2016 to 3.31 grams per tonne for the six months ended 30 June 2017. 
The increase in tonnes and lower grades was due to the inclusion of the bulk low grade Metzke stopes in 2017 compared with the higher 
grade Lords South Lower ore body in the six months ended 30 June 2016. Metzke stopes are remnants from higher up in the mine that have 
traditionally been low grade. 

Tonnes processed increased by 2 per cent from 230,100 tonnes for the six months ended 30 June 2016 to 234,700 tonnes for the six months 
ended 30 June 2017. The yield decreased by 35 per cent from 5.02 grams per tonne to 3.24 grams per tonne due to the lower head grade.

Net operating costs, including gold-in-process movements, decreased by 2 per cent from A$41 million (US$30 million) for the six months 
ended 30 June 2016 to A$40 million (US$30 million) for the six months ended 30 June 2017 mainly due to a decrease in mining costs. 

Operating profit decreased from A$21 million (US$15 million) to A$1 million (US$nil million) due to lower gold sold and the lower gold 
price received.

Capital expenditure decreased by 36 per cent from A$14 million (US$10 million) to A$9 million (US$6 million), mainly due to lower 
exploration expenditure in the six months ended 30 June 2017.

All-in sustaining costs and total all-in cost increased by 31 per cent from A$1,554 per ounce (US$1,139 per ounce) for the six months 
ended 30 June 2016 to A$2,040 per ounce (US$1,532 per ounce) for the six months ended 30 June 2017 due to lower gold sold, partially 
offset by lower net operating costs and lower capital expenditure. 

Corporate

HEDGES
OIL AND AUSTRALIAN GOLD PRICES HEDGES
Gold Fields has undertaken select hedging of the oil price and the Australian dollar gold price given volatility in commodity prices 
and exchange rates. 

The oil hedge comprises:
- Australia: 78 million litres at an equivalent Brent Crude swap price of US$49.92 per barrel for the period June 2017 to 
  December 2019;
- Ghana: 126 million litres at an equivalent Brent Crude swap price of US$49.80 per barrel for the period June 2017 to December 2019.

The volumes hedged represent 50 per cent of the estimated annualised fuel consumption for the two regions.

The Australian dollar gold price hedge comprises:
- 165,000 ounces with a floor price of A$1,695.86 and a cap of A$1,754.18 (averaged), for the period July 2017 to December 2017;
- 130,000 ounces at an average forward price of A$1,719.92 for the period July 2017 to December 2017.

The gold volumes hedged represent approximately 75 per cent of the expected production from the Australia region for the second half of 
2017. This hedging activity is in line with Gold Fields’ policy to protect cash flow at a time of significant capital expenditure. The 
Australian dollar gold price hedge is expected to protect the underlying cash flow of Gold Fields Australia, while the region is 
contributing towards the funding of the construction of the Gruyere gold project. 

COPPER HEDGE
Subsequent to quarter end, US$ copper price hedges were put in place at Cerro Corona for the 5 months from August to December 2017: 
8,250 tonnes at an average floor price of US$5,867 per tonne and an average cap price of US$6,300 per tonne.

A$500 MILLION REVOLVING CREDIT FACILITY

On 24 May 2017, Gruyere Holdings entered into a A$500 million revolving credit facility which became available on 13 June 2017 with a 
syndicate of international banks and financial institutions at an interest rate of Australian BBSY +235 basis points. The purpose of 
this facility is to finance capital expenditure in respect of the Gruyere gold project and to fund general working capital 
requirements. The final maturity date of this facility is three years from the agreement date, namely 13 June 2020.

US$100 MILLION SENIOR SECURED REVOLVING CREDIT FACILITY

On 12 June 2017, Gold Fields Ghana Limited and Abosso Goldfields Limited entered into a US$100 million senior secured revolving credit 
facility with the Standard Bank of South Africa Limited (acting through its Isle of Man branch) which became available on 17 July 2017. 
The purpose of this facility was (i) to refinance the outstanding balance of US$45 million under the US$70 million senior secured 
revolving credit facility; (ii) to finance working capital requirements; (iii) for general corporate purposes; and (iv) for capital 
expenditure purposes of each borrower. The final maturity date of this facility is three years from the financial close date. The 
US$70 million senior secured revolving credit facility matured on 17 July 2017.

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 an interim dividend number 86 of 40 SA cents per ordinary share (gross) in respect of the six months ended 30 June 2017. 
This translates to 32 per cent of normalised earnings. The interim dividend will be subject to the Dividend Withholding Tax of 20 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 20 per cent (twenty per centum);
- The gross local dividend amount is 40 SA cents per ordinary share for shareholders exempt from dividends tax;
- The Dividend Withholding Tax of 20 per cent (twenty per centum) will be applicable to this dividend;
- The net local dividend amount is 32.000 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:

- Interim dividend number 86: 40 SA cents per share
- Last date to trade cum-dividend: Tuesday 5 September 2017
- Sterling and US dollar conversion date: Wednesday 6 September 2017
- Shares commence trading ex-dividend: Wednesday 6 September 2017
- Record date: Friday 8 September 2017
- Payment of dividend: Monday 11 September 2017
- Share certificates may not be dematerialised or rematerialised between Wednesday, 6 September 2017 and Friday, 8 September 2017, 
  both dates inclusive.

MINING CHARTER
On 15 June 2017, the Department of Mineral Resources (DMR) and Minister Zwane (the Minister) published the 2017 mining charter (2017 
Mining Charter). The South African Chamber of Mines (Chamber), of which Gold Fields is a member, immediately raised its concerns due to 
the lack of collaboration with its members and the mining industry as a whole. 

On 26 June 2017, the Chamber approached the High Court of South Africa requesting that an urgent interdict application be heard on 
8 July 2017 requesting an order to prohibit, amongst others, the Minister and the DMR from implementing or applying the provisions of 
the 2017 Mining Charter in any way directly or indirectly, pending the final determination of an application for judicial review and 
setting aside of the Minister’s and the DMR decision to publish the 2017 Mining Charter. This matter is likely to be heard in mid-
September 2017.

The Minister has provided a written undertaking that the 2017 Mining Charter will not be implemented in any way until judgement has 
been handed down in the Chamber’s application for an urgent interdict. The written undertaking also provides that should the Minister 
and/or the DMR in any way endeavour to implement the 2017 Mining Charter during that period, the Chamber will be entitled to bring its 
interdict application within 48 hours.

Gold Fields supports achieving a solution that is viable to support economic growth and create a sustainable mining industry in South 
Africa in which investment is encouraged. 

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 original guidance on 16 February 2017. AISC is expected to be between US$1,010 per ounce and US$1,030 per ounce.
AIC for the Group is planned to increase significantly to between US$1,170 per ounce to US$1,190 per ounce due to increased project 
capital expenditure. 

The above is subject to a safety performance that limits the impact of safety-related stoppages and the forward looking statement on 
page 5.

BASIS OF ACCOUNTING
The unaudited condensed consolidated six monthly financial statements are prepared in accordance with International Financial Reporting 
Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee 
and Financial Pronouncements as issued by Financial Reporting Standards Council and the requirements of the Companies Act of South 
Africa. 

The accounting policies applied in the preparation of these six monthly financial statements are in terms of International Financial 
Reporting Standards and are consistent with those applied in the previous annual financial statements.

SILICOSIS AND TB CLASS AND INDIVIDUAL ACTIONS
As previously disclosed, a consolidated application has been brought against several South African mining companies, including Gold 
Fields, for certification of a class action on behalf of current or former mineworkers (and their dependants) who have allegedly 
contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in the application. 

In May 2016, the South African South Gauteng High Court ordered, among other things: (1) the certification of two classes: (a) a 
silicosis class; and (b) a tuberculosis class; and (2) that the common law be developed to provide that, where a claimant commences 
suing for general damages and subsequently dies before close of pleadings, the claim for general damages will transmit to the estate of 
the deceased claimant. The High Court ruling did not represent a ruling on the merits of the cases brought against the mining 
companies. The Supreme Court of Appeal granted the mining companies leave to appeal against all aspects of the May 2016 judgement. 
The appeal hearing before the Supreme Court of Appeal is scheduled to be heard between 19 and 23 March 2018.

In addition to the class action, an individual silicosis-related action has been instituted against Gold Fields and one other mining 
company. Gold Fields is proceeding with trial preparation in the normal course.

Working Group

The Occupational Lung Disease Working Group was formed in fiscal 2014 to address issues relating to compensation and medical care for 
occupational lung disease in the South African gold mining industry. The Working Group, made up of African Rainbow Minerals, 
Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony and Sibanye Gold, has had extensive engagements with a wide range of 
stakeholders since its formation, including government, organised labour, other mining companies and the legal representatives of 
claimants who have filed legal actions against the companies.

The Working Group remains of the view that achieving a comprehensive settlement which is both fair to past, present and future 
employees and sustainable for the sector, is preferable to protracted litigation.

The members of the Working Group are among respondent companies in a number of legal proceedings related to occupational lung disease, 
including the class action referred to above. These companies do not believe that they are liable in respect of the claims brought, and 
they are defending these. The companies do, however, believe that they should work together to seek a solution to this South African 
mining industry legacy issue. The Working Group will continue with its efforts to find common ground with all stakeholders, including 
government, labour and the claimants’ legal representatives.

Provision raised

As a result of the ongoing work of the Working Group and engagements with affected stakeholders since 31 December 2016, it has now 
become possible for Gold Fields to reasonably estimate its share of the estimated cost in relation to the Working Group of a possible 
settlement of the class action claims and related costs. As a result, Gold Fields has provided an amount of US$30 million 
(R390 million) for this obligation in the statement of financial position as at 30 June 2017. The nominal value of this provision is 
US$40 million (R509 million). The ultimate outcome of these matters remains uncertain, with a possible failure to reach a settlement or 
to obtain the requisite court approval for a potential settlement. The provision is consequently subject to adjustment in the future, 
depending on the progress of the Working Group discussions, stakeholder engagements and the ongoing legal proceedings.



N.J. Holland
Chief Executive Officer
17 August 2017


The financial statements are presented on a condensed consolidated basis 
Income statement 
Figures are in millions unless otherwise stated 
                                                                                                             UNITED STATES DOLLAR 
                                                                                                               Six months ended 
                                                                                                   June 2017                  June 2016 
Revenue                                                                                              1,304.5                     1,259.4 
Operating costs, net                                                                                  (677.5)                     (636.2)
- Operating costs                                                                                     (698.2)                     (660.9)
- Gold inventory change                                                                                 20.7                        24.8 
                                                                                                                                         
Operating profit                                                                                       627.0                       623.2 
Amortisation and depreciation                                                                         (321.9)                     (295.6)
Net operating profit                                                                                   305.1                       327.6 
Net interest expense                                                                                   (31.8)                      (30.6)
Share of equity accounted earnings after taxation                                                       (0.8)                       (1.6)
Loss on foreign exchange                                                                                (4.1)                       (0.1)
Gain on financial instruments                                                                            7.3                         5.5 
Share-based payments                                                                                   (11.4)                       (5.5)
Long-term employee benefits                                                                             (3.3)                      (19.2)
Other                                                                                                  (21.3)                      (23.6)
Exploration and project costs                                                                          (47.1)                      (40.2)
Profit before royalties, taxation and non-recurring items                                              192.6                       212.3 
Non-recurring items                                                                                    (38.1)                        6.5 
Profit before royalties and taxation                                                                   154.5                       218.9 
Royalties                                                                                              (29.9)                      (37.4)
Profit before taxation                                                                                 124.6                       181.5 
Mining and income taxation                                                                             (63.3)                      (65.7)
- Normal taxation                                                                                      (83.4)                      (82.7)
- Deferred taxation                                                                                     20.1                        17.1 
                                                                                                                                         
Net profit from continuing operations                                                                   61.3                       115.8 
Net (loss)/profit from discontinued operations, net of tax                                              (2.7)                        5.4 
Net profit                                                                                              58.6                       121.2 
Attributable to:                                                                                                                         
- Owners of the parent                                                                                  53.0                       115.3 
- Non-controlling interest                                                                               5.6                         5.9 
Non-recurring items:                                                                                                                     
Profit on sale of investments                                                                              -                         1.9 
Profit/(loss) on sale of assets                                                                          3.1                        (0.3)
Restructuring costs                                                                                     (2.3)                      (10.3)
Silicosis provision raised                                                                             (30.2)                          - 
Impairment of investments and assets                                                                    (7.0)                       (0.2)
Other                                                                                                   (1.7)                       15.4 
Total non-recurring items                                                                              (38.1)                        6.5 
Taxation on items above                                                                                 11.2                         0.8 
Net non-recurring items after tax                                                                      (26.9)                        7.3 
Net earnings from continuing operations                                                                 55.7                       109.9 
Net earnings per share (cents) from continuing operations                                                  7                          13 
Diluted earnings per share (cents) from continuing operations                                              7                          13 
Net (loss)/earnings from discontinued operations                                                        (2.7)                        5.4 
Net (loss)/earnings per share (cents) from discontinued operations                                         -                           1 
Diluted (loss)/earnings per share (cents) from discontinued operations                                     -                           1 
Headline earnings from continuing operations                                                            71.7                       117.9 
Headline earnings per share (cents) from continuing operations                                             9                          15 
Diluted headline earnings per share (cents) from continuing operations                                     9                          14 
Headline (loss)/earnings from discontinued operations                                                   (1.8)                        6.0 
Headline (loss)/earnings per share (cents) from discontinued operations                                    -                           1 
Diluted headline (loss)/earnings per share (cents) from discontinued operations                            -                           1 
Net earnings excluding gains and losses on foreign 
exchange, financial instruments and non-recurring 
items after royalties, taxation and discontinued 
operations - continuing operations                                                                      79.5                        97.7 
Net earnings per share excluding gains and losses 
on foreign exchange, financial instruments and 
non-recurring items after royalties, taxation and 
discontinued operations (cents) - continuing operations                                                   10                          12 
Net (loss)/earnings excluding gains and losses on 
foreign exchange, financial instruments and 
non-recurring items after royalties, taxation and 
discontinued operations - discontinued operations                                                       (2.6)                        5.6 
Net (loss)/earnings per share excluding gains and 
losses on foreign exchange, financial instruments 
and non-recurring items after royalties, taxation 
and discontinued operations (cents) - discontinued operations                                              -                           1 
US dollar/South African rand conversion rate                                                           13.24                       15.39 
US dollar/Australian dollar conversion rate                                                             0.75                        0.74 
Gold equivalent sold - managed continuing operations eq oz (000)                                       1,059                       1,035 
Gold equivalent sold - managed discontinued operation eq oz (000)                                         24                          37 
Gold equivalent price received  US$/eq oz                                                              1,232                       1,217 
Figures may not add as they are rounded independently. 

The consolidated financial statements for the six months ended 30 June 2017 have been prepared by the corporate accounting staff of 
Gold Fields Limited headed by Mrs Tzvet Ilarionova, the Group's Financial Controller. This process was supervised by Mr Paul Schmidt, 
the Group's Chief Financial Officer.                                                                                                  

Statement of comprehensive income 
Figures are in millions unless otherwise stated 
                                                                                                             UNITED STATES DOLLAR 
                                                                                                               Six months ended 
                                                                                                   June 2017                   June 2016 
Net profit                                                                                              58.6                       121.2 
Other comprehensive income, net of tax                                                                 216.0                         7.4 
Marked to market valuation of listed investments                                                         1.6                         3.0 
Currency translation adjustments                                                                       214.4                         4.4 
                                                                                                                                         
Total comprehensive income                                                                             274.6                       128.6 
Attributable to:                                                                                                                         
- Owners of the parent                                                                                 269.0                       122.7 
- Non-controlling interest                                                                               5.6                         5.9 
                                                                                                       274.6                       128.6 
Statement of financial position 
Figures are in millions unless otherwise stated 
                                                                                                           UNITED STATES DOLLAR 
                                                                                                            Six months ended 
                                                                                            June 2017                      December 2016 
Property, plant and equipment                                                                 4,809.8                            4,547.8 
Goodwill                                                                                        345.7                              317.8 
Non-current assets                                                                              184.3                              177.3 
Investments                                                                                     253.4                              190.4 
Deferred taxation                                                                                69.9                               48.7 
Current assets                                                                                1,033.5                            1,052.7 
- Other current assets                                                                          521.4                              499.6 
- Cash and deposits                                                                             492.8                              526.7 
- Assets held for sale                                                                           19.3                               26.4 
                                                                                                                                         
Total assets                                                                                  6,696.6                            6,334.7 
                                                                                                                                         
Shareholders' equity                                                                          3,432.6                            3,189.6 
Deferred taxation                                                                               470.7                              465.5 
Long-term loans                                                                               1,574.1                            1,504.9 
Environmental rehabilitation provisions                                                         281.2                              283.1 
Long-term employee benefits                                                                      15.3                               23.6 
Other long-term provisions                                                                       38.0                                8.6 
Current liabilities                                                                             884.7                              859.4 
- Other current liabilities                                                                     583.4                              671.4 
- Current portion of long-term loans                                                            283.4                              188.0 
- Liabilities held for sale                                                                      17.9                                  - 
                                                                                                                                         
Total equity and liabilities                                                                  6,696.6                            6,334.7 
US dollar/South African rand conversion rate                                                    12.90                              14.03 
US dollar/Australian dollar conversion rate                                                      0.76                               0.72 
Net debt                                                                                      1,364.7                            1,166.2 

Hedging/Derivatives 
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*
Ghana - Oil hedge
In May and June 2017, fixed price ICE Gasoil cash settled swap transactions were entered into, for a total of 125.8 million litres of 
diesel for the period June 2017 to December 2019. The average swap price is US$457.2 per metric tonne (equivalent to US$61.4 per 
barrel). At the time of the transactions, the average Brent swap equivalent over the tenor was US$49.80 per barrel. 
At the reporting date, the mark to market value on the hedge was negative US$2.3 million. 

Australia - Oil hedge 
In May and June 2017, fixed price Singapore 10ppm Gasoil cash settled swap transactions were entered into, for a total of 77.5 million 
litres of diesel for the period June 2017 to December 2019. The average swap price is US$61.15 per barrel. At the time of the 
transactions, the average Brent swap equivalent over the tenor was US$49.92 per barrel. 
At the reporting date, the mark to market value on the hedge was negative US$1.3 million.

Australia - Gold price hedge
In April and June 2017, a combination of zero-cost collars and forward sales transactions were entered into for the period July 2017 to 
December 2017 for 295,000 ounces of gold. The average strike prices on the collars are A$1,295.9 on the floor and A$1,754.2 on the cap. 
The average forward price is A$1,919.9. 

At the reporting date, the mark to market on the hedges was positive US$10.7 million.

*Accounted for as derivative financial instruments in the income statement.  

Statement of changes in equity 

Figures are in millions unless otherwise stated 
                                                                                            UNITED STATES DOLLAR 
                                              Share capital                                               Non-controlling
                                                and premium       Other reserves    Retained earnings             interest         Total equity 
Balance as at 31 December 2016                      3,622.5             (2,126.4)             1,570.9                122.6              3,189.6 
Total comprehensive income                                -                216.0                 53.0                  5.6                274.6 
Profit for the period                                     -                    -                 53.0                  5.6                 58.6 
Other comprehensive income                                -                216.0                    -                    -                216.0 
Dividends declared                                        -                    -                (37.5)                (5.8)               (43.3)
Share-based payments continuing operations                -                 11.4                    -                    -                 11.4 
Share-based payments discontinued operations              -                  0.3                    -                    -                  0.3 
Balance as at 30 June 2017                          3,622.5             (1,898.7)             1,586.4                122.4              3,432.6 

                                                                                            UNITED STATES DOLLAR 
                                              Share capital                                               Non-controlling
                                                and premium       Other reserves    Retained earnings             interest         Total equity 
Balance as at 31 December 2015                      3,471.0             (2,262.2)            1,447.4                 111.9              2,768.0 
Total comprehensive income                                -                  7.4               115.3                   5.9                128.6 
Profit for the period                                     -                    -               115.3                   5.9                121.2 
Other comprehensive income                                -                  7.4                   -                     -                  7.4 
Dividends declared                                        -                    -               (10.6)                    -                (10.6)
Share-based payments continuing operations                -                  5.5                   -                     -                  5.5 
Share-based payments discontinued operations              -                  0.1                   -                     -                  0.1 
Share issue                                           151.5                    -                   -                     -                151.5 
Balance as at 30 June 2016                          3,622.5             (2,249.2)            1,552.1                 117.9              3,043.2 

Debt maturity ladder 
Figures are in millions unless otherwise stated 
                                                                                                 UNITED STATES DOLLAR 
                                                                                                            1 Jan 2019 to
                                                                     31 Dec 2017          31 Dec 2018          31 Dec 2021                Total 
Uncommitted loan facilities                                 
Rand million                                                             1,650.0                    -                    -              1,650.0 
US dollar million                                                              -                    -                    -                    - 
Rand debt translated to dollar                                             127.9                    -                    -                127.9 
Total (US$'m)                                                              127.9                    -                    -                127.9 
Committed loan facilities                                   
US dollar million                                                          220.0                    -              2,284.8              2,504.8 
Rand million                                                                   -              1,500.0              1,000.0              2,500.0 
A$ million                                                                     -                    -                500.0                500.0 
Rand debt translated to dollar                                                 -                116.3                 77.5                193.8 
A$ debt translated to dollar                                                   -                    -                379.1                379.1 
Total (US$'m)                                                              220.0                116.3              2,741.4              3,077.7 
Total (US$'m) - Uncommitted and committed loan facilities                  347.9                116.3              2,741.4              3,205.6 
Utilisation - Uncommitted loan facilities                                 
Rand million                                                             1,317.0                    -                    -              1,317.0 
US dollar million                                                              -                    -                    -                    - 
Rand debt translated to dollar                                             102.1                    -                    -                102.1 
Total (US$'m)                                                              102.1                    -                    -                102.1 
Utilisation - Committed loan facilities (including US$ bond)                             
US dollar million                                                          127.0                    -              1,574.1              1,701.1 
Rand million                                                                   -                700.0                    -                700.0 
A$ million                                                                     -                    -                    -                    - 
Rand debt translated to dollar                                                 -                 54.3                    -                 54.3 
A$ debt translated to dollar                                                   -                    -                    -                    - 
Total (US$'m)                                                              127.0                 54.3              1,574.1              1,755.4 
Total (US$'m) - Utilisation - 
Uncommitted and committed loan facilities                                  229.1                 54.3              1,574.1              1,857.5 
Exchange rate: US$1 = R12.91 and US$1 = A$0.76 being the closing rates for six months ended June 2017. 

Statement of cash flows 
Figures are in millions unless otherwise stated 

                                                                                                           UNITED STATES DOLLAR 
                                                                                                              Six months ended 
                                                                                                   June 2017                   June 2016 
Cash flows from operating activities                                                                   276.4                       383.9 
Profit before royalties, tax and non-recurring items                                                   192.6                       212.3 
Non-recurring items                                                                                    (38.1)                        6.5 
Amortisation and depreciation                                                                          321.9                       295.6 
South Deep BEE dividend                                                                                 (1.5)                       (1.3)
Payment of long-term incentive plan                                                                    (11.5)                          - 
Change in working capital                                                                              (25.3)                      (10.5)
Royalties and taxation paid                                                                           (195.6)                     (125.2)
Other non-cash items                                                                                    27.5                        (3.4)
Cash generated by continuing operations                                                                270.0                       374.0 
Cash generated by discontinued operations                                                                6.4                         9.9 
                                                                                                                                         
Dividends paid                                                                                         (43.3)                      (10.6)
Owners of the parent                                                                                   (37.5)                      (10.6)
Non-controlling interest holders                                                                        (5.8)                          - 
                                                                                                                                         
Cash flows from investing activities                                                                  (438.5)                     (320.8)
Capital expenditure - additions                                                                       (382.6)                     (306.5)
Capital expenditure - proceeds on disposal                                                              20.7                         1.2 
Purchase of investments                                                                                (60.1)                          - 
Proceeds on disposal of investments                                                                        -                         2.7 
Environmental payments                                                                                 (10.1)                       (8.3)
Cash utilised in continuing operations                                                                (432.1)                     (310.9)
Cash utilised in discontinued operations                                                                (6.4)                       (9.9)
                                                                                                                                         
Cash flows from financing activities                                                                   160.6                         6.5 
Loans received                                                                                         285.3                       421.6 
Loans repaid                                                                                          (124.7)                     (566.6)
Proceeds on issue of shares                                                                                -                       151.5 
Cash generated by continuing operations                                                                160.6                         6.5 
Cash generated by discontinued operations                                                                  -                           - 
                                                                                                                                         
Net cash (outflow)/inflow                                                                              (44.8)                       59.0 
Net cash (outflow)/inflow from continuing operations                                                   (44.8)                       59.0 
Net cash inflow from discontinued operations                                                               -                           - 
Translation adjustment                                                                                  10.9                         4.4 
Cash at beginning of period                                                                            526.7                       440.0 
Cash at end of period                                                                                  492.8                       503.4 
Cash flow for continuing and discontinued 
operations from operating activities less net 
capital expenditure and environmental payments                                                        (102.0)                       60.4 

Reconciliation of headline earnings with net earnings 
Figures are in millions unless otherwise stated 

                                                                                                        UNITED STATES DOLLAR 
                                                                                                           Six months ended 
                                                                                            June 2017                          June 2016 
Net earnings from continuing operations                                                          55.7                              109.9 
Profit on sale of investments                                                                       -                               (1.9)
(Profit)/loss on sale of assets                                                                  (3.1)                               0.3 
Taxation effect on sale of assets                                                                 1.1                               (0.1)
Impairment of investments and assets and other                                                   26.4                               13.9 
Taxation on impairment of investments and assets                                                 (8.4)                              (4.2)
Headline earnings from continuing operations                                                     71.7                              117.9 
Headline earnings per share - cents                                                                 9                                 15 
Based on headline earnings as given above divided by 820,609,409 
(June 2016 - 799,322,449) being the weighted average number of ordinary shares in issue. 
                                                                                                                             

Segmental operating and financial results 
                                                                                                                UNITED STATES DOLLAR                                     
                                                                                                  South Africa               West Africa         South America           
                                                                                                        Region                    Region                Region           
                                                                                          Total                                                                          
                                                                          Total            Mine                                  Ghanana                  Peru           
                                                                           Mine      Continuing          South                                           Cerro           
                                                                     Operations      Operations           Deep           Total    Tarkwa    Damang      Corona           
OPERATING RESULTS                                                                                                                                                        
Ore milled/treated                       Six months to June 2017         17,331          17,096            969           9,141     6,850     2,291       3,447           
(000 tonnes)                              Six months to Dec 2016         17,263          17,039          1,105           9,069     6,811     2,258       3,451           
                                         Six months to June 2016         16,961          16,731          1,144           8,807     6,797     2,010       3,526           

Yield                                    Six months to June 2017            1.9             1.9            3.8             1.2       1.3       1.0         1.2           
(grams per tonne)                         Six months to Dec 2016            2.1             2.0            4.2             1.3       1.3       1.0         1.3           
                                         Six months to June 2016            2.0             2.0            4.0             1.2       1.3       1.1         1.1           

Gold produced                            Six months to June 2017        1,083.6         1,059.1          119.3           358.5     281.5      76.9       137.0           
(000 managed equivalent ounces)           Six months to Dec 2016        1,139.8         1,110.5          150.3           370.3     294.5      75.8       142.7           
                                         Six months to June 2016        1,079.1         1,041.9          140.0           345.5     273.5      71.9       127.5           

Gold sold                                Six months to June 2017        1,083.2         1,058.8          120.2           358.5     281.5      76.9       135.7           
(000 managed equivalent ounces)           Six months to Dec 2016        1,144.8         1,115.6          149.3           370.3     294.5      75.8       148.7           
                                         Six months to June 2016        1,071.7         1,034.6          140.0           345.5     273.5      71.9       120.1           

Gold price received                      Six months to June 2017          1,232           1,232          1,233           1,232     1,230     1,237       1,221           
(dollar per equivalent ounce)             Six months to Dec 2016          1,262           1,261          1,255           1,274     1,275     1,271       1,176           
                                         Six months to June 2016          1,218           1,217          1,219           1,217     1,219     1,211       1,227           

Operating costs                          Six months to June 2017             42              41            160              26        25        27          21           
(dollar per tonne)                        Six months to Dec 2016             43              42            131              27        26        28          22           
                                         Six months to June 2016             41              40            111              27        24        36          19           

All-in sustaining costs                  Six months to June 2017            973             960          1,521             995       989     1,017         253 
(dollar per ounce)                        Six months to Dec 2016            964             939          1,186             994       929     1,247         506 
                                         Six months to June 2016            983             952          1,229           1,052       993     1,260         489 

Total All-in cost                        Six months to June 2017          1,029           1,017          1,557           1,142       989     1,702         253           
(dollar per ounce)                        Six months to Dec 2016            968             949          1,212             994       929     1,247         506           
                                         Six months to June 2016            987             955          1,257           1,052       993     1,260         489           
FINANCIAL RESULTS ($ MILLION)                                                                                                                                            
Revenue                                  Six months to June 2017        1,334.6         1,304.5          148.3           441.5     346.3      95.2       165.8           
                                          Six months to Dec 2016        1,444.5         1,406.9          187.5           471.8     375.4      96.4       175.0           
                                         Six months to June 2016        1,304.9         1,259.4          170.7           420.5     333.5      87.0       147.4           

Net operating costs                      Six months to June 2017         (707.5)         (677.7)        (150.8)         (217.8)   (157.7)    (60.1)      (70.2)          
                                          Six months to Dec 2016         (722.0)         (694.4)        (144.3)         (233.4)   (171.0)    (62.4)      (77.4)          
                                         Six months to June 2016         (666.6)         (636.5)        (127.3)         (230.0)   (156.3)    (73.7)      (62.5)          

 - Operating costs                       Six months to June 2017         (728.2)         (698.5)        (155.5)         (233.4)   (172.2)    (61.2)      (71.0)          
                                          Six months to Dec 2016         (742.3)         (715.5)        (145.0)         (243.1)   (179.6)    (63.5)      (75.3)          
                                         Six months to June 2016         (691.7)         (661.2)        (127.3)         (238.1)   (165.1)    (73.0)      (68.3)          
 
 - Gold inventory change                 Six months to June 2017           20.7            20.7            4.7            15.6      14.5       1.1         0.8           
                                          Six months to Dec 2016           20.3            21.1            0.7             9.7       8.6       1.1        (2.0)          
                                         Six months to June 2016           25.1            24.8              -             8.2       8.9      (0.7)        5.8           

Operating profit/(loss)                  Six months to June 2017          627.1           626.7           (2.5)          223.7     188.6      35.1        95.6           
                                          Six months to Dec 2016          722.5           712.5           43.1           238.4     204.4      34.0        97.6           
                                         Six months to June 2016          638.3           622.9           43.4           190.5     177.2      13.3        84.9           

Amortisation of mining assets             Six months to June 2017         (322.5)         (322.5)         (34.3)         (113.2)   (104.4)     (8.8)      (57.4)          
                                          Six months to Dec 2016         (375.2)         (375.2)         (40.3)         (115.4)   (102.7)    (12.7)      (56.6)          
                                         Six months to June 2016         (295.6)         (295.6)         (31.2)          (86.8)    (81.7)     (5.1)      (59.0)          

Net operating profit/(loss)              Six months to June 2017          304.2           304.2          (36.8)          110.6      84.2      26.4        38.2           
                                          Six months to Dec 2016          347.4           337.3            2.8           123.0     101.7      21.3        41.0           
                                         Six months to June 2016          342.7           327.4           12.2           103.7      95.5       8.2        25.8           

Other expenses                           Six months to June 2017          (57.3)          (57.3)          (8.8)          (16.2)    (12.6)     (3.6)       (7.1)          
                                          Six months to Dec 2016          (45.7)          (45.7)           3.9            (8.9)     (6.4)     (2.4)       (7.2)          
                                         Six months to June 2016          (48.3)          (48.3)          (0.2)          (11.3)     (8.3)     (3.0)      (13.3)          

Profit/(loss) before royalties           Six months to June 2017          246.9           246.9          (45.6)           94.3      71.6      22.7        31.1           
and taxation                              Six months to Dec 2016          301.7           291.8            6.7           114.1      95.2      18.9        33.8           
                                         Six months to June 2016          294.4           279.0           12.0            92.4      87.2       5.2        12.6           

Royalties, mining and                    Six months to June 2017          (94.2)          (94.2)          11.2           (31.7)    (28.2)     (2.9)      (12.6)          
income taxation                           Six months to Dec 2016         (157.1)         (157.1)          (1.9)          (50.9)    (46.1)     (4.8)      (43.1)          
                                         Six months to June 2016         (101.9)         (101.9)          (5.9)          (23.5)    (19.1)     (4.3)       (8.9)          

 - Normal taxation                       Six months to June 2017          (43.7)          (43.7)             -           (21.8)    (21.8)        -       (21.9)          
                                          Six months to Dec 2016         (154.6)         (154.6)             -           (29.7)    (29.7)        -       (29.2)          
                                         Six months to June 2016          (39.3)          (39.3)             -           (22.7)    (22.7)        -       (16.7)          

 - Royalties                             Six months to June 2017          (30.6)          (30.6)          (0.7)          (13.2)    (10.4)     (2.9)       (2.4)          
                                          Six months to Dec 2016          (41.9)          (41.9)          (0.9)          (23.6)    (18.8)     (4.8)       (2.6)          
                                         Six months to June 2016          (38.5)          (38.5)          (0.9)          (21.0)    (16.7)     (4.3)       (2.1)          

 - Deferred taxation                     Six months to June 2017          (19.9)          (19.9)          12.0             3.3       3.3         -        11.7           
                                          Six months to Dec 2016           39.4            39.4           (1.0)            2.4       2.4         -       (11.3)          
                                         Six months to June 2016          (24.0)          (24.0)          (5.1)           20.2      20.2         -         9.8           

Profit/(loss) before non-recurring       Six months to June 2017          152.7           152.7          (34.4)           62.7      42.7      19.9        18.5           
items                                     Six months to Dec 2016          144.6           134.7            4.9            63.2      49.1      14.1        (9.3)          
                                         Six months to June 2016          192.5           177.2            6.1            68.9      68.1       0.8         3.7           
                                                                                                                                                      
Non-recurring items                      six months to June 2017           (7.4)           (7.4)           0.1            (7.8)     (6.8)     (1.0)          -           
                                          Six months to Dec 2016          (54.6)          (54.6)           2.1            (9.7)        -      (9.6)      (67.5)          
                                         Six months to June 2016          (10.8)          (10.8)             -           (10.1)     (0.2)     (9.8)          -           
                                                                                                                                                      
Net profit/(loss)                        Six months to June 2017          145.3           145.3          (34.3)           54.9      36.0      18.9        18.5           
                                          Six months to Dec 2016           90.0           80.1#            6.9            53.5      49.1      (4.5)      (76.8)          
                                         Six months to June 2016          181.7           166.3            6.1            58.9      67.2      (9.0)        3.6           
                                                                                                                                                      
Capital expenditure                      Six months to June 2017         (350.0)         (343.6)         (32.2)         (163.6)    (97.0)    (66.6)      (12.4)          
                                          Six months to Dec 2016         (332.6)         (332.7)         (33.6)         (104.1)    (77.2)    (26.9)      (29.9)          
                                         Six months to June 2016         (316.0)         (306.1)         (44.3)         (102.2)    (91.2)    (10.9)      (12.8)          
                                                                                                                                                          
Average exchange rates for the six months were US$1 = R13.24 for June 2017 and US$1 = R15.39 for June 2016. 
The Australian/US dollar exchange rates for the six months were A$1 = US$0.75 for June 2017 and A$1 = US$0.74 for June 2016. 
Figures may not add as they are rounded independently. 

Segmental operating and financial results 
                                                                                                                                                          SOUTH            UNITED             AUST- 
                                                                                                                                                        AFRICAN            STATES            RALIAN 
                                                                      UNITED STATES DOLLAR                         AUSTRALIAN DOLLAR                       RAND            DOLLAR            DOLLAR 
                                                                                 Australia                                 Australia               South Africa         Australia         Australia 
                                                                                    Region                                    Region                     Region            Region            Region 
                                                                                Continuing                                Continuing                                 Discontinued      Discontinued 
                                                                                    Agnew/   Granny                           Agnew/   Granny             South                                     
                                                                   Total  St Ives  Lawlers    Smith          Total  St Ives  Lawlers    Smith              Deep            Darlot            Darlot 
OPERATING RESULTS                                                                                                                                                                                   
Ore milled/treated                   Six months to June 2017       3,538    2,035      624      879          3,538    2,035      624      879               969               235               235 
(000 tonnes)                          Six months to Dec 2016       3,414    2,099      610      705          3,414    2,099      610      705             1,105               224               224 
                                     Six months to June 2016       3,254    1,947      566      741          3,254    1,947      566      741             1,144               230               230 
                                    
Yield                                Six months to June 2017         3.9      2.8      5.8      5.1            3.9      2.8      5.8      5.1               3.8               3.2               3.2 
(grams per tonne)                     Six months to Dec 2016         4.1      2.8      6.1      6.2            4.1      2.8      6.1      6.2               4.2               4.1               4.1 
                                     Six months to June 2016         4.2      2.8      6.0      6.0            4.2      2.8      6.0      6.0               3.8               5.0               5.0 
                                    
Gold produced                        Six months to June 2017       444.3    184.1    115.5    144.7          444.3    184.1    115.5    144.7             3,710              24.5              24.5 
(000 managed                          Six months to Dec 2016       447.2    187.1    120.0    140.1          447.2    187.1    120.0    140.1             4,676              29.3              29.3 
equivalent ounces)                   Six months to June 2016       428.9    175.9    109.3    143.7          428.9    175.9    109.3    143.7             4,356              37.2              37.2 
                                    
Gold sold                            Six months to June 2017       444.3    184.1    115.5    144.7          444.3    184.1    115.5    144.7             3,740              24.5              24.5 
(000 managed                          Six months to Dec 2016       447.2    187.1    120.0    140.1          447.2    187.1    120.0    140.1             4,645              29.3              29.3 
equivalent ounces)                   Six months to June 2016       428.9    175.9    109.3    143.7          428.9    175.9    109.3    143.7             4,356              37.2              37.2 
                                    
Gold price received                  Six months to June 2017       1,235    1,240    1,232    1,233          1,642    1,648    1,637    1,639           525,042             1,234             1,641 
(dollar per equivalent ounce)         Six months to Dec 2016       1,281    1,279    1,284    1,287          1,692    1,691    1,698    1,689           567,922             1,287             1,691 
                                     Six months to June 2016       1,215    1,211    1,202    1,228          1,657    1,651    1,639    1,674           601,187             1,224             1,669 

Operating costs                      Six months to June 2017          67       42      123       88             90       55      163      117             2,124               127               168 
(dollar per tonne)                    Six months to Dec 2016          74       48      128      103             98       64      170      136             1,850               120               157 
                                     Six months to June 2016          74       47      119       93            101       64      162      126             1,712               133               181 

All-in sustaining costs              Six months to June 2017         891      891      960      835          1,184    1,184    1,275    1,110           646,526             1,532             2,040 
(dollar per ounce)                    Six months to Dec 2016         925      980      883      885          1,220    1,296    1,160    1,172           534,188             1,361             1,799 
                                     Six months to June 2016         910      915    1,068      783          1,240    1,247    1,456    1,068           608,825             1,139             1,554 

Total                                                                                                   
All-in cost                          Six months to June 2017         891      891      960      835          1,184    1,184    1,275    1,110           662,973             1,532             2,040 
(dollar per ounce)                    Six months to Dec 2016         925      980      883      885          1,220    1,296    1,160    1,172           546,126             1,361             1,799 
                                     Six months to June 2016         910      915    1,068      783          1,240    1,247    1,456    1,068           622,453             1,139             1,554 
FINANCIAL RESULTS ($ MILLION) 
Revenue                              Six months to June 2017       548.8    228.2    142.2    178.4          729.6    303.4    189.1    237.1           1,963.7              30.2              40.2 
                                      Six months to Dec 2016       572.7    239.3    154.0    179.3          756.7    316.3    203.7    236.7            2638.0              37.6              49.5 
                                     Six months to June 2016       520.9    212.9    131.4    176.5          710.0    290.3    179.1    240.6           2,626.9              45.5              62.0 

Net operating costs                  Six months to June 2017      (239.0)   (83.1)   (76.4)   (79.5)        (317.7)  (110.5)  (101.6)  (105.6)         (1,996.7)             (29.8)            (39.6)
                                      Six months to Dec 2016      (239.3)  (102.3)   (70.5)   (66.5)        (317.1)  (136.1)   (93.3)   (87.7)         (2,033.9)             (27.6)            (36.3)
                                     Six months to June 2016      (216.7)   (79.4)   (70.0)   (67.3)        (295.4)  (108.3)   (95.4)   (91.7)         (1,958.6)             (30.1)            (41.1)

 - Operating costs                   Six months to June 2017      (238.6)   (84.9)   (76.7)   (77.1)        (317.1)  (112.8)  (101.9)  (102.4)         (2,059.4)             (29.8)            (39.5)
                                      Six months to Dec 2016      (252.1)  (101.4)   (78.3)   (72.4)        (334.0)  (134.5)  (103.8)   (95.7)         (2,044.4)             (26.8)            (35.2)
                                     Six months to June 2016      (227.5)   (91.4)   (67.4)   (68.7)        (310.1)  (124.6)   (91.8)   (93.6)         (1,958.6)             (30.5)            (41.6)

 - Gold inventory change             Six months to June 2017        (0.4)     1.7      0.2     (2.4)          (0.6)     2.3      0.3     (3.2)             62.7                 -              (0.1)
                                      Six months to Dec 2016        12.8     (1.0)     7.8      6.0           16.9     (1.6)    10.5      8.0              10.5              (0.8)             (1.1)
                                     Six months to June 2016        10.7     12.0     (2.6)     1.4           14.6     16.3     (3.6)     1.9                 -               0.4               0.5 

Operating profit/(loss)              Six months to June 2017       309.8    145.1     65.8     98.9          411.9    192.9     87.4    131.5             (33.0)              0.5               0.6 
                                      Six months to Dec 2016       333.4    137.0     83.5    112.9          439.6    180.2    110.4    149.0             604.1              10.0              13.2 
                                     Six months to June 2016       304.1    133.5     61.4    109.2          414.6    182.0     83.7    148.9             668.3              15.4              20.9 

Amortisation of mining               Six months to June 2017      (117.6)                                   (156.4)                                      (454.3)                                    
assets                                Six months to Dec 2016      (162.9)                                   (215.8)                                      (571.1)                                    
                                     Six months to June 2016      (118.5)                                   (161.5)                                      (480.3)                                    

Net operating                        Six months to June 2017       192.2                                     255.5                                       (487.3)                                    
profit/(loss)                         Six months to Dec 2016       170.5                                     223.8                                         33.0                                     
                                     Six months to June 2016       185.7                                     253.1                                        188.0                                     

Other expenses                       Six months to June 2017       (25.1)                                    (33.4)                                      (116.3)                                    
                                      Six months to Dec 2016       (33.5)                                    (44.4)                                        57.6                                     
                                     Six months to June 2016       (23.6)                                    (32.1)                                        (2.9)                                    

Profit/(loss) before                 Six months to June 2017       167.1                                     222.1                                       (603.6)                                    
royalties and taxation                Six months to Dec 2016       137.0                                     179.3                                         90.6                                     
                                     Six months to June 2016       162.1                                     221.0                                        185.1                                     

Royalties, mining and                Six months to June 2017       (61.1)                                    (81.2)                                       148.6                                     
income taxation                       Six months to Dec 2016       (61.1)                                    (80.6)                                       (23.9)                                    
                                     Six months to June 2016       (63.6)                                    (86.7)                                       (91.3)                                    

 - Normal taxation                   Six months to June 2017           -                                         -                                            -                                     
                                      Six months to Dec 2016       (95.7)                                   (128.3)                                           -                                     
                                     Six months to June 2016           -                                         -                                            -                                     

 - Royalties                         Six months to June 2017       (14.2)                                    (18.9)                                        (9.8)                                    
                                      Six months to Dec 2016       (14.8)                                    (19.5)                                       (20.9)                                    
                                     Six months to June 2016       (14.6)                                    (19.9)                                       (13.1)                                    

 - Deferred taxation                 Six months to June 2017       (46.9)                                    (62.3)                                       158.4                                     
                                      Six months to Dec 2016       (49.3)                                    (67.2)                                      (308.5)                                    
                                     Six months to June 2016       (49.0)                                    (66.8)                                       (78.2)                                    

Profit/(loss) before                 Six months to June 2017       106.0                                     140.9                                       (455.1)                                    
non-recurring items                   Six months to Dec 2016        75.9                                      98.7                                         66.7                                     
                                     Six months to June 2016        98.5                                     134.3                                         93.8                                     

Non-recurring items                  Six months to June 2017         0.3                                       0.4                                          1.0                                     
                                      Six months to Dec 2016        20.5                                      27.5                                         30.5                                     
                                     Six months to June 2016        (0.8)                                     (1.0)                                           -                                     

Net profit/(loss)                    Six months to June 2017       106.3                                     141.3                                       (454.0)                                    
                                      Six months to Dec 2016        96.4                                     126.2                                         97.2                                     
                                     Six months to June 2016        97.7                                     133.3                                         93.8                                     

Capital expenditure                  Six months to June 2017      (135.4)   (71.6)   (28.9)   (35.0)        (180.0)   (95.1)   (38.4)   (46.5)           (426.8)             (6.4)             (8.5)
                                      Six months to Dec 2016      (153.5)   (70.7)   (30.2)   (52.5)        (202.6)   (93.3)   (39.6)   (69.6)           (462.2)            (11.5)            (15.3)
                                     Six months to June 2016      (146.8)   (69.3)   (39.8)   (37.7)        (200.1)   (94.4)   (54.2)   (51.4)           (682.3)             (9.9)            (13.5)

# 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 
World Gold Council Industry Standard 
Figures are in US dollar million unless otherwise stated 
                                                                                                                   UNITED STATES DOLLAR                                                  
                                                                                                      South Africa                   West Africa                 South America           
                                                                                         Total              Region                        Region                        Region           
                                                                     Total                Mine                                             Ghana                          Peru           
                                                                     Group          Continuing               South                                                       Cerro           
                                                                Operations          Operations                Deep               Total    Tarkwa    Damang              Corona           
Operating costs(1)             Six months to June 2017              (727.9)             (698.2)             (155.5)             (233.4)   (172.2)    (61.2)              (71.0)          
                                Six months to Dec 2016              (741.6)             (714.8)             (145.1)             (243.1)    179.6      63.5                75.3           
                               Six months to June 2016              (691.4)             (660.9)             (127.3)             (238.1)   (165.1)    (73.0)              (68.3)          

Gold inventory change          Six months to June 2017                20.7                20.7                 4.7                15.6      14.5       1.1                 0.8           
                                Six months to Dec 2016                20.3                21.1                 0.7                 9.7       8.6       1.1                (2.0)          
                               Six months to June 2016                25.1                24.7                   -                 8.2       8.9      (0.7)                5.8           

Royalties                      Six months to June 2017               (30.6)              (29.8)               (0.7)              (13.2)    (10.4)     (2.9)               (2.4)          
                                Six months to Dec 2016               (41.9)              (41.1)               (0.9)              (23.6)    (18.8)     (4.8)               (2.6)          
                               Six months to June 2016               (38.5)              (37.3)               (0.9)              (21.0)    (16.7)     (4.3)               (2.1)          

Realised gains/losses on       Six months to June 2017                   -                   -                   -                   -         -         -                   -           
commodity cost hedges           Six months to Dec 2016                   -                   -                   -                   -         -         -                   -           
                               Six months to June 2016                (1.5)               (1.4)                  -                   -         -         -                   -           

Community/social               Six months to June 2017                (8.9)               (8.9)               (1.3)               (5.7)     (5.4)     (0.3)               (1.9)
responsibility costs            Six months to Dec 2016               (10.2)              (10.2)               (0.7)               (4.4)     (4.1)     (0.2)               (5.2)
                               Six months to June 2016                (5.2)               (5.2)               (0.5)               (1.1)     (1.0)     (0.1)               (3.6)

Non-cash remuneration -        Six months to June 2017               (11.7)              (11.4)               (1.8)               (2.5)     (1.9)     (0.6)               (1.5)          
share-based payments            Six months to Dec 2016                (8.7)               (8.4)               (1.4)               (1.7)     (1.6)     (0.1)               (1.3)          
                               Six months to June 2016                (5.6)               (5.4)               (0.9)               (1.0)     (0.9)     (0.1)               (0.7)          

Cash remuneration              Six months to June 2017                (3.3)               (3.3)               (0.5)               (1.4)     (1.1)     (0.3)               (0.3)          
(long-term employee benefits)   Six months to Dec 2016                 9.2                 8.8                (0.1)                1.8       1.6       0.2                 1.7           
                               Six months to June 2016               (20.1)              (19.1)               (2.3)               (5.6)     (4.6)     (1.0)               (3.5)          

Other                          Six months to June 2017                (5.4)               (5.4)                  -                   -         -         -                (0.5)          
                                Six months to Dec 2016                (5.9)               (5.9)                  -                   -         -         -                (0.5)          
                               Six months to June 2016                (6.9)               (6.9)                  -                   -         -         -                (0.4)          

By-product credits             Six months to June 2017                73.4                73.3                 0.2                (1.4)     (1.5)      0.1                74.1           
                                Six months to Dec 2016                77.0                76.9                 0.3                 0.2       0.1       0.1                75.7           
                               Six months to June 2016                57.1                57.0                 0.2                 1.4       1.4         -                54.8           

Rehabilitation amortisation    Six months to June 2017               (11.2)              (10.9)               (0.1)               (3.8)     (3.5)     (0.4)               (2.7)          
and interest                    Six months to Dec 2016               (12.2)              (12.1)               (0.2)               (2.9)     (2.5)     (0.3)               (1.9)          
                               Six months to June 2016               (11.3)              (11.2)               (0.2)               (2.6)     (2.3)     (0.3)               (2.0)          

Sustaining capital expenditure Six months to June 2017              (292.9)             (286.4)              (27.8)             (110.9)    (97.0)    (13.9)              (12.4)          
                                Six months to Dec 2016              (328.8)             (317.3)              (29.7)             (104.1)    (77.2)    (26.9)              (29.9)          
                               Six months to June 2016              (312.1)             (302.2)              (40.4)             (102.2)    (91.2)    (10.9)              (12.8)          

All-in sustaining costs(2)     Six months to June 2017              (997.8)             (960.4)             (182.9)             (356.8)   (278.5)    (78.2)              (17.7)          
                                Six months to Dec 2016            (1,042.7)           (1,002.8)             (177.1)             (368.1)   (273.5)    (94.6)              (41.3)          
                               Six months to June 2016            (1,010.5)             (968.2)             (172.2)             (362.1)   (271.6)    (90.5)              (32.7)          

Exploration, feasibility       Six months to June 2017               (28.5)              (28.5)                  -                   -         -         -                   -           
and evaluation costs            Six months to Dec 2016               (19.1)              (19.1)                  -                   -         -         -                   -           
                               Six months to June 2016               (28.0)              (28.0)                  -                   -         -         -                   -           

Non sustaining capital         Six months to June 2017               (96.2)              (96.2)               (4.4)              (52.7)        -     (52.7)                  -           
expenditure                     Six months to Dec 2016                (4.8)               (4.8)               (3.9)                  -         -         -                   -           
                               Six months to June 2016                (4.3)               (4.3)               (3.9)                  -         -         -                   -           

Total all-in cost(3)           Six months to June 2017            (1,122.5)           (1,085.0)             (187.3)             (409.5)   (278.5)   (130.9)              (17.7)          
                                Six months to Dec 2016            (1,066.5)           (1,026.6)             (181.0)             (368.1)   (273.5)    (94.6)              (41.3)          
                               Six months to June 2016            (1,042.8)           (1,000.5)             (176.1)             (362.1)   (271.6)    (90.5)              (32.7)          

Total all-in sustaining cost   Six months to June 2017              (997.8)             (960.4)             (182.8)             (356.8)   (278.5)    (78.2)              (17.7)          
                                Six months to Dec 2016            (1,042.7)           (1,002.8)             (177.1)             (368.1)   (273.5)    (94.6)              (41.3)          
                               Six months to June 2016            (1,010.5)             (968.2)             (172.2)             (362.1)   (271.6)    (90.5)              (32.7)          

Gold only ounces sold          Six months to June 2017             1,017.7               993.2               120.2               358.5     281.5      76.9                70.2           
- (000 ounces)                  Six months to Dec 2016             1,078.6             1,049.3               149.3               370.4     294.5      75.8                82.3           
                               Six months to June 2016             1,018.3               981.2               140.0               345.5     273.5      71.9                66.8           

AISC per ounce of gold sold    Six months to June 2017                 980                 967               1,521                 995       989     1,017                 253           
US$/oz                          Six months to Dec 2016                 968                 956               1,186                 994       929     1,247                 502           
                               Six months to June 2016                 992                 988               1,229               1,052       993     1,260                 489           

Total all-in cost              Six months to June 2017           (1,122.5)           (1,085.0)              (187.3)             (409.5)   (278.5)   (130.9)              (17.7)          
                                Six months to Dec 2016           (1,066.5)           (1,026.6)              (181.0)             (368.1)   (273.5)    (94.6)              (41.3)          
                               Six months to June 2016           (1,042.8)           (1,000.5)              (176.1)             (362.1)   (271.6)    (90.5)              (32.7)          

Gold only ounces sold          Six months to June 2017             1,017.7               993.2               120.2               358.5     281.5      76.9                70.2           
- (000 ounces)                  Six months to Dec 2016             1,078.6             1,049.3               149.3               370.4     294.5      75.8                82.3           
                               Six months to June 2016             1,018.3               981.2               140.0               345.5     273.5      71.9                66.8           

AIC per ounce of gold sold     Six months to June 2017               1,103               1,092               1,557               1,142       989     1,702                 253           
US$/oz                          Six months to Dec 2016                 989                 978               1,212                 994       929     1,247                 502           
                               Six months to June 2016               1,024               1,021               1,257               1,052       993     1,260                 489           
                                                                                                                                                                                 

All-in costs 
World Gold Council Industry Standard 
Figures are in US dollar million unless otherwise stated 
                                                                                                Australia                                     Australia 
                                                                                                   Region                                        Region 
                                                                 Total                         Continuing                     Corporate    Discontinued 
                                                            Continuing                             Agnew/                           and                 
                                                            Operations         St Ives            Lawlers      Granny Smith    projects          Darlot 
Operating costs(1)              Six months to June 2017         (238.6)          (84.9)             (76.7)            (77.1)        0.3           (29.8)
                                 Six months to Dec 2016         (252.1)         (101.4)             (78.3)            (72.4)        0.9           (26.8)
                                Six months to June 2016         (227.5)          (91.4)             (67.4)            (68.7)        0.2           (30.5)
                                
Gold inventory change           Six months to June 2017           (0.4)            1.7                0.2              (2.4)          -               - 
                                 Six months to Dec 2016           12.8            (1.0)               7.8               6.0           -            (0.8)
                                Six months to June 2016           10.7            12.0               (2.6)              1.4           -             0.4 
                                
Royalties                       Six months to June 2017          (13.4)           (5.3)              (3.6)             (4.5)          -            (0.8)
                                 Six months to Dec 2016          (14.0)           (6.0)              (3.6)             (4.4)          -            (0.8)
                                Six months to June 2016          (13.4)           (5.5)              (3.5)             (4.4)          -            (1.2)
                                
Realised gains/losses on        Six months to June 2017              -               -                  -                 -           -               - 
commodity cost hedges            Six months to Dec 2016              -               -                  -                 -           -               - 
                                Six months to June 2016           (1.4)           (0.6)              (0.2)             (0.7)          -            (0.1)
                                
Community/social                Six months to June 2017              -               -                  -                 -           -               - 
responsibility costs             Six months to Dec 2016              -               -                  -                 -           -               - 
                                Six months to June 2016              -               -                  -                 -           -               - 
                                
Non-cash remuneration -         Six months to June 2017           (2.3)           (0.9)              (0.6)             (0.7)       (3.2)           (0.3)
share-based payments             Six months to Dec 2016           (1.9)           (0.9)              (0.5)             (0.6)       (2.1)           (0.3)
                                Six months to June 2016           (1.2)           (0.6)              (0.3)             (0.3)       (1.5)           (0.2)
                                
Cash remuneration               Six months to June 2017           (1.6)           (0.6)              (0.4)             (0.6)        0.5               - 
(long-term employee                                                                                              
benefits)                        Six months to Dec 2016            1.8             0.7                0.5               0.5         3.7             0.4 
                                Six months to June 2016           (4.6)           (1.6)              (1.4)             (1.5)       (3.2)           (1.0)
                                
Other                           Six months to June 2017              -               -                  -                 -        (4.9)              - 
                                 Six months to Dec 2016              -               -                  -                 -        (5.4)              - 
                                Six months to June 2016              -               -                  -                 -        (6.5)              - 
                                
By-product credits              Six months to June 2017            0.4             0.3                0.1               0.1           -             0.1 
                                 Six months to Dec 2016            0.6             0.5                0.1               0.1           -             0.1 
                                Six months to June 2016            0.5             0.3                0.1                 -           -             0.1 
                                
Rehabilitation                                                                                                   
amortisation                    Six months to June 2017           (4.3)           (2.7)              (1.0)             (0.6)          -            (0.3)
and interest                     Six months to Dec 2016           (7.1)           (4.7)              (1.7)             (0.7)          -            (0.1)
                                Six months to June 2016           (6.4)           (4.1)              (1.6)             (0.7)          -            (0.1)
                                
Sustaining capital expenditure  Six months to June 2017         (135.4)          (71.6)             (28.9)            (35.0)          -            (6.4)
                                 Six months to Dec 2016         (153.5)          (70.7)             (30.2)            (52.5)          -           (11.5)
                                Six months to June 2016         (146.8)          (69.3)             (39.8)            (37.7)          -            (9.9)

All-in sustaining costs(2)      Six months to June 2017         (395.7)         (164.0)            (110.9)           (120.8)       (7.3)          (37.5)
                                 Six months to Dec 2016         (413.4)         (183.4)            (105.9)           (124.0)       (2.9)          (39.9)
                                Six months to June 2016         (390.2)         (160.9)            (116.7)           (112.6)      (11.0)          (42.3)

Exploration, feasibility        Six months to June 2017              -               -                  -                 -       (28.5)              - 
and evaluation costs             Six months to Dec 2016              -               -                  -                 -       (19.1)              - 
                                Six months to June 2016              -               -                  -                 -       (28.0)              - 

Non sustaining capital          Six months to June 2017              -               -                  -                 -       (39.1)              - 
expenditure                      Six months to Dec 2016              -               -                  -                 -        (0.9)              - 
                                Six months to June 2016              -               -                  -                 -        (0.4)              - 

Total all-in cost(3)            Six months to June 2017         (432.4)         (164.0)            (110.9)           (120.8)      (74.9)          (37.5)
                                 Six months to Dec 2016         (413.4)         (183.4)            (105.9)           (124.0)      (22.9)          (39.9)
                                Six months to June 2016         (390.2)         (160.9)            (116.7)           (112.6)      (39.4)          (42.3)

Total all-in sustaining cost    Six months to June 2017         (432.4)         (164.0)            (110.9)           (120.8)       (7.3)          (37.5)
                                 Six months to Dec 2016         (413.4)         (183.4)            (105.9)           (124.0)       (2.9)          (39.9)
                                Six months to June 2016         (390.2)         (160.9)            (116.7)           (112.6)      (11.0)          (42.3)

Gold only ounces sold           Six months to June 2017          444.3           184.1              115.5             144.7           -            24.5 
- (000 ounces)                   Six months to Dec 2016          447.2           187.1              120.0             140.1           -            29.3 
                                Six months to June 2016          428.9           175.9              109.3             143.7           -            37.2 

AISC per ounce of gold sold     Six months to June 2017            891             891                960               835           -           1,532 
US$/oz                           Six months to Dec 2016            924             980                883               885           -           1,363 
                                Six months to June 2016            910             915              1,068               783           -           1,139 

Total all-in cost               Six months to June 2017         (432.4)         (164.0)            (110.9)           (120.8)      (74.9)          (37.5)
                                 Six months to Dec 2016         (413.4)         (183.4)            (105.9)           (124.0)      (22.9)          (39.9)
                                Six months to June 2016         (390.2)         (160.9)            (116.7)           (112.6)      (39.4)          (42.3)

Gold only ounces sold           Six months to June 2017          444.3           184.1              115.5             144.7           -            24.5 
- (000 ounces)                   Six months to Dec 2016          447.2           187.1              120.0             140.1           -            29.3 
                                Six months to June 2016          428.9           175.9              109.3             143.7           -            37.2 

AIC per ounce of gold sold      Six months to June 2017            891             891                960               835           -           1,532 
US$/oz                           Six months to Dec 2016            924             980                883               885           -           1,363 
                                Six months to June 2016            910             915              1,068               783           -           1,139 
                                                                                                                                                                

All-in sustaining costs and all-in costs gross of by-product credits per equivalent ounce of gold sold 
World Gold Council Industry Standard 
Figures are in US dollar million unless otherwise stated 
                                                                                                                   UNITED STATES DOLLAR                                                  
                                                                                                       South Africa                   West Africa                 South America           
                                                                                          Total              Region                        Region                        Region           
                                                                     Total                 Mine                                             Ghana                          Peru           
                                                                     Group           Continuing               South                                                       Cerro           
                                                                Operations           Operations                Deep               Total    Tarkwa    Damang              Corona           
All-in sustaining costs        Six months to June 2017              (997.8)              (960.4)             (182.9)             (356.8)   (278.5)    (78.2)              (17.7)  
(per table on page 24)          Six months to Dec 2016            (1,042.7)            (1,002.8)             (177.1)             (368.1)   (273.5)    (94.6)              (41.3)  
                               Six months to June 2016            (1,010.5)              (968.2)             (172.2)             (362.1)   (271.6)    (90.5)              (32.7)  
                               
Add back by-product credits    Six months to June 2017               (73.4)               (73.3)               (0.2)                1.4       1.5      (0.1)              (74.1)  
                                Six months to Dec 2016               (77.0)               (76.9)               (0.3)               (0.2)     (0.1)     (0.1)              (75.7)  
                               Six months to June 2016               (57.1)               (54.0)               (0.2)               (1.4)     (1.4)        -               (54.8)  
                               
All-in sustaining costs gross  Six months to June 2017            (1,071.2)            (1,033.7)              (183.1)            (355.3)   (277.0)    (78.3)              (91.8)  
of by-product credits          Six months to Dec 2016             (1,119.6)            (1,079.6)              (177.4)            (368.2)   (273.6)    (94.6)             (117.1)  
                               Six months to June 2016            (1,067.5)            (1,024.9)              (172.3)            (365.3)   (272.9)    (90.5)              (87.5)  

Gold equivalent ounces sold    Six months to June 2017             1,083.2              1,058.8                120.2              358.5     281.5      76.9               135.7   
                                Six months to Dec 2016             1,144.8              1,115.6                149.3              370.3     294.5      75.8               148.7   
                               Six months to June 2016             1,071.7              1,034.5                140.0              345.5     273.5      71.9               120.1   
                                                                                                           
AISC gross of by-product       Six months to June 2017                 989                  976                1,523                991       984     1,018                 677   
credits per equivalent ounce    Six months to Dec 2016                 978                  968                1,188                995       929     1,248                 788   
of gold - US$/eq oz            Six months to June 2016                 996                  991                1,231              1,052       998     1,260                 728   

All-in costs                   Six months to June 2017            (1,122.5)            (1,085.0)              (187.3)            (409.5)   (278.5)   (130.9)              (17.7)  
(per table on page 24)          Six months to Dec 2016            (1,066.5)            (1,026.6)              (181.0)            (368.1)   (273.5)    (94.6)              (41.3)  
                               Six months to June 2016            (1,042.8)            (1,000.5)              (176.1)            (362.1)   (271.6)    (90.5)              (32.7)  

Add back by-product credits    Six months to June 2017               (73.4)               (73.3)                (0.2)               1.4       1.5      (0.1)              (74.1)  
                                Six months to Dec 2016               (77.0)               (76.8)                (0.3)              (0.2)     (0.1)     (0.1)              (75.7)  
                               Six months to June 2016               (57.2)               (57.0)                (0.2)              (1.4)     (1.4)        -               (54.8)  

All-in costs gross of          Six months to June 2017            (1,195.9)            (1,158.4)              (187.5)            (408.0)   (277.0)   (131.0)              (91.8)  
by-product credits              Six months to Dec 2016            (1,143.4)            (1,103.4)              (181.3)            (368.2)   (273.6)    (94.6)             (117.1)  
                               Six months to June 2016            (1,099.9)            (1,057.3)              (176.3)            (363.5)   (272.9)    (90.5)              (87.5)  

Gold equivalent ounces sold    Six months to June 2017             1,083.2              1,058.8                120.2              358.5     281.5      76.9               135.7   
                                Six months to Dec 2016             1,144.8              1,115.6                149.3              370.3     294.5      75.8               148.7   
                               Six months to June 2016             1,071.7              1,034.5                140.0              345.5     273.5      71.9               120.1   

AIC gross of by-product        Six months to June 2017               1,104                1,094                1,559              1,138       984     1,703                 677   
credits per equivalent ounce    Six months to Dec 2016                 999                  989                1,214                995       929     1,248                 788   
of gold - US$/eq oz            Six months to June 2016               1,026                1,022                1,259              1,052       998     1,260                 728   
                                                     
                                                                                                     UNITED STATES DOLLAR                                               
                                                                                                          Australia                                  Australia          
                                                                                                             Region                                     Region           
                                                                      Total                              Continuing                   Corporate   Discontinued           
                                                                 Continuing                                  Agnew/                         and                          
                                                                 Operations             St Ives             Lawlers    Granny Smith    projects         Darlot           
All-in sustaining costs         Six months to June 2017              (395.7)             (164.0)             (110.9)         (120.8)       (7.3)         (37.5)          
(per table on page 25)           Six months to Dec 2016              (413.4)             (183.4)             (105.9)         (124.0)       (2.9)         (39.9)          
                                Six months to June 2016              (390.2)             (160.9)             (116.7)         (112.6)      (11.0)         (42.3)          
                                                                                                                                                    
Add back by-product credits     Six months to June 2017                (0.4)               (0.3)               (0.1)           (0.1)          -           (0.1)          
                                 Six months to Dec 2016                (0.6)               (0.5)               (0.1)           (0.1)          -           (0.1)          
                                Six months to June 2016                (0.5)               (0.3)               (0.1)              -           -           (0.1)          
                                                                                                                                                    
All-in sustaining costs gross   Six months to June 2017              (396.1)             (164.3)             (110.9)         (120.9)       (7.3)         (37.6)          
of by-product credits            Six months to Dec 2016              (414.0)             (183.9)             (106.0)         (124.1)       (2.9)         (40.0)          
                                Six months to June 2016              (390.7)             (161.2)             (116.8)         (112.6)      (11.0)         (42.5)          
                                                                                                                                                    
Gold equivalent ounces sold      Six months o June 2017               444.3               184.1               115.5           144.7           -           24.5           
                                 Six months to Dec 2016               447.2               187.1               120.0           140.1           -           29.3           
                                Six months to June 2016               428.9               175.9               109.3           143.7           -           37.2           
                                                                                                                                                    
AISC gross of by-product        Six months to June 2017                 891                 893                 960             835           -          1,535           
credits per equivalent ounce     Six months to Dec 2016                 926                 983                 883             886           -          1,366           
of gold - US$/eq oz             Six months to June 2016                 911                 916               1,069             784           -          1,143           
                                                                                                                                                    
All-in costs                    Six months to June 2017              (432.4)             (164.0)             (110.9)         (120.8)      (38.2)         (37.5)          
(per table on page 25)           Six months to Dec 2016              (413.4)             (183.4)             (105.9)         (124.0)      (22.9)         (39.9)          
                                Six months to June 2016              (390.2)             (160.9)             (116.7)         (112.6)      (39.0)         (42.3)          
                                                                                                                                                    
Add back by-product credits     Six months to June 2017                (0.4)               (0.3)               (0.1)           (0.1)          -           (0.1)          
                                 Six months to Dec 2016                (0.6)               (0.5)               (0.1)           (0.1)          -           (0.1)          
                                Six months to June 2016                (0.5)               (0.3)               (0.1)              -           -           (0.1)          
                                                                                                                                                    
All-in costs gross of           Six months to June 2017              (432.8)             (164.3)              110.9          (120.9)      (38.2)         (37.6)          
by-product credits               Six months to Dec 2016              (414.0)             (183.9)             (106.0)         (124.1)       (2.9)         (40.0)          
                                Six months to June 2016              (390.7)             (161.2)             (116.8)         (112.6)      (39.0)         (42.5)          
                                                                                                                                                    
Gold equivalent ounces sold     Six months to June 2017               444.3               184.1               115.5           144.7           -           24.5           
                                 Six months to Dec 2016               447.2               187.1               120.0           140.1           -           29.3           
                                Six months to June 2016               428.9               175.9               109.3           143.7           -           37.2           
                                                                                                                                                    
AIC gross of by-product         Six months to June 2017                 891                 893                 960             835           -          1,535           
credits per equivalent ounce     Six months to Dec 2016                 926                 983                 883             886           -          1,366           
of gold - US$/eq oz             Six months to June 2016                 911                 916               1,069             784           -          1,143           
                                                                                                                                       

Underground and surface 
                                                                                                  UNITED STATES DOLLAR 
                                                                            South               West             South                                                     
                                                                           Africa             Africa           America                     Australia                       
                                                                           Region             Region            Region                        Region                       
                                                                  Total                        Ghana              Peru                    Continuing         Discontinued  
Imperial ounces with metric                       Total            Mine                                                                                                    
tonnes and grade                                   Mine      Continuing     South                                Cerro                        Agnew/  Granny               
ORE MILLED/TREATED(000 TONNES)               Operations      Operations      Deep      Total  Tarkwa  Damang    Corona       Total   St Ives Lawlers   Smith       Darlot  
- underground   Six months to June 2017           2,686           2,451       671          -       -       -         -       1,780       277     624     879          235  
ore              Six months to Dec 2016           2,727           2,503       882          -       -       -         -       1,621       306     610     704          224  
                Six months to June 2016           2,583           2,379       750          -       -       -         -       1,629       322     566     741          204  
                                                                                                                                                                           
- underground   Six months to June 2017              81              81        81          -       -       -         -           -         -       -       -            -  
waste            Six months to Dec 2016              61              61        61          -       -       -         -           -         -       -       -            -  
                Six months to June 2016              48              48        48          -       -       -         -           -         -       -       -            -  
                                                                                                                                                                           
- surface ore   Six months to June 2017          14,564          14,564       217      9,141   6,850   2,291     3,447       1,758     1,758       -       -            -  
                 Six months to Dec 2016          14,474          14,474       161      9,069   6,811   2,258     3,451       1,793     1,793       -       -            -  
                Six months to June 2016          14,330          14,304       346      8,807   6,797   2,010     3,526       1,625     1,625       -       -           26  

- total milled  Six months to June 2017          17,331          17,096       969      9,141   6,850   2,291     3,447       3,538     2,035     624     879          235  
                 Six months to Dec 2016          17,262          17,038     1,104      9,069   6,811   2,258     3,451       3,414     2,099     610     704          224  
                Six months to June 2016          16,961          16,731     1,144      8,807   6,797   2,010     3,526       3,254     1,947     566     741          230  
                                                                                                                                                                           
YIELD(GRAMS PER TONNE)                                                                                                                                                     
- underground   Six months to June 2017             5.9             6.2       5.5          -       -       -         -         5.2       4.2     5.8     5.1          3.2  
ore              Six months to Dec 2016             5.4             5.5       5.3          -       -       -         -         5.8       4.5     6.1     6.2          4.1  
                Six months to June 2016             5.7             5.8       5.8          -       -       -         -         5.8       4.9     6.0     6.0          5.5  
                                                                                                                                                                           
- underground   Six months to June 2017               -               -         -          -       -       -         -           -         -       -       -            -  
waste            Six months to Dec 2016               -               -         -          -       -       -         -           -         -       -       -            -  
                Six months to June 2016               -               -         -          -       -       -         -           -         -       -       -            -  
                                                                                                                                                                           
- surface                                                                                                                                                                  
ore             Six months to June 2017             1.3             1.3       0.1        1.2     1.3     1.0       1.2         2.6       2.6       -       -            -  
                 Six months to Dec 2016             1.4             1.4       0.1        1.3     1.3     1.0       1.3         2.5       2.5       -       -            -  
                Six months to June 2016             1.3             1.3       0.1        1.2     1.3     1.1       1.1         2.4       2.4       -       -          1.5  
                                                                                                                                                                           
- combined      Six months to June 2017             1.9             1.9       3.8        1.2     1.3     1.0       1.2         3.9       2.8     5.8     5.1          3.2  
                 Six months to Dec 2016             2.0             2.0       4.2        1.3     1.3     1.0       1.3         4.1       2.8     6.1     6.2          4.1  
                Six months to June 2016             2.0             1.9       4.0        1.2     1.3     1.1       1.1         4.1       2.8     6.0     6.0          5.0  
                                                                                                                                                                           
GOLD PRODUCED(000 OUNCES)                                                                                                                                                  
- underground  Six months to June 2017            440.6           416.1     118.5          -       -       -         -       297.6      37.5   115.5   144.7         24.5  
ore             Six months to Dec 2016            483.8           454.6     150.0          -       -       -         -       304.6      44.4   120.1   140.2         29.3  
               Six months to June 2016            479.1           442.4     138.3          -       -       -         -       304.1      51.1   109.3   143.7         35.9  
                                                                                                                                                                           
- underground  Six months to June 2017                -               -         -          -       -       -         -           -         -       -       -            -  
waste           Six months to Dec 2016                -               -         -          -       -       -         -           -         -       -       -            -  
               Six months to June 2016                -               -         -          -       -       -         -           -         -       -       -            -  
                                                                                                                                                                           
- surface ore  Six months to June 2017            643.0           643.0       0.8      358.5   281.5    76.9     137.0       146.7     146.7       -       -            -  
                Six months to Dec 2016            656.1           656.1       0.3      370.3   294.5    75.8     142.7       142.8     142.8       -       -            -  
               Six months to June 2016            600.0           598.7       0.9      345.5   273.5    71.9     127.5       124.8     124.8       -       -          1.2  
                                                                                                                                                                           
- total        Six months to June 2017          1,083.6         1,059.1     119.3      358.5   281.5    76.9     137.0       444.3     184.1   115.5   144.7         24.5  
                Six months to Dec 2016          1,139.8         1,110.7     150.3      370.3   294.5    75.8     142.7       447.3     187.1   120.1   140.2         29.3  
               Six months to June 2016          1,079.1         1,041.9     140.0      345.5   273.5    71.9     127.5       428.9     175.9   109.3   143.7         37.2  
OPERATING COSTS(DOLLAR PER TONNE)                                                                                                                                          
                                                                                                                                                                           
- underground  Six months to June 2017              144             146       206          -       -       -         -         113        66     123      88          127  
                Six months to Dec 2016              169             135       153          -       -       -         -         135       136     128     103          120  
               Six months to June 2016              124             122       159          -       -       -         -         105        83     119      93          144  
                                                                                                                                                                           
- surface      Six months to June 2017               23              23         3         26      25      27        21          38        38       -       -            -  
                Six months to Dec 2016               24              30         3         26      25      27        21          31        31       -       -            -  
               Six months to June 2016               26              26         -         27      24      36        19          40        40       -       -           42  
                                                                                                                                                                           
- total        Six months to June 2017               42              41       160         26      25      27        21          67        42     123      88          127  
                Six months to Dec 2016               43              42       131         26      25      27        21          71        46     128     103          120  
               Six months to June 2016               41              40       111         27      24      36        19          74        47     119      93          133  
                                                                                                                                                           
                                                                                              

Review of Operations 

Quarter ended 30 June 2017 compared with quarter ended 31 March 2017 

CONTINUING OPERATIONS 

South Africa region 

South Deep project 
                                                                                   June 2017              March 2017 
Gold produced                                                 000'oz                    73.5                    45.8                         
                                                                  kg                   2,286                   1,424                         
Gold sold                                                     000'oz                    73.5                    46.7                         
                                                                  kg                   2,286                   1,454                         
Yield-underground reef                                           g/t                    5.74                    5.16                         
AISC                                                            R/kg                 573,127                 761,867                         
                                                              US$/oz                   1,352                   1,784                         
AIC                                                             R/kg                 590,093                 777,497                         
                                                              US$/oz                   1,389                   1,821                         

Review of operations 

Quarter ended 30 June 2017 compared with quarter ended 31 March 2017

CONTINUING OPERATIONS

South Africa region

South Deep project
                                                                                   June 2017              March 2017 
Gold produced                                                 000'oz                    73.5                    45.8                         
                                                                  kg                   2,286                   1,424                         
Gold sold                                                     000'oz                    73.5                    46.7                         
                                                                  kg                   2,286                   1,454                         
Yield-underground reef                                           g/t                    5.74                    5.16                         
AISC                                                            R/kg                 573,127                 761,867                         
                                                              US$/oz                   1,352                   1,784                         
AIC                                                             R/kg                 590,093                 777,497                         
                                                              US$/oz                   1,389                   1,821

Gold production increased by 61 per cent from 1,424 kilograms (45,800 ounces) in the March quarter to 2,286 kilograms (73,500 ounces) 
in the June quarter mainly due to an increase in tonnes mined and in head grade. The June quarter demonstrated steady recovery from the 
incidents which impacted the March quarter performance.

Total underground tonnes mined increased by 13 per cent from 365,200 tonnes in the March quarter to 414,400 tonnes in the June quarter. 
In the June quarter 368,700 reef tonnes and 45,700 waste tonnes were mined. This compared with 328,400 reef tonnes and 36,800 waste 
tonnes mined in the March quarter. The average reef grade mined increased by 6 per cent from 5.43 grams per tonne to 5.73 grams per 
tonne due to the normalisation of the mining blend in the June quarter, after the impact of the falls of ground and fatalities in the 
March quarter.

Gold recovered was 175 kilograms (5,600 ounces) higher than gold broken of 2,111 kilograms (67,900 ounces) in the June quarter. The 
additional gold recovered was as a result of the locked-up underground stocks in the March quarter trammed in the June quarter, which 
also improved the reef yield. The remaining excess stocks of broken ore of 60,000 tonnes are expected to be recovered in the second 
half of 2017.

Destress mining increased by 167 per cent from 4,402 square metres in the March quarter to 11,732 square metres in the June quarter 
(a change in the rib pillar design from 2016 to 2017 resulted in a change in the measurement of destress square metres). 

Longhole stoping increased by 26 per cent from 171,000 tonnes to 216,000 tonnes. The current mine contributed 48 per cent of the ore 
tonnes in the June quarter, compared with 64 per cent in the March quarter. The longhole stoping method accounted for 52 per cent of 
total tonnes mined in the June quarter compared with 47 per cent in the March quarter. These ratio changes are consistent with the 
mines build-up strategy. 

Development increased by 6 per cent from 1,383 metres in the March quarter to 1,471 metres in the June quarter. New mine capital 
development increased by 8 per cent from 195 metres in the March quarter to 211 metres in the June quarter. New mine development is 
focused on infrastructure projects on 100 level and related to extending haulages, conveyor belts and completing crusher excavations. 
Development in the reef horizon current mine areas decreased by 6 per cent from 827 metres to 777 metres. Reef horizon development 
North of Wrench increased by 34 per cent from 361 metres to 483 metres.

Total tonnes milled increased by 19 per cent from 443,000 tonnes to 526,000 tonnes due to an increase in underground material milled. 
Underground reef tonnes milled increased by 45 per cent from 274,000 tonnes in the March quarter to 397,000 tonnes in the June quarter. 
Total tonnes milled in the June quarter included 47,000 tonnes of underground development waste mined and 82,000 tonnes of surface 
tailings material. This compared with 34,000 tonnes of underground development waste mined and 135,000 tonnes of surface tailings 
material in the March quarter. Underground reef yield increased by 11 per cent from 5.16 grams per tonne to 5.74 grams per tonne. 

Net operating costs increased by 13 per cent from R939 million (US$71 million) to R1,057 million (US$80 million) mainly due to higher 
production and a lower gold-in-process credit of R8 million (US$1 million) in the June quarter compared with a credit of R55 million 
(US$4 million) in the March quarter.

Capital expenditure increased by 45 per cent from R174 million (US$13 million) in the March quarter to R253 million (US$19 million) in 
the June quarter. 

Sustaining capital expenditure increased by 42 per cent from R151 million (US$11 million) in the March quarter to R214 million 
(US$16 million) in the June quarter mainly due to fleet purchases. Non-sustaining capital expenditure increased by 70 per cent from 
R23 million (US$2 million) to R39 million (US$3 million). The higher non-sustaining capital expenditure was mainly due to increased 
expenditure on new mine development infrastructure projects.

All-in sustaining costs decreased by 25 per cent from R761,867 per kilogram (US$1,784 per ounce) in the March quarter to R573,127 per 
kilogram (US$1,352 per ounce) in the June quarter mainly due to increased gold sold, partially offset by higher net operating costs and 
higher sustaining capital expenditure.

Total all-in cost decreased by 24 per cent from R777,497 per kilogram (US$1,821 per ounce) in the March quarter to R590,093 per 
kilogram (US$1,389 per ounce) in the June quarter due to the same reasons as for All-in sustaining costs, as well as higher non-
sustaining capital expenditure.

West Africa region

GHANA 

Tarkwa

                                                                                   June 2017              March 2017 
Gold produced                                                 000'oz                   142.8                   138.7                         
Yield                                                            g/t                    1.31                    1.24                         
AISC and AIC                                                  US$/oz                     969                   1,010                         

Gold production increased by 3 per cent from 138,700 ounces in the March quarter to 142,800 ounces in the June quarter due to higher 
yield. 

Total tonnes mined, including capital stripping, increased by 2 per cent from 26.4 million tonnes in the March quarter to 27.0 million 
tonnes in the June quarter due to improved drill rig availability and blasted stocks. Ore tonnes mined increased by 13 per cent from 
3.8 million tonnes to 4.3 million tonnes. Operational waste tonnes mined increased by 4 per cent from 9.6 million tonnes to 
10.0 million tonnes while capital waste tonnes mined decreased by 2 per cent from 13.0 million tonnes to 12.7 million tonnes. Grade 
mined decreased from 1.34 grams per tonne to 1.33 grams per tonne. The strip ratio decreased from 6.0 to 5.3. 
The CIL plant throughput decreased by 3 per cent from 3.5 million tonnes in the March quarter to 3.4 million tonnes in the June quarter 
due to a change out of a SAG mill pinion. Realised yield increased by 6 per cent from 1.24 grams per tonne to 1.31 grams per tonne due 
to higher grade feed.

Net operating costs, including gold-in-process movements, increased by 3 per cent from US$78 million to US$80 million mainly due to an 
increase in operating tonnes mined, partially offset by a US$8 million gold-in-process credit in the June quarter compared with 
US$7 million in the March quarter.

Capital expenditure decreased by 6 per cent from US$50 million to US$47 million due to timing of expenditure on drill rigs and other 
fleet refurbishments in the March quarter.

All-in sustaining costs and total all-in cost decreased by 4 per cent from US$1,010 per ounce in the March quarter to US$969 per ounce 
in the June quarter due to higher gold sold and lower capital expenditure, partially offset by higher net operating costs.

Damang
                                                                                   June 2017              March 2017 
Gold produced                                                 000'oz                    41.1                    35.8                         
Yield                                                            g/t                    1.14                    0.95                         
AISC                                                          US$/oz                     906                   1,142                         
AIC                                                           US$/oz                   1,692                   1,709                         

Gold production increased by 15 per cent from 35,800 ounces in the March quarter to 41,100 ounces in the June quarter mainly due to 
higher head grade processed.

Total tonnes mined, including capital stripping, decreased by 3 per cent from 9.6 million tonnes in the March quarter to 9.3 million 
tonnes in the June quarter due to challenges with wet weather conditions in oxide mining areas in the Damang pit cutback and Amoanda 
pit. Ore tonnes mined increased by 23 per cent from 0.74 million tonnes in the March quarter to 0.91 million tonnes in the 
June quarter. Total waste tonnes mined decreased by 6 per cent from 8.9 million tonnes to 8.4 million tonnes. Capital waste tonnes 
(included in total waste tonnes) increased by 4 per cent from 7.1 million tonnes to 7.4 million tonnes. Operational waste tonnes 
decreased by 44 per cent from 1.8 million tonnes to 1.0 million tonnes. Head grade mined increased by 19 per cent from 1.13 grams 
per tonne to 1.34 grams per tonne. The higher grade in the June quarter was due to an increase in ore mined at the higher grade Amoanda 
pit. In the June quarter Amoanda pit mined 0.61 million tonnes at 1.59 grams per tonne compared with 0.33 million tonnes mined at 
1.25 grams per tonne in the March quarter. The strip ratio decreased from 11.8 to 9.3.

Tonnes processed decreased by 4 per cent from 1.17 million tonnes in the March quarter to 1.12 million tonnes in the June quarter. 
Yield increased by 20 per cent from 0.95 grams per tonne to 1.14 grams per tonne due to higher grade feed. The higher grade feed was 
largely driven by increased volumes of higher grade material treated from the Amoanda pit. In the June quarter, tonnes milled were 
sourced as follows: 0.66 million tonnes at 1.63 grams per tonne from the pits, 0.14 million tonnes at 0.78 grams per tonne from Abosso 
tailings and 0.32 million tonnes at 0.61 grams per tonne from stockpiles. The remaining Abosso tailings and stockpiles are 
approximately 0.19 million tonnes at 0.98 grams per tonne and 0.51 million tonnes at 0.67 grams per tonne, respectively.

Net operating costs, including gold-in-process movements, increased by 7 per cent from US$29 million to US$31 million. This was mainly 
due to a gold-in-process charge to cost of US$nil million in the June quarter compared with a credit of US$2 million in the 
March quarter. 

Sustaining capital expenditure decreased by 60 per cent from US$10 million to US$4 million. Non-sustaining capital expenditure 
increased by 60 per cent from US$20 million to US$32 million mainly due to the commencement of construction of the Far East Tailings 
Storage Facility (FETSF) in the June quarter as well as increased capital waste mined. 

All-in sustaining costs decreased by 21 per cent from US$1,142 per ounce in the March quarter to US$906 per ounce in the June quarter 
mainly due to increased gold sold and a reduction in sustaining capital expenditure, partially offset by an increase in net operating 
costs. All-in costs decreased by 1 per cent from US$1,709 per ounce in the March quarter to US$1,692 per ounce in the June quarter due 
to the same reasons as for All-in sustaining costs as well as an increase in non-sustaining capital expenditure. 

South America region

PERU 

Cerro Corona
                                                                                   June 2017              March 2017 
Gold produced                                                 000'oz                    36.1                    33.8                         
Copper produced                                               tonnes                   7,165                   7,267                         
Total equivalent gold produced                             000'eq oz                    68.4                    68.7                         
Total equivalent gold sold                                 000'eq oz                    69.6                    66.1                         
Yield  - gold                                                    g/t                    0.68                    0.64                         
 - copper                                                   per cent                    0.43                    0.44                         
 - combined                                                   eq g/t                    1.24                    1.25                         
AISC and AIC                                                  US$/oz                     380                     118                         
AISC and AIC                                               US$/eq oz                     724                     626                         
Gold price*                                                   US$/oz                   1,258                   1,211                         
Copper price*                                                  US$/t                   5,660                   5,803 
* Average daily spot price for the period used to calculate total equivalent gold ounces produced.

Gold production increased by 7 per cent from 33,800 ounces in the March quarter to 36,100 ounces in the June quarter. Copper production 
decreased by 1 per cent from 7,267 tonnes to 7,165 tonnes. Equivalent gold production decreased marginally from 68,700 ounces to 68,400 
ounces. The increase in gold production was mainly due to higher head grade and the decrease in copper production was mainly due to 
lower head grade, in line with the mining sequence. Gold head grade increased by 10 per cent from 0.90 grams per tonne to 0.99 grams 
per tonne and copper head grade decreased by 2 per cent from 0.50 per cent to 0.49 per cent. Gold and copper head grades for the year 
are expected to be around 1.03 grams per tonne to 1.05 grams per tonne and 0.48 per cent to 0.50 per cent, respectively. Gold 
recoveries decreased from 71.0 per cent to 68.5 per cent. Copper recoveries increased from 87.9 per cent to 88.8 per cent. Gold yield 
increased by 6 per cent from 0.64 grams per tonne to 0.68 grams per tonne and copper yield decreased by 2 per cent from 0.44 per cent 
to 0.43 per cent. 

In the June quarter, concentrate with a payable content of 36,300 ounces of gold was sold at an average price of US$1,255 per ounce and 
7,447 tonnes of copper was sold at an average price of US$4,998 per tonne, net of treatment and refining charges. This compared with 
33,900 ounces of gold that was sold at an average price of US$1,221 per ounce and 6,691 tonnes of copper that was sold at an average 
price of US$5,254 per tonne, net of treatment and refining charges, in the March quarter. 

Total tonnes mined increased by 31 per cent from 3.16 million tonnes in the March quarter to 4.14 million tonnes in the June quarter 
mainly due to higher waste mined in line with the mining sequence. Ore mined increased by 3 per cent from 1.74 million tonnes to 
1.79 million tonnes. Operational waste tonnes mined increased by 65 per cent from 1.42 million tonnes to 2.35 million tonnes mainly 
with the impact of the rainy season in the March quarter behind us.

Ore processed increased by 2 per cent from 1.71 million tonnes in the March quarter to 1.74 million tonnes in the June quarter mainly 
due to higher plant utilisation (97 per cent in the June quarter compared to 95 per cent in the March quarter), resulting from a 
reschedule of the planned plant shutdown with no impact on the plant utilisation plan for 2017.

Net operating costs, including gold-in-process movements, increased by 19 per cent from US$32 million to US$38 million mainly due to a 
US$2 million gold-in-process charge to cost in the June quarter compared with a US$3 million credit in the March quarter. 

Capital expenditure increased by 40 per cent from US$5 million to US$7 million due to an increase in construction activities at the 
tailings dam and waste storage facilities following from the end of the rainy season.

All-in sustaining costs and total all-in cost per gold ounce increased by 222 per cent from US$118 per ounce in the March quarter to 
US$380 per ounce in the June quarter mainly due to higher net operating costs and higher capital expenditure, partially offset by 
increased gold sold. All-in sustaining costs and total all-in costs per equivalent ounce increased by 16 per cent from US$626 per 
equivalent ounce to US$724 per equivalent ounce due to the same reasons as above. 

Australia region

St Ives

                                                                                   June 2017              March 2017 
Gold produced                                                 000'oz                   102.6                    81.6                         
Yield  - underground                                             g/t                    3.64                    4.76                         
       - surface                                                 g/t                    2.98                    2.19                         
       - combined                                                g/t                    3.07                    2.55                         
AISC and AIC                                                   A$/oz                   1,107                   1,280                         
                                                              US$/oz                     831                     966                         

Gold production increased by 26 per cent from 81,600 ounces in the March quarter to 102,600 ounces in the June quarter due to increased 
tonnes mined and processed, as well as higher grade mined from the open pits. 

At the underground operations, ore tonnes mined increased by 1 per cent from 142,000 tonnes in the March quarter to 143,000 tonnes in 
the June quarter. Head grade decreased by 17 per cent from 4.87 grams per tonne to 4.06 grams per tonne due to the mining schedule. 

At the open pit operations, ore tonnes mined increased by 13 per cent from 785,000 tonnes in the March quarter to 886,000 tonnes in the 
June quarter. The increased tonnes were the result of eighteen days of production lost due to inclement weather and resultant wet 
conditions during the March quarter. Grade mined increased by 25 per cent from 2.63 grams per tonne to 3.28 grams per tonne with ore 
production focused on a high grade portion of the Invincible pit in line with the mining schedule.

Operational waste tonnes mined decreased by 43 per cent from 2.1 million tonnes in the March quarter to 1.2 million tonnes in the 
June quarter and capital waste tonnes mined increased by 57 per cent from 6.3 million tonnes to 9.9 million tonnes reflecting a change 
from the removal of operating waste to removal of pre-strip. Total material movements at the open pits increased by 32 per cent from 
9.2 million tonnes to 12.0 million tonnes, with the lower tonnes in the March quarter due to inclement weather. The strip ratio 
increased from 10.7 to 12.5. 

Throughput at the Lefroy mill increased by 5 per cent from 995,000 tonnes in the March quarter to 1,040,000 tonnes in the June quarter 
due to a scheduled maintenance shutdown in the March quarter. Yield increased by 20 per cent from 2.55 grams per tonne to 3.07 grams 
per tonne due to higher grades mined at the open pits and higher volumes mined and processed thereby reducing the quantity of low grade 
stockpiled material processed in the June quarter.

Net operating costs, including gold-in-process movements, decreased by 29 per cent from A$65 million (US$49 million) to A$46 million 
(US$35 million) due to decreased operational waste mining in the open pits and a gold inventory credit to cost of A$5 million 
(US$4 million) in the June quarter compared with a charge of A$3 million (US$2 million) in the March quarter. 

Capital expenditure increased by 74 per cent from A$35 million (US$26 million) to A$61 million (US$45 million) mainly due to increased 
pre-stripping at Invincible and Neptune pits.  

All-in sustaining costs and total all-in cost decreased by 14 per cent from A$1,280 per ounce (US$966 per ounce) in the March quarter 
to A$1,107 per ounce (US$831 per ounce) in the June quarter due to increased gold sold and lower net operating costs, partially offset 
by higher capital expenditure. 

Agnew/Lawlers
                                                                                   June 2017              March 2017 
Gold produced                                                 000'oz                    57.2                    58.3                         
Yield                                                            g/t                    5.62                    5.89                         
AISC and AIC                                                   A$/oz                   1,283                   1,268                         
                                                              US$/oz                     964                     957

Gold production decreased by 2 per cent from 58,300 ounces in the March quarter to 57,200 ounces in the June quarter due to a gold-in-
circuit build-up in the June quarter.

Ore mined from underground decreased by 11 per cent from 301,000 tonnes in the March quarter to 268,000 tonnes in the June quarter 
mainly due to lower than planned ore tonnes from New Holland. Head grade mined increased by 13 per cent from 6.31 grams per tonne to 
7.13 grams per tonnes due to higher grades from both Waroonga and New Holland. 

Tonnes processed increased by 3 per cent from 308,000 tonnes in the March quarter to 316,000 tonnes in the June quarter with the mill 
operating at capacity. The combined yield decreased by 5 per cent from 5.89 grams per tonne to 5.62 grams per tonne due to an increase 
of 2,900 ounces of gold-in-circuit in the June quarter and the processing of more lower grade stockpiles in the June quarter. 

Net operating costs, including gold-in-process movements, decreased by 4 per cent from A$52 million (US$39 million) in the March 
quarter to A$50 million (US$37 million) in the June quarter mainly due to a gold-in-circuit credit to cost of A$1 million 
(US$1 million) in the June quarter compared with a charge of A$1 million (US$1 million) in the March quarter.

Capital expenditure increased by 5 per cent from A$19 million (US$14 million) to A$20 million (US$15 million) mainly due to increased 
exploration expenditure.

All-in sustaining costs and total all-in cost increased by 1 per cent from A$1,268 per ounce (US$957 per ounce) in the March quarter to 
A$1,283 per ounce (US$964 per ounce) in the June quarter mainly due to decreased gold sold and higher capital expenditure, partially 
offset by lower net operating costs. 

Granny Smith
                                                                                   June 2017              March 2017 
Gold produced                                                 000'oz                    72.8                    71.9                         
Yield                                                            g/t                    5.42                    4.85                         
AISC and AIC                                                   A$/oz                   1,067                   1,153                         
                                                              US$/oz                     799                     871                         

Gold production increased by 1 per cent from 71,900 ounces in the March quarter to 72,800 ounces in the June quarter mainly due to 
increased tonnes mined and processed.

Ore mined from underground increased by 9 per cent from 415,000 tonnes in the March quarter to 451,000 tonnes in the June quarter due 
to increased stope availability and efficiencies. Head grade mined increased by 18 per cent from 4.94 grams per tonne in the March 
quarter to 5.84 grams per tonne in the June quarter as mining in lower grade areas was completed and the sequence returned to more 
typical Granny Smith grades.

Tonnes processed decreased by 9 per cent from 461,000 tonnes in the March quarter to 418,000 tonnes in the June quarter due to a 
milling campaign which ended early in June. The yield increased by 12 per cent from 4.85 grams per tonne to 5.42 grams per tonne 
reflecting the higher grades mined.  

Net operating costs, including gold-in-process movements, decreased by 11 per cent from A$56 million (US$42 million) in the March 
quarter to A$50 million (US$38 million) in the June quarter mainly due to a gold-in-process credit to cost of A$2 million 
(US$2 million) in the June quarter compared with a charge of A$5 million (US$4 million) in the March quarter.

Capital expenditure was similar at A$23 million (US$18 million). 

All-in sustaining costs and total all-in cost decreased by 7 per cent from A$1,153 per ounce (US$871 per ounce) in the March quarter to 
A$1,067 per ounce (US$799 per ounce) in the June quarter due to the higher gold sold and lower net operating costs. 

DISCONTINUED OPERATION

Australia region

Darlot
                                                                                   June 2017              March 2017 
Gold produced                                                 000'oz                    10.8                    13.7                         
Yield                                                            g/t                    2.92                    3.55                         
AISC and AIC                                                   A$/oz                   2,208                   1,899                         
                                                              US$/oz                   1,657                   1,434   

Gold production decreased by 21 per cent from 13,700 ounces in the March quarter to 10,800 ounces in the June quarter due to lower 
volumes and grades mined. 

Ore mined from underground decreased by 4 per cent from 118,400 tonnes in the March quarter to 113,700 tonnes in the June quarter due 
to lower than planned mobile fleet availability and a higher number of loader breakdowns. Head grade mined decreased by 33 per cent 
from 3.95 grams per tonne to 2.63 grams per tonne due to thinner ore body widths. A number of stopes also experienced increased 
dilution due to localised geotechnical failures associated with intersecting fault planes in the hanging walls. 

Tonnes processed decreased by 4 per cent from 120,000 tonnes in the March quarter to 115,000 tonnes in the June quarter due to 
decreased ore mined. The yield decreased by 18 per cent from 3.55 grams per tonne to 2.92 grams per tonne due to the lower grades 
mined. 

Net operating costs, including gold-in-process movements, were similar at A$20 million (US$15 million).

Capital expenditure decreased by 50 per cent from A$6 million (US$4 million) to A$3 million (US$2 million) mainly due to lower 
development and infrastructure works associated with the Oval ore body. Decline development towards the Oval ore body was completed 
during the June quarter. 

All-in sustaining costs and total all-in cost increased by 16 per cent from A$1,899 per ounce (US$1,434 per ounce) in the March quarter 
to A$2,208 per ounce (US$1,657 per ounce) in the June quarter due to lower gold sold, partially offset by lower capital expenditure. 

Salient feature and cost benchmarks 

                                                                                                                UNITED STATES DOLLAR                                     
                                                                                      South Africa                   West Africa                 South America           
                                                                                            Region                        Region                        Region           
                                                                          Total                                                                          
                                                      Total                Mine                                            Ghana                          Peru 
                                                       Mine          Continuing              South                                                       Cerro           
                                                 Operations          Operations               Deep                Total    Tarkwa    Damang             Corona           OPERATING RESULTS                                                                                                                                             
Ore milled/treated            June 2017               8,667               8,552                 526               4,510     3,391     1,119               1,741           
(000 tonnes)                 March 2017               8,665               8,545                 443               4,632     3,459     1,172               1,706           
                              June 2016               8,372               8,242                 601               4,271     3,300       971               1,775           

Yield                         June 2017                 2.0                 2.0                 4.3                 1.3       1.3       1.1                 1.2           
(grams per tonne)            March 2017                 1.8                 1.8                 3.2                 1.2       1.2       1.0                 1.3           
                              June 2016                 2.0                 2.0                 4.0                 1.2       1.3       1.0                 1.1           

Gold produced                 June 2017               569.1               558.3                73.5               183.9     142.8      41.1                68.4           
(000 managed                 March 2017               514.4               500.7                45.8               174.5     138.7      35.8                68.7           
equivalent ounces)            June 2016               546.0               527.6                76.5               164.4     134.1      30.2                64.6   
                    
Gold sold                     June 2017               570.4               559.6                73.5               183.9     142.8      41.1                69.6           
(000 managed                 March 2017               512.8               499.1                46.7               174.5     138.7      35.8                66.1           
equivalent ounces)            June 2016               540.0               521.6                76.5               164.4     134.1      30.2                58.6     
                     
Net operating costs*          June 2017              (352.5)             (337.7)              (80.0)             (110.4)    (79.7)    (30.7)              (37.8)          
(million)                    March 2017              (354.9)             (340.0)              (70.7)             (107.3)    (78.0)    (29.3)              (32.3)          
                              June 2016              (335.6)             (320.9)              (68.7)             (108.4)    (78.2)    (30.2)              (29.7)          

Operating costs               June 2017                  42                  41                 153                  26        26        27                  21           
(dollar per tonne)           March 2017                  42                  41                 169                  25        25        26                  21           
                              June 2016                  42                  42                 114                  26        24        30                  21           

Sustaining capital*           June 2017              (154.8)             (152.6)              (16.4)              (51.3)    (47.3)     (4.0)               (7.2)
(million)                    March 2017              (138.0)             (133.8)              (11.4)              (59.5)    (49.7)     (9.8)               (5.2)
                              June 2016              (173.0)             (167.1)              (25.8)              (53.7)    (43.4)    (10.3)               (7.6)

Non-sustaining capital*       June 2017               (63.9)              (63.9)               (2.7)              (32.4)#       -     (32.4)#                 - 
(million)                    March 2017               (32.2)              (32.2)               (1.7)              (20.3)        -     (20.3)                  - 
                              June 2016                (1.9)               (1.9)               (1.9)                  -         -         -                   - 

Total capital expenditure*    June 2017              (218.6)             (216.4)              (19.1)              (83.6)    (47.3)    (36.4)               (7.2)          
(million)                    March 2017              (170.2)             (166.1)              (13.1)              (79.9)    (49.7)    (30.1)               (5.2)          
                              June 2016              (174.9)             (169.0)              (27.7)              (53.7)    (43.4)    (10.3)               (7.6)          

All-in sustaining costs       June 2017                 941                 926               1,352                 955       969       906                 380 
(dollar per ounce)           March 2017               1,009                 997               1,784               1,037     1,010     1,142                 118 
                              June 2016               1,015                 928               1,268               1,072       991     1,427                 599 
Total All-in cost             June 2017               1,006                 993               1,389               1,131       969     1,692                 380           
(dollar per ounce)           March 2017               1,055               1,044               1,821               1,153     1,010     1,709                 118           
                              June 2016               1,021               1,012               1,293               1,072       991     1,427                 599           

                                                                                                                                                           SOUTH            UNITED             AUST- 
                                                                                                                                                         AFRICAN            STATES            RALIAN 
                                                                    UNITED STATES DOLLAR                            AUSTRALIAN DOLLAR                       RAND            DOLLAR            DOLLAR 
                                                                               Australia                                    Australia               South Africa         Australia         Australia 
                                                                                  Region                                       Region                     Region            Region            Region 
                                                                              Continuing                                   Continuing                                 Discontinued      Discontinued 
                                                                                  Agnew/  Granny                               Agnew/  Granny              South                                     
                                                                Total  St Ives  Lawlers    Smith             Total  St Ives  Lawlers    Smith               Deep            Darlot            Darlot
OPERATING RESULTS                                                                                                                                                        
Ore milled/treated                        June 2017             1,774    1,040      316      418             1,774    1,040      316      418               526               115               115 
(000 tonnes)                             March 2017             1,764      995      308      461             1,764      995      308      461               443               120               120 
                                          June 2016             1,595      950      282      363             1,595      950      282      363               601               130               130 

Yield                                     June 2017               4.1      3.1      5.6      5.4               4.1      3.1      5.6      5.4               4.3               2.9               2.9 
(grams per tonne)                        March 2017               3.7      2.6      5.9      4.9               3.7      2.6      5.9      4.9               3.2               3.6               3.6 
                                          June 2016               4.3      2.9      6.3      6.5               4.3      2.9      6.3      6.5               4.0               6.4               4.4 

Gold produced                             June 2017             232.5    102.6     57.2     72.8             232.5    102.6     57.2     72.8             2,286              10.8              10.8 
(000 managed                             March 2017             211.7     81.6     58.3     71.9             211.7     81.6     58.3     71.9             1,424              13.7              13.7 
equivalent ounces)                        June 2016             222.2     88.8     57.2     76.2             222.2     88.8     57.2     76.2             2,378              18.5              18.5 

Gold sold                                 June 2017             232.5    102.6     57.2     72.8             232.5    102.6     57.2     72.8             2,286              10.8              10.8 
(000 managed                             March 2017             211.7     81.6     58.3     71.9             211.7     81.6     58.3     71.9             1,454              13.7              13.7 
equivalent ounces)                        June 2016             222.2     88.8     57.2     76.2             222.2     88.8     57.2     76.2             2,378              18.5              18.5 

Net operating costs*                      June 2017            (109.4)   (34.5)   (37.4)   (37.5)           (145.9)   (46.0)   (49.8)   (50.0)         (1,057.3)             (14.9)            (19.7)
(million)                                March 2017            (129.6)   (48.6)   (39.1)   (41.9)           (171.9)   (64.5)   (51.8)   (55.6)           (939.4)            (14.9)            (19.8)
                                          June 2016            (114.1)   (44.3)   (35.4)   (34.4)           (152.9)   (59.4)   (47.4)   (46.1)         (1,034.3)             (14.7)            (19.6)

Operating costs                           June 2017                65       37      121       93                87       49      161      124             2,023               127               168 
(dollar per tonne)                       March 2017                70       47      125       83                93       62      165      109             2,245               126               168 
                                          June 2016                74       52      119       99               100       69      160      133             1,714               116               155 

Sustaining capital*                       June 2017             (77.7)   (45.4)   (14.8)   (17.5)           (103.5)   (60.5)   (19.8)   (23.3)           (214.4)             (2.2)             (2.9)
(million)                                March 2017             (57.7)   (26.1)   (14.0)   (17.5)            (76.5)   (34.7)   (18.6)   (23.2)           (150.9)             (4.2)             (5.5)
                                          June 2016             (80.0)   (36.6)   (20.2)   (23.2)           (107.4)   (49.1)   (27.0)   (31.3)           (392.9)             (5.9)             (7.9)

Non-sustaining capital*                   June 2017                 -        -        -        -                 -        -        -        -             (38.8)                -                 - 
(million)                                March 2017                 -        -        -        -                 -        -        -        -             (22.7)                -                 - 
                                          June 2016                 -        -        -        -                 -        -        -        -             (27.4)                -                 - 

Total capital expenditure*                June 2017            (104.2)   (45.4)   (14.8)   (17.5)           (138.7)   (60.5)   (19.8)   (23.3)           (253.2)             (2.2)             (2.9)
(million)                                March 2017             (67.9)   (26.1)   (14.0)   (17.5)            (90.1)   (34.7)   (18.6)   (23.2)           (173.6)             (4.2)             (5.5)
                                          June 2016             (85.9)   (36.6)   (20.2)   (23.2)           (107.4)   (49.1)   (27.0)   (31.3)           (420.3)             (5.9)             (7.9)

All-in sustaining costs                   June 2017               854      831      964      799             1,138    1,107    1,283    1,067           573,127             1,657             2,208 
(dollar per ounce)                       March 2017               931      966      957      871             1,234    1,280    1,268    1,153           761,867             1,434             1,899 
                                          June 2016               933      976    1,034      805             1,218    1,311    1,383    1,081           615,697             1,167             1,574 

Total All-in cost                         June 2017               854      831      964      799             1,138    1,107    1,283    1,067           590,093             1,657             2,208 
(dollar per ounce)                       March 2017               931      966      957      871             1,234    1,280    1,268    1,153           777,497             1,434             1,899 
                                          June 2016               933      976    1,034      805             1,218    1,311    1,383    1,081           627,233             1,167             1,574 

Average exchange rates were US$1 = R13.21, US$1 = R13.27 and US$1 = R14.99 for the June 2017, March 2017 and June 2016 quarters, 
respectively. 
Figures may not add as they are rounded independently. 
* In local currency. 
# Damang re-investment and Gruyere capital. 


Underground and surface 
                                                                                                UNITED STATES DOLLAR                                            
                                                                             South           West            South                                              
                                                                            Africa         Africa          America               Australia                      
                                                                            Region         Region           Region                  Region                      
                                                             Total                                                                                              
                                             Total            Mine                          Ghana             Peru              Continuing         Discontinued 
Imperial ounces with metric                   Mine      Continuing           South                           Cerro                  Agnew/  Granny              
tonnes and grade                        Operations      Operations            Deep  Total  Tarkwa  Damang   Corona   Total St Ives Lawlers   Smith       Darlot 
ORE MILLED/TREATED                                                                                                                                              
(000 TONNES)                                                                                                                                                    
- underground ore        June 2017           1,382           1,267             397      -       -       -        -     870     136     316     418          115 
                        March 2017           1,304           1,184             274      -       -       -        -     910     141     308     461          120 
                         June 2016           1,313           1,203             419      -       -       -        -     784     139     282     363          110 
- underground waste      June 2017              47              47              47      -       -       -        -       -       -       -       -            - 
                        March 2017              34              34              34      -       -       -        -       -       -       -       -            - 
                         June 2016              24              24              24      -       -       -        -       -       -       -       -            - 
- surface ore            June 2017           7,238           7,238              82  4,510   3,391   1,119    1,741     904     904       -       -            - 
                        March 2017           7,327           7,327             135  4,632   3,459   1,172    1,706     854     854       -       -            - 
                         June 2016           7,035           7,015             158  4,271   3,300     971    1,775     811     811       -       -           20 
- total milled           June 2017           8,667           8,552             526  4,510   3,391   1,119    1,741   1,774   1,040     316     418          115 
                        March 2017           8,665           8,545             443  4,632   3,459   1,172    1,706   1,764     995     308     461          120 
                         June 2016           8,372           8,242             601  4,271   3,300     971    1,775   1,595     950     282     363          130 
YIELD                                                                                                                                                           
(GRAMS PER TONNE)                                                                                                                                               
- underground ore        June 2017             5.0             5.2             5.7      -       -       -        -     5.2     3.6     5.6     5.4          2.9 
                        March 2017             4.9             5.0             5.2      -       -       -        -     5.2     4.8     5.9     4.9          3.6 
                         June 2016             5.9             6.0             5.7      -       -       -        -     6.0     5.8     6.3     6.5          5.0 
- underground waste      June 2017               -               -               -      -       -       -        -       -       -       -       -            - 
                        March 2017               -               -               -      -       -       -        -       -       -       -       -            - 
                         June 2016               -               -               -      -       -       -        -       -       -       -       -            - 
- surface ore            June 2017             1.5             1.5             0.1    1.3     1.3     1.1      1.2     3.0     3.0       -       -            - 
                        March 2017             1.3             1.3             0.1    1.2     1.2     1.0      1.3     2.2     2.2       -       -            - 
                         June 2016             1.3             1.3             0.1    1.2     1.3     1.0      1.1     2.4     2.4       -       -          1.0 
- combined               June 2017             2.0             2.0             4.3    1.3     1.3     1.1      1.2     4.1     3.1     5.6     5.4          2.9 
                        March 2017             1.8             1.8             3.2    1.2     1.2     1.0      1.3     3.7     2.6     5.9     4.9          3.6 
                         June 2016             2.0             2.0             4.0    1.2     1.3     1.0      1.1     4.3     2.9     6.3     6.5          4.4 
GOLD PRODUCED                                                                                                                                                   
(000 OUNCES)                                                                                                                                                    
- underground ore        June 2017           229.9           219.1            73.2      -       -       -        -   145.9    15.9    57.2    72.8         10.8 
                        March 2017           210.7           197.0            45.3      -       -       -        -   151.7    21.6    58.3    71.9         13.7 
                         June 2016           253.0           235.2            76.1      -       -       -        -   159.1    25.8    57.2    76.2         17.8 
- underground waste      June 2017               -               -               -      -       -       -        -       -       -       -       -            - 
                        March 2017               -               -               -      -       -       -        -       -       -       -       -            - 
                         June 2016               -               -               -      -       -       -        -       -       -       -       -            - 
- surface ore            June 2017           339.2           339.2             0.3  183.9   142.8    41.1     68.4    86.7    86.7       -       -            - 
                        March 2017           303.7           303.7             0.5  174.5   138.7    35.8     68.7    60.0    60.0       -       -            - 
                         June 2016           292.9           292.3             0.4  164.4   134.1    30.3     64.6    63.0    63.0       -       -          0.6 
- total                  June 2017           569.1           558.3            73.5  183.9   142.8    41.1     68.4   232.5   102.6    57.2    72.8         10.8 
                        March 2017           514.4           500.7            45.8  174.5   138.7    35.8     68.7   211.7    81.6    58.3    71.9         13.7 
                         June 2016           546.0           527.5            76.5  164.4   134.1    30.3     64.6   222.1    88.8    57.2    76.2         18.5 
OPERATING COSTS                                                                                                                                                 
(DOLLAR PER TONNE)                                                                                                                                              
- underground            June 2017             130             130             181      -       -       -        -      96      43     121      93          127 
                        March 2017             137             138             242      -       -       -        -      98      88     125      83          126 
                         June 2016             128             127             155      -       -       -        -     107     103     119      99          137 
- surface                June 2017              26              25               3     26      26      27       21      36      36       -       -            - 
                        March 2017              25              25               3     25      25      26       21      40      40       -       -            - 
                         June 2016              26              26               -     26      24      30       21      43      43       -       -           30 
- total                  June 2017              42              41             153     26      26      27       21      65      37     121      93          127 
                        March 2017              42              41             169     25      25      26       21      70      47     125      83          126 
                         June 2016              42              40             114     26      24      30       21      74      52     119      99          116 
                                                                                  


Administration and corporate information 
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Lucy Mokoka  
Tel: +27 11 562 9719
Fax: +27 11 562 9829 
e-mail: lucy.mokoka@goldfields.com  

Registered office
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ISIN - ZAE 000018123

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CA Carolus+ (Chair)   RP Menell+ (Deputy Chair)   NJ Holland* (Chief Executive Officer)   PA Schmidt## (Chief Financial Officer)
A Andani#+   PJ Bacchus+   TP Goodlace+   DMJ Ncube+   SP Reid^+  YGH Suleman+   GM Wilson+
 ^Australian   *British    #Ghanaian   
 +Independent Director   ## Non-independent Director

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