Gold Fields Ltd.

Gold Fields Ltd. is a senior gold producer headquartered in Johannesburg, South Africa, operating primarily in Australia and Africa. The company's portfolio consists of 9 projects, comprising 8 operating mines and 1 development project, in addition to several early-stage exploration prospects. Key assets include South Deep and Granny Smith. The business model centers on a diversified portfolio of mining assets managed through a two-layered global functional guidance structure, which replaced a previous three-tiered regional model to enhance agility and standardize operations. The operational approach emphasizes mechanised extraction from both open-pit and underground settings, supported by an Asset Optimisation program aimed at identifying and implementing efficiency improvements across the business. Processing capabilities involve the physical and chemical treatment of ore to produce semi-pure doré and concentrate, which are then refined externally. Technological integration is a key differentiator, with the use of real-time data analytics, artificial intelligence, remote mining technologies, and collision avoidance systems to improve safety and productivity. The enterprise risk management framework is integrated into all business processes, with formal quarterly reviews by leadership to assess strategic, catastrophic, and emerging risks, ensuring alignment with the company's risk appetite and tolerance levels.

Strategic direction is guided by three core pillars: delivering safe, reliable, and cost-effective operations; creating positive social and environmental impact; and growing the value and quality of the asset portfolio. Growth is pursued through a dual focus on brownfields exploration to extend the life of existing operations and greenfields exploration to build a pipeline of early-stage opportunities, supplemented by value-accretive, bolt-on mergers and acquisitions. The capital allocation framework dictates a disciplined approach, prioritizing the maintenance of an investment-grade credit rating, funding for safe and reliable production, and the payment of a base dividend. Any remaining free cash flow is allocated to discretionary growth investments, which must compete for capital against providing additional returns to shareholders. Operational optimization is driven by a formal Asset Optimisation strategy that includes conducting full potential assessments of major assets to identify and prioritize improvements in production and cost efficiencies through targeted investments and the adoption of new technologies.

Executive leadership underwent significant changes, with Mike Fraser assuming the Chief Executive Officer role on 1 January 2024, and Alex Dall's appointment as permanent Chief Financial Officer on 1 March 2025. The board of directors consists of 13 members, with 11 classified as independent non-executive directors, ensuring a strong majority of independent oversight. The roles of Chairperson and CEO are separate, with Yunus Suleman serving as Chairperson. Board governance is structured through 8 distinct committees, including Audit, Risk, Technical, and a dedicated Strategy and Investment Committee to oversee M&A and portfolio management. In 2024, the company transitioned its organizational model from a three-layered regional structure to a two-layered global functional guidance model. This change was designed to standardize work processes, provide stronger functional leadership to operations, and increase organizational agility. Management philosophy is focused on embedding a culture of respect, inclusion, and accountability, supported by leadership development programs like Courageous Safety Leadership.

A multi-year safety improvement plan was initiated following an independent diagnostic, focusing on leadership, risk reduction, capability building, and business partner management. The organization is implementing recommendations from the 2023 Elizabeth Broderick & Co. culture review to foster a respectful and inclusive workplace, overseen by a newly established Respectful Workplace Advisory Council. The company has set 2030 targets for key environmental priorities, including a 30% reduction in net Scope 1 and 2 emissions from a 2016 baseline, a 45% reduction in freshwater withdrawal from a 2018 baseline, and the recycling or reuse of 80% of total water. All operations are certified to the ISO 14001:2015 environmental management standard. Tailings management is aligned with the Global Industry Standard on Tailings Management (GISTM), with a commitment to have all high-priority facilities conformant. The Host Community Value Creation Strategy guides social investment, with a 2030 target to ensure 30% of total value created benefits host communities through local procurement, employment, and socio-economic development programs.

In October 2024, the company acquired 100% of the outstanding shares of Osisko Mining to gain full ownership and control of the Windfall project and its associated exploration district. The organization is pursuing a proposed joint venture with AngloGold Ashanti, announced in March 2023, to combine the Tarkwa and Iduapriem mines, which is pending government approval. A key asset, the Gruyere mine, operates as a 50/50 joint venture with Gold Road Resources. The corporate portfolio was streamlined through several divestitures in 2024, including the sale of a 45% stake in the Asanko Gold Mine to Galiano Gold in March, a 24% interest in Rusoro Mining in January, and a 40% stake in the Far Southeast asset. The growth strategy includes maintaining strategic equity positions in several junior exploration companies, such as a 17.5% holding in Tesoro Gold, a 14.9% interest in Torq Resources, and a 17.2% stake in Chakana Copper, to gain exposure to early-stage opportunities.