Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'GFI |
Entity Registrant Name | 'GOLD FIELDS LTD |
Entity Central Index Key | '0001172724 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Current Reporting Status | 'No |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 770,517,918 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
REVENUES | ' | ' | ' | |||
Product sales | $2,906.30 | $3,530.60 | $3,499.10 | |||
COSTS AND EXPENSES | ' | ' | ' | |||
Production costs (exclusive of depreciation and amortization) | 1,819.90 | 1,862.60 | 1,627.90 | |||
Depreciation and amortization | 568.5 | 425.8 | 421.4 | |||
Corporate expenditure | 39.4 | 38.2 | 30.8 | |||
Employee termination costs | 35.5 | 6.1 | 0.8 | |||
Exploration expenditure | 77.9 | 135.3 | 125.4 | |||
Feasibility and evaluation costs | 68 | 103.5 | 95.2 | |||
(Profit)/loss on disposal of property, plant and equipment | -10.2 | -0.2 | 1 | |||
Asset impairments and write-offs | 215.3 | 41.6 | 9.5 | |||
Accretion expense on provision for environmental rehabilitation | 10.4 | 13.9 | 11.1 | |||
Costs and expenses, Total | 2,824.70 | 2,626.80 | 2,323.10 | |||
OTHER (EXPENSES)/INCOME | ' | ' | ' | |||
Interest and dividends | 8.5 | 16.3 | 11.8 | |||
Finance expense | -72.4 | -55.6 | -52.3 | |||
(Loss)/gain on financial instruments | -0.3 | -0.4 | 4.4 | |||
Gain/(loss) on foreign exchange | 7.3 | -13.8 | 9.1 | |||
Profit on disposal of investments | 17.8 | 27.6 | 12.8 | |||
Impairment of listed investments | -10.3 | -10.5 | -0.5 | |||
Royalties | -90.5 | -116.8 | -109.6 | |||
Other expenses | -104.2 | -37.9 | -47.3 | |||
Nonoperating income (expense), Total | -244.1 | -191.1 | -171.6 | |||
(LOSS)/INCOME BEFORE TAX, IMPAIRMENT OF INVESTMENT IN EQUITY INVESTEES, SHARE OF EQUITY INVESTEES' LOSSES AND DISCONTINUED OPERATIONS | -162.5 | 712.7 | 1,004.40 | |||
Income and mining tax expense | -105.7 | -359.4 | -384.5 | |||
(LOSS)/INCOME BEFORE IMPAIRMENT OF INVESTMENT IN EQUITY INVESTEES, SHARE OF EQUITY INVESTEES' LOSSES AND DISCONTINUED OPERATIONS | -268.2 | 353.3 | 619.9 | |||
Impairment of investment in equity investees | ' | ' | -6.8 | |||
Share of equity investees' losses, net of tax | -18.4 | -63.1 | -0.8 | |||
(Loss)/income from continuing operations | -286.6 | 290.2 | 612.3 | |||
Income from discontinued operations, net of tax | 20.5 | 362.3 | 340.7 | |||
Net (loss)/income | -266.1 | 652.5 | 953 | |||
Net loss/(income) attributable to noncontrolling interests | 18.2 | 1.8 | -71.5 | |||
- Continuing operations | 18.2 | 1.9 | -71.6 | |||
- Discontinued operations | ' | -0.1 | 0.1 | |||
Net (loss)/income attributable to Gold Fields shareholders | -247.9 | 654.3 | 881.5 | |||
- Continuing operations | -268.4 | 292.1 | 540.7 | |||
- Discontinued operations | $20.50 | [1] | $362.20 | [1] | $340.80 | [1] |
BASIC (LOSS)/EARNINGS PER SHARE | ' | ' | ' | |||
- Continuing operations | ($0.36) | $0.40 | $0.75 | |||
- Discontinued operations | $0.03 | [2] | $0.50 | [2] | $0.47 | [2] |
DILUTED (LOSS)/EARNINGS PER SHARE | ' | ' | ' | |||
- Continuing operations | ($0.36) | $0.40 | $0.74 | |||
- Discontinued operations | $0.03 | [1] | $0.50 | [1] | $0.47 | [1] |
WEIGHTED AVERAGE NUMBER OF SHARES USED IN THE - COMPUTATION OF BASIC (LOSS)/EARNINGS PER SHARE | ' | ' | ' | |||
- Continuing operations | 742,606,726 | 727,459,457 | 722,376,228 | |||
- Discontinued operations | 742,606,726 | 727,459,457 | 722,376,228 | |||
- COMPUTATION OF DILUTED (LOSS)/EARNINGS PER SHARE | ' | ' | ' | |||
- Continuing operations | 742,606,726 | 730,723,950 | 730,787,498 | |||
- Discontinued operations | 742,606,726 | 730,723,950 | 730,787,498 | |||
DIVIDEND PER SHARE | $0.08 | $0.50 | $0.24 | |||
[1] | Diluted basic earnings per share from discontinued operations - US dollar Diluted basic earnings per share is calculated on the basis of profit attributable to ordinary shareholders from discontinued operations of $20.5 million (2012: $362.2 million and 2011: $340.8 million) and 742,606,726 shares, being the diluted number of ordinary shares in issue in fiscal 2013 (fiscal 2012: 730,723,950 and fiscal 2011:730,787,498). | |||||
[2] | Basic earnings per share from discontinued operations - US dollar Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders from discontinued operations of $20.5 million (2012: $362.2 million and 2011: $340.8 million) by the weighted average number of ordinary shares in issue in fiscal 2013 of 742,606,726 (fiscal 2012: 727,459,457 and fiscal 2011: 722,376,228). |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net (loss)/income | ($266.10) | $652.50 | $953 | |||
Other comprehensive loss | -746.5 | -190.6 | -1,008.90 | |||
Changes in fair value of listed investments | 1.6 | 14.5 | -38.7 | |||
Mark-to-market adjustment of listed investments | -1.3 | [1] | 18.7 | [1] | -26.4 | [1] |
Realized gain on disposal of listed investments | -7.4 | -14.7 | -12.8 | |||
Impairment of listed investments | 10.3 | 10.5 | 0.5 | |||
Foreign currency translation adjustment | -748.1 | -205.1 | -970.2 | |||
Comprehensive (loss)/income | -1,012.60 | 461.9 | -55.9 | |||
Comprehensive (loss)/income attributable to: | ' | ' | ' | |||
Gold Fields shareholders | -994.4 | 424.6 | -104.2 | |||
Noncontrolling interests | -18.2 | 37.3 | 48.3 | |||
Comprehensive (loss)/income | ($1,012.60) | $461.90 | ($55.90) | |||
[1] | Includes deferred tax of $1.7 million (2012: $1.0 million and 2011: $2.8 million). |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Deferred tax on mark-to-market adjustment of listed investments | $1.70 | $1 | $2.80 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ||
Cash and cash equivalents | $325 | $655.60 | ||
Assets held for sale | 47 | ' | ||
Receivables | 272.6 | 522.7 | ||
Inventories | 402.7 | 402.1 | ||
Short-term deferred income and mining taxes | 29 | ' | ||
Materials contained on heap leach pads | ' | 65 | ||
Total current assets | 1,076.30 | 1,645.40 | ||
Property, plant and equipment, net | 4,933 | 7,388.90 | ||
Goodwill | 845.5 | 1,020.10 | ||
Deferred income and mining taxes | 22.6 | 24.1 | ||
Materials contained on heap leach pads | 109 | 111.8 | ||
Non-current investments | 268.9 | 458 | ||
TOTAL ASSETS | 7,255.30 | 10,648.30 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ||
Accounts payable and provisions | 445 | 734 | ||
Short-term deferred income and mining taxes | 16 | 17.9 | ||
Interest payable | 12.4 | 11 | ||
Royalties, income and mining taxes payable | 34.6 | 192.1 | ||
Short-term loans and current portion of long-term loans | 121.5 | [1] | 40 | [1] |
Total current liabilities | 629.5 | 995 | ||
Long-term loans | 1,938.60 | 2,321.20 | ||
Deferred income and mining taxes | 309.3 | 901.8 | ||
Provision for environmental rehabilitation | 269.2 | 373.6 | ||
Other non-current liabilities | 10.9 | 13.9 | ||
Provision for post-retirement health care costs | ' | 2.1 | ||
Total liabilities | 3,157.50 | 4,607.60 | ||
COMMITMENTS AND CONTINGENCIES - see notes 21 and 22 | ' | ' | ||
SHAREHOLDERS' EQUITY | ' | ' | ||
Share capital December 31, 2013 - 1,000,000,000 (December 31, 2012 - 1,000,000,000) authorized ordinary shares of 50 South African cents each. Shares issued December 31, 2013: 767,160,263 (December 31, 2012: 729,536,813) | 62.9 | 61 | ||
Additional paid-in capital | 4,439 | 5,452.30 | ||
Retained earnings | 741.1 | 1,054.30 | ||
Accumulated other comprehensive loss | -1,249 | -653 | ||
Gold Fields shareholders' equity | 3,994 | 5,914.60 | ||
Noncontrolling interests | 103.8 | 126.1 | ||
Total equity | 4,097.80 | 6,040.70 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $7,255.30 | $10,648.30 | ||
[1] | At December 31, 2012, the maturity of the loans was updated to reflect post year-end refinancing terms. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (ZAR) | Dec. 31, 2013 | Dec. 31, 2012 |
Share capital, authorized ordinary shares | 1,000,000,000 | 1,000,000,000 |
Share capital, par value | 0.5 | 0.5 |
Share capital, Shares issued | 767,160,263 | 729,536,813 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Share capital | Additional paid-in capital | Retained earnings | Accumulated other comprehensive (loss)/income | Gold Field's shareholders equity | Non-controlling interests | Share of equity investee's other comprehensive income | Mark-to-market of listed investments | Foreign exchange translation | |
In Millions, except Share data | |||||||||||
BEGINNING BALANCE at Dec. 31, 2010 | $7,082.30 | $58.80 | $5,313.20 | $779.60 | $562.40 | $6,714 | $368.30 | ($14.40) | $17.10 | $559.70 | |
BEGINNING BALANCE (in shares) at Dec. 31, 2010 | ' | 720,796,887 | ' | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income/(loss) before reclassifications | ' | ' | ' | ' | -973.3 | ' | ' | ' | -26.4 | -946.9 | |
Net income / (loss) | 953 | ' | ' | 881.5 | ' | 881.5 | 71.5 | ' | ' | ' | |
Mark-to-market of listed investments | -26.4 | [1] | ' | ' | ' | -26.4 | ' | ' | ' | -26.4 | ' |
Dividends declared | -211.1 | ' | ' | -174.9 | ' | -174.9 | -36.2 | ' | ' | ' | |
Foreign exchange translation | -970.2 | ' | ' | ' | -946.9 | ' | ' | ' | ' | -946.9 | |
Other comprehensive income/ (loss) reclassified to statement of operations | ' | ' | ' | ' | -12.3 | ' | ' | ' | -12.3 | ' | |
Share-based compensation | 66.4 | ' | 66.4 | ' | ' | 66.4 | ' | ' | ' | ' | |
Realized gain on disposal of listed investments | -12.8 | ' | ' | ' | -12.8 | ' | ' | ' | -12.8 | ' | |
Exercise of employee share options | 6.5 | 0.3 | 6.2 | ' | ' | 6.5 | ' | ' | ' | ' | |
Impairment of listed investments | 0.5 | ' | ' | ' | 0.5 | ' | ' | ' | 0.5 | ' | |
Exercise of employee share options (in shares) | ' | 3,794,629 | ' | ' | ' | ' | ' | ' | ' | ' | |
Treasury shares | -11.3 | -0.1 | -11.2 | ' | ' | -11.3 | ' | ' | ' | ' | |
Treasury shares (in shares) | ' | -856,330 | ' | ' | ' | ' | ' | ' | ' | ' | |
Purchase of noncontrolling interests | -1,055.60 | ' | ' | -713.7 | ' | -713.7 | -341.9 | ' | ' | ' | |
Net current year other comprehensive income/(loss) | -1,008.90 | ' | ' | ' | -985.7 | -985.7 | -23.2 | ' | -38.7 | -946.9 | |
Receipt of funds from noncontrolling interests | 31 | ' | ' | ' | ' | ' | 31 | ' | ' | ' | |
ENDING BALANCE at Dec. 31, 2011 | 5,852.30 | 59 | 5,374.60 | 772.5 | -423.3 | 5,782.80 | 69.5 | -14.4 | -21.6 | -387.2 | |
ENDING BALANCE (in shares) at Dec. 31, 2011 | ' | 723,735,186 | ' | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income/(loss) before reclassifications | ' | ' | ' | ' | -225.6 | ' | ' | ' | 18.7 | -244.3 | |
Net income / (loss) | 652.5 | ' | ' | 654.3 | ' | 654.3 | -1.8 | ' | ' | ' | |
Mark-to-market of listed investments | 18.7 | [1] | ' | ' | ' | 18.7 | ' | ' | ' | 18.7 | ' |
Dividends declared | -372.7 | ' | ' | -364.2 | ' | -364.2 | -8.5 | ' | ' | ' | |
Foreign exchange translation | -205.1 | ' | ' | ' | -244.3 | ' | ' | ' | ' | -244.3 | |
Other comprehensive income/ (loss) reclassified to statement of operations | ' | ' | ' | ' | -4.2 | ' | ' | ' | -4.2 | ' | |
Share-based compensation | 77.7 | ' | 77.7 | ' | ' | 77.7 | ' | ' | ' | ' | |
Realized gain on disposal of listed investments | -14.7 | ' | ' | ' | -14.7 | ' | ' | ' | -14.7 | ' | |
Exercise of employee share options | 2 | 2 | ' | ' | ' | 2 | ' | ' | ' | ' | |
Impairment of listed investments | 10.5 | ' | ' | ' | 10.5 | ' | ' | ' | 10.5 | ' | |
Exercise of employee share options (in shares) | ' | 5,801,627 | ' | ' | ' | ' | ' | ' | ' | ' | |
Purchase of noncontrolling interests | -8.2 | ' | ' | -8.3 | ' | -8.3 | 0.1 | ' | ' | ' | |
Net current year other comprehensive income/(loss) | -190.6 | ' | ' | ' | -229.7 | -229.7 | 39.1 | ' | 14.5 | -244.3 | |
Receipt of funds from noncontrolling interests | 27.7 | ' | ' | ' | ' | ' | 27.7 | ' | ' | ' | |
ENDING BALANCE at Dec. 31, 2012 | 6,040.70 | 61 | 5,452.30 | 1,054.30 | -653 | 5,914.60 | 126.1 | -14.4 | -7.1 | -631.5 | |
ENDING BALANCE (in shares) at Dec. 31, 2012 | 729,536,813 | 729,536,813 | ' | ' | ' | ' | ' | ' | ' | ' | |
Other comprehensive income/(loss) before reclassifications | ' | ' | ' | ' | -749.4 | ' | ' | ' | -1.3 | -748.1 | |
Net income / (loss) | -266.1 | ' | ' | -247.9 | ' | -247.9 | -18.2 | ' | ' | ' | |
Mark-to-market of listed investments | -1.3 | [1] | ' | ' | ' | -1.3 | ' | ' | ' | -1.3 | ' |
Dividends declared | -62.3 | ' | ' | -61.2 | ' | -61.2 | -1.1 | ' | ' | ' | |
Foreign exchange translation | -748.1 | ' | ' | ' | -748.1 | ' | ' | ' | ' | -748.1 | |
Sibanye Gold spin-off | -1,033.70 | ' | -1,184.20 | ' | 150.5 | -1,033.70 | ' | ' | ' | ' | |
Other comprehensive income/ (loss) reclassified to statement of operations | ' | ' | ' | ' | 2.9 | ' | ' | ' | 2.9 | ' | |
Share-based compensation | 45.1 | ' | 45.1 | ' | ' | 45.1 | ' | ' | ' | ' | |
Realized gain on disposal of listed investments | -7.4 | ' | ' | ' | -7.4 | ' | ' | ' | -7.4 | ' | |
Exercise of employee share options | 0.4 | 0.4 | ' | ' | ' | 0.4 | ' | ' | ' | ' | |
Impairment of listed investments | 10.3 | ' | ' | ' | 10.3 | ' | ' | ' | 10.3 | ' | |
Exercise of employee share options (in shares) | ' | 8,905,790 | ' | ' | ' | ' | ' | ' | ' | ' | |
Purchase of noncontrolling interests | -12.8 | ' | ' | -4.1 | ' | -4.1 | -8.7 | ' | ' | ' | |
Transactions with noncontrolling interests | -1.1 | ' | ' | ' | ' | ' | -1.1 | ' | ' | ' | |
Acquisition of Yilgarn South assets, value | 127.3 | 1.5 | 125.8 | ' | ' | 127.3 | ' | ' | ' | ' | |
Acquisition of Yilgarn South assets, shares | ' | 28,717,660 | ' | ' | ' | ' | ' | ' | ' | ' | |
Net current year other comprehensive income/(loss) | -746.5 | ' | ' | ' | -746.5 | -746.5 | ' | ' | 1.6 | -748.1 | |
Receipt of funds from noncontrolling interests | 6.8 | ' | ' | ' | ' | ' | 6.8 | ' | ' | ' | |
Reclassification from accumulated other comprehensive (loss)/income- Sibanye Gold Spin-off | ' | ' | ' | ' | 150.5 | ' | ' | ' | ' | 150.5 | |
ENDING BALANCE at Dec. 31, 2013 | $4,097.80 | $62.90 | $4,439 | $741.10 | ($1,249) | $3,994 | $103.80 | ($14.40) | ($5.50) | ($1,229.10) | |
ENDING BALANCE (in shares) at Dec. 31, 2013 | 767,160,263 | 767,160,263 | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Includes deferred tax of $1.7 million (2012: $1.0 million and 2011: $2.8 million). |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATIONS | ' | ' | ' |
Net (loss)/income from continuing operations | ($286.60) | $290.20 | $612.30 |
Reconciled to net cash provided by operations: | ' | ' | ' |
- Share of equity investees' profits | 18.4 | 63.1 | 0.8 |
- Impairment of investment in equity investee | ' | ' | 6.8 |
- Deferred income and mining taxes | -59.4 | 5.5 | 40 |
- Profit on disposal of investments | -17.8 | -27.6 | -12.8 |
- Impairment of listed investments | 10.3 | 10.5 | 0.5 |
- Asset impairments and write-offs | 215.3 | 41.6 | 9.5 |
- Depreciation and amortization | 568.5 | 425.8 | 421.4 |
- (Profit)/loss on disposal of property, plant and equipment | -10.2 | -0.2 | 1 |
- Share-based compensation | 40.5 | 45.5 | 33.4 |
- Accretion expense on provision for environmental rehabilitation | 10.4 | 13.9 | 11.1 |
- Finance expense capitalized | -18.3 | -13 | -9.3 |
- Other | -2.6 | -10.5 | -7.4 |
- Cash portion of share of equity investee loss | -18.4 | -50.1 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
- Receivables | 140.7 | -109.2 | -33.7 |
- Inventories and heap leach pads | -11 | -81.6 | -158.1 |
- Accounts payable and provisions | -121.3 | 110.7 | 78.1 |
- Royalties, income and mining taxes payable | -142.5 | 22.8 | 43.6 |
NET CASH PROVIDED BY CONTINUING OPERATIONS | 316 | 737.4 | 1,037.20 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 30.9 | 409.5 | 870.3 |
NET CASH PROVIDED BY OPERATIONS | 346.9 | 1,146.90 | 1,907.50 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Additions to property, plant and equipment | -543.7 | -943.4 | -748.2 |
Proceeds on disposal of property, plant and equipment | 10.4 | 1.4 | 3.2 |
Yilgarn South asset purchase | -135 | ' | ' |
Purchase of listed investments | -3.5 | -0.8 | -0.1 |
Proceeds on sale of listed investments | 35 | 65.4 | 13.7 |
Investment in environmental trust funds | -15.4 | -3.3 | -2.7 |
NET CASH UTILIZED IN INVESTING ACTIVITIES - CONTINUING OPERATIONS | -662.2 | -990.7 | -807.1 |
NET CASH UTILIZED IN INVESTING ACTIVITIES - DISCONTINUED OPERATIONS | -54.9 | -381.8 | -416.2 |
NET CASH UTILIZED IN INVESTING ACTIVITIES | -717.1 | -1,372.50 | -1,223.30 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Long and short-term loans raised | 3,177.70 | 936.3 | 1,111.20 |
Long and short-term loans repaid | -2,971.30 | -975.9 | -597.9 |
Increase in noncontrolling interests funding | 6.8 | 27.7 | 31 |
Purchase of noncontrolling interests | -12.8 | -10.8 | -1,055.60 |
Dividends paid to Company shareholders | -61.2 | -364.2 | -174.9 |
Dividends paid to noncontrolling interests | -1.1 | -11.5 | -41.9 |
Ordinary shares issued | 0.8 | 2 | 6.5 |
Cash transferred on spin-off of Sibanye Gold | -106.4 | ' | ' |
NET CASH PROVIDED BY/(UTILIZED IN) FINANCING ACTIVITIES - CONTINUING OPERATIONS | 30.3 | -398.9 | -724.6 |
NET CASH PROVIDED BY FINANCING ACTIVITIES - DISCONTINUED OPERATIONS | 39 | 514.7 | ' |
NET CASH PROVIDED BY/(UTILIZED IN) FINANCING ACTIVITIES | 69.3 | 115.8 | -724.6 |
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | -29.7 | 21.4 | -25.1 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -330.6 | -88.4 | -65.5 |
CASH AND CASH EQUIVALENTS - beginning of the year | 655.6 | 744 | 809.5 |
CASH AND CASH EQUIVALENTS - end of year | 325 | 655.6 | 744 |
Far South East Project [Member] | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investment | ' | -110 | -66 |
South African Black Economy [Member] | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Payment to South African Equity interests in South Deep | -2.2 | -2.5 | -3 |
Mankayan Project-Bezant Resources | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investment | ($10) | ' | ($7) |
General
General | 12 Months Ended | |
Dec. 31, 2013 | ||
General | ' | |
1 | GENERAL | |
Gold Fields Limited (formerly Driefontein Consolidated Limited, or Driefontein, the Company or the Group) was originally incorporated in South Africa and listed on the JSE Securities Exchange S.A. (“JSE”) during 1968 as East Driefontein Gold Mining Company Limited. Following a merger with West Driefontein Gold Mining Company Limited, it was renamed Driefontein on June 15, 1981. On May 10, 1999, Driefontein completed a business combination, with another South African company listed on the JSE, Gold Fields Limited (“Old Gold Fields”). Old Gold Fields evolved through a series of transactions in 1998, whereby it acquired substantially all of the gold mining assets and interests previously held by Gold Fields of South Africa Limited, Gencor Limited, New Wits Limited and certain other shareholders in the companies owning the assets and interests. These assets and interests included publicly traded gold mining companies, mineral rights and service agreements. Driefontein, the surviving entity, was renamed Gold Fields Limited, and Old Gold Fields was renamed GFL Mining Services Limited, effective from that date. The Group is engaged in gold mining and related activities, including exploration, extraction, processing and smelting. Gold bullion, the Group’s principal product, is currently produced in South Africa, Ghana and Australia and sold in South Africa and internationally. The Group also produces copper/gold concentrate in Peru, which is sold internationally. | ||
On November 29, 2012, Gold Fields announced the creation of a new South African gold mining company through the listing and subsequent unbundling of its 100% owned subsidiary, Sibanye Gold Limited (“Sibanye Gold”), formerly known as GFI Mining South Africa Proprietary Limited, which holds the KDC and Beatrix gold mines as well as various service companies. The separation of Sibanye Gold from Gold Fields is referred to as the Spin-off. The board of directors of Gold Fields, or the Board, passed the resolution necessary to implement the Spin-off on December 12, 2012 and the Spin-off was completed on February 18, 2013. Refer to notes 3(a) and 9.1. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Significant Accounting Policies | ' | ||||||
2 | SIGNIFICANT ACCOUNTING POLICIES | ||||||
The following are accounting policies used by the Group which have been consistently applied for all periods presented: | |||||||
(a) | USE OF ESTIMATES: The preparation of the consolidated financial statements in conformity with United States generally accepted accounting principles, or U.S. GAAP, requires the Group’s management to make estimates and assumptions about current and future events that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. | ||||||
Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results ultimately may differ from those estimates. | |||||||
The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis of future cash flow estimates and unit-of-production depreciation, depletion and amortization calculations; environmental, reclamation and closure obligations; estimates of recoverable gold and other materials in heap leach pads; asset impairments (including impairments of goodwill, long-lived assets, and investments); write-downs of inventory to market; other employee benefit liabilities (including valuation of share-based compensation); valuation allowances for deferred tax assets; unrecognized tax benefits; reserves for contingencies and litigation; the fair value of assets acquired and liabilities assumed in business combinations and the fair value and accounting treatment of financial instruments. | |||||||
(b) | CONSOLIDATION: The Group’s financial statements include the financial statements of the Group, and its subsidiaries, and its share of results of investments in equity investees. A company in which the Group has, directly or indirectly, through subsidiary undertakings, a controlling interest is classified as a subsidiary undertaking. In addition, the Company reviews its relationships with other entities to assess if the Company is the primary beneficiary of a variable interest entity. If the determination is made that the Company is the primary beneficiary, then that entity is consolidated from the date that the Company was deemed to have become the primary beneficiary. The results of subsidiaries acquired or disposed of are included in the Group statements from the effective dates of acquisition or excluded from such statements as from the effective dates of disposal. Investments in companies which the Company does not control, but where it has the ability to exercise significant influence or joint control over their operating and financial policies, are accounted for by the equity method. | ||||||
Inter-company transactions and balances are eliminated on consolidation. Gains or losses that arise from a change in the Group’s interest in subsidiaries or equity investees’ are recognized in equity. | |||||||
(c) | GOODWILL: The Group accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values determined by using internal or external valuations. Any excess between the purchase price and the fair value of the attributable net assets of subsidiaries and associates at the date of acquisition is capitalized as goodwill. | ||||||
Goodwill is not amortized; however it is subject to an annual assessment for impairment. The Company evaluates the carrying amount of goodwill to determine whether current events and circumstances indicate that such carrying amount may no longer be recoverable. To accomplish this, the Company compares the estimated fair values of its reporting units to their carrying amounts. If the | |||||||
carrying value of the reporting unit exceeds its estimated fair value, the Company compares the implied fair value of the reporting unit’s goodwill to its carrying amount, and any excess of the carrying value over the fair value is charged to earnings. The Company’s fair value estimates are based on numerous assumptions and it is possible that actual fair values will be significantly different from the estimates, | |||||||
as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and operating costs of production and capital are each subject to significant risks and uncertainties. | |||||||
(d) | (i) | FOREIGN CURRENCY TRANSACTIONS: Foreign currency transactions are recorded at the prevailing exchange rate at the date of the transaction. Monetary assets and liabilities designated in foreign currencies are translated at the exchange rate ruling at period end. Gains and losses arising from these translations are recognized in net income or loss. | |||||
(ii) | FOREIGN ENTITIES: The Group’s foreign entities are regarded as those entities that are considered to be self-sustaining. The balance sheets and statements of operations of foreign subsidiaries are translated on the following basis: | ||||||
Assets and liabilities are translated at the prevailing exchange rate at period end. Statement of operations items are translated at the average exchange rate for the period. Exchange differences on translation are accounted for in shareholders’ equity. These differences are recognized in net income or loss upon realization of the underlying foreign entity. | |||||||
(iii) | FUNCTIONAL CURRENCY: The functional currency of the Group’s South African operations is the South African Rand, of its Australian operations is the Australian dollar, of its Ghanaian operations and of its Peruvian operation is the U.S. dollar. The translation differences arising as a result of converting the South African Rand and the Australian dollar to U.S. dollars (reporting currency) are included as a separate component of Accumulated Other Comprehensive Income. | ||||||
(e) | PROPERTY, PLANT AND EQUIPMENT | ||||||
(i) | MINING ASSETS: Mining assets, including mine development costs and mine plant facilities, are recorded at cost. | ||||||
At the Group’s surface mines, when it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, costs incurred to develop the property are capitalized as incurred until saleable minerals are extracted from the mine and are amortized using the units-of-production method over the estimated life of the ore body based on estimated recoverable ounces or pounds mined from proven and probable reserves. These costs include costs to further delineate the ore body and remove overburden to initially expose the ore body. Subsequent mine development costs are treated as variable production costs. | |||||||
At the Group’s underground mines, the Group capitalizes all underground development costs to access specific ore blocks or other areas of the mine where such costs will provide future economic benefits as a result of establishing proven and probable reserves associated with a specific block or area of operations, even after the reef horizon may have been intersected with the development of the first specific ore block or area of the mine. All costs associated with the development of a specific underground block or area are capitalized until saleable minerals are extracted from that specific block or area. At the Group’s underground mines, these costs include the cost of shaft sinking and access, the costs of building access ways, lateral development, drift development, ramps, box cuts and other infrastructure development. | |||||||
The costs incurred to access specific ore blocks or areas of the mine, which only provide an economic benefit over the period during which that ore block or area is being mined, are attributed to earnings using the units-of-production method where the denominator is estimated recoverable ounces of gold contained in proven and probable reserves within that ore block or area. Capitalized costs that provide an economic benefit over the entire mine life, such as the initial primary shaft in an underground complex, will continue to be attributed to earnings using the units-of-production method, where the denominator is the estimated recoverable ounces of gold contained in total accessible proven and probable reserves. Accessible proven and probable reserves, also referred to as “above infrastructure proven and probable reserves”, relate to mineralization which is located at a level at which an operation currently has infrastructure sufficient to allow mining operations to occur. | |||||||
Interest on borrowings incurred in respect of assets requiring a substantial period of time to prepare for their intended use is capitalized to the date on which the assets are substantially completed and ready for their intended use. | |||||||
(ii) | LAND: Land is shown at cost and is not depreciated. | ||||||
(iii) | MINERAL INTERESTS: Mineral interests represent mineral and surface use rights for parcels of land owned by the Group. Mineral interests and other tangible assets include acquired mineral use rights in production, development and exploration stage properties. The amount capitalized related to mineral interests represents its fair value at the time it was acquired, either as an individual asset purchase or as part of a business combination. | ||||||
Production stage mineral interests represent mineral interests in operating properties that contain proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain (i) other mineralized material such as inferred material within pits, measured, indicated and inferred material with insufficient drill spacing to qualify as proven and probable reserves; and inferred material in close proximity to proven and probable reserves; (ii) around-mine exploration potential such as inferred material not immediately adjacent to existing reserves and mineralization but located within the immediate mine infrastructure; (iii) other mine-related exploration potential that is not part of measured, indicated or inferred material and is comprised mainly of material outside of the immediate mine area; or (iv) greenfield exploration potential that is not associated with any other production, development or exploration stage property as described above. The Group’s mineral use rights are enforceable regardless of whether proven or probable reserves have been established. In certain limited situations, the nature of a use right changes from an exploration right to mining right upon the establishment of proven and probable reserves. The Group has the ability and intent to renew mineral use rights where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral interests. | |||||||
(iv) | AMORTIZATION AND DEPRECIATION OF MINING ASSETS: Mining assets, mine development and evaluation costs, and mine plant facilities are amortized over the life of mine using the units-of-production method, based on estimated above infrastructure proven and probable ore reserves. Proven and probable ore reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits. At the Group’s South African operations, its amortization and depreciation calculations are generally based on the Group’s most recent life-of-mine plan and annual above-infrastructure reserve declarations as approved by the Company’s Board. However, if management becomes aware of significant changes in its above-infrastructure reserves ahead of the scheduled updates, management would update its amortization and depreciation calculations and then subsequently notify the Company’s Board. A similar approach is followed at the Group’s operations in Ghana and Peru, due to the longer-life of the primary ore body. At the Group’s other international operations, such as Australia, the Group’s amortization and depreciation calculations are updated on a more regular basis during the year for all known changes in proven and probable reserves. The nature and life-span of the ore body, and the on-going information gathered in connection with the ore body, facilitates these more frequent updates. | ||||||
(v) | AMORTIZATION OF MINERAL INTERESTS: Mineral interests associated with production stage mineral interests are amortized over the life-of-mine using the units-of-production method in order to match the amortization with the expected underlying future cash flows. Mineral interests associated with development and exploration stage mineral interests are not amortized until such time as the underlying property is converted to the production stage. | ||||||
(vi) | DEPRECIATION OF NON-MINING ASSETS: Other non-mining assets are recorded at cost and depreciated on a straight-line basis over their expected useful lives as follows: | ||||||
Vehicles | — | 20 | % | ||||
Computers | — | 33.3 | % | ||||
Furniture and Equipment | — | 10 | % | ||||
(vii) | MINING EXPLORATION: Expenditure on exploration activities is expensed as incurred. Such expenditure includes the costs incurred for purposes of upgrading resources from one category to another or for purposes of upgrading resources to proven and probable reserves, even when in close proximity to the Company’s development and production stage properties. When it has been determined that a property can be economically developed as a result of establishing proven and probable reserves, costs incurred prospectively to develop the property are capitalized as mine development costs. | ||||||
(viii) | IMPAIRMENT: The Group reviews and tests the carrying amounts of long-lived assets, which include development costs, when events or changes in circumstances suggest that the carrying amount may not be recoverable. For impairment purposes, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The lowest level at which such cash flows are generated is generally at an individual operating mine, even if the individual operating mine is included in a larger mine complex. If there are indications that an impairment may have occurred, the Group prepares estimates of expected future cash flows for each group of assets. Expected future cash flows are based on a probability-weighted approach applied to potential outcomes and reflect: | ||||||
• | estimated sales proceeds from the production and sale of recoverable ounces of gold contained in proven and probable reserves; | ||||||
• | expected gold prices and currency exchange rates (considering historical and current prices, price trends and related factors); | ||||||
• | expected future operating costs and capital expenditures to produce proven and probable gold reserves based on approved life-of-mine plans that assume current plant capacity, but exclude the impact of inflation; and | ||||||
• | expected cash flows associated with value beyond proven and probable reserves, which include the expected cash outflows required to develop and extract the value beyond proven and probable reserves. | ||||||
The impairment analysis first compares the total estimated cash flows on an undiscounted basis to the carrying amount of the asset, including goodwill, if any. If the undiscounted cash flows are less than the carrying amount of the asset, a second step is performed. The Group records a reduction of a group of assets to fair value as a charge to earnings if discounted expected future cash flows are less than the carrying amount. The Group estimates fair value by discounting the expected future cash flows using a discount factor, adjusted for inflation, that reflects the risk- free rate of interest for a term consistent with the period of expected cash flows. | |||||||
Management’s estimate of future cash flows is subject to risk and uncertainties. It is therefore reasonably possible that changes could occur which may affect the recoverability of the Group’s mining assets. | |||||||
(f) | INCOME TAXES: Deferred taxation is calculated on the comprehensive basis using the balance sheet (assets and liabilities) approach. Deferred tax liabilities and assets are recognized by applying expected tax rates to the temporary differences existing at each reporting date between the tax values and their carrying amounts. These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods when the carrying amount of the asset is recovered or the liability is settled. The effect on deferred tax of any changes in tax rates is recognized in net income or loss during the period in which the change occurs. | ||||||
The principal temporary differences arise from depreciation on property, plant and equipment, provisions, unutilized capital allowances and tax losses carried forward. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | |||||||
The Group recognizes interest and penalties on income taxes, if any, in net income or loss as part of income tax expense. | |||||||
Gold Fields recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | |||||||
(g) | NON-CURRENT INVESTMENTS: Non-current investments comprise (i) investments in listed companies which are classified as available-for-sale and are accounted for at fair value, with unrealized holding gains and losses excluded from earnings and reported as a separate component of shareholders’ equity; and (ii) investments in unlisted companies which are carried at their original costs as the directors believe that the original cost is not materially different from the fair value; (iii) monies in environmental trust fund; and (iv) equity method investments. Realized gains and losses are included in the determination of net income or loss. | ||||||
Unrealized losses are included in the determination of net income or loss where it is determined that a decline, other than a temporary decline, in the value of the investment has occurred. | |||||||
(h) | MATERIALS CONTAINED IN HEAP LEACH PADS: The recovery of gold from certain oxide ores is best achieved through the heap leaching process. Under this method, ore is placed on leach pads where it is permeated with a chemical solution, which dissolves the gold contained in the ore. The resulting “pregnant” solution is further processed in a leach plant where the gold in solution is recovered. For accounting purposes, value is added to leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Value is removed from the leach pad as ounces are recovered in circuit at the leach plant based on the average cost per recoverable ounce of gold on the leach pad. | ||||||
The engineering estimates of recoverable gold on the heap leach pads are calculated from quantities of ore placed on the pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on the leach process and the ore type). In general, the leach pad production cycles project recoveries of approximately 50% to 70% of the placed recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is completed. | |||||||
Although the quantities of recoverable gold placed on the leach pads are reconciled by comparing the grades of ore placed on the pads to the quantities of gold actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to market are accounted for on a prospective basis. The ultimate recovery of gold from the pad will not be known until the leaching process is terminated. | |||||||
The current portion of leach pad inventories is determined based on engineering estimates of the quantities of gold at the reporting date that are expected to be recovered during the next twelve months. | |||||||
(i) | INVENTORIES: Inventories are valued at the lower of cost and market value. The Group’s inventories comprise consumable stores, gold-in-process, gold bullion, ore stockpiles and mineral rights and are accounted for as follows: | ||||||
Consumable stores: Consumable stores are valued at average cost, after appropriate provision for surplus and slow moving items. | |||||||
Gold-in-process: Gold in-process inventories at the international operations represent materials that are currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific mining operation, but include mill in-circuit, leach in-circuit, flotation and column cells, and carbon in-pulp inventories. In-process material is measured based on assays of the material fed to process and the projected recoveries of the respective plants. | |||||||
In-process inventories are valued at the average cost of the material fed to process attributable to the source material coming from the mine, stockpile or leach pad plus the in-process conversion costs, including applicable depreciation relating to the process facility, incurred to that point in the process. | |||||||
Gold bullion: Gold bullion inventories represent saleable gold ore or gold bullion and are valued at the average cost of the respective in-process inventories incurred prior to the refining process, plus refining costs. | |||||||
Concentrates: Concentrate inventories represent concentrate available for shipment. The concentrate inventory is valued at the average cost, including an allocated portion of amortization. Costs are added to and removed from the concentrate inventory based on tons of concentrate and are valued at the lower of average cost and market value. Management’s determination of the gold and copper concentrate content and quantity depends on assay and laboratory results for the metal content and survey for the quantities. | |||||||
Stockpiles: Stockpiles represent coarse ore that has been extracted from the mine that is available for further processing. Stockpiles are measured by estimating the number of tons (via truck counts and/or in-pit surveys of the ore before stockpiling) added and removed from the stockpile, the number of contained ounces (based on assay data) and the recovery percentage (based on the process for which the ore is destined). Stockpile tonnages are verified by periodic surveys. Stockpiles are valued based on mining costs incurred up to the point of stockpiling the ore, including applicable depreciation and amortization relating to mining operations. Value is added to a stockpile based on the current mining cost per ton plus applicable depreciation and amortization and removed at the average cost per recoverable ounce of gold in the stockpile. | |||||||
Mineral rights: Mineral rights not linked to any specific operation are valued at the lower of cost and market value. | |||||||
(j) | FINANCIAL INSTRUMENTS: Financial instruments carried on the balance sheet include cash and cash equivalents, investments, receivables, derivative financial instruments, accounts payable and accrued liabilities. The particular recognition method for each financial instrument item is disclosed in its respective significant accounting policy description. | ||||||
(k) | HEDGING: All derivatives are recognized on the balance sheet at their fair value, unless they meet the criteria for the normal purchases normal sale exemption. On the date a derivative contract is entered into, the Group designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction (cash flow hedge), or (3) a hedge of a net investment in a foreign entity. Certain derivative transactions, while providing effective economic hedges under the Group’s risk management policies, do not qualify for hedge accounting. | ||||||
Hedging activities are conducted in accordance with guidelines established by the Audit Committee which allow for the use of various hedging instruments. | |||||||
Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a fair value hedge, are recorded in net income or loss, along with the change in the fair value of the hedged asset or liability that is attributable to the hedged risk. | |||||||
Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a cash flow hedge, are recognized directly in shareholders’ equity. Amounts deferred in shareholders’ equity are included in net income or loss in the same period during which the hedged firm commitment or forecasted transaction affects net income or loss. | |||||||
Recognition of derivatives which meet the criteria for the normal purchases normal sales exception is deferred until settlement. Under these contracts, the Group must deliver a specified quantity of gold at a future date at a specified price to the contracted counter-party. | |||||||
Hedges of net investment in foreign entities are accounted for similarly to cash flow hedges. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized in net income or loss, under the caption entitled gains and losses on financial instruments. The fair value recognized on the balance sheet is included under the caption financial instruments. | |||||||
The Group formally documents all relationships between hedging instruments and hedged items at inception, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking derivatives designed as hedges to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Group also formally assesses, both at the hedge inception date and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. | |||||||
(l) | CASH AND CASH EQUIVALENTS: Cash and cash equivalents comprise cash on hand, demand deposits and investments in money market instruments. These are all highly liquid investments with a maturity of three months or less at the date of purchase. | ||||||
The carrying amount of cash and cash equivalents is stated at cost which approximates fair value. | |||||||
(m) | TRADE RECEIVABLES: Trade receivables are carried at anticipated realizable value. Estimates are made for doubtful debts based on a review of all outstanding amounts at period end. Irrecoverable amounts are written off during the period in which they are identified. | ||||||
(n) | PROVISIONS: Provisions are recognized when information is available prior to the issuance of the financial statements which indicates that it is probable that an asset has been impaired or a liability had been incurred at the date of the financial statements and the amount can be reasonably estimated. | ||||||
(o) | REHABILITATION COSTS: ASC 410 applies to legal obligations associated with the retirement of a long-lived asset that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. | ||||||
Under ASC 410 the Group records the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When the liability is initially recorded, the Group correspondingly capitalizes the cost by increasing the carrying value of the related long-lived asset. Over time, the liability is increased (accretion) to reflect an interest element considered in its initial measurement at fair value, and the capitalized cost is amortized over the useful life of the related asset. Upon settlement of the liability, the Group will record a gain or loss if the actual cost incurred differs from the liability recorded. | |||||||
Environmental liabilities, other than rehabilitation costs which relate to liabilities from specific events, are expensed as incurred. | |||||||
(p) | ENVIRONMENTAL TRUST FUNDS: Contributions are made to the Group’s trust funds, created in accordance with statutory requirements, to fund the estimated cost of pollution control, rehabilitation and mine closure at the end of the life of the Group’s South African and Ghanaian mines. Contributions are determined on the basis of the estimated environmental obligation over the life of the mine. Income earned on monies paid to environmental trust funds is accounted for as investment income. The funds contributed to the trusts plus growth in the trust funds are included under investments on the balance sheet. | ||||||
(q) | EMPLOYEE BENEFITS | ||||||
(i) | PENSION AND PROVIDENT FUNDS: In South Africa, the Group operates a defined contribution retirement plan and contributes to a number of industry based defined contribution retirement plans. The retirement plans are funded by payments from employees and the Group. | ||||||
Contributions to defined contribution funds are recognized in net income or loss as incurred. | |||||||
(ii) | POST-RETIREMENT HEALTH CARE COSTS: Medical coverage is provided through a number of schemes. Post-retirement health care in respect of existing employees is recognized as an expense over the remaining service lives of the relevant employees. | ||||||
The Group has an obligation to provide medical benefits to certain of its pensioners and dependents of ex-employees. These liabilities are unfunded and have been provided in full, calculated on an actuarial basis. | |||||||
Valuation of these obligations is carried out annually by independent actuaries using appropriate mortality tables, long-term estimates of increases in medical costs and appropriate discount rates. | |||||||
(iii) | SHARE-BASED COMPENSATION PLANS: Compensation costs recognized in fiscal 2013, 2012 and 2011 include: a) compensation cost for all share-based payments granted prior to, but not yet vested as of July 1, 2005, based on the grant-date fair value estimated in accordance with the original provisions of ASC 718, Accounting for Stock- Based Compensation, and b) compensation cost for all share-based payments granted subsequent to June 30, 2005, based on the grant-date fair value estimated in accordance with the provisions of ASC 718, Stock-Based Compensation. | ||||||
(r) | REVENUE RECOGNITION: Revenue arising from gold and by-product sales is recognized when the risks and rewards of ownership and title pass to the buyer under the terms of the applicable contract, the pricing is fixed and determinable and collectability is reasonably assured. Sales revenue excludes value-added tax but includes the net profit and losses arising from hedging transactions, which are designated as normal sales contracts. | ||||||
Contracts for the sale of copper concentrate are provisionally priced—that is, the selling price is subject to final adjustment at the end of a period normally ranging from 30 to 90 days after delivery to the customer, based on market prices at the relevant quotation points stipulated in the contract. | |||||||
Revenue on provisionally priced copper concentrate sales is recorded on the date of shipment, net of refining and treatment charges, using the forward London Metal Exchange price to the estimated final pricing date, adjusted for the specific terms of the relevant agreement. Variations between the price used to recognize revenue and the actual final price received can be caused by changes in prevailing copper and gold prices and result in an embedded derivative. The host contract is the receivable from the sale of copper concentrate at the forward London Metal Exchange price at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked-to-market each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of revenue while the contract itself is recorded in accounts receivable. | |||||||
(s) | DIVIDEND INCOME: Dividends are recognized when the right to receive payment is established. | ||||||
(t) | INTEREST INCOME: Interest is recognized on a time proportion basis taking account of the principal outstanding and the effective rate to maturity on the accrual basis. | ||||||
(u) | DIVIDENDS DECLARED: Dividends proposed are recognized only when the dividends are declared. Dividends are payable in South African Rand. | ||||||
(v) | SEGMENT REPORTING: The Group is a gold mining company operating geographically in South Africa, Ghana, Australia and Peru. The business segments comprise geographical operations based on locations and operating units. | ||||||
(w) | EARNINGS/(LOSS) PER SHARE is calculated based on the net income/(loss) divided by the weighted average number of common shares in issue during the period. Diluted earnings/(loss) per share is presented when the inclusion of potential ordinary shares has a dilutive effect on earnings/ (loss) per share. | ||||||
(x) | DISCONTINUED OPERATIONS: A discontinued operation is a component of the Group that either has been disposed of, or that is classified as held for sale, and: (i) represents a separate major line of business or geographical area of operations that can be clearly distinguished from the rest of the Group in terms of operations and cash flows or (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Generally, a major line of business is a segment or business unit. Results from discontinued operations until the date of disposal are presented separately as a single amount in the consolidated statements of operations together with any gain or loss from disposal. Results from operations qualifying as discontinued operations as of the balance sheet date for the latest period presented, that have previously been presented as results from continuing operations, are re-presented as results from discontinued operations for all periods presented. The financial information of discontinued operations is excluded from the respective captions in the consolidated statements of operations, cash flows and related notes for all years presented. | ||||||
(y) | ASSETS HELD FOR SALE: Assets are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. | ||||||
(z) | COMMITMENTS AND CONTINGENCIES: Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. | ||||||
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |||||||
Balance sheet | |||||||
During December 2011, the Accounting Standards Codification, or ASC guidance related to disclosures about offsetting assets and liabilities was updated. The amendments require an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under IFRS. The amendments are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. The Group implemented the provisions of ASU 2011-11 as of January 1, 2013. The updated guidance did not impact Gold Fields’ financial statements. | |||||||
Comprehensive Income | |||||||
In February 2013, the ASC guidance related to reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income was updated. The amendments require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income, either on the face of the statement of operations or in the notes, if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income in the same reporting period. For other amounts not required by U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures which provide additional information about the amounts. The guidance is effective prospectively for reporting periods beginning after December 15, 2012. As this guidance provides only presentation requirements, the adoption of this standard did not impact Gold Fields’ results of operations, cash flows or financial position. | |||||||
Recently issued accounting pronouncements not yet adopted | |||||||
Liabilities | |||||||
During February 2013, the ASC guidance related to liabilities: obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date was updated. The update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed as the sum of the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the entity expects to pay on behalf of its co-obligors. The new standard is effective for fiscal years ending after December 15, 2014 and interim and annual periods thereafter. The update is to be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the update’s scope that exist at the beginning of an entity’s fiscal year of adoption. Gold Field’s will implement the provisions of the new standard as of January 1, 2014. Gold Fields does not expect that the updated guidance will impact its financial statements. | |||||||
Income Taxes | |||||||
During July 2013, the ASC guidance related to income taxes: presentation of an unrecognized tax benefit when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists was updated. The update requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry forward, a similar tax loss, or a tax credit carry forward. The update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The new standard is to be applied prospectively but retrospective application is permitted. Gold Field’s will implement the provisions of ASU 2013-11 as of January 1, 2014. Gold Fields does not expect that the updated guidance will impact its financial statements. |
Acquisition_And_Disposal_of_Bu
Acquisition And Disposal of Businesses | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Acquisition And Disposal of Businesses | ' | ||||
3 | ACQUISITION AND DISPOSAL OF BUSINESSES | ||||
(a) | Sibanye Gold Spin-off | ||||
On February 18, 2013, Gold Fields completed the separation of its wholly-owned subsidiary, Sibanye Gold (formerly known as GFI Mining South Africa, or GFIMSA), which includes the KDC and Beatrix mining operations. The Spin-off was achieved by way of Gold Fields making a distribution on a pro rata basis of one Sibanye Gold ordinary share for every one Gold Fields share (whether held in the form of shares, American depositary receipts, or ADRs, or international depositary receipts) to Gold Fields shareholders, registered as such in Gold Fields’ register at close of business on February 15, 2013, in terms of section 46 of the South African Companies Act and section 46 of the South African Income Tax Act. The Board of Gold Fields passed the resolution necessary to implement the Spin-off on December 12, 2012. Sibanye Gold shares listed on the JSE, and on the NYSE on February 11, 2013. As of February 18, 2013, or the Spin-off Date, Gold Fields and Sibanye Gold were independent, publicly traded companies with separate public ownership, boards of directors and management. Refer note 9.1. | |||||
(b) | Far South East Project | ||||
On September 20, 2010, Gold Fields entered into option agreements with Lepanto Consolidated Mining Company, or Lepanto, a company listed in the Philippines, and Liberty Express Assets, or Liberty, a private holding company, to acquire a 60% interest in the undeveloped gold-copper Far Southeast, or FSE, deposit in the Philippines. The agreements provide Gold Fields with an option on FSE, during which time Gold Fields will conduct a major drilling program as part of a feasibility study on FSE. The option can be exercised at the later of 18 months from the option agreement date or the granting of a Foreign Technical Assistance Agreement to FSE, which allows for direct majority foreign ownership and control. As part of the agreement, Gold Fields was required to pay $10.0 million in option fees to Lepanto and $44.0 million as a non-refundable down-payment to Liberty upon signing of the option agreements, which payments were made during September 2010. During fiscal years ended December 31, 2011 and 2012, Gold Fields paid further non-refundable down-payments of $66.0 million and $110.0 million, respectively, to Liberty. The final payment of $110.0 million is payable at the expiration of the option period. The total pre-agreed acquisition price for a 60% interest in FSE, inclusive of all of the above payments, is $340.0 million. Refer note 14(c) for disclosure on FSE. | |||||
(c) | The Mankayan Project | ||||
On October 4, 2011, Gold Fields entered into an option agreement with Bezant Resources PLC, or Bezant, to acquire the entire issued share capital of Asean Copper Investments Limited, or Asean, which is incorporated in the British Virgin Islands, a wholly owned subsidiary of Bezant. Asean holds Bezant’s entire interest in the Guinaoang porphyry copper-gold deposit (the Mankayan project) located on Luzon Island in the Philippines, approximately four kilometres east of the FSE deposit. | |||||
Gold Fields paid an upfront non-refundable option fee of $7.0 million and was granted the option to acquire the entire issued share capital of Asean for $63.0 million. The option could have been exercised from the date upon which it is granted until expiry on January 31, 2013. During fiscal 2013, the option was extended to January 31, 2014 with a revised consideration of $60.5 million to be paid on future exercise of the option. In consideration for this extension, Gold Fields made a second non-refundable payment of $2.5 million. Gold Fields also purchased an associate stake in Bezant for $7.5 million in January 2013 (refer note 14(c)). In November 2013, Gold Fields relinquished the option ahead of its expiry date and the $9.5 million non-refundable option fee was written off. | |||||
(d) | Ghana Operations | ||||
On June 22, 2011, Gold Fields acquired the 18.9% minority stake of IAMGold Corporation, or IAMGold, in the Tarkwa and Damang gold mines in Ghana, for a cash consideration of $667.0 million, increasing Gold Fields’ interest in each of the Tarkwa and Damang gold mines from 71.1% to 90.0%, the remaining 10.0% interest being held by the goverment of Ghana. | |||||
(e) | Peru Operations | ||||
On March 22, 2011, Gold Fields Corona (BVI) Limited, a wholly owned subsidiary of Gold Fields, made a voluntary purchase offer to acquire the outstanding common voting shares and investment shares of Gold Fields La Cima S.A.A., or La Cima, that were not already owned. The offer closed on April 15, 2011. With the closing of the offer and with further purchases of shares after that date, Gold Fields’ effective economic shareholding in La Cima increased to 98.5% from 80.7% for a total cash consideration of $382.0 million. During fiscal 2012, Gold Fields purchased an additional 0.1% in La Cima for $0.8 million. During fiscal 2013, Gold Fields purchased an additional 0.93% in La Cima for $12.8 million, thereby increasing its shareholding to 99.53%. | |||||
La Cima holds the Cerro Corona mine in Peru. | |||||
(f) | Yilgarn South assets | ||||
On October 1, 2013, Gold Fields completed the acquisition of the Granny Smith, Lawlers and Darlot gold mines (collectively the Yilgarn South assets) in Western Australia, from Barrick Gold Corporation. Gold Fields acquired the assets for a total net consideration of $262.3 million after adjustments for working capital and employee entitlements. In accordance with the sale and purchase agreement, Gold Fields elected to satisfy half of the consideration by delivering 28.7 million of its common shares (which was based on the 5-day volume-weighted average price for the ADR’s trading on the NYSE prior to closing). The balance of $135.0 million (less a $30.0 million deposit paid on signing of the agreement) was paid from cash resources held by Gold Fields in Australia. | |||||
Taking control of the acquired mines has enabled the Group to increase its production profile in Australia and to obtain cost efficiencies through the integration of the Lawlers and the existing Agnew gold mines. | |||||
In the three months to December 31, 2013, the Yilgarn South assets contributed revenue of $151.3 million and loss after tax was $4.1 million). The loss after tax was mainly due to transaction costs of $27.4 million. The disclosure of other information required by ASC 805-10-50-2 is impracticable as financial information for the acquired assets and liabilities under US GAAP was not available prior to the acquisition date. | |||||
The following summarises the major classes of consideration transferred, and the recognised amount of assets acquired and liabilities assumed at the acquisition date. | |||||
Consideration transferred | $ million | ||||
Equity instruments (28.7 million ordinary shares) | 127.3 | ||||
Cash | 135 | ||||
Total consideration | 262.3 | ||||
The fair value of the ordinary shares issued was based on the listed share price of the Company at October 1, 2013 of R44.8 per share. | |||||
Identified assets acquired and liabilities assumed | $ million | ||||
Property plant and equipment | 348 | ||||
Inventories | 40.8 | ||||
Prepayments | 0.6 | ||||
Finance lease liability | (4.3 | ) | |||
Provision for environmental rehabilitation | (55.0 | ) | |||
Trade and other payables | (46.7 | ) | |||
Leave pay accrual | (21.1 | ) | |||
Total identifiable net assets acquired | 262.3 | ||||
The Yilgarn South assets are subject to specific environmental regulations. The Group has conducted a preliminary assessment of the provision for environmental rehabilitation arising from these regulations, and has recognised a preliminary amount in its initial accounting. However, the Group will continue its assessment of these matters during the measurement period. As a result, the purchase price allocation has been prepared on a provisional basis. | |||||
If new information, obtained within one year from the acquisition date, about facts and circumstances that existed at the acquisition date identifies adjustments to the above amounts, or any additional provisions that existed at the acquisition date, then the acquisition accounting will be revised. | |||||
The Group incurred acquisition related costs of $27.4 million in respect of stamp duty on the transferred assets, due diligence and legal costs. These costs have been included under other expenses in the consolidated statement of operations. |
Asset_Impairments_and_WriteOff
Asset Impairments and Write-Offs | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Impairments and Write-Offs | ' | ||||||||||||
4 | ASSET IMPAIRMENTS AND WRITE-OFFS | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Materials contained on heap leach pad | 61.3 | 19.2 | — | ||||||||||
Stockpiles1 | 16.1 | — | — | ||||||||||
Consumables 1 | 2.4 | — | — | ||||||||||
Heap leach inventory 2 | 42.8 | 19.2 | — | ||||||||||
Property, plant and equipment | 122.3 | 14.5 | 9.5 | ||||||||||
Yanfolila 3 | 29.7 | — | — | ||||||||||
Heap leach assets 2 | 20.2 | 10.1 | — | ||||||||||
Tarkwa expansion project 4 | 4.6 | — | — | ||||||||||
Property, plant and equipment - other 5 | 14.8 | 4.4 | 9.5 | ||||||||||
Damang - asset group 6 | 53 | — | — | ||||||||||
Other | 31.7 | 7.9 | — | ||||||||||
Tarkwa expansion project 4 | 22.2 | — | — | ||||||||||
Non-refundable option payment to Bezant 7 | 9.5 | — | — | ||||||||||
Biox - property, plant and equipment 8 | — | 7.9 | — | ||||||||||
Total asset impairments and write-offs | 215.3 | 41.6 | 9.5 | ||||||||||
-1 | Market value write-down of stockpiles at Damang of $16.1 million and consumables at Tarkwa of $2.4 million. | ||||||||||||
-2 | Write-down of inventory to market value due to the cessation of the heap leach operations as well as the write-off of related assets at Tarkwa (2012: cessation of heap leach operations at St Ives). | ||||||||||||
-3 | Following the Group’s decision to dispose of non-core projects, Yanfolila was classified as held for sale and, accordingly, valued at the lower of fair value less cost to sell or carrying value which resulted in an impairment. The fair value less cost to sell was based on offers received. The disposal is expected to be completed during fiscal 2014. | ||||||||||||
-4 | Write-off of assets due to the abandonment of the Tarkwa expansion project at Tarkwa. | ||||||||||||
-5 | Write-off of redundant assets at Tarkwa, Cerro Corona and Agnew. The charge in fiscal 2012 was due to the write-off of heavy mining machinery in Ghana. The charge in fiscal 2011 resulted from the decision to reassess the optimal processing methodology for the oxides at Cerro Corona, where the focus was on the evaluation of a heap leach operation to capture the value inherent in the oxide instead of a stand-alone oxide plant; the evaluation costs of which were written off in 2011. | ||||||||||||
-6 | As the undiscounted cash flows for Damang was less than its carrying value, the fair value of the asset group was calculated. The fair value of Damang was calculated using a combination of the market (comparable resource transactions) and the income (present value techniques) methods. The impairment was mainly due to the decrease in the gold price which impacted the life of mine plan. | ||||||||||||
The key assumptions used in the calculation were as follows: | |||||||||||||
- Real discount rate - 8% | |||||||||||||
- Long-term gold price per ounce - $1,300 | |||||||||||||
- Resource valuation per ounce - $26 | |||||||||||||
- 2013 life of mine years - 6 | |||||||||||||
The fair value calculation is very sensitive to the gold price assumption and an increase or decrease in the gold price could materially change the fair value. | |||||||||||||
-7 | The US$9.5 million non-refundable option payment was written off due to the fact that Gold Fields relinquished the Mankayan option in connection with the Guinaoang property ahead of the January 31, 2014 expiry date. | ||||||||||||
-8 | The Group impaired its patented technology in fiscal 2012, known as the Biox process, which is used for the pretreatment of refractory ores and concentrates prior to gold recovery through conventional cyanide leaching techniques. The Group sold its Biox technology in 2013. |
Finance_Expense
Finance Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Finance Expense | ' | ||||||||||||
5 | FINANCE EXPENSE | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest expense - preference share dividend | — | — | (1.3 | ) | |||||||||
Interest expense | (90.7 | ) | (68.6 | ) | (60.3 | ) | |||||||
Total finance expense | (90.7 | ) | (68.6 | ) | (61.6 | ) | |||||||
Capitalized interest | 18.3 | 13 | 9.3 | ||||||||||
(72.4 | ) | (55.6 | ) | (52.3 | ) | ||||||||
Other_Expenses
Other Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Expenses | ' | ||||||||||||
6 | OTHER EXPENSES | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stamp duty and other costs on the acquistion of the Yilgarn South assets (refer note 3 (f)) | 27.4 | — | — | ||||||||||
Facility charges 1 | 23.5 | — | — | ||||||||||
Regulatory legal fees 2 | 11.1 | — | — | ||||||||||
Other | 42.2 | 37.9 | 47.3 | ||||||||||
Total other expenses | 104.2 | 37.9 | 47.3 | ||||||||||
-1 | Facility costs on cancellation of the $1 billion and $500 million facilities associated with the spin-off of Sibanye Gold. | ||||||||||||
-2 | Legal fees paid as a result of the Gold Fields Board examination and regulatory investigation relating to the South Deep Black Economic Empowerment transaction. | ||||||||||||
Income_And_Mining_Tax_Expense
Income And Mining Tax Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income And Mining Tax Expense | ' | ||||||||||||
7 | INCOME AND MINING TAX EXPENSE | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income taxes | |||||||||||||
South Africa | (16.1 | ) | (14.5 | ) | (16.4 | ) | |||||||
Ghana | (40.6 | ) | (170.6 | ) | (180.5 | ) | |||||||
Australia | (42.1 | ) | (64.1 | ) | (35.9 | ) | |||||||
Peru | (66.3 | ) | (104.7 | ) | (111.7 | ) | |||||||
Current income and mining taxes | (165.1 | ) | (353.9 | ) | (344.5 | ) | |||||||
Deferred income taxes | |||||||||||||
South Africa | 14.2 | 24.2 | 5.5 | ||||||||||
Ghana | 68.3 | (36.8 | ) | (12.0 | ) | ||||||||
Australia | 1 | (4.8 | ) | (51.3 | ) | ||||||||
Peru | (24.1 | ) | 11.9 | 17.8 | |||||||||
Deferred income and mining taxes | 59.4 | (5.5 | ) | (40.0 | ) | ||||||||
Total income and mining taxes | (105.7 | ) | (359.4 | ) | (384.5 | ) | |||||||
The Company’s pre-tax (loss)/income from continuing operations before impairment of equity investee and share of equity investees’ share of losses comprise: | |||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
South Africa | (348.7 | ) | (169.5 | ) | (124.9 | ) | |||||||
Ghana | (96.9 | ) | 441.6 | 624.9 | |||||||||
Australia | 111 | 156.5 | 258.8 | ||||||||||
Peru | 153.4 | 259.6 | 241.1 | ||||||||||
British Virgin Islands | 18.7 | 24.5 | 4.5 | ||||||||||
(162.5 | ) | 712.7 | 1,004.40 | ||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
South African mining tax on mining income, an income tax, is determined on a formula basis which takes into account the profit and revenue from mining operations during the period. Non-mining income is taxed at a standard rate. Deferred tax is provided at the estimated mining tax rate that will apply when the temporary differences reverse. The applicable tax rates are: | |||||||||||||
South Africa | |||||||||||||
Mining statutory rate | 34 | % | 34 | % | 43 | % | |||||||
Non-mining income standard tax rate | 28 | % | 28 | % | 35 | % | |||||||
Non-mining companies | 28 | % | 28 | % | 28 | % | |||||||
Ghana | 35 | % | 35 | % | 25 | % | |||||||
Australia | 30 | % | 30 | % | 30 | % | |||||||
Peru | 30 | % | 30 | % | 30 | % | |||||||
Major items causing the Group’s income tax provision to differ from the South African mining statutory rate were: | |||||||||||||
Tax on (loss)/income before tax, impairment of investment in equity investee and share of equity investees’ losses and discontinued operations at South African mining statutory rate | 55.3 | (242.3 | ) | (431.9 | ) | ||||||||
Rate adjustment to reflect company tax rates | 25.5 | 17.1 | 213.8 | ||||||||||
South African mining tax formula rate adjustment | — | — | (25.9 | ) | |||||||||
Valuation allowance raised against deferred tax assets | (1.1 | ) | — | — | |||||||||
Reversal of valuation allowance previously raised against deferred tax assets 1 | — | 58.2 | 20.6 | ||||||||||
Non-deductible expenditure 2 | (56.1 | ) | (12.5 | ) | (75.9 | ) | |||||||
Non-deductible exploration and feasibility and evaluation costs | (47.2 | ) | (74.4 | ) | (92.8 | ) | |||||||
Non-deductible share-based compensation | (11.5 | ) | (12.9 | ) | (10.3 | ) | |||||||
Non-deductible interest expense | (25.3 | ) | (24.8 | ) | (23.4 | ) | |||||||
Deferred tax adjustment on changes in tax rates at the South African (2013 and 2012) and Ghanaian operations in 2012 (2011: Peruvian operation) | (4.4 | ) | (65.4 | ) | 9.1 | ||||||||
Prior year adjustment to Cerro Corona deferred tax 3 | (29.5 | ) | — | — | |||||||||
Other | (11.4 | ) | (2.4 | ) | 32.2 | ||||||||
Income and mining tax expense | (105.7 | ) | (359.4 | ) | (384.5 | ) | |||||||
-1 | During fiscal year ended December 31, 2012, the Group reversed a portion of the valuation allowance against unredeemed capital expenditure and net operating losses to the extent that there is sufficient future taxable income. In making this determination, the Group analyzed, amongst other things, the recent history of earnings and cashflows, forecasts of future earnings, the nature and timing of future deductions and benefits represented by deferred tax assets and the cumulative earnings for the last three years. | ||||||||||||
-2 | The December 31, 2013: $56.1 million (fiscal years ended December 31, 2012: $12.5 million and December 31, 2011: $75.9 million) non-deductible expenditure comprises mainly $13.3 million (fiscal years ended December 31, 2012: $6.0 million and December 31, 2011: $3.5 million) of impairments, $8.0 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of facility charges, $8.2 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of legal and consulting fees, $5.1 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of stamp duty on the Yilgarn South assets acquistion, $9.4 million (fiscal years ended December 31, 2012: $12.8 million and December 31, 2011: $16.7 million) of various Peruvian non-deductible expenses and $nil relating to National stabilization levy in Ghana (fiscal years ended December 31, 2012: $nil and December 31, 2011: $35.9 million). There were no other individually significant amounts included in this line item. | ||||||||||||
-3 | In connection with the preparation of the consolidated financial statements for the year ended December 31, 2013, the Group identified an understatement in the calculation of its deferred tax liabilities related to its Cerro Corona operations in Peru. Deferred tax amounting to $29.5 million was incorrectly recognised in prior years on the basis differences related to foreign nonmonetary assets and liabilities that are remeasured from the local currency into the functional currency. As a result, the deferred tax liability at December 31, 2012 was understated by $29.5 million. | ||||||||||||
The Group has applied SEC Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 states that registrants must quantify the impact of correcting all misstatements on all periods presented, including both the carryover (iron curtain method) and reversing (rollover method) effects of prior-year misstatements on the current-year financial statements, and by evaluating the misstatement measured under each method in light of quantitative and qualitative factors. | |||||||||||||
In accordance with accounting guidance presented in ASC 250-10 and SEC Staff Accounting Bulletin No. 99, Materiality, the Group assessed the materiality of the misstatement and concluded that it was not material to Group’s current-year financial statements, taken as a whole. | |||||||||||||
Under SAB No. 108, prior-year misstatements may be corrected in the current year provided that such correction does not result in a material misstatement to the current-year financial statements. Correcting current-year financial statements for such “immaterial errors” does not require previously filed reports to be amended. The Group has corrected the misstatement in the current-year financial statements as an “out-of-period” adjustment of $29.5 million. | |||||||||||||
-4 | No provision is made for the income tax effect that may arise on the remittance of unremitted earnings by certain foreign subsidiaries. It is management’s intention that these earnings will be permanently re-invested into future capital projects, maintenance capital and ongoing working capital funding requirements. In the event that the Group repatriated these earnings, income taxes and withholding taxes may be incurred. The determination of such taxes is subject to various complex calculations and, accordingly, the Group has determined that it is impractical to estimate the amount of deferred tax liability on such unremitted earnings. | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred income and mining tax liabilities and assets on the balance sheet as of December 31, 2013 and 2012 relate to the following: | |||||||||||||
Deferred income and mining tax liabilities | |||||||||||||
Mining assets | 1,047.60 | 1,608.00 | |||||||||||
Investments held by environmental trust funds | 2.7 | 45.3 | |||||||||||
Inventory | 18.2 | 15.3 | |||||||||||
Other | 19.5 | 13.1 | |||||||||||
Gross deferred income and mining tax liabilities | 1,088.00 | 1,681.70 | |||||||||||
Provisions, including rehabilitation accruals | (103.7 | ) | (144.6 | ) | |||||||||
Tax losses | (159.8 | ) | (183.0 | ) | |||||||||
Unredeemed capital expenditure | (876.9 | ) | (782.9 | ) | |||||||||
Other | (4.1 | ) | — | ||||||||||
Gross deferred income and mining tax assets | (1,144.5 | ) | (1,110.5 | ) | |||||||||
Valuation allowance for deferred tax assets | 330.2 | 324.4 | |||||||||||
Total deferred income and mining tax assets | (814.3 | ) | (786.1 | ) | |||||||||
Total deferred income and mining tax liabilities | 273.7 | 895.6 | |||||||||||
Less: short-term portion of deferred income and mining tax liabilities | (16.0 | ) | (17.9 | ) | |||||||||
Less: short-term portion of deferred income and mining tax assets | 29 | — | |||||||||||
Long-term portion of deferred income and mining taxes | 286.7 | 877.7 | |||||||||||
Classified as: | |||||||||||||
Long-term liabilities | (309.3 | ) | (901.8 | ) | |||||||||
Long-term assets | 22.6 | 24.1 | |||||||||||
The classification of deferred income and mining tax liabilities or assets as current or non-current is based on the related liability or asset creating the deferred tax. Deferred taxes not related to a specific liability or asset are classified based on the estimated period of reversal. | |||||||||||||
The Group has established a valuation allowance for certain deferred tax assets where cumulative losses require a valuation allowance, or where management believes that they will not be realized based on projections as of December 31, 2013 and December 31, 2012. The valuation allowance relates primarily to net operating loss carry-forwards for the entities below, except for GFI Joint Venture Holdings, or GFIJVH, which also include unredeemed capital expenditure. | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Orogen Investments SA (Luxembourg) | 41 | 37.9 | |||||||||||
Gold Fields Arctic Platinum Oy | 23.2 | 28.8 | |||||||||||
Living Gold (Pty) Limited 1 | — | 4.8 | |||||||||||
GFI Joint Venture Holdings | 266 | 252.3 | |||||||||||
Other | — | 0.6 | |||||||||||
330.2 | 324.4 | ||||||||||||
-1 | Valuation allowance not raised at December 31, 2013 as it was distributed as part of the Sibanye Gold spin-off. | ||||||||||||
As at December 31, 2013 and December 31, 2012, the Group had unredeemed capital expenditure available for deduction against future mining income at its operations as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Unredeemed capital expenditure: | |||||||||||||
Gold Fields Operations | 692.3 | 724.3 | |||||||||||
GFI Joint Venture Holdings | 1,779.90 | 1,885.40 | |||||||||||
Gold Fields La Cima 1 | 450.9 | 506.8 | |||||||||||
2,923.10 | 3,116.50 | ||||||||||||
-1 | The estimated capital allowances do not have an expiration date. Gold Fields La Cima, or La Cima, currently has no tax losses available for utilization against future profits. | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Calculated tax losses: | |||||||||||||
Gold Fields Operations 1 | 301.1 | 404.9 | |||||||||||
Gold Fields Group Services (Pty) Limited 1 | 8.2 | 15.2 | |||||||||||
Abosso Goldfields Limited 2 | 7.2 | — | |||||||||||
Orogen Investments SA (Luxembourg) 3 | 140.4 | 126.3 | |||||||||||
Gold Fields Arctic Platinum Oy 4 | 94.8 | 95.9 | |||||||||||
Agrihold (Pty) Limited 1,5 | — | 2.1 | |||||||||||
Living Gold (Pty) Limited 1,5 | — | 17.1 | |||||||||||
551.7 | 661.5 | ||||||||||||
-1 | These future deductions may be utilized against income generated by the individual tax entity concerned and do not expire unless the tax entity ceases to commercially operate for a period longer than one year. Under South African mining tax ring-fencing legislation, each tax entity is treated separately and as such these deductions can only be utilized by the tax entities in which the deductions have been generated. | ||||||||||||
-2 | Tax losses may be carried forward for five years. These losses expire on a first-in-first-out basis. | ||||||||||||
-3 | The tax losses can only be used to offset future interest income generated by Orogen and can be carried forward indefinitely. | ||||||||||||
-4 | Tax losses may be carried forward for ten years. These losses expire on a first-in first-out basis. | ||||||||||||
-5 | Tax losses are not available at December 31, 2013 as they were distributed as part of the Sibanye Gold spin-off. | ||||||||||||
Tax years open for assessments | |||||||||||||
South Africa 1 | 2003 - 2013 | ||||||||||||
Ghana 2 | All years open | ||||||||||||
Australia 3 | 2009 - 2013 | ||||||||||||
Peru 4 | 2008 - 2013 | ||||||||||||
Notes: | |||||||||||||
-1 | The South African Tax legislation allows the Revenue Authorities to reopen assessments issued for a period of up to 3 years after the assessments were issued. | ||||||||||||
-2 | The Ghanaian Tax Authorities have the right to examine and, if necessary, amend the income tax determined by the relevant Group entity for any year without limitation to the years which may be reassessed. | ||||||||||||
-3 | The Australian Tax Authorities have the right to examine and, if necessary, amend the income tax determined by the relevant Group entity in the last four years, as from the date the tax returns have been filed. | ||||||||||||
-4 | The Peruvian Tax Authorities have the right to examine and, if necessary, amend the income tax determined by the relevant Group entity in the last four years, as from the date the tax returns have been filed. | ||||||||||||
It is possible that the Group will receive assessments during the next twelve months, which may have an effect on uncertain tax positions. The Group cannot estimate the amounts of possible changes as a result of an assessment. | |||||||||||||
The Group does not have any unrecognised tax benefits for which it is reasonably possible the amount will significantly change within twelve months of the recognition date. |
LossEarnings_Per_Share
(Loss)/Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
(Loss)/Earnings Per Share | ' | ||||||||||||
8 | (LOSS)/EARNINGS PER SHARE | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
BASIC (LOSS)/EARNINGS PER SHARE | |||||||||||||
Net (loss)/income attributable to Gold Fields shareholders | |||||||||||||
- Continuing operations | (268.4 | ) | 292.1 | 540.7 | |||||||||
- Discontinued operations | 20.5 | 362.2 | 340.8 | ||||||||||
(247.9 | ) | 654.3 | 881.5 | ||||||||||
Weighted average number of shares - continuing operations | |||||||||||||
Shares outstanding - beginning of year | 729,536,813 | 723,735,186 | 720,796,887 | ||||||||||
Weighted average number of shares issued | 13,069,913 | 3,724,271 | 1,579,341 | ||||||||||
Weighted average number of shares issued at the end of the year | 742,606,726 | 727,459,457 | 722,376,228 | ||||||||||
Basic (loss)/earnings per share | |||||||||||||
- Continuing operations | (0.36 | ) | 0.4 | 0.75 | |||||||||
- Discontinued operations * | 0.03 | 0.5 | 0.47 | ||||||||||
* | Basic earnings per share from discontinued operations - US dollar | ||||||||||||
Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders from discontinued operations of $20.5 million (2012: $362.2 million and 2011: $340.8 million) by the weighted average number of ordinary shares in issue in fiscal 2013 of 742,606,726 (fiscal 2012: 727,459,457 and fiscal 2011: 722,376,228). | |||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
DILUTED (LOSS)/EARNINGS PER SHARE | |||||||||||||
Net (loss)/income attributable to Gold Fields shareholders | |||||||||||||
- Continuing operations | (268.4 | ) | 292.1 | 540.7 | |||||||||
- Discontinued operations * | 20.5 | 362.2 | 340.8 | ||||||||||
(247.9 | ) | 654.3 | 881.5 | ||||||||||
Weighted average number of shares – continuing operations | |||||||||||||
Weighted average number of shares issued at the end of the year | 742,606,726 | 727,459,457 | 722,376,228 | ||||||||||
Effect of dilutive securities 1 | — | 3,264,493 | 8,411,270 | ||||||||||
742,606,726 | 730,723,950 | 730,787,498 | |||||||||||
Diluted (loss)/earnings per share | |||||||||||||
- Continuing operations | (0.36 | ) | 0.4 | 0.74 | |||||||||
- Discontinued operations * | 0.03 | 0.5 | 0.47 | ||||||||||
* | Diluted basic earnings per share from discontinued operations - US dollar | ||||||||||||
Diluted basic earnings per share is calculated on the basis of profit attributable to ordinary shareholders from discontinued operations of $20.5 million (2012: $362.2 million and 2011: $340.8 million) and 742,606,726 shares, being the diluted number of ordinary shares in issue in fiscal 2013 (fiscal 2012: 730,723,950 and fiscal 2011:730,787,498). | |||||||||||||
-1 | Dilutive securities comprise the dilutive effect of share options. Refer note 18 for details of share option schemes. In 2013, due to the loss from continuing operations, the effect of dilutive securities was not considered in the diluted (loss)/earnings per share calculation. |
Discontinued_Operations_and_As
Discontinued Operations and Assets Held for Sale | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Assets Held for Sale | ' | ||||||||||||
9.1 | DISCONTINUED OPERATIONS | ||||||||||||
On February 18, 2013, Gold Fields completed the separation of its wholly-owned subsidiary, Sibanye Gold (formerly known as GFI Mining South Africa, or GFIMSA), which includes the KDC and Beatrix mining operations. The Spin-off was achieved by way of Gold Fields making a distribution on a pro rata basis of one Sibanye Gold ordinary share for every one Gold Fields share (whether held in the form of shares, American depositary receipts, or ADRs, or international depositary receipts) to Gold Fields shareholders, registered as such in Gold Fields’ register at close of business on February 15, 2013, in terms of section 46 of the South African Companies Act and section 46 of the South African Income Tax Act. The Board of Gold Fields passed the resolution necessary to implement the Spin-off on December 12, 2012. Sibanye Gold shares listed on the JSE, and on the NYSE on February 11, 2013. As of February 18, 2013, or the Spin-off Date, Gold Fields and Sibanye Gold were independent, publicly traded companies with separate public ownership, boards of directors and management. | |||||||||||||
The distribution was a spin-off to Gold Fields shareholders and was accordingly accounted for at historical carrying amount of the net assets of Sibanye Gold. The total distribution amounted to $1,033.7 million. | |||||||||||||
The distribution met the requirements of a discontinued operation, since the operations and cash flows of Sibanye Gold have been eliminated from the on-going operations of the Group as a result of the distribution and Gold Fields did not have any significant continuing involvement in the operation of Sibanye Gold after the distribution, and has been presented as such in these financial statements. Below is a summary of the results of the discontinued operation as well as the related assets and liabilities distributed. | |||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Product sales | 310.7 | 2,021.20 | 2,301.00 | ||||||||||
Costs and expenses | (285.7 | ) | (1,737.8 | ) | (1,797.6 | ) | |||||||
Income before tax and share of equity investee’s profits | 25 | 283.4 | 503.4 | ||||||||||
Income and mining tax expense | (5.4 | ) | 67.5 | (167.5 | ) | ||||||||
Income before share of equity investee’s profits | 19.6 | 350.9 | 335.9 | ||||||||||
Share of equity investee’s profits | 0.9 | 11.4 | 4.8 | ||||||||||
Net income | 20.5 | 362.3 | 340.7 | ||||||||||
Property, plant and equipment, net | 1,987.30 | ||||||||||||
Non-current investments | 187 | ||||||||||||
Current assets | 285.4 | ||||||||||||
Current liabilities | (234.8 | ) | |||||||||||
Non-current liabilities | (1,191.2 | ) | |||||||||||
Net carrying value | 1,033.70 | ||||||||||||
Net asset value distributed | (1,033.7 | ) | |||||||||||
Profit on distribution | — | ||||||||||||
9.2 | ASSETS HELD FOR SALE | ||||||||||||
Following the decision to dispose of non-core projects, Arctic Platinum and Yanfolila were classified as held for sale and valued at the lower of fair value less cost to sell or carrying value. The disposals are expected to be completed during 2014. | |||||||||||||
December 31, | |||||||||||||
2013 | |||||||||||||
Arctic Platinum | 31 | ||||||||||||
Yanfolila 1 | 16 | ||||||||||||
Total assets held for sale | 47 | ||||||||||||
-1 | Refer to note 4 for details on the impairments of this asset. |
Receivables
Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables | ' | ||||||||
10 | RECEIVABLES | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Product sale trade receivables | 110.9 | 240.6 | |||||||
Other trade receivables | 16.7 | 32.8 | |||||||
Deposits | 5.1 | 0.5 | |||||||
Value added tax | 57.7 | 69.3 | |||||||
Interest receivable | — | 0.4 | |||||||
Payroll debtors | 3.7 | 11.3 | |||||||
Prepayments 1 | 68.2 | 138.9 | |||||||
Other | 10.3 | 28.9 | |||||||
272.6 | 522.7 | ||||||||
-1 | In 2012, prepayments included $7.0 milllion for the Bezant’s Mankayan Project. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
11 | INVENTORIES | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Ore stockpiles | 88 | 76.5 | |||||||
Gold in-process | 43.1 | 29.7 | |||||||
Consumable stores | 269.9 | 295.2 | |||||||
Other | 1.7 | 0.7 | |||||||
402.7 | 402.1 | ||||||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant And Equipment | ' | ||||||||
12 | PROPERTY, PLANT AND EQUIPMENT | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Cost | 7,731.70 | 12,868.50 | |||||||
Accumulated depreciation and amortization | (2,798.7 | ) | (5,479.6 | ) | |||||
4,933.00 | 7,388.90 | ||||||||
Mining properties, mine development costs, mine plant facilities and mineral interests | 4,594.50 | 6,344.50 | |||||||
Asset retirement costs | 86.4 | 119.3 | |||||||
Other non-mining assets | 252.1 | 925.1 | |||||||
4,933.00 | 7,388.90 | ||||||||
Included in property, plant and equipment is cumulative capitalized interest, net of amortization, relating to the following assets: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
South African operations | 61.6 | 45.5 | |||||||
Tarkwa Mine | 12.9 | 13.5 | |||||||
Cerro Corona | 67.6 | 71.6 | |||||||
142.1 | 130.6 | ||||||||
Depreciation charge on property, plant and equipment for continuing operations amounted to $568.5 million (fiscal year ended December 31, 2012: $425.8 million and fiscal year ended December 31, 2011: $421.4 million). | |||||||||
Fleet assets in Ghana with a cost of $80.7 million have been pledged as security for the $60 million senior secured revolving credit facility. Refer note 16(f). |
Goodwill
Goodwill | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill | ' | ||||||||
13 | GOODWILL | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of the year | 1,020.10 | 1,075.40 | |||||||
Translation adjustment | (174.6 | ) | (55.3 | ) | |||||
Balance at end of the year | 845.5 | 1,020.10 | |||||||
The goodwill arose on the acquisition of South Deep and was attributable to the upside potential of the asset, deferred tax and other factors. The total goodwill has been allocated to South Deep, being the reporting unit where it is tested for impairment. | |||||||||
Goodwill is tested for impairment on an annual basis at the end of each fiscal year or transition period. In addition, the Group reviews and tests the carrying value of assets when events or changes in circumstances suggest that the carrying amount of a reporting unit may not be recoverable. | |||||||||
For goodwill impairment testing purposes, Gold Fields estimated the fair value of the South Deep reporting unit. The process for determining fair value is subjective as gold mining companies typically trade at a market capitalization that is based on net asset value and requires management to make numerous assumptions. The net asset value represents a discounted cash flow valuation based on expected future cash flows. The expected future cash flows used to determine the fair value of the reporting unit are inherently uncertain and could materially change over time. They are significantly affected by a number of factors, including, but not limited to, reserves and production estimates, together with economic factors such as the long-term gold price and foreign currency exchange rates, estimates of production costs, future capital expenditure and discount rates. Therefore, it is possible that outcomes within the next fiscal year that are materially different from the assumptions used in the impairment testing process could require an adjustment to the carrying values. | |||||||||
Based on management’s assessment, no impairment to the goodwill was required at December 31, 2013. Management’s estimates and assumptions for the goodwill impairment test include: | |||||||||
- Long-term gold price used is R400,000 per kilogram, $1,300 per ounce at an exchange rate of R9.50 to $1.00,(2012: R400,000 per kilogram, $1,500 per ounce at an exchange rate of R8.29 to $1.00). The South Deep life of mine is estimated at 73 years (2012: 80 years); | |||||||||
- A range of nominal discount rates of 10.9% - 12.3% (2012:9.4% and 12.1%); | |||||||||
- Expected future operating costs and capital expenditures to produce proven and probable gold reserves based on mine plans that assume current plant capacity; and | |||||||||
- Expected cash flows associated with value beyond proven and probable reserves. |
NonCurrent_Investments
Non-Current Investments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Non-Current Investments | ' | ||||||||||||||||||
14 | NON-CURRENT INVESTMENTS | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Listed investments a | 3.2 | 36.2 | |||||||||||||||||
Unlisted investments | 4.3 | 1.3 | |||||||||||||||||
Investments held by environmental trust funds b | 23.9 | 165.3 | |||||||||||||||||
Equity investees c | 237.5 | 254.4 | |||||||||||||||||
Other investments | — | 0.8 | |||||||||||||||||
268.9 | 458 | ||||||||||||||||||
(a) | Listed investments mainly consist of: | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Number of | Market value, $ | Number of | Market value, $ | ||||||||||||||||
shares | per share | shares | per share | ||||||||||||||||
Northam Platinum | — | — | 7,820,169 | 4.55 | |||||||||||||||
Radius Gold Incorporated | 3,625,124 | 0.09 | 3,625,124 | 0.22 | |||||||||||||||
Gran Columbia Gold Corporation | 63,410 | 0.78 | 1,585,274 | 0.36 | |||||||||||||||
Sibanye Gold | 856,330 | 1.12 | — | — | |||||||||||||||
Orsu Metals Corp. | 26,134,919 | 0.05 | 1,134,919 | 0.1 | |||||||||||||||
Clancy Exploration Ltd. | 17,764,783 | 0.01 | 3,479,069 | 0.03 | |||||||||||||||
Details of the listed investments are as follows: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair value | 3.2 | 36.2 | |||||||||||||||||
Less: Cost | 3.4 | 24.8 | |||||||||||||||||
Net unrealized (loss)/gain | (0.2 | ) | 11.4 | ||||||||||||||||
The net (loss)/gain comprises: | |||||||||||||||||||
Gross unrealized gains | 0.2 | 11.7 | |||||||||||||||||
Gross unrealized losses | (0.4 | ) | (0.3 | ) | |||||||||||||||
(0.2 | ) | 11.4 | |||||||||||||||||
The gross unrealized loss comprises the following number of equity instruments none of which have been in a continuous unrealized loss position for more than 12 months: | 3 | 4 | |||||||||||||||||
Realized gain reclassified from equity on disposal of listed investments ($ million) | 7.4 | 14.7 | |||||||||||||||||
Investments acquired during fiscal 2013 comprised mainly Clancy Exploration Limited and some unlisted investments (fiscal year ended December 31, 2012: Cascadero Copper Corporation and Atacama Pacific Gold Corporation). Investments disposed during fiscal 2013 comprised mainly Northam Platinum Limited and Timpetra Resources Limited (fiscal year ended December 31, 2012: Evolution Mining Limited, GoldQuest Mining Corporation and Atacama Pacific Gold Corporation). | |||||||||||||||||||
As a result of the disposal of investments, a realized gain on disposal of listed investments before tax of $7.4 million (2012: $14.7 million and 2011: $12.8 million) was reclassified out of accumulated other comprehensive income to net income and is included in profit on disposal of listed investments in the consolidated statement of operations. | |||||||||||||||||||
(b) | The environmental trust funds are irrevocable trusts under the Group’s control. The monies in the trusts are invested primarily in interest bearing term deposits and the costs of these investments approximate their fair value. The investments provide for the estimated cost of rehabilitation during and at the end of the life of the Group’s South African and Ghanaian mines. While the asset is under the Group’s control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 17, “Provision for Environmental Rehabilitation”. | ||||||||||||||||||
(c) | Equity investees comprise the following: | ||||||||||||||||||
Ownership % | Market value | ||||||||||||||||||
Investment | Description of business | December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Far South East | Exploration | 40 | 40 | * | * | ||||||||||||||
Rusoro Mining Limited | Gold mining | 26.4 | 26.4 | 3.3 | 6.3 | ||||||||||||||
Rand Refinery Limited | Refining of gold bullion and by-products | 2.8 | 34.9 | * | * | ||||||||||||||
Bezant Resources Plc 1 | Exploration | 21.6 | — | 5.1 | — | ||||||||||||||
Timpetra Resource Limited 2 | Resource exploration | 1.8 | 21.8 | 0.1 | 1 | ||||||||||||||
* | - Not readily determinable | ||||||||||||||||||
-1 | Gold Fields purchased a 21.6% shareholding in Bezant for $7.5 million in January 2013. | ||||||||||||||||||
-2 | During 2013, 13.7 million shares out of the 15 million previously held were disposed of and due to the decrease in shareholding, Timpetra Resources Limited is no longer equity accounted. The remaining investment was reclassified to listed investments. | ||||||||||||||||||
Carrying amount | December 31, | December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Far South East | 230 | 230 | |||||||||||||||||
Rusoro Mining Limited | — | — | |||||||||||||||||
Rand Refinery Limited | — | 23.7 | |||||||||||||||||
Bezant Resources Plc | 7.5 | — | |||||||||||||||||
Timpetra Resource Limited | — | 0.7 | |||||||||||||||||
Total | 237.5 | 254.4 | |||||||||||||||||
Rusoro Mining Limited | |||||||||||||||||||
The carrying value of the equity investment in Rusoro Mining Limited, or Rusoro: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Opening balance | — | 13.2 | |||||||||||||||||
Share of losses recognized 1 | — | (13.4 | ) | ||||||||||||||||
Other comprehensive income | — | 0.2 | |||||||||||||||||
Closing balance | — | — | |||||||||||||||||
-1 | The results of Rusoro for the Gold Fields’ fiscal year ended December 31, 2013 are for the twelve months to September 2013 (December 31, 2012: twelve months ended September 30, 2012). | ||||||||||||||||||
Rusoro, a company listed on the TSX Venture Exchange, is a junior gold producer with a large land position in the Bolivar State gold region of southern Venezuela. Gold Fields’ interest in Rusoro remained unchanged at 26.4% at December 31, 2013 and 2012. | |||||||||||||||||||
The Group acquired its interest in Rusoro on November 30, 2007. | |||||||||||||||||||
Rand Refinery Limited | |||||||||||||||||||
The carrying value of the equity investment in Rand Refinery Limited, or Rand Refinery: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Opening balance | 23.7 | 12.9 | |||||||||||||||||
Share of profit after taxation for continuing operations | — | 0.7 | |||||||||||||||||
Share of profit after taxation for discontinued operations | 0.9 | 11.3 | |||||||||||||||||
Spin-off of Sibanye Gold | (22.4 | ) | — | ||||||||||||||||
Reclassification to unlisted investments | (2.5 | ) | — | ||||||||||||||||
Translation | 0.3 | (1.2 | ) | ||||||||||||||||
Closing balance | — | 23.7 | |||||||||||||||||
During the fiscal years ended December 31, 2013 and 2012, the Company did not receive dividends from Rand Refinery. | |||||||||||||||||||
Rand Refinery acts as a sale and refining agent on behalf of the Company’s African operations. The market value of the Company’s investment in Rand Refinery is not readily determinable. Due to the spin-off of Sibanye Gold, the Group no longer equity accounts for the investment in Rand Refinery and it was reclassified to unlisted investments. | |||||||||||||||||||
Far South East | |||||||||||||||||||
Far South East Gold Resources Incorporated has a 31 December year end and has been equity accounted since April 1, 2012. | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Gold Fields interest in FSE on December 31, 2013 was 40.0% (2012: 40.0%). | |||||||||||||||||||
Opening balance | 230 | — | |||||||||||||||||
Investment | — | 230 | |||||||||||||||||
Equity contribution | 68.5 | 50.1 | |||||||||||||||||
Share of accumulated losses brought forward | (50.1 | ) | — | ||||||||||||||||
Share of losses recognized | (18.4 | ) | (50.1 | ) | |||||||||||||||
Translation | — | — | |||||||||||||||||
Closing balance | 230 | 230 | |||||||||||||||||
Gold Fields paid $10.0 million in option fees to Lepanto Consolidated Mining Company during the 6 months ended December 31, 2010. In addition, Gold Fields paid non-refundable down payments of $66.0 million during the year ended December 31, 2011 and $44.0 million during the 6 months ended December 31, 2010 to Liberty Express Assets in accordance with the agreement concluded whereby the Group has the option to acquire 60% of FSE. On March 31, 2012, Gold Fields acquired 40% of the issued share capital of FSE by contributing a further $110.0 million in fiscal year ended December 31, 2012. FSE has no revenues or significant assets or liabilities, except for the rights to explore and eventually mine the property. | |||||||||||||||||||
The remaining 20% option is not likely to be exercised until such time FSE obtains a Foreign Technical Assistance Agreement which allows for direct majority foreign ownership and control. |
Accounts_Payable_And_Provision
Accounts Payable And Provisions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable And Provisions | ' | ||||||||
15 | ACCOUNTS PAYABLE AND PROVISIONS | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Trade payables | 141.2 | 220.5 | |||||||
Accruals | 173.8 | 352 | |||||||
Payroll and other compensation | 55.1 | 57.8 | |||||||
Leave pay accrual | 42.9 | 73.8 | |||||||
Short-term portion of the South Deep Dividend liability | 1.9 | 2.3 | |||||||
Stamp duty due on acquisition of Yilgarn South assets | 15 | — | |||||||
Other | 15.1 | 27.6 | |||||||
445 | 734 | ||||||||
ShortTerm_And_LongTerm_Loans
Short-Term And Long-Term Loans | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Short-Term And Long-Term Loans | ' | ||||||||
16 | SHORT-TERM AND LONG-TERM LOANS | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Collateralized | |||||||||
- Split-tenor revolving credit facility a | — | — | |||||||
- $500 million syndicated revolving credit facility b | — | 104 | |||||||
- $200 million non-revolving senior secured term loan c | 70 | 110 | |||||||
- $1 billion notes issue d | 990 | 988.8 | |||||||
- $1 billion syndicated revolving credit facility e | — | 666 | |||||||
- $60 million senior secured revolving credit facility f | 35 | — | |||||||
- $1,440 million term loan and revolving credit facility g | 773.5 | — | |||||||
- R1,500 million Nedbank revolving credit facility h | 145.1 | — | |||||||
Uncollateralized | |||||||||
- Other loans i | 46.5 | 492.4 | |||||||
2,060.10 | 2,361.20 | ||||||||
Short-term loans and current portion of long-term loans * | (121.5 | ) | (40.0 | ) | |||||
Total long-term loans | 1,938.60 | 2,321.20 | |||||||
* | At December 31, 2012, the maturity of the loans was updated to reflect post year-end refinancing terms. | ||||||||
(a) Split-tenor revolving credit facility | |||||||||
On May 16, 2007, Sibanye Gold, Orogen and GFO entered into a $750 million split-tenor revolving credit facility. The Split-tenor facility consisted of a $250 million 364-day revolving tranche (“Facility A”) and a $500 million five-year revolving tranche (“Facility B”). Facility A and B have since expired, as explained below. | |||||||||
Borrowings under Facility A bore interest at LIBOR plus a margin of 0.25% per annum while borrowings under Facility B bore interest at LIBOR plus a margin of 0.30% per annum. | |||||||||
The outstanding borrowings of Orogen at December 31, 2011 were $500.0 million. | |||||||||
On April 16, 2012, Orogen refinanced the outstanding balance of $500.0 million under the facility by drawing down under the $1.0 billion syndicated revolving credit facility. The facility was cancelled on April 16, 2012. | |||||||||
Borrowings under the Revolving Credit Facility were guaranteed by Gold Fields, Sibanye Gold, Gold Fields Holding Company (BVI) Limited, or GF Holdings, Orogen, GFO and Newshelf 899 (Proprietary) Limited, or Newshelf. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | — | 500 | |||||||
Loans repaid | — | (500.0 | ) | ||||||
Closing balance | — | — | |||||||
(b) $500 million syndicated revolving credit facility | |||||||||
On April 17, 2012, Sibanye Gold, Orogen and GFO entered into a $500 million syndicated revolving credit facility. The purpose of the facility was to refinance existing facilities, for general corporate purposes and working capital. The final maturity date of this facility was April 17, 2017. | |||||||||
The facility bore interest at LIBOR plus a margin of 1.60% per annum. Where the utilization under the facility was less than or equal to 33 1/3%, a utilization fee of 0.20% per annum would be payable on the amount of utilizations. Where the utilization under the facility was greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.40% per annum would be payable on the amount of utilizations. Where the utilization under the facility was greater than 66 2/3%, a utilization fee of 0.60% per annum would be payable on the amount of utilizations. Such utilization fee was payable quarterly in arrears. The borrowers were required to pay a quarterly commitment fee of 0.56% per annum. | |||||||||
On April 23, 2012, Orogen drew down $194.0 million under this facility to partially refinance borrowings under the $1 billion Syndicated Revolving Credit Facility. On June 1, 2012, Orogen drew down a further $20.0 million. | |||||||||
On July 25, 2012 and August 2, 2012, Orogen repaid $20.0 million and $20.0 million, respectively. On September 20, 2012, Orogen repaid a further $100.0 million. On November 23, 2012, Orogen drew down $10 million and on November 29, 2012, a further $20 million was drawn under the facility. | |||||||||
On February 15, 2013, this facility was refinanced by drawing down under the $1,440 million term loan and revolving credit facility as detailed in (g). The facility was also cancelled on February 15, 2013. | |||||||||
Borrowings under the syndicated revolving loan facility were guaranteed by Gold Fields, Sibanye Gold, GF Holdings, Orogen, Newshelf and GFO. | |||||||||
The outstanding borrowings under this facility at December 31, 2013 were $nil (December 31, 2012: $104.0 million). | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 104 | — | |||||||
Loans advanced | — | 244 | |||||||
Loans repaid | (104.0 | ) | (140.0 | ) | |||||
Closing balance | — | 104 | |||||||
(c) $200 million non-revolving senior secured term loan | |||||||||
On September 17, 2010, La Cima entered into a non-revolving senior secured term loan for up to $200.0 million with The Bank of Nova Scotia and Banco de Credito del Peru. The purpose of this facility was to repay the La Cima outstanding subordinated loans with its affiliates and to finance its working capital requirements. The loan bears interest at LIBOR plus a margin of 2.00% per annum. | |||||||||
On September 22, 2010, the lenders advanced $200 million to La Cima under this facility. The facility amount is repayble in 20 equal quarterly instalments of $10 million each. During fiscal year ended December 31, 2013, $40 million was repaid (fiscal year ended December 31, 2012: $40 million). | |||||||||
The final maturity of this facility is five years from the disbursement date. | |||||||||
The outstanding borrowings under this facility at December 31, 2013 were $70.0 million (December 31, 2012: $110.0 million). | |||||||||
Borrowings under the non-revolving senior secured term loan are secured by first-ranking assignments of all rights, title and interest in all of La Cima’s concentrate sale agreements. In addition, the offshore and onshore collection accounts of La Cima will be subject to an account control agreement and a first ranking charge in favor of the lenders. This facility will be non-recourse to the rest of the Group. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 110 | 150 | |||||||
Loans repaid | (40.0 | ) | (40.0 | ) | |||||
Closing balance | 70 | 110 | |||||||
(d) $1 billion notes issue | |||||||||
On September 30, 2010, Orogen issued $1,000,000,000 4.875% guaranteed notes, or the Notes, due October 7, 2020. The payment of all Notes is unconditionally and irrevocably guaranteed by Gold Fields Limited, Sibanye Gold, GFO and GF Holdings, or together, the Guarantors, on joint and several basis. The Notes and guarantees constitute direct, unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively, and rank equally in right of payment among themselves and with all other existing and future unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively. | |||||||||
The transaction costs of $13.6 million were deducted from the liability on initial measurement. These costs will unwind over the period of the Notes as an interest expense. | |||||||||
Gold Fields used a portion of the net proceeds of the offering of the Notes to repay certain existing indebtedness of the Group and the balance of the net proceeds for general corporate purposes. | |||||||||
An indemnity agreement (“the Indemnity Agreement”) has been entered into between the Guarantors, pursuant to which the Guarantors (other than Sibanye Gold) hold Sibanye Gold harmless from and against any and all liabilities and expenses which may be incurred by Sibanye Gold under or in connection with the Notes, including any payment obligations by Sibanye Gold to the noteholders or the trustee of the Notes pursuant to the guarantee of the Notes, all on the terms and subject to the conditions contained therein. The Indemnity Agreement will remain in place for as long as Sibanye Gold’s guarantee obligations under the Notes remain in place. In addition, for as long as Sibanye Gold remains a guarantor, Gold Fields is required to pay an annual guarantee fee to Sibanye Gold of 0.25% of the value of the Notes, payable semi-annually. This fee can vary based on Gold Fields credit rating. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 988.8 | 987.7 | |||||||
Unwinding of transaction costs | 1.2 | 1.1 | |||||||
Closing balance | 990 | 988.8 | |||||||
(e) $1 billion syndicated revolving credit facility | |||||||||
On June 20, 2011, Sibanye Gold, Orogen and GFO entered into a $1 billion syndicated revolving loan facility with an option to increase the Facility to $1.1 billion within six months from signing date, which option was not exercised. The purpose of the facility is to refinance an existing facility, for general corporate purposes and working capital. The final maturity date of this facility is June 20, 2016. | |||||||||
The facility bears interest at LIBOR plus a margin of 1.20% per annum. Where the utilization under the facility is greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.20% per annum will be payable on the amount of utilizations. Where the utilization under the facility is greater than 66 2/3%, a utilization fee of 0.40% per annum will be payable on the amount of utilizations. Such utilization fee is payable quarterly in arrears. The borrowers are required to pay a quarterly commitment fee of 0.42% per annum. | |||||||||
On March 15, 2012, Orogen drew down $110.0 million to fund the third payment to exercise the Group’s 40% option in the FSE project. On April 16, 2012, Orogen drew down $556.0 million of which $500.0 million was used to refinance the Split-tenor revolving credit facility. On April 23, 2012, Orogen repaid $220.0 million under this facility which was partially funded by drawing down $194.0 million under the $500 million syndicated revolving credit facility. | |||||||||
On February 15, 2013, this facility was refinanced by drawing down under the $1,440 million term loan and revolving credit facility as detailed in (g). The facility was also cancelled on February 15, 2013. The outstanding borrowings under this facility at December 31, 2013 were $nil (December 31, 2012: $666.0 million). | |||||||||
Borrowings under the syndicated revolving loan facility were guaranteed by Gold Fields, Sibanye Gold, GF Holdings, Orogen, Newshelf and GFO. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 666 | 220 | |||||||
Loans advanced | — | 666 | |||||||
Loans repaid | (666.0 | ) | (220.0 | ) | |||||
Closing balance | — | 666 | |||||||
(f) $60 million senior secured revolving credit facility | |||||||||
On December 22, 2010, GF Ghana and Abosso entered into a $60 million reducing senior secured revolving credit facility, which became available on February 21, 2011. The available facility amount reduces annually on each anniversary date from $60 million to $43 million to $35 million in the last and final year with the final maturity date being February 21, 2014. The purpose of this facility is for general corporate purposes, working capital purposes and/or capital expenditure purposes, including the purchase of a yellow vehicle fleet. | |||||||||
The loan bears interest at LIBOR plus a margin of 2.85% per annum. The borrowers are required to pay a quarterly commitment fee of 1.30% per annum. | |||||||||
Borrowings under the facility are guaranteed by GF Ghana and Abosso and further secured by the registration of security over certain fleet vehicles owned by GF Ghana and Abosso, or the Secured Assets. In addition, the lenders are noted as first loss payees under the insurance contracts in respect of the Secured Assets and are assigned the rights under the maintenance contracts between certain suppliers of the Secured Assets. This facility is non-recourse to the rest of the Group. The outstanding borrowings for GF Ghana on December 31, 2011 were $50.0 million. | |||||||||
On January 30, 2012, GF Ghana repaid $7.0 million in advance of the first anniversary date of the facility. During February 2012 and March 2012, GF Ghana repaid $16.0 million and on May 1, 2012 repaid an additional $7.0 million. On various dates during April 2012 Abosso drew down $15.0 million under the facility. On May 1, 2012 Abosso drew down an additional $8.0 million under the facility. On August 1, 2012, GF Ghana repaid $20 million and Abosso repaid $23 million bringing the balance outstanding under the facility to nil. | |||||||||
On May 10, 2013, Abosso drew down $20.0 million and on August 15, an additional $15.0 million. | |||||||||
The outstanding borrowings for GF Ghana on December 31, 2013 were $35.0 million (December 31, 2012 were $nil). | |||||||||
Subsequent to year end, the final maturity date of the outstanding borrowings under this facility amounting to $35.0 million was extended to May 21, 2014. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | — | 50 | |||||||
Loans advanced | 35 | 23 | |||||||
Loans repaid | — | (73.0 | ) | ||||||
Closing balance | 35 | — | |||||||
(g) $1,440 million term loan and revolving credit facility | |||||||||
On November 28, 2012, Orogen, GFO and GFI Joint Venture Holdings (Pty) Limited, or GFIJVH (collectively “the Borrowers”) entered into a $900 million term loan and revolving credit facility, or the $900 million facility. The $900 million facility comprises a $450 million three-year term loan tranche, or Facility A and a $450 million five-year revolving tranche, or Facility B. In addition to the $900 million facility, Orogen, GFO and GFIJVH entered into a $600 million bridge loan to bond issue facility, or the US$ bridge facility. The $ bridge facility had a 21-month maturity. | |||||||||
The purpose of the $900 million facility is to refinance the existing $1 billion syndicated revolving credit facility and the $500 million syndicated revolving credit facility on the spin-off of Sibanye Gold in February 2013 and for general corporate and working capital purposes. The final maturity dates of Facility A and Facility B are November 28, 2015 and November 28, 2017, respectively, with the $ bridge facility maturing on August 28, 2014. | |||||||||
Subsequent to entering into the $900 million facility, the facility was syndicated to a wider bank group and received an oversubscription which allowed the Borrowers to increase the facility amount to $1,440 million on January 30, 2013, or the $1,440 million facility. Accordingly, the amounts of Facility A and Facility B both increased to $720 million. As a result of this oversubscription, the Borrowers cancelled the $ bridge facility on January 30, 2013. | |||||||||
On July 22, 2013, the agreement was amended and Facility A was decreased to a $100 million while a third $620 million revolving tranche, or Facility C was added. Facilty C matures on November 28, 2015. | |||||||||
Borrowings under Facility A bear interest at LIBOR plus an initial margin of 2.45% per annum, borrowing under Facility B bear interest at LIBOR plus an initial margin of 2.25% per annum and borrowings under Facility C bear interest at LIBOR plus an intitial margin of 2.00%. The initial margins detailed above are based on the current long term credit rating assigned to Gold Fields and could either increase or decrease depending on the changes in the long term credit rating of Gold Fields. | |||||||||
Where the utilization under Facility B is less than or equal to 33 1/3%, a utilization fee of 0.20% per annum will be payable on the amount of utilizations. Where the utilization under Facility B is greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.40% per annum will be payable on the amount of utilizations. Where the utilization under Facility B is greater than 66 2/3%, a utilization fee of 0.60% per annum will be payable on the amount of utilizations. Such utilization fee is payable quarterly in arrears. The borrowers are required to pay a quarterly commitment fee of 0.90% per annum under Facility B on the undrawn amount. | |||||||||
Where the utilization under Facility C is less than or equal to 33 1/3%, a utilization fee of 0.15% per annum will be payable on the amount of utilizations. Where the utilization under Facility C is greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.30% per annum will be payable on the amount of utilizations. Where the utilization under Facility C is greater than 66 2/3%, a utilization fee of 0.45% per annum will be payable on the amount of utilizations. Such utilization fee is payable quarterly in arrears. The borrowers are required to pay a quarterly commitment fee of 0.80% per annum under Facility C on the undrawn amount. | |||||||||
The facility was undrawn at December 31, 2012. | |||||||||
On February 15, 2013, the $1 billion and the $500 million syndicated revolving credit facilities were refinanced by drawing down $720.0 million under this facility. | |||||||||
On various dates during 2013, Orogen made additional drawdowns of $173.0 million under this facility. Orogen repaid $119.5 million on December 13, 2013 under this facility. | |||||||||
The outstanding balance under this facility at December 31, 2013 was $773.5 million and at December 31, 2012 $nil. | |||||||||
Borrowings under the $1,440 million facility are guaranteed by Gold Fields, GF Holdings, Orogen, GFO and GFIJVH. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loans advanced | 893 | — | |||||||
Loans repaid | (119.5 | ) | — | ||||||
Closing balance | 773.5 | — | |||||||
(h) R1,500 million Nedbank revolving credit facility | |||||||||
On March 1, 2013, Nedbank, GFIJVH and GFO entered into a R1,500 million revolving credit facility. The purpose of the facility is to fund Gold Fields’ capital expenditure and general corporate and working capital requirements. The final maturity date of this facility is March 7, 2018. | |||||||||
The facility bears interest at JIBAR plus a margin of 2.50% per annum. The borrowers are required to pay a commitment fee of 0.85% per annum every six months on the undrawn amount. | |||||||||
On March 8, 2013, each of GFO and GFIJVH drew down $37.7 million under this facility. On each of June 10, 2013 and September 10, 2013 each of GFO and GFIJVH drew down an additional $17.2 million and $22.8 million, respectively, under this facility. | |||||||||
The outstanding balance under this facility at December 31, 2013 was $145.1 million and at 31 December 2012 $nil. | |||||||||
Borrowings under the facility are guaranteed by Gold Fields, GFO, GFH, Orogen and GFIJVH. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loans advanced | 155.5 | — | |||||||
Translation adjustment | (10.4 | ) | — | ||||||
Closing balance | 145.1 | — | |||||||
(i) Other loans | |||||||||
Short-term rand credit facilities: The Group utilized uncommitted loan facilities from some of the major banks to fund the capital expenditure and working capital requirements of the South African operations. The total draw downs for continuing operations were $2,094.2 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $3.3 million) and for discontinued operations $25.4 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $148.7 million). Total repayments for continuing operations were $2,041.8 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $2.9 million) and for discontinued operations $164.0 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $nil million). | |||||||||
The facilities were primarily utilized to recapitalize Sibanye Gold as part of the spin-off. | |||||||||
These facilities have no fixed terms, are short-term in nature and interest rates are market related. Borrowings under these facilities are guaranteed by Gold Fields. | |||||||||
On February 18, 2013, the outstanding borrowings of Sibanye Gold amounting to $142.4 million (R1,220 million) were refinanced by drawing down under the Rand bridge loan facilities as detailed below. | |||||||||
The outstanding borrowings of Gold Fields under these facilities at December 31, 2013 were $46.5 million (December 31, 2012: $142.4 million). | |||||||||
R3.5 billion long-term revolving credit facilities: Sibanye Gold and GFO, or the borrowers entered into various revolving credit facilities with some of the major banks with tenors between three and five years. The purpose of the facilities was to finance capital expenditure, general corporate and working capital requirements and to refinance existing borrowings. | |||||||||
The borrowers were required to pay a commitment fee of between 0.65% and 0.90% per annum on the undrawn and uncancelled amounts of the facilities, calculated and payable either quarterly or semi-annually in arrears. | |||||||||
In summary the facilities are: | |||||||||
- a R1.0 billion ($96.7 million) revolving credit facility entered into on December 9, 2009 and maturing June 30, 2013 at JIBAR plus 3.00%; | |||||||||
- a R500 million ($48.4 million ) revolving credit facility entered into on March 8, 2010 and maturing March 10, 2013 at JIBAR plus 2.85%; and | |||||||||
- a R2.0 billion ($193.4 million) revolving credit facility entered into on December 19, 2011 and maturing on December 17, 2016 at JIBAR plus 1.95%. This facility was cancelled on February 18, 2013. | |||||||||
On various dates during 2012, Sibanye Gold drew down R2.0 billion ($249.4 million) under the R2.0 billion revolving credit facility. On October 24, 2012, Sibanye Gold drew down R500.0 million ($58.3 million) under the R500.0 million revolving credit facility. On November 16, 2012, Sibanye Gold drew down a further R500.0 million ($58.3 million) under the R1.0 billion revolving credit facility. | |||||||||
The outstanding borrowings of Sibanye Gold under these facilities at December 31, 2012 were R3.0 billion ($350.0 million). | |||||||||
Borrowings under these facilities were guaranteed by Gold Fields, GF Holdings, GFO, Orogen, Newshelf and Sibanye Gold. | |||||||||
On February 18, 2013, these facilities were refinanced by drawing down under the Rand bridge loan facilities as detailed below and were also cancelled on February 18, 2013. | |||||||||
R1.0 billion long-term revolving credit facilities: GFO and GFIJVH, or the Borrowers entered into various revolving credit facilities with some of the major banks with three year tenors. The purpose of the facilities is to finance capital expenditure, general corporate and working capital requirements. | |||||||||
The Borrowers are required to pay a commitment fee of between 1.00% and 1.05% per annum on the undrawn and uncancelled amounts of the facilities, calculated and payable semi-annually in arrears. | |||||||||
In summary the facilities are: | |||||||||
- a R500.0 million ($48.4 million) revolving credit facility entered into on June 19, 2013 and maturing on June 20, 2016 at JIBAR plus 2.5%; | |||||||||
- a R500.0 million ($48.4 million) revolving credit facility entered into on December 20, 2013 and maturing on December 21, 2016 at JIBAR plus 2.75%; | |||||||||
Borrowings under these facilities are guaranteed by Gold Fields, GFO, GFH, Orogen and GFIJVH. | |||||||||
These facilities were unutilised during the year ended December 31, 2013. | |||||||||
Rand bridge loan facilities: On November 28, 2012, Sibanye Gold entered into a R6.0 billion term loan and revolving credit facilities to refinance Sibanye Gold’s debt as detailed above under the other rand long-term revolving credit facilities and the other rand short-term credit facilities on spin-off of Sibanye Gold, with the balance of the Rand bridge loan facilities to be used to fund Sibanye Gold’s ongoing capital expenditure, working capital and general corporate expenditure requirements. | |||||||||
The facility was undrawn at December 31, 2012. | |||||||||
On February 18, 2013, the date of spin-off, the rand revolving credit facilities and the short-term rand credit facilities were refinanced by Sibanye Gold drawing down under this facility. | |||||||||
Summary of other loans | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 492.4 | — | |||||||
Loans advanced | |||||||||
- continuing operations | 2,094.20 | 3.3 | |||||||
- discontinued operations | 542.4 | 514.7 | |||||||
Loans repaid | |||||||||
- continuing operations | (2,041.8 | ) | (2.9 | ) | |||||
- discontinued operations | (503.4 | ) | — | ||||||
Spin-off of Sibanye Gold | (531.4 | ) | — | ||||||
Translation | (5.9 | ) | (22.7 | ) | |||||
Closing balance | 46.5 | 492.4 | |||||||
Debt maturity ladder | |||||||||
The combined aggregate maturities of short and long-term loans for each of the next five years at December 31, 2013 and December 31, 2012 is tabulated below: | |||||||||
Maturity | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
1 year | 121.5 | 40 | |||||||
2 years | 750 | 532.4 | |||||||
3 years | — | 750 | |||||||
4 years | 53.5 | 50 | |||||||
5 years and thereafter | 1,135.10 | 990 | |||||||
2,060.10 | 2,362.40 | ||||||||
At December 31, 2013, the Group was in compliance with its debt covenants. | |||||||||
At December 31, 2012: $142.4 million has been reclassified to long-term, even though they are considered short-term under the Short-term Rand facilities (i) as the Group refinanced these facilities as detailed in the Rand bridge loan facilities on February 18, 2013. |
Provision_For_Environmental_Re
Provision For Environmental Rehabilitation | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Provision For Environmental Rehabilitation | ' | ||||||||
17 | PROVISION FOR ENVIRONMENTAL REHABILITATION | ||||||||
The Group has made, and expects to make in the future, expenditures to comply with environmental laws and regulations, but cannot predict the full amount of such future expenditures. Estimated future reclamation costs are based principally on legal and regulatory requirements. The following is a reconciliation of the total liability for environmental rehabilitation: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Provision for environmental rehabilitation | |||||||||
Opening balance | 373.6 | 336.9 | |||||||
Addition to liabilities - continuing operations | 10.3 | 6.3 | |||||||
Addition to liabilities - discontinued operations | — | 11.8 | |||||||
Liabilities settled - continuing operations | (2.5 | ) | (2.7 | ) | |||||
Accretion of liability - continuing operations | 10.4 | 13.9 | |||||||
Accretion of liability - discontinued operations | 2.2 | 14.3 | |||||||
Yilgarn South asset purchase | 55 | — | |||||||
Spin-off of Sibanye Gold | (154.9 | ) | — | ||||||
Foreign currency translation adjustment | (24.9 | ) | (6.9 | ) | |||||
Balance at close | 269.2 | 373.6 | |||||||
* South African, Ghanaian, Australian and Peruvian mining companies are required by law to undertake rehabilitation works as part of their ongoing operations. These environmental rehabilitation costs are funded as follows: | |||||||||
- Ghana - secured cash deposits (refer note 14) and reclamation bonds underwritten by banks to secure estimated costs of rehabilitation, | |||||||||
- South Africa - contributions into environmental trust funds (refer note 14) and guarantees, | |||||||||
- Australia - unconditional bank-guaranteed performance bonds to secure the estimated costs, and | |||||||||
- Peru - guarantees with annual deposits for proper compliance with the Mine Closure Plan. | |||||||||
The provision is calculated using the following undiscounted closure cost estimates: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
South Africa | 33.3 | 246.6 | |||||||
Ghana | 83.3 | 79.3 | |||||||
Australia | 196.6 | 125.1 | |||||||
Peru | 42 | 41.4 | |||||||
Total closure cost estimate | 355.2 | 492.4 | |||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
18 | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||
Retirement benefits | |||||||||||||||||||||||||
Contributions to the various retirement schemes are fully expensed during the year in which they are incurred. The cost of providing retirement benefits for the Company’s defined contribution plans for the fiscal year ended December 31, 2013 is $32.3 million (fiscal years ended December 31, 2012: $30.0 million for continuing operations and $62.8 million for discontinued operations and December 31, 2011: $22.0 million for continuing operations and $65.8 million for discontinued operations). | |||||||||||||||||||||||||
Share option schemes | |||||||||||||||||||||||||
The Company currently maintains the Gold Fields Limited 2012 Share Plan. The Company also maintains prior stock plans (the Gold Fields Limited 2005 Share Plan, the Gold Fields Limited 2005 Non-Executive Share Plan, the GF Management Incentive Scheme and the GF Non-Executive Director Share Plan ), but no longer grants awards under these plans. The details of these plans are discussed below. | |||||||||||||||||||||||||
The charge for share-based compensation has been recognized in the statement of operations under the captions production costs, corporate expenditure, exploration expenditure and other expenses. The cost for continuing operations the fiscal year ended December 31, 2013 is $40.5 million (fiscal years ended December 31, 2012: $45.5 million and December 31, 2011: $33.4 million) and for discontinued operations is $4.6 million (fiscal years ended December 31, 2012: $32.2 million and December 31, 2011: $33.0 million). | |||||||||||||||||||||||||
The following information on share-based compensation expense is available for each plan: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Continuing | Discontinued | Continuing | Discontinued | Continuing | Discontinued | ||||||||||||||||||||
operations | operations | operations | operations | operations | operations | ||||||||||||||||||||
(a) The Gold Fields Limited 2012 Share Plan | |||||||||||||||||||||||||
- Performance shares | 18.8 | 1.1 | 13.1 | 7.6 | — | — | |||||||||||||||||||
- Bonus shares | 11.9 | 0.8 | 8.7 | 5 | — | — | |||||||||||||||||||
(b) The Gold Fields Limited 2005 Share Plan | |||||||||||||||||||||||||
- Performance vesting restricted shares | 8.4 | 2.4 | 19.9 | 17.9 | 28.4 | 30.4 | |||||||||||||||||||
- Performance allocated share appreciation rights | 1.4 | 0.3 | 3.8 | 1.7 | 5 | 2.6 | |||||||||||||||||||
Total share-based compensation | 40.5 | 4.6 | 45.5 | 32.2 | 33.4 | 33 | |||||||||||||||||||
Spin-off of Sibanye Gold : The rules of the share plans make provision for an adjustment to the number of shares in the event there is a variation in the issued share capital as a result of corporate action. The share plans require that the fair market value of an employee’s portfolio pre and post corporate action remain the same. In order to uphold this principle, an independent professional firm was contracted to provide a fairness opinion on the additional number of awards or changes to strike prices required to maintain the pre-spin-off value of the portfolios of employees as a result of the Sibanye spin-off, which resulted in additional awards. There was no incremental share-based compensation resulting from this modification. The modification affected all employees who participated in the various share option schemes pre-spin-off and who remained employed by the Group post-spin-off. Furthermore, employees who ceased to be employed by the Group as a result of the spin-off are treated as “good leavers” in terms of the rules of the share plans. Good leavers are entitled to the vested portion of their awards based on the period that the awards were held up to vesting date. The unvested portion is forfeited in terms of the rules of the share plans. | |||||||||||||||||||||||||
(a) The Gold Fields Limited 2012 Share Plan: At the annual general meeting on May 14, 2012 shareholders approved the adoption of the Gold Fields Limited 2012 Share Plan to replace the Gold Fields Limited 2005 Share Plan. The plan provides for two methods of participation, namely the Performance Share Method, or PS and the Bonus Share Method, or BS . This plan seeks to attract, retain, motivate and reward participating employees on a basis which seeks to align the interests of such employees with those of the Company’s shareholders. | |||||||||||||||||||||||||
The salient features of the plan are: | |||||||||||||||||||||||||
- PS are offered to participants annually in March. Quarterly allocations of PS are also made in June, September and December on a pro-rata basis to qualifying new employees. PS are performance-related shares, granted at zero cost (the shares are granted in exchange for the rendering of service by participants to the Company during the three-year restricted period prior to the share vesting period); | |||||||||||||||||||||||||
- based on the rules of the plan, the actual number of PS which would be settled to a participant three years after the original award date is determined by the company’s performance measured against the performance of seven other major gold mining companies (“the peer group”) based on the relative change in the Gold Fields share price compared to the basket of respective US Dollar share prices of the peer group. Furthermore, for PS awards to be settled to members of the Executive Committee, an internal company performance target is required to be met before the external relative measure is applied. The internal target performance criterion has been set at 85% of the company’s planned gold production over the three-year measurement period as set out in the business plans of the company approved by the Board. In the event that the internal target performance criterion is met the full initial target award shall be settled on the settlement date. In addition, the Remuneration Committee has determined that the number of PS to be settled may be increased by up to 200% of the number of the initial target PS conditionally awarded, depending on the performance of the company relative to the performance of the peer group, based on the relative change in the Gold Fields share price compared to the basket of respective US Dollar share prices of the peer group; | |||||||||||||||||||||||||
- the performance of the Company that will result in the settlement of shares is to be measured by the Company’s share price performance relative to the share price performance of a peer group of gold mining companies, over the three year period; | |||||||||||||||||||||||||
- BS are offered to participants annually in March; and | |||||||||||||||||||||||||
- based on the rules of the plan, the actual number of BS which would be settled to a participant in two equal tranches over a 9-month and an 18-month period after the original award date is determined by the employee’s annual cash bonus calculated with reference to actual performance against predetermined targets for the financial year ended immediately preceding the award date. | |||||||||||||||||||||||||
Details of the Performance shares and Bonus shares granted under this Plan are as follows: | |||||||||||||||||||||||||
Number of | Number of | ||||||||||||||||||||||||
Performance | Bonus | ||||||||||||||||||||||||
shares | shares | ||||||||||||||||||||||||
Outstanding at December 31, 2011 | — | — | |||||||||||||||||||||||
Granted during the year | 4,511,700 | 1,368,423 | |||||||||||||||||||||||
Exercised and released | — | (528,392 | ) | ||||||||||||||||||||||
Forfeited | (249,530 | ) | (47,655 | ) | |||||||||||||||||||||
Outstanding at December 31, 2012 | 4,262,170 | 792,376 | |||||||||||||||||||||||
Spin-off of Sibanye Gold - forfeited | (1,562,498 | ) | (241,023 | ) | |||||||||||||||||||||
Additional awards due to spin-off of Sibanye | 396,229 | — | |||||||||||||||||||||||
Granted during the year | 5,310,968 | 2,018,771 | |||||||||||||||||||||||
Exercised and released | (515,025 | ) | (1,314,156 | ) | |||||||||||||||||||||
Forfeited | (1,862,128 | ) | (373,896 | ) | |||||||||||||||||||||
Outstanding at December 31, 2013 | 6,029,716 | 882,072 | |||||||||||||||||||||||
None of the options above have vested at year end. | |||||||||||||||||||||||||
The Group uses the Monte-Carlo Simulation to value the Performance Shares. The inputs to the model for awards granted during the period were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 33.1 | % | 36.4 | % | |||||||||||||||||||||
Expected term (years) | 3 | 3 | |||||||||||||||||||||||
Dividend yield | 4.6 | % | 1.6 | % | |||||||||||||||||||||
Weighted average three year risk free interest rate (based on US interest rates) | 0.2 | % | 0.7 | % | |||||||||||||||||||||
Weighted average fair value - Rand | 79.83 | 162.14 | |||||||||||||||||||||||
A future trading model is used to estimate the loss in value to the holders of Bonus Shares due to trading restrictions. The actual valuation is developed using a Monte-Carlo analysis of the future share price of Gold Fields: | |||||||||||||||||||||||||
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 32 | % | 29.4 | % | |||||||||||||||||||||
Expected term (months) | 9 - 18 | 18-Sep | |||||||||||||||||||||||
Dividend yield | 4.6 | % | 2.7 | % | |||||||||||||||||||||
Weighted average three year risk free interest rate (based on SA interest rates) | 4.1 | % | 5.5 | % | |||||||||||||||||||||
Weighted average fair value - Rand | 72.42 | 115.61 | |||||||||||||||||||||||
(b) The Gold Fields Limited 2005 Share Plan: At Gold Fields’ annual general meeting held on November 17, 2005, the shareholders approved The Gold Fields Limited 2005 Share Plan, or the 2005 Plan, under which employees, including executive directors, would be compensated going forward. | |||||||||||||||||||||||||
The 2005 Plan provided for two types of awards: performance vesting restricted shares, or PVRS, and performance allocated share appreciation rights, or SARS. The PVRS will only be released to participants and the SARS will vest three years after the date of the award and/or allocation of such shares. However, in respect of the PVRS, Company performance criteria need to be met in respect of awards to executives. The size of the initial allocation of SARS and PVRS was dependent on the performance of the participant at the time of allocation. The allocations under The 2005 Plan were usually made annually in March. No further allocations of options under this plan are being made in view of the introduction of the Gold Fields Limited 2012 Share Plan (see above) and the plan will be closed once all options have been exercised or forfeited. Currently the last date of expiry of SARS is December 1, 2017. | |||||||||||||||||||||||||
Details of the PVRS and SARS granted under this Plan are as follows: | |||||||||||||||||||||||||
Number of | Number of | Average price | |||||||||||||||||||||||
PVRS | SARS | Rand | $ | ||||||||||||||||||||||
Outstanding at December 31, 2010 | 7,650,081 | 5,270,597 | 105.53 | 15.63 | |||||||||||||||||||||
Granted during the period | 3,165,342 | 1,638,484 | 119.17 | 16.51 | |||||||||||||||||||||
Exercised and released | (2,559,552 | ) | (1,247,317 | ) | 111.06 | 15.38 | |||||||||||||||||||
Forfeited | (886,759 | ) | (631,621 | ) | 110.69 | 15.33 | |||||||||||||||||||
Outstanding at December 31, 2011 | 7,369,112 | 5,030,143 | 107.91 | 13.27 | |||||||||||||||||||||
Exercised and released | (1,798,082 | ) | (259,455 | ) | 106.36 | 12.99 | |||||||||||||||||||
Forfeited | (584,814 | ) | (451,779 | ) | 117.14 | 14.3 | |||||||||||||||||||
Outstanding at December 31, 2012 | 4,986,216 | 4,318,909 | 107.37 | 12.53 | |||||||||||||||||||||
Spin-off of Sibanye Gold—forfeited | (2,221,264 | ) | (1,077,878 | ) | 106.58 | 11.99 | |||||||||||||||||||
Additional awards due to spin-off of Sibanye | 538,562 | 465,346 | 95.34 | 10.72 | |||||||||||||||||||||
Exercised and released | (1,857,614 | ) | — | — | — | ||||||||||||||||||||
Forfeited | (214,929 | ) | (554,649 | ) | 101.83 | 10.61 | |||||||||||||||||||
Outstanding at December 31, 2013 | 1,230,971 | 3,151,728 | 91.91 | 8.89 | |||||||||||||||||||||
In terms of the 2005 Plan rules, PVRS are granted for no consideration, vest after three years from grant date and do not expire. None of the PVRS granted during fiscal years ended December 31, 2012, and December 31, 2011 were exercisable on December 31, 2013. | |||||||||||||||||||||||||
In terms of the 2005 Plan rules, SARS currently expire no later than six years from the grant date and vest three years after grant date. No SARS granted during the fiscal years ended December 31, 2012 and December 31, 2011 were exercisable on December 31, 2013. The average exercise price for SARS outstanding at December 31, 2013 was R91.91 ($8.89). | |||||||||||||||||||||||||
Included in the above are 2,095,543 (2012: 1,605, 403 and 2011: 1,199,703) vested SARS with an average instrument price of R85.97 (2012: R110.07 and 2011: R112.85). | |||||||||||||||||||||||||
At the time the 2005 Plan was first implemented, the release of PVRS was subject to, among other things, the Group’s relative performance on the Philadelphia XAU Index, or the XAU Index. In fiscal year ended June 30, 2008, it became evident that the XAU Index was not representative of Gold Fields’ peer competitors, as some of the companies in the XAU Index are not pure gold mining companies. Furthermore, since the selection of the XAU Index as a benchmark, a number of relatively small gold producers have been included in the XAU Index and again these cannot be regarded as representative of Gold Fields’ peer competitors. Accordingly, instead of using the XAU Index, Gold Fields’ performance is therefore measured against only five gold mining companies whom it believes can be regarded as its peer competitors. | |||||||||||||||||||||||||
During the years ended December 31, 2013 and December 31, 2012 some share appreciation rights’ expiry dates were extended to enable participants who were disadvantaged due to the closed period to be placed in an equitable position. There was no incremental share-based compensation resulting from this modification. | |||||||||||||||||||||||||
The following executive directors were affected by the modification: | |||||||||||||||||||||||||
December 31, 2012 | Number of | Average | Average | Contractual life | |||||||||||||||||||||
options | instrument | instrument | extended by | ||||||||||||||||||||||
price R | price $ | (years) | |||||||||||||||||||||||
NJ Holland | 49,000 | 109.66 | 12.8 | 0.06 | |||||||||||||||||||||
PA Schmidt | 43,310 | 108.67 | 12.68 | 0.06 | |||||||||||||||||||||
31-Dec-13 | Number of | Average | Average | Contractual life | |||||||||||||||||||||
options | instrument | instrument | extended by | ||||||||||||||||||||||
price R | price $ | (years) | |||||||||||||||||||||||
NJ Holland | 121,428 | 84.91 | 8.21 | 0.16 | |||||||||||||||||||||
PA Schmidt | 75,082 | 88.46 | 8.56 | 0.17 | |||||||||||||||||||||
The following tables summarize information relating to the options outstanding at December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||
Outstanding SARS at December 31, 2013 | |||||||||||||||||||||||||
Price range | Number of | Contractual | Weighted average | ||||||||||||||||||||||
options | life | exercise price | |||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 60.00 - 84.99 | 5.80 - 8.22 | 873,064 | 2.22 | 75.81 | 7.33 | |||||||||||||||||||
85.00 - 109.99 | 8.23 - 10.64 | 1,217,915 | 0.9 | 93.1 | 9 | ||||||||||||||||||||
110.00 - 134.99 | 10.65 - 13.06 | 1,033,784 | 3.34 | 103.36 | 10 | ||||||||||||||||||||
135.00 - 159.99 | 13.07 - 15.47 | 26,965 | 4.01 | 118.45 | 11.46 | ||||||||||||||||||||
Total | 3,151,728 | 2.09 | 91.91 | 8.89 | |||||||||||||||||||||
Outstanding SARS at December 31, 2012 | |||||||||||||||||||||||||
Price range | Number of | Contractual | Weighted average | ||||||||||||||||||||||
options | life | exercise price | |||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 60.00 - 84.99 | 7.00 - 9.92 | 3,400 | 1.95 | 69.48 | 8.11 | |||||||||||||||||||
85.00 - 109.99 | 9.93 - 12.83 | 2,625,234 | 2.52 | 99.45 | 11.6 | ||||||||||||||||||||
110.00 - 134.99 | 12.84 - 15.75 | 1,652,471 | 3.72 | 119.65 | 13.96 | ||||||||||||||||||||
135.00 - 159.99 | 15.76 - 18.67 | 37,804 | 5.01 | 136.29 | 15.9 | ||||||||||||||||||||
4,318,909 | 3 | 107.37 | 12.53 | ||||||||||||||||||||||
The PVRS have not been included in the table above as they vest automatically after three years and are granted for no consideration. | |||||||||||||||||||||||||
The Group used the Black Scholes Model to value the SARS under the Gold Fields 2005 Share Plan. The inputs to the model for awards granted during the year, which resulted in incremental share-based compensation were as follows: | |||||||||||||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted average exercise price - Rand | — | — | 119.17 | ||||||||||||||||||||||
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | — | — | 46.4 | % | |||||||||||||||||||||
Expected term (years) | — | — | 5.9 | ||||||||||||||||||||||
Long-term expected dividend yield | — | — | 1.7 | % | |||||||||||||||||||||
Weighted average risk free interest rate | — | — | 6.9 | % | |||||||||||||||||||||
Weighted average fair value - Rand | — | — | 51.66 | ||||||||||||||||||||||
The Group used the Monte-Carlo Simulation to value the PVRS under the Gold Fields 2005 Share Plan and the Gold Fields Limited 2005 Non-executive Share Plan. The inputs to the model for awards granted during the year, which resulted in incremental share-based compensation were as follows: | |||||||||||||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | — | — | 64.1 | % | |||||||||||||||||||||
Expected term (years) | — | — | 3 | ||||||||||||||||||||||
Historical dividend yield | — | — | 1.7 | % | |||||||||||||||||||||
Weighted average risk free interest rate (based on U.S. interest rate) | — | — | 0.2 | % | |||||||||||||||||||||
Weighted average fair value - Rand | — | — | 206.27 | ||||||||||||||||||||||
(c) GF Management Incentive Scheme: Prior to approval of The 2005 Plan, share options were available to executive officers and other employees, as determined by the Board of Directors under The GF Management Incentive Scheme. Options to purchase a total of 75,500 ordinary shares were outstanding under The GF Management Incentive Scheme as of December 31, 2012, none of which were held by the executive directors of Gold Fields. There are no outstanding options at December 31, 2013. | |||||||||||||||||||||||||
The exercise price of each ordinary share which is the subject of an option is the weighted average price of the ordinary shares on the JSE on the day immediately preceding the date on which the Board of Directors resolved to grant the option. | |||||||||||||||||||||||||
Each option may normally only be exercised by a participant on the following bases: (1) after two years have elapsed from the date on which the option was accepted by the participant, in respect of not more than one-third of the ordinary shares which are the subject of that option; (2) after three years have elapsed from the date on which the option was accepted by the participant, in respect of not more than a further one-third (representing two-thirds cumulatively) of the ordinary shares which are the subject of that option; and (3) after four years have elapsed from the date on which the option was accepted by the participant, in respect of all the ordinary shares which are the subject of that option, subject to revision by the Board of Directors. For so long as a person continues to work for Gold Fields, options lapse seven years after the date of acceptance of the option by the participant. Options vest as soon as they are exercisable, and employees who leave Gold Fields have one year following their departure to exercise options which have vested. | |||||||||||||||||||||||||
Options which are not yet exercisable are forfeited upon leaving employment, subject to exceptions relating to changes in control of Gold Fields and no fault termination of service as part of organizational restructuring. | |||||||||||||||||||||||||
The share option scheme may be amended from time to time by the Board of Directors and the trustees of the scheme in any respect (except in relation to amendments affecting: (1) the eligibility of participants under the scheme; (2) the formula for calculating the total number of ordinary shares which may be issued under the scheme; (3) the maximum number of options which may be acquired by any participant; (4) the option price formula; and (5) the voting, dividend and transfer rights attaching to options, which may only be amended through approval in a general meeting), provided that no such amendment shall operate to affect the vested rights of any participant. | |||||||||||||||||||||||||
The first allocations were made under The 2005 Plan in March 2006 and no further allocations will be made under The GF Management Incentive Scheme from that date. A total of 5% of the Company’s issued ordinary share capital, being 35,309,563 shares as of December 31, 2013, is reserved for issuance under all the prevailing share schemes described above. This percentage may only be amended with the approval of shareholders in general meeting and the JSE. | |||||||||||||||||||||||||
For the convenience of the reader, the Rand amounts have been converted to U.S. dollars at the balance sheet rates for the respective fiscal years. | |||||||||||||||||||||||||
Details of the options granted under the GF Management Incentive Scheme are as follows: | |||||||||||||||||||||||||
Number | Average option price | ||||||||||||||||||||||||
of Options | Rand | $ | |||||||||||||||||||||||
Outstanding at December 31, 2010 | 976,533 | 75.85 | 11.24 | ||||||||||||||||||||||
Exercised and released | (614,340 | ) | 72.33 | 10.02 | |||||||||||||||||||||
Forfeited | (50,968 | ) | 118.63 | 16.43 | |||||||||||||||||||||
Outstanding at December 31, 2011 | 311,225 | 73.48 | 9.04 | ||||||||||||||||||||||
Exercised and released | (204,570 | ) | 68.6 | 8.38 | |||||||||||||||||||||
Forfeited | (31,155 | ) | 73.91 | 9.02 | |||||||||||||||||||||
Outstanding at December 31, 2012 | 75,500 | 86.51 | 10.09 | ||||||||||||||||||||||
Spin-off of Sibanye Gold-forefeited | (28,100 | ) | 89.69 | 10.09 | |||||||||||||||||||||
Exercised and released | (31,147 | ) | 59.21 | 6.17 | |||||||||||||||||||||
Forfeited | (16,253 | ) | 92.93 | 9.68 | |||||||||||||||||||||
Outstanding at December 31, 2013 | — | — | — | ||||||||||||||||||||||
In terms of the GF Management Incentive Scheme rules, options currently expire no later than seven years from the grant date and vest as follows: upon the second anniversary of the grant date, a third of the total option grant vests, and then annually upon future anniversaries of the grant date, a further third of the total option grant vests. Proceeds received by the Company from the exercise of options are credited to common stock and additional paid-in capital. All options under this Scheme have been exercised or lapsed during fiscal year ended December 31,2013. | |||||||||||||||||||||||||
No further allocations are being made under the GF Management Incentive Scheme in view of the Gold Fields Limited 2005 Share Plan. However, during the fiscal years ended December 31, 2012 and December 31, 2011 some share option expiry dates were extended to enable participants who were disadvantaged due to closed periods to be placed in an equitable position. The incremental fair value of the modification was accounted for in each respective period. | |||||||||||||||||||||||||
The following tables summarize information relating to the options outstanding at December 31, 2012: | |||||||||||||||||||||||||
Outstanding and exercisable options at December 31, 2012 | |||||||||||||||||||||||||
Number of | Contractual life | Weighted average | |||||||||||||||||||||||
options | exercise price | ||||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 60.00 - 84.99 | 7.00 - 9.92 | 34,500 | 0.36 | 66.07 | 7.71 | |||||||||||||||||||
85.00 - 109.99 | 9.93 - 12.83 | 21,800 | 0.53 | 89.8 | 10.48 | ||||||||||||||||||||
110.00 - 134.99 | 12.84 - 15.75 | 14,000 | 0.04 | 111.66 | 13.03 | ||||||||||||||||||||
135.00 - 159.99 | 15.76 - 18.67 | 5,200 | 0.17 | 140.66 | 16.41 | ||||||||||||||||||||
Total | 75,500 | 0.33 | 86.51 | 10.09 | |||||||||||||||||||||
Market prices of shares for which options were exercised during the fiscal year ended December 31, 2013 ranged from R53.03 to R106.87. | |||||||||||||||||||||||||
The Gold Fields Limited 2005 Non-Executive Director Share Plan: At Gold Fields’ annual general meeting held on November 17, 2005, the shareholders approved The Gold Fields Limited 2005 Non-Executive Share Plan, or The 2005 Non-Executive Plan. Participants in The 2005 Non-Executive Plan are non-executive directors of Gold Fields who are not members of the Non-Executive Directors Remuneration Committee, which is a committee comprising external independent remuneration advisors. The Plan provides for the release of restricted shares awarded to the non-executive directors three years after the date of the award, provided that the non-executive director is not removed, disqualified or forced to resign from the Board of Directors during that period. No consideration is payable for the grant of an award of restricted shares. | |||||||||||||||||||||||||
Consistent with the King III Report on Corporate Governance and the JSE Listings Requirements, the Board recommended to the shareholders that the practice of awarding of rights under the Gold Fields Limited 2005 Non-executive Share Plan Scheme be immediately discontinued. Allocations awarded before April 1, 2010 vested according to the rules of the plan. The last vesting took place in November 2012 and the scheme will be closed. | |||||||||||||||||||||||||
Details of the restricted shares granted under this Plan are as follows: | |||||||||||||||||||||||||
No. of restricted | |||||||||||||||||||||||||
shares | |||||||||||||||||||||||||
Outstanding at December 31, 2010 | 98,878 | ||||||||||||||||||||||||
Exercised and released | (56,978 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2011 | 41,900 | ||||||||||||||||||||||||
Exercised and released | (29,600 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 12,300 | ||||||||||||||||||||||||
Exercised and released | (12,300 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2013 | — | ||||||||||||||||||||||||
The restricted shares have not been split per range as they vested automatically after three years and were granted for no consideration. | |||||||||||||||||||||||||
(d) The GF Non-Executive Director Share Plan: Prior to the approval of The 2005 Non-Executive Plan, share options were available to non-executive directors selected by the Non-Executive Directors Remuneration Committee. No member of the Non-Executive Directors Remuneration Committee could be a participant in The GF Non-Executive Director Share Plan. The GF Non-Executive Director Share Plan was adopted at the annual general meeting of shareholders on October 31, 2001. The exercise price of each ordinary share which is the subject of an option is the weighted average price of the ordinary shares on the JSE on the day immediately preceding the date on which the Non-Executive Directors Remuneration Committee resolves to grant the option. | |||||||||||||||||||||||||
Under The GF Non-Executive Director Share Plan, all options granted may only be exercised no less than 12 months and no more than five years after the date on which the option was accepted by the participant. | |||||||||||||||||||||||||
If an option holder ceases to hold office for any reason, he will be entitled within 30 days to exercise share options which he was entitled to exercise immediately prior to his ceasing to hold office, failing which the options shall automatically lapse. The share option plan may be amended from time to time by the Non-Executive Directors Remuneration Committee in any respect, except in relation to: (1) the eligibility of participants under the plan; (2) the formula for calculating the total number of ordinary shares which may be acquired pursuant to the plan; (3) the maximum number of options which may be acquired by any participant; (4) the price payable by participants; and (5) the voting, dividend and transfer rights attaching to options, which may only be amended through approval by the shareholders in a general meeting and by the JSE. | |||||||||||||||||||||||||
There were no outstanding options granted under this plan at December 31, 2012 and 2013. | |||||||||||||||||||||||||
Following the approval of The 2005 Non-Executive Plan at the Annual General Meeting held on November 17, 2005 and the approval of the first allocations under that Plan at that meeting, no further allocations will be made under The GF Non-Executive Director Share Plan. | |||||||||||||||||||||||||
The following tables summarize information relating to the options outstanding at December 31, 2012 and 2013. For the convenience of the reader, the Rand amounts have been converted to U.S. dollars at the balance sheet rates for the respective fiscal years. | |||||||||||||||||||||||||
Details of the Plan are as follows: | |||||||||||||||||||||||||
Number of | Average option price | ||||||||||||||||||||||||
Options | Rand | $ | |||||||||||||||||||||||
Outstanding as of December 31, 2010 | 36,700 | 79.37 | 11.76 | ||||||||||||||||||||||
Exercised and released | (36,700 | ) | 79.37 | 10.99 | |||||||||||||||||||||
Outstanding as of December 31, 2011, 2012 and 2013 | — | — | — | ||||||||||||||||||||||
There were no options outstanding under the GF Non-Executive Director Share Plan as of December 31, 2012 and 2013. | |||||||||||||||||||||||||
The compensation cost related to awards not yet recognized in the statement of operations under all schemes amounts to $40.1 million and is to be spread over three years. |
Derivative_Financial_Instrumen
Derivative Financial Instruments and Fair Value and Credit Risk of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Financial Instruments and Fair Value and Credit Risk of Financial Instruments | ' | ||||||||||||||||
19 | DERIVATIVE FINANCIAL INSTRUMENTS AND FAIR VALUE AND CREDIT RISK OF FINANCIAL INSTRUMENTS | ||||||||||||||||
Risk management activities | |||||||||||||||||
In the normal course of its operations, the Group is exposed to commodity price, currency, interest rate, liquidity and credit risk. In order to manage these risks, the Group has developed a comprehensive risk management process to facilitate control and monitoring of these risks. | |||||||||||||||||
Concentration of credit risk | |||||||||||||||||
The Group’s financial instruments do not represent a concentration of credit risk as the Group deals with a number of major banks. Accounts receivable are regularly monitored and assessed and where necessary an adequate level of provision is maintained. | |||||||||||||||||
A formal process of allocating counterparty exposure and prudential limits is approved by the audit committee and is applied under the supervision of the Group’s executive committee. Facilities requiring margin payments are not engaged. | |||||||||||||||||
Concentration of labor | |||||||||||||||||
Three quarters of the Group’s total workforce is unionized (74%), but patterns of union participation vary considerably between locations. Each of the Group’s regions have the following levels of union participation within their workforce: | |||||||||||||||||
- Peru 14% | |||||||||||||||||
- Australia 0% | |||||||||||||||||
- South Africa 91% | |||||||||||||||||
- Ghana 95% | |||||||||||||||||
Foreign currency and commodity price risk | |||||||||||||||||
In the normal course of business, the Group enters into transactions for the sale of its gold, denominated in U.S. Dollars. In addition, the Group has assets and liabilities in a number of different currencies (South African Rand, U.S. Dollars and Australian Dollars). As a result, the Group is subject to transaction and translation exposure from fluctuations in foreign currency exchange rates. | |||||||||||||||||
As at December 31, 2013 and 2012, Gold Fields did not hold any derivative instruments to protect its exposure to adverse movements in gold and copper commodity prices. | |||||||||||||||||
Under the long-established structure of sales agreements prevalent in the industry, substantially all of Gold Fields’ copper concentrate sales are provisionally priced at the time of shipment. The provisional prices are finalized in a contractually specified future period (generally one to three months) primarily based on quoted London Metal Exchange, or LME, prices. Sales subject to final pricing are generally settled in a subsequent month. Because a significant portion of Gold Fields’ copper concentrate sales in a period usually remain subject to final pricing, the forward price is a major determinant of recorded revenues and the average recorded copper price for the period. | |||||||||||||||||
LME copper prices averaged $7,324 per ton during the year ended December 31, 2013 (fiscal years ended December 31, 2012: $7,951 and December 31, 2011: $8,836 per ton), compared with the Company’s recorded average provisional price, net of refining charges, of $6,575 per ton. The applicable 3 month copper price at December 31, 2013 was $7,142 per ton, before taking into account refining charges. During the fiscal year ended December 31, 2013, changes in copper prices resulted in a provisional pricing mark-to-market loss of $7.9 million (included in revenue) (fiscal years ended December 31, 2012 gain of $15.6 million and December 31, 2011 loss of $20.6 million). | |||||||||||||||||
Interest rate and liquidity risk | |||||||||||||||||
Fluctuations in interest rates impact on the value of investments and financing activities, giving rise to interest rate risk. The Group does not currently hedge its exposure to interest rate risk. | |||||||||||||||||
In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital expenditure requirements. The cash is managed to ensure surplus funds are invested to maximize returns while ensuring that capital is safeguarded to the maximum extent possible by investing only with top financial institutions. | |||||||||||||||||
Substantial contractual arrangements for uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal contingency funding requirements. | |||||||||||||||||
Fair value | |||||||||||||||||
The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The carrying amounts of receivables, accounts payable and cash and cash equivalents are a reasonable estimate of their fair values due to the short-term maturity of such instruments. The investments in the environmental trust fund approximate fair value, as the monies are invested in short-term maturity investments. The listed investments are carried at market value. Long-term loans at floating rates, approximate fair value as they are subject to market based floating rates. | |||||||||||||||||
The estimated fair values of the the Group’s financial instruments are: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair value | Carrying | Fair value | ||||||||||||||
value | value | ||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | 325 | 325 | 655.6 | 655.6 | |||||||||||||
Receivables | 146.7 | 146.7 | 314.5 | 314.5 | |||||||||||||
Non-current investments * | 268.9 | 269.7 | 458 | 464.6 | |||||||||||||
Financial liabilities | |||||||||||||||||
Long-term loans | 1,938.60 | 1,794.40 | 2,321.20 | 2,322.40 | |||||||||||||
Accounts payable and provisions | 402.1 | 402.1 | 660.2 | 660.2 | |||||||||||||
Interest payable | 12.4 | 12.4 | 11 | 11 | |||||||||||||
Short-term loans and current portion of long-term loans | 121.5 | 121.5 | 40 | 40 | |||||||||||||
Other non-current liabilities | 10.9 | 10.9 | 13.9 | 13.9 | |||||||||||||
* | Fair value determined by using cost for Rand Refinery Limited and Far South East due to a market value not being readily available. | ||||||||||||||||
The Group utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Group determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: | |||||||||||||||||
• | Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. | ||||||||||||||||
• | Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||
• | Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. | ||||||||||||||||
The following table sets forth the Group’s financial assets measured at fair value by level within the fair value hierarchy. As required by Accounting Standard Codification, or ASC, fair value guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Fair value at December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Listed investments | 3.2 | 3.2 | — | — | |||||||||||||
Unlisted investments | 4.3 | — | — | 4.3 | |||||||||||||
Trade receivable from provisional copper concentrate sales, net | 58.2 | — | 58.2 | — | |||||||||||||
65.7 | 3.2 | 58.2 | 4.3 | ||||||||||||||
Fair value at December 31, 2012 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Listed investments | 36.2 | 36.2 | — | — | |||||||||||||
Investments held by environmental trust funds | 165.3 | 135.3 | 30 | — | |||||||||||||
Unlisted investments | 1.3 | — | — | 1.3 | |||||||||||||
Trade receivable from provisional copper concentrate sales, net | 149.9 | — | 149.9 | — | |||||||||||||
352.7 | 171.5 | 179.9 | 1.3 | ||||||||||||||
The Group’s listed investments comprise equity investments in listed entities and are therefore valued using quoted market prices in active markets and classified within level 1 of the fair value hierarchy. The fair value of the listed investments is the product of the quoted market price and the number of shares held. | |||||||||||||||||
The Group investments held in environmental funds primarily comprise interest bearing short-term investments which are valued using quoted market prices. | |||||||||||||||||
The Group’s net trade receivable from provisional copper and gold concentrate sales in La Cima (Cerro Corona) is valued using quoted market prices based on the forward London Metal Exchange and classified within level 2 of the fair value hierarchy. | |||||||||||||||||
The Group’s financial instruments valued using pricing models are classified within level 2 of the fair value hierarchy. Where possible, the values produced by the valuation models are verified to market prices. Valuation models require a variery of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility and correlations of such inputs. | |||||||||||||||||
The table below sets forth a summary of changes in the fair value of our Level 3 financial assets. | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance at the beginning of the period | 1.3 | 2.6 | |||||||||||||||
Additions | 3 | — | |||||||||||||||
Unrealized (loss)/ gain | — | (1.3 | ) | ||||||||||||||
Balance at the end of the period | 4.3 | 1.3 | |||||||||||||||
Derivative contracts | |||||||||||||||||
St Ives Gold Mining Company (Pty) Ltd entered into a Singapore Gasoil 10PPM FOB cash settle and swap transaction for 7,500 barrels per month effective June 1, 2013 until March 31, 2014 at a fixed price of $115.00 per barrel. 30,000 barrels with a mark-to-market value of $0.3 million were outstanding at the end of December 2013. |
Additional_Cash_Flow_Informati
Additional Cash Flow Information | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Additional Cash Flow Information | ' | ||||||||||||||
20 | ADDITIONAL CASH FLOW INFORMATION | ||||||||||||||
Fiscal year ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(a) | Supplemental cash flow disclosures | ||||||||||||||
The following amounts were included in cash flows from operations: | |||||||||||||||
Royalties paid | 99.9 | 112.4 | 97.2 | ||||||||||||
Income and mining taxes paid | 298.2 | 334.1 | 299.3 | ||||||||||||
Interest paid before capitalization | 89.4 | 68.6 | 61.6 | ||||||||||||
(b) | Non cash-items | ||||||||||||||
Marked to market (loss)/gain of listed investments | (1.3 | ) | 18.7 | (26.4 | ) | ||||||||||
Sibanye Gold spin-off (refer note 9.1), excluding cash transferred | 927.3 | — | — | ||||||||||||
Shares issued on acquisition of Yilgarn South assets (refer note 3(f)) | 127.3 | — | — | ||||||||||||
Commitments
Commitments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments | ' | ||||||||
21 | COMMITMENTS | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Capital commitments | |||||||||
Contracted for - discontinued operations | — | 59.7 | |||||||
Contracted for - continuing operations | 100.8 | 184.9 | |||||||
Lease commitments | |||||||||
Operating leases | |||||||||
Less than 12 months | 2.9 | 3.8 | |||||||
12 - 36 months | 3.8 | 6.2 | |||||||
36 - 60 months | 0.6 | 1.5 | |||||||
After 60 months | 1 | — | |||||||
Total | 8.3 | 11.5 | |||||||
Included in net income are operating lease charges amounting to $4.5 million (fiscal year ended December 31, 2012: $3.9 million and fiscal year ended December 31, 2011: $2.9 million). | |||||||||
Guarantees and other commitments | 0.1 | 0.5 | |||||||
The Group also provides environmental obligation guarantees with respect to its South African, Ghanaian and Australian operations. These guarantees, amounting to $121.1 million at December 31, 2013 (December 31, 2012: $193.8 million) have not been included in the amount of guarantees of $0.1 million (December 31, 2012: $0.5 million) because they are fully provided for under the related provision for environmental rehabilitation. | |||||||||
Capital commitments will be funded from internal cash resources and borrowings as necessary. All the contracted capital expenditure as at December 31, 2013 and December 31, 2012 relates to obligations within the next 12 months. The expenditure relates to mining development, infrastructure and hostel upgrades. |
Contingent_Liabilities
Contingent Liabilities | 12 Months Ended | |
Dec. 31, 2013 | ||
Contingent Liabilities | ' | |
22 | CONTINGENT LIABILITIES | |
World Gold Council | ||
Gold Fields is a member of the World Gold Council. In terms of the membership agreement, all members are responsible for certain costs, including ongoing costs on a three year rolling basis, winding up costs, if applicable, and various other contingent liabilities. Apportionment of liabilities to individual members, should they arise, is done proportionate to the member’s production relative to the total production of all members. To date, Gold Fields are not aware of any such claims or liabilities, and no claims have been made against Gold Fields. | ||
Silicosis | ||
The principal health risks associated with Gold Fields’ mining operations in South Africa arise from occupational exposure to silica dust, noise, heat and certain hazardous chemicals. The most significant occupational diseases affecting Gold Fields’s workforce include lung diseases (such as silicosis, tuberculosis, a combination of the two and chronic obstructive airways disease (“COAD”)) as well as noise induced hearing loss (“NIHL”). The Occupational Diseases in Mines and Works Act, 78 of 1973, or ODMWA, governs the compensation paid to mining employees who contract certain illnesses, such as silicosis. In 2011 the South African Constitutional Court ruled that a claim for compensation under ODMWA does not prevent an employee from seeking compensation from its employer in a civil action under common law (either as individuals or as a class). While issues such as negligence and causation need to be proved on a case by case basis, it is possible that such ruling could expose Gold Fields to claims related to occupational hazards and diseases (including silicosis), which may be in the form of a class or similar group action. If Gold Fields were to face a significant number of such claims and the claims were suitably established against it, the payment of compensation for the claims could have a material adverse effect on Gold Fields’s results of operations and financial condition. In addition, Gold Fields may incur significant additional costs arising out of these issues, including costs relating to the payment of fees, levies or other contributions in respect of compensatory or other funds established (if any) and expenditures arising out of its efforts to resolve any outstanding claims or other potential action. | ||
During 2012 and 2013, two court applications were served on Gold Fields and its subsidiaries (as well as other mining companies) by various applicants purporting to represent classes of mine workers (and where deceased, their dependants) who were previously employed by or who are employees of, amongst others, Gold Fields or any of its subsidiaries and who allegedly contracted silicosis and/or tuberculosis. | ||
These are applications in terms of which the court is asked to certify a class action to be instituted by the applicants on behalf of the classes of affected people. According to the applicants, these are the first and preliminary steps in a process, where if the court were to certify the class action, the applicants will in the second stage, bring an action wherein they will attempt to hold Gold Fields and other mining companies liable for silicosis and/or tuberculosis and the resultant consequences. The applicants contemplate dealing in the second stage with what the applicants describe as common legal and factual issues regarding the claims arising for the whole of the classes. If the applicants are successful in the second stage, they envisage that individual members of the classes could later submit individual claims for damages against Gold Fields and the other mining companies. These applications do not identify the number of claims that could be instituted against Gold Fields and the other mining companies or the quantum of damages the applicants may seek. | ||
Gold Fields has delivered notices of intention to oppose the applications and has instructed its attorneys to defend the claims. | ||
The two class actions were consolidated into one application on October 17, 2013. The parties to the consolidated application agreed in a court-sanctioned process that the respondents in the application will deliver answering papers by the end of May 2014 with the applicants replying by the end of August 2014. | ||
In addition to the consolidated application, an individual action has been instituted against Gold Fields and one other mining company in terms of which the Plaintiff claims R25.0 million in damages (and interest on that amount at 15.5% from May 2013 to date of payment and costs) arising from his alleged contraction of silicosis which he claims was caused by the defendants. Gold Fields has entered an appearance to defend the individual action and has pleaded to the claim. In January 2014 the plaintiff delivered an application to join three other mining companies (including the owners of Gold Fields’ South Deep operation) to the action. The Joinder application was granted on March 13, 2014 and Gold Fields will deliver a revised plea on behalf of the joined Gold Fields defendants. | ||
The ultimate outcome of these matters cannot presently be determined and, accordingly, no adjustment for any effects on the Company that may result from these actions, if any, has been made in the consolidated financial statements. | ||
Randgold & Exploration summons | ||
On August 21, 2008, Gold Fields Operations Limited, formerly known as Western Areas Limited (“WAL”), a subsidiary of Gold Fields Limited, received a summons from Randgold and Exploration Company Limited (“R&E”) and African Strategic Investment (Holdings) Limited. The summons claims that during the period that WAL was under the control of Brett Kebble, Roger Kebble and others, WAL assisted in the unlawfully disposal of shares owned by R&E in Randgold Resources Limited, or Resources, and Afrikander Lease Limited, now Uranium One. | ||
The claims have been computed in various ways. The highest claims have been computed on the basis of the highest prices of Resources and Uranium One between the dates of the alleged thefts and March 2008 (between R 11 billion and R12 billion). The alternative claims have been computed on the basis of the actual amounts allegedly received by Gold Fields Operations to fund its operations (approximately R519 million). | ||
It should be noted that the claims lie only against Gold Fields Operations Limited, whose only interest is a 50% stake in the South Deep mine. This alleged liability is historic and relates to a period of time prior to the Group purchasing the company. | ||
Gold Fields Operations Limited’s assessment remains that it has sustainable defenses to these claims and, accordingly, Gold Fields Operation Limited’s attorneys were instructed to vigorously defend the claims. | ||
The ultimate outcome of the claims cannot presently be determined and, accordingly, no adjustment for any effects on the Company that may result from these claims, if any, has been made in the consolidated financial statements. | ||
Acid mine drainage | ||
Gold Fields has identified incidences of Acid Mine Drainage (“AMD”), and the risk of potential short-term and long-term AMD issues, specifically at its Cerro Corona mine, its South Deep mine and, at currently immaterial levels, its Tarkwa, Damang and St Ives mines. AMD or acid rock drainage (“ARD”), collectively called acid drainage (“AD”) is formed when certain sulphide minerals in rocks are exposed to oxidising conditions (such as the presence of oxygen, combined with water). AD can occur under natural conditions or as a result of the sulphide minerals that are encountered and exposed to oxidation during mining or during storage in waste rock dumps, ore stockpiles or tailings dams. The acidic water that forms usually contains iron and other metals if they are contained in the host rock. Gold Fields has commissioned several technical studies to identify the steps required to prevent or mitigate AD at its facilities but none of these studies have allowed Gold Fields to generate a reliable estimate of the potential impact of AD on the Company. Gold Fields proactive approach to AD management includes Liquid Gold (a short and long-term water management strategy) at South Deep, as well as the investigation of various water treatments and/or mine rehabilitation options at its affected operations. Much of the design of the tailings and waste rock facilities at Cerro Corona were based on AD mitigation. Gold Fields also conducts acid base accounting to obtain a more detailed understanding of where the key potential AD risks are located at identified operations, thereby better informing appropriate short and long term mitigation strategies. | ||
No adjustment for any effects on the Company that may result from AMD, if any, has been made in the consolidated financial statements other than through the Group’s normal rehabilitation provisions (refer note 17). | ||
Native claim | ||
St Ives Gold Mining Company Pty Ltd (“St Ives”), a subsidiary in the Group, which owns the St Ives Gold Mine in Western Australia successfully applied in December 2013 to be joined as a respondent party to proceedings brought in the Federal Court of Australia (the “Court”) by the Ngadju People for the purpose of that group seeking the determination of their native title rights over a wide area of land in the Goldfields region of Western Australia, which includes a number of mining tenements held by St Ives and transferred from Western Mining Corporation (“WMC”) in 2001. | ||
The Proceedings (brought under the provisions of the Native Title Act 1993 (Cth)) have been run in two parts. In the first part, the Court made an interim finding (upheld on appeal by the State) that the Ngadju People have the requisite connection to land in order to hold native title. In the second part of the Proceedings, the Court has to decide the effect of certain interests (including mining interests) on native title (for example, whether or not native title is “extinguished” by the grant of those interests). It is this aspect of the Proceedings which directly involves St Ives. | ||
There are a number of other respondent parties to the Proceedings who have interests within the claim area. They include other government entities (including the Commonwealth of Australia), pastoralists, and mining companies (including BHP Billiton Nickel West Pty Ltd (Nickel West)). | ||
The Ngadju People have alleged that a number of tenements held by St Ives (and Nickel West) are invalid as against their native title interest, because the correct processes under the Native Title Act were not followed in relation to various dealings in relation to the tenements between 2001 and 2008, including the renewal and replacement of certain tenements. | ||
The process that the Ngadju People allege was not followed is the “right to negotiate”. The right to negotiate requires the native title party, the State and the party obtaining the interest (in this case, St Ives) to negotiate and reach agreement prior to the grant of certain interests which affect native title. As a result, the Ngadju People claim that the tenements are invalid from a native title perspective. This does not, however, affect the validity of the underlying mining tenure. | ||
The matter was heard by a single judge of the Federal Court on March 5-6, 2014. Gold Fields was represented by Senior Counsel, and vigorously defended its position, submitting that the relevant dealings did not require the right to negotiate to be followed, and that the tenements were, accordingly valid. The decision is not expected to be handed down for between 6 and 12 months. Any decision can thereafter be appealed by any of the parties to the full Federal Court. | ||
Significantly, the Claimants have conceded in the course of the proceedings that historical petroleum tenure which existed over the entire claim area (including St Ives’ tenements), has extinguished its right of ‘exclusive possession native title’. This means that in the event of an adverse finding against Gold Fields (which is upheld on appeal), the Claimants do not have the right to enforce a right of exclusive possession over the area (to the exclusion of St Ives). | ||
Gold Fields is satisfied that the risk of the Court making a finding of invalidity is mitigated by the opportunity to enter into a consensual agreement with the claimants that would validate any invalid leases. Any such agreement would almost certainly require the payment of significant compensation to the claimants. | ||
The ultimate outcome of the claim cannot presently be determined and, accordingly, no adjustment for any effects on the Company that may result from the claim, if any, has been made in the consolidated financial statements. | ||
Regulatory Investigations | ||
The Company has been informed that it is the subject of a regulatory investigation in the United States by the US Securities and Exchange Commission relating to the Black Economic Empowerment transaction associated with the granting of the mining license for its South Deep operation (the “BEE transaction”). | ||
In South Africa, the Directorate for Priority Crime Investigation (the “Hawks”) has informed the Company that it has started a preliminary investigation into the BEE transaction to determine whether or not to proceed to a formal investigation, following a complaint by the Democratic Alliance MP Rupert Lorimer. | ||
Given the early stage of these investigations, it is not possible to determine what the ultimate outcome of these investigations, any regulatory findings and any related developments may have on the Company. | ||
Accordingly, no adjustment for any effects on the Company that may result from the outcome of these investigations, if any, has been made in the consolidated financial statements. |
Lines_of_Credit
Lines of Credit | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Lines of Credit | ' | ||||||||
23 | LINES OF CREDIT | ||||||||
The Group has unused lines of committed credit facilities available amounting to $763.2 million at December 31, 2013 (December 31, 2012: $831.4 million) with the following expiry dates. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
- within one year | — | 58.4 | |||||||
- later than one year and not later than two years | — | 8 | |||||||
- later than two years and not later than three years | 96.7 | 35 | |||||||
- later than three years and not later than five years | 666.5 | 730 | |||||||
763.2 | 831.4 | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions | ' | |
24 | RELATED PARTY TRANSACTIONS | |
None of the directors or officers of Gold Fields or any associate of such director or officer is currently or has been at any time during the past three fiscal years indebted to Gold Fields. | ||
Peotona Gold | ||
Cheryl A. Carolus, a non-executive director of Gold Fields, is a party in her capacity as founding shareholder of Peotona Gold Holdings (Proprietary) Limited, or PGH, to the agreement described below. Ms Carolus has a 25% interest in PGH, which in turn has a one-third economic interest and a 51% voting interest in the issued share capital of Peotona Gold (Proprietary) Limited, or Peotona Gold. | ||
Western Areas Prospecting (Proprietary) Limited, (a company 74% owned by GFO and 26% owned by Peotona Gold), or WAP, held four prospecting rights on ground contiguous to the South Deep Mine. On April 21, 2009, GFO, GFIJVH, Peotona Gold, WAP and others entered into an agreement in terms of which WAP relinquished and abandoned a portion of the prospecting area covered by one of the above prospecting rights on ground contiguous to the South Deep mine (commonly known as “Uncle Harry’s Area”) in favor of the South Deep Joint Venture. The agreement was subject to (among other conditions precedent) the conversion of the old order mining right of South Deep to a new order mining right and simultaneously amending the South Deep mining right by extending the area covered by the South Deep mining right to include Uncle Harry’s Ground pursuant to the Mineral and Petroleoum Resources Development Act. 28 of 2002. Peotona Gold also granted GFO an option to acquire its 26% shareholding in WAP. | ||
On July 13, 2010, the South African Department of Mineral Resources executed the new-order mining right for the South Deep Gold Mine, including Uncle Harry’s Ground. | ||
On October 14, 2011, Gold Fields purchased the 26% interest in WAP from Peotona Gold for $6.3 million. Gold Fields now owns 100% of WAP which owns the Cardoville, the Kalbasfontein, the WA4 and the Wildebeestkuil prospecting rights. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events | ' | |
25 | SUBSEQUENT EVENTS | |
Final dividend | ||
On February 13, 2014, Gold Fields declared a final dividend of R0.22 ($0.02) per share. |
Geographical_and_Segment_Infor
Geographical and Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographical and Segment Information | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26 | GEOGRAPHICAL AND SEGMENT INFORMATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gold Fields is primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside of South Africa. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The segment results have been prepared and presented based on management’s reporting format. The Group prepares its financial records in accordance with International Financial Reporting Standards, or IFRS, and such IFRS information by segment is what the Group’s chief operating decision maker reviews in allocating resources and making investment decisions. The Company’s gold mining operations are managed and internally reported based upon the following geographic areas: in South Africa the South Deep mine, in Ghana the Tarkwa and Damang mines, in Australia, St. Ives, Agnew/ Lawlers, Granny Smith and Darlot mines and in Peru, the Cerro Corona mine. The Group also has exploration interests which are included in the Corporate and other segment. Corporate costs are allocated between segments based upon the time spent on each segment by members of the executive team. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Following the acquisition of the Yilgarn South assets, the existing Agnew and the newly acquired Lawlers mine were consolidated into a single operation and are managed and internally reported on as such. The other two newly acquired mines, Darlot and Granny Smith, are separately managed and internally reported on. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Deep | Tarkwa | Damang | St Ives | Agnew/ | Darlot | Granny | Total | Cerro | Corporate | Total per | Reclassifications | Reconciling | Continuing | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lawlers | Smith | Corona | and other# | IFRS | items | operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of operations - continuing operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 425.7 | 893.1 | 216.4 | 569 | 302.8 | 26 | 82.3 | 980.1 | 390.9 | — | 2,906.30 | — | — | 2,906.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs (1) | (321.8 | ) | (473.7 | ) | (171.1 | ) | (345.5 | ) | (135.0 | ) | (21.6 | ) | (48.8 | ) | (550.8 | ) | (161.3 | ) | — | (1,678.7 | ) | (74.7 | ) | (162.4 | ) | (1,915.8 | ) | ||||||||||||||||||||||||||||||||||||||
Gold inventory change (2) | — | (30.8 | ) | 11.1 | 8.8 | (1.2 | ) | 1.3 | 3.7 | 12.7 | 18.8 | — | 11.8 | — | (1.2 | ) | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | 103.9 | 388.7 | 56.4 | 232.3 | 166.7 | 5.7 | 37.3 | 442 | 248.4 | — | 1,239.40 | (74.7 | ) | (163.6 | ) | 1,001.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation | (98.9 | ) | (137.6 | ) | (30.6 | ) | (194.3 | ) | (71.1 | ) | (3.6 | ) | (21.0 | ) | (290.0 | ) | (48.8 | ) | (5.0 | ) | (610.9 | ) | — | 42.4 | (568.5 | ) | |||||||||||||||||||||||||||||||||||||||
Net operating profit/(loss) | 5 | 251.1 | 25.8 | 38 | 95.6 | 2.1 | 16.3 | 152.1 | 199.7 | (5.0 | ) | 628.5 | (74.7 | ) | (121.2 | ) | 432.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenditure | — | — | — | (5.1 | ) | (1.4 | ) | — | — | (6.5 | ) | (0.2 | ) | (59.1 | ) | (65.9 | ) | (7.2 | ) | (4.8 | ) | (77.9 | ) | ||||||||||||||||||||||||||||||||||||||||||
Feasibility and evaluation | — | — | — | — | — | — | — | — | — | (47.7 | ) | (47.7 | ) | — | (20.3 | ) | (68.0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Finance expense | (8.8 | ) | (1.2 | ) | (4.7 | ) | — | — | (0.2 | ) | (1.2 | ) | (1.4 | ) | (2.2 | ) | (51.2 | ) | (69.5 | ) | 2.4 | (5.3 | ) | (72.4 | ) | ||||||||||||||||||||||||||||||||||||||||
Investment income | 0.6 | 0.4 | — | 3.8 | 3.8 | — | — | 7.6 | 0.4 | (0.6 | ) | 8.5 | — | — | 8.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other items as detailed in statement of operations (3) | (22.9 | ) | (216.2 | ) | (191.1 | ) | (266.9 | ) | (14.6 | ) | (3.2 | ) | (17.1 | ) | (301.8 | ) | (22.5 | ) | (205.7 | ) | (960.2 | ) | 79.5 | 585.7 | (294.9 | ) | |||||||||||||||||||||||||||||||||||||||
Royalty | (2.1 | ) | (44.7 | ) | (10.8 | ) | N4 | N4 | N4 | N4 | (24.1 | ) | (8.9 | ) | — | (90.5 | ) | — | — | (90.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Current taxation | — | (39.7 | ) | (0.9 | ) | N4 | N4 | N4 | N4 | (49.7 | ) | (66.3 | ) | (4.8 | ) | (161.3 | ) | — | (3.8 | ) | (165.1 | ) | |||||||||||||||||||||||||||||||||||||||||||
Deferred taxation | 6.6 | * | 33.9 | 63.4 | N4 | N4 | N4 | N4 | 106.9 | (19.6 | ) | (9.9 | ) | 181.4 | — | (122.0 | ) | 59.4 | |||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/income before impairment of investment in equity investee, share of equity investees’ losses and discontinued operations | (21.6 | ) | (16.2 | ) | (118.3 | ) | N4 | N4 | N4 | N4 | (116.8 | ) | 80.5 | (383.9 | ) | (576.7 | ) | — | 308.4 | (268.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||
-1 | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $39.4 million, Accretion expense on provision for environmental rehabilitation - $10.4 million and Employee termination costs - $35.5 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Reflects the change in quantity and value of broken ore and ore on the heap leach pad during the fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Included in this line item and in the Total per IFRS column are impairments of investments and assets recognized in accordance with IFRS amounting to $204.6 million at Tarkwa, $188.9 million at Damang, $264.9 million at St Ives, $10.4 million at Cerro Corona and $140.7 million at Corporate and other. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | As all Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Indicative as tax is provided in the holding companies of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information on the statement of operations related to Sibanye Gold, which include the KDC and Beatrix mines, is not presented as Sibanye Gold is presented as a discontinued operation (refer note 9.1). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KDC | Beatrix | South | Tarkwa | Damang | St Ives | Agnew | Darlot | Granny | Total | Cerro | Corporate and | Total per | Reclassifications | Reconciling | Group | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deep | Smith | Corona | other# | IFRS | items | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | N1 | N1 | 192.9 | 1,528.30 | 197.8 | 650.9 | 400.7 | 25 | 69.6 | 1,146.20 | 1,054.10 | 3,125.00 | 7,244.30 | — | (40.6 | ) | 7,203.70 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred tax | N1 | N1 | 128.4 | 174.8 | 85.2 | 167.1 | 70.4 | 26.7 | 73.2 | 337.5 | 145.8 | 1,979.90 | 2,851.50 | (5.0 | ) | (14.3 | ) | 2,832.20 | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability/(asset) | N1 | N1 | 9.8 | 266.2 | (12.8 | ) | N2 | N2 | N2 | N2 | 128.2 | 32.1 | (76.2 | ) | 347.5 | 5 | (73.6 | ) | 273.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditure | 37.5 | 10.3 | 202.4 | 207 | 50.1 | 132.3 | 52.3 | 1.5 | 7.8 | 193.9 | 56.3 | 29.6 | 739.2 | — | (195.5 | ) | 543.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
# | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. Included in Corporate and other is goodwill and other fair value adjustments relating to the acquisition of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Sibanye Gold, which includes the KDC and Beatrix reporting segments, was spun off in February 2013 (refer note 9.1). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | As all Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Deep | Tarkwa | Damang | St Ives | Agnew | Total | Cerro | Corporate and | Total per | Reclassifications | Reconciling | Continuing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corona | other# | IFRS | items | operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of operations - continuing operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 450.8 | 1,198.90 | 277.8 | 752.2 | 294.4 | 1,046.60 | 556.6 | — | 3,530.60 | — | — | 3,530.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs (1) | (302.9 | ) | (494.4 | ) | (179.1 | ) | (378.0 | ) | (148.1 | ) | (526.1 | ) | (171.4 | ) | — | (1,673.8 | ) | (69.8 | ) | (199.2 | ) | (1,942.9 | ) | ||||||||||||||||||||||||||||||||||||||||||
Gold inventory change (2) | — | 24.8 | 3.6 | (14.7 | ) | (2.6 | ) | (17.4 | ) | 11 | — | 22 | — | 0.1 | 22.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | 147.9 | 729.3 | 102.3 | 359.4 | 143.7 | 503 | 396.2 | — | 1,878.80 | (69.8 | ) | (199.1 | ) | 1,609.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation | (82.4 | ) | (125.4 | ) | (22.8 | ) | (160.4 | ) | (53.7 | ) | (214.1 | ) | (48.8 | ) | (5.7 | ) | (499.2 | ) | — | 73.4 | (425.8 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net operating profit/(loss) | 65.6 | 603.8 | 79.5 | 199 | 90 | 288.9 | 347.4 | (5.7 | ) | 1,379.60 | (69.8 | ) | (125.7 | ) | 1,184.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenditure | — | — | — | (9.8 | ) | (9.6 | ) | (19.4 | ) | (2.2 | ) | (106.9 | ) | (128.5 | ) | (61.1 | ) | 54.3 | (135.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Feasibility and evaluation | — | — | — | — | — | — | — | (44.1 | ) | (44.1 | ) | — | (59.4 | ) | (103.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense | (0.9 | ) | (2.3 | ) | (2.5 | ) | (1.2 | ) | (0.3 | ) | (1.5 | ) | (3.9 | ) | (44.2 | ) | (55.3 | ) | 2.8 | (3.1 | ) | (55.6 | ) | ||||||||||||||||||||||||||||||||||||||||||
Investment income | 0.6 | 0.4 | 0.1 | 6.4 | 6.3 | 12.7 | 1.8 | 0.7 | 16.3 | — | — | 16.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other items as detailed in statement of operations | (43.7 | ) | (22.7 | ) | (9.6 | ) | (68.0 | ) | (27.7 | ) | (95.7 | ) | (18.6 | ) | (9.0 | ) | (199.3 | ) | 128.1 | (5.2 | ) | (76.4 | ) | ||||||||||||||||||||||||||||||||||||||||||
Royalty | (2.3 | ) | (59.9 | ) | (13.9 | ) | N3 | N3 | (26.0 | ) | (14.7 | ) | — | (116.7 | ) | — | — | (116.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Current taxation | — | (163.1 | ) | (7.6 | ) | N3 | N3 | (53.6 | ) | (104.7 | ) | (7.6 | ) | (336.6 | ) | — | (17.3 | ) | (353.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Deferred taxation | (4.5 | )* | (92.5 | ) | (21.5 | ) | N3 | N3 | 4.2 | 12.4 | (18.1 | ) | (120.0 | ) | — | 114.5 | (5.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before impairment of investment in equity investee, share of equity investees’ losses and discontinued operations | 14.9 | 263.7 | 24.6 | N3 | N3 | 109.9 | 217.6 | (234.9 | ) | 395.4 | — | (41.9 | ) | 353.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $38.2 million, Accretion expense on provision for environmental rehabilitation - $13.9 million and Employee termination costs - $6.1 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Reflects the change in quantity and value of broken ore and ore on the heap leach pad during the fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | As these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Indicative as tax is provided in the holding companies of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KDC | Beatrix | South | Tarkwa | Damang | St Ives | Agnew | Total | Cerro | Corporate and | Total per | Reconciling | Group | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deep | Corona | other # | IFRS | items | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | 2,126.30 | 313.1 | 208.3 | 1,775.60 | 386.2 | 1,066.70 | 372.4 | 1,439.10 | 1,165.80 | 3,613.90 | 11,028.30 | (418.3 | ) | 10,624.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred tax | 740.8 | (26.8 | ) | 104 | 377.2 | 93.2 | 189.7 | 47.8 | 237.5 | 234.4 | 2,005.90 | 3,766.20 | (77.9 | ) | 3,687.90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability/(asset) | 379.2 | 110.3 | 19.2 | 300.2 | 50.6 | N1 | N1 | 264.5 | 12.4 | (65.3 | ) | 1,071.10 | (175.5 | ) | 895.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditure | 296.2 | 80.4 | 314.5 | 259.9 | 92.1 | 315.3 | 62.3 | 377.7 | 93.8 | 86.2 | 1,600.60 | (277.8 | ) | 1,322.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew based on endowment ounces and also as these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. Included in Corporate and other is goodwill and other fair value adjustments relating to the acquisition of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Deep | Tarkwa | Damang | St Ives | Agnew | Total | Cerro | Corporate and | Total per | Reclassifications | Reconciling | Continuing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corona | other # | IFRS | items | operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of operations - continuing operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 427.5 | 1,122.90 | 340.8 | 734.2 | 313.1 | 1,047.30 | 560.5 | — | 3,499.10 | — | — | 3,499.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs (1) | (296.2 | ) | (436.4 | ) | (142.1 | ) | (415.4 | ) | (138.5 | ) | (553.9 | ) | (157.4 | ) | — | (1,586.0 | ) | (37.1 | ) | (124.7 | ) | (1,747.7 | ) | ||||||||||||||||||||||||||||||||||||||||||
Gold inventory change (2) | — | 65 | 1.9 | 3 | 6 | 9 | (0.1 | ) | — | 75.7 | — | 1.4 | 77.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | 131.3 | 751.6 | 200.6 | 321.8 | 180.6 | 502.4 | 403 | — | 1,988.80 | (37.1 | ) | (123.3 | ) | 1,828.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation | (76.7 | ) | (104.9 | ) | (26.7 | ) | (149.9 | ) | (44.6 | ) | (194.5 | ) | (58.6 | ) | (6.3 | ) | (467.7 | ) | — | 46.3 | (421.4 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net operating profit/(loss) | 54.6 | 646.6 | 173.9 | 171.9 | 136 | 307.9 | 344.4 | (6.3 | ) | 1,521.10 | (37.1 | ) | (77.0 | ) | 1,407.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenditure | — | — | — | (5.0 | ) | (4.4 | ) | (9.4 | ) | (4.2 | ) | (101.6 | ) | (115.2 | ) | (4.9 | ) | (5.3 | ) | (125.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Feasibility and evaluation | — | — | — | — | — | — | — | (17.4 | ) | (17.4 | ) | — | (77.8 | ) | (95.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense | (1.4 | ) | (1.2 | ) | (0.8 | ) | (2.2 | ) | (0.5 | ) | (2.7 | ) | (4.3 | ) | (47.4 | ) | (57.8 | ) | 5.5 | — | (52.3 | ) | |||||||||||||||||||||||||||||||||||||||||||
Investment income | 1.1 | 0.6 | 0.2 | 5.4 | 2.8 | 8.2 | — | 1.6 | 11.7 | — | — | 11.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other items as detailed in statement of operations | (14.8 | ) | (20.9 | ) | (14.4 | ) | (3.0 | ) | (2.4 | ) | (5.4 | ) | (11.4 | ) | (2.2 | ) | (69.1 | ) | 36.5 | 0.6 | (32.0 | ) | |||||||||||||||||||||||||||||||||||||||||||
Royalty | (2.1 | ) | (51.0 | ) | (15.5 | ) | N3 | N3 | (26.3 | ) | (14.7 | ) | — | (109.6 | ) | — | — | (109.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Current taxation | — | (150.7 | ) | (29.8 | ) | N3 | N3 | — | (111.7 | ) | (52.4 | ) | (344.5 | ) | — | — | (344.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred taxation | (17.1 | ) | (22.0 | ) | (13.2 | ) * | N3 | N3 | (82.8 | ) | 10.4 | 39.9 | (85.0 | ) | — | 45 | (40.0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before impairment of investment in equity investee, share of equity investees’ losses and discontinued operations | 20.3 | 401.4 | 100.5 | N3 | N3 | 189.6 | 208.5 | (185.8 | ) | 734.2 | — | (114.5 | ) | 619.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $30.8 million, Accretion expense on provision for environmental rehabilitation - $11.1 million and Employee termination costs - $0.8 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Reflects the change in quantity and value of broken ore and ore on the heap leach pad during the fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | As these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Indicative as tax is provided in the holding companies of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KDC | Beatrix | South | Tarkwa | Damang | St Ives | Agnew | Total | Cerro | Corporate | Total | Reconciling | Group | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deep | Corona | and other # | per | items | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IFRS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | 1,714.50 | 225 | 153 | 1,435.90 | 344.2 | 1,058.20 | 609 | 1,667.20 | 1,069.50 | 3,643.00 | 10,252.30 | (174.9 | ) | 10,077.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred tax | 414.2 | (103.5 | ) | 66.9 | 323.9 | 99.2 | 174.9 | 44.6 | 219.5 | 282.8 | 1,949.50 | 3,252.50 | (55.2 | ) | 3,197.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability/(asset) | 471.6 | 145.6 | 15.8 | 207.7 | 29.1 | N1 | N1 | 270.8 | 24.9 | (77.3 | ) | 1,088.20 | (60.3 | ) | 1,027.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditure | 318.6 | 84.6 | 274.6 | 218.9 | 87.8 | 182.7 | 74.1 | 256.8 | 69.4 | 102.5 | 1,413.20 | (260.2 | ) | 1,153.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew based on endowment ounces and also as these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. Included in Corporate and other is goodwill relating to the acquisition of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following provides a breakdown of the reconciling items for each line item presented | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration, evaluation and feasibility costs | (i) | (22.4 | ) | (35.2 | ) | (22.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (j) | 4.7 | (0.4 | ) | (0.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cut-backs | (h) | (146.6 | ) | (184.0 | ) | (144.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred stripping | (l) | 1.9 | 20.4 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(162.4 | ) | (199.2 | ) | (124.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gold inventory | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | (m) | (1.2 | ) | 0.1 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory stockpiles | (q) | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1.2 | ) | 0.1 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - purchase of St. Ives and Agnew | (c) | — | — | 2.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - purchase of Abosso | (d) | — | — | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of reserves | (f) | (15.8 | ) | (12.5 | ) | (23.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cut-backs | (h) | 38.3 | 41.1 | 39.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - impairment of assets | (n) | (36.9 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - inclusion of future costs | (g) | 58.6 | 47 | 34.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - capitalized interest | (p) | (4.4 | ) | (4.3 | ) | (6.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (j) | 2.5 | 2.1 | (1.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
42.4 | 73.4 | 46.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenditure | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration, evaluation and feasibility costs | (i) | (25.1 | ) | (5.1 | ) | (83.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other items as detailed in the statement of operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | (n) | 582.4 | (7.5 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest capitalization | (p) | (5.3 | ) | (3.1 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 3.3 | 2.3 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
580.5 | (8.3 | ) | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | Fiscal Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred income and mining taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (j) | (14.3 | ) | (77.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - formation of Original Gold Fields | (a) | — | 66.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - formation of Gold Fields | (b) | — | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - purchase of South Deep | (e) | 380.3 | 481.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cut-backs | (h) | (600.4 | ) | (498.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of reserves | (f) | (184.0 | ) | (197.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - inclusion of future costs | (g) | 203.5 | 175.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - Interest capitalised | (p) | (20.9 | ) | (18.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration, feasibility and evaluation costs | (i) | (318.9 | ) | (379.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (j) | 0.2 | (75.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in equity investees | (k) | — | (3.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred stripping | (l) | 8.7 | (12.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | (m) | 14.6 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | (n) | 414.7 | (52.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest capitalization | (p) | 62.8 | 84.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory stockpiles | (q) | (1.2 | ) | (1.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - discontinued operations | (o) | — | (28.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(40.6 | ) | (418.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to the reconciliation of segment information to the historical financial statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Business combination - formation of Original Gold Fields | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the formation of Original Gold Fields was accounted for as a uniting-of-interests. Under U.S. GAAP, the Company accounted for the assets and liabilities acquired from Gold Fields of South Africa Limited at historical cost, and the assets and liabilities acquired from Gencor and outside shareholders as a purchase. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) | Business combination - formation of Gold Fields | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the difference between the purchase price and net asset value of acquired assets that arose on this transaction was set-off against shareholders’ equity. Under U.S. GAAP, the excess purchase price was capitalized to property, plant and equipment and is being amortized over its useful life. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) | Business combination - purchase of St. Ives and Agnew | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, traded equity securities issued as consideration in a business combination were valued on the date they were issued. Under U.S. GAAP, at the time of the acquisition, traded equity securities issued as consideration in a business combination were valued a few days before and after the terms of the transaction were announced. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(d) | Business combination - purchase of Abosso | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, traded equity securities issued as consideration in a business combination were valued on the date they were issued. Under U.S. GAAP, at the time of the acquisition, traded equity securities issued as consideration in a business combination were valued a few days before and after the terms of the transaction were announced. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(e) | Business combinations - purchase of South Deep | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, traded equity securities issued as consideration in a business combination were valued on the date they were issued. Under U.S. GAAP, at the time of the acquistion, traded equity securities issued as consideration in a business combination were valued a few days before and after the terms of the transaction were announced. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the entire interest acquired in South Deep was fair value upon gaining a controlling interest. Under U.S. GAAP, only the additional interest acquired was accounted for at fair value; assets acquired before obtaining control are stated at historical carrying amounts. In addition, U.S. GAAP requires retrospective equity accounting from the date the interest is acquired until the Group obtains control and the investment becomes a subsidiary. For management reporting purposes no retrospective equity accounting is applied. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, any excess arising over the purchase price paid and the fair value of the net identifiable assets and liabilities acquired for additional interests in subsidiaries from minority shareholders are recorded directly in equity (‘economic entity model’). Under U.S. GAAP, any excess over the purchased price paid and the fair value of the net identifiable assets and liabilities are recorded as goodwill (‘parent company model’). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(f) | Amortization of reserves | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, a portion of ore resources at the Australian operations, based on the philosophy of “endowment”, is used for calculating depreciation and amortization. Under U.S. GAAP, depreciation and amortization is calculated based upon existing proven and probable reserves. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(g) | Amortization - inclusion of future costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, future mine development costs are included in mining assets at the Australian operations in calculating depreciation and amortization. Under U.S. GAAP, future development costs are not included in the calculation of depreciation and amortization. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(h) | Cut-backs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, waste laybacks at surface operations are capitalized as mine development costs. Under U.S. GAAP, once the production phase of a mine has commenced, waste laybacks are considered variable production costs that should be included as a component of inventory to be recognized in Production costs exclusive of depreciation and amortization in the same period as the revenue from the sale of inventory. As a result, capitalization of waste laybacks is appropriate only to the extent product inventory exists at the end of a reporting period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(i) | Exploration, feasibility and evaluation costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, exploration costs are capitalized from the date the drilling program confirms sufficient evidence of mineralization to proceed with a feasibility study. Under U.S. GAAP, exploration costs are capitalized from the date a bankable feasibility study is completed. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(j) | Provision for rehabilitation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revisions to the provision for environmental rehabilitation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, all changes in the carrying amount of the provision for environmental rehabilitation are recognized as an increase or decrease in the carrying amount of the associated rehabilitation asset. Changes resulting from revisions in the timing or amount of estimated cash flows are recognized as an increase or decrease in the carrying amount of the provision for environmental rehabilitation and the associated rehabilitation asset for U.S. GAAP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In addition, the current discount rate is applied to measure the provision for environmental rehabilitation for management reporting purposes. Under U.S. GAAP, any decreases in the provision for environmental rehabilitation as a result of downward revisions in cash flow estimates should be treated as a modification of an existing provision for environmental rehabilitation and should be measured at the historical discount rate used to measure the initial provision for environmental rehabilitation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of the provision for environmental rehabilitation and amortization of the associated rehabilitation asset | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For reasons discussed above, the carrying values of the provision for environmental rehabilitation and associated rehabilitation asset for management reporting purposes are different to those under U.S. GAAP, which in combination with different discount rates result in a different amortization charge and accretion expense. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(k) | Investments in equity investees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, an equity investment exceeding a 20% shareholding was treated as an available-for-sale investment prior to fiscal 2003. Under U.S. GAAP this investment was accounted for under the equity method since acquisition. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(l) | Deferred stripping | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, prior to the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine, the Company deferred the waste stripping costs in excess of the expected average pitlife stripping ratio. IFRIC 20 was adopted on January 1, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IFRIC 20 requires that production stripping costs in a surface mine be capitalised to non-current assets if, and only if, all of the following criteria are met: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | It is probable that the future economic benefit associated with the stripping activity will flow to the entity; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | The entity can identify the component of the ore body for which access has been improved; and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | The costs relating to the stripping activity associated with that component can be measured. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
If the above criteria are not met, the stripping costs are recognised directly in profit or loss. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under U.S. GAAP, waste stripping costs are considered costs of the extracted minerals and recognized as a component of inventory to be recognized in production costs exclusive of depreciation and amortization in the same period as the revenue from the sale of inventory. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(m) | Inventory | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under U.S. GAAP, additional amortization, waste stripping costs and cut backs expensed are included in the cost of inventory produced. No such absorption of costs occurred for management reporting purposes. Under U.S. GAAP, management is required to record inventory at the lower of cost and market value. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(n) | Impairment of assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the Agnew mine was not determined to be impaired in prior years. Under U.S. GAAP, the Agnew mine was determined to be impaired and an impairment charge was recognized. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the Tarkwa, Damang and St Ives cash-generating units as well as certain other assets at Tarkwa were determined to be impaired in fiscal 2013. For US GAAP purposes, after performing impairment tests, only the Damang mine was considered to be impaired and at a different amount due to the different impairment model prescribed under U.S. GAAP. In addition, Arctic Platinum, classified as held for sale, was impaired for management reporting purposes, but not considered impaired under US GAAP as the fair value less cost to sell exceeded the carrying value under U.S GAAP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For reasons discussed above, certain assets carrying values for management reporting purposes are different to those under U.S. GAAP, which results in a different amortization charge. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(o) | Amortization - discontinued operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, Sibanye Gold was accounted for as discontinued operations in fiscal 2012 and the related assets and liabilities were classified as held for distribution. As a result, depreciation ceased due to the classification of the assets as held for distribution. Under U.S.GAAP, the Spin-off was not accounted for as discontinued operations in 2012 as the Sibanye Gold assets and liabilities continue to be classified as held for use until the Spin-off date. As a result, depreciation did not cease during fiscal 2012 and is charged until the Spin-off date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(p) | Interest capitalization | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, borrowing costs are capitalized to the extent that qualifying assets are financed through specific debt financing or general outstanding debt not for any specific purpose other than funding the operations of the Group. Under U.S. GAAP, total outstanding debt financing is taken into account in calculating the amount of borrowing cost to be capitalized. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(q) | Inventory stockpiles | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, previous impairment charges writing down stockpiles to market values are reversed when the net realizable value rises above the original cost. Under U.S. GAAP, the market value is deemed the new base cost and impairment charges are not reversed. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||||||||||||
Schedule 1 - Valuation and Qualifying Accounts | |||||||||||||||||||||||||||||
Valuation allowances on deferred tax assets | |||||||||||||||||||||||||||||
Balance at | Valuation | Valuation | Arising on | Charged to | Foreign | Balance at | |||||||||||||||||||||||
beginning of | allowance | allowance | acquisition/ | unredeemed | currency | end of year | |||||||||||||||||||||||
year | reversed | raised | disposal of | capital | translation | ||||||||||||||||||||||||
subsidiaries | expenditure | adjustment | |||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Valuation allowance | 324.4 | — | 1.1 | (5.4 | ) | 60.2 | (50.1 | ) | 330.2 | ||||||||||||||||||||
Fiscal Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Valuation allowance | 152.4 | (58.2 | ) | — | — | 222.8 | 7.4 | 324.4 | |||||||||||||||||||||
Fiscal Year Ended December 31, 2011 | |||||||||||||||||||||||||||||
Valuation allowance | 192.4 | (22.0 | ) | — | — | — | (18.0 | ) | 152.4 |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Use Of Estimates | ' | ||||||
(a) | USE OF ESTIMATES: The preparation of the consolidated financial statements in conformity with United States generally accepted accounting principles, or U.S. GAAP, requires the Group’s management to make estimates and assumptions about current and future events that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. | ||||||
Future events and their effects cannot be determined with absolute certainty. Therefore, the determination of estimates requires the exercise of judgment based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results ultimately may differ from those estimates. | |||||||
The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves that are the basis of future cash flow estimates and unit-of-production depreciation, depletion and amortization calculations; environmental, reclamation and closure obligations; estimates of recoverable gold and other materials in heap leach pads; asset impairments (including impairments of goodwill, long-lived assets, and investments); write-downs of inventory to market; other employee benefit liabilities (including valuation of share-based compensation); valuation allowances for deferred tax assets; unrecognized tax benefits; reserves for contingencies and litigation; the fair value of assets acquired and liabilities assumed in business combinations and the fair value and accounting treatment of financial instruments. | |||||||
Consolidation | ' | ||||||
(b) | CONSOLIDATION: The Group’s financial statements include the financial statements of the Group, and its subsidiaries, and its share of results of investments in equity investees. A company in which the Group has, directly or indirectly, through subsidiary undertakings, a controlling interest is classified as a subsidiary undertaking. In addition, the Company reviews its relationships with other entities to assess if the Company is the primary beneficiary of a variable interest entity. If the determination is made that the Company is the primary beneficiary, then that entity is consolidated from the date that the Company was deemed to have become the primary beneficiary. The results of subsidiaries acquired or disposed of are included in the Group statements from the effective dates of acquisition or excluded from such statements as from the effective dates of disposal. Investments in companies which the Company does not control, but where it has the ability to exercise significant influence or joint control over their operating and financial policies, are accounted for by the equity method. | ||||||
Inter-company transactions and balances are eliminated on consolidation. Gains or losses that arise from a change in the Group’s interest in subsidiaries or equity investees’ are recognized in equity. | |||||||
Goodwill | ' | ||||||
(c) | GOODWILL: The Group accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values determined by using internal or external valuations. Any excess between the purchase price and the fair value of the attributable net assets of subsidiaries and associates at the date of acquisition is capitalized as goodwill. | ||||||
Goodwill is not amortized; however it is subject to an annual assessment for impairment. The Company evaluates the carrying amount of goodwill to determine whether current events and circumstances indicate that such carrying amount may no longer be recoverable. To accomplish this, the Company compares the estimated fair values of its reporting units to their carrying amounts. If the | |||||||
carrying value of the reporting unit exceeds its estimated fair value, the Company compares the implied fair value of the reporting unit’s goodwill to its carrying amount, and any excess of the carrying value over the fair value is charged to earnings. The Company’s fair value estimates are based on numerous assumptions and it is possible that actual fair values will be significantly different from the estimates, | |||||||
as actual future quantities of recoverable minerals, gold and other commodity prices, production levels and operating costs of production and capital are each subject to significant risks and uncertainties. | |||||||
Foreign Currency Transactions | ' | ||||||
(d) | (i) | FOREIGN CURRENCY TRANSACTIONS: Foreign currency transactions are recorded at the prevailing exchange rate at the date of the transaction. Monetary assets and liabilities designated in foreign currencies are translated at the exchange rate ruling at period end. Gains and losses arising from these translations are recognized in net income or loss. | |||||
(ii) | FOREIGN ENTITIES: The Group’s foreign entities are regarded as those entities that are considered to be self-sustaining. The balance sheets and statements of operations of foreign subsidiaries are translated on the following basis: | ||||||
Assets and liabilities are translated at the prevailing exchange rate at period end. Statement of operations items are translated at the average exchange rate for the period. Exchange differences on translation are accounted for in shareholders’ equity. These differences are recognized in net income or loss upon realization of the underlying foreign entity. | |||||||
(iii) | FUNCTIONAL CURRENCY: The functional currency of the Group’s South African operations is the South African Rand, of its Australian operations is the Australian dollar, of its Ghanaian operations and of its Peruvian operation is the U.S. dollar. The translation differences arising as a result of converting the South African Rand and the Australian dollar to U.S. dollars (reporting currency) are included as a separate component of Accumulated Other Comprehensive Income. | ||||||
Property, Plant and Equipment | ' | ||||||
(e) | PROPERTY, PLANT AND EQUIPMENT | ||||||
(i) | MINING ASSETS: Mining assets, including mine development costs and mine plant facilities, are recorded at cost. | ||||||
At the Group’s surface mines, when it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves, costs incurred to develop the property are capitalized as incurred until saleable minerals are extracted from the mine and are amortized using the units-of-production method over the estimated life of the ore body based on estimated recoverable ounces or pounds mined from proven and probable reserves. These costs include costs to further delineate the ore body and remove overburden to initially expose the ore body. Subsequent mine development costs are treated as variable production costs. | |||||||
At the Group’s underground mines, the Group capitalizes all underground development costs to access specific ore blocks or other areas of the mine where such costs will provide future economic benefits as a result of establishing proven and probable reserves associated with a specific block or area of operations, even after the reef horizon may have been intersected with the development of the first specific ore block or area of the mine. All costs associated with the development of a specific underground block or area are capitalized until saleable minerals are extracted from that specific block or area. At the Group’s underground mines, these costs include the cost of shaft sinking and access, the costs of building access ways, lateral development, drift development, ramps, box cuts and other infrastructure development. | |||||||
The costs incurred to access specific ore blocks or areas of the mine, which only provide an economic benefit over the period during which that ore block or area is being mined, are attributed to earnings using the units-of-production method where the denominator is estimated recoverable ounces of gold contained in proven and probable reserves within that ore block or area. Capitalized costs that provide an economic benefit over the entire mine life, such as the initial primary shaft in an underground complex, will continue to be attributed to earnings using the units-of-production method, where the denominator is the estimated recoverable ounces of gold contained in total accessible proven and probable reserves. Accessible proven and probable reserves, also referred to as “above infrastructure proven and probable reserves”, relate to mineralization which is located at a level at which an operation currently has infrastructure sufficient to allow mining operations to occur. | |||||||
Interest on borrowings incurred in respect of assets requiring a substantial period of time to prepare for their intended use is capitalized to the date on which the assets are substantially completed and ready for their intended use. | |||||||
(ii) | LAND: Land is shown at cost and is not depreciated. | ||||||
(iii) | MINERAL INTERESTS: Mineral interests represent mineral and surface use rights for parcels of land owned by the Group. Mineral interests and other tangible assets include acquired mineral use rights in production, development and exploration stage properties. The amount capitalized related to mineral interests represents its fair value at the time it was acquired, either as an individual asset purchase or as part of a business combination. | ||||||
Production stage mineral interests represent mineral interests in operating properties that contain proven and probable reserves. Development stage mineral interests represent interests in properties under development that contain proven and probable reserves. Exploration stage mineral interests represent interests in properties that are believed to potentially contain (i) other mineralized material such as inferred material within pits, measured, indicated and inferred material with insufficient drill spacing to qualify as proven and probable reserves; and inferred material in close proximity to proven and probable reserves; (ii) around-mine exploration potential such as inferred material not immediately adjacent to existing reserves and mineralization but located within the immediate mine infrastructure; (iii) other mine-related exploration potential that is not part of measured, indicated or inferred material and is comprised mainly of material outside of the immediate mine area; or (iv) greenfield exploration potential that is not associated with any other production, development or exploration stage property as described above. The Group’s mineral use rights are enforceable regardless of whether proven or probable reserves have been established. In certain limited situations, the nature of a use right changes from an exploration right to mining right upon the establishment of proven and probable reserves. The Group has the ability and intent to renew mineral use rights where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineral interests. | |||||||
(iv) | AMORTIZATION AND DEPRECIATION OF MINING ASSETS: Mining assets, mine development and evaluation costs, and mine plant facilities are amortized over the life of mine using the units-of-production method, based on estimated above infrastructure proven and probable ore reserves. Proven and probable ore reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits. At the Group’s South African operations, its amortization and depreciation calculations are generally based on the Group’s most recent life-of-mine plan and annual above-infrastructure reserve declarations as approved by the Company’s Board. However, if management becomes aware of significant changes in its above-infrastructure reserves ahead of the scheduled updates, management would update its amortization and depreciation calculations and then subsequently notify the Company’s Board. A similar approach is followed at the Group’s operations in Ghana and Peru, due to the longer-life of the primary ore body. At the Group’s other international operations, such as Australia, the Group’s amortization and depreciation calculations are updated on a more regular basis during the year for all known changes in proven and probable reserves. The nature and life-span of the ore body, and the on-going information gathered in connection with the ore body, facilitates these more frequent updates. | ||||||
(v) | AMORTIZATION OF MINERAL INTERESTS: Mineral interests associated with production stage mineral interests are amortized over the life-of-mine using the units-of-production method in order to match the amortization with the expected underlying future cash flows. Mineral interests associated with development and exploration stage mineral interests are not amortized until such time as the underlying property is converted to the production stage. | ||||||
(vi) | DEPRECIATION OF NON-MINING ASSETS: Other non-mining assets are recorded at cost and depreciated on a straight-line basis over their expected useful lives as follows: | ||||||
Vehicles | — | 20 | % | ||||
Computers | — | 33.3 | % | ||||
Furniture and Equipment | — | 10 | % | ||||
(vii) | MINING EXPLORATION: Expenditure on exploration activities is expensed as incurred. Such expenditure includes the costs incurred for purposes of upgrading resources from one category to another or for purposes of upgrading resources to proven and probable reserves, even when in close proximity to the Company’s development and production stage properties. When it has been determined that a property can be economically developed as a result of establishing proven and probable reserves, costs incurred prospectively to develop the property are capitalized as mine development costs. | ||||||
(viii) | IMPAIRMENT: The Group reviews and tests the carrying amounts of long-lived assets, which include development costs, when events or changes in circumstances suggest that the carrying amount may not be recoverable. For impairment purposes, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The lowest level at which such cash flows are generated is generally at an individual operating mine, even if the individual operating mine is included in a larger mine complex. If there are indications that an impairment may have occurred, the Group prepares estimates of expected future cash flows for each group of assets. Expected future cash flows are based on a probability-weighted approach applied to potential outcomes and reflect: | ||||||
• | estimated sales proceeds from the production and sale of recoverable ounces of gold contained in proven and probable reserves; | ||||||
• | expected gold prices and currency exchange rates (considering historical and current prices, price trends and related factors); | ||||||
• | expected future operating costs and capital expenditures to produce proven and probable gold reserves based on approved life-of-mine plans that assume current plant capacity, but exclude the impact of inflation; and | ||||||
• | expected cash flows associated with value beyond proven and probable reserves, which include the expected cash outflows required to develop and extract the value beyond proven and probable reserves. | ||||||
The impairment analysis first compares the total estimated cash flows on an undiscounted basis to the carrying amount of the asset, including goodwill, if any. If the undiscounted cash flows are less than the carrying amount of the asset, a second step is performed. The Group records a reduction of a group of assets to fair value as a charge to earnings if discounted expected future cash flows are less than the carrying amount. The Group estimates fair value by discounting the expected future cash flows using a discount factor, adjusted for inflation, that reflects the risk- free rate of interest for a term consistent with the period of expected cash flows. | |||||||
Management’s estimate of future cash flows is subject to risk and uncertainties. It is therefore reasonably possible that changes could occur which may affect the recoverability of the Group’s mining assets. | |||||||
Income Taxes | ' | ||||||
(f) | INCOME TAXES: Deferred taxation is calculated on the comprehensive basis using the balance sheet (assets and liabilities) approach. Deferred tax liabilities and assets are recognized by applying expected tax rates to the temporary differences existing at each reporting date between the tax values and their carrying amounts. These temporary differences are expected to result in taxable or deductible amounts in determining taxable profits for future periods when the carrying amount of the asset is recovered or the liability is settled. The effect on deferred tax of any changes in tax rates is recognized in net income or loss during the period in which the change occurs. | ||||||
The principal temporary differences arise from depreciation on property, plant and equipment, provisions, unutilized capital allowances and tax losses carried forward. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets if it is more likely than not that such assets will not be realized. | |||||||
The Group recognizes interest and penalties on income taxes, if any, in net income or loss as part of income tax expense. | |||||||
Gold Fields recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | |||||||
Non-Current Investments | ' | ||||||
(g) | NON-CURRENT INVESTMENTS: Non-current investments comprise (i) investments in listed companies which are classified as available-for-sale and are accounted for at fair value, with unrealized holding gains and losses excluded from earnings and reported as a separate component of shareholders’ equity; and (ii) investments in unlisted companies which are carried at their original costs as the directors believe that the original cost is not materially different from the fair value; (iii) monies in environmental trust fund; and (iv) equity method investments. Realized gains and losses are included in the determination of net income or loss. | ||||||
Unrealized losses are included in the determination of net income or loss where it is determined that a decline, other than a temporary decline, in the value of the investment has occurred. | |||||||
Materials Contained in Heap Leach Pads | ' | ||||||
(h) | MATERIALS CONTAINED IN HEAP LEACH PADS: The recovery of gold from certain oxide ores is best achieved through the heap leaching process. Under this method, ore is placed on leach pads where it is permeated with a chemical solution, which dissolves the gold contained in the ore. The resulting “pregnant” solution is further processed in a leach plant where the gold in solution is recovered. For accounting purposes, value is added to leach pads based on current mining costs, including applicable depreciation and amortization relating to mining operations. Value is removed from the leach pad as ounces are recovered in circuit at the leach plant based on the average cost per recoverable ounce of gold on the leach pad. | ||||||
The engineering estimates of recoverable gold on the heap leach pads are calculated from quantities of ore placed on the pads (measured tonnes added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on the leach process and the ore type). In general, the leach pad production cycles project recoveries of approximately 50% to 70% of the placed recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is completed. | |||||||
Although the quantities of recoverable gold placed on the leach pads are reconciled by comparing the grades of ore placed on the pads to the quantities of gold actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to market are accounted for on a prospective basis. The ultimate recovery of gold from the pad will not be known until the leaching process is terminated. | |||||||
The current portion of leach pad inventories is determined based on engineering estimates of the quantities of gold at the reporting date that are expected to be recovered during the next twelve months. | |||||||
Inventories | ' | ||||||
(i) | INVENTORIES: Inventories are valued at the lower of cost and market value. The Group’s inventories comprise consumable stores, gold-in-process, gold bullion, ore stockpiles and mineral rights and are accounted for as follows: | ||||||
Consumable stores: Consumable stores are valued at average cost, after appropriate provision for surplus and slow moving items. | |||||||
Gold-in-process: Gold in-process inventories at the international operations represent materials that are currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific mining operation, but include mill in-circuit, leach in-circuit, flotation and column cells, and carbon in-pulp inventories. In-process material is measured based on assays of the material fed to process and the projected recoveries of the respective plants. | |||||||
In-process inventories are valued at the average cost of the material fed to process attributable to the source material coming from the mine, stockpile or leach pad plus the in-process conversion costs, including applicable depreciation relating to the process facility, incurred to that point in the process. | |||||||
Gold bullion: Gold bullion inventories represent saleable gold ore or gold bullion and are valued at the average cost of the respective in-process inventories incurred prior to the refining process, plus refining costs. | |||||||
Concentrates: Concentrate inventories represent concentrate available for shipment. The concentrate inventory is valued at the average cost, including an allocated portion of amortization. Costs are added to and removed from the concentrate inventory based on tons of concentrate and are valued at the lower of average cost and market value. Management’s determination of the gold and copper concentrate content and quantity depends on assay and laboratory results for the metal content and survey for the quantities. | |||||||
Stockpiles: Stockpiles represent coarse ore that has been extracted from the mine that is available for further processing. Stockpiles are measured by estimating the number of tons (via truck counts and/or in-pit surveys of the ore before stockpiling) added and removed from the stockpile, the number of contained ounces (based on assay data) and the recovery percentage (based on the process for which the ore is destined). Stockpile tonnages are verified by periodic surveys. Stockpiles are valued based on mining costs incurred up to the point of stockpiling the ore, including applicable depreciation and amortization relating to mining operations. Value is added to a stockpile based on the current mining cost per ton plus applicable depreciation and amortization and removed at the average cost per recoverable ounce of gold in the stockpile. | |||||||
Mineral rights: Mineral rights not linked to any specific operation are valued at the lower of cost and market value. | |||||||
Financial Instruments | ' | ||||||
(j) | |||||||
FINANCIAL INSTRUMENTS: Financial instruments carried on the balance sheet include cash and cash equivalents, investments, receivables, derivative financial instruments, accounts payable and accrued liabilities. The particular recognition method for each financial instrument item is disclosed in its respective significant accounting policy description. | |||||||
Hedging | ' | ||||||
(k) | HEDGING: All derivatives are recognized on the balance sheet at their fair value, unless they meet the criteria for the normal purchases normal sale exemption. On the date a derivative contract is entered into, the Group designates the derivative as (1) a hedge of the fair value of a recognized asset or liability (fair value hedge), (2) a hedge of a forecasted transaction (cash flow hedge), or (3) a hedge of a net investment in a foreign entity. Certain derivative transactions, while providing effective economic hedges under the Group’s risk management policies, do not qualify for hedge accounting. | ||||||
Hedging activities are conducted in accordance with guidelines established by the Audit Committee which allow for the use of various hedging instruments. | |||||||
Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a fair value hedge, are recorded in net income or loss, along with the change in the fair value of the hedged asset or liability that is attributable to the hedged risk. | |||||||
Changes in the fair value of a derivative that is highly effective, and that is designated and qualifies as a cash flow hedge, are recognized directly in shareholders’ equity. Amounts deferred in shareholders’ equity are included in net income or loss in the same period during which the hedged firm commitment or forecasted transaction affects net income or loss. | |||||||
Recognition of derivatives which meet the criteria for the normal purchases normal sales exception is deferred until settlement. Under these contracts, the Group must deliver a specified quantity of gold at a future date at a specified price to the contracted counter-party. | |||||||
Hedges of net investment in foreign entities are accounted for similarly to cash flow hedges. Changes in the fair value of derivatives that do not qualify for hedge accounting are recognized in net income or loss, under the caption entitled gains and losses on financial instruments. The fair value recognized on the balance sheet is included under the caption financial instruments. | |||||||
The Group formally documents all relationships between hedging instruments and hedged items at inception, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking derivatives designed as hedges to specific assets and liabilities or to specific firm commitments or forecasted transactions. The Group also formally assesses, both at the hedge inception date and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. | |||||||
Cash and Cash Equivalents | ' | ||||||
(l) | CASH AND CASH EQUIVALENTS: Cash and cash equivalents comprise cash on hand, demand deposits and investments in money market instruments. These are all highly liquid investments with a maturity of three months or less at the date of purchase. | ||||||
The carrying amount of cash and cash equivalents is stated at cost which approximates fair value. | |||||||
Trade Receivables | ' | ||||||
(m) | TRADE RECEIVABLES: Trade receivables are carried at anticipated realizable value. Estimates are made for doubtful debts based on a review of all outstanding amounts at period end. Irrecoverable amounts are written off during the period in which they are identified. | ||||||
Provisions | ' | ||||||
(n) | PROVISIONS: Provisions are recognized when information is available prior to the issuance of the financial statements which indicates that it is probable that an asset has been impaired or a liability had been incurred at the date of the financial statements and the amount can be reasonably estimated. | ||||||
Rehabilitation Costs | ' | ||||||
(o) | REHABILITATION COSTS: ASC 410 applies to legal obligations associated with the retirement of a long-lived asset that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. | ||||||
Under ASC 410 the Group records the fair value of a liability for an asset retirement obligation in the period in which it is incurred. When the liability is initially recorded, the Group correspondingly capitalizes the cost by increasing the carrying value of the related long-lived asset. Over time, the liability is increased (accretion) to reflect an interest element considered in its initial measurement at fair value, and the capitalized cost is amortized over the useful life of the related asset. Upon settlement of the liability, the Group will record a gain or loss if the actual cost incurred differs from the liability recorded. | |||||||
Environmental liabilities, other than rehabilitation costs which relate to liabilities from specific events, are expensed as incurred. | |||||||
Environmental Trust Funds | ' | ||||||
(p) | |||||||
ENVIRONMENTAL TRUST FUNDS: Contributions are made to the Group’s trust funds, created in accordance with statutory requirements, to fund the estimated cost of pollution control, rehabilitation and mine closure at the end of the life of the Group’s South African and Ghanaian mines. Contributions are determined on the basis of the estimated environmental obligation over the life of the mine. Income earned on monies paid to environmental trust funds is accounted for as investment income. The funds contributed to the trusts plus growth in the trust funds are included under investments on the balance sheet. | |||||||
Employee Benefits | ' | ||||||
(q) | EMPLOYEE BENEFITS | ||||||
(i) | PENSION AND PROVIDENT FUNDS: In South Africa, the Group operates a defined contribution retirement plan and contributes to a number of industry based defined contribution retirement plans. The retirement plans are funded by payments from employees and the Group. | ||||||
Contributions to defined contribution funds are recognized in net income or loss as incurred. | |||||||
(ii) | POST-RETIREMENT HEALTH CARE COSTS: Medical coverage is provided through a number of schemes. Post-retirement health care in respect of existing employees is recognized as an expense over the remaining service lives of the relevant employees. | ||||||
The Group has an obligation to provide medical benefits to certain of its pensioners and dependents of ex-employees. These liabilities are unfunded and have been provided in full, calculated on an actuarial basis. | |||||||
Valuation of these obligations is carried out annually by independent actuaries using appropriate mortality tables, long-term estimates of increases in medical costs and appropriate discount rates. | |||||||
(iii) | SHARE-BASED COMPENSATION PLANS: Compensation costs recognized in fiscal 2013, 2012 and 2011 include: a) compensation cost for all share-based payments granted prior to, but not yet vested as of July 1, 2005, based on the grant-date fair value estimated in accordance with the original provisions of ASC 718, Accounting for Stock- Based Compensation, and b) compensation cost for all share-based payments granted subsequent to June 30, 2005, based on the grant-date fair value estimated in accordance with the provisions of ASC 718, Stock-Based Compensation. | ||||||
Revenue Recognition | ' | ||||||
(r) | REVENUE RECOGNITION: Revenue arising from gold and by-product sales is recognized when the risks and rewards of ownership and title pass to the buyer under the terms of the applicable contract, the pricing is fixed and determinable and collectability is reasonably assured. Sales revenue excludes value-added tax but includes the net profit and losses arising from hedging transactions, which are designated as normal sales contracts. | ||||||
Contracts for the sale of copper concentrate are provisionally priced—that is, the selling price is subject to final adjustment at the end of a period normally ranging from 30 to 90 days after delivery to the customer, based on market prices at the relevant quotation points stipulated in the contract. | |||||||
Revenue on provisionally priced copper concentrate sales is recorded on the date of shipment, net of refining and treatment charges, using the forward London Metal Exchange price to the estimated final pricing date, adjusted for the specific terms of the relevant agreement. Variations between the price used to recognize revenue and the actual final price received can be caused by changes in prevailing copper and gold prices and result in an embedded derivative. The host contract is the receivable from the sale of copper concentrate at the forward London Metal Exchange price at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked-to-market each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of revenue while the contract itself is recorded in accounts receivable. | |||||||
Dividend Income | ' | ||||||
(s) | DIVIDEND INCOME: Dividends are recognized when the right to receive payment is established. | ||||||
Interest Income | ' | ||||||
(t) | INTEREST INCOME: Interest is recognized on a time proportion basis taking account of the principal outstanding and the effective rate to maturity on the accrual basis. | ||||||
Dividends Declared | ' | ||||||
(u) | DIVIDENDS DECLARED: Dividends proposed are recognized only when the dividends are declared. Dividends are payable in South African Rand. | ||||||
Segment Reporting | ' | ||||||
(v) | SEGMENT REPORTING: The Group is a gold mining company operating geographically in South Africa, Ghana, Australia and Peru. The business segments comprise geographical operations based on locations and operating units. | ||||||
Earnings (Loss) Per Share | ' | ||||||
(w) | EARNINGS/(LOSS) PER SHARE is calculated based on the net income/(loss) divided by the weighted average number of common shares in issue during the period. Diluted earnings/(loss) per share is presented when the inclusion of potential ordinary shares has a dilutive effect on earnings/ (loss) per share. | ||||||
Discontinued Operations | ' | ||||||
(x) | DISCONTINUED OPERATIONS: A discontinued operation is a component of the Group that either has been disposed of, or that is classified as held for sale, and: (i) represents a separate major line of business or geographical area of operations that can be clearly distinguished from the rest of the Group in terms of operations and cash flows or (ii) is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Generally, a major line of business is a segment or business unit. Results from discontinued operations until the date of disposal are presented separately as a single amount in the consolidated statements of operations together with any gain or loss from disposal. Results from operations qualifying as discontinued operations as of the balance sheet date for the latest period presented, that have previously been presented as results from continuing operations, are re-presented as results from discontinued operations for all periods presented. The financial information of discontinued operations is excluded from the respective captions in the consolidated statements of operations, cash flows and related notes for all years presented. | ||||||
Assets Held For Sale | ' | ||||||
(y) | ASSETS HELD FOR SALE: Assets are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. | ||||||
Commitments and Contingencies | ' | ||||||
(z) | COMMITMENTS AND CONTINGENCIES: Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. | ||||||
Recently Adopted Accounting Pronouncements | ' | ||||||
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |||||||
Balance sheet | |||||||
During December 2011, the Accounting Standards Codification, or ASC guidance related to disclosures about offsetting assets and liabilities was updated. The amendments require an entity to disclose information about offsetting and related arrangements to enable users of financial statements to understand the effect of those arrangements on its financial position, and to allow investors to better compare financial statements prepared under U.S. GAAP with financial statements prepared under IFRS. The amendments are effective for annual periods beginning January 1, 2013, and interim periods within those annual periods. Retrospective application is required. The Group implemented the provisions of ASU 2011-11 as of January 1, 2013. The updated guidance did not impact Gold Fields’ financial statements. | |||||||
Comprehensive Income | |||||||
In February 2013, the ASC guidance related to reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income was updated. The amendments require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income, either on the face of the statement of operations or in the notes, if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income in the same reporting period. For other amounts not required by U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures which provide additional information about the amounts. The guidance is effective prospectively for reporting periods beginning after December 15, 2012. As this guidance provides only presentation requirements, the adoption of this standard did not impact Gold Fields’ results of operations, cash flows or financial position. | |||||||
Recently Issued Accounting Pronouncements Not Yet Adopted | ' | ||||||
Recently issued accounting pronouncements not yet adopted | |||||||
Liabilities | |||||||
During February 2013, the ASC guidance related to liabilities: obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date was updated. The update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed as the sum of the amount the entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the entity expects to pay on behalf of its co-obligors. The new standard is effective for fiscal years ending after December 15, 2014 and interim and annual periods thereafter. The update is to be applied retrospectively to all prior periods presented for those obligations resulting from joint and several liability arrangements within the update’s scope that exist at the beginning of an entity’s fiscal year of adoption. Gold Field’s will implement the provisions of the new standard as of January 1, 2014. Gold Fields does not expect that the updated guidance will impact its financial statements. | |||||||
Income Taxes | |||||||
During July 2013, the ASC guidance related to income taxes: presentation of an unrecognized tax benefit when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists was updated. The update requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry forward, a similar tax loss, or a tax credit carry forward. The update is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The new standard is to be applied prospectively but retrospective application is permitted. Gold Field’s will implement the provisions of ASU 2013-11 as of January 1, 2014. Gold Fields does not expect that the updated guidance will impact its financial statements. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Depreciation of Non-Mining Assets | ' | ||||||
DEPRECIATION OF NON-MINING ASSETS: Other non-mining assets are recorded at cost and depreciated on a straight-line basis over their expected useful lives as follows: | |||||||
Vehicles | — | 20 | % | ||||
Computers | — | 33.3 | % | ||||
Furniture and Equipment | — | 10 | % |
Acquisition_And_Disposal_of_Bu1
Acquisition And Disposal of Businesses (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Summary of Major Classes of Consideration Transferred | ' | ||||
The following summarises the major classes of consideration transferred, and the recognised amount of assets acquired and liabilities assumed at the acquisition date. | |||||
Consideration transferred | $ million | ||||
Equity instruments (28.7 million ordinary shares) | 127.3 | ||||
Cash | 135 | ||||
Total consideration | 262.3 | ||||
Schedule of Recognised Amount of Assets Acquired and Liabilities Assumed | ' | ||||
Identified assets acquired and liabilities assumed | $ million | ||||
Property plant and equipment | 348 | ||||
Inventories | 40.8 | ||||
Prepayments | 0.6 | ||||
Finance lease liability | (4.3 | ) | |||
Provision for environmental rehabilitation | (55.0 | ) | |||
Trade and other payables | (46.7 | ) | |||
Leave pay accrual | (21.1 | ) | |||
Total identifiable net assets acquired | 262.3 | ||||
Asset_Impairments_and_WriteOff1
Asset Impairments and Write-Offs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Asset Impairments and Write-Offs | ' | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Materials contained on heap leach pad | 61.3 | 19.2 | — | ||||||||||
Stockpiles1 | 16.1 | — | — | ||||||||||
Consumables 1 | 2.4 | — | — | ||||||||||
Heap leach inventory 2 | 42.8 | 19.2 | — | ||||||||||
Property, plant and equipment | 122.3 | 14.5 | 9.5 | ||||||||||
Yanfolila 3 | 29.7 | — | — | ||||||||||
Heap leach assets 2 | 20.2 | 10.1 | — | ||||||||||
Tarkwa expansion project 4 | 4.6 | — | — | ||||||||||
Property, plant and equipment - other 5 | 14.8 | 4.4 | 9.5 | ||||||||||
Damang - asset group 6 | 53 | — | — | ||||||||||
Other | 31.7 | 7.9 | — | ||||||||||
Tarkwa expansion project 4 | 22.2 | — | — | ||||||||||
Non-refundable option payment to Bezant 7 | 9.5 | — | — | ||||||||||
Biox - property, plant and equipment 8 | — | 7.9 | — | ||||||||||
Total asset impairments and write-offs | 215.3 | 41.6 | 9.5 | ||||||||||
-1 | Market value write-down of stockpiles at Damang of $16.1 million and consumables at Tarkwa of $2.4 million. | ||||||||||||
-2 | Write-down of inventory to market value due to the cessation of the heap leach operations as well as the write-off of related assets at Tarkwa (2012: cessation of heap leach operations at St Ives). | ||||||||||||
-3 | Following the Group’s decision to dispose of non-core projects, Yanfolila was classified as held for sale and, accordingly, valued at the lower of fair value less cost to sell or carrying value which resulted in an impairment. The fair value less cost to sell was based on offers received. The disposal is expected to be completed during fiscal 2014. | ||||||||||||
-4 | Write-off of assets due to the abandonment of the Tarkwa expansion project at Tarkwa. | ||||||||||||
-5 | Write-off of redundant assets at Tarkwa, Cerro Corona and Agnew. The charge in fiscal 2012 was due to the write-off of heavy mining machinery in Ghana. The charge in fiscal 2011 resulted from the decision to reassess the optimal processing methodology for the oxides at Cerro Corona, where the focus was on the evaluation of a heap leach operation to capture the value inherent in the oxide instead of a stand-alone oxide plant; the evaluation costs of which were written off in 2011. | ||||||||||||
-6 | As the undiscounted cash flows for Damang was less than its carrying value, the fair value of the asset group was calculated. The fair value of Damang was calculated using a combination of the market (comparable resource transactions) and the income (present value techniques) methods. The impairment was mainly due to the decrease in the gold price which impacted the life of mine plan. | ||||||||||||
The key assumptions used in the calculation were as follows: | |||||||||||||
- Real discount rate - 8% | |||||||||||||
- Long-term gold price per ounce - $1,300 | |||||||||||||
- Resource valuation per ounce - $26 | |||||||||||||
- 2013 life of mine years - 6 | |||||||||||||
The fair value calculation is very sensitive to the gold price assumption and an increase or decrease in the gold price could materially change the fair value. | |||||||||||||
-7 | The US$9.5 million non-refundable option payment was written off due to the fact that Gold Fields relinquished the Mankayan option in connection with the Guinaoang property ahead of the January 31, 2014 expiry date. | ||||||||||||
-8 | The Group impaired its patented technology in fiscal 2012, known as the Biox process, which is used for the pretreatment of refractory ores and concentrates prior to gold recovery through conventional cyanide leaching techniques. The Group sold its Biox technology in 2013. |
Finance_Expense_Tables
Finance Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Finance Expenses | ' | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest expense - preference share dividend | — | — | (1.3 | ) | |||||||||
Interest expense | (90.7 | ) | (68.6 | ) | (60.3 | ) | |||||||
Total finance expense | (90.7 | ) | (68.6 | ) | (61.6 | ) | |||||||
Capitalized interest | 18.3 | 13 | 9.3 | ||||||||||
(72.4 | ) | (55.6 | ) | (52.3 | ) | ||||||||
Other_Expenses_Tables
Other Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Other Expenses | ' | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Stamp duty and other costs on the acquistion of the Yilgarn South assets (refer note 3 (f)) | 27.4 | — | — | ||||||||||
Facility charges 1 | 23.5 | — | — | ||||||||||
Regulatory legal fees 2 | 11.1 | — | — | ||||||||||
Other | 42.2 | 37.9 | 47.3 | ||||||||||
Total other expenses | 104.2 | 37.9 | 47.3 | ||||||||||
-1 | Facility costs on cancellation of the $1 billion and $500 million facilities associated with the spin-off of Sibanye Gold. | ||||||||||||
-2 | Legal fees paid as a result of the Gold Fields Board examination and regulatory investigation relating to the South Deep Black Economic Empowerment transaction. |
Income_And_Mining_Tax_Expense_
Income And Mining Tax Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income and Mining Tax Expense | ' | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income taxes | |||||||||||||
South Africa | (16.1 | ) | (14.5 | ) | (16.4 | ) | |||||||
Ghana | (40.6 | ) | (170.6 | ) | (180.5 | ) | |||||||
Australia | (42.1 | ) | (64.1 | ) | (35.9 | ) | |||||||
Peru | (66.3 | ) | (104.7 | ) | (111.7 | ) | |||||||
Current income and mining taxes | (165.1 | ) | (353.9 | ) | (344.5 | ) | |||||||
Deferred income taxes | |||||||||||||
South Africa | 14.2 | 24.2 | 5.5 | ||||||||||
Ghana | 68.3 | (36.8 | ) | (12.0 | ) | ||||||||
Australia | 1 | (4.8 | ) | (51.3 | ) | ||||||||
Peru | (24.1 | ) | 11.9 | 17.8 | |||||||||
Deferred income and mining taxes | 59.4 | (5.5 | ) | (40.0 | ) | ||||||||
Total income and mining taxes | (105.7 | ) | (359.4 | ) | (384.5 | ) | |||||||
Pre-Tax (Loss)/Income from Continuing Operations Before Impairment of Equity Investee and Share of Equity Investee's Share of Losses | ' | ||||||||||||
The Company’s pre-tax (loss)/income from continuing operations before impairment of equity investee and share of equity investees’ share of losses comprise: | |||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
South Africa | (348.7 | ) | (169.5 | ) | (124.9 | ) | |||||||
Ghana | (96.9 | ) | 441.6 | 624.9 | |||||||||
Australia | 111 | 156.5 | 258.8 | ||||||||||
Peru | 153.4 | 259.6 | 241.1 | ||||||||||
British Virgin Islands | 18.7 | 24.5 | 4.5 | ||||||||||
(162.5 | ) | 712.7 | 1,004.40 | ||||||||||
Major Items Causing Income Tax Provision to Differ from South African Mining Statutory Rate | ' | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
South African mining tax on mining income, an income tax, is determined on a formula basis which takes into account the profit and revenue from mining operations during the period. Non-mining income is taxed at a standard rate. Deferred tax is provided at the estimated mining tax rate that will apply when the temporary differences reverse. The applicable tax rates are: | |||||||||||||
South Africa | |||||||||||||
Mining statutory rate | 34 | % | 34 | % | 43 | % | |||||||
Non-mining income standard tax rate | 28 | % | 28 | % | 35 | % | |||||||
Non-mining companies | 28 | % | 28 | % | 28 | % | |||||||
Ghana | 35 | % | 35 | % | 25 | % | |||||||
Australia | 30 | % | 30 | % | 30 | % | |||||||
Peru | 30 | % | 30 | % | 30 | % | |||||||
Major items causing the Group’s income tax provision to differ from the South African mining statutory rate were: | |||||||||||||
Tax on (loss)/income before tax, impairment of investment in equity investee and share of equity investees’ losses and discontinued operations at South African mining statutory rate | 55.3 | (242.3 | ) | (431.9 | ) | ||||||||
Rate adjustment to reflect company tax rates | 25.5 | 17.1 | 213.8 | ||||||||||
South African mining tax formula rate adjustment | — | — | (25.9 | ) | |||||||||
Valuation allowance raised against deferred tax assets | (1.1 | ) | — | — | |||||||||
Reversal of valuation allowance previously raised against deferred tax assets 1 | — | 58.2 | 20.6 | ||||||||||
Non-deductible expenditure 2 | (56.1 | ) | (12.5 | ) | (75.9 | ) | |||||||
Non-deductible exploration and feasibility and evaluation costs | (47.2 | ) | (74.4 | ) | (92.8 | ) | |||||||
Non-deductible share-based compensation | (11.5 | ) | (12.9 | ) | (10.3 | ) | |||||||
Non-deductible interest expense | (25.3 | ) | (24.8 | ) | (23.4 | ) | |||||||
Deferred tax adjustment on changes in tax rates at the South African (2013 and 2012) and Ghanaian operations in 2012 (2011: Peruvian operation) | (4.4 | ) | (65.4 | ) | 9.1 | ||||||||
Prior year adjustment to Cerro Corona deferred tax 3 | (29.5 | ) | — | — | |||||||||
Other | (11.4 | ) | (2.4 | ) | 32.2 | ||||||||
Income and mining tax expense | (105.7 | ) | (359.4 | ) | (384.5 | ) | |||||||
-1 | During fiscal year ended December 31, 2012, the Group reversed a portion of the valuation allowance against unredeemed capital expenditure and net operating losses to the extent that there is sufficient future taxable income. In making this determination, the Group analyzed, amongst other things, the recent history of earnings and cashflows, forecasts of future earnings, the nature and timing of future deductions and benefits represented by deferred tax assets and the cumulative earnings for the last three years. | ||||||||||||
-2 | The December 31, 2013: $56.1 million (fiscal years ended December 31, 2012: $12.5 million and December 31, 2011: $75.9 million) non-deductible expenditure comprises mainly $13.3 million (fiscal years ended December 31, 2012: $6.0 million and December 31, 2011: $3.5 million) of impairments, $8.0 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of facility charges, $8.2 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of legal and consulting fees, $5.1 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of stamp duty on the Yilgarn South assets acquistion, $9.4 million (fiscal years ended December 31, 2012: $12.8 million and December 31, 2011: $16.7 million) of various Peruvian non-deductible expenses and $nil relating to National stabilization levy in Ghana (fiscal years ended December 31, 2012: $nil and December 31, 2011: $35.9 million). There were no other individually significant amounts included in this line item. | ||||||||||||
-3 | In connection with the preparation of the consolidated financial statements for the year ended December 31, 2013, the Group identified an understatement in the calculation of its deferred tax liabilities related to its Cerro Corona operations in Peru. Deferred tax amounting to $29.5 million was incorrectly recognised in prior years on the basis differences related to foreign nonmonetary assets and liabilities that are remeasured from the local currency into the functional currency. As a result, the deferred tax liability at December 31, 2012 was understated by $29.5 million. | ||||||||||||
The Group has applied SEC Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 states that registrants must quantify the impact of correcting all misstatements on all periods presented, including both the carryover (iron curtain method) and reversing (rollover method) effects of prior-year misstatements on the current-year financial statements, and by evaluating the misstatement measured under each method in light of quantitative and qualitative factors. | |||||||||||||
In accordance with accounting guidance presented in ASC 250-10 and SEC Staff Accounting Bulletin No. 99, Materiality, the Group assessed the materiality of the misstatement and concluded that it was not material to Group’s current-year financial statements, taken as a whole. | |||||||||||||
Under SAB No. 108, prior-year misstatements may be corrected in the current year provided that such correction does not result in a material misstatement to the current-year financial statements. Correcting current-year financial statements for such “immaterial errors” does not require previously filed reports to be amended. The Group has corrected the misstatement in the current-year financial statements as an “out-of-period” adjustment of $29.5 million. | |||||||||||||
-4 | No provision is made for the income tax effect that may arise on the remittance of unremitted earnings by certain foreign subsidiaries. It is management’s intention that these earnings will be permanently re-invested into future capital projects, maintenance capital and ongoing working capital funding requirements. In the event that the Group repatriated these earnings, income taxes and withholding taxes may be incurred. The determination of such taxes is subject to various complex calculations and, accordingly, the Group has determined that it is impractical to estimate the amount of deferred tax liability on such unremitted earnings. | ||||||||||||
Deferred Income and Mining Tax Liabilities and Assets | ' | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Deferred income and mining tax liabilities and assets on the balance sheet as of December 31, 2013 and 2012 relate to the following: | |||||||||||||
Deferred income and mining tax liabilities | |||||||||||||
Mining assets | 1,047.60 | 1,608.00 | |||||||||||
Investments held by environmental trust funds | 2.7 | 45.3 | |||||||||||
Inventory | 18.2 | 15.3 | |||||||||||
Other | 19.5 | 13.1 | |||||||||||
Gross deferred income and mining tax liabilities | 1,088.00 | 1,681.70 | |||||||||||
Provisions, including rehabilitation accruals | (103.7 | ) | (144.6 | ) | |||||||||
Tax losses | (159.8 | ) | (183.0 | ) | |||||||||
Unredeemed capital expenditure | (876.9 | ) | (782.9 | ) | |||||||||
Other | (4.1 | ) | — | ||||||||||
Gross deferred income and mining tax assets | (1,144.5 | ) | (1,110.5 | ) | |||||||||
Valuation allowance for deferred tax assets | 330.2 | 324.4 | |||||||||||
Total deferred income and mining tax assets | (814.3 | ) | (786.1 | ) | |||||||||
Total deferred income and mining tax liabilities | 273.7 | 895.6 | |||||||||||
Less: short-term portion of deferred income and mining tax liabilities | (16.0 | ) | (17.9 | ) | |||||||||
Less: short-term portion of deferred income and mining tax assets | 29 | — | |||||||||||
Long-term portion of deferred income and mining taxes | 286.7 | 877.7 | |||||||||||
Classified as: | |||||||||||||
Long-term liabilities | (309.3 | ) | (901.8 | ) | |||||||||
Long-term assets | 22.6 | 24.1 | |||||||||||
Valuation Allowance for Deferred Tax Assets | ' | ||||||||||||
The valuation allowance relates primarily to net operating loss carry-forwards for the entities below, except for GFI Joint Venture Holdings, or GFIJVH, which also include unredeemed capital expenditure. | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Orogen Investments SA (Luxembourg) | 41 | 37.9 | |||||||||||
Gold Fields Arctic Platinum Oy | 23.2 | 28.8 | |||||||||||
Living Gold (Pty) Limited 1 | — | 4.8 | |||||||||||
GFI Joint Venture Holdings | 266 | 252.3 | |||||||||||
Other | — | 0.6 | |||||||||||
330.2 | 324.4 | ||||||||||||
-1 | Valuation allowance not raised at December 31, 2013 as it was distributed as part of the Sibanye Gold spin-off. | ||||||||||||
Unredeemed Capital Expenditure | ' | ||||||||||||
As at December 31, 2013 and December 31, 2012 the Group had unredeemed capital expenditure available for deduction against future mining income at its operations as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Unredeemed capital expenditure: | |||||||||||||
Gold Fields Operations | 692.3 | 724.3 | |||||||||||
GFI Joint Venture Holdings | 1,779.90 | 1,885.40 | |||||||||||
Gold Fields La Cima 1 | 450.9 | 506.8 | |||||||||||
2,923.10 | 3,116.50 | ||||||||||||
-1 | The estimated capital allowances do not have an expiration date. Gold Fields La Cima, or La Cima, currently has no tax losses available for utilization against future profits. | ||||||||||||
Calculated tax losses | ' | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Calculated tax losses: | |||||||||||||
Gold Fields Operations 1 | 301.1 | 404.9 | |||||||||||
Gold Fields Group Services (Pty) Limited 1 | 8.2 | 15.2 | |||||||||||
Abosso Goldfields Limited 2 | 7.2 | — | |||||||||||
Orogen Investments SA (Luxembourg) 3 | 140.4 | 126.3 | |||||||||||
Gold Fields Arctic Platinum Oy 4 | 94.8 | 95.9 | |||||||||||
Agrihold (Pty) Limited 1,5 | — | 2.1 | |||||||||||
Living Gold (Pty) Limited 1,5 | — | 17.1 | |||||||||||
551.7 | 661.5 | ||||||||||||
-1 | These future deductions may be utilized against income generated by the individual tax entity concerned and do not expire unless the tax entity ceases to commercially operate for a period longer than one year. Under South African mining tax ring-fencing legislation, each tax entity is treated separately and as such these deductions can only be utilized by the tax entities in which the deductions have been generated. | ||||||||||||
-2 | Tax losses may be carried forward for five years. These losses expire on a first-in-first-out basis. | ||||||||||||
-3 | The tax losses can only be used to offset future interest income generated by Orogen and can be carried forward indefinitely. | ||||||||||||
-4 | Tax losses may be carried forward for ten years. These losses expire on a first-in first-out basis. | ||||||||||||
-5 | Tax losses are not available at December 31, 2013 as they were distributed as part of the Sibanye Gold spin-off. | ||||||||||||
Tax Years Open for Assessments | ' | ||||||||||||
Tax years open for assessments | |||||||||||||
South Africa 1 | 2003 - 2013 | ||||||||||||
Ghana 2 | All years open | ||||||||||||
Australia 3 | 2009 - 2013 | ||||||||||||
Peru 4 | 2008 - 2013 | ||||||||||||
Notes: | |||||||||||||
-1 | The South African Tax legislation allows the Revenue Authorities to reopen assessments issued for a period of up to 3 years after the assessments were issued. | ||||||||||||
-2 | The Ghanaian Tax Authorities have the right to examine and, if necessary, amend the income tax determined by the relevant Group entity for any year without limitation to the years which may be reassessed. | ||||||||||||
-3 | The Australian Tax Authorities have the right to examine and, if necessary, amend the income tax determined by the relevant Group entity in the last four years, as from the date the tax returns have been filed. | ||||||||||||
-4 | The Peruvian Tax Authorities have the right to examine and, if necessary, amend the income tax determined by the relevant Group entity in the last four years, as from the date the tax returns have been filed. |
LossEarnings_Per_Share_Tables
(Loss)/Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
(Loss)/Earnings Per Share | ' | ||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
BASIC (LOSS)/EARNINGS PER SHARE | |||||||||||||
Net (loss)/income attributable to Gold Fields shareholders | |||||||||||||
- Continuing operations | (268.4 | ) | 292.1 | 540.7 | |||||||||
- Discontinued operations | 20.5 | 362.2 | 340.8 | ||||||||||
(247.9 | ) | 654.3 | 881.5 | ||||||||||
Weighted average number of shares - continuing operations | |||||||||||||
Shares outstanding - beginning of year | 729,536,813 | 723,735,186 | 720,796,887 | ||||||||||
Weighted average number of shares issued | 13,069,913 | 3,724,271 | 1,579,341 | ||||||||||
Weighted average number of shares issued at the end of the year | 742,606,726 | 727,459,457 | 722,376,228 | ||||||||||
Basic (loss)/earnings per share | |||||||||||||
- Continuing operations | (0.36 | ) | 0.4 | 0.75 | |||||||||
- Discontinued operations * | 0.03 | 0.5 | 0.47 | ||||||||||
* | Basic earnings per share from discontinued operations - US dollar | ||||||||||||
Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders from discontinued operations of $20.5 million (2012: $362.2 million and 2011: $340.8 million) by the weighted average number of ordinary shares in issue in fiscal 2013 of 742,606,726 (fiscal 2012: 727,459,457 and fiscal 2011: 722,376,228). | |||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
DILUTED (LOSS)/EARNINGS PER SHARE | |||||||||||||
Net (loss)/income attributable to Gold Fields shareholders | |||||||||||||
- Continuing operations | (268.4 | ) | 292.1 | 540.7 | |||||||||
- Discontinued operations * | 20.5 | 362.2 | 340.8 | ||||||||||
(247.9 | ) | 654.3 | 881.5 | ||||||||||
Weighted average number of shares – continuing operations | |||||||||||||
Weighted average number of shares issued at the end of the year | 742,606,726 | 727,459,457 | 722,376,228 | ||||||||||
Effect of dilutive securities 1 | — | 3,264,493 | 8,411,270 | ||||||||||
742,606,726 | 730,723,950 | 730,787,498 | |||||||||||
Diluted (loss)/earnings per share | |||||||||||||
- Continuing operations | (0.36 | ) | 0.4 | 0.74 | |||||||||
- Discontinued operations * | 0.03 | 0.5 | 0.47 | ||||||||||
* | Diluted basic earnings per share from discontinued operations - US dollar |
Discontinued_Operations_and_As1
Discontinued Operations and Assets Held for Sale (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Results of Discontinued Operations | ' | ||||||||||||
Below is a summary of the results of the discontinued operation as well as the related assets and liabilities distributed. | |||||||||||||
Fiscal Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Product sales | 310.7 | 2,021.20 | 2,301.00 | ||||||||||
Costs and expenses | (285.7 | ) | (1,737.8 | ) | (1,797.6 | ) | |||||||
Income before tax and share of equity investee’s profits | 25 | 283.4 | 503.4 | ||||||||||
Income and mining tax expense | (5.4 | ) | 67.5 | (167.5 | ) | ||||||||
Income before share of equity investee’s profits | 19.6 | 350.9 | 335.9 | ||||||||||
Share of equity investee’s profits | 0.9 | 11.4 | 4.8 | ||||||||||
Net income | 20.5 | 362.3 | 340.7 | ||||||||||
Property, plant and equipment, net | 1,987.30 | ||||||||||||
Non-current investments | 187 | ||||||||||||
Current assets | 285.4 | ||||||||||||
Current liabilities | (234.8 | ) | |||||||||||
Non-current liabilities | (1,191.2 | ) | |||||||||||
Net carrying value | 1,033.70 | ||||||||||||
Net asset value distributed | (1,033.7 | ) | |||||||||||
Profit on distribution | — | ||||||||||||
Summary of Assets Held for Sale | ' | ||||||||||||
Following the decision to dispose of non-core projects, Arctic Platinum and Yanfolila were classified as held for sale and valued at the lower of fair value less cost to sell or carrying value. The disposals are expected to be completed during 2014. | |||||||||||||
December 31, | |||||||||||||
2013 | |||||||||||||
Arctic Platinum | 31 | ||||||||||||
Yanfolila 1 | 16 | ||||||||||||
Total assets held for sale | 47 | ||||||||||||
-1 | Refer to note 4 for details on the impairments of this asset. |
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Product sale trade receivables | 110.9 | 240.6 | |||||||
Other trade receivables | 16.7 | 32.8 | |||||||
Deposits | 5.1 | 0.5 | |||||||
Value added tax | 57.7 | 69.3 | |||||||
Interest receivable | — | 0.4 | |||||||
Payroll debtors | 3.7 | 11.3 | |||||||
Prepayments 1 | 68.2 | 138.9 | |||||||
Other | 10.3 | 28.9 | |||||||
272.6 | 522.7 | ||||||||
-1 | In 2012, prepayments included $7.0 milllion for the Bezant’s Mankayan Project. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Ore stockpiles | 88 | 76.5 | |||||||
Gold in-process | 43.1 | 29.7 | |||||||
Consumable stores | 269.9 | 295.2 | |||||||
Other | 1.7 | 0.7 | |||||||
402.7 | 402.1 | ||||||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Cost | 7,731.70 | 12,868.50 | |||||||
Accumulated depreciation and amortization | (2,798.7 | ) | (5,479.6 | ) | |||||
4,933.00 | 7,388.90 | ||||||||
Mining properties, mine development costs, mine plant facilities and mineral interests | 4,594.50 | 6,344.50 | |||||||
Asset retirement costs | 86.4 | 119.3 | |||||||
Other non-mining assets | 252.1 | 925.1 | |||||||
4,933.00 | 7,388.90 | ||||||||
Included in property, plant and equipment is cumulative capitalized interest, net of amortization, relating to the following assets: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
South African operations | 61.6 | 45.5 | |||||||
Tarkwa Mine | 12.9 | 13.5 | |||||||
Cerro Corona | 67.6 | 71.6 | |||||||
142.1 | 130.6 | ||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of the year | 1,020.10 | 1,075.40 | |||||||
Translation adjustment | (174.6 | ) | (55.3 | ) | |||||
Balance at end of the year | 845.5 | 1,020.10 | |||||||
NonCurrent_Investments_Tables
Non-Current Investments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Non-Current Investments | ' | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Listed investments a | 3.2 | 36.2 | |||||||||||||||||
Unlisted investments | 4.3 | 1.3 | |||||||||||||||||
Investments held by environmental trust funds b | 23.9 | 165.3 | |||||||||||||||||
Equity investees c | 237.5 | 254.4 | |||||||||||||||||
Other investments | — | 0.8 | |||||||||||||||||
268.9 | 458 | ||||||||||||||||||
(a) | Listed investments mainly consist of: | ||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||
Number of | Market value, $ | Number of | Market value, $ | ||||||||||||||||
shares | per share | shares | per share | ||||||||||||||||
Northam Platinum | — | — | 7,820,169 | 4.55 | |||||||||||||||
Radius Gold Incorporated | 3,625,124 | 0.09 | 3,625,124 | 0.22 | |||||||||||||||
Gran Columbia Gold Corporation | 63,410 | 0.78 | 1,585,274 | 0.36 | |||||||||||||||
Sibanye Gold | 856,330 | 1.12 | — | — | |||||||||||||||
Orsu Metals Corp. | 26,134,919 | 0.05 | 1,134,919 | 0.1 | |||||||||||||||
Clancy Exploration Ltd. | 17,764,783 | 0.01 | 3,479,069 | 0.03 | |||||||||||||||
Details of the listed investments are as follows: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair value | 3.2 | 36.2 | |||||||||||||||||
Less: Cost | 3.4 | 24.8 | |||||||||||||||||
Net unrealized (loss)/gain | (0.2 | ) | 11.4 | ||||||||||||||||
The net (loss)/gain comprises: | |||||||||||||||||||
Gross unrealized gains | 0.2 | 11.7 | |||||||||||||||||
Gross unrealized losses | (0.4 | ) | (0.3 | ) | |||||||||||||||
(0.2 | ) | 11.4 | |||||||||||||||||
The gross unrealized loss comprises the following number of equity instruments none of which have been in a continuous unrealized loss position for more than 12 months: | 3 | 4 | |||||||||||||||||
Realized gain reclassified from equity on disposal of listed investments ($ million) | 7.4 | 14.7 | |||||||||||||||||
Investments acquired during fiscal 2013 comprised mainly Clancy Exploration Limited and some unlisted investments (fiscal year ended December 31, 2012: Cascadero Copper Corporation and Atacama Pacific Gold Corporation). Investments disposed during fiscal 2013 comprised mainly Northam Platinum Limited and Timpetra Resources Limited (fiscal year ended December 31, 2012: Evolution Mining Limited, GoldQuest Mining Corporation and Atacama Pacific Gold Corporation). | |||||||||||||||||||
As a result of the disposal of investments, a realized gain on disposal of listed investments before tax of $7.4 million (2012: $14.7 million and 2011: $12.8 million) was reclassified out of accumulated other comprehensive income to net income and is included in profit on disposal of listed investments in the consolidated statement of operations. | |||||||||||||||||||
(b) | The environmental trust funds are irrevocable trusts under the Group’s control. The monies in the trusts are invested primarily in interest bearing term deposits and the costs of these investments approximate their fair value. The investments provide for the estimated cost of rehabilitation during and at the end of the life of the Group’s South African and Ghanaian mines. While the asset is under the Group’s control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 17, “Provision for Environmental Rehabilitation”. | ||||||||||||||||||
(c) | Equity investees comprise the following: | ||||||||||||||||||
Ownership % | Market value | ||||||||||||||||||
Investment | Description of business | December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Far South East | Exploration | 40 | 40 | * | * | ||||||||||||||
Rusoro Mining Limited | Gold mining | 26.4 | 26.4 | 3.3 | 6.3 | ||||||||||||||
Rand Refinery Limited | Refining of gold bullion and by-products | 2.8 | 34.9 | * | * | ||||||||||||||
Bezant Resources Plc 1 | Exploration | 21.6 | — | 5.1 | — | ||||||||||||||
Timpetra Resource Limited 2 | Resource exploration | 1.8 | 21.8 | 0.1 | 1 | ||||||||||||||
* | - Not readily determinable | ||||||||||||||||||
-1 | Gold Fields purchased a 21.6% shareholding in Bezant for $7.5 million in January 2013. | ||||||||||||||||||
-2 | During 2013, 13.7 million shares out of the 15 million previously held were disposed of and due to the decrease in shareholding, Timpetra Resources Limited is no longer equity accounted. The remaining investment was reclassified to listed investments. | ||||||||||||||||||
Carrying Value of Equity Investment | ' | ||||||||||||||||||
Carrying amount | December 31, | December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Far South East | 230 | 230 | |||||||||||||||||
Rusoro Mining Limited | — | — | |||||||||||||||||
Rand Refinery Limited | — | 23.7 | |||||||||||||||||
Bezant Resources Plc | 7.5 | — | |||||||||||||||||
Timpetra Resource Limited | — | 0.7 | |||||||||||||||||
Total | 237.5 | 254.4 | |||||||||||||||||
Rusoro Mining Limited | ' | ||||||||||||||||||
Carrying Value of Equity Investment | ' | ||||||||||||||||||
The carrying value of the equity investment in Rusoro Mining Limited, or Rusoro: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Opening balance | — | 13.2 | |||||||||||||||||
Share of losses recognized 1 | — | (13.4 | ) | ||||||||||||||||
Other comprehensive income | — | 0.2 | |||||||||||||||||
Closing balance | — | — | |||||||||||||||||
-1 | The results of Rusoro for the Gold Fields’ fiscal year ended December 31, 2013 are for the twelve months to September 2013 (December 31, 2012: twelve months ended September 30, 2012). | ||||||||||||||||||
Rand Refinery Limited | ' | ||||||||||||||||||
Carrying Value of Equity Investment | ' | ||||||||||||||||||
The carrying value of the equity investment in Rand Refinery Limited, or Rand Refinery: | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Opening balance | 23.7 | 12.9 | |||||||||||||||||
Share of profit after taxation for continuing operations | — | 0.7 | |||||||||||||||||
Share of profit after taxation for discontinued operations | 0.9 | 11.3 | |||||||||||||||||
Spin-off of Sibanye Gold | (22.4 | ) | — | ||||||||||||||||
Reclassification to unlisted investments | (2.5 | ) | — | ||||||||||||||||
Translation | 0.3 | (1.2 | ) | ||||||||||||||||
Closing balance | — | 23.7 | |||||||||||||||||
Far South East Project [Member] | ' | ||||||||||||||||||
Carrying Value of Equity Investment | ' | ||||||||||||||||||
Far South East Gold Resources Incorporated has a 31 December year end and has been equity accounted since April 1, 2012. | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Gold Fields interest in FSE on December 31, 2013 was 40.0% (2012: 40.0%). | |||||||||||||||||||
Opening balance | 230 | — | |||||||||||||||||
Investment | — | 230 | |||||||||||||||||
Equity contribution | 68.5 | 50.1 | |||||||||||||||||
Share of accumulated losses brought forward | (50.1 | ) | — | ||||||||||||||||
Share of losses recognized | (18.4 | ) | (50.1 | ) | |||||||||||||||
Translation | — | — | |||||||||||||||||
Closing balance | 230 | 230 | |||||||||||||||||
Accounts_Payable_And_Provision1
Accounts Payable And Provisions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable and Provisions | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Trade payables | 141.2 | 220.5 | |||||||
Accruals | 173.8 | 352 | |||||||
Payroll and other compensation | 55.1 | 57.8 | |||||||
Leave pay accrual | 42.9 | 73.8 | |||||||
Short-term portion of the South Deep Dividend liability | 1.9 | 2.3 | |||||||
Stamp duty due on acquisition of Yilgarn South assets | 15 | — | |||||||
Other | 15.1 | 27.6 | |||||||
445 | 734 | ||||||||
ShortTerm_And_LongTerm_Loans_T
Short-Term And Long-Term Loans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Collateralized | |||||||||
- Split-tenor revolving credit facility a | — | — | |||||||
- $500 million syndicated revolving credit facility b | — | 104 | |||||||
- $200 million non-revolving senior secured term loan c | 70 | 110 | |||||||
- $1 billion notes issue d | 990 | 988.8 | |||||||
- $1 billion syndicated revolving credit facility e | — | 666 | |||||||
- $60 million senior secured revolving credit facility f | 35 | — | |||||||
- $1,440 million term loan and revolving credit facility g | 773.5 | — | |||||||
- R1,500 million Nedbank revolving credit facility h | 145.1 | — | |||||||
Uncollateralized | |||||||||
- Other loans i | 46.5 | 492.4 | |||||||
2,060.10 | 2,361.20 | ||||||||
Short-term loans and current portion of long-term loans * | (121.5 | ) | (40.0 | ) | |||||
Total long-term loans | 1,938.60 | 2,321.20 | |||||||
* | At December 31, 2012, the maturity of the loans was updated to reflect post year-end refinancing terms. | ||||||||
Combined Aggregate Maturities of Short and Long-Terms Loans | ' | ||||||||
The combined aggregate maturities of short and long-term loans for each of the next five years at December 31, 2013 and December 31, 2012 is tabulated below: | |||||||||
Maturity | December 31, | December 31, | |||||||
2013 | 2012 | ||||||||
1 year | 121.5 | 40 | |||||||
2 years | 750 | 532.4 | |||||||
3 years | — | 750 | |||||||
4 years | 53.5 | 50 | |||||||
5 years and thereafter | 1,135.10 | 990 | |||||||
2,060.10 | 2,362.40 | ||||||||
Split-tenor revolving credit facility | ' | ||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | — | 500 | |||||||
Loans repaid | — | (500.0 | ) | ||||||
Closing balance | — | — | |||||||
$500 million syndicated revolving credit facility | ' | ||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 104 | — | |||||||
Loans advanced | — | 244 | |||||||
Loans repaid | (104.0 | ) | (140.0 | ) | |||||
Closing balance | — | 104 | |||||||
$200 million non-revolving senior secured term loan | ' | ||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 110 | 150 | |||||||
Loans repaid | (40.0 | ) | (40.0 | ) | |||||
Closing balance | 70 | 110 | |||||||
$1 billion notes issue | ' | ||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 988.8 | 987.7 | |||||||
Unwinding of transaction costs | 1.2 | 1.1 | |||||||
Closing balance | 990 | 988.8 | |||||||
$1 billion syndicated revolving credit facility | ' | ||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 666 | 220 | |||||||
Loans advanced | — | 666 | |||||||
Loans repaid | (666.0 | ) | (220.0 | ) | |||||
Closing balance | — | 666 | |||||||
$60 million senior secured revolving credit facility | ' | ||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | — | 50 | |||||||
Loans advanced | 35 | 23 | |||||||
Loans repaid | — | (73.0 | ) | ||||||
Closing balance | 35 | — | |||||||
$1,440 million term loan and revolving credit facility | ' | ||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loans advanced | 893 | — | |||||||
Loans repaid | (119.5 | ) | — | ||||||
Closing balance | 773.5 | — | |||||||
R1,500 million Nedbank revolving credit facility | ' | ||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Loans advanced | 155.5 | — | |||||||
Translation adjustment | (10.4 | ) | — | ||||||
Closing balance | 145.1 | — | |||||||
Other loans | ' | ||||||||
Long-Term Loans | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Opening balance | 492.4 | — | |||||||
Loans advanced | |||||||||
- continuing operations | 2,094.20 | 3.3 | |||||||
- discontinued operations | 542.4 | 514.7 | |||||||
Loans repaid | |||||||||
- continuing operations | (2,041.8 | ) | (2.9 | ) | |||||
- discontinued operations | (503.4 | ) | — | ||||||
Spin-off of Sibanye Gold | (531.4 | ) | — | ||||||
Translation | (5.9 | ) | (22.7 | ) | |||||
Closing balance | 46.5 | 492.4 | |||||||
Provision_For_Environmental_Re1
Provision For Environmental Rehabilitation (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Reconciliation of Total Liability for Environmental Rehabilitation | ' | ||||||||
The following is a reconciliation of the total liability for environmental rehabilitation: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Provision for environmental rehabilitation | |||||||||
Opening balance | 373.6 | 336.9 | |||||||
Addition to liabilities - continuing operations | 10.3 | 6.3 | |||||||
Addition to liabilities - discontinued operations | — | 11.8 | |||||||
Liabilities settled - continuing operations | (2.5 | ) | (2.7 | ) | |||||
Accretion of liability - continuing operations | 10.4 | 13.9 | |||||||
Accretion of liability - discontinued operations | 2.2 | 14.3 | |||||||
Yilgarn South asset purchase | 55 | — | |||||||
Spin-off of Sibanye Gold | (154.9 | ) | — | ||||||
Foreign currency translation adjustment | (24.9 | ) | (6.9 | ) | |||||
Balance at close | 269.2 | 373.6 | |||||||
Provision Calculation using Undiscounted Closure Cost Estimates | ' | ||||||||
The provision is calculated using the following undiscounted closure cost estimates: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
South Africa | 33.3 | 246.6 | |||||||
Ghana | 83.3 | 79.3 | |||||||
Australia | 196.6 | 125.1 | |||||||
Peru | 42 | 41.4 | |||||||
Total closure cost estimate | 355.2 | 492.4 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Share-Based Compensation Expense Available for Each Plan | ' | ||||||||||||||||||||||||
The following information on share-based compensation expense is available for each plan: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||
Continuing | Discontinued | Continuing | Discontinued | Continuing | Discontinued | ||||||||||||||||||||
operations | operations | operations | operations | operations | operations | ||||||||||||||||||||
(a) The Gold Fields Limited 2012 Share Plan | |||||||||||||||||||||||||
- Performance shares | 18.8 | 1.1 | 13.1 | 7.6 | — | — | |||||||||||||||||||
- Bonus shares | 11.9 | 0.8 | 8.7 | 5 | — | — | |||||||||||||||||||
(b) The Gold Fields Limited 2005 Share Plan | |||||||||||||||||||||||||
- Performance vesting restricted shares | 8.4 | 2.4 | 19.9 | 17.9 | 28.4 | 30.4 | |||||||||||||||||||
- Performance allocated share appreciation rights | 1.4 | 0.3 | 3.8 | 1.7 | 5 | 2.6 | |||||||||||||||||||
Total share-based compensation | 40.5 | 4.6 | 45.5 | 32.2 | 33.4 | 33 | |||||||||||||||||||
(a) The Gold Fields Limited 2012 Share Plan: At the annual general meeting on May 14, 2012 shareholders approved the adoption of the Gold Fields Limited 2012 Share Plan to replace the Gold Fields Limited 2005 Share Plan. The plan provides for two methods of participation, namely the Performance Share Method, or PS and the Bonus Share Method, or BS . This plan seeks to attract, retain, motivate and reward participating employees on a basis which seeks to align the interests of such employees with those of the Company’s shareholders. | |||||||||||||||||||||||||
Assumptions used to Value Options | ' | ||||||||||||||||||||||||
The Group used the Black Scholes Model to value the SARS under the Gold Fields 2005 Share Plan. The inputs to the model for awards granted during the year, which resulted in incremental share-based compensation were as follows: | |||||||||||||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted average exercise price - Rand | — | — | 119.17 | ||||||||||||||||||||||
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | — | — | 46.4 | % | |||||||||||||||||||||
Expected term (years) | — | — | 5.9 | ||||||||||||||||||||||
Long-term expected dividend yield | — | — | 1.7 | % | |||||||||||||||||||||
Weighted average risk free interest rate | — | — | 6.9 | % | |||||||||||||||||||||
Weighted average fair value - Rand | — | — | 51.66 | ||||||||||||||||||||||
The Group used the Monte-Carlo Simulation to value the PVRS under the Gold Fields 2005 Share Plan and the Gold Fields Limited 2005 Non-executive Share Plan. The inputs to the model for awards granted during the year, which resulted in incremental share-based compensation were as follows: | |||||||||||||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | — | — | 64.1 | % | |||||||||||||||||||||
Expected term (years) | — | — | 3 | ||||||||||||||||||||||
Historical dividend yield | — | — | 1.7 | % | |||||||||||||||||||||
Weighted average risk free interest rate (based on U.S. interest rate) | — | — | 0.2 | % | |||||||||||||||||||||
Weighted average fair value - Rand | — | — | 206.27 | ||||||||||||||||||||||
Details of Performance Vesting Restricted Shares and Share Appreciation Rights Granted under Share Plan | ' | ||||||||||||||||||||||||
Details of the PVRS and SARS granted under this Plan are as follows: | |||||||||||||||||||||||||
Number of | Number of | Average price | |||||||||||||||||||||||
PVRS | SARS | Rand | $ | ||||||||||||||||||||||
Outstanding at December 31, 2010 | 7,650,081 | 5,270,597 | 105.53 | 15.63 | |||||||||||||||||||||
Granted during the period | 3,165,342 | 1,638,484 | 119.17 | 16.51 | |||||||||||||||||||||
Exercised and released | (2,559,552 | ) | (1,247,317 | ) | 111.06 | 15.38 | |||||||||||||||||||
Forfeited | (886,759 | ) | (631,621 | ) | 110.69 | 15.33 | |||||||||||||||||||
Outstanding at December 31, 2011 | 7,369,112 | 5,030,143 | 107.91 | 13.27 | |||||||||||||||||||||
Exercised and released | (1,798,082 | ) | (259,455 | ) | 106.36 | 12.99 | |||||||||||||||||||
Forfeited | (584,814 | ) | (451,779 | ) | 117.14 | 14.3 | |||||||||||||||||||
Outstanding at December 31, 2012 | 4,986,216 | 4,318,909 | 107.37 | 12.53 | |||||||||||||||||||||
Spin-off of Sibanye Gold—forfeited | (2,221,264 | ) | (1,077,878 | ) | 106.58 | 11.99 | |||||||||||||||||||
Additional awards due to spin-off of Sibanye | 538,562 | 465,346 | 95.34 | 10.72 | |||||||||||||||||||||
Exercised and released | (1,857,614 | ) | — | — | — | ||||||||||||||||||||
Forfeited | (214,929 | ) | (554,649 | ) | 101.83 | 10.61 | |||||||||||||||||||
Outstanding at December 31, 2013 | 1,230,971 | 3,151,728 | 91.91 | 8.89 | |||||||||||||||||||||
Directors Affected by Gold Fields Management Scheme Modification | ' | ||||||||||||||||||||||||
The following executive directors were affected by the modification: | |||||||||||||||||||||||||
December 31, 2012 | Number of | Average | Average | Contractual life | |||||||||||||||||||||
options | instrument | instrument | extended by | ||||||||||||||||||||||
price R | price $ | (years) | |||||||||||||||||||||||
NJ Holland | 49,000 | 109.66 | 12.8 | 0.06 | |||||||||||||||||||||
PA Schmidt | 43,310 | 108.67 | 12.68 | 0.06 | |||||||||||||||||||||
31-Dec-13 | Number of | Average | Average | Contractual life | |||||||||||||||||||||
options | instrument | instrument | extended by | ||||||||||||||||||||||
price R | price $ | (years) | |||||||||||||||||||||||
NJ Holland | 121,428 | 84.91 | 8.21 | 0.16 | |||||||||||||||||||||
PA Schmidt | 75,082 | 88.46 | 8.56 | 0.17 | |||||||||||||||||||||
Summarize Information relating to Options Outstanding | ' | ||||||||||||||||||||||||
The following tables summarize information relating to the options outstanding at December 31, 2013 and December 31, 2012. | |||||||||||||||||||||||||
Outstanding SARS at December 31, 2013 | |||||||||||||||||||||||||
Price range | Number of | Contractual | Weighted average | ||||||||||||||||||||||
options | life | exercise price | |||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 60.00 - 84.99 | 5.80 - 8.22 | 873,064 | 2.22 | 75.81 | 7.33 | |||||||||||||||||||
85.00 - 109.99 | 8.23 - 10.64 | 1,217,915 | 0.9 | 93.1 | 9 | ||||||||||||||||||||
110.00 - 134.99 | 10.65 - 13.06 | 1,033,784 | 3.34 | 103.36 | 10 | ||||||||||||||||||||
135.00 - 159.99 | 13.07 - 15.47 | 26,965 | 4.01 | 118.45 | 11.46 | ||||||||||||||||||||
Total | 3,151,728 | 2.09 | 91.91 | 8.89 | |||||||||||||||||||||
Outstanding SARS at December 31, 2012 | |||||||||||||||||||||||||
Price range | Number of | Contractual | Weighted average | ||||||||||||||||||||||
options | life | exercise price | |||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 60.00 - 84.99 | 7.00 - 9.92 | 3,400 | 1.95 | 69.48 | 8.11 | |||||||||||||||||||
85.00 - 109.99 | 9.93 - 12.83 | 2,625,234 | 2.52 | 99.45 | 11.6 | ||||||||||||||||||||
110.00 - 134.99 | 12.84 - 15.75 | 1,652,471 | 3.72 | 119.65 | 13.96 | ||||||||||||||||||||
135.00 - 159.99 | 15.76 - 18.67 | 37,804 | 5.01 | 136.29 | 15.9 | ||||||||||||||||||||
4,318,909 | 3 | 107.37 | 12.53 | ||||||||||||||||||||||
Options Granted under Gold Fields Management Incentive Scheme | ' | ||||||||||||||||||||||||
Details of the options granted under the GF Management Incentive Scheme are as follows: | |||||||||||||||||||||||||
Number | Average option price | ||||||||||||||||||||||||
of Options | Rand | $ | |||||||||||||||||||||||
Outstanding at December 31, 2010 | 976,533 | 75.85 | 11.24 | ||||||||||||||||||||||
Exercised and released | (614,340 | ) | 72.33 | 10.02 | |||||||||||||||||||||
Forfeited | (50,968 | ) | 118.63 | 16.43 | |||||||||||||||||||||
Outstanding at December 31, 2011 | 311,225 | 73.48 | 9.04 | ||||||||||||||||||||||
Exercised and released | (204,570 | ) | 68.6 | 8.38 | |||||||||||||||||||||
Forfeited | (31,155 | ) | 73.91 | 9.02 | |||||||||||||||||||||
Outstanding at December 31, 2012 | 75,500 | 86.51 | 10.09 | ||||||||||||||||||||||
Spin-off of Sibanye Gold-forefeited | (28,100 | ) | 89.69 | 10.09 | |||||||||||||||||||||
Exercised and released | (31,147 | ) | 59.21 | 6.17 | |||||||||||||||||||||
Forfeited | (16,253 | ) | 92.93 | 9.68 | |||||||||||||||||||||
Outstanding at December 31, 2013 | — | — | — | ||||||||||||||||||||||
Gold Fields Management Scheme Options Outstanding | ' | ||||||||||||||||||||||||
The following tables summarize information relating to the options outstanding at December 31, 2012: | |||||||||||||||||||||||||
Outstanding and exercisable options at December 31, 2012 | |||||||||||||||||||||||||
Number of | Contractual life | Weighted average | |||||||||||||||||||||||
options | exercise price | ||||||||||||||||||||||||
Rand | $ | (in years) | Rand | $ | |||||||||||||||||||||
Range of prices | 60.00 - 84.99 | 7.00 - 9.92 | 34,500 | 0.36 | 66.07 | 7.71 | |||||||||||||||||||
85.00 - 109.99 | 9.93 - 12.83 | 21,800 | 0.53 | 89.8 | 10.48 | ||||||||||||||||||||
110.00 - 134.99 | 12.84 - 15.75 | 14,000 | 0.04 | 111.66 | 13.03 | ||||||||||||||||||||
135.00 - 159.99 | 15.76 - 18.67 | 5,200 | 0.17 | 140.66 | 16.41 | ||||||||||||||||||||
Total | 75,500 | 0.33 | 86.51 | 10.09 | |||||||||||||||||||||
Restricted Shares Granted | ' | ||||||||||||||||||||||||
Details of the restricted shares granted under this Plan are as follows: | |||||||||||||||||||||||||
No. of restricted | |||||||||||||||||||||||||
shares | |||||||||||||||||||||||||
Outstanding at December 31, 2010 | 98,878 | ||||||||||||||||||||||||
Exercised and released | (56,978 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2011 | 41,900 | ||||||||||||||||||||||||
Exercised and released | (29,600 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 12,300 | ||||||||||||||||||||||||
Exercised and released | (12,300 | ) | |||||||||||||||||||||||
Outstanding at December 31, 2013 | — | ||||||||||||||||||||||||
Valuation Technique Monte Carlo | ' | ||||||||||||||||||||||||
Assumptions used to Value Options | ' | ||||||||||||||||||||||||
The Group uses the Monte-Carlo Simulation to value the Performance Shares. The inputs to the model for awards granted during the period were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 33.1 | % | 36.4 | % | |||||||||||||||||||||
Expected term (years) | 3 | 3 | |||||||||||||||||||||||
Dividend yield | 4.6 | % | 1.6 | % | |||||||||||||||||||||
Weighted average three year risk free interest rate (based on US interest rates) | 0.2 | % | 0.7 | % | |||||||||||||||||||||
Weighted average fair value - Rand | 79.83 | 162.14 | |||||||||||||||||||||||
A future trading model is used to estimate the loss in value to the holders of Bonus Shares due to trading restrictions. The actual valuation is developed using a Monte-Carlo analysis of the future share price of Gold Fields: | |||||||||||||||||||||||||
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 32 | % | 29.4 | % | |||||||||||||||||||||
Expected term (months) | 9 - 18 | 18-Sep | |||||||||||||||||||||||
Dividend yield | 4.6 | % | 2.7 | % | |||||||||||||||||||||
Weighted average three year risk free interest rate (based on SA interest rates) | 4.1 | % | 5.5 | % | |||||||||||||||||||||
Weighted average fair value - Rand | 72.42 | 115.61 | |||||||||||||||||||||||
The GF Non Executive Director Share Plan | ' | ||||||||||||||||||||||||
Details of Performance Shares and Bonus Shares Granted under Share Plan | ' | ||||||||||||||||||||||||
Details of the Performance shares and Bonus shares granted under this Plan are as follows: | |||||||||||||||||||||||||
Number of | Number of | ||||||||||||||||||||||||
Performance | Bonus | ||||||||||||||||||||||||
shares | shares | ||||||||||||||||||||||||
Outstanding at December 31, 2011 | — | — | |||||||||||||||||||||||
Granted during the year | 4,511,700 | 1,368,423 | |||||||||||||||||||||||
Exercised and released | — | (528,392 | ) | ||||||||||||||||||||||
Forfeited | (249,530 | ) | (47,655 | ) | |||||||||||||||||||||
Outstanding at December 31, 2012 | 4,262,170 | 792,376 | |||||||||||||||||||||||
Spin-off of Sibanye Gold - forfeited | (1,562,498 | ) | (241,023 | ) | |||||||||||||||||||||
Additional awards due to spin-off of Sibanye | 396,229 | — | |||||||||||||||||||||||
Granted during the year | 5,310,968 | 2,018,771 | |||||||||||||||||||||||
Exercised and released | (515,025 | ) | (1,314,156 | ) | |||||||||||||||||||||
Forfeited | (1,862,128 | ) | (373,896 | ) | |||||||||||||||||||||
Outstanding at December 31, 2013 | 6,029,716 | 882,072 | |||||||||||||||||||||||
Details of Gold Fields Non-Executive Director Share Plan | ' | ||||||||||||||||||||||||
Details of the Plan are as follows: | |||||||||||||||||||||||||
Number of | Average option price | ||||||||||||||||||||||||
Options | Rand | $ | |||||||||||||||||||||||
Outstanding as of December 31, 2010 | 36,700 | 79.37 | 11.76 | ||||||||||||||||||||||
Exercised and released | (36,700 | ) | 79.37 | 10.99 | |||||||||||||||||||||
Outstanding as of December 31, 2011, 2012 and 2013 | — | — | — | ||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments and Fair Value and Credit Risk of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||
The estimated fair values of the the Group’s financial instruments are: | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Carrying | Fair value | Carrying | Fair value | ||||||||||||||
value | value | ||||||||||||||||
Financial assets | |||||||||||||||||
Cash and cash equivalents | 325 | 325 | 655.6 | 655.6 | |||||||||||||
Receivables | 146.7 | 146.7 | 314.5 | 314.5 | |||||||||||||
Non-current investments * | 268.9 | 269.7 | 458 | 464.6 | |||||||||||||
Financial liabilities | |||||||||||||||||
Long-term loans | 1,938.60 | 1,794.40 | 2,321.20 | 2,322.40 | |||||||||||||
Accounts payable and provisions | 402.1 | 402.1 | 660.2 | 660.2 | |||||||||||||
Interest payable | 12.4 | 12.4 | 11 | 11 | |||||||||||||
Short-term loans and current portion of long-term loans | 121.5 | 121.5 | 40 | 40 | |||||||||||||
Other non-current liabilities | 10.9 | 10.9 | 13.9 | 13.9 | |||||||||||||
* | Fair value determined by using cost for Rand Refinery Limited and Far South East due to a market value not being readily available. | ||||||||||||||||
Financial Assets Measured at Fair Value by Level | ' | ||||||||||||||||
The following table sets forth the Group’s financial assets measured at fair value by level within the fair value hierarchy. As required by Accounting Standard Codification, or ASC, fair value guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Fair value at December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Listed investments | 3.2 | 3.2 | — | — | |||||||||||||
Unlisted investments | 4.3 | — | — | 4.3 | |||||||||||||
Trade receivable from provisional copper concentrate sales, net | 58.2 | — | 58.2 | — | |||||||||||||
65.7 | 3.2 | 58.2 | 4.3 | ||||||||||||||
Fair value at December 31, 2012 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Listed investments | 36.2 | 36.2 | — | — | |||||||||||||
Investments held by environmental trust funds | 165.3 | 135.3 | 30 | — | |||||||||||||
Unlisted investments | 1.3 | — | — | 1.3 | |||||||||||||
Trade receivable from provisional copper concentrate sales, net | 149.9 | — | 149.9 | — | |||||||||||||
352.7 | 171.5 | 179.9 | 1.3 | ||||||||||||||
Changes in Fair Value of Level 3 Financial Assets | ' | ||||||||||||||||
The table below sets forth a summary of changes in the fair value of our Level 3 financial assets. | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance at the beginning of the period | 1.3 | 2.6 | |||||||||||||||
Additions | 3 | — | |||||||||||||||
Unrealized (loss)/ gain | — | (1.3 | ) | ||||||||||||||
Balance at the end of the period | 4.3 | 1.3 | |||||||||||||||
Additional_Cash_Flow_Informati1
Additional Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Additional Cash Flow Information | ' | ||||||||||||||
Fiscal year ended December 31, | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(a) | Supplemental cash flow disclosures | ||||||||||||||
The following amounts were included in cash flows from operations: | |||||||||||||||
Royalties paid | 99.9 | 112.4 | 97.2 | ||||||||||||
Income and mining taxes paid | 298.2 | 334.1 | 299.3 | ||||||||||||
Interest paid before capitalization | 89.4 | 68.6 | 61.6 | ||||||||||||
(b) | Non cash-items | ||||||||||||||
Marked to market (loss)/gain of listed investments | (1.3 | ) | 18.7 | (26.4 | ) | ||||||||||
Sibanye Gold spin-off (refer note 9.1), excluding cash transferred | 927.3 | — | — | ||||||||||||
Shares issued on acquisition of Yilgarn South assets (refer note 3(f)) | 127.3 | — | — | ||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Capital commitments | |||||||||
Contracted for - discontinued operations | — | 59.7 | |||||||
Contracted for - continuing operations | 100.8 | 184.9 | |||||||
Lease commitments | |||||||||
Operating leases | |||||||||
Less than 12 months | 2.9 | 3.8 | |||||||
12 - 36 months | 3.8 | 6.2 | |||||||
36 - 60 months | 0.6 | 1.5 | |||||||
After 60 months | 1 | — | |||||||
Total | 8.3 | 11.5 | |||||||
Included in net income are operating lease charges amounting to $4.5 million (fiscal year ended December 31, 2012: $3.9 million and fiscal year ended December 31, 2011: $2.9 million). | |||||||||
Guarantees and other commitments | 0.1 | 0.5 |
Lines_of_Credit_Tables
Lines of Credit (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Schedule of Unused Lines of Committed Credit Facilities | ' | ||||||||
The Group has unused lines of committed credit facilities available amounting to $763.2 million at December 31, 2013 (December 31, 2012: $831.4 million) with the following expiry dates. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
- within one year | — | 58.4 | |||||||
- later than one year and not later than two years | — | 8 | |||||||
- later than two years and not later than three years | 96.7 | 35 | |||||||
- later than three years and not later than five years | 666.5 | 730 | |||||||
763.2 | 831.4 | ||||||||
Geographical_and_Segment_Infor1
Geographical and Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Results and Assets | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Deep | Tarkwa | Damang | St Ives | Agnew/ | Darlot | Granny | Total | Cerro | Corporate | Total per | Reclassifications | Reconciling | Continuing | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Lawlers | Smith | Corona | and other# | IFRS | items | operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of operations - continuing operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 425.7 | 893.1 | 216.4 | 569 | 302.8 | 26 | 82.3 | 980.1 | 390.9 | — | 2,906.30 | — | — | 2,906.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs (1) | (321.8 | ) | (473.7 | ) | (171.1 | ) | (345.5 | ) | (135.0 | ) | (21.6 | ) | (48.8 | ) | (550.8 | ) | (161.3 | ) | — | (1,678.7 | ) | (74.7 | ) | (162.4 | ) | (1,915.8 | ) | ||||||||||||||||||||||||||||||||||||||
Gold inventory change (2) | — | (30.8 | ) | 11.1 | 8.8 | (1.2 | ) | 1.3 | 3.7 | 12.7 | 18.8 | — | 11.8 | — | (1.2 | ) | 10.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | 103.9 | 388.7 | 56.4 | 232.3 | 166.7 | 5.7 | 37.3 | 442 | 248.4 | — | 1,239.40 | (74.7 | ) | (163.6 | ) | 1,001.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation | (98.9 | ) | (137.6 | ) | (30.6 | ) | (194.3 | ) | (71.1 | ) | (3.6 | ) | (21.0 | ) | (290.0 | ) | (48.8 | ) | (5.0 | ) | (610.9 | ) | — | 42.4 | (568.5 | ) | |||||||||||||||||||||||||||||||||||||||
Net operating profit/(loss) | 5 | 251.1 | 25.8 | 38 | 95.6 | 2.1 | 16.3 | 152.1 | 199.7 | (5.0 | ) | 628.5 | (74.7 | ) | (121.2 | ) | 432.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenditure | — | — | — | (5.1 | ) | (1.4 | ) | — | — | (6.5 | ) | (0.2 | ) | (59.1 | ) | (65.9 | ) | (7.2 | ) | (4.8 | ) | (77.9 | ) | ||||||||||||||||||||||||||||||||||||||||||
Feasibility and evaluation | — | — | — | — | — | — | — | — | — | (47.7 | ) | (47.7 | ) | — | (20.3 | ) | (68.0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Finance expense | (8.8 | ) | (1.2 | ) | (4.7 | ) | — | — | (0.2 | ) | (1.2 | ) | (1.4 | ) | (2.2 | ) | (51.2 | ) | (69.5 | ) | 2.4 | (5.3 | ) | (72.4 | ) | ||||||||||||||||||||||||||||||||||||||||
Investment income | 0.6 | 0.4 | — | 3.8 | 3.8 | — | — | 7.6 | 0.4 | (0.6 | ) | 8.5 | — | — | 8.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other items as detailed in statement of operations (3) | (22.9 | ) | (216.2 | ) | (191.1 | ) | (266.9 | ) | (14.6 | ) | (3.2 | ) | (17.1 | ) | (301.8 | ) | (22.5 | ) | (205.7 | ) | (960.2 | ) | 79.5 | 585.7 | (294.9 | ) | |||||||||||||||||||||||||||||||||||||||
Royalty | (2.1 | ) | (44.7 | ) | (10.8 | ) | N4 | N4 | N4 | N4 | (24.1 | ) | (8.9 | ) | — | (90.5 | ) | — | — | (90.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Current taxation | — | (39.7 | ) | (0.9 | ) | N4 | N4 | N4 | N4 | (49.7 | ) | (66.3 | ) | (4.8 | ) | (161.3 | ) | — | (3.8 | ) | (165.1 | ) | |||||||||||||||||||||||||||||||||||||||||||
Deferred taxation | 6.6 | * | 33.9 | 63.4 | N4 | N4 | N4 | N4 | 106.9 | (19.6 | ) | (9.9 | ) | 181.4 | — | (122.0 | ) | 59.4 | |||||||||||||||||||||||||||||||||||||||||||||||
(Loss)/income before impairment of investment in equity investee, share of equity investees’ losses and discontinued operations | (21.6 | ) | (16.2 | ) | (118.3 | ) | N4 | N4 | N4 | N4 | (116.8 | ) | 80.5 | (383.9 | ) | (576.7 | ) | — | 308.4 | (268.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||
-1 | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $39.4 million, Accretion expense on provision for environmental rehabilitation - $10.4 million and Employee termination costs - $35.5 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Reflects the change in quantity and value of broken ore and ore on the heap leach pad during the fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | Included in this line item and in the Total per IFRS column are impairments of investments and assets recognized in accordance with IFRS amounting to $204.6 million at Tarkwa, $188.9 million at Damang, $264.9 million at St Ives, $10.4 million at Cerro Corona and $140.7 million at Corporate and other. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | As all Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Indicative as tax is provided in the holding companies of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information on the statement of operations related to Sibanye Gold, which include the KDC and Beatrix mines, is not presented as Sibanye Gold is presented as a discontinued operation (refer note 9.1). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KDC | Beatrix | South | Tarkwa | Damang | St Ives | Agnew | Darlot | Granny | Total | Cerro | Corporate and | Total per | Reclassifications | Reconciling | Group | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deep | Smith | Corona | other# | IFRS | items | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | N1 | N1 | 192.9 | 1,528.30 | 197.8 | 650.9 | 400.7 | 25 | 69.6 | 1,146.20 | 1,054.10 | 3,125.00 | 7,244.30 | — | (40.6 | ) | 7,203.70 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred tax | N1 | N1 | 128.4 | 174.8 | 85.2 | 167.1 | 70.4 | 26.7 | 73.2 | 337.5 | 145.8 | 1,979.90 | 2,851.50 | (5.0 | ) | (14.3 | ) | 2,832.20 | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability/(asset) | N1 | N1 | 9.8 | 266.2 | (12.8 | ) | N2 | N2 | N2 | N2 | 128.2 | 32.1 | (76.2 | ) | 347.5 | 5 | (73.6 | ) | 273.7 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditure | 37.5 | 10.3 | 202.4 | 207 | 50.1 | 132.3 | 52.3 | 1.5 | 7.8 | 193.9 | 56.3 | 29.6 | 739.2 | — | (195.5 | ) | 543.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
# | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. Included in Corporate and other is goodwill and other fair value adjustments relating to the acquisition of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Sibanye Gold, which includes the KDC and Beatrix reporting segments, was spun off in February 2013 (refer note 9.1). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | As all Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Deep | Tarkwa | Damang | St Ives | Agnew | Total | Cerro | Corporate and | Total per | Reclassifications | Reconciling | Continuing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corona | other# | IFRS | items | operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of operations - continuing operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 450.8 | 1,198.90 | 277.8 | 752.2 | 294.4 | 1,046.60 | 556.6 | — | 3,530.60 | — | — | 3,530.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs (1) | (302.9 | ) | (494.4 | ) | (179.1 | ) | (378.0 | ) | (148.1 | ) | (526.1 | ) | (171.4 | ) | — | (1,673.8 | ) | (69.8 | ) | (199.2 | ) | (1,942.9 | ) | ||||||||||||||||||||||||||||||||||||||||||
Gold inventory change (2) | — | 24.8 | 3.6 | (14.7 | ) | (2.6 | ) | (17.4 | ) | 11 | — | 22 | — | 0.1 | 22.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | 147.9 | 729.3 | 102.3 | 359.4 | 143.7 | 503 | 396.2 | — | 1,878.80 | (69.8 | ) | (199.1 | ) | 1,609.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation | (82.4 | ) | (125.4 | ) | (22.8 | ) | (160.4 | ) | (53.7 | ) | (214.1 | ) | (48.8 | ) | (5.7 | ) | (499.2 | ) | — | 73.4 | (425.8 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net operating profit/(loss) | 65.6 | 603.8 | 79.5 | 199 | 90 | 288.9 | 347.4 | (5.7 | ) | 1,379.60 | (69.8 | ) | (125.7 | ) | 1,184.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenditure | — | — | — | (9.8 | ) | (9.6 | ) | (19.4 | ) | (2.2 | ) | (106.9 | ) | (128.5 | ) | (61.1 | ) | 54.3 | (135.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Feasibility and evaluation | — | — | — | — | — | — | — | (44.1 | ) | (44.1 | ) | — | (59.4 | ) | (103.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense | (0.9 | ) | (2.3 | ) | (2.5 | ) | (1.2 | ) | (0.3 | ) | (1.5 | ) | (3.9 | ) | (44.2 | ) | (55.3 | ) | 2.8 | (3.1 | ) | (55.6 | ) | ||||||||||||||||||||||||||||||||||||||||||
Investment income | 0.6 | 0.4 | 0.1 | 6.4 | 6.3 | 12.7 | 1.8 | 0.7 | 16.3 | — | — | 16.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other items as detailed in statement of operations | (43.7 | ) | (22.7 | ) | (9.6 | ) | (68.0 | ) | (27.7 | ) | (95.7 | ) | (18.6 | ) | (9.0 | ) | (199.3 | ) | 128.1 | (5.2 | ) | (76.4 | ) | ||||||||||||||||||||||||||||||||||||||||||
Royalty | (2.3 | ) | (59.9 | ) | (13.9 | ) | N3 | N3 | (26.0 | ) | (14.7 | ) | — | (116.7 | ) | — | — | (116.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Current taxation | — | (163.1 | ) | (7.6 | ) | N3 | N3 | (53.6 | ) | (104.7 | ) | (7.6 | ) | (336.6 | ) | — | (17.3 | ) | (353.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Deferred taxation | (4.5 | )* | (92.5 | ) | (21.5 | ) | N3 | N3 | 4.2 | 12.4 | (18.1 | ) | (120.0 | ) | — | 114.5 | (5.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before impairment of investment in equity investee, share of equity investees’ losses and discontinued operations | 14.9 | 263.7 | 24.6 | N3 | N3 | 109.9 | 217.6 | (234.9 | ) | 395.4 | — | (41.9 | ) | 353.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $38.2 million, Accretion expense on provision for environmental rehabilitation - $13.9 million and Employee termination costs - $6.1 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Reflects the change in quantity and value of broken ore and ore on the heap leach pad during the fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | As these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Indicative as tax is provided in the holding companies of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KDC | Beatrix | South | Tarkwa | Damang | St Ives | Agnew | Total | Cerro | Corporate and | Total per | Reconciling | Group | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deep | Corona | other # | IFRS | items | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | 2,126.30 | 313.1 | 208.3 | 1,775.60 | 386.2 | 1,066.70 | 372.4 | 1,439.10 | 1,165.80 | 3,613.90 | 11,028.30 | (418.3 | ) | 10,624.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred tax | 740.8 | (26.8 | ) | 104 | 377.2 | 93.2 | 189.7 | 47.8 | 237.5 | 234.4 | 2,005.90 | 3,766.20 | (77.9 | ) | 3,687.90 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability/(asset) | 379.2 | 110.3 | 19.2 | 300.2 | 50.6 | N1 | N1 | 264.5 | 12.4 | (65.3 | ) | 1,071.10 | (175.5 | ) | 895.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditure | 296.2 | 80.4 | 314.5 | 259.9 | 92.1 | 315.3 | 62.3 | 377.7 | 93.8 | 86.2 | 1,600.60 | (277.8 | ) | 1,322.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew based on endowment ounces and also as these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. Included in Corporate and other is goodwill and other fair value adjustments relating to the acquisition of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Deep | Tarkwa | Damang | St Ives | Agnew | Total | Cerro | Corporate and | Total per | Reclassifications | Reconciling | Continuing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corona | other # | IFRS | items | operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of operations - continuing operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 427.5 | 1,122.90 | 340.8 | 734.2 | 313.1 | 1,047.30 | 560.5 | — | 3,499.10 | — | — | 3,499.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs (1) | (296.2 | ) | (436.4 | ) | (142.1 | ) | (415.4 | ) | (138.5 | ) | (553.9 | ) | (157.4 | ) | — | (1,586.0 | ) | (37.1 | ) | (124.7 | ) | (1,747.7 | ) | ||||||||||||||||||||||||||||||||||||||||||
Gold inventory change (2) | — | 65 | 1.9 | 3 | 6 | 9 | (0.1 | ) | — | 75.7 | — | 1.4 | 77.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | 131.3 | 751.6 | 200.6 | 321.8 | 180.6 | 502.4 | 403 | — | 1,988.80 | (37.1 | ) | (123.3 | ) | 1,828.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation | (76.7 | ) | (104.9 | ) | (26.7 | ) | (149.9 | ) | (44.6 | ) | (194.5 | ) | (58.6 | ) | (6.3 | ) | (467.7 | ) | — | 46.3 | (421.4 | ) | |||||||||||||||||||||||||||||||||||||||||||
Net operating profit/(loss) | 54.6 | 646.6 | 173.9 | 171.9 | 136 | 307.9 | 344.4 | (6.3 | ) | 1,521.10 | (37.1 | ) | (77.0 | ) | 1,407.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenditure | — | — | — | (5.0 | ) | (4.4 | ) | (9.4 | ) | (4.2 | ) | (101.6 | ) | (115.2 | ) | (4.9 | ) | (5.3 | ) | (125.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Feasibility and evaluation | — | — | — | — | — | — | — | (17.4 | ) | (17.4 | ) | — | (77.8 | ) | (95.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense | (1.4 | ) | (1.2 | ) | (0.8 | ) | (2.2 | ) | (0.5 | ) | (2.7 | ) | (4.3 | ) | (47.4 | ) | (57.8 | ) | 5.5 | — | (52.3 | ) | |||||||||||||||||||||||||||||||||||||||||||
Investment income | 1.1 | 0.6 | 0.2 | 5.4 | 2.8 | 8.2 | — | 1.6 | 11.7 | — | — | 11.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other items as detailed in statement of operations | (14.8 | ) | (20.9 | ) | (14.4 | ) | (3.0 | ) | (2.4 | ) | (5.4 | ) | (11.4 | ) | (2.2 | ) | (69.1 | ) | 36.5 | 0.6 | (32.0 | ) | |||||||||||||||||||||||||||||||||||||||||||
Royalty | (2.1 | ) | (51.0 | ) | (15.5 | ) | N3 | N3 | (26.3 | ) | (14.7 | ) | — | (109.6 | ) | — | — | (109.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Current taxation | — | (150.7 | ) | (29.8 | ) | N3 | N3 | — | (111.7 | ) | (52.4 | ) | (344.5 | ) | — | — | (344.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Deferred taxation | (17.1 | ) | (22.0 | ) | (13.2 | ) * | N3 | N3 | (82.8 | ) | 10.4 | 39.9 | (85.0 | ) | — | 45 | (40.0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Income/(loss) before impairment of investment in equity investee, share of equity investees’ losses and discontinued operations | 20.3 | 401.4 | 100.5 | N3 | N3 | 189.6 | 208.5 | (185.8 | ) | 734.2 | — | (114.5 | ) | 619.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $30.8 million, Accretion expense on provision for environmental rehabilitation - $11.1 million and Employee termination costs - $0.8 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Reflects the change in quantity and value of broken ore and ore on the heap leach pad during the fiscal year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-3 | As these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Indicative as tax is provided in the holding companies of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Africa | Ghana | Australia | Peru | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KDC | Beatrix | South | Tarkwa | Damang | St Ives | Agnew | Total | Cerro | Corporate | Total | Reconciling | Group | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deep | Corona | and other # | per | items | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IFRS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets (excluding deferred tax assets) | 1,714.50 | 225 | 153 | 1,435.90 | 344.2 | 1,058.20 | 609 | 1,667.20 | 1,069.50 | 3,643.00 | 10,252.30 | (174.9 | ) | 10,077.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred tax | 414.2 | (103.5 | ) | 66.9 | 323.9 | 99.2 | 174.9 | 44.6 | 219.5 | 282.8 | 1,949.50 | 3,252.50 | (55.2 | ) | 3,197.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax liability/(asset) | 471.6 | 145.6 | 15.8 | 207.7 | 29.1 | N1 | N1 | 270.8 | 24.9 | (77.3 | ) | 1,088.20 | (60.3 | ) | 1,027.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditure | 318.6 | 84.6 | 274.6 | 218.9 | 87.8 | 182.7 | 74.1 | 256.8 | 69.4 | 102.5 | 1,413.20 | (260.2 | ) | 1,153.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew based on endowment ounces and also as these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
# | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. Included in Corporate and other is goodwill relating to the acquisition of South Deep. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Figures may not add as they are rounded independently. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Breakdown of Reconciling Items | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ended | Ended | Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following provides a breakdown of the reconciling items for each line item presented | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration, evaluation and feasibility costs | (i) | (22.4 | ) | (35.2 | ) | (22.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (j) | 4.7 | (0.4 | ) | (0.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cut-backs | (h) | (146.6 | ) | (184.0 | ) | (144.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred stripping | (l) | 1.9 | 20.4 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(162.4 | ) | (199.2 | ) | (124.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gold inventory | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | (m) | (1.2 | ) | 0.1 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory stockpiles | (q) | — | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1.2 | ) | 0.1 | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and depreciation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - purchase of St. Ives and Agnew | (c) | — | — | 2.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - purchase of Abosso | (d) | — | — | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of reserves | (f) | (15.8 | ) | (12.5 | ) | (23.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cut-backs | (h) | 38.3 | 41.1 | 39.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - impairment of assets | (n) | (36.9 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - inclusion of future costs | (g) | 58.6 | 47 | 34.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - capitalized interest | (p) | (4.4 | ) | (4.3 | ) | (6.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (j) | 2.5 | 2.1 | (1.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
42.4 | 73.4 | 46.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration expenditure | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration, evaluation and feasibility costs | (i) | (25.1 | ) | (5.1 | ) | (83.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other items as detailed in the statement of operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | (n) | 582.4 | (7.5 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest capitalization | (p) | (5.3 | ) | (3.1 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 3.3 | 2.3 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
580.5 | (8.3 | ) | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal Year | Fiscal Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ended | Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities excluding deferred income and mining taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (j) | (14.3 | ) | (77.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - formation of Original Gold Fields | (a) | — | 66.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - formation of Gold Fields | (b) | — | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business combination - purchase of South Deep | (e) | 380.3 | 481.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cut-backs | (h) | (600.4 | ) | (498.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of reserves | (f) | (184.0 | ) | (197.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - inclusion of future costs | (g) | 203.5 | 175.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - Interest capitalised | (p) | (20.9 | ) | (18.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration, feasibility and evaluation costs | (i) | (318.9 | ) | (379.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for rehabilitation | (j) | 0.2 | (75.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in equity investees | (k) | — | (3.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred stripping | (l) | 8.7 | (12.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | (m) | 14.6 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets | (n) | 414.7 | (52.8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest capitalization | (p) | 62.8 | 84.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory stockpiles | (q) | (1.2 | ) | (1.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization - discontinued operations | (o) | — | (28.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(40.6 | ) | (418.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to the reconciliation of segment information to the historical financial statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Business combination - formation of Original Gold Fields | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the formation of Original Gold Fields was accounted for as a uniting-of-interests. Under U.S. GAAP, the Company accounted for the assets and liabilities acquired from Gold Fields of South Africa Limited at historical cost, and the assets and liabilities acquired from Gencor and outside shareholders as a purchase. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(b) | Business combination - formation of Gold Fields | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the difference between the purchase price and net asset value of acquired assets that arose on this transaction was set-off against shareholders’ equity. Under U.S. GAAP, the excess purchase price was capitalized to property, plant and equipment and is being amortized over its useful life. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(c) | Business combination - purchase of St. Ives and Agnew | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, traded equity securities issued as consideration in a business combination were valued on the date they were issued. Under U.S. GAAP, at the time of the acquisition, traded equity securities issued as consideration in a business combination were valued a few days before and after the terms of the transaction were announced. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(d) | Business combination - purchase of Abosso | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, traded equity securities issued as consideration in a business combination were valued on the date they were issued. Under U.S. GAAP, at the time of the acquisition, traded equity securities issued as consideration in a business combination were valued a few days before and after the terms of the transaction were announced. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(e) | Business combinations - purchase of South Deep | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, traded equity securities issued as consideration in a business combination were valued on the date they were issued. Under U.S. GAAP, at the time of the acquistion, traded equity securities issued as consideration in a business combination were valued a few days before and after the terms of the transaction were announced. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the entire interest acquired in South Deep was fair value upon gaining a controlling interest. Under U.S. GAAP, only the additional interest acquired was accounted for at fair value; assets acquired before obtaining control are stated at historical carrying amounts. In addition, U.S. GAAP requires retrospective equity accounting from the date the interest is acquired until the Group obtains control and the investment becomes a subsidiary. For management reporting purposes no retrospective equity accounting is applied. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, any excess arising over the purchase price paid and the fair value of the net identifiable assets and liabilities acquired for additional interests in subsidiaries from minority shareholders are recorded directly in equity (‘economic entity model’). Under U.S. GAAP, any excess over the purchased price paid and the fair value of the net identifiable assets and liabilities are recorded as goodwill (‘parent company model’). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(f) | Amortization of reserves | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, a portion of ore resources at the Australian operations, based on the philosophy of “endowment”, is used for calculating depreciation and amortization. Under U.S. GAAP, depreciation and amortization is calculated based upon existing proven and probable reserves. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(g) | Amortization - inclusion of future costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, future mine development costs are included in mining assets at the Australian operations in calculating depreciation and amortization. Under U.S. GAAP, future development costs are not included in the calculation of depreciation and amortization. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(h) | Cut-backs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, waste laybacks at surface operations are capitalized as mine development costs. Under U.S. GAAP, once the production phase of a mine has commenced, waste laybacks are considered variable production costs that should be included as a component of inventory to be recognized in Production costs exclusive of depreciation and amortization in the same period as the revenue from the sale of inventory. As a result, capitalization of waste laybacks is appropriate only to the extent product inventory exists at the end of a reporting period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(i) | Exploration, feasibility and evaluation costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, exploration costs are capitalized from the date the drilling program confirms sufficient evidence of mineralization to proceed with a feasibility study. Under U.S. GAAP, exploration costs are capitalized from the date a bankable feasibility study is completed. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(j) | Provision for rehabilitation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revisions to the provision for environmental rehabilitation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, all changes in the carrying amount of the provision for environmental rehabilitation are recognized as an increase or decrease in the carrying amount of the associated rehabilitation asset. Changes resulting from revisions in the timing or amount of estimated cash flows are recognized as an increase or decrease in the carrying amount of the provision for environmental rehabilitation and the associated rehabilitation asset for U.S. GAAP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In addition, the current discount rate is applied to measure the provision for environmental rehabilitation for management reporting purposes. Under U.S. GAAP, any decreases in the provision for environmental rehabilitation as a result of downward revisions in cash flow estimates should be treated as a modification of an existing provision for environmental rehabilitation and should be measured at the historical discount rate used to measure the initial provision for environmental rehabilitation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of the provision for environmental rehabilitation and amortization of the associated rehabilitation asset | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For reasons discussed above, the carrying values of the provision for environmental rehabilitation and associated rehabilitation asset for management reporting purposes are different to those under U.S. GAAP, which in combination with different discount rates result in a different amortization charge and accretion expense. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(k) | Investments in equity investees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, an equity investment exceeding a 20% shareholding was treated as an available-for-sale investment prior to fiscal 2003. Under U.S. GAAP this investment was accounted for under the equity method since acquisition. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(l) | Deferred stripping | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, prior to the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine, the Company deferred the waste stripping costs in excess of the expected average pitlife stripping ratio. IFRIC 20 was adopted on January 1, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IFRIC 20 requires that production stripping costs in a surface mine be capitalised to non-current assets if, and only if, all of the following criteria are met: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | It is probable that the future economic benefit associated with the stripping activity will flow to the entity; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | The entity can identify the component of the ore body for which access has been improved; and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | The costs relating to the stripping activity associated with that component can be measured. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
If the above criteria are not met, the stripping costs are recognised directly in profit or loss. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under U.S. GAAP, waste stripping costs are considered costs of the extracted minerals and recognized as a component of inventory to be recognized in production costs exclusive of depreciation and amortization in the same period as the revenue from the sale of inventory. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(m) | Inventory | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under U.S. GAAP, additional amortization, waste stripping costs and cut backs expensed are included in the cost of inventory produced. No such absorption of costs occurred for management reporting purposes. Under U.S. GAAP, management is required to record inventory at the lower of cost and market value. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(n) | Impairment of assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the Agnew mine was not determined to be impaired in prior years. Under U.S. GAAP, the Agnew mine was determined to be impaired and an impairment charge was recognized. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, the Tarkwa, Damang and St Ives cash-generating units as well as certain other assets at Tarkwa were determined to be impaired in fiscal 2013. For US GAAP purposes, after performing impairment tests, only the Damang mine was considered to be impaired and at a different amount due to the different impairment model prescribed under U.S. GAAP. In addition, Arctic Platinum, classified as held for sale, was impaired for management reporting purposes, but not considered impaired under US GAAP as the fair value less cost to sell exceeded the carrying value under U.S GAAP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For reasons discussed above, certain assets carrying values for management reporting purposes are different to those under U.S. GAAP, which results in a different amortization charge. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(o) | Amortization - discontinued operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, Sibanye Gold was accounted for as discontinued operations in fiscal 2012 and the related assets and liabilities were classified as held for distribution. As a result, depreciation ceased due to the classification of the assets as held for distribution. Under U.S.GAAP, the Spin-off was not accounted for as discontinued operations in 2012 as the Sibanye Gold assets and liabilities continue to be classified as held for use until the Spin-off date. As a result, depreciation did not cease during fiscal 2012 and is charged until the Spin-off date. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(p) | Interest capitalization | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, borrowing costs are capitalized to the extent that qualifying assets are financed through specific debt financing or general outstanding debt not for any specific purpose other than funding the operations of the Group. Under U.S. GAAP, total outstanding debt financing is taken into account in calculating the amount of borrowing cost to be capitalized. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(q) | Inventory stockpiles | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For management reporting purposes, previous impairment charges writing down stockpiles to market values are reversed when the net realizable value rises above the original cost. Under U.S. GAAP, the market value is deemed the new base cost and impairment charges are not reversed. |
General_Additional_Information
General - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Description of spin-off | 'On November 29, 2012, Gold Fields announced the creation of a new South African gold mining company through the listing and subsequent unbundling of its 100% owned subsidiary, Sibanye Gold Limited (bSibanye Goldb), formerly known as GFI Mining South Africa Proprietary Limited, which holds the KDC and Beatrix gold mines as well as various service companies. The separation of Sibanye Gold from Gold Fields is referred to as the Spin-off. The board of directors of Gold Fields, or the Board, passed the resolution necessary to implement the Spin-off on December 12, 2012 and the Spin-off was completed on February 18, 2013. |
Sibanye Gold [Member] | ' |
Ownership percentage in subsidiary | 100.00% |
Depreciation_of_NonMining_Asse
Depreciation of Non-Mining Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Vehicles | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 20.00% |
Computers | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 33.30% |
Furniture and Equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 10.00% |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | ' |
Minimum likelihood for the realization in order to recognize tax benefit from uncertain tax positions | 50.00% |
Leach pad production cycles project recoveries, minimum percentage of the placed recoverable ounces in the first year of leaching | 50.00% |
Leach pad production cycles project recoveries, maximum percentage of the placed recoverable ounces in the first year of leaching | 70.00% |
Contracts for sales of copper concentrate provisional price, final adjustment period, minimum number of days after delivery | '30 days |
Contracts for sales of copper concentrate provisional price, final adjustment period, maximum number of days after delivery | '90 days |
Recovered_Sheet1
Acquisition and Disposal of Businesses - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 22, 2011 | Jun. 22, 2011 | Jun. 21, 2010 | Jun. 22, 2011 | Jun. 21, 2010 | Sep. 20, 2010 | Sep. 30, 2010 | Sep. 30, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 22, 2011 | Jun. 22, 2011 | Mar. 22, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 21, 2011 | Jan. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 18, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | Tarkwa Mine | Damang | Ghana | Ghana | Ghana | Ghana | Ghana | Far South East Project [Member] | Far South East Project [Member] | Far South East Project [Member] | Far South East Project [Member] | Far South East Project [Member] | Far South East Project [Member] | IAMGold Corporation | IAMGold Corporation | Gold Fields La Cima | Gold Fields La Cima | Gold Fields La Cima | Gold Fields La Cima | Mankayan Project-Bezant Resources | Mankayan Project-Bezant Resources | Mankayan Project-Bezant Resources | Mankayan Project-Bezant Resources | Mankayan Project-Bezant Resources | Yilgarn South | Yilgarn South | Yilgarn South | Sibanye Gold [Member] | |
USD ($) | USD ($) | USD ($) | Tarkwa Mine | Tarkwa Mine | Damang | Damang | The Philippines | The Philippines | The Philippines | The Philippines | The Philippines | The Philippines | Ghana | Ghana | USD ($) | USD ($) | USD ($) | The Philippines | The Philippines | The Philippines | The Philippines | The Philippines | USD ($) | ZAR | ADR's | |||||||
USD ($) | Lepanto Consolidated Mining Company | Liberty Express Assets | Liberty Express Assets | Liberty Express Assets | Tarkwa Mine | Damang | USD ($) | USD ($) | Non-refundable option payment to Bezant | Subsequent Event | Subsequent Event | |||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Scenario, Forecast | ||||||||||||||||||||||||||
USD ($) | ||||||||||||||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of spin-off Distribution ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Spin-off was achieved by way of Gold Fields making a distribution on a pro rata basis of one Sibanye Gold ordinary share for every one Gold Fields share (whether held in the form of shares, American depositary receipts, or ADRs, or international depositary receipts) to Gold Fields shareholders, registered as such in Gold Fields' register at close of business on February 15, 2013, in terms of section 46 of the South African Companies Act and section 46 of the South African Income Tax Act. |
Terms of option agreement to acquire undeveloped gold-copper Far Southeast (FSE) deposit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options fees paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7 | ' | $2.50 | ' | ' | ' | ' | ' |
Non-refundable down payments for a 60% interest in FSE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | 66 | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Final Payment for a 60% interest in FSE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage interest to be acquired in undeveloped gold-copper Far Southeast (FSE) deposit under option agreement with Lepanto Consolidated Mining Company and Liberty Express Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-agreed acquisition price for a percentage interest in a Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63 | ' | ' | ' | ' | ' | ' | ' |
Option purchased to acquire share capital of Asean, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-13 | ' | 31-Jan-14 | ' | ' | ' | ' | ' |
Revised acquisition price to obtain interest in Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.5 | ' | ' | ' | ' |
Business acquisition amount of stake holders | 135 | 135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' | 135 | ' | ' | ' |
Asset impairment charge | ' | 215.3 | 41.6 | 9.5 | 2.4 | 16.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.5 | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.90% | 18.90% | ' | 0.93% | 0.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition amount of cash consideration | ' | 12.8 | 10.8 | 1,055.60 | ' | ' | 667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 382 | 12.8 | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest in a subsidiary | ' | ' | ' | ' | ' | ' | ' | 90.00% | 71.10% | 90.00% | 71.10% | ' | ' | ' | ' | ' | ' | ' | ' | 98.50% | ' | ' | 80.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest held by government of Ghana | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in shareholding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.53% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net consideration | 262.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 262.3 | ' | ' | ' |
Business acquisition common shares issuable | 28,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,700,000 | ' | ' | ' |
Business acquisition deposit paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' |
Volume-weighted average price trading time horizon on NYSE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 days | ' |
Business combination reason for business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Taking control of the acquired mines has enabled the Group to increase its production profile in Australia and to obtain cost efficiencies through the integration of the Lawlers and the existing Agnew gold mines. | ' | ' | ' |
Contributed revenue by Yilgarn South assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151.3 | ' | ' | ' |
Loss after tax by Yilgarn South assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | ' | ' | ' |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.40 | ' | ' | ' |
Acquisition agreement date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-13 | ' | ' | ' |
Shares issued price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.8 | ' | ' |
Summary_of_Major_Classes_of_Co
Summary of Major Classes of Consideration Transferred (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Equity instruments (28.7 million ordinary shares) | $127.30 | $127.30 |
Cash | 135 | 135 |
Total consideration | $262.30 | ' |
Summary_of_Major_Classes_of_Co1
Summary of Major Classes of Consideration Transferred (Parenthetical) (Detail) | 1 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' |
Ordinary shares | 28.7 |
Schedule_of_Recognised_Amount_
Schedule of Recognised Amount of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Property plant and equipment | ' | $348 |
Inventories | ' | 40.8 |
Prepayments | ' | 0.6 |
Finance lease liability | ' | -4.3 |
Provision for environmental rehabilitation | -55 | -55 |
Trade and other payables | ' | -46.7 |
Leave pay accrual | ' | -21.1 |
Total identifiable net assets acquired | ' | $262.30 |
Recovered_Sheet2
Asset Impairments And Write-Offs (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | $215.30 | $41.60 | $9.50 | |||
Heap leach write-down market value | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 61.3 | 19.2 | ' | |||
Property, Plant and Equipment | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 122.3 | 14.5 | 9.5 | |||
Other | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 31.7 | 7.9 | ' | |||
Stockpiles | Heap leach write-down market value | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 16.1 | [1] | ' | [1] | ' | [1] |
Consumables | Heap leach write-down market value | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 2.4 | [1] | ' | [1] | ' | [1] |
Heap leach inventory | Heap leach write-down market value | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 42.8 | [2] | 19.2 | [2] | ' | [2] |
Non-refundable option payment to Bezant | Other | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 9.5 | [3] | ' | [3] | ' | [3] |
Tarkwa expansion project | Property, Plant and Equipment | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 4.6 | [4] | ' | [4] | ' | [4] |
Tarkwa expansion project | Other | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 22.2 | [4] | ' | [4] | ' | [4] |
Biox | Other | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | ' | [5] | 7.9 | [5] | ' | [5] |
Damang - cash generating unit | Property, Plant and Equipment | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 53 | [6] | ' | [6] | ' | [6] |
Yanfolila | Property, Plant and Equipment | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 29.7 | [7] | ' | [7] | ' | [7] |
Heap leach assets | Property, Plant and Equipment | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 20.2 | [2] | 10.1 | [2] | ' | [2] |
Property, plant and equipment - other | Property, Plant and Equipment | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | $14.80 | [8] | $4.40 | [8] | $9.50 | [8] |
[1] | Market value write-down of stockpiles at Damang of $16.1 million and consumables at Tarkwa of $2.4 million. | |||||
[2] | Write-down of inventory to market value due to the cessation of the heap leach operations as well as the write-off of related assets at Tarkwa (2012: cessation of heap leach operations at St Ives). | |||||
[3] | The US$9.5 million non-refundable option payment was written off due to the fact that Gold Fields relinquished the Mankayan option in connection with the Guinaoang property ahead of the January 31, 2014 expiry date. | |||||
[4] | Write-off of assets due to the abandonment of the Tarkwa expansion project at Tarkwa. | |||||
[5] | The Group impaired its patented technology in fiscal 2012, known as the Biox process, which is used for the pretreatment of refractory ores and concentrates prior to gold recovery through conventional cyanide leaching techniques. The Group sold its Biox technology in 2013. | |||||
[6] | As the undiscounted cash flows for Damang was less than its carrying value, the fair value of the asset group was calculated. The fair value of Damang was calculated using a combination of the market (comparable resource transactions) and the income (present value techniques) methods. The impairment was mainly due to the decrease in the gold price which impacted the life of mine plan. The key assumptions used in the calculation were as follows: - Real discount rate - 8% - Long-term gold price per ounce - $1,300 - Resource valuation per ounce - $26 - 2013 life of mine years - 6 The fair value calculation is very sensitive to the gold price assumption and an increase or decrease in the gold price could materially change the fair value. | |||||
[7] | Following the Group's decision to dispose of non-core projects, Yanfolila was classified as held for sale and, accordingly, valued at the lower of fair value less cost to sell or carrying value which resulted in an impairment. The fair value less cost to sell was based on offers received. The disposal is expected to be completed during fiscal 2014. | |||||
[8] | Write-off of redundant assets at Tarkwa, Cerro Corona and Agnew. The charge in fiscal 2012 was due to the write-off of heavy mining machinery in Ghana. The charge in fiscal 2011 resulted from the decision to reassess the optimal processing methodology for the oxides at Cerro Corona, where the focus was on the evaluation of a heap leach operation to capture the value inherent in the oxide instead of a stand-alone oxide plant; the evaluation costs of which were written off in 2011. |
Recovered_Sheet3
Asset Impairments And Write-Offs (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | $215.30 | $41.60 | $9.50 | |||
Property, Plant and Equipment | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 122.3 | 14.5 | 9.5 | |||
Damang - cash generating unit | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Life of mine years | '6 years | ' | ' | |||
Damang - cash generating unit | Property, Plant and Equipment | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Real discount rate | 8.00% | ' | ' | |||
Long-term gold price per ounce | 1,300 | ' | ' | |||
Resource valuation per ounce | 26 | ' | ' | |||
Asset impairment and write off | 53 | [1] | ' | [1] | ' | [1] |
Non-refundable option payment to Bezant | Other | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 9.5 | ' | ' | |||
Option expiration date | 31-Jan-14 | ' | ' | |||
Damang | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | 16.1 | ' | ' | |||
Tarkwa Mine | ' | ' | ' | |||
Impairment Of Assets [Line Items] | ' | ' | ' | |||
Asset impairment and write off | $2.40 | ' | ' | |||
[1] | As the undiscounted cash flows for Damang was less than its carrying value, the fair value of the asset group was calculated. The fair value of Damang was calculated using a combination of the market (comparable resource transactions) and the income (present value techniques) methods. The impairment was mainly due to the decrease in the gold price which impacted the life of mine plan. The key assumptions used in the calculation were as follows: - Real discount rate - 8% - Long-term gold price per ounce - $1,300 - Resource valuation per ounce - $26 - 2013 life of mine years - 6 The fair value calculation is very sensitive to the gold price assumption and an increase or decrease in the gold price could materially change the fair value. |
Finance_Expenses_Detail
Finance Expenses (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finance Expense [Abstract] | ' | ' | ' |
Interest expense - preference share dividend | ' | ' | ($1.30) |
Interest expense | -90.7 | -68.6 | -60.3 |
Total finance expense | -90.7 | -68.6 | -61.6 |
Capitalized interest | 18.3 | 13 | 9.3 |
Finance expense | ($72.40) | ($55.60) | ($52.30) |
Other_Expenses_Summary_of_Othe
Other Expenses - Summary of Other Expenses (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Components of Other Income (Expense) [Line Items] | ' | ' | ' | |||
Stamp duty and other costs on the acquistion of the Yilgarn South assets | $27.40 | ' | ' | |||
Facility charges | 23.5 | [1] | ' | [1] | ' | [1] |
Regulatory legal fees | 11.1 | [2] | ' | [2] | ' | [2] |
Other | 42.2 | 37.9 | 47.3 | |||
Total other expenses | $104.20 | $37.90 | $47.30 | |||
[1] | Facility expenses on cancellation of the $1 billion and $500 million facilities associated with the spin-off of Sibanye Gold. | |||||
[2] | Legal fees paid as a result of the Gold Fields Board examination and regulatory investigation relating to the South Deep Black Economic Empowerment transaction. |
Other_Expenses_Summary_of_Othe1
Other Expenses - Summary of Other Expenses (Parenthetical) (Detail) (USD $) | Apr. 16, 2012 | Dec. 31, 2013 | Jun. 20, 2011 | Dec. 31, 2013 | Apr. 17, 2012 |
In Millions, unless otherwise specified | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility |
Collateralized | Collateralized | Collateralized | Collateralized | ||
Components of Other Income (Expense) [Line Items] | ' | ' | ' | ' | ' |
Long-term revolving credit facility | $1,000 | $1,000 | $1,000 | $500 | $500 |
Recovered_Sheet4
Income and Mining Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Current income and mining taxes | ($165.10) | ($353.90) | ($344.50) |
Deferred income and mining taxes | 59.4 | -5.5 | -40 |
Income and mining tax expense | -105.7 | -359.4 | -384.5 |
South Africa | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Current income and mining taxes | -16.1 | -14.5 | -16.4 |
Deferred income and mining taxes | 14.2 | 24.2 | 5.5 |
Ghana | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Current income and mining taxes | -40.6 | -170.6 | -180.5 |
Deferred income and mining taxes | 68.3 | -36.8 | -12 |
Australia | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Current income and mining taxes | -42.1 | -64.1 | -35.9 |
Deferred income and mining taxes | 1 | -4.8 | -51.3 |
Peru | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Current income and mining taxes | -66.3 | -104.7 | -111.7 |
Deferred income and mining taxes | ($24.10) | $11.90 | $17.80 |
PreTax_LossIncome_from_Continu
Pre-Tax (Loss)/Income from Continuing Operations Before Impairment of Equity Investee and Share of Equity Investee's Share of Losses (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Income before tax, impairment of investment in equity investee and share of equity investees' losses | ($162.50) | $712.70 | $1,004.40 |
South Africa | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income before tax, impairment of investment in equity investee and share of equity investees' losses | -348.7 | -169.5 | -124.9 |
Ghana | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income before tax, impairment of investment in equity investee and share of equity investees' losses | -96.9 | 441.6 | 624.9 |
Australia | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income before tax, impairment of investment in equity investee and share of equity investees' losses | 111 | 156.5 | 258.8 |
Peru | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income before tax, impairment of investment in equity investee and share of equity investees' losses | 153.4 | 259.6 | 241.1 |
British Virgin Islands | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Income before tax, impairment of investment in equity investee and share of equity investees' losses | $18.70 | $24.50 | $4.50 |
Major_Items_Causing_Income_Tax
Major Items Causing Income Tax Provision to Differ from South African Mining Statutory Rate (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Tax on (loss)/income before tax, impairment of investment in equity investee and share of equity investees' losses and discontinued operations at South African mining statutory rate | $55.30 | ($242.30) | ($431.90) | |||
Rate adjustment to reflect company tax rates | 25.5 | 17.1 | 213.8 | |||
South African mining tax formula rate adjustment | ' | ' | -25.9 | |||
Valuation allowance raised against deferred tax assets | -1.1 | ' | ' | |||
Reversal of valuation allowance previously raised against deferred tax assets | ' | 58.2 | [1] | 20.6 | [1] | |
Non-deductible expenditure | -56.1 | [2] | -12.5 | [2] | -75.9 | [2] |
Non-deductible exploration and feasibility and evaluation costs | -47.2 | -74.4 | -92.8 | |||
Non-deductible share-based compensation | -11.5 | -12.9 | -10.3 | |||
Non-deductible interest expense | -25.3 | -24.8 | -23.4 | |||
Deferred tax adjustment on changes in tax rates | -4.4 | -65.4 | 9.1 | |||
Prior year adjustment to Cerro Corona deferred tax | -29.5 | [3] | ' | ' | ||
Other | -11.4 | -2.4 | 32.2 | |||
Income and mining tax expense | ($105.70) | ($359.40) | ($384.50) | |||
South Africa | Mining statutory rate | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Statutory income tax rate | 34.00% | 34.00% | 43.00% | |||
South Africa | Non-mining income standard tax rate | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Statutory income tax rate | 28.00% | 28.00% | 35.00% | |||
South Africa | Non-mining companies | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Statutory income tax rate | 28.00% | 28.00% | 28.00% | |||
Ghana | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Statutory income tax rate | 35.00% | 35.00% | 25.00% | |||
Australia | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Statutory income tax rate | 30.00% | 30.00% | 30.00% | |||
Peru | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Statutory income tax rate | 30.00% | 30.00% | 30.00% | |||
[1] | During fiscal year ended December 31, 2012, the Group reversed a portion of the valuation allowance against unredeemed capital expenditure and net operating losses to the extent that there is sufficient future taxable income. In making this determination, the Group analyzed, amongst other things, the recent history of earnings and cashflows, forecasts of future earnings, the nature and timing of future deductions and benefits represented by deferred tax assets and the cumulative earnings for the last three years. | |||||
[2] | The December 31, 2013: $56.1 million (fiscal years ended December 31, 2012: $12.5 million and December 31, 2011: $75.9 million) non-deductible expenditure comprises mainly $13.3 million (fiscal years ended December 31, 2012: $6.0 million and December 31, 2011: $3.5 million) of impairments, $8.0 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of facility charges, $8.2 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of legal and consulting fees, $5.1 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of stamp duty on the Yilgarn South assets acquistion, $9.4 million (fiscal years ended December 31, 2012: $12.8 million and December 31, 2011: $16.7 million) of various Peruvian non-deductible expenses and $nil relating to National stabilization levy in Ghana (fiscal years ended December 31, 2012: $nil and December 31, 2011: $35.9 million). There were no other individually significant amounts included in this line item. | |||||
[3] | In connection with the preparation of the consolidated financial statements for the year ended December 31, 2013, the Group identified an understatement in the calculation of its deferred tax liabilities related to its Cerro Corona operations in Peru. Deferred tax amounting to $29.5 million was incorrectly recognised in prior years on the basis differences related to foreign nonmonetary assets and liabilities that are remeasured from the local currency into the functional currency. As a result, the deferred tax liability at December 31, 2012 was understated by $29.5 million. The Group has applied SEC Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 states that registrants must quantify the impact of correcting all misstatements on all periods presented, including both the carryover (iron curtain method) and reversing (rollover method) effects of prior-year misstatements on the current-year financial statements, and by evaluating the misstatement measured under each method in light of quantitative and qualitative factors. In accordance with accounting guidance presented in ASC 250-10 and SEC Staff Accounting Bulletin No. 99, Materiality, the Group assessed the materiality of the misstatement and concluded that it was not material to Group's current-year financial statements, taken as a whole. Under SAB No. 108, prior-year misstatements may be corrected in the current- year provided that such correction does not result in a material misstatement to the current-year financial statements. Correcting current-year financial statements for such "immaterial errors" does not require previously filed reports to be amended. The Group has corrected the misstatement in the current-year financial statements as an "out-of-period" adjustment of $29.5 million. |
Major_Items_Causing_Income_Tax1
Major Items Causing Income Tax Provision to Differ from South African Mining Statutory Rate (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Non taxable income/non deductible expenditure | $56.10 | [1] | $12.50 | [1] | $75.90 | [1] |
Non taxable income/non deductible expenditure, facility charges | 8 | ' | ' | |||
Non taxable income/non deductible expenditure, legal and consulting fees | 8.2 | ' | ' | |||
Non taxable income/non deductible expenditure of Peruvian | 9.4 | 12.8 | 16.7 | |||
Non taxable income/non deductible expenditure, impairments | 13.3 | 6 | 3.5 | |||
Non taxable income/non deductible expenditure, national stabilization levy | ' | ' | 35.9 | |||
Prior year adjustment to Cerro Corona deferred tax | 29.5 | [2] | ' | ' | ||
Yilgarn South | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Non taxable income/non deductible expenditure, stamp duty | 5.1 | ' | ' | |||
Cerro Corona | ' | ' | ' | |||
Income Taxes [Line Items] | ' | ' | ' | |||
Prior year adjustment to Cerro Corona deferred tax | $29.50 | ' | ' | |||
[1] | The December 31, 2013: $56.1 million (fiscal years ended December 31, 2012: $12.5 million and December 31, 2011: $75.9 million) non-deductible expenditure comprises mainly $13.3 million (fiscal years ended December 31, 2012: $6.0 million and December 31, 2011: $3.5 million) of impairments, $8.0 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of facility charges, $8.2 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of legal and consulting fees, $5.1 million (fiscal years ended December 31, 2012: $nil million and December 31, 2011: $nil million) of stamp duty on the Yilgarn South assets acquistion, $9.4 million (fiscal years ended December 31, 2012: $12.8 million and December 31, 2011: $16.7 million) of various Peruvian non-deductible expenses and $nil relating to National stabilization levy in Ghana (fiscal years ended December 31, 2012: $nil and December 31, 2011: $35.9 million). There were no other individually significant amounts included in this line item. | |||||
[2] | In connection with the preparation of the consolidated financial statements for the year ended December 31, 2013, the Group identified an understatement in the calculation of its deferred tax liabilities related to its Cerro Corona operations in Peru. Deferred tax amounting to $29.5 million was incorrectly recognised in prior years on the basis differences related to foreign nonmonetary assets and liabilities that are remeasured from the local currency into the functional currency. As a result, the deferred tax liability at December 31, 2012 was understated by $29.5 million. The Group has applied SEC Staff Accounting Bulletin (SAB) No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 states that registrants must quantify the impact of correcting all misstatements on all periods presented, including both the carryover (iron curtain method) and reversing (rollover method) effects of prior-year misstatements on the current-year financial statements, and by evaluating the misstatement measured under each method in light of quantitative and qualitative factors. In accordance with accounting guidance presented in ASC 250-10 and SEC Staff Accounting Bulletin No. 99, Materiality, the Group assessed the materiality of the misstatement and concluded that it was not material to Group's current-year financial statements, taken as a whole. Under SAB No. 108, prior-year misstatements may be corrected in the current- year provided that such correction does not result in a material misstatement to the current-year financial statements. Correcting current-year financial statements for such "immaterial errors" does not require previously filed reports to be amended. The Group has corrected the misstatement in the current-year financial statements as an "out-of-period" adjustment of $29.5 million. |
Deferred_Income_and_Mining_Tax
Deferred Income and Mining Tax Liabilities and Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred income and mining tax liabilities | ' | ' |
Mining assets | $1,047.60 | $1,608 |
Investments held by environmental trust funds | 2.7 | 45.3 |
Inventory | 18.2 | 15.3 |
Other | 19.5 | 13.1 |
Gross deferred income and mining tax liabilities | 1,088 | 1,681.70 |
Provisions, including rehabilitation accruals | -103.7 | -144.6 |
Tax losses | -159.8 | -183 |
Unredeemed capital expenditure | -876.9 | -782.9 |
Other | -4.1 | ' |
Gross deferred income and mining tax assets | -1,144.50 | -1,110.50 |
Valuation allowance for deferred tax assets | 330.2 | 324.4 |
Total deferred income and mining tax assets | -814.3 | -786.1 |
Total deferred income and mining tax liabilities | 273.7 | 895.6 |
Less: short-term portion of deferred income and mining tax liabilities | -16 | -17.9 |
Less: short-term portion of deferred income and mining tax assets | 29 | ' |
Long-term portion of deferred income and mining taxes | 286.7 | 877.7 |
Long-term liabilities | -309.3 | -901.8 |
Long-term assets | $22.60 | $24.10 |
Valuation_Allowance_for_Deferr
Valuation Allowance for Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Valuation Allowance [Line Items] | ' | ' | ||
Valuation allowance for deferred tax assets | $330.20 | $324.40 | ||
Orogen Investments SA (Luxembourg) | ' | ' | ||
Valuation Allowance [Line Items] | ' | ' | ||
Valuation allowance for deferred tax assets | 41 | 37.9 | ||
Gold Fields Arctic Platinum Oy | ' | ' | ||
Valuation Allowance [Line Items] | ' | ' | ||
Valuation allowance for deferred tax assets | 23.2 | 28.8 | ||
Living Gold (Pty) Limited | ' | ' | ||
Valuation Allowance [Line Items] | ' | ' | ||
Valuation allowance for deferred tax assets | ' | [1] | 4.8 | [1] |
GFI Joint Venture Holdings | ' | ' | ||
Valuation Allowance [Line Items] | ' | ' | ||
Valuation allowance for deferred tax assets | 266 | 252.3 | ||
Other | ' | ' | ||
Valuation Allowance [Line Items] | ' | ' | ||
Valuation allowance for deferred tax assets | ' | $0.60 | ||
[1] | Valuation allowance not raised at December 31, 2013 as it was distributed as part of the Sibanye Gold spin-off. |
Unredeemed_Capital_Expenditure
Unredeemed Capital Expenditure (Detail) (South African Mining Operations, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Tax Credit Carryforward [Line Items] | ' | ' | ||
Unredeemed capital expenditure | $2,923.10 | $3,116.50 | ||
Gold Fields Operations | ' | ' | ||
Tax Credit Carryforward [Line Items] | ' | ' | ||
Unredeemed capital expenditure | 692.3 | 724.3 | ||
GFI Joint Venture Holdings | ' | ' | ||
Tax Credit Carryforward [Line Items] | ' | ' | ||
Unredeemed capital expenditure | 1,779.90 | 1,885.40 | ||
Gold Fields La Cima | ' | ' | ||
Tax Credit Carryforward [Line Items] | ' | ' | ||
Unredeemed capital expenditure | $450.90 | [1] | $506.80 | [1] |
[1] | The estimated capital allowances do not have an expiration date. Gold Fields La Cima, or La Cima, currently has no tax losses available for utilization against future profits. |
Unredeemed_Capital_Expenditure1
Unredeemed Capital Expenditure (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Tax Credit Carryforward [Line Items] | ' | ' |
Tax losses available for deduction against future income | $551.70 | $661.50 |
Gold Fields La Cima | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' |
Tax losses available for deduction against future income | $0 | ' |
Estimated_Capital_Allowances_D
Estimated Capital Allowances (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Calculated tax losses | $551.70 | $661.50 | ||
Orogen Investments SA (Luxembourg) | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Calculated tax losses | 140.4 | [1] | 126.3 | [1] |
Gold Fields Arctic Platinum Oy | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Calculated tax losses | 94.8 | [2] | 95.9 | [2] |
Abosso Goldfields Limited | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Calculated tax losses | 7.2 | [3] | ' | [3] |
Gold Fields Operations | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Calculated tax losses | 301.1 | [4] | 404.9 | [4] |
Gold Fields Group Services (Pty) Limited [Member] | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Calculated tax losses | 8.2 | [4] | 15.2 | [4] |
Agrihold (Pty) Limited | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Calculated tax losses | ' | [4],[5] | 2.1 | [4],[5] |
Living Gold (Pty) Limited | ' | ' | ||
Operating Loss Carryforwards [Line Items] | ' | ' | ||
Calculated tax losses | ' | [4],[5] | $17.10 | [4],[5] |
[1] | The tax losses can only be used to offset future interest income generated by Orogen and can be carried forward indefinitely. | |||
[2] | Tax losses may be carried forward for ten years. These losses expire on a first-in first-out basis. | |||
[3] | Tax losses may be carried forward for five years. These losses expire on a first-in-first-out basis. | |||
[4] | These future deductions may be utilized against income generated by the individual tax entity concerned and do not expire unless the tax entity ceases to commercially operate for a period longer than one year. Under South African mining tax ring-fencing legislation, each tax entity is treated separately and as such these deductions can only be utilized by the tax entities in which the deductions have been generated. | |||
[5] | Tax losses are not available at December 31, 2013 as they were distributed as part of the Sibanye Gold spin-off. |
Estimated_Capital_Allowances_P
Estimated Capital Allowances (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Gold Fields Arctic Platinum Oy | ' |
Operating Loss Carryforwards [Line Items] | ' |
Maximum number of years losses can be carried forward | '10 years |
Abosso Goldfields Limited | ' |
Operating Loss Carryforwards [Line Items] | ' |
Maximum number of years losses can be carried forward | '5 years |
Tax_Years_Open_for_Assessments
Tax Years Open for Assessments (Detail) | 12 Months Ended | |
Dec. 31, 2013 | ||
South Africa | Maximum | ' | |
Income Tax Examination [Line Items] | ' | |
Tax years open for assessments | '2013 | [1] |
South Africa | Minimum | ' | |
Income Tax Examination [Line Items] | ' | |
Tax years open for assessments | '2003 | [1] |
Australia | Maximum | ' | |
Income Tax Examination [Line Items] | ' | |
Tax years open for assessments | '2013 | [2] |
Australia | Minimum | ' | |
Income Tax Examination [Line Items] | ' | |
Tax years open for assessments | '2009 | [2] |
Peru | Maximum | ' | |
Income Tax Examination [Line Items] | ' | |
Tax years open for assessments | '2013 | [3] |
Peru | Minimum | ' | |
Income Tax Examination [Line Items] | ' | |
Tax years open for assessments | '2008 | [3] |
Ghana | ' | |
Income Tax Examination [Line Items] | ' | |
Tax years open for assessments | 'All years open | [4] |
[1] | The South African Tax legislation allows the Revenue Authorities to reopen assessments issued for a period of up to 3 years after the assessments were issued. | |
[2] | The Australian Tax Authorities have the right to examine and, if necessary, amend the income tax determined by the relevant Group entity in the last four years, as from the date the tax returns have been filed. | |
[3] | The Peruvian Tax Authorities have the right to examine and, if necessary, amend the income tax determined by the relevant Group entity in the last four years, as from the date the tax returns have been filed. | |
[4] | The Ghanaian Tax Authorities have the right to examine and, if necessary, amend the income tax determined by the relevant Group entity for any year without limitation to the years which may be reassessed. |
Tax_Years_Open_for_Assessments1
Tax Years Open for Assessments (Parenthetical) (Detail) (Maximum) | 12 Months Ended |
Dec. 31, 2013 | |
South Africa | ' |
Income Tax Examination [Line Items] | ' |
Revenue authorities tax examination period | '3 years |
Australia | ' |
Income Tax Examination [Line Items] | ' |
Revenue authorities tax examination period | '4 years |
Peru | ' |
Income Tax Examination [Line Items] | ' |
Revenue authorities tax examination period | '4 years |
LossEarnings_Per_Share_Detail
(Loss)/Earnings Per Share (Detail) (USD $) | 12 Months Ended | 2011 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |||
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' | |||
Shares outstanding - beginning of year | 729,536,813 | 723,735,186 | 720,796,887 | 720,796,887 | |||
BASIC (LOSS)/EARNINGS PER SHARE | ' | ' | ' | ' | |||
Net (loss)/income attributable to Gold Fields shareholders - Continuing operations | ($268.40) | $292.10 | $540.70 | ' | |||
Net (loss)/income attributable to Gold Fields shareholders - Discontinued operations | 20.5 | [1] | 362.2 | [1] | 340.8 | [1] | 340.8 |
Net income attributable to Gold Fields shareholders | -247.9 | 654.3 | 881.5 | ' | |||
Weighted average number of shares issued | 13,069,913 | 3,724,271 | 1,579,341 | ' | |||
Weighted average number of shares issued at the end of the year | 742,606,726 | 727,459,457 | 722,376,228 | ' | |||
Basic (loss)/earnings per share - Continuing operations | ($0.36) | $0.40 | $0.75 | ' | |||
Basic (loss)/earnings per share - Discontinuing operations | $0.03 | [2] | $0.50 | [2] | $0.47 | [2] | ' |
DILUTED (LOSS)/EARNINGS PER SHARE | ' | ' | ' | ' | |||
Net (loss)/income attributable to Gold Fields shareholders - Continuing operations | -268.4 | 292.1 | 540.7 | ' | |||
Net (loss)/income attributable to Gold Fields shareholders - Discontinued operations | 20.5 | [1] | 362.2 | [1] | 340.8 | [1] | 340.8 |
Net income attributable to Gold Fields shareholders | ($247.90) | $654.30 | $881.50 | ' | |||
Weighted average number of shares issued at the end of the year | 742,606,726 | 727,459,457 | 722,376,228 | ' | |||
Effect of dilutive securities | ' | 3,264,493 | [3] | 8,411,270 | [3] | ' | |
Weighted Average Number of Shares Outstanding, Diluted | 742,606,726 | 730,723,950 | 730,787,498 | 730,787,498 | |||
Diluted (loss)/earnings per share - Continuing operations | ($0.36) | $0.40 | $0.74 | ' | |||
Diluted (loss)/earnings per share - Discontinuing operations | $0.03 | [1] | $0.50 | [1] | $0.47 | [1] | ' |
[1] | Diluted basic earnings per share from discontinued operations - US dollar Diluted basic earnings per share is calculated on the basis of profit attributable to ordinary shareholders from discontinued operations of $20.5 million (2012: $362.2 million and 2011: $340.8 million) and 742,606,726 shares, being the diluted number of ordinary shares in issue in fiscal 2013 (fiscal 2012: 730,723,950 and fiscal 2011:730,787,498). | ||||||
[2] | Basic earnings per share from discontinued operations - US dollar Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders from discontinued operations of $20.5 million (2012: $362.2 million and 2011: $340.8 million) by the weighted average number of ordinary shares in issue in fiscal 2013 of 742,606,726 (fiscal 2012: 727,459,457 and fiscal 2011: 722,376,228). | ||||||
[3] | Dilutive securities comprise the dilutive effect of share options. Refer note 18 for details of share option schemes. In 2013, due to the loss from continuing operations, the effect of dilutive securities was not considered in the diluted (loss)/earnings per share calculation. |
LossEarnings_Per_Share_Additio
(Loss)/Earnings Per Share - Additional Information (Detail) (USD $) | 12 Months Ended | 2011 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |||
Earnings Per Common Share [Line Items] | ' | ' | ' | ' | |||
Net (loss)/income attributable to Gold Fields shareholders - Discontinued operations | $20.50 | [1] | $362.20 | [1] | $340.80 | [1] | $340.80 |
Weighted average number of shares issued at the end of the year | 742,606,726 | 727,459,457 | 722,376,228 | ' | |||
Weighted average number of diluted shares issued at the end of the year | 742,606,726 | 730,723,950 | 730,787,498 | 730,787,498 | |||
[1] | Diluted basic earnings per share from discontinued operations - US dollar Diluted basic earnings per share is calculated on the basis of profit attributable to ordinary shareholders from discontinued operations of $20.5 million (2012: $362.2 million and 2011: $340.8 million) and 742,606,726 shares, being the diluted number of ordinary shares in issue in fiscal 2013 (fiscal 2012: 730,723,950 and fiscal 2011:730,787,498). |
Discontinued_Operations_and_As2
Discontinued Operations and Assets Held for Sale - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Total distribution amount | $1,033.70 |
Summary_of_Results_of_Disconti
Summary of Results of Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Product sales | $310.70 | $2,021.20 | $2,301 |
Costs and expenses | -285.7 | -1,737.80 | -1,797.60 |
Income before tax and share of equity investee's profits | 25 | 283.4 | 503.4 |
Income and mining tax expense | -5.4 | 67.5 | -167.5 |
Income before share of equity investee's profits | 19.6 | 350.9 | 335.9 |
Share of equity investee's profits | 0.9 | 11.4 | 4.8 |
Net income | 20.5 | 362.3 | 340.7 |
Property, plant and equipment, net | 1,987.30 | ' | ' |
Non-current investments | 187 | ' | ' |
Current assets | 285.4 | ' | ' |
Current liabilities | -234.8 | ' | ' |
Non-current liabilities | -1,191.20 | ' | ' |
Net carrying value | 1,033.70 | ' | ' |
Net asset value distributed | -1,033.70 | ' | ' |
Profit on distribution | ' | ' | ' |
Summary_of_Assets_Held_for_Sal
Summary of Assets Held for Sale (Detail) (USD $) | Dec. 31, 2013 | |
In Millions, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ' | |
Assets held for sale | $47 | [1] |
Arctic Platinum [Member] | ' | |
Long Lived Assets Held-for-sale [Line Items] | ' | |
Assets held for sale | 31 | |
Yanfolila | ' | |
Long Lived Assets Held-for-sale [Line Items] | ' | |
Assets held for sale | $16 | [1] |
[1] | Refer to note 4 for details on the impairments of this asset. |
Receivables_Detail
Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Product sale trade receivables | $110.90 | $240.60 | ||
Other trade receivables | 16.7 | 32.8 | ||
Deposits | 5.1 | 0.5 | ||
Value added tax | 57.7 | 69.3 | ||
Interest receivable | ' | 0.4 | ||
Payroll debtors | 3.7 | 11.3 | ||
Prepayments | 68.2 | [1] | 138.9 | [1] |
Other | 10.3 | 28.9 | ||
Receivables | $272.60 | $522.70 | ||
[1] | In 2012, prepayments included $7.0 milllion for the Bezant's Mankayan Project. |
Receivables_Parenthetical_Deta
Receivables (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Prepayments | $68.20 | [1] | $138.90 | [1] |
Mankayan Project-Bezant Resources | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Prepayments | ' | $7 | ||
[1] | In 2012, prepayments included $7.0 milllion for the Bezant's Mankayan Project. |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Ore stockpiles | $88 | $76.50 |
Gold in-process | 43.1 | 29.7 |
Consumable stores | 269.9 | 295.2 |
Other | 1.7 | 0.7 |
Inventories | $402.70 | $402.10 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $7,731.70 | $12,868.50 |
Accumulated depreciation and amortization | -2,798.70 | -5,479.60 |
Property, plant and equipment, net | 4,933 | 7,388.90 |
Cumulative capitalized interest, net of amortization | 142.1 | 130.6 |
Tarkwa Mine | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cumulative capitalized interest, net of amortization | 12.9 | 13.5 |
Cerro Corona | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cumulative capitalized interest, net of amortization | 67.6 | 71.6 |
South Africa | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cumulative capitalized interest, net of amortization | 61.6 | 45.5 |
Mining Properties, Mine Development Costs, Mine Plant Facilities and Mineral Interest | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | 4,594.50 | 6,344.50 |
Asset Retirement Costs | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | 86.4 | 119.3 |
Other Non-Mining Assets | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | $252.10 | $925.10 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation of property, plant and equipment for continuing operations | $568.50 | $425.80 | $421.40 |
Fleet assets pledged | 80.7 | ' | ' |
$60 million senior secured revolving credit facility | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | $60 | ' | ' |
Goodwill_Detail
Goodwill (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill, Beginning Balance | $1,020.10 | $1,075.40 |
Translation adjustment | -174.6 | -55.3 |
Goodwill, Ending Balance | $845.50 | $1,020.10 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | South Deep Gold Mine | South Deep Gold Mine | South Africa Rand | South Africa Rand | Currency U.S. Dollar | Currency U.S. Dollar | ||
South Deep Gold Mine | South Deep Gold Mine | South Deep Gold Mine | South Deep Gold Mine | |||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment to the goodwill | $0 | ' | ' | ' | ' | ' | ' | ' |
Long-term gold price | ' | ' | ' | ' | 400,000 | 400,000 | 1,300 | 1,500 |
Exchange rate | ' | ' | 'R9.50 to $1.00 | 'R8.29 to $1.00 | ' | ' | ' | ' |
South Deep life of mine (in years) | ' | ' | '73 years | '80 years | ' | ' | ' | ' |
Discount rate, based on a calculated weighted average cost of capital to Gold Fields, lower limit | 10.90% | 9.40% | ' | ' | ' | ' | ' | ' |
Discount rate, based on a calculated weighted average cost of capital to Gold Fields, upper limit | 12.30% | 12.10% | ' | ' | ' | ' | ' | ' |
NonCurrent_Investments_Detail
Non-Current Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Schedule of Investments [Line Items] | ' | ' | ||
Listed investments | $3.20 | [1] | $36.20 | [1] |
Unlisted investments | 4.3 | 1.3 | ||
Investments held by environmental trust funds | 23.9 | [2] | 165.3 | [2] |
Equity investees | 237.5 | 254.4 | ||
Other investments | ' | 0.8 | [3] | |
Non-current investments | $268.90 | $458 | ||
[1] | Listed investments mainly consist of: December 31, 2013 December 31, 2012 Number of shares Market value, $ per share Number of shares Market value, $ per share Northam Platinum - - 7,820,169 4.55 Radius Gold Incorporated 3,625,124 0.09 3,625,124 0.22 Gran Columbia Gold Corporation 63,410 0.78 1,585,274 0.36 Sibanye Gold 856,330 1.12 - - Orsu Metals Corp. 26,134,919 0.05 1,134,919 0.10 Clancy Exploration Ltd. 17,764,783 0.01 3,479,069 0.03 Details of the listed investments are as follows: December 31, 2013 December 31, 2012 Fair value 3.2 36.2 Less: Cost 3.4 24.8 Net unrealized (loss)/gain (0.2 ) 11.4 The net (loss)/gain comprises: Gross unrealized gains 0.2 11.7 Gross unrealized losses (0.4 ) (0.3 ) (0.2 ) 11.4 The gross unrealized loss comprises the following number of equity instruments none of which have been in a continuous unrealized loss position for more than 12 months: 3 4 Realized gain reclassified from equity on disposal of listed investments ($ million) 7.4 14.7 Investments acquired during fiscal 2013 comprised mainly Clancy Exploration Limited and some unlisted investments (fiscal year ended December 31, 2012: Cascadero Copper Corporation and Atacama Pacific Gold Corporation). Investments disposed during fiscal 2013 comprised mainly Northam Platinum Limited and Timpetra Resources Limited (fiscal year ended December 31, 2012: Evolution Mining Limited, GoldQuest Mining Corporation and Atacama Pacific Gold Corporation). As a result of the disposal of investments, a realized gain on disposal of listed investments before tax of $7.4 million (2012: $14.7 million and 2011: $12.8 million) was reclassified out of accumulated other comprehensive income to net income and is included in profit on disposal of listed investments in the consolidated statement of operations. | |||
[2] | The environmental trust funds are irrevocable trusts under the Group's control. The monies in the trusts are invested primarily in interest bearing term deposits and the costs of these investments approximate their fair value. The investments provide for the estimated cost of rehabilitation during and at the end of the life of the Group's South African and Ghanaian mines. While the asset is under the Group's control, it is not available for the general purposes of the Group. All income from this asset is reinvested or spent to meet these obligations. These obligations are described in note 17, "Provision for Environmental Rehabilitation". | |||
[3] | Equity investees comprise the following: Ownership % Market value Investment Description of business December 31, 2013 December 31, 2012 December 31, 2013 December 31, 2012 Far South East Exploration 40.0 40.0 * * Rusoro Mining Limited Gold mining 26.4 26.4 3.3 6.3 Rand Refinery Limited Refining of gold bullion and by-products 2.8 34.9 * * Bezant Resources Plc 1 Exploration 21.6 - 5.1 - Timpetra Resource Limited 2 Resource exploration 1.8 21.8 0.1 1.0 * - Not readily determinable (1) Gold Fields purchased a 21.6% shareholding in Bezant for $7.5 million in January 2013. (2) During 2013, 13.7 million shares out of the 15 million previously held were disposed of and due to the decrease in shareholding, Timpetra Resources Limited is no longer equity accounted. The remaining investment was reclassified to listed investments. Carrying amount December 31, 2013 December 31, 2012 Far South East 230.0 230.0 Rusoro Mining Limited - - Rand Refinery Limited - 23.7 Bezant Resources Plc 7.5 - Timpetra Resource Limited - 0.7 Total 237.5 254.4 |
NonCurrent_Investments_Parenth
Non-Current Investments (Parenthetical) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
Investment | Investment | Far South East Project [Member] | Far South East Project [Member] | Rusoro Mining Limited | Rusoro Mining Limited | Rand Refinery Limited | Rand Refinery Limited | Bezant Resources Plc | Bezant Resources Plc | Timpetra Resource Limited | Timpetra Resource Limited | Listed Investments | Listed Investments | Listed Investments | Listed Investments | Listed Investments | Listed Investments | Listed Investments | Listed Investments | Listed Investments | Listed Investments | Listed Investments | Listed Investments | |||||||||||
Northam Platinum | Northam Platinum | Radius Gold Incorporated | Radius Gold Incorporated | Gran Columbia Gold Corporation | Gran Columbia Gold Corporation | Sibanye Gold | Sibanye Gold | Orsu Metals Corp. | Orsu Metals Corp. | Clancy Exploration Ltd. | Clancy Exploration Ltd. | |||||||||||||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Listed investments, Market value, $ per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.55 | $0.09 | $0.22 | $0.78 | $0.36 | $1.12 | ' | $0.05 | $0.10 | $0.01 | $0.03 | |||||||||
Listed investments, Number of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,820,169 | 3,625,124 | 3,625,124 | 63,410 | 1,585,274 | 856,330 | ' | 26,134,919 | 1,134,919 | 17,764,783 | 3,479,069 | |||||||||
Fair value | $3.20 | [1] | $36.20 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Less: Cost | 3.4 | 24.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net unrealized (loss)/gain | -0.2 | 11.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Gross unrealized gains | 0.2 | 11.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Gross unrealized losses | -0.4 | -0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Net unrealized (loss)/gain | -0.2 | 11.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
The gross unrealized loss comprises the following number of equity instruments none of which have been in a continuous unrealized loss position for more than 12 months: | 3 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Realized gain reclassified from equity on disposal of listed investments ($ million) | 7.4 | 14.7 | 12.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Ownership % | ' | ' | ' | 40.00% | 40.00% | 26.40% | 26.40% | 2.80% | 34.90% | ' | 21.60% | [2] | 1.80% | [3] | 21.80% | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Description of business | ' | ' | ' | 'Exploration | ' | 'Gold mining | ' | 'Refining of gold bullion and by-products | ' | ' | 'Exploration | [2] | 'Resource exploration | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Market value of equity investment | ' | ' | ' | ' | [4] | ' | [4] | 3.3 | 6.3 | ' | [4] | ' | [4] | ' | 5.1 | [2] | 0.1 | [3] | 1 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share purchased, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Share purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Disposal of shares due to decrease in shareholding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Number of shares previously held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
[1] | Listed investments mainly consist of: December 31, 2013 December 31, 2012 Number of shares Market value, $ per share Number of shares Market value, $ per share Northam Platinum - - 7,820,169 4.55 Radius Gold Incorporated 3,625,124 0.09 3,625,124 0.22 Gran Columbia Gold Corporation 63,410 0.78 1,585,274 0.36 Sibanye Gold 856,330 1.12 - - Orsu Metals Corp. 26,134,919 0.05 1,134,919 0.10 Clancy Exploration Ltd. 17,764,783 0.01 3,479,069 0.03 Details of the listed investments are as follows: December 31, 2013 December 31, 2012 Fair value 3.2 36.2 Less: Cost 3.4 24.8 Net unrealized (loss)/gain (0.2 ) 11.4 The net (loss)/gain comprises: Gross unrealized gains 0.2 11.7 Gross unrealized losses (0.4 ) (0.3 ) (0.2 ) 11.4 The gross unrealized loss comprises the following number of equity instruments none of which have been in a continuous unrealized loss position for more than 12 months: 3 4 Realized gain reclassified from equity on disposal of listed investments ($ million) 7.4 14.7 Investments acquired during fiscal 2013 comprised mainly Clancy Exploration Limited and some unlisted investments (fiscal year ended December 31, 2012: Cascadero Copper Corporation and Atacama Pacific Gold Corporation). Investments disposed during fiscal 2013 comprised mainly Northam Platinum Limited and Timpetra Resources Limited (fiscal year ended December 31, 2012: Evolution Mining Limited, GoldQuest Mining Corporation and Atacama Pacific Gold Corporation). As a result of the disposal of investments, a realized gain on disposal of listed investments before tax of $7.4 million (2012: $14.7 million and 2011: $12.8 million) was reclassified out of accumulated other comprehensive income to net income and is included in profit on disposal of listed investments in the consolidated statement of operations. | |||||||||||||||||||||||||||||||||
[2] | Gold Fields purchased a 21.6% shareholding in Bezant for $7.5 million in January 2013. | |||||||||||||||||||||||||||||||||
[3] | During 2013, 13.7 million shares out of the 15 million previously held were disposed of and due to the decrease in shareholding, Timpetra Resources Limited is no longer equity accounted. The remaining investment was reclassified to listed investments. | |||||||||||||||||||||||||||||||||
[4] | - Not readily determinable |
NonCurrent_Investments_Additio
Non-Current Investments - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Rusoro Mining Limited | Rusoro Mining Limited | Far Southeast (FSE) Deposit | Far Southeast (FSE) Deposit | Far South East Project [Member] | Far South East Project [Member] | Far South East Project [Member] | Far South East Project [Member] | Far South East Project [Member] | Far South East Project [Member] | Far South East Project [Member] | Rand Refinery Limited | Rand Refinery Limited | ||||
Lepanto Consolidated Mining Company | Liberty Express Assets | Liberty Express Assets | Liberty Express Assets | Liberty Express Assets | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gain on disposal of listed investments before tax | $7.40 | $14.70 | $12.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership % | ' | ' | ' | 26.40% | 26.40% | 40.00% | 40.00% | 40.00% | 40.00% | ' | ' | ' | ' | 40.00% | 2.80% | 34.90% |
Dividends received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Pre-agreed acquisition price for a 60% interest in FSE, option fees paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' |
Pre-agreed acquisition price for a 60% interest in FSE, non-refundable down payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 110 | 66 | ' | ' | ' |
Pre-agreed acquisition, options to acquire | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' |
Final Payment for a 60% interest in FSE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $110 | ' | ' |
Option percentage currently not exercised | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying_Value_of_Equity_Inves
Carrying Value of Equity Investment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Carrying amount of investment | $237.50 | $254.40 | ' |
Far Southeast (FSE) Deposit | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Carrying amount of investment | 230 | 230 | ' |
Rusoro Mining Limited | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Carrying amount of investment | ' | ' | 13.2 |
Rand Refinery Limited | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Carrying amount of investment | ' | 23.7 | 12.9 |
Bezant Resources Plc | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Carrying amount of investment | 7.5 | ' | ' |
Timpetra Resource Limited | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Carrying amount of investment | ' | $0.70 | ' |
Carrying_Value_of_Equity_Inves1
Carrying Value of Equity Investment in Rusoro Mining Limited (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Opening balance | $254.40 | ' | ' | ||
Share of losses recognized | -18.4 | -63.1 | -0.8 | ||
Closing balance | 237.5 | 254.4 | ' | ||
Rusoro Mining Limited | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Opening balance | ' | 13.2 | ' | ||
Share of losses recognized | ' | [1] | -13.4 | [1] | ' |
Other comprehensive income | ' | 0.2 | ' | ||
Closing balance | ' | ' | ' | ||
[1] | The results of Rusoro for the Gold Fields' fiscal year ended December 31, 2013 are for the twelve months to September 2013 (December 31, 2012: twelve months ended September 30, 2012). |
Carrying_Value_of_Equity_Inves2
Carrying Value of Equity Investment in Rand Refinery Limited (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Closing balance | $237.50 | $254.40 |
Rand Refinery Limited | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Opening balance | 23.7 | 12.9 |
Share of profit after taxation for continuing operations | ' | 0.7 |
Share of profit after taxation for discontinued operations | 0.9 | 11.3 |
Spin-off of Sibanye Gold | -22.4 | ' |
Reclassification to unlisted investments | -2.5 | ' |
Translation | 0.3 | -1.2 |
Closing balance | ' | $23.70 |
Carrying_Value_of_Equity_Inves3
Carrying Value of Equity Investment in Far South East (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Opening balance | $254.40 | ' | ' |
Share of losses recognized | 18.4 | 63.1 | 0.8 |
Closing balance | 237.5 | 254.4 | ' |
Far Southeast (FSE) Deposit | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Opening balance | 230 | ' | ' |
Investment | ' | 230 | ' |
Equity contribution | 68.5 | 50.1 | ' |
Share of accumulated losses brought forward | -50.1 | ' | ' |
Share of losses recognized | -18.4 | -50.1 | ' |
Translation | ' | ' | ' |
Closing balance | $230 | $230 | ' |
Carrying_Value_of_Equity_Inves4
Carrying Value of Equity Investment in Far South East (Parenthetical) (Detail) (Far Southeast (FSE) Deposit) | Dec. 31, 2013 | Dec. 31, 2012 |
Far Southeast (FSE) Deposit | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership % | 40.00% | 40.00% |
Recovered_Sheet5
Accounts Payable and Provisions (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Trade payables | $141.20 | $220.50 |
Accruals | 173.8 | 352 |
Payroll and other compensation | 55.1 | 57.8 |
Leave pay accrual | 42.9 | 73.8 |
Other | 15.1 | 27.6 |
Accounts payable and provisions | 445 | 734 |
South Deep Gold Mine | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Short-term portion of the South Deep Dividend liability | 1.9 | 2.3 |
Stamp Duty [Member] | Yilgarn South | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Stamp duty due on acquisition of Yilgarn South assets | $15 | ' |
ShortTerm_and_LongTerm_Loans_D
Short-Term and Long-Term Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | $2,060.10 | $2,361.20 | ' | ||
Short-term loans and current portion of long-term loans | -121.5 | [1] | -40 | [1] | ' |
Total long-term loans | 1,938.60 | 2,321.20 | ' | ||
Collateralized | Split-tenor revolving credit facility | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | ' | [2] | ' | [2] | ' |
Collateralized | $500 million syndicated revolving credit facility | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | ' | [3] | 104 | [3] | ' |
Collateralized | $200 million non-revolving senior secured term loan | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | 70 | [4] | 110 | [4] | 150 |
Collateralized | $1 billion notes issue | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | 990 | [5] | 988.8 | [5] | 987.7 |
Collateralized | $1 billion syndicated revolving credit facility | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | ' | [6] | 666 | [6] | 220 |
Collateralized | $60 million senior secured revolving credit facility | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | 35 | [7] | ' | [7] | ' |
Collateralized | $1,440 million term loan and revolving credit facility | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | 773.5 | [8] | ' | [8] | ' |
Collateralized | R1,500 million Nedbank revolving credit facility | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | 145.1 | [9] | ' | [9] | ' |
Uncollateralized | Other loans | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Long term and short term debt | $46.50 | [10] | $492.40 | [10] | ' |
[1] | At December 31, 2012, the maturity of the loans was updated to reflect post year-end refinancing terms. | ||||
[2] | Split-tenor revolving credit facility On May 16, 2007, Sibanye Gold, Orogen and GFO entered into a US$750 million split-tenor revolving credit facility. The Split-tenor facility consisted of a US$250 million 364-day revolving tranche ("Facility A") and a US$500 million five-year revolving tranche ("Facility B"). Facility A and B have since expired, as explained below. Borrowings under Facility A bore interest at LIBOR plus a margin of 0.25% per annum while borrowings under Facility B bore interest at LIBOR plus a margin of 0.30% per annum. The outstanding borrowings of Orogen at December 31, 2011 were $500.0 million. On April 16, 2012, Orogen refinanced the outstanding balance of $500.0 million under the facility by drawing down under the $1.0 billion syndicated revolving credit facility. The facility was cancelled on April 16, 2012. Borrowings under the Revolving Credit Facility were guaranteed by Gold Fields, Sibanye Gold, Gold Fields Holding Company (BVI) Limited, or GF Holdings, Orogen, GFO and Newshelf 899 (Proprietary) Limited, or Newshelf. December 31, 2013 December 31, 2012 Opening balance - 500.0 Loans repaid - (500.0 ) Closing balance - - | ||||
[3] | $500 million syndicated revolving credit facility On April 17, 2012, Sibanye Gold, Orogen and GFO entered into a $500 million syndicated revolving credit facility. The purpose of the facility was to refinance existing facilities, for general corporate purposes and working capital. The final maturity date of this facility was April 17, 2017. The facility bore interest at LIBOR plus a margin of 1.60% per annum. Where the utilization under the facility was less than or equal to 33 1/3%, a utilization fee of 0.20% per annum would be payable on the amount of utilizations. Where the utilization under the facility was greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.40% per annum would be payable on the amount of utilizations. Where the utilization under the facility was greater than 66 2/3%, a utilization fee of 0.60% per annum would be payable on the amount of utilizations. Such utilization fee was payable quarterly in arrears. The borrowers were required to pay a quarterly commitment fee of 0.56% per annum. On April 23, 2012, Orogen drew down $194.0 million under this facility to partially refinance borrowings under the $1 billion Syndicated Revolving Credit Facility. On June 1, 2012, Orogen drew down a further $20.0 million. On July 25, 2012 and August 2, 2012, Orogen repaid $20.0 million and $20.0 million, respectively. On September 20, 2012, Orogen repaid a further $100.0 million. On November 23, 2012, Orogen drew down $10 million and on November 29, 2012, a further $20 million was drawn under the facility. On February 15, 2013, this facility was refinanced by drawing down under the $1,440 million term loan and revolving credit facility as detailed in (g). The facility was also cancelled on February 15, 2013. Borrowings under the syndicated revolving loan facility were guaranteed by Gold Fields, Sibanye Gold, GF Holdings, Orogen, Newshelf and GFO. The outstanding borrowings under this facility at December 31, 2013 were $nil (December 31, 2012: $104.0 million). December 31, 2013 December 31, 2012 Opening balance 104.0 - Loans advanced - 244.0 Loans repaid (104.0 ) (140.0 ) Closing balance - 104.0 | ||||
[4] | $200 million non-revolving senior secured term loan On September 17, 2010, La Cima entered into a non-revolving senior secured term loan for up to $200.0 million with The Bank of Nova Scotia and Banco de Credito del Peru. The purpose of this facility was to repay the La Cima outstanding subordinated loans with its affiliates and to finance its working capital requirements. The loan bears interest at LIBOR plus a margin of 2.00% per annum. On September 22, 2010, the lenders advanced $200 million to La Cima under this facility. The facility amount is repayble in 20 equal quarterly instalments of $10 million each. During fiscal year ended December 31, 2013, $40 million was repaid (fiscal year ended December 31, 2012: $40 million). The final maturity of this facility is five years from the disbursement date. The outstanding borrowings under this facility at December 31, 2013 were $70.0 million (December 31, 2012: $110.0 million). Borrowings under the non-revolving senior secured term loan are secured by first-ranking assignments of all rights, title and interest in all of La Cima's concentrate sale agreements. In addition, the offshore and onshore collection accounts of La Cima will be subject to an account control agreement and a first ranking charge in favor of the lenders. This facility will be non-recourse to the rest of the Group. December 31, 2013 December 31, 2012 Opening balance 110.0 150.0 Loans repaid (40.0 ) (40.0 ) Closing balance 70.0 110.0 | ||||
[5] | $1 billion notes issue On September 30, 2010, Orogen issued $1,000,000,000 4.875% guaranteed notes, or the Notes, due October 7, 2020. The payment of all Notes is unconditionally and irrevocably guaranteed by Gold Fields Limited, Sibanye Gold, GFO and GF Holdings, or together, the Guarantors, on joint and several basis. The Notes and guarantees constitute direct, unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively, and rank equally in right of payment among themselves and with all other existing and future unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively. The transaction costs of $13.6 million were deducted from the liability on initial measurement. These costs will unwind over the period of the Notes as an interest expense. Gold Fields used a portion of the net proceeds of the offering of the Notes to repay certain existing indebtedness of the Group and the balance of the net proceeds for general corporate purposes. An indemnity agreement ("the Indemnity Agreement") has been entered into between the Guarantors, pursuant to which the Guarantors (other than Sibanye Gold) hold Sibanye Gold harmless from and against any and all liabilities and expenses which may be incurred by Sibanye Gold under or in connection with the Notes, including any payment obligations by Sibanye Gold to the noteholders or the trustee of the Notes pursuant to the guarantee of the Notes, all on the terms and subject to the conditions contained therein. The Indemnity Agreement will remain in place for as long as Sibanye Gold's guarantee obligations under the Notes remain in place. In addition, for as long as Sibanye Gold remains a guarantor, Gold Fields is required to pay an annual guarantee fee to Sibanye Gold of 0.25% of the value of the Notes, payable semi-annually. This fee can vary based on Gold Fields credit rating. December 31, 2013 December 31, 2012 Opening balance 988.8 987.7 Unwinding of transaction costs 1.2 1.1 Closing balance 990.0 988.8 | ||||
[6] | $1 billion syndicated revolving credit facility On June 20, 2011, Sibanye Gold, Orogen and GFO entered into a $1 billion syndicated revolving loan facility with an option to increase the Facility to $1.1 billion within six months from signing date, which option was not exercised. The purpose of the facility is to refinance an existing facility, for general corporate purposes and working capital. The final maturity date of this facility is June 20, 2016. The facility bears interest at LIBOR plus a margin of 1.20% per annum. Where the utilization under the facility is greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.20% per annum will be payable on the amount of utilizations. Where the utilization under the facility is greater than 66 2/3%, a utilization fee of 0.40% per annum will be payable on the amount of utilizations. Such utilization fee is payable quarterly in arrears. The borrowers are required to pay a quarterly commitment fee of 0.42% per annum. On March 15, 2012, Orogen drew down $110.0 million to fund the third payment to exercise the Group's 40% option in the FSE project. On April 16, 2012, Orogen drew down $556.0 million of which $500.0 million was used to refinance the Split-tenor revolving credit facility. On April 23, 2012, Orogen repaid $220.0 million under this facility which was partially funded by drawing down $194.0 million under the $500 million syndicated revolving credit facility. On February 15, 2013, this facility was refinanced by drawing down under the $1,440 million term loan and revolving credit facility as detailed in (g). The facility was also cancelled on February 15, 2013. The outstanding borrowings under this facility at December 31, 2013 were $nil (December 31, 2012: $666.0 million). Borrowings under the syndicated revolving loan facility were guaranteed by Gold Fields, Sibanye Gold, GF Holdings, Orogen, Newshelf and GFO. December 31, 2013 December 31, 2012 Opening balance 666.0 220.0 Loans advanced - 666.0 Loans repaid (666.0 ) (220.0 ) Closing balance - 666.0 | ||||
[7] | $60 million senior secured revolving credit facility On December 22, 2010, GF Ghana and Abosso entered into a $60 million reducing senior secured revolving credit facility, which became available on February 21, 2011. The available facility amount reduces annually on each anniversary date from $60 million to $43 million to $35 million in the last and final year with the final maturity date being February 21, 2014. The purpose of this facility is for general corporate purposes, working capital purposes and/or capital expenditure purposes, including the purchase of a yellow vehicle fleet. The loan bears interest at LIBOR plus a margin of 2.85% per annum. The borrowers are required to pay a quarterly commitment fee of 1.30% per annum. Borrowings under the facility are guaranteed by GF Ghana and Abosso and further secured by the registration of security over certain fleet vehicles owned by GF Ghana and Abosso, or the Secured Assets. In addition, the lenders are noted as first loss payees under the insurance contracts in respect of the Secured Assets and are assigned the rights under the maintenance contracts between certain suppliers of the Secured Assets. This facility is non-recourse to the rest of the Group. The outstanding borrowings for GF Ghana on December 31, 2011 were $50.0 million. On January 30, 2012, GF Ghana repaid $7.0 million in advance of the first anniversary date of the facility. During February 2012 and March 2012, GF Ghana repaid $16.0 million and on May 1, 2012 repaid an additional $7.0 million. On various dates during April 2012 Abosso drew down $15.0 million under the facility. On May 1, 2012 Abosso drew down an additional $8.0 million under the facility. On August 1, 2012, GF Ghana repaid $20 million and Abosso repaid $23 million bringing the balance outstanding under the facility to nil. On May 10, 2013, Abosso drew down $20.0 million and on August 15, an additional $15.0 million. The outstanding borrowings for GF Ghana on December 31, 2013 were $35.0 million (December 31, 2012 were $nil). Subsequent to year end, the final maturity date of the outstanding borrowings under this facility amounting to $35.0 million was extended to May 21, 2014. December 31, 2013 December 31, 2012 Opening balance - 50.0 Loans advanced 35.0 23.0 Loans repaid - (73.0 ) Closing balance 35.0 - | ||||
[8] | $1,440 million term loan and revolving credit facility On November 28, 2012, Orogen, GFO and GFI Joint Venture Holdings (Pty) Limited, or GFIJVH (collectively "the Borrowers") entered into a $900 million term loan and revolving credit facility, or the $900 million facility. The $900 million facility comprises a $450 million three-year term loan tranche, or Facility A and a $450 million five-year revolving tranche, or Facility B. In addition to the $900 million facility, Orogen, GFO and GFIJVH entered into a $600 million bridge loan to bond issue facility, or the US$ bridge facility. The $ bridge facility had a 21-month maturity. The purpose of the $900 million facility is to refinance the existing $1 billion syndicated revolving credit facility and the $500 million syndicated revolving credit facility on the spin-off of Sibanye Gold in February 2013 and for general corporate and working capital purposes. The final maturity dates of Facility A and Facility B are November 28, 2015 and November 28, 2017, respectively, with the $ bridge facility maturing on August 28, 2014. Subsequent to entering into the $900 million facility, the facility was syndicated to a wider bank group and received an oversubscription which allowed the Borrowers to increase the facility amount to $1,440 million on January 30, 2013, or the $1,440 million facility. Accordingly, the amounts of Facility A and Facility B both increased to $720 million. As a result of this oversubscription, the Borrowers cancelled the $ bridge facility on January 30, 2013. On July 22, 2013, the agreement was amended and Facility A was decreased to a $100 million while a third $620 million revolving tranche, or Facility C was added. Facilty C matures on November 28, 2015. Borrowings under Facility A bear interest at LIBOR plus an initial margin of 2.45% per annum, borrowing under Facility B bear interest at LIBOR plus an initial margin of 2.25% per annum and borrowings under Facility C bear interest at LIBOR plus an intitial margin of 2.00%. The initial margins detailed above are based on the current long term credit rating assigned to Gold Fields and could either increase or decrease depending on the changes in the long term credit rating of Gold Fields. Where the utilization under Facility B is less than or equal to 33 1/3%, a utilization fee of 0.20% per annum will be payable on the amount of utilizations. Where the utilization under Facility B is greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.40% per annum will be payable on the amount of utilizations. Where the utilization under Facility B is greater than 66 2/3%, a utilization fee of 0.60% per annum will be payable on the amount of utilizations. Such utilization fee is payable quarterly in arrears. The borrowers are required to pay a quarterly commitment fee of 0.90% per annum under Facility B on the undrawn amount. Where the utilization under Facility C is less than or equal to 33 1/3%, a utilization fee of 0.15% per annum will be payable on the amount of utilizations. Where the utilization under Facility C is greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.30% per annum will be payable on the amount of utilizations. Where the utilization under Facility C is greater than 66 2/3%, a utilization fee of 0.45% per annum will be payable on the amount of utilizations. Such utilization fee is payable quarterly in arrears. The borrowers are required to pay a quarterly commitment fee of 0.80% per annum under Facility C on the undrawn amount. The facility was undrawn at December 31, 2012. On February 15, 2013, the $1 billion and the $500 million syndicated revolving credit facilities were refinanced by drawing down $720.0 million under this facility. On various dates during 2013, Orogen made additional drawdowns of $173.0 million under this facility. Orogen repaid $119.5 million on December 13, 2013 under this facility. The outstanding balance under this facility at December 31, 2013 was $773.5 million and at December 31, 2012 $nil. Borrowings under the US$1,440 million facility are guaranteed by Gold Fields, GF Holdings, Orogen, GFO and GFIJVH. December 31, 2013 December 31, 2012 Loans advanced 893.0 - Loans repaid (119.5 ) - Closing balance 773.5 - | ||||
[9] | R1,500 million Nedbank revolving credit facility On March 1, 2013, Nedbank, GFIJVH and GFO entered into a R1,500 million revolving credit facility. The purpose of the facility is to fund Gold Fields' capital expenditure and general corporate and working capital requirements. The final maturity date of this facility is March 7, 2018. The facility bears interest at JIBAR plus a margin of 2.50% per annum. The borrowers are required to pay a commitment fee of 0.85% per annum every six months on the undrawn amount. On March 8, 2013, each of GFO and GFIJVH drew down $37.7 million under this facility. On each of June 10, 2013 and September 10, 2013 each of GFO and GFIJVH drew down an additional $17.2 million and $22.8 million, respectively, under this facility. The outstanding balance under this facility at December 31, 2013 was $145.1 million and at 31 December 2012 $nil. Borrowings under the facility are guaranteed by Gold Fields, GFO, GFH, Orogen and GFIJVH. December 31, 2013 December 31, 2012 Loans advanced 155.5 - Translation adjustment (10.4 ) - Closing balance 145.1 - | ||||
[10] | Other loans Short-term rand credit facilities: The Group utilized uncommitted loan facilities from some of the major banks to fund the capital expenditure and working capital requirements of the South African operations. The total draw downs for continuing operations were $2,094.2 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $3.3 million) and for discontinued operations $25.4 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $148.7 million). Total repayments for continuing operations were $2,041.8 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $2.9 million) and for discontinued operations $164.0 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $nil million). The facilities were primarily utilized to recapitalize Sibanye Gold as part of the spin-off. These facilities have no fixed terms, are short-term in nature and interest rates are market related. Borrowings under these facilities are guaranteed by Gold Fields. On February 18, 2013, the outstanding borrowings of Sibanye Gold amounting to $142.4 million (R1,220 million) were refinanced by drawing down under the Rand bridge loan facilities as detailed below. The outstanding borrowings of Gold Fields under these facilities at December 31, 2013 were $46.5 million (December 31, 2012: $142.4 million). R3.5 billion long-term revolving credit facilities: Sibanye Gold and GFO, or the borrowers entered into various revolving credit facilities with some of the major banks with tenors between three and five years. The purpose of the facilities was to finance capital expenditure, general corporate and working capital requirements and to refinance existing borrowings. The borrowers were required to pay a commitment fee of between 0.65% and 0.90% per annum on the undrawn and uncancelled amounts of the facilities, calculated and payable either quarterly or semi-annually in arrears. In summary the facilities are: - a R1.0 billion ($96.7 million) revolving credit facility entered into on December 9, 2009 and maturing June 30, 2013 at JIBAR plus 3.00%; - a R500 million ($48.4 million ) revolving credit facility entered into on March 8, 2010 and maturing March 10, 2013 at JIBAR plus 2.85%; and - a R2.0 billion ($193.4 million) revolving credit facility entered into on December 19, 2011 and maturing on December 17, 2016 at JIBAR plus 1.95%. This facility was cancelled on February 18, 2013. On various dates during 2012, Sibanye Gold drew down R2.0 billion ($249.4 million) under the R2.0 billion revolving credit facility. On October 24, 2012, Sibanye Gold drew down R500.0 million ($58.3 million) under the R500.0 million revolving credit facility. On November 16, 2012, Sibanye Gold drew down a further R500.0 million ($58.3 million) under the R1.0 billion revolving credit facility. The outstanding borrowings of Sibanye Gold under these facilities at December 31, 2012 were R3.0 billion (US$350.0 million). Borrowings under these facilities were guaranteed by Gold Fields, GF Holdings, GFO, Orogen, Newshelf and Sibanye Gold. On February 18, 2013, these facilities were refinanced by drawing down under the Rand bridge loan facilities as detailed below and were also cancelled on February 18, 2013. R1.0 billion long-term revolving credit facilities: GFO and GFIJVH, or the Borrowers entered into various revolving credit facilities with some of the major banks with three year tenors. The purpose of the facilities is to finance capital expenditure, general corporate and working capital requirements. The Borrowers are required to pay a commitment fee of between 1.00% and 1.05% per annum on the undrawn and uncancelled amounts of the facilities, calculated and payable semi-annually in arrears. In summary the facilities are: - a R500.0 million ($48.4 million) revolving credit facility entered into on June 19, 2013 and maturing on June 20, 2016 at JIBAR plus 2.5%; - a R500.0 million ($48.4 million) revolving credit facility entered into on December 20, 2013 and maturing on December 21, 2016 at JIBAR plus 2.75%; Borrowings under these facilities are guaranteed by Gold Fields, GFO, GFH, Orogen and GFIJVH. These facilities were unutilised during the year ended December 31, 2013. Rand bridge loan facilities: On November 28, 2012, Sibanye Gold entered into a R6.0 billion term loan and revolving credit facilities to refinance Sibanye Gold's debt as detailed above under the other rand long-term revolving credit facilities and the other rand short-term credit facilities on spin-off of Sibanye Gold, with the balance of the Rand bridge loan facilities to be used to fund Sibanye Gold's ongoing capital expenditure, working capital and general corporate expenditure requirements. The facility was undrawn at December 31, 2012. On February 18, 2013, the date of spin-off, the rand revolving credit facilities and the short-term rand credit facilities were refinanced by Sibanye Gold drawing down under this facility. Summary of other loans December 31, 2013 December 31, 2012 Opening balance 492.4 - Loans advanced - continuing operations 2,094.2 3.3 - discontinued operations 542.4 514.7 Loans repaid - continuing operations (2,041.8 ) (2.9 ) - discontinued operations (503.4 ) - Spin-off of Sibanye Gold (531.4 ) - Translation (5.9 ) (22.7 ) Closing balance 46.5 492.4 Debt maturity ladder The combined aggregate maturities of short and long-term loans for each of the next five years at December 31, 2013 and December 31, 2012 is tabulated below: Maturity December 31, 2013 December 31, 2012 1 year 121.5 40.0 2 years 750.0 532.4 3 years - 750.0 4 years 53.5 50.0 5 years and thereafter 1,145.1 1,000.0 2,070.1 2,372.4 At December 31, 2013, the Group was in compliance with its debt covenants. At December 31, 2012: $142.4 million has been reclassified to long-term, even though they are considered short-term under the Short-term Rand facilities (i) as the Group refinanced these facilities as detailed in the Rand bridge loan facilities on February 18, 2013. |
ShortTerm_and_LongTerm_Loans_A
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Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 18, 2013 | Jan. 30, 2013 | Nov. 28, 2012 | Jan. 30, 2013 | Dec. 31, 2013 | Jan. 30, 2013 | Apr. 16, 2012 | Feb. 15, 2013 | Apr. 16, 2012 | Feb. 15, 2013 | Nov. 28, 2012 | Nov. 28, 2012 | Feb. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 01, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 10, 2013 | Jun. 10, 2013 | Mar. 08, 2013 | Sep. 10, 2013 | Jun. 10, 2013 | Mar. 08, 2013 | 16-May-07 | Dec. 31, 2013 | 16-May-07 | 16-May-07 | Dec. 31, 2013 | Apr. 16, 2012 | Dec. 31, 2011 | Jun. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 15, 2013 | Apr. 23, 2012 | Apr. 16, 2012 | Mar. 15, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 15, 2013 | Apr. 17, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 20, 2012 | Aug. 02, 2012 | Jul. 25, 2012 | Nov. 23, 2012 | Nov. 29, 2012 | Jun. 01, 2012 | Apr. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 17, 2010 | Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 22, 2010 | Jan. 30, 2012 | Aug. 31, 2012 | 1-May-12 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 15, 2013 | 10-May-13 | Aug. 31, 2012 | Apr. 30, 2012 | 1-May-12 | Dec. 22, 2010 | Dec. 31, 2013 | Dec. 22, 2010 | Dec. 31, 2013 | Jan. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 28, 2012 | Nov. 28, 2012 | Jul. 22, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 30, 2013 | Dec. 31, 2013 | Nov. 28, 2012 | Nov. 28, 2012 | Jul. 22, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 12-May-10 | 12-May-10 | Feb. 18, 2013 | Feb. 18, 2013 | Feb. 18, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | 12-May-10 | 12-May-10 | Dec. 09, 2009 | Dec. 09, 2009 | Feb. 18, 2013 | Dec. 31, 2013 | Mar. 08, 2010 | Mar. 08, 2010 | Feb. 18, 2013 | Dec. 31, 2013 | Oct. 24, 2012 | Oct. 24, 2012 | Dec. 19, 2011 | Dec. 19, 2011 | Feb. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 16, 2012 | Nov. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 19, 2013 | Jun. 19, 2013 | Dec. 31, 2013 | Dec. 20, 2013 | Dec. 20, 2013 | Dec. 31, 2013 | Nov. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GFI Joint Venture Holdings | $1,440 million term loan and revolving credit facility | $1,440 million term loan and revolving credit facility | Bridge Facility | Split-tenor revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | The US$ Bridge Facility | $1,440 million term loan and revolving credit facility | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Collateralized | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Five Year Revolving Credit Facility | Three Year Revolving Credit Facility | Three Year Revolving Credit Facility | Three Year Revolving Credit Facility | Three Year Revolving Credit Facility | 620 Million Revolving Tranche | Third Revolving Credit Facility | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | Uncollateralized | |
USD ($) | USD ($) | USD ($) | 5 Year Revolving Credit | USD ($) | USD ($) | USD ($) | USD ($) | GFI Joint Venture Holdings | USD ($) | $1,440 million term loan and revolving credit facility | $1,440 million term loan and revolving credit facility | $1,440 million term loan and revolving credit facility | R1,500 million Nedbank revolving credit facility | R1,500 million Nedbank revolving credit facility | R1,500 million Nedbank revolving credit facility | R1,500 million Nedbank revolving credit facility | R1,500 million Nedbank revolving credit facility | R1,500 million Nedbank revolving credit facility | R1,500 million Nedbank revolving credit facility | R1,500 million Nedbank revolving credit facility | R1,500 million Nedbank revolving credit facility | Split-tenor revolving credit facility | Split-tenor revolving credit facility | Split-tenor revolving credit facility | Split-tenor revolving credit facility | Split-tenor revolving credit facility | Split-tenor revolving credit facility | Split-tenor revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $1 billion syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $500 million syndicated revolving credit facility | $200 million non-revolving senior secured term loan | $200 million non-revolving senior secured term loan | $200 million non-revolving senior secured term loan | $200 million non-revolving senior secured term loan | $1 billion notes issue | $1 billion notes issue | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | $60 million senior secured revolving credit facility | Senior Secured Credit Facility Fiscal Year Twenty Twelve [Member] | Senior Secured Credit Facility Fiscal Year Twenty Thirteen [Member] | Senior Secured Credit Facility Fiscal Year Twenty Thirteen [Member] | Senior Secured Credit Facility Fiscal Year Twenty Thirteen [Member] | USD ($) | Facility B [Member] | Facility C [Member] | GFI Joint Venture Holdings | GFI Joint Venture Holdings | GFI Joint Venture Holdings | Condition One | Condition One | Condition Two | Condition Two | Condition Three [Member] | Condition Three [Member] | USD ($) | GFI Joint Venture Holdings | GFI Joint Venture Holdings | GFI Joint Venture Holdings | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | Other loans | ||||||||||
Facility A [Member] | USD ($) | USD ($) | USD ($) | Gold Fields Orogen Holding Limited [Member] | ZAR | USD ($) | USD ($) | GFI Joint Venture Holdings | GFI Joint Venture Holdings | GFI Joint Venture Holdings | Gold Fields Operations | Gold Fields Operations | Gold Fields Operations | USD ($) | 364-Day Revolving Credit | 364-Day Revolving Credit | 5 Year Revolving Credit | 5 Year Revolving Credit | 5 Year Revolving Credit | 5 Year Revolving Credit | USD ($) | USD ($) | USD ($) | Utilization under the facility is greater than 33 1/3% and less than or equal to 66 2/3% | Utilization under the facility was greater than 66 2/3% | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | USD ($) | USD ($) | Utilization under the facility is less than or equal to 33 1/3% | Utilization under the facility is greater than 33 1/3% and less than or equal to 66 2/3% | Utilization under the facility was greater than 66 2/3% | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | USD ($) | USD ($) | USD ($) | USD ($) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | USD ($) | Gold Fields Ghana Limited | Gold Fields Ghana Limited | Gold Fields Ghana Limited | Gold Fields Ghana Limited | Gold Fields Ghana Limited | Gold Fields Ghana Limited | Gold Fields Ghana Limited | Abosso Goldfields Limited | Abosso Goldfields Limited | Abosso Goldfields Limited | Abosso Goldfields Limited | Abosso Goldfields Limited | USD ($) | USD ($) | USD ($) | Subsequent Event | USD ($) | Facility B [Member] | Facility C [Member] | Facility B [Member] | Facility C [Member] | Facility B [Member] | Facility C [Member] | Facility B [Member] | Facility C [Member] | USD ($) | Facility A [Member] | USD ($) | USD ($) | USD ($) | Minimum | Maximum | Sibanye Gold Limited [Member] | Sibanye Gold Limited [Member] | long-term revolving credit facilities | long-term revolving credit facilities | long-term revolving credit facilities | long-term revolving credit facilities | long-term revolving credit facilities | Revolving Credit Facility Matures June Thirty Two Thousand Thirteen | Revolving Credit Facility Matures June Thirty Two Thousand Thirteen | Revolving Credit Facility Matures June Thirty Two Thousand Thirteen | Revolving Credit Facility Matures June Thirty Two Thousand Thirteen | Revolving Credit Facility Matures March Tenth, Twenty Thirteen | Revolving Credit Facility Matures March Tenth, Twenty Thirteen | Revolving Credit Facility Matures March Tenth, Twenty Thirteen | Revolving Credit Facility Matures March Tenth, Twenty Thirteen | Revolving Credit Facility Matures March Tenth, Twenty Thirteen | Revolving Credit Facility Matures March Tenth, Twenty Thirteen | Revolving Credit Facility Matures December Seventeen Twenty Sixteen | Revolving Credit Facility Matures December Seventeen Twenty Sixteen | Revolving Credit Facility Matures December Seventeen Twenty Sixteen | Revolving Credit Facility Matures December Seventeen Twenty Sixteen | Revolving Credit Facility Matures December Seventeen Twenty Sixteen | Revolving Credit Facility Matures December Seventeen Twenty Sixteen | Revolving Credit Facility Matures December Seventeen Twenty Sixteen | Revolving Credit Facility Matures December Seventeen Twenty Sixteen | Long term credit facility | Long term credit facility | Revolving Credit Facility Matures June Two Thousand Sixteen | Revolving Credit Facility Matures June Two Thousand Sixteen | Revolving Credit Facility Matures June Two Thousand Sixteen | Revolving Credit Facility Matures December Twenty One Twenty Sixteen | Revolving Credit Facility Matures December Twenty One Twenty Sixteen | Revolving Credit Facility Matures December Twenty One Twenty Sixteen | Rand bridge loan facilities | Continuing operations | Continuing operations | Continuing operations | Continuing operations | Discontinued operations | Discontinued operations | Discontinued operations | Discontinued operations | |||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Orogen Investments SA (Luxembourg) | Orogen Investments SA (Luxembourg) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Installment | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ZAR | USD ($) | ZAR | Minimum | Maximum | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | Minimum | Maximum | USD ($) | ZAR | USD ($) | ZAR | ZAR | USD ($) | USD ($) | Short-term credit facilities | Short-term credit facilities | USD ($) | USD ($) | Short-term credit facilities | Short-term credit facilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term revolving credit facility | ' | ' | ' | ' | ' | $900,000,000 | ' | $1,440,000,000 | ' | ' | ' | $1,000,000,000 | ' | ' | $600,000,000 | $720,000,000 | ' | ' | ' | 1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $750,000,000 | ' | $250,000,000 | $500,000,000 | ' | ' | ' | $1,000,000,000 | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | $500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $43,000,000 | ' | $35,000,000 | ' | ' | ' | ' | ' | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $620,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $96,700,000 | 1,000,000,000 | ' | ' | $48,400,000 | 500,000,000 | ' | ' | ' | ' | $193,400,000 | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $48,400,000 | 500,000,000 | ' | $48,400,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Aug-14 | ' | ' | ' | ' | 7-Mar-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16-May-17 | ' | ' | ' | 20-Jun-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17-Apr-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7-Oct-20 | ' | 21-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21-May-14 | ' | ' | ' | ' | ' | 28-Nov-17 | 28-Nov-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28-Nov-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest at JIBAR plus a margin of 2.50% per annum. | ' | ' | ' | ' | ' | ' | ' | ' | 'Borrowings under Facility A bore interest at LIBOR plus a margin of 0.25% per annum | ' | ' | 'Borrowings under Facility B bore interest at LIBOR plus a margin of 0.30% per annum. | ' | ' | ' | 'The facility bears interest at LIBOR plus a margin of 1.20% per annum. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The facility bore interest at LIBOR plus a margin of 1.60% per annum. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The loan bears interest at LIBOR plus a margin of 2.00% per annum. | ' | ' | ' | ' | 'The loan bears interest at LIBOR plus a margin of 2.85% per annum. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Facility B bear interest at LIBOR plus an initial margin of 2.25% per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Facility A bear interest at LIBOR plus an initial margin of 2.45% per annum | ' | ' | ' | 'Facility C bear interest at LIBOR plus an intitial margin of 2.00%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'JIBAR plus 3.00% | ' | ' | ' | 'JIBAR plus 2.85% | ' | ' | ' | ' | ' | 'JIBAR plus 1.95% | ' | ' | ' | ' | ' | ' | ' | ' | 'JIBAR plus 2.5% | ' | ' | 'JIBAR plus 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, additional interest above LIBOR/JIBAR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.30% | ' | ' | ' | 1.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | 2.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.45% | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | ' | 2.85% | 2.85% | ' | ' | ' | ' | 1.95% | 1.95% | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.50% | ' | 2.75% | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 773,500,000 | ' | ' | ' | 145,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 666,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104,000,000 | ' | ' | 70,000,000 | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,500,000 | 142,400,000 | ' | ' | 142,400,000 | 1,220,000,000 | ' | 350,000,000 | 3,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,300,000 | 500,000,000 | ' | ' | ' | ' | 249,400,000 | 2,000,000,000 | 58,300,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Date of cancellation | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jan-13 | 16-Apr-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Feb-13 | ' | ' | ' | ' | ' | 15-Feb-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Feb-13 | ' | ' | ' | 18-Feb-13 | ' | ' | ' | ' | ' | 18-Feb-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility utilization description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Where the utilization under the facility is greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.20% per annum will be payable on the amount of utilizations. Where the utilization under the facility is greater than 66 2/3%, a utilization fee of 0.40% per annum will be payable on the amount of utilizations. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Where the utilisation under the facility was less than or equal to 33 1/3%, a utilisation fee of 0.20%B per annum would be payable on the amount of utilisations. Where the utilisation under the facility was greater than 33 1/3% and less than or equal to 66 2/3%, a utilisation fee of 0.40%B per annum would be payable on the amount of utilisations. Where the utilisation under the facility was greater than 66 2/3%, a utilisation fee of 0.60%B per annum would be payable on the amount of utilisations. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Less than or equal to 33 1/3% | 'Less than or equal to 33 1/3% | 'Greater than 33 1/3% and less than or equal to 66 2/3% | 'Greater than 33 1/3% and less than or equal to 66 2/3% | 'Greater than 66 2/3% | 'Greater than 66 2/3% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, utilization fee rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.40% | 0.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | 0.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.65% | 0.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long and short-term loans raised | 3,177,700,000 | 936,300,000 | 1,111,200,000 | ' | ' | ' | 1,440,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 173,000,000 | ' | ' | ' | 22,800,000 | 17,200,000 | 37,700,000 | 22,800,000 | 17,200,000 | 37,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 666,000,000 | ' | ' | ' | ' | 556,000,000 | 110,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 20,000,000 | 20,000,000 | 194,000,000 | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | 15,000,000 | 20,000,000 | ' | 15,000,000 | 8,000,000 | ' | ' | ' | ' | 720,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 720,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,094,200,000 | 3,300,000 | 2,094,200,000 | 3,300,000 | 542,400,000 | 514,700,000 | 25,400,000 | 148,700,000 |
Long and short-term loans repaid | 2,971,300,000 | 975,900,000 | 597,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 666,000,000 | 220,000,000 | ' | ' | ' | 220,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 20,000,000 | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | 40,000,000 | ' | ' | ' | ' | ' | 7,000,000 | 20,000,000 | 7,000,000 | ' | 16,000,000 | ' | ' | ' | ' | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,041,800,000 | 2,900,000 | 2,041,800,000 | 2,900,000 | 503,400,000 | ' | 164,000,000 | ' |
Credit facility refinance description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On February 15, 2013, the $1 billion and the $500 million syndicated revolving credit facilities were refinanced by drawing down $720.0 million under this facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On February 15, 2013, this facility was refinanced by drawing down under the $1,440 million term loan and revolving credit facility as detailed in (g). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On February 18, 2013, these facilities were refinanced by drawing down under the Rand bridge loan facilities as detailed below and were also cancelled on February 18, 2013. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments schedule | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The facility amount is repayble in 20 equal quarterly instalments of $10 million each. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equal quarterly installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issued, face value | 2,060,100,000 | 2,362,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual guarantee fee percentage to sibanye gold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, optional maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility refinanced amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan and Revolving Credit Facility | ' | ' | ' | ' | 1,440,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility utilization fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | 0.15% | 0.40% | 0.30% | 0.60% | 0.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit refinanced amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt reclassified to long-term | ' | ' | ' | $142,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SplitTenor_Revolving_Credit_Fa
Split-Tenor Revolving Credit Facility (Detail) (Collateralized, Split-tenor revolving credit facility, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Collateralized | Split-tenor revolving credit facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Opening balance | ' | $500 |
Long and short-term loans repaid | ' | -500 |
Closing balance | ' | ' |
Syndicated_Revolving_Loan_Faci
Syndicated Revolving Loan Facility (Detail) (Collateralized, $500 million syndicated revolving credit facility, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Collateralized | $500 million syndicated revolving credit facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Opening balance | $104 | ' |
Long and short-term loans raised | ' | 244 |
Long and short-term loans repaid | -104 | -140 |
Closing balance | ' | $104 |
Nonrevolving_Senior_Secured_Te
Non-revolving Senior Secured Term Loan (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Opening balance | $2,361.20 | ' | ' | ||
Loans repaid | -2,971.30 | -975.9 | -597.9 | ||
Closing balance | 2,060.10 | 2,361.20 | ' | ||
Collateralized | $200 million non-revolving senior secured term loan | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Opening balance | 110 | [1] | 150 | ' | |
Loans repaid | -40 | -40 | ' | ||
Closing balance | $70 | [1] | $110 | [1] | ' |
[1] | $200 million non-revolving senior secured term loan On September 17, 2010, La Cima entered into a non-revolving senior secured term loan for up to $200.0 million with The Bank of Nova Scotia and Banco de Credito del Peru. The purpose of this facility was to repay the La Cima outstanding subordinated loans with its affiliates and to finance its working capital requirements. The loan bears interest at LIBOR plus a margin of 2.00% per annum. On September 22, 2010, the lenders advanced $200 million to La Cima under this facility. The facility amount is repayble in 20 equal quarterly instalments of $10 million each. During fiscal year ended December 31, 2013, $40 million was repaid (fiscal year ended December 31, 2012: $40 million). The final maturity of this facility is five years from the disbursement date. The outstanding borrowings under this facility at December 31, 2013 were $70.0 million (December 31, 2012: $110.0 million). Borrowings under the non-revolving senior secured term loan are secured by first-ranking assignments of all rights, title and interest in all of La Cima's concentrate sale agreements. In addition, the offshore and onshore collection accounts of La Cima will be subject to an account control agreement and a first ranking charge in favor of the lenders. This facility will be non-recourse to the rest of the Group. December 31, 2013 December 31, 2012 Opening balance 110.0 150.0 Loans repaid (40.0 ) (40.0 ) Closing balance 70.0 110.0 |
Guaranteed_Notes_Issued_Detail
Guaranteed Notes Issued (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Closing balance | $2,060.10 | $2,361.20 | ||
Collateralized | $1 billion notes issue | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Opening balance | 988.8 | [1] | 987.7 | |
Unwinding of transaction costs | 1.2 | 1.1 | ||
Closing balance | $990 | [1] | $988.80 | [1] |
[1] | $1 billion notes issue On September 30, 2010, Orogen issued $1,000,000,000 4.875% guaranteed notes, or the Notes, due October 7, 2020. The payment of all Notes is unconditionally and irrevocably guaranteed by Gold Fields Limited, Sibanye Gold, GFO and GF Holdings, or together, the Guarantors, on joint and several basis. The Notes and guarantees constitute direct, unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively, and rank equally in right of payment among themselves and with all other existing and future unsubordinated and unsecured obligations of Orogen and the Guarantors, respectively. The transaction costs of $13.6 million were deducted from the liability on initial measurement. These costs will unwind over the period of the Notes as an interest expense. Gold Fields used a portion of the net proceeds of the offering of the Notes to repay certain existing indebtedness of the Group and the balance of the net proceeds for general corporate purposes. An indemnity agreement ("the Indemnity Agreement") has been entered into between the Guarantors, pursuant to which the Guarantors (other than Sibanye Gold) hold Sibanye Gold harmless from and against any and all liabilities and expenses which may be incurred by Sibanye Gold under or in connection with the Notes, including any payment obligations by Sibanye Gold to the noteholders or the trustee of the Notes pursuant to the guarantee of the Notes, all on the terms and subject to the conditions contained therein. The Indemnity Agreement will remain in place for as long as Sibanye Gold's guarantee obligations under the Notes remain in place. In addition, for as long as Sibanye Gold remains a guarantor, Gold Fields is required to pay an annual guarantee fee to Sibanye Gold of 0.25% of the value of the Notes, payable semi-annually. This fee can vary based on Gold Fields credit rating. December 31, 2013 December 31, 2012 Opening balance 988.8 987.7 Unwinding of transaction costs 1.2 1.1 Closing balance 990.0 988.8 |
Revolving_Credit_Facility_Deta
Revolving Credit Facility (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Opening balance | $2,361.20 | ' | ' | ||
Loans advanced | 3,177.70 | 936.3 | 1,111.20 | ||
Loans repaid | -2,971.30 | -975.9 | -597.9 | ||
Closing balance | 2,060.10 | 2,361.20 | ' | ||
Collateralized | $1 billion syndicated revolving credit facility | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Opening balance | 666 | [1] | 220 | ' | |
Loans advanced | ' | 666 | ' | ||
Loans repaid | -666 | -220 | ' | ||
Closing balance | ' | [1] | $666 | [1] | ' |
[1] | $1 billion syndicated revolving credit facility On June 20, 2011, Sibanye Gold, Orogen and GFO entered into a $1 billion syndicated revolving loan facility with an option to increase the Facility to $1.1 billion within six months from signing date, which option was not exercised. The purpose of the facility is to refinance an existing facility, for general corporate purposes and working capital. The final maturity date of this facility is June 20, 2016. The facility bears interest at LIBOR plus a margin of 1.20% per annum. Where the utilization under the facility is greater than 33 1/3% and less than or equal to 66 2/3%, a utilization fee of 0.20% per annum will be payable on the amount of utilizations. Where the utilization under the facility is greater than 66 2/3%, a utilization fee of 0.40% per annum will be payable on the amount of utilizations. Such utilization fee is payable quarterly in arrears. The borrowers are required to pay a quarterly commitment fee of 0.42% per annum. On March 15, 2012, Orogen drew down $110.0 million to fund the third payment to exercise the Group's 40% option in the FSE project. On April 16, 2012, Orogen drew down $556.0 million of which $500.0 million was used to refinance the Split-tenor revolving credit facility. On April 23, 2012, Orogen repaid $220.0 million under this facility which was partially funded by drawing down $194.0 million under the $500 million syndicated revolving credit facility. On February 15, 2013, this facility was refinanced by drawing down under the $1,440 million term loan and revolving credit facility as detailed in (g). The facility was also cancelled on February 15, 2013. The outstanding borrowings under this facility at December 31, 2013 were $nil (December 31, 2012: $666.0 million). Borrowings under the syndicated revolving loan facility were guaranteed by Gold Fields, Sibanye Gold, GF Holdings, Orogen, Newshelf and GFO. December 31, 2013 December 31, 2012 Opening balance 666.0 220.0 Loans advanced - 666.0 Loans repaid (666.0 ) (220.0 ) Closing balance - 666.0 |
Senior_Secured_Revolving_Credi
Senior Secured Revolving Credit Facility (Detail) (Collateralized, $60 million senior secured revolving credit facility, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Collateralized | $60 million senior secured revolving credit facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Opening balance | ' | $50 |
Loans advanced | 35 | 23 |
Loans repaid | ' | -73 |
Closing balance | $35 | ' |
Term_Loan_and_Revolving_Credit
Term Loan and Revolving Credit Facility (Detail) ($1,440 million term loan and revolving credit facility, Collateralized, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
$1,440 million term loan and revolving credit facility | Collateralized | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans advanced | $893 | ' |
Loans repaid | -119.5 | ' |
Closing balance | $773.50 | ' |
Nedbank_Revolving_Credit_Facil
Nedbank Revolving Credit Facility (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Loans advanced | $3,177.70 | $936.30 | $1,111.20 | ||
Closing balance | 2,060.10 | 2,361.20 | ' | ||
Collateralized | R1,500 million Nedbank revolving credit facility | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Loans advanced | 155.5 | ' | ' | ||
Translation adjustment | -10.4 | ' | ' | ||
Closing balance | $145.10 | [1] | ' | [1] | ' |
[1] | R1,500 million Nedbank revolving credit facility On March 1, 2013, Nedbank, GFIJVH and GFO entered into a R1,500 million revolving credit facility. The purpose of the facility is to fund Gold Fields' capital expenditure and general corporate and working capital requirements. The final maturity date of this facility is March 7, 2018. The facility bears interest at JIBAR plus a margin of 2.50% per annum. The borrowers are required to pay a commitment fee of 0.85% per annum every six months on the undrawn amount. On March 8, 2013, each of GFO and GFIJVH drew down $37.7 million under this facility. On each of June 10, 2013 and September 10, 2013 each of GFO and GFIJVH drew down an additional $17.2 million and $22.8 million, respectively, under this facility. The outstanding balance under this facility at December 31, 2013 was $145.1 million and at 31 December 2012 $nil. Borrowings under the facility are guaranteed by Gold Fields, GFO, GFH, Orogen and GFIJVH. December 31, 2013 December 31, 2012 Loans advanced 155.5 - Translation adjustment (10.4 ) - Closing balance 145.1 - |
Other_Loans_Detail
Other Loans (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Opening balance | $2,361.20 | ' | ' | ||
Loans advanced | 3,177.70 | 936.3 | 1,111.20 | ||
Loans repaid | -2,971.30 | -975.9 | -597.9 | ||
Closing balance | 2,060.10 | 2,361.20 | ' | ||
Uncollateralized | Other loans | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Opening balance | 492.4 | [1] | ' | ' | |
Spin-off of Sibanye Gold | -531.4 | ' | ' | ||
Translation | -5.9 | -22.7 | ' | ||
Closing balance | 46.5 | [1] | 492.4 | [1] | ' |
Uncollateralized | Other loans | Continuing operations | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Loans advanced | 2,094.20 | 3.3 | ' | ||
Loans repaid | -2,041.80 | -2.9 | ' | ||
Uncollateralized | Other loans | Discontinued operations | ' | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ' | ||
Loans advanced | 542.4 | 514.7 | ' | ||
Loans repaid | ($503.40) | ' | ' | ||
[1] | Other loans Short-term rand credit facilities: The Group utilized uncommitted loan facilities from some of the major banks to fund the capital expenditure and working capital requirements of the South African operations. The total draw downs for continuing operations were $2,094.2 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $3.3 million) and for discontinued operations $25.4 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $148.7 million). Total repayments for continuing operations were $2,041.8 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $2.9 million) and for discontinued operations $164.0 million in fiscal year ended December 31, 2013 (fiscal year ended December 31, 2012: $nil million). The facilities were primarily utilized to recapitalize Sibanye Gold as part of the spin-off. These facilities have no fixed terms, are short-term in nature and interest rates are market related. Borrowings under these facilities are guaranteed by Gold Fields. On February 18, 2013, the outstanding borrowings of Sibanye Gold amounting to $142.4 million (R1,220 million) were refinanced by drawing down under the Rand bridge loan facilities as detailed below. The outstanding borrowings of Gold Fields under these facilities at December 31, 2013 were $46.5 million (December 31, 2012: $142.4 million). R3.5 billion long-term revolving credit facilities: Sibanye Gold and GFO, or the borrowers entered into various revolving credit facilities with some of the major banks with tenors between three and five years. The purpose of the facilities was to finance capital expenditure, general corporate and working capital requirements and to refinance existing borrowings. The borrowers were required to pay a commitment fee of between 0.65% and 0.90% per annum on the undrawn and uncancelled amounts of the facilities, calculated and payable either quarterly or semi-annually in arrears. In summary the facilities are: - a R1.0 billion ($96.7 million) revolving credit facility entered into on December 9, 2009 and maturing June 30, 2013 at JIBAR plus 3.00%; - a R500 million ($48.4 million ) revolving credit facility entered into on March 8, 2010 and maturing March 10, 2013 at JIBAR plus 2.85%; and - a R2.0 billion ($193.4 million) revolving credit facility entered into on December 19, 2011 and maturing on December 17, 2016 at JIBAR plus 1.95%. This facility was cancelled on February 18, 2013. On various dates during 2012, Sibanye Gold drew down R2.0 billion ($249.4 million) under the R2.0 billion revolving credit facility. On October 24, 2012, Sibanye Gold drew down R500.0 million ($58.3 million) under the R500.0 million revolving credit facility. On November 16, 2012, Sibanye Gold drew down a further R500.0 million ($58.3 million) under the R1.0 billion revolving credit facility. The outstanding borrowings of Sibanye Gold under these facilities at December 31, 2012 were R3.0 billion (US$350.0 million). Borrowings under these facilities were guaranteed by Gold Fields, GF Holdings, GFO, Orogen, Newshelf and Sibanye Gold. On February 18, 2013, these facilities were refinanced by drawing down under the Rand bridge loan facilities as detailed below and were also cancelled on February 18, 2013. R1.0 billion long-term revolving credit facilities: GFO and GFIJVH, or the Borrowers entered into various revolving credit facilities with some of the major banks with three year tenors. The purpose of the facilities is to finance capital expenditure, general corporate and working capital requirements. The Borrowers are required to pay a commitment fee of between 1.00% and 1.05% per annum on the undrawn and uncancelled amounts of the facilities, calculated and payable semi-annually in arrears. In summary the facilities are: - a R500.0 million ($48.4 million) revolving credit facility entered into on June 19, 2013 and maturing on June 20, 2016 at JIBAR plus 2.5%; - a R500.0 million ($48.4 million) revolving credit facility entered into on December 20, 2013 and maturing on December 21, 2016 at JIBAR plus 2.75%; Borrowings under these facilities are guaranteed by Gold Fields, GFO, GFH, Orogen and GFIJVH. These facilities were unutilised during the year ended December 31, 2013. Rand bridge loan facilities: On November 28, 2012, Sibanye Gold entered into a R6.0 billion term loan and revolving credit facilities to refinance Sibanye Gold's debt as detailed above under the other rand long-term revolving credit facilities and the other rand short-term credit facilities on spin-off of Sibanye Gold, with the balance of the Rand bridge loan facilities to be used to fund Sibanye Gold's ongoing capital expenditure, working capital and general corporate expenditure requirements. The facility was undrawn at December 31, 2012. On February 18, 2013, the date of spin-off, the rand revolving credit facilities and the short-term rand credit facilities were refinanced by Sibanye Gold drawing down under this facility. Summary of other loans December 31, 2013 December 31, 2012 Opening balance 492.4 - Loans advanced - continuing operations 2,094.2 3.3 - discontinued operations 542.4 514.7 Loans repaid - continuing operations (2,041.8 ) (2.9 ) - discontinued operations (503.4 ) - Spin-off of Sibanye Gold (531.4 ) - Translation (5.9 ) (22.7 ) Closing balance 46.5 492.4 Debt maturity ladder The combined aggregate maturities of short and long-term loans for each of the next five years at December 31, 2013 and December 31, 2012 is tabulated below: Maturity December 31, 2013 December 31, 2012 1 year 121.5 40.0 2 years 750.0 532.4 3 years - 750.0 4 years 53.5 50.0 5 years and thereafter 1,145.1 1,000.0 2,070.1 2,372.4 At December 31, 2013, the Group was in compliance with its debt covenants. At December 31, 2012: $142.4 million has been reclassified to long-term, even though they are considered short-term under the Short-term Rand facilities (i) as the Group refinanced these facilities as detailed in the Rand bridge loan facilities on February 18, 2013. |
Combined_Aggregate_Maturities_
Combined Aggregate Maturities of Short and Long-Terms Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Short Term And Long Term Debt Maturities Repayments Of Principal In Next Twelve Months | $121.50 | [1] | $40 | [1] |
Long term and Short term debt maturities, year two | 750 | 532.4 | ||
Long term and Short term debt maturities, year three | ' | 750 | ||
Long term and Short term debt maturities, year four | 53.5 | 50 | ||
Long term and Short term debt maturities, year five and thereafter | 1,135.10 | 990 | ||
Long term and Short term debt | $2,060.10 | $2,362.40 | ||
[1] | At December 31, 2012, the maturity of the loans was updated to reflect post year-end refinancing terms. |
Reconciliation_of_Total_Liabil
Reconciliation of Total Liability for Environmental Rehabilitation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Provision for environmental rehabilitation | ' | ' | ' |
Opening balance | $373.60 | $336.90 | ' |
Addition to liabilities - continuing operations | 10.3 | 6.3 | ' |
Addition to liabilities - discontinued operations | ' | 11.8 | ' |
Liabilities settled - continuing operations | -2.5 | -2.7 | ' |
Accretion of liability - continuing operations | 10.4 | 13.9 | ' |
Accretion of liability - discontinued operations | 2.2 | 14.3 | ' |
Yilgarn South asset purchase | 55 | ' | 55 |
Spin-off of Sibanye Gold | -154.9 | ' | ' |
Foreign currency translation adjustment | -24.9 | -6.9 | ' |
Closing balance of provision for environmental rehabilitation | $269.20 | $373.60 | ' |
Provision_Calculation_using_Un
Provision Calculation using Undiscounted Closure Cost Estimates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Asset Retirement Obligations [Line Items] | ' | ' |
Total closure cost estimate | $355.20 | $492.40 |
South Africa | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' |
Total closure cost estimate | 33.3 | 246.6 |
Ghana | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' |
Total closure cost estimate | 83.3 | 79.3 |
Australia | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' |
Total closure cost estimate | 196.6 | 125.1 |
Peru | ' | ' |
Asset Retirement Obligations [Line Items] | ' | ' |
Total closure cost estimate | $42 | $41.40 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 |
USD ($) | USD ($) | USD ($) | Continuing operations | Continuing operations | Continuing operations | Discontinued operations | Discontinued operations | Discontinued operations | Performance Shares | Performance Shares | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Restricted Stock | Bonus Shares | Bonus Shares | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | GF Management Incentive Scheme | GF Management Incentive Scheme | GF Management Incentive Scheme | GF Management Incentive Scheme | GF Management Incentive Scheme | GF Management Incentive Scheme | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The Gold Fields Limited 2012 Share Plan | The GF Non Executive Director Share Plan | The GF Non Executive Director Share Plan | The GF Non Executive Director Share Plan | The GF Non Executive Director Share Plan | The GF Non Executive Director Share Plan | The GF Non Executive Director Share Plan | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ZAR | ZAR | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | USD ($) | ZAR | Maximum | Minimum | Performance Shares | Performance Shares | Performance Shares | Performance Shares | Performance Shares | Performance Shares | Performance Shares | Bonus Shares | Bonus Shares | Bonus Shares | Bonus Shares | Bonus Shares | Bonus Shares | Bonus Shares | Bonus Shares | USD ($) | ZAR | USD ($) | ZAR | ||||||||||||
USD ($) | ZAR | USD ($) | ZAR | ZAR | Maximum | ZAR | ZAR | Continuing operations | Continuing operations | Continuing operations | Discontinued operations | Discontinued operations | Discontinued operations | Maximum | Minimum | Continuing operations | Continuing operations | Continuing operations | Discontinued operations | Discontinued operations | Discontinued operations | ||||||||||||||||||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of providing retirement benefits for defined contribution plans | ' | ' | ' | $32.30 | $30 | $22 | $32.30 | $62.80 | $65.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation allocation expense | 40.5 | 45.5 | 33.4 | 40.5 | 45.5 | 33.4 | 4.6 | 32.2 | 33 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.8 | 13.1 | ' | 1.1 | 7.6 | ' | ' | ' | 11.9 | 8.7 | ' | 0.8 | 5 | ' | ' | ' | ' | ' | ' | ' |
Incremental share-based compensation resulting from this modification | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Internal target performance percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance shares settlement increased percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bonus share settlement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | '9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation method | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Group uses the Monte-Carlo Simulation to value the Performance Shares. | ' | 'The Group used the Black Scholes Model to value the SARS under the Gold Fields 2005 Share Plan. | ' | ' | 'The Group used the Monte-Carlo Simulation to value the PVRS under the Gold Fields 2005 Share Plan and the Gold Fields Limited 2005 Non-executive Share Plan. | 'A future trading model is used to estimate the loss in value to the holders of Bonus Shares due to trading restrictions. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiration period from grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119.17 | ' | ' | ' | $8.89 | 91.91 | $12.53 | 107.37 | $13.27 | 107.91 | $15.63 | 105.53 | $8.89 | 91.91 | $12.53 | 107.37 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.09 | 86.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11.76 | 79.37 |
Shares vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,095,543 | 2,095,543 | 1,605,403 | 1,605,403 | 1,199,703 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares vested average instrument price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.97 | ' | 110.07 | 112.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options to purchase ordinary shares, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 75,500 | 75,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Option exercising term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Each option may normally only be exercised by a participant on the following bases: (1) after two years have elapsed from the date on which the option was accepted by the participant, in respect of not more than one-third of the ordinary shares which are the subject of that option; (2) after three years have elapsed from the date on which the option was accepted by the participant, in respect of not more than a further one-third (representing two-thirds cumulatively) of the ordinary shares which are the subject of that option; and (3) after four years have elapsed from the date on which the option was accepted by the participant, in respect of all the ordinary shares which are the subject of that option, subject to revision by the Board of Directors. | 'Each option may normally only be exercised by a participant on the following bases: (1) after two years have elapsed from the date on which the option was accepted by the participant, in respect of not more than one-third of the ordinary shares which are the subject of that option; (2) after three years have elapsed from the date on which the option was accepted by the participant, in respect of not more than a further one-third (representing two-thirds cumulatively) of the ordinary shares which are the subject of that option; and (3) after four years have elapsed from the date on which the option was accepted by the participant, in respect of all the ordinary shares which are the subject of that option, subject to revision by the Board of Directors. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued ordinary share capital reserved for issuance under all share schemes, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares reserved for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,309,563 | 35,309,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.87 | 53.03 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,029,716 | 4,262,170 | ' | ' | ' | ' | 882,072 | 792,376 | ' | ' | ' | ' | ' | ' | ' | ' | 3,151,728 | 3,151,728 | 4,318,909 | 4,318,909 | 5,030,143 | 5,270,597 | ' | 1,230,971 | 4,986,216 | 7,369,112 | 7,650,081 | ' | ' | 75,500 | 75,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 36,700 | 36,700 |
Compensation cost related to awards not yet recognized under all four schemes | $40.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost related to awards not yet recognized under all four schemes, period of recognition | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Expens
Share-Based Compensation Expense Available for Each Plan (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | $40.50 | $45.50 | $33.40 |
Performance Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 0 | ' | ' |
Continuing operations | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 40.5 | 45.5 | 33.4 |
Continuing operations | The Gold Fields Limited 2012 Share Plan | Performance Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 18.8 | 13.1 | ' |
Continuing operations | The Gold Fields Limited 2012 Share Plan | Bonus Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 11.9 | 8.7 | ' |
Continuing operations | The Gold Fields Limited 2005 Share Plan | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 8.4 | 19.9 | 28.4 |
Continuing operations | The Gold Fields Limited 2005 Share Plan | Stock Appreciation Rights | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 1.4 | 3.8 | 5 |
Discontinued operations | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 4.6 | 32.2 | 33 |
Discontinued operations | The Gold Fields Limited 2012 Share Plan | Performance Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 1.1 | 7.6 | ' |
Discontinued operations | The Gold Fields Limited 2012 Share Plan | Bonus Shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 0.8 | 5 | ' |
Discontinued operations | The Gold Fields Limited 2005 Share Plan | Restricted Stock | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | 2.4 | 17.9 | 30.4 |
Discontinued operations | The Gold Fields Limited 2005 Share Plan | Stock Appreciation Rights | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total share-based compensation | $0.30 | $1.70 | $2.60 |
Performance_Shares_and_Bonus_S
Performance Shares and Bonus Shares Granted (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Performance Shares | ' | ' |
Number of Options | ' | ' |
Beginning Balance | 4,262,170 | ' |
Spin-off of Sibanye Gold - forfeited | -1,562,498 | ' |
Additional awards due to spin-off of Sibanye | 396,229 | ' |
Granted during the year | 5,310,968 | 4,511,700 |
Exercised and released | -515,025 | ' |
Forfeited | -1,862,128 | -249,530 |
Ending Balance | 6,029,716 | 4,262,170 |
Bonus Shares | ' | ' |
Number of Options | ' | ' |
Beginning Balance | 792,376 | ' |
Spin-off of Sibanye Gold - forfeited | -241,023 | ' |
Granted during the year | 2,018,771 | 1,368,423 |
Exercised and released | -1,314,156 | -528,392 |
Forfeited | -373,896 | -47,655 |
Ending Balance | 882,072 | 792,376 |
Assumption_used_to_Value_Share
Assumption used to Value Shares (Detail) (ZAR) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Performance Shares | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 33.10% | 36.40% |
Expected term (months) | '3 years | '3 years |
Dividend yield | 4.60% | 1.60% |
Weighted average fair value - Rand | 79.83 | 162.14 |
Performance Shares | US Interest Rates | 3 Year [Member] | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Weighted average risk free interest rate | 0.20% | 0.70% |
Bonus Shares | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Weighted average historical volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | 32.00% | 29.40% |
Dividend yield | 4.60% | 2.70% |
Weighted average fair value - Rand | 72.42 | 115.61 |
Bonus Shares | Minimum | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Expected term (months) | '9 months | '9 months |
Bonus Shares | Maximum | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Expected term (months) | '18 months | '18 months |
Bonus Shares | SA Interest Rates | 3 Year [Member] | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' |
Weighted average risk free interest rate | 4.10% | 5.50% |
Details_of_Performance_Vesting
Details of Performance Vesting Restricted Shares and Share Appreciation Rights Granted under Share Plan (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | |
ZAR | ZAR | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | Restricted Stock | Restricted Stock | Restricted Stock | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | |
USD ($) | ZAR | USD ($) | ZAR | ||||||||||||||
Number of Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,986,216 | 7,369,112 | 7,650,081 | 4,318,909 | 4,318,909 | 5,030,143 | 5,030,143 | 5,270,597 |
Spin-off of Sibanye Gold - forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,221,264 | ' | ' | -1,077,878 | -1,077,878 | ' | ' | ' |
Granted during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,165,342 | ' | ' | ' | ' | 1,638,484 |
Additional awards due to spin-off of Sibanye | ' | ' | ' | ' | ' | ' | ' | ' | ' | 538,562 | ' | ' | 465,346 | 465,346 | ' | ' | ' |
Exercised and released | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,857,614 | -1,798,082 | -2,559,552 | ' | ' | -259,455 | -259,455 | -1,247,317 |
Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | -214,929 | -584,814 | -886,759 | -554,649 | -554,649 | -451,779 | -451,779 | -631,621 |
Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,230,971 | 4,986,216 | 7,369,112 | 3,151,728 | 3,151,728 | 4,318,909 | 4,318,909 | 5,030,143 |
Average price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price, at beginning of year | ' | ' | 119.17 | $12.53 | 107.37 | $13.27 | 107.91 | $15.63 | 105.53 | ' | ' | ' | $12.53 | 107.37 | ' | ' | ' |
Spin-off of Sibanye Gold - forfeited | ' | ' | ' | $11.99 | 106.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted during the period | ' | ' | ' | ' | ' | ' | ' | $16.51 | 119.17 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional awards due to spin-off of Sibanye | ' | ' | ' | $10.72 | 95.34 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised and released | ' | ' | ' | ' | ' | $12.99 | 106.36 | $15.38 | 111.06 | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited | ' | ' | ' | $10.61 | 101.83 | $14.30 | 117.14 | $15.33 | 110.69 | ' | ' | ' | ' | ' | ' | ' | ' |
Average price, at end of year | ' | ' | 119.17 | $8.89 | 91.91 | $12.53 | 107.37 | $13.27 | 107.91 | ' | ' | ' | $8.89 | 91.91 | $12.53 | 107.37 | ' |
Directors_Affected_by_Gold_Fie
Directors Affected by Gold Fields Management Scheme Modification (Detail) (Stock Appreciation Rights) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
ZAR | ZAR | ZAR | The Gold Fields Limited 2005 Share Plan | The Gold Fields Limited 2005 Share Plan | The Gold Fields Limited 2005 Share Plan | The Gold Fields Limited 2005 Share Plan | The Gold Fields Limited 2005 Share Plan | The Gold Fields Limited 2005 Share Plan | The Gold Fields Limited 2005 Share Plan | The Gold Fields Limited 2005 Share Plan | |
Nicholas J. Holland | Nicholas J. Holland | Nicholas J. Holland | Nicholas J. Holland | Paul Schmidt | Paul Schmidt | Paul Schmidt | Paul Schmidt | ||||
USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options | ' | ' | ' | 121,428 | 121,428 | 49,000 | 49,000 | 75,082 | 75,082 | 43,310 | 43,310 |
Average instrument price | ' | ' | 119.17 | $8.21 | 84.91 | $12.80 | 109.66 | $8.56 | 88.46 | $12.68 | 108.67 |
Contractual life extended by (years) | ' | ' | ' | '1 month 28 days | '1 month 28 days | '22 days | '22 days | '2 months 1 day | '2 months 1 day | '22 days | '22 days |
Summarize_Information_relating
Summarize Information relating to Options Outstanding (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | 2005 Share Plan | |
ZAR | ZAR | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | |
USD ($) | ZAR | USD ($) | ZAR | Range 1 | Range 1 | Range 1 | Range 1 | Range 2 | Range 2 | Range 2 | Range 2 | Range 3 | Range 3 | Range 3 | Range 3 | Range 4 | Range 4 | Range 4 | Range 4 | ||||||||||||||
USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding SARS, Price range, lower limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.80 | 60 | $7 | 60 | $8.23 | 85 | $9.93 | 85 | $10.65 | 110 | $12.84 | 110 | $13.07 | 135 | $15.76 | 135 |
Outstanding SARS, Price range, upper limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.22 | 84.99 | $9.92 | 84.99 | $10.64 | 109.99 | $12.83 | 109.99 | $13.06 | 134.99 | $15.75 | 134.99 | $15.47 | 159.99 | $18.67 | 159.99 |
Outstanding SARS, Number of options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,151,728 | 3,151,728 | 4,318,909 | 4,318,909 | 5,030,143 | 5,270,597 | 873,064 | 873,064 | 3,400 | 3,400 | 1,217,915 | 1,217,915 | 2,625,234 | 2,625,234 | 1,033,784 | 1,033,784 | 1,652,471 | 1,652,471 | 26,965 | 26,965 | 37,804 | 37,804 |
Outstanding SARS, Weighted average exercise price | ' | ' | 119.17 | $8.89 | 91.91 | $12.53 | 107.37 | $13.27 | 107.91 | $15.63 | 105.53 | $8.89 | 91.91 | $12.53 | 107.37 | ' | ' | $7.33 | 75.81 | $8.11 | 69.48 | $9 | 93.1 | $11.60 | 99.45 | $10 | 103.36 | $13.96 | 119.65 | $11.46 | 118.45 | $15.90 | 136.29 |
Outstanding SARS, Contractual life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 1 month 2 days | '2 years 1 month 2 days | '3 years | '3 years | ' | ' | '2 years 2 months 19 days | '2 years 2 months 19 days | '1 year 11 months 12 days | '1 year 11 months 12 days | '10 months 24 days | '10 months 24 days | '2 years 6 months 7 days | '2 years 6 months 7 days | '3 years 4 months 2 days | '3 years 4 months 2 days | '3 years 8 months 19 days | '3 years 8 months 19 days | '4 years 4 days | '4 years 4 days | '5 years 4 days | '5 years 4 days |
Assumptions_used_to_Value_Opti
Assumptions used to Value Options (Detail) (ZAR) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Appreciation Rights | ' | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' | ' |
Weighted average exercise price - Rand | ' | ' | 119.17 |
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | ' | ' | 46.40% |
Expected term | '0 years | '0 years | '5 years 10 months 24 days |
Historical dividend yield | ' | ' | 1.70% |
Weighted average risk free interest rate | ' | ' | 6.90% |
Weighted average fair value - Rand | ' | ' | 51.66 |
Restricted Stock | ' | ' | ' |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ' | ' | ' |
Weighted average expected volatility (based on a statistical analysis of the share price on a weighted moving average basis for the expected term of the option) | ' | ' | 64.10% |
Expected term | '0 years | '0 years | '3 years |
Historical dividend yield | ' | ' | 1.70% |
Weighted average risk free interest rate | ' | ' | 0.20% |
Weighted average fair value - Rand | ' | ' | 206.27 |
Options_Granted_under_Gold_Fie
Options Granted under Gold Fields Management Incentive Scheme (Detail) (The GF Management Incentive Scheme [Member]) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |
USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | |
Number of Options | ' | ' | ' | ' | ' | ' |
Beginning Balance | 75,500 | 75,500 | 311,225 | 311,225 | 976,533 | 976,533 |
Spin-off of Sibanye Gold - forefeited | -28,100 | -28,100 | ' | ' | ' | ' |
Exercised and released | -31,147 | -31,147 | -204,570 | -204,570 | -614,340 | -614,340 |
Forfeited | -16,253 | -16,253 | -31,155 | -31,155 | -50,968 | -50,968 |
Ending Balance | ' | ' | 75,500 | 75,500 | 311,225 | 311,225 |
Average option price | ' | ' | ' | ' | ' | ' |
Average price, at beginning of year | $10.09 | 86.51 | $9.04 | 73.48 | $11.24 | 75.85 |
Spin - off of Sibanye Gold - forefeited | $10.09 | 89.69 | ' | ' | ' | ' |
Exercised and released | $6.17 | 59.21 | $8.38 | 68.6 | $10.02 | 72.33 |
Forfeited | $9.68 | 92.93 | $9.02 | 73.91 | $16.43 | 118.63 |
Average price, at end of year | ' | ' | $10.09 | 86.51 | $9.04 | 73.48 |
Gold_Fields_Management_Scheme_
Gold Fields Management Scheme Options Outstanding (Detail) (GF Management Incentive Scheme) | 12 Months Ended | |||||||||
Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
USD ($) | ZAR | Range 1 | Range 1 | Range 2 | Range 2 | Range 3 | Range 3 | Range 4 | Range 4 | |
USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | USD ($) | ZAR | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding and exercisable options, lower limit | ' | ' | $7 | 60 | $9.93 | 85 | $12.84 | 110 | $15.76 | 135 |
Outstanding and exercisable options, upper limit | ' | ' | $9.92 | 84.99 | $12.83 | 109.99 | $15.75 | 134.99 | $18.67 | 159.99 |
Outstanding and exercisable options, weighted average exercise price | $10.09 | 86.51 | $7.71 | 66.07 | $10.48 | 89.8 | $13.03 | 111.66 | $16.41 | 140.66 |
Outstanding and exercisable options, Number of options | 75,500 | 75,500 | 34,500 | 34,500 | 21,800 | 21,800 | 14,000 | 14,000 | 5,200 | 5,200 |
Outstanding and exercisable options, contractual life | '3 months 29 days | '3 months 29 days | '4 months 10 days | '4 months 10 days | '6 months 11 days | '6 months 11 days | '15 days | '15 days | '2 months 1 day | '2 months 1 day |
Restricted_Shares_Granted_Deta
Restricted Shares Granted (Detail) (Restricted Stock, Gold Fields Limited 2005 Non-Executive Director Share Plan) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock | Gold Fields Limited 2005 Non-Executive Director Share Plan | ' | ' | ' |
Number of Restricted Shares | ' | ' | ' |
Beginning Balance | 12,300 | 41,900 | 98,878 |
Exercised and released | -12,300 | -29,600 | -56,978 |
Ending Balance | ' | 12,300 | 41,900 |
Details_of_Gold_Fields_NonExec
Details of Gold Fields Non-Executive Director Share Plan (Detail) (The GF Non Executive Director Share Plan) | 12 Months Ended | |||
Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | ZAR | |||
Number of Options | ' | ' | ' | ' |
Beginning Balance | 36,700 | 36,700 | 0 | 0 |
Exercised and released | -36,700 | -36,700 | ' | ' |
Ending Balance | ' | ' | 0 | 0 |
Average option price | ' | ' | ' | ' |
Average price, at beginning of year | $11.76 | 79.37 | ' | ' |
Exercised and released | $10.99 | 79.37 | ' | ' |
Average price, at end of year | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments and Fair Value and Credit Risk of Financial Instruments - Additional information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
bbl | bbl | |||
Unionized Employees Concentration Risk [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Unionized workforce participation | ' | 74.00% | ' | ' |
Unionized Employees Concentration Risk [Member] | Peru | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Unionized workforce participation | ' | 14.00% | ' | ' |
Unionized Employees Concentration Risk [Member] | Australia | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Unionized workforce participation | ' | 0.00% | ' | ' |
Unionized Employees Concentration Risk [Member] | South Africa | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Unionized workforce participation | ' | 91.00% | ' | ' |
Unionized Employees Concentration Risk [Member] | Ghana | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Unionized workforce participation | ' | 95.00% | ' | ' |
Commodity Contract | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
LME copper prices, average price per ton | ' | 7,324 | 7,951 | 8,836 |
LME copper prices, average provisional price (per ton) | ' | 6,575 | ' | ' |
Applicable forward copper price | ' | 7,142 | ' | ' |
Commodity cash settle and swap transaction, volume | 7,500 | ' | ' | ' |
Derivative contracts, price per barrel | 115 | ' | ' | ' |
Commodity cash settle and swap transaction outstanding, volume | ' | 30,000 | ' | ' |
Commodity cash settle and swap transaction, mark-to-market value | ' | $0.30 | ' | ' |
Commodity Contract | Sales | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (loss) on mark-to-market value of contracts | ' | ($7.90) | $15.60 | ($20.60) |
Estimated_Fair_Values_of_Finan
Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | ||||||
Financial assets | ' | ' | ' | ' | ||
Cash and cash equivalents | $325 | $655.60 | $744 | $809.50 | ||
Receivables | 272.6 | 522.7 | ' | ' | ||
Non-current investments | 268.9 | 458 | ' | ' | ||
Financial liabilities | ' | ' | ' | ' | ||
Long-term loans | 1,938.60 | 2,321.20 | ' | ' | ||
Accounts payable and provisions | 445 | 734 | ' | ' | ||
Interest payable | 12.4 | 11 | ' | ' | ||
Short-term loans and current portion of long-term loans | 121.5 | [1] | 40 | [1] | ' | ' |
Other non-current liabilities | 10.9 | 13.9 | ' | ' | ||
Carrying (Reported) Amount, Fair Value Disclosure | ' | ' | ' | ' | ||
Financial assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 325 | 655.6 | ' | ' | ||
Receivables | 146.7 | 314.5 | ' | ' | ||
Non-current investments | 268.9 | [2] | 458 | [2] | ' | ' |
Financial liabilities | ' | ' | ' | ' | ||
Long-term loans | 1,938.60 | 2,321.20 | ' | ' | ||
Accounts payable and provisions | 402.1 | 660.2 | ' | ' | ||
Interest payable | 12.4 | 11 | ' | ' | ||
Short-term loans and current portion of long-term loans | 121.5 | 40 | ' | ' | ||
Other non-current liabilities | 10.9 | 13.9 | ' | ' | ||
Fair value | ' | ' | ' | ' | ||
Financial assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 325 | 655.6 | ' | ' | ||
Receivables | 146.7 | 314.5 | ' | ' | ||
Non-current investments | 269.7 | [2] | 464.6 | [2] | ' | ' |
Financial liabilities | ' | ' | ' | ' | ||
Long-term loans | 1,794.40 | 2,322.40 | ' | ' | ||
Accounts payable and provisions | 402.1 | 660.2 | ' | ' | ||
Interest payable | 12.4 | 11 | ' | ' | ||
Short-term loans and current portion of long-term loans | 121.5 | 40 | ' | ' | ||
Other non-current liabilities | $10.90 | $13.90 | ' | ' | ||
[1] | At December 31, 2012, the maturity of the loans was updated to reflect post year-end refinancing terms. | |||||
[2] | Fair value determined by using cost for Rand Refinery Limited and Far South East due to a market value not being readily available. |
Financial_Assets_Measured_at_F
Financial Assets Measured at Fair Value by Level (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Assets: | ' | ' | ||
Listed investments | $3.20 | [1] | $36.20 | [1] |
Investments held by environmental trust funds | ' | 165.3 | ||
Unlisted investments | 4.3 | 1.3 | ||
Trade receivable from provisional copper concentrate sales, net | 58.2 | 149.9 | ||
Assets, Fair Value Disclosure, Total | 65.7 | 352.7 | ||
Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Listed investments | 3.2 | 36.2 | ||
Investments held by environmental trust funds | ' | 135.3 | ||
Unlisted investments | ' | ' | ||
Trade receivable from provisional copper concentrate sales, net | ' | ' | ||
Assets, Fair Value Disclosure, Total | 3.2 | 171.5 | ||
Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Listed investments | ' | ' | ||
Investments held by environmental trust funds | ' | 30 | ||
Unlisted investments | ' | ' | ||
Trade receivable from provisional copper concentrate sales, net | 58.2 | 149.9 | ||
Assets, Fair Value Disclosure, Total | 58.2 | 179.9 | ||
Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Listed investments | ' | ' | ||
Investments held by environmental trust funds | ' | ' | ||
Unlisted investments | 4.3 | 1.3 | ||
Trade receivable from provisional copper concentrate sales, net | ' | ' | ||
Assets, Fair Value Disclosure, Total | $4.30 | $1.30 | ||
[1] | Listed investments mainly consist of: December 31, 2013 December 31, 2012 Number of shares Market value, $ per share Number of shares Market value, $ per share Northam Platinum - - 7,820,169 4.55 Radius Gold Incorporated 3,625,124 0.09 3,625,124 0.22 Gran Columbia Gold Corporation 63,410 0.78 1,585,274 0.36 Sibanye Gold 856,330 1.12 - - Orsu Metals Corp. 26,134,919 0.05 1,134,919 0.10 Clancy Exploration Ltd. 17,764,783 0.01 3,479,069 0.03 Details of the listed investments are as follows: December 31, 2013 December 31, 2012 Fair value 3.2 36.2 Less: Cost 3.4 24.8 Net unrealized (loss)/gain (0.2 ) 11.4 The net (loss)/gain comprises: Gross unrealized gains 0.2 11.7 Gross unrealized losses (0.4 ) (0.3 ) (0.2 ) 11.4 The gross unrealized loss comprises the following number of equity instruments none of which have been in a continuous unrealized loss position for more than 12 months: 3 4 Realized gain reclassified from equity on disposal of listed investments ($ million) 7.4 14.7 Investments acquired during fiscal 2013 comprised mainly Clancy Exploration Limited and some unlisted investments (fiscal year ended December 31, 2012: Cascadero Copper Corporation and Atacama Pacific Gold Corporation). Investments disposed during fiscal 2013 comprised mainly Northam Platinum Limited and Timpetra Resources Limited (fiscal year ended December 31, 2012: Evolution Mining Limited, GoldQuest Mining Corporation and Atacama Pacific Gold Corporation). As a result of the disposal of investments, a realized gain on disposal of listed investments before tax of $7.4 million (2012: $14.7 million and 2011: $12.8 million) was reclassified out of accumulated other comprehensive income to net income and is included in profit on disposal of listed investments in the consolidated statement of operations. |
Changes_in_Fair_value_of_Level
Changes in Fair value of Level 3 Financial Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance | $1.30 | $2.60 |
Additions | 3 | ' |
Unrealized (loss)/gain | ' | -1.3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | $4.30 | $1.30 |
Interest_Paid_Included_in_Net_
Interest Paid Included in Net Cash Provided by Operating Activities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Royalties paid | $99.90 | $112.40 | $97.20 |
Income and mining taxes paid | 298.2 | 334.1 | 299.3 |
Interest paid before capitalization | $89.40 | $68.60 | $61.60 |
Non_CashItems_Detail
Non Cash-Items (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Other Significant Noncash Transactions [Line Items] | ' | ' | ' | ' | |||
Marked to market (loss)/gain of listed investments | ' | ($1.30) | [1] | $18.70 | [1] | ($26.40) | [1] |
Sibanye Gold spin-off (refer note 9.1), excluding cash transferred | ' | 927.3 | ' | ' | |||
Shares issued on acquisition of Yilgarn South assets (refer note 3(f)) | $127.30 | $127.30 | ' | ' | |||
[1] | Includes deferred tax of $1.7 million (2012: $1.0 million and 2011: $2.8 million). |
Commitment_Detail
Commitment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Operating leases | ' | ' |
Less than 12 months | $2.90 | $3.80 |
12 - 36 months | 3.8 | 6.2 |
36 - 60 months | 0.6 | 1.5 |
After 60 months | 1 | ' |
Total | 8.3 | 11.5 |
Guarantees and other commitments | 0.1 | 0.5 |
Capital Commitments -Contracted | Discontinued operations | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Commitments | ' | 59.7 |
Capital Commitments -Contracted | Continuing operations | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Commitments | $100.80 | $184.90 |
Commitment_Parenthetical_Detai
Commitment (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Operating lease charges | $4.50 | $3.90 | $2.90 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Guarantees | $0.10 | $0.50 |
South African, Ghanaian and Australian Asset Retirement Obligation | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Guarantees | 121.1 | 193.8 |
Guarantee Obligations | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Guarantees | $0.10 | $0.50 |
Contingent_Liabilities_Additio
Contingent Liabilities - Additional Information (Detail) (ZAR) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2008 | Mar. 31, 2008 | |
Application | Application | South Deep Gold Mine | Randgold and Exploration Summons | |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' |
Number of court applications | 2 | 2 | ' | ' |
Plaintiffs claim amount | 25,000,000 | ' | ' | ' |
Interest rate | 15.50% | ' | ' | ' |
Randgold and Exploration summons, highest claims | ' | ' | ' | 12,000,000,000 |
Randgold and Exploration summons, lowest claims | ' | ' | ' | 11,000,000,000 |
Randgold and Exploration summons, alternative claims | ' | ' | ' | 519,000,000 |
Ownership Interests, percent | ' | ' | 50.00% | ' |
Lines_Of_Credit_Additional_Inf
Lines Of Credit - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Unused lines of credit | $763.20 | $831.40 |
Schedule_of_Unused_Lines_of_Co
Schedule of Unused Lines of Committed Credit Facilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Unused lines of credit | $763.20 | $831.40 |
Within one year | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Unused lines of credit | ' | 58.4 |
Later than one year and not later than two years | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Unused lines of credit | ' | 8 |
Later than two years and not later than three years | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Unused lines of credit | 96.7 | 35 |
Later than three years and not later than five years | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Unused lines of credit | $666.50 | $730 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
In Millions, unless otherwise specified | Oct. 14, 2011 | Dec. 31, 2013 | Apr. 21, 2009 | Apr. 21, 2009 | Oct. 14, 2011 |
Peotona Gold (Proprietary) Limited | Peotona Gold (Proprietary) Limited | Gold Fields Operations | Western Areas Prospecting | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Cheryl A. Carolus, a non-executive director of Gold Fields, economic interest | ' | 25.00% | ' | ' | ' |
Cheryl A. Carolus, a non-executive director of Gold Fields, voting interest | ' | 51.00% | ' | ' | ' |
Ownership Interests, percent | ' | ' | 26.00% | 74.00% | 100.00% |
Option to acquire Peotona Gold interest in Western Areas Prospecting (Proprietary) Limited | ' | ' | ' | 26.00% | ' |
Percentage of ownership interest acquired from Peotona Gold | 26.00% | ' | ' | ' | ' |
Amount of cash paid to acquire Peotona Gold | $6.30 | ' | ' | ' | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event) | 0 Months Ended | |
Feb. 13, 2014 | Feb. 13, 2014 | |
USD ($) | ZAR | |
Subsequent Event [Line Items] | ' | ' |
Final dividend declared | $0.02 | 0.22 |
Geographical_and_Segment_Infor2
Geographical and Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Facility | |
Segment Reporting Information [Line Items] | ' |
Number of mines newly acquired | 2 |
Segment_Results_and_Assets_Det
Segment Results and Assets (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | $2,906.30 | $3,530.60 | $3,499.10 | |||
Operating costs | -1,678.70 | [1] | -1,673.80 | [2] | -1,586 | [3] |
Gold inventory change | 11.8 | [4] | 22 | [4] | 75.7 | [4] |
Operating profit | 1,239.40 | 1,878.80 | 1,988.80 | |||
Amortization and depreciation | -610.9 | -499.2 | -467.7 | |||
Net operating profit/(loss) | 628.5 | 1,379.60 | 1,521.10 | |||
Exploration expenditure | -65.9 | -128.5 | -115.2 | |||
Feasibility and evaluation | -47.7 | -44.1 | -17.4 | |||
Finance expense | -69.5 | -55.3 | -57.8 | |||
Investment income | 8.5 | 16.3 | 11.7 | |||
Other items as detailed in statement of operations | -960.2 | [5] | -199.3 | -69.1 | ||
Royalty | -90.5 | -116.7 | -109.6 | |||
Current taxation | -161.3 | -336.6 | -344.5 | |||
Deferred taxation | 181.4 | -120 | -85 | |||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | -576.7 | 395.4 | 734.2 | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 7,244.30 | 11,028.30 | 10,252.30 | |||
Total liabilities excluding deferred tax | 2,851.50 | 3,766.20 | 3,252.50 | |||
Deferred tax liability/(asset) | 347.5 | 1,071.10 | 1,088.20 | |||
Capital expenditure | 739.2 | 1,600.60 | 1,413.20 | |||
Operating Segments [Member] | South Africa | South Deep Gold Mine | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 425.7 | 450.8 | 427.5 | |||
Operating costs | -321.8 | [1] | -302.9 | [2] | -296.2 | [3] |
Gold inventory change | ' | [4] | ' | [4] | ' | [4] |
Operating profit | 103.9 | 147.9 | 131.3 | |||
Amortization and depreciation | -98.9 | -82.4 | -76.7 | |||
Net operating profit/(loss) | 5 | 65.6 | 54.6 | |||
Exploration expenditure | ' | ' | ' | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | -8.8 | -0.9 | -1.4 | |||
Investment income | 0.6 | 0.6 | 1.1 | |||
Other items as detailed in statement of operations | -22.9 | [5] | -43.7 | -14.8 | ||
Royalty | -2.1 | -2.3 | -2.1 | |||
Current taxation | ' | ' | ' | |||
Deferred taxation | 6.6 | [6] | -4.5 | [6] | -17.1 | |
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | -21.6 | 14.9 | 20.3 | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 192.9 | 208.3 | 153 | |||
Total liabilities excluding deferred tax | 128.4 | 104 | 66.9 | |||
Deferred tax liability/(asset) | 9.8 | 19.2 | 15.8 | |||
Capital expenditure | 202.4 | 314.5 | 274.6 | |||
Operating Segments [Member] | South Africa | KDC | ' | ' | ' | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | ' | [7] | 2,126.30 | 1,714.50 | ||
Total liabilities excluding deferred tax | ' | [7] | 740.8 | 414.2 | ||
Deferred tax liability/(asset) | ' | [7] | 379.2 | 471.6 | ||
Capital expenditure | 37.5 | 296.2 | 318.6 | |||
Operating Segments [Member] | South Africa | Beatrix | ' | ' | ' | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | ' | [7] | 313.1 | 225 | ||
Total liabilities excluding deferred tax | ' | [7] | -26.8 | -103.5 | ||
Deferred tax liability/(asset) | ' | [7] | 110.3 | 145.6 | ||
Capital expenditure | 10.3 | 80.4 | 84.6 | |||
Operating Segments [Member] | Ghana | Tarkwa Mine | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 893.1 | 1,198.90 | 1,122.90 | |||
Operating costs | -473.7 | [1] | -494.4 | [2] | -436.4 | [3] |
Gold inventory change | -30.8 | [4] | 24.8 | [4] | 65 | [4] |
Operating profit | 388.7 | 729.3 | 751.6 | |||
Amortization and depreciation | -137.6 | -125.4 | -104.9 | |||
Net operating profit/(loss) | 251.1 | 603.8 | 646.6 | |||
Exploration expenditure | ' | ' | ' | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | -1.2 | -2.3 | -1.2 | |||
Investment income | 0.4 | 0.4 | 0.6 | |||
Other items as detailed in statement of operations | -216.2 | [5] | -22.7 | -20.9 | ||
Royalty | -44.7 | -59.9 | -51 | |||
Current taxation | -39.7 | -163.1 | -150.7 | |||
Deferred taxation | 33.9 | -92.5 | -22 | |||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | -16.2 | 263.7 | 401.4 | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 1,528.30 | 1,775.60 | 1,435.90 | |||
Total liabilities excluding deferred tax | 174.8 | 377.2 | 323.9 | |||
Deferred tax liability/(asset) | 266.2 | 300.2 | 207.7 | |||
Capital expenditure | 207 | 259.9 | 218.9 | |||
Operating Segments [Member] | Ghana | Damang | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 216.4 | 277.8 | 340.8 | |||
Operating costs | -171.1 | [1] | -179.1 | [2] | -142.1 | [3] |
Gold inventory change | 11.1 | [4] | 3.6 | [4] | 1.9 | [4] |
Operating profit | 56.4 | 102.3 | 200.6 | |||
Amortization and depreciation | -30.6 | -22.8 | -26.7 | |||
Net operating profit/(loss) | 25.8 | 79.5 | 173.9 | |||
Exploration expenditure | ' | ' | ' | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | -4.7 | -2.5 | -0.8 | |||
Investment income | ' | 0.1 | 0.2 | |||
Other items as detailed in statement of operations | -191.1 | [5] | -9.6 | -14.4 | ||
Royalty | -10.8 | -13.9 | -15.5 | |||
Current taxation | -0.9 | -7.6 | -29.8 | |||
Deferred taxation | 63.4 | -21.5 | -13.2 | [6] | ||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | -118.3 | 24.6 | 100.5 | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 197.8 | 386.2 | 344.2 | |||
Total liabilities excluding deferred tax | 85.2 | 93.2 | 99.2 | |||
Deferred tax liability/(asset) | -12.8 | 50.6 | 29.1 | |||
Capital expenditure | 50.1 | 92.1 | 87.8 | |||
Operating Segments [Member] | Australia | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 980.1 | 1,046.60 | 1,047.30 | |||
Operating costs | -550.8 | [1] | -526.1 | [2] | -553.9 | [3] |
Gold inventory change | 12.7 | [4] | -17.4 | [4] | 9 | [4] |
Operating profit | 442 | 503 | 502.4 | |||
Amortization and depreciation | -290 | -214.1 | -194.5 | |||
Net operating profit/(loss) | 152.1 | 288.9 | 307.9 | |||
Exploration expenditure | -6.5 | -19.4 | -9.4 | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | -1.4 | -1.5 | -2.7 | |||
Investment income | 7.6 | 12.7 | 8.2 | |||
Other items as detailed in statement of operations | -301.8 | [5] | -95.7 | -5.4 | ||
Royalty | -24.1 | -26 | -26.3 | |||
Current taxation | -49.7 | -53.6 | ' | |||
Deferred taxation | 106.9 | 4.2 | -82.8 | |||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | -116.8 | 109.9 | 189.6 | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 1,146.20 | 1,439.10 | 1,667.20 | |||
Total liabilities excluding deferred tax | 337.5 | 237.5 | 219.5 | |||
Deferred tax liability/(asset) | 128.2 | 264.5 | 270.8 | |||
Capital expenditure | 193.9 | 377.7 | 256.8 | |||
Operating Segments [Member] | Australia | St Ives | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 569 | 752.2 | 734.2 | |||
Operating costs | -345.5 | [1] | -378 | [2] | -415.4 | [3] |
Gold inventory change | 8.8 | [4] | -14.7 | [4] | 3 | [4] |
Operating profit | 232.3 | 359.4 | 321.8 | |||
Amortization and depreciation | -194.3 | -160.4 | -149.9 | |||
Net operating profit/(loss) | 38 | 199 | 171.9 | |||
Exploration expenditure | -5.1 | -9.8 | -5 | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | ' | -1.2 | -2.2 | |||
Investment income | 3.8 | 6.4 | 5.4 | |||
Other items as detailed in statement of operations | -266.9 | [5] | -68 | -3 | ||
Royalty | ' | [8] | ' | [9] | ' | [9] |
Current taxation | ' | [8] | ' | [9] | ' | [9] |
Deferred taxation | ' | [8] | ' | [9] | ' | [9] |
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | ' | [8] | ' | [9] | ' | [9] |
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 650.9 | 1,066.70 | 1,058.20 | |||
Total liabilities excluding deferred tax | 167.1 | 189.7 | 174.9 | |||
Deferred tax liability/(asset) | ' | [8] | ' | [10] | ' | [10] |
Capital expenditure | 132.3 | 315.3 | 182.7 | |||
Operating Segments [Member] | Australia | Agnew/Lawlers | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 302.8 | ' | ' | |||
Operating costs | -135 | [1] | ' | ' | ||
Gold inventory change | -1.2 | [4] | ' | ' | ||
Operating profit | 166.7 | ' | ' | |||
Amortization and depreciation | -71.1 | ' | ' | |||
Net operating profit/(loss) | 95.6 | ' | ' | |||
Exploration expenditure | -1.4 | ' | ' | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | ' | ' | ' | |||
Investment income | 3.8 | ' | ' | |||
Other items as detailed in statement of operations | -14.6 | [5] | ' | ' | ||
Royalty | ' | [8] | ' | ' | ||
Current taxation | ' | [8] | ' | ' | ||
Deferred taxation | ' | [8] | ' | ' | ||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | ' | [8] | ' | ' | ||
Operating Segments [Member] | Australia | Darlot | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 26 | ' | ' | |||
Operating costs | -21.6 | [1] | ' | ' | ||
Gold inventory change | 1.3 | [4] | ' | ' | ||
Operating profit | 5.7 | ' | ' | |||
Amortization and depreciation | -3.6 | ' | ' | |||
Net operating profit/(loss) | 2.1 | ' | ' | |||
Exploration expenditure | ' | ' | ' | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | -0.2 | ' | ' | |||
Investment income | ' | ' | ' | |||
Other items as detailed in statement of operations | -3.2 | [5] | ' | ' | ||
Royalty | ' | [8] | ' | ' | ||
Current taxation | ' | [8] | ' | ' | ||
Deferred taxation | ' | [8] | ' | ' | ||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | ' | [8] | ' | ' | ||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 25 | ' | ' | |||
Total liabilities excluding deferred tax | 26.7 | ' | ' | |||
Deferred tax liability/(asset) | ' | [8] | ' | ' | ||
Capital expenditure | 1.5 | ' | ' | |||
Operating Segments [Member] | Australia | Granny Smith | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 82.3 | ' | ' | |||
Operating costs | -48.8 | [1] | ' | ' | ||
Gold inventory change | 3.7 | [4] | ' | ' | ||
Operating profit | 37.3 | ' | ' | |||
Amortization and depreciation | -21 | ' | ' | |||
Net operating profit/(loss) | 16.3 | ' | ' | |||
Exploration expenditure | ' | ' | ' | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | -1.2 | ' | ' | |||
Investment income | ' | ' | ' | |||
Other items as detailed in statement of operations | -17.1 | [5] | ' | ' | ||
Royalty | ' | [8] | ' | ' | ||
Current taxation | ' | [8] | ' | ' | ||
Deferred taxation | ' | [8] | ' | ' | ||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | ' | [8] | ' | ' | ||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 69.6 | ' | ' | |||
Total liabilities excluding deferred tax | 73.2 | ' | ' | |||
Deferred tax liability/(asset) | ' | [8] | ' | ' | ||
Capital expenditure | 7.8 | ' | ' | |||
Operating Segments [Member] | Australia | Agnew | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | ' | 294.4 | 313.1 | |||
Operating costs | ' | -148.1 | [2] | -138.5 | [3] | |
Gold inventory change | ' | -2.6 | [4] | 6 | [4] | |
Operating profit | ' | 143.7 | 180.6 | |||
Amortization and depreciation | ' | -53.7 | -44.6 | |||
Net operating profit/(loss) | ' | 90 | 136 | |||
Exploration expenditure | ' | -9.6 | -4.4 | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | ' | -0.3 | -0.5 | |||
Investment income | ' | 6.3 | 2.8 | |||
Other items as detailed in statement of operations | ' | -27.7 | -2.4 | |||
Royalty | ' | ' | [9] | ' | [9] | |
Current taxation | ' | ' | [9] | ' | [9] | |
Deferred taxation | ' | ' | [9] | ' | [9] | |
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | ' | ' | [9] | ' | [9] | |
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 400.7 | 372.4 | 609 | |||
Total liabilities excluding deferred tax | 70.4 | 47.8 | 44.6 | |||
Deferred tax liability/(asset) | ' | [8] | ' | [10] | ' | [10] |
Capital expenditure | 52.3 | 62.3 | 74.1 | |||
Operating Segments [Member] | Peru | Cerro Corona | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 390.9 | 556.6 | 560.5 | |||
Operating costs | -161.3 | [1] | -171.4 | [2] | -157.4 | [3] |
Gold inventory change | 18.8 | [4] | 11 | [4] | -0.1 | [4] |
Operating profit | 248.4 | 396.2 | 403 | |||
Amortization and depreciation | -48.8 | -48.8 | -58.6 | |||
Net operating profit/(loss) | 199.7 | 347.4 | 344.4 | |||
Exploration expenditure | -0.2 | -2.2 | -4.2 | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | -2.2 | -3.9 | -4.3 | |||
Investment income | 0.4 | 1.8 | ' | |||
Other items as detailed in statement of operations | -22.5 | [5] | -18.6 | -11.4 | ||
Royalty | -8.9 | -14.7 | -14.7 | |||
Current taxation | -66.3 | -104.7 | -111.7 | |||
Deferred taxation | -19.6 | 12.4 | 10.4 | |||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | 80.5 | 217.6 | 208.5 | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 1,054.10 | 1,165.80 | 1,069.50 | |||
Total liabilities excluding deferred tax | 145.8 | 234.4 | 282.8 | |||
Deferred tax liability/(asset) | 32.1 | 12.4 | 24.9 | |||
Capital expenditure | 56.3 | 93.8 | 69.4 | |||
Corporate and Other | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | ' | ' | ' | |||
Operating costs | ' | [1] | ' | ' | [3] | |
Gold inventory change | ' | [4] | ' | ' | [4] | |
Operating profit | ' | ' | ' | |||
Amortization and depreciation | -5 | ' | -6.3 | |||
Net operating profit/(loss) | -5 | ' | -6.3 | |||
Exploration expenditure | -59.1 | ' | -101.6 | |||
Feasibility and evaluation | -47.7 | ' | -17.4 | |||
Finance expense | -51.2 | ' | -47.4 | |||
Investment income | -0.6 | ' | 1.6 | |||
Other items as detailed in statement of operations | -205.7 | [5] | ' | -2.2 | ||
Royalty | ' | ' | ' | |||
Current taxation | -4.8 | ' | -52.4 | |||
Deferred taxation | -9.9 | ' | 39.9 | |||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | -383.9 | ' | -185.8 | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 3,125 | [11] | 3,613.90 | [11] | 3,643 | [12] |
Total liabilities excluding deferred tax | 1,979.90 | [11] | 2,005.90 | [11] | 1,949.50 | [12] |
Deferred tax liability/(asset) | -76.2 | [11] | -65.3 | [11] | -77.3 | [12] |
Capital expenditure | 29.6 | [11] | 86.2 | [11] | 102.5 | [12] |
Corporate and Other | Peru | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | ' | ' | ' | |||
Operating costs | ' | ' | [2] | ' | ||
Gold inventory change | ' | ' | [4] | ' | ||
Operating profit | ' | ' | ' | |||
Amortization and depreciation | ' | -5.7 | ' | |||
Net operating profit/(loss) | ' | -5.7 | ' | |||
Exploration expenditure | ' | -106.9 | ' | |||
Feasibility and evaluation | ' | -44.1 | ' | |||
Finance expense | ' | -44.2 | ' | |||
Investment income | ' | 0.7 | ' | |||
Other items as detailed in statement of operations | ' | -9 | ' | |||
Royalty | ' | ' | ' | |||
Current taxation | ' | -7.6 | ' | |||
Deferred taxation | ' | -18.1 | ' | |||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | ' | -234.9 | ' | |||
Reclassifications | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | ' | ' | ' | |||
Operating costs | -74.7 | [1] | -69.8 | [2] | -37.1 | [3] |
Gold inventory change | ' | [4] | ' | [4] | ' | [4] |
Operating profit | -74.7 | -69.8 | -37.1 | |||
Amortization and depreciation | ' | ' | ' | |||
Net operating profit/(loss) | -74.7 | -69.8 | -37.1 | |||
Exploration expenditure | -7.2 | -61.1 | -4.9 | |||
Feasibility and evaluation | ' | ' | ' | |||
Finance expense | 2.4 | 2.8 | 5.5 | |||
Investment income | ' | ' | ' | |||
Other items as detailed in statement of operations | 79.5 | [5] | 128.1 | 36.5 | ||
Royalty | ' | ' | ' | |||
Current taxation | ' | ' | ' | |||
Deferred taxation | ' | ' | ' | |||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | ' | ' | ' | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | ' | ' | ' | |||
Total liabilities excluding deferred tax | -5 | ' | ' | |||
Deferred tax liability/(asset) | 5 | ' | ' | |||
Capital expenditure | ' | ' | ' | |||
Reconciling Items [Member] | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | ' | ' | ' | |||
Operating costs | -162.4 | [1] | -199.2 | [2] | -124.7 | [3] |
Gold inventory change | -1.2 | [4] | 0.1 | [4] | 1.4 | [4] |
Operating profit | -163.6 | -199.1 | -123.3 | |||
Amortization and depreciation | 42.4 | 73.4 | 46.3 | |||
Net operating profit/(loss) | -121.2 | -125.7 | -77 | |||
Exploration expenditure | -4.8 | 54.3 | -5.3 | |||
Feasibility and evaluation | -20.3 | -59.4 | -77.8 | |||
Finance expense | -5.3 | -3.1 | ' | |||
Investment income | ' | ' | ' | |||
Other items as detailed in statement of operations | 585.7 | [5] | -5.2 | 0.6 | ||
Royalty | ' | ' | ' | |||
Current taxation | -3.8 | -17.3 | ' | |||
Deferred taxation | -122 | 114.5 | 45 | |||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | 308.4 | -41.9 | -114.5 | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | -40.6 | -418.3 | -174.9 | |||
Total liabilities excluding deferred tax | -14.3 | -77.9 | -55.2 | |||
Deferred tax liability/(asset) | -73.6 | -175.5 | -60.3 | |||
Capital expenditure | -195.5 | -277.8 | -260.2 | |||
Continuing Operations [Member] | ' | ' | ' | |||
Statement of operations - continuing operations | ' | ' | ' | |||
Revenue | 2,906.30 | 3,530.60 | 3,499.10 | |||
Operating costs | -1,915.80 | [1] | -1,942.90 | [2] | -1,747.70 | [3] |
Gold inventory change | 10.6 | [4] | 22.1 | [4] | 77.2 | [4] |
Operating profit | 1,001.10 | 1,609.80 | 1,828.60 | |||
Amortization and depreciation | -568.5 | -425.8 | -421.4 | |||
Net operating profit/(loss) | 432.6 | 1,184 | 1,407.20 | |||
Exploration expenditure | -77.9 | -135.3 | -125.4 | |||
Feasibility and evaluation | -68 | -103.5 | -95.2 | |||
Finance expense | -72.4 | -55.6 | -52.3 | |||
Investment income | 8.5 | 16.3 | 11.7 | |||
Other items as detailed in statement of operations | -294.9 | [5] | -76.4 | -32 | ||
Royalty | -90.5 | -116.7 | -109.6 | |||
Current taxation | -165.1 | -353.9 | -344.5 | |||
Deferred taxation | 59.4 | -5.5 | -40 | |||
(Loss)/income before impairment of investment in equity investee, share of equity investees' losses and discontinued operations | -268.2 | 353.3 | 619.9 | |||
Balance sheet | ' | ' | ' | |||
Total assets (excluding deferred tax assets) | 7,203.70 | 10,624.20 | 10,077.40 | |||
Total liabilities excluding deferred tax | 2,832.20 | 3,687.90 | 3,197.30 | |||
Deferred tax liability/(asset) | 273.7 | 895.6 | 1,027.80 | |||
Capital expenditure | $543.70 | $1,322.80 | $1,153 | |||
[1] | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $39.4 million, Accretion expense on provision for environmental rehabilitation - $10.4 million and Employee termination costs - $35.5 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | |||||
[2] | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $38.2 million, Accretion expense on provision for environmental rehabilitation - $13.9 million and Employee termination costs - $6.1 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | |||||
[3] | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $30.8 million, Accretion expense on provision for environmental rehabilitation - $11.1 million and Employee termination costs - $0.8 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | |||||
[4] | Reflects the change in quantity and value of broken ore and ore on the heap leach pad during the fiscal year. | |||||
[5] | Included in this line item and in the Total per IFRS column are impairments of investments and assets recognized in accordance with IFRS amounting to $204.6 million at Tarkwa, $188.9 million at Damang, $264.9 million at St Ives, $10.4 million at Cerro Corona and $140.7 million at Corporate and other. | |||||
[6] | Indicative as tax is provided in the holding companies of South Deep. | |||||
[7] | Sibanye Gold, which includes the KDC and Beatrix reporting segments, was spun off in February 2013 (refer note 9.1). | |||||
[8] | As all Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | |||||
[9] | As these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | |||||
[10] | As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew based on endowment ounces and also as these two Australian operations are entitled to transfer and off-set losses from one company to another, it is not meaningful to split the royalties, current or deferred taxation. | |||||
[11] | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. Included in Corporate and other is goodwill and other fair value adjustments relating to the acquisition of South Deep. | |||||
[12] | Corporate and other represents items to reconcile segment data to consolidated financial statement totals. Included in Corporate and other is goodwill relating to the acquisition of South Deep. |
Segment_Results_and_Assets_Par
Segment Results and Assets (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Corporate expenditure | $39.40 | $38.20 | $30.80 |
Environmental rehabilitation | 10.4 | 13.9 | 11.1 |
Employee termination costs | 35.5 | 6.1 | 0.8 |
Corporate and Other | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Impairments of investments and assets recognized | 140.7 | ' | ' |
Tarkwa Mine | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Impairments of investments and assets recognized | 204.6 | ' | ' |
Damang | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Impairments of investments and assets recognized | 188.9 | ' | ' |
St Ives | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Impairments of investments and assets recognized | 264.9 | ' | ' |
Cerro Corona | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Impairments of investments and assets recognized | $10.40 | ' | ' |
Breakdown_of_Reconciling_Items
Breakdown of Reconciling Items (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Operating costs | ($1,678.70) | [1] | ($1,673.80) | [2] | ($1,586) | [3] |
Gold inventory change | 11.8 | [4] | 22 | [4] | 75.7 | [4] |
Amortization and depreciation | -610.9 | -499.2 | -467.7 | |||
Other items as detailed in statement of operations | -960.2 | [5] | -199.3 | -69.1 | ||
Liabilities excluding deferred income and mining taxes | 2,851.50 | 3,766.20 | 3,252.50 | |||
Assets (excluding deferred tax assets) | 7,244.30 | 11,028.30 | 10,252.30 | |||
Reconciling items | Intersubsegment Eliminations [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | -40.6 | -418.3 | ' | |||
Reconciling items | Intersubsegment Eliminations [Member] | Provision For Rehabilitation | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Liabilities excluding deferred income and mining taxes | -14.3 | [6] | -77.9 | [6] | ' | |
Assets (excluding deferred tax assets) | 0.2 | [6] | -75.4 | [6] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Business combination-purchase of South Deep | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | 380.3 | [7] | 481.8 | [7] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Business combination - formation of Original Gold Fields | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | ' | 66.3 | [8] | ' | ||
Reconciling items | Intersubsegment Eliminations [Member] | Business combination - formation of Gold Fields | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | ' | 26 | [9] | ' | ||
Reconciling items | Intersubsegment Eliminations [Member] | Cut Backs | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | -600.4 | [10] | -498.8 | [10] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Amortization of reserves | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | -184 | [11] | -197.5 | [11] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Amortization-inclusion of future costs | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | 203.5 | [12] | 175.9 | [12] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Amortization-interest capitalized | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | -20.9 | [13] | -18.5 | [13] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | On Mine Exploration | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | -318.9 | [14] | -379.3 | [14] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Investment In Affiliates | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | ' | -3.4 | [15] | ' | ||
Reconciling items | Intersubsegment Eliminations [Member] | Deferred Stripping | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | 8.7 | [16] | -12.9 | [16] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Inventory | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | 14.6 | [17] | 15.4 | [17] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Interest Capitalization | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | 62.8 | [13] | 84.2 | [13] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Inventory Stockpiles | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | -1.2 | [18] | -1.2 | [18] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | Amortization - discontinued operations [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | ' | -28.1 | [19] | ' | ||
Reconciling items | Intersubsegment Eliminations [Member] | Impairment Of Agnew | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Assets (excluding deferred tax assets) | 414.7 | [20] | -52.8 | [20] | ' | |
Reconciling items | Intersubsegment Eliminations [Member] | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Operating costs | -162.4 | -199.2 | -124.7 | |||
Gold inventory change | -1.2 | 0.1 | 1.4 | |||
Amortization and depreciation | 42.4 | 73.4 | 46.3 | |||
Exploration, evaluation and feasibility costs | -25.1 | [14] | -5.1 | [14] | -83.1 | [14] |
Other items as detailed in statement of operations | 580.5 | -8.3 | 0.6 | |||
Reconciling items | Intersubsegment Eliminations [Member] | Provision For Rehabilitation | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Operating costs | 4.7 | [6] | -0.4 | [6] | -0.4 | [6] |
Amortization and depreciation | 2.5 | [6] | 2.1 | [6] | -1 | [6] |
Reconciling items | Intersubsegment Eliminations [Member] | Cut Backs | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Operating costs | -146.6 | [10] | -184 | [10] | -144.4 | [10] |
Amortization and depreciation | 38.3 | [10] | 41.1 | [10] | 39.6 | [10] |
Reconciling items | Intersubsegment Eliminations [Member] | Amortization of reserves | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Amortization and depreciation | -15.8 | [11] | -12.5 | [11] | -23.3 | [11] |
Reconciling items | Intersubsegment Eliminations [Member] | Amortization-inclusion of future costs | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Amortization and depreciation | 58.6 | [12] | 47 | [12] | 34.7 | [12] |
Reconciling items | Intersubsegment Eliminations [Member] | Amortization-interest capitalized | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Amortization and depreciation | -4.4 | [13] | -4.3 | [13] | -6.9 | [13] |
Reconciling items | Intersubsegment Eliminations [Member] | Deferred Stripping | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Operating costs | 1.9 | [16] | 20.4 | [16] | 43 | [16] |
Reconciling items | Intersubsegment Eliminations [Member] | Inventory | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Gold inventory change | -1.2 | [17] | 0.1 | [17] | 1.3 | [17] |
Reconciling items | Intersubsegment Eliminations [Member] | Impairment of assets | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Amortization and depreciation | -36.9 | [20] | ' | [20] | ' | [20] |
Reconciling items | Intersubsegment Eliminations [Member] | Interest Capitalization | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Other items as detailed in statement of operations | -5.3 | [13] | -3.1 | [13] | ' | [13] |
Reconciling items | Intersubsegment Eliminations [Member] | Inventory Stockpiles | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Gold inventory change | ' | [18] | ' | [18] | 0.1 | [18] |
Reconciling items | Intersubsegment Eliminations [Member] | Exploration Evaluation and Feasibility Costs | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Operating costs | -22.4 | [14] | -35.2 | [14] | -22.9 | [14] |
Reconciling items | Intersubsegment Eliminations [Member] | Business combination-purchase of St. Ives and Agnew | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Amortization and depreciation | ' | [21] | ' | [21] | 2.1 | [21] |
Reconciling items | Intersubsegment Eliminations [Member] | Business combination-purchase of Abosso | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Amortization and depreciation | ' | [22] | ' | [22] | 1.1 | [22] |
Reconciling items | Intersubsegment Eliminations [Member] | Impairment of assets - Arctic Platinum | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Other items as detailed in statement of operations | 582.4 | [20] | -7.5 | [20] | ' | [20] |
Reconciling items | Intersubsegment Eliminations [Member] | Other | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Other items as detailed in statement of operations | $3.30 | $2.30 | $0.60 | |||
[1] | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $39.4 million, Accretion expense on provision for environmental rehabilitation - $10.4 million and Employee termination costs - $35.5 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | |||||
[2] | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $38.2 million, Accretion expense on provision for environmental rehabilitation - $13.9 million and Employee termination costs - $6.1 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | |||||
[3] | Operating costs for continuing operations for management reporting purposes includes: Corporate expenditure - $30.8 million, Accretion expense on provision for environmental rehabilitation - $11.1 million and Employee termination costs - $0.8 million, which are not included in production costs under U.S. GAAP. In addition, gold inventory change is included in production costs under U.S. GAAP. | |||||
[4] | Reflects the change in quantity and value of broken ore and ore on the heap leach pad during the fiscal year. | |||||
[5] | Included in this line item and in the Total per IFRS column are impairments of investments and assets recognized in accordance with IFRS amounting to $204.6 million at Tarkwa, $188.9 million at Damang, $264.9 million at St Ives, $10.4 million at Cerro Corona and $140.7 million at Corporate and other. | |||||
[6] | Provision for rehabilitation Revisions to the provision for environmental rehabilitation For management reporting purposes, all changes in the carrying amount of the provision for environmental rehabilitation are recognized as an increase or decrease in the carrying amount of the associated rehabilitation asset. Changes resulting from revisions in the timing or amount of estimated cash flows are recognized as an increase or decrease in the carrying amount of the provision for environmental rehabilitation and the associated rehabilitation asset for U.S. GAAP. In addition, the current discount rate is applied to measure the provision for environmental rehabilitation for management reporting purposes. Under U.S. GAAP, any decreases in the provision for environmental rehabilitation as a result of downward revisions in cash flow estimates should be treated as a modification of an existing provision for environmental rehabilitation and should be measured at the historical discount rate used to measure the initial provision for environmental rehabilitation. Accretion of the provision for environmental rehabilitation and amortization of the associated rehabilitation asset For reasons discussed above, the carrying values of the provision for environmental rehabilitation and associated rehabilitation asset for management reporting purposes are different to those under U.S. GAAP, which in combination with different discount rates result in a different amortization charge and accretion expense. | |||||
[7] | Business combinations - purchase of South Deep For management reporting purposes, traded equity securities issued as consideration in a business combination were valued on the date they were issued. Under U.S. GAAP, at the time of the acquistion, traded equity securities issued as consideration in a business combination were valued a few days before and after the terms of the transaction were announced. For management reporting purposes, the entire interest acquired in South Deep was fair value upon gaining a controlling interest. Under U.S. GAAP, only the additional interest acquired was accounted for at fair value; assets acquired before obtaining control are stated at historical carrying amounts. In addition, U.S. GAAP requires retrospective equity accounting from the date the interest is acquired until the Group obtains control and the investment becomes a subsidiary. For management reporting purposes no retrospective equity accounting is applied. For management reporting purposes, any excess arising over the purchase price paid and the fair value of the net identifiable assets and liabilities acquired for additional interests in subsidiaries from minority shareholders are recorded directly in equity ('economic entity model'). Under U.S. GAAP, any excess over the purchased price paid and the fair value of the net identifiable assets and liabilities are recorded as goodwill ('parent company model'). | |||||
[8] | Business combination - formation of Original Gold Fields For management reporting purposes, the formation of Original Gold Fields was accounted for as a uniting-of-interests. Under U.S. GAAP, the Company accounted for the assets and liabilities acquired from Gold Fields of South Africa Limited at historical cost, and the assets and liabilities acquired from Gencor and outside shareholders as a purchase. | |||||
[9] | Business combination - formation of Gold Fields For management reporting purposes, the difference between the purchase price and net asset value of acquired assets that arose on this transaction was set-off against shareholders' equity. Under U.S. GAAP, the excess purchase price was capitalized to property, plant and equipment and is being amortized over its useful life. | |||||
[10] | Cut-backs For management reporting purposes, waste laybacks at surface operations are capitalized as mine development costs. Under U.S. GAAP, once the production phase of a mine has commenced, waste laybacks are considered variable production costs that should be included as a component of inventory to be recognized in Production costs exclusive of depreciation and amortization in the same period as the revenue from the sale of inventory. As a result, capitalization of waste laybacks is appropriate only to the extent product inventory exists at the end of a reporting period. | |||||
[11] | Amortization of reserves For management reporting purposes, a portion of ore resources at the Australian operations, based on the philosophy of "endowment", is used for calculating depreciation and amortization. Under U.S. GAAP, depreciation and amortization is calculated based upon existing proven and probable reserves. | |||||
[12] | Amortization - inclusion of future costs For management reporting purposes, future mine development costs are included in mining assets at the Australian operations in calculating depreciation and amortization. Under U.S. GAAP, future development costs are not included in the calculation of depreciation and amortization. | |||||
[13] | Interest capitalization For management reporting purposes, borrowing costs are capitalized to the extent that qualifying assets are financed through specific debt financing or general outstanding debt not for any specific purpose other than funding the operations of the Group. Under U.S. GAAP, total outstanding debt financing is taken into account in calculating the amount of borrowing cost to be capitalized. | |||||
[14] | Exploration, feasibility and evaluation costs For management reporting purposes, exploration costs are capitalized from the date the drilling program confirms sufficient evidence of mineralization to proceed with a feasibility study. Under U.S. GAAP, exploration costs are capitalized from the date a bankable feasibility study is completed. | |||||
[15] | Investments in equity investees For management reporting purposes, an equity investment exceeding a 20% shareholding was treated as an available-for-sale investment prior to fiscal 2003. Under U.S. GAAP this investment was accounted for under the equity method since acquisition. | |||||
[16] | Deferred stripping For management reporting purposes, prior to the adoption of IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine, the Company deferred the waste stripping costs in excess of the expected average pitlife stripping ratio. IFRIC 20 was adopted on January 1, 2013. IFRIC 20 requires that production stripping costs in a surface mine be capitalised to non-current assets if, and only if, all of the following criteria are met: b" It is probable that the future economic benefit associated with the stripping activity will flow to the entity; b" The entity can identify the component of the ore body for which access has been improved; and b" The costs relating to the stripping activity associated with that component can be measured. If the above criteria are not met, the stripping costs are recognised directly in profit or loss. Under U.S. GAAP, waste stripping costs are considered costs of the extracted minerals and recognized as a component of inventory to be recognized in production costs exclusive of depreciation and amortization in the same period as the revenue from the sale of inventory. | |||||
[17] | Inventory Under U.S. GAAP, additional amortization, waste stripping costs and cut backs expensed are included in the cost of inventory produced. No such absorption of costs occurred for management reporting purposes. Under U.S. GAAP, management is required to record inventory at the lower of cost and market value. | |||||
[18] | Inventory stockpiles For management reporting purposes, previous impairment charges writing down stockpiles to market values are reversed when the net realizable value rises above the original cost. Under U.S. GAAP, the market value is deemed the new base cost and impairment charges are not reversed. | |||||
[19] | Amortization - discontinued operations For management reporting purposes, Sibanye Gold was accounted for as discontinued operations in fiscal 2012 and the related assets and liabilities were classified as held for distribution. As a result, depreciation ceased due to the classification of the assets as held for distribution. Under U.S.GAAP, the Spin-off was not accounted for as discontinued operations in 2012 as the Sibanye Gold assets and liabilities continue to be classified as held for use until the Spin-off date. As a result, depreciation did not cease during fiscal 2012 and is charged until the Spin-off date. | |||||
[20] | Impairment of assets For management reporting purposes, the Agnew mine was not determined to be impaired in prior years. Under U.S. GAAP, the Agnew mine was determined to be impaired and an impairment charge was recognized. For management reporting purposes, the Tarkwa, Damang and St Ives cash-generating units as well as certain other assets at Tarkwa were determined to be impaired in fiscal 2013. For US GAAP purposes, after performing impairment tests, only the Damang mine was considered to be impaired and at a different amount due to the different impairment model prescribed under U.S. GAAP. In addition, Arctic Platinum, classified as held for sale, was impaired for management reporting purposes, but not considered impaired under US GAAP as the fair value less cost to sell exceeded the carrying value under U.S GAAP. For reasons discussed above, certain assets carrying values for management reporting purposes are different to those under U.S. GAAP, which results in a different amortization charge. | |||||
[21] | Business combination - purchase of St. Ives and Agnew For management reporting purposes, traded equity securities issued as consideration in a business combination were valued on the date they were issued. Under U.S. GAAP, at the time of the acquisition, traded equity securities issued as consideration in a business combination were valued a few days before and after the terms of the transaction were announced. | |||||
[22] | Business combination - purchase of Abosso For management reporting purposes, traded equity securities issued as consideration in a business combination were valued on the date they were issued. Under U.S. GAAP, at the time of the acquisition, traded equity securities issued as consideration in a business combination were valued a few days before and after the terms of the transaction were announced. |
Breakdown_of_Reconciling_Items1
Breakdown of Reconciling Items (Parenthetical) (Detail) (Pre-2003 management reporting) | Dec. 31, 2013 |
Pre-2003 management reporting | ' |
Segment Reporting Information [Line Items] | ' |
Investment treated as available-for-sale investment | 20.00% |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Valuation Allowance And Reserves, Balance, Beginning Balance | $324.40 | $152.40 | $192.40 |
Valuation allowance reversed | ' | -58.2 | -22 |
Valuation allowance raised | 1.1 | ' | ' |
Arising on acquisition/ disposal of subsidiaries | -5.4 | ' | ' |
Charged to unredeemed capital expenditure | 60.2 | 222.8 | ' |
Foreign currency translation adjustment | -50.1 | 7.4 | -18 |
Valuation Allowance And Reserves, Balance, Ending Balance | $330.20 | $324.40 | $152.40 |