Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 20-F/A |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | GFI |
Entity Registrant Name | GOLD FIELDS LTD |
Entity Central Index Key | 1,172,724 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 821,532,707 |
Consolidated income statements
Consolidated income statements - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
CONTINUING OPERATIONS | |||||
Revenue | $ 2,761.8 | $ 2,666.4 | $ 2,454.1 | ||
Cost of sales | (2,105.1) | (2,001.2) | (1,988.5) | ||
Investment income | 5.6 | 8.3 | 6.3 | ||
Finance expense | (81.3) | (78.1) | (82.9) | ||
Gain/(loss) on financial instruments | 34.4 | 14.4 | (4.5) | ||
Foreign exchange (loss)/gain | (3.5) | (6.4) | 9.5 | ||
Other costs, net | (19) | (16.8) | (21.7) | ||
Share-based payments | (26.8) | (14) | (10.7) | ||
Long-term incentive plan | (5) | (10.5) | (5.1) | ||
Exploration expense | (109.8) | (86.1) | (51.8) | ||
Share of results of equity-accounted investees, net of taxation | (1.3) | (2.3) | (5.7) | ||
Restructuring costs | (9.2) | (11.7) | (9.3) | ||
Silicosis settlement costs | (30.2) | 0 | 0 | ||
Impairment, net of reversal of impairment of investments and assets | (200.2) | (76.5) | (206.9) | ||
Profit on disposal of investments | 0 | 2.3 | 0.1 | ||
Profit/(loss) on disposal of assets | 4 | 48 | (0.1) | ||
Profit before royalties and taxation | 214.4 | 435.8 | 82.8 | ||
Royalties | (62) | (78.4) | (73.9) | ||
Profit before taxation | 152.4 | 357.4 | 8.9 | ||
Mining and income taxation | (173.2) | (189.5) | (248.5) | ||
(Loss)/profit from continuing operations | (20.8) | 167.9 | (239.6) | ||
DISCONTINUED OPERATIONS | |||||
Profit/(loss) from discontinued operations, net of taxation | 13.1 | 1.2 | (8.2) | ||
(Loss)/profit for the year | (7.7) | 169.1 | (247.8) | ||
(Loss)/profit attributable to: | |||||
Owners of the parent | (18.7) | 158.2 | (247.3) | ||
Continuing operations | (31.8) | 157 | (239.1) | ||
Discontinued operations | 13.1 | 1.2 | (8.2) | ||
Non-controlling interests | 11 | 10.9 | (0.5) | ||
Continuing operations | 11 | 10.9 | (0.5) | ||
(Loss)/profit for the year | $ (7.7) | $ 169.1 | $ (247.8) | ||
(Loss)/earnings per share attributable to owners of the parent: | |||||
Basic (loss)/earnings per share from continuing operations cents | $ (0.04) | $ 0.19 | $ (0.31) | ||
Basic earnings/(loss) per share from discontinued operations cents | 0.02 | 0 | (0.01) | ||
Diluted basic (loss)/earnings per share from continuing operations cents | (0.04) | 0.19 | (0.31) | ||
Diluted basic earnings/(loss) per share from discontinued operations cents | $ 0.02 | $ 0 | $ (0.01) | ||
[1] | As Restated - Refer note 40 for further details. |
Consolidated statements of comp
Consolidated statements of comprehensive income - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | ||
Statement of comprehensive income [abstract] | ||||||
(Loss)/profit for the year | $ (7.7) | $ 169.1 | $ (247.8) | |||
Other comprehensive income, net of tax | [2],[3] | 279.2 | 121.4 | (635.5) | ||
Marked-to-market valuation of listed investments | (0.7) | (8.3) | 0.4 | |||
Foreign currency translation adjustments | 279.9 | 129.7 | (635.9) | |||
Total comprehensive income for the year | 271.5 | 290.5 | (883.3) | |||
Attributable to: - Owners of the parent | 260.5 | 279.6 | (882.8) | |||
- Non-controlling interests | 11 | 10.9 | (0.5) | |||
Total comprehensive income for the year | $ 271.5 | $ 290.5 | $ (883.3) | |||
[1] | As Restated - Refer note 40 for further details. | |||||
[2] | All items can be subsequently reclassified to the income statement. | |||||
[3] | Includes deferred tax of US$nil (2016: US$nil and 2015: US$nil). |
Consolidated statements of com4
Consolidated statements of comprehensive income (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [abstract] | |||
Deferred tax | $ 0 | $ 0 | $ 0 |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | [1] |
ASSETS | |||
Non-current assets | $ 5,505.7 | $ 5,258.8 | |
Property, plant and equipment | 4,892.9 | 4,524.6 | |
Goodwill | 76.6 | 317.8 | |
Inventories | 132.8 | 132.8 | |
Equity-accounted investees | 171.3 | 170.7 | |
Investments | 104.6 | 19.7 | |
Environmental trust funds | 55.5 | 44.5 | |
Deferred taxation | 72 | 48.7 | |
Current assets | 1,114.4 | 1,052.7 | |
Inventories | 393.5 | 329.4 | |
Trade and other receivables | 201.9 | 170.2 | |
Cash and cash equivalents | 479 | 526.7 | [2] |
Assets held for sale | 40 | 26.4 | |
Total assets | 6,620.1 | 6,311.5 | |
EQUITY AND LIABILITIES | |||
Equity attributable to owners of the parent | 3,275.8 | 3,050.7 | |
Share capital | 3,622.5 | 59.6 | |
Share premium | 0 | 3,562.9 | |
Other reserves | (1,817.8) | (2,124.4) | |
Retained earnings | 1,471.1 | 1,552.6 | |
Non-controlling interests | 127.2 | 122.6 | |
Total equity | 3,403 | 3,173.3 | |
Non-current liabilities | 2,363.1 | 2,278.8 | |
Deferred taxation | 453.9 | 458.6 | |
Borrowings | 1,587.9 | 1,504.9 | |
Provisions | 321.3 | 291.7 | |
Long-term incentive plan | 0 | 23.6 | |
Current liabilities | 854 | 859.4 | |
Trade and other payables | 548.5 | 543.3 | |
Royalties payable | 16.3 | 20.2 | |
Taxation payable | 77.5 | 107.9 | |
Current portion of borrowings | 193.6 | 188 | |
Current portion of long-term incentive plan | 18.1 | 0 | |
Total equity and liabilities | $ 6,620.1 | $ 6,311.5 | |
[1] | As Restated - Refer note 40 for further details. | ||
[2] | The restatement is as a result of the discontinued operations. |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Millions | Total | Number of Ordinary Shares in Issue [Member] | Share Capital [Member] | Accumulated Other Comprehensive Income [Member] | [1] | Other Reserves [Member] | [2] | Retained Earnings [Member] | Equity Attributable to Owners of Parent [Member] | Non-controlling Interests [Member] | ||
Beginning balance (Previously Stated [member]) at Dec. 31, 2014 | $ 3,663.3 | $ 3,470.8 | $ (1,766.8) | $ 130.3 | $ 1,704.5 | $ 3,538.8 | $ 124.5 | |||||
Beginning balance (Increase (Decrease) Due to Corrections of Prior Period Errors [Member]) at Dec. 31, 2014 | [3] | (7.6) | 0.9 | (8.5) | (7.6) | |||||||
Beginning balance at Dec. 31, 2014 | [3] | 3,655.7 | 3,470.8 | (1,765.9) | 130.3 | 1,696 | 3,531.2 | 124.5 | ||||
Beginning balance, shares (Previously Stated [member]) at Dec. 31, 2014 | 771,416,491 | |||||||||||
Beginning balance, shares at Dec. 31, 2014 | [3] | 771,416,491 | ||||||||||
(Loss)/profit for the year | Previously Stated [member] | (242.6) | |||||||||||
(Loss)/profit for the year | [3] | (247.8) | (247.3) | (247.3) | (0.5) | |||||||
Other comprehensive income | Previously Stated [member] | (636.6) | |||||||||||
Other comprehensive income | [3] | (635.5) | [4],[5] | (635.5) | (635.5) | |||||||
Total comprehensive income | Previously Stated [member] | (879.2) | |||||||||||
Total comprehensive income | [3] | (883.3) | (635.5) | (247.3) | (882.8) | (0.5) | ||||||
Dividends declared | [3] | (27.2) | (15.1) | (15.1) | (12.1) | |||||||
Share-based payments from continuing operations | [3] | 10.7 | 10.7 | 10.7 | ||||||||
Share-based payments from discontinued operations | [3] | 0.2 | 0.2 | 0.2 | ||||||||
Exercise of employee share options | [3] | 0.2 | 0.2 | 0.2 | ||||||||
Exercise of employee share options, shares | [3] | 5,177,671 | ||||||||||
Ending balance (Previously Stated [member]) at Dec. 31, 2015 | 2,768 | |||||||||||
Ending balance at Dec. 31, 2015 | [3] | 2,756.3 | 3,471 | (2,401.4) | 141.2 | 1,433.6 | 2,644.4 | 111.9 | ||||
Ending balance, shares at Dec. 31, 2015 | [3] | 776,594,162 | ||||||||||
(Loss)/profit for the year | Previously Stated [member] | 173.7 | |||||||||||
(Loss)/profit for the year | [3] | 169.1 | 158.2 | 158.2 | 10.9 | |||||||
Other comprehensive income | Previously Stated [member] | 121.4 | |||||||||||
Other comprehensive income | [3] | 121.4 | [4],[5] | 121.4 | 121.4 | |||||||
Total comprehensive income | Previously Stated [member] | 295.1 | |||||||||||
Total comprehensive income | [3] | 290.5 | 121.4 | 158.2 | 279.6 | 10.9 | ||||||
Dividends declared | [3] | (39.4) | (39.2) | (39.2) | (0.2) | |||||||
Share-based payments from continuing operations | [3] | 14 | 14 | 14 | ||||||||
Share-based payments from discontinued operations | [3] | 0.4 | 0.4 | 0.4 | ||||||||
Shares issued | [3] | 151.5 | 151.5 | 151.5 | ||||||||
Shares issued, shares | [3] | 38,857,913 | ||||||||||
Exercise of employee share options, shares | [3] | 5,154,870 | ||||||||||
Ending balance (Previously Stated [member]) at Dec. 31, 2016 | 3,189.6 | |||||||||||
Ending balance at Dec. 31, 2016 | [3] | 3,173.3 | 3,622.5 | (2,280) | 155.6 | 1,552.6 | 3,050.7 | 122.6 | ||||
Ending balance, shares at Dec. 31, 2016 | [3] | 820,606,945 | ||||||||||
(Loss)/profit for the year | (7.7) | (18.7) | (18.7) | 11 | ||||||||
Other comprehensive income | 279.2 | [4],[5] | 279.2 | 279.2 | ||||||||
Total comprehensive income | 271.5 | 279.2 | (18.7) | 260.5 | 11 | |||||||
Dividends declared | (63.4) | (62.8) | (62.8) | (0.6) | ||||||||
Dividends advanced | (5.8) | (5.8) | ||||||||||
Share-based payments from continuing operations | 26.8 | 26.8 | 26.8 | |||||||||
Share-based payments from discontinued operations | 0.6 | 0.6 | 0.6 | |||||||||
Exercise of employee share options, shares | 7,272 | |||||||||||
Ending balance at Dec. 31, 2017 | $ 3,403 | $ 3,622.5 | $ (2,000.8) | $ 183 | $ 1,471.1 | $ 3,275.8 | $ 127.2 | |||||
Ending balance, shares at Dec. 31, 2017 | 820,614,217 | |||||||||||
[1] | Accumulated other comprehensive income mainly comprises foreign currency translation. | |||||||||||
[2] | Other reserves include share-based payments and share of equity accounted investee's other comprehensive income. The aggregate of Accumulated other comprehensive income and Other reserves in the consolidated statement of changes in equity is disclosed in the Consolidated statement of financial position as other reserves. | |||||||||||
[3] | As Restated - Refer note 40 for further details. | |||||||||||
[4] | All items can be subsequently reclassified to the income statement. | |||||||||||
[5] | Includes deferred tax of US$nil (2016: US$nil and 2015: US$nil). |
Consolidated statements of cha7
Consolidated statements of changes in equity (Parenthetical) $ in Millions, R in Billions | Mar. 17, 2016 | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($)shares | Dec. 31, 2016ZAR (R)R / sharesshares | |
Shares issued | [1] | $ 151.5 | ||||
Share placement price per share | R / shares | R 59.50 | |||||
Face amount of borrowings | $ 1,290 | |||||
Private Placement [member] | ||||||
Shares issued | 151.5 | R 2.3 | $ 151.5 | R 2.3 | ||
Number of shares issued | shares | 38,857,913 | 38,857,913 | ||||
Private Placement [member] | 50 Day Moving Average [Member] | ||||||
Percentage of discount on share price | 0.70% | |||||
Private Placement [member] | 30 Day Volume Weighted Average [Member] | ||||||
Percentage of discount on share price | 6.00% | |||||
US$1,510 Million Term Loan and Revolving Credit Facilities [Member] | ||||||
Face amount of borrowings | 1,510 | |||||
US$1,290 Million Term Loan and Revolving Credit Facilities [Member] | ||||||
Face amount of borrowings | $ 1,290 | |||||
[1] | As Restated - Refer note 40 for further details. |
Consolidated statements of cash
Consolidated statements of cash flows R in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |||||
Statement of cash flows [abstract] | |||||||
Cash flows from operating activities | $ 762.4 | $ 917.5 | [1] | $ 743.9 | [1] | ||
Cash generated by operations | 1,286.5 | 1,245.4 | [1] | 982.6 | [1] | ||
Interest received | 5.1 | 7.3 | [1] | 5.9 | [1] | ||
Change in working capital | (69.4) | (2.3) | [1] | 43.3 | [1] | ||
Cash generated by operating activities | 1,222.2 | 1,250.4 | [1] | 1,031.8 | [1] | ||
Interest paid | (90.4) | (81.7) | [1] | (86.8) | [1] | ||
Royalties paid | (66) | (76.4) | [1] | (75) | [1] | ||
Taxation paid | (239.5) | (155.6) | [1] | (117.2) | [1] | ||
Net cash from operations | 826.3 | 936.7 | [1] | 752.8 | [1] | ||
Dividends paid/advanced | (70.7) | (40.7) | [1] | (28.9) | [1] | ||
- Owners of the parent | (62.8) | (39.2) | [1] | (15.1) | [1] | ||
- Non-controlling interest holders | (6.4) | (0.2) | [1] | (12.1) | [1] | ||
- South Deep BEE dividend | (1.5) | (1.3) | [1] | (1.7) | [1] | ||
Cash generated by continuing operations | 755.6 | 896 | [1] | 723.9 | [1] | ||
Cash generated by discontinued operations | 6.8 | 21.5 | [1] | 20 | [1] | ||
Cash flows from investing activities | (908.6) | (867.9) | [1] | (651.5) | [1] | ||
Additions to property, plant and equipment | (833.6) | (628.5) | [1] | (614.1) | [1] | ||
Proceeds on disposal of property, plant and equipment | 23.2 | 2.3 | [1] | 3.1 | [1] | ||
Purchase of Gruyere Gold Project assets | 0 | (197.1) | [1] | 0 | [1] | ||
Purchase of investments | (80.1) | (12.7) | [1] | (3) | [1] | ||
Proceeds on disposal of investments | 0 | 4.4 | [1] | 0 | [1] | ||
Proceeds on disposal of Darlot | 5.4 | 0 | [1] | 0 | [1] | ||
Environmental trust funds and rehabilitation payments | (16.7) | (14.8) | [1] | (17.5) | [1] | ||
Cash utilised in continuing operations | (901.8) | (846.4) | [1] | (631.5) | [1] | ||
Cash utilised in discontinued operations | (6.8) | (21.5) | [1] | (20) | [1] | ||
Cash flows from financing activities | 84.2 | 37 | [1] | (88.3) | [1] | ||
Shares issued | 0 | 151.5 | [1] | 0 | [1] | ||
Loans raised | 779.7 | 1,298.7 | [1] | 506 | [1] | ||
Loans repaid | (695.5) | (1,413.2) | [1] | (594.3) | [1] | ||
Cash generated by/(utilised in) continuing operations | 84.2 | 37 | [1] | (88.3) | [1] | ||
Cash generated by discontinued operations | 0 | 0 | [1] | 0 | [1] | ||
Net cash (utilised)/generated | (62) | 86.6 | [1] | 4.1 | [1] | ||
Effect of exchange rate fluctuation on cash held | 14.3 | 0.1 | [1] | (22.1) | [1] | ||
Cash and cash equivalents at beginning of the year | [1] | 526.7 | [2] | 440 | 458 | ||
Cash and cash equivalents at end of the year | $ 479 | $ 526.7 | [1],[2] | $ 440 | [1] | ||
[1] | The restatement is as a result of the discontinued operations. | ||||||
[2] | As Restated - Refer note 40 for further details. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Accounting policies | Accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, except for the adoption of new and revised standards and interpretations. Gold Fields Limited (the “Company” or “Gold Fields”) is a company domiciled in South Africa. The registration number of the Company is 1968/004880/06. The address of the Company is 150 Helen Road, Sandton, Johannesburg. The consolidated financial statements of the Company as at 31 December 2017 and 2016 and for each of the years in the three-year period ended 31 December 2017 comprise the Company and its subsidiaries (together referred to as the “Group” and individually as “Group entities”) as well as the Group’s share of the assets, liabilities, income and expenses of its joint operation and the Group’s interest in associates and its joint venture. The Group is primarily involved in gold mining. 1. BASIS OF PREPARATION The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act. The consolidated financial statements have been prepared under the historical cost convention, as modified by available-for-sale As required by the United States Securities and Exchange Commission, the financial statements include the consolidated statements of financial position as at 31 December 2017 and 2016, and the consolidated income statements and statements of comprehensive income, changes in equity and cash flows for the years ended 31 December 2017, 2016 and 2015 and the related notes. The consolidated financial statements were authorised for issue by the Board of Directors on 27 March 2018. Standards, interpretations and amendments to published standards effective for the year ended 31 December 2017 During the financial year, the following new and revised accounting standards, amendments to standards and new interpretations were adopted by the Group: Standard(s) Amendment(s) Interpretation(s) Nature of the Salient features of the changes Impact on IAS 7 Amendments • The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash No impact IAS 12 Amendments • The amendments provide additional guidance on the existence of deductible temporary differences; and • The amendments also provide additional guidance on the methods used to calculate future taxable profit to establish whether a deferred tax asset can be recognised. No impact Standards, interpretations and amendments to published standards which are not yet effective Certain new standards, amendments and interpretations to existing standards have been published that apply to the Group’s accounting periods beginning on 1 January 2018 or later periods but have not been early adopted by the Group. These standards, amendments and interpretations that are relevant to the Group are: Standard(s) Amendment(s) Interpretation(s) Nature of the Salient features of the changes Effective date* IFRS 2 Amendments • The amendments cover three accounting areas: - Measurement of cash-settled share-based payments; - Classification of share-based payments settled net of tax withholdings; and - Accounting for a modification of a share-based payment from cash-settled to equity-settled. • The amendment does not have a material impact on the Group. 1 January 2018 IFRS 9 New standard • This IFRS sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial Financial Instruments • This IFRS contains a new classification and measurement approach for financial assets that reflects the business model in which the assets are managed and their cash flow characteristics. The three principal 1 January 2018 classification categories for financial assets are: measured at amortised cost, fair value through profit or loss (“FVTPL”) and fair value through other comprehensive income (“FVOCI”); • Based on the Group’s assessment, the Group believes that the new classification if applied at 31 December 2017, would not have a significant impact on its accounting for financial assets. The Group’s available-for-sale • The new measurement principles will not have a material impact on the Group. IFRS 15 New standard • This IFRS introduces a new revenue recognition model for contracts with customers and establishes a comprehensive framework for determining whether, how much and when revenue is recognised. IFRS 15 also includes extensive new disclosure requirements; • The Group has assessed the impact of adopting IFRS 15 and has determined the impact as follows: • Revenue will be recognised when the customer takes control of the gold, copper and silver. The timing of recognition of revenue will no longer be when risks and rewards of ownership pass to the customer; • The change in timing of revenue recognition will result in revenue at the South African and Australian operations being recognised on settlement date (date when control passes) and not contract date (previous date when risks and rewards of ownership pass). There is no change to the revenue recognition at any of the other operations given that the date of control is the same date as when risks and rewards of ownership pass. The change in timing of revenue recognition for the South African and Australian operations will be that revenue will be recognised approximately two days later than it currently is recognised. As approximately 0.3% of 2017 revenue will 1 January 2018 now be recognised in 2018, the adoption of IFRS 15 will not have a material impact on the revenue of the Group; and • The Group will adopt IFRS 15 using the cumulative effect method, with the effect of initially applying this standard at the date of initial application (i.e. 1 January 2018). As a result, the Group will not apply the requirements of IFRS 15 to the comparative periods presented. IFRS 16 New standard • This IFRS sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer (‘lessee’) and the supplier (‘lessor’); • IFRS 16 replaces the previous leases Standard, IAS 17 Leases, • IFRS 16 has one model for lessees which will result in almost all leases being included on the statement of financial position. No significant changes have been included for lessors; and • Management has commenced compiling a list of all potential leases and is in the process of reviewing all such contracts in order to assess the impact the standard will have on the Group. 1 January 2019 IFRIC 23 New • This interpretation clarifies the accounting for income tax treatments that have yet to be accepted by tax authorities; • IFRIC 23 specifically clarifies how to incorporate this uncertainty into the measurement of tax as reported in the financial statements; • IFRIC 23 does not introduce any new disclosures but reinforces the need to comply with existing disclosure requirements about judgements made, assumptions and other estimates used and the potential impact of uncertainties that are not reflected • The interpretation will not have a material impact on the Group. 1 January 2019 * Effective date refers to annual period beginning on or after said date. Significant accounting judgements and estimates Use of estimates: The preparation of the financial statements in accordance with IFRS requires the Group’s management to make estimates and assumptions 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. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results could differ from those estimates. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves and resources that are the basis of future cash flow estimates used for impairment assessments and units-of-production Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year are discussed below. Mineral reserves and resources estimates Mineral reserves are estimates of the amount of product, inclusive of diluting materials and allowances for losses, which can be economically and legally extracted from the Group’s properties, as determined by life-of-mine pre-feasibility Mineral resources are estimates, based on specific geological evidence and knowledge, including sampling, of the amount of product in situ, for which there is a reasonable prospect for eventual legal and economic extraction. In order to calculate the reserves and resources, estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, capital expenditure, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and grade of the mineral reserves and resources is based on exploration and sampling information gathered through appropriate techniques (primarily diamond drilling, reverse circulation drilling, air-core The Group is required to determine and report on the mineral reserves and resources in accordance with the South African Mineral Resource Committee (“SAMREC”) code on an annual basis. Estimates of mineral reserves and resources may change from year to year due to the change in economic, regulatory, infrastructural or social assumptions used to estimate ore reserves and resources, and due to additional geological data becoming available. Changes in reported proven and probable reserves may affect the Group’s financial results and position in a number of ways, including the following: • The recoverable amount used in the impairment calculations may be affected due to changes in estimated cash flows or timing thereof; • Amortisation and depreciation charges to profit or loss may change as these are calculated on the units-of-production • Provision for environmental rehabilitation costs may change where changes in ore reserves affect expectations about the timing or cost of these activities; and • The carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits. Changes in reported measured and indicated resources may affect the Group’s financial results and position in a number of ways, including the following: • The recoverable amount used in the impairment calculations may be affected due to changes in estimated market value of resources exclusive of reserves; and • Amortisation and depreciation charges for the mineral rights asset at the Australian operations may change as a result of the change in the portion of mineral rights asset being transferred from the non-depreciable Carrying value of property, plant and equipment and goodwill All mining assets are amortised using the units-of-production Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life based on proved and probable mineral reserves. The calculation of the units-of-production • Changes in proved and probable mineral reserves; • Differences between actual commodity prices and commodity price assumptions; • Unforeseen operational issues at mine sites; • Changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign currency exchange rates; and • Changes in mineral reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine. The Group reviews and tests the carrying value of long-lived assets annually or when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing the recoverable amounts to these carrying values. In addition, goodwill is tested for impairment on an annual basis. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment may have occurred, estimates are prepared of recoverable amounts of each group of assets. The recoverable amounts of cash-generating units (“CGU”) and individual assets have been determined based on the higher of value-in-use An individual operating mine does not have an indefinite life because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine. In accordance with the provisions of IAS 36 Impairment of Assets, year-end. The Group generally used FVLCOD to determine the recoverable amount of each CGU. Significant assumptions used in the Group’s impairment assessments (FVLCOD calculations) include: 2017 2016 US$ Gold price per ounce - year 1 US$1,200 US$1,100 US$ Gold price per ounce - year 2 US$1,300 US$1,200 US$ Gold price per ounce - year 3 onwards US$1,300 US$1,300 Rand Gold price per kilogram - year 1 R525,000 R500,000 Rand Gold price per kilogram - year 2 R525,000 R550,000 Rand Gold price per kilogram - year 3 onwards R525,000 R600,000 A$ Gold price per ounce - year 1 A$1,600 A$1,500 A$ Gold price per ounce - year 2 A$1,700 A$1,600 A$ Gold price per ounce - year 3 onwards A$1,700 A$1,700 US$ Copper price per tonne - year 1 US$5,512 US$5,512 US$ Copper price per tonne - year 2 US$6,171 US$5,512 US$ Copper price per tonne - year 3 onwards US$6,171 US$6,171 Resource value per ounce (used to calculate the value beyond • South Africa (with infrastructure) US$17 US$60 • Ghana (with infrastructure) US$41 US$60 • Peru (with infrastructure) US$41 US$60 • Australia (without infrastructure) US$293 US$60 Discount rates • South Africa - nominal 13.5 % 13.5 % • Ghana - real 9.7 % 9.7 % • Peru - real 4.8 % 4.8 % • Australia - real 3.8 % 3.8 % • Inflation rate - South Africa 1 5.5 % 5.5 % Long-term exchange rates • ZAR/US$ - year 1 13.61 14.14 • ZAR/US$ - year 2 (2016: year 2) 13.16 14.26 • ZAR/US$ - year 3 onwards 13.16 14.36 • US$/A$ - year 1 0.75 0.73 • US$/A$ - year 2 (2016: year 2) 0.76 0.75 • US$/A$ - year 3 onwards 0.76 0.76 1 Due to the availability of unredeemed capital for tax purposes over several years into the life of the South Deep mine, nominal cash flows are used for South Africa. In order to determine nominal cash flows in South Africa, costs are inflated by the current South African inflation rate. Cash flows for all other operations are in real terms and as a result are not inflated. The FVLCOD calculations are very sensitive to the gold price assumptions and an increase or decrease in the gold price could materially change the FVLCOD. Should there be a significant decrease in the gold price, the Group would take actions to assess the implications on the life-of-mine The carrying amount of property, plant and equipment at 31 December 2017 was US$4,892.9 million (2016: US$4,524.6 million and 2015: US$4,295.6 million). The carrying value of goodwill at 31 December 2017 was US$76.6 million (2016: US$317.8 million and 2015: US$295.3 million). An impairment of US$277.8 million (2016: US$nil and 2015: US$nil) was recognised in respect of the South Deep CGU at 31 December 2017. Production start date The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various relevant criteria to assess when the mine is substantially complete, ready for its intended use and moves into the production stage. Some of the criteria would include, but are not limited to the following: • The level of capital expenditure compared to the construction cost estimates; • Ability to produce metal in saleable form (within specifications); and • Ability to sustain commercial levels of production of metal. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities or ore reserve development. Stockpiles, gold in process and product inventories Costs that are incurred in or benefit the productive process are accumulated as stockpiles, gold in process, ore on leach pads and product inventories. Net realisable value tests are performed on a monthly basis for short-term stockpiles, gold in process and product inventories and at least annually for long-term stockpiles and represent the estimated future sales price of the product based on prevailing spot metals prices at the reporting date, less estimated costs to complete production and bring the product to sale. If any inventories are expected to be realised in the long term, estimated future sales prices are used for valuation purposes. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained gold ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile tonnages are verified by periodic surveys. Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor the recoverability 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 net realisable value are accounted for on a prospective basis. The carrying amount of total gold-in-process (non-current Provision for environmental rehabilitation costs The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for the provision of environmental rehabilitation costs in the period in which they are incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life-of-mine Refer note 25.1 of the consolidated financial statements for details of key assumptions used to estimate the provision. The carrying amounts of the provision for environmental rehabilitation costs at 31 December 2017 was US$281.5 million (2016: US$283.1 million). Provision for silicosis settlement costs The Group has an obligation in respect of a possible settlement of the silicosis class action claims and related costs. The Group recognises management’s best estimate for the provision of silicosis settlement costs. The ultimate outcome of the class action remains uncertain, with a possible failure to reach a settlement or to obtain the requisite court approval for a potential settlement. The provision is consequently subject to adjustment in the future, depending on the progress of the Working Group discussions, stakeholder engagements and the ongoing legal proceedings. Refer notes 25.3 and 34 of the consolidated financial statements for further details. The carrying amounts of the provision for silicosis settlement costs at 31 December 2017 was US$31.9 million (2016: US$nil). Income taxes The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the liability for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The Group recognises the future tax benefits related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future periods. Carrying values at 31 December 2017: • Deferred taxation liability: US$453.9 million (2016: US$458.6 million and 2015: US$482.2 million) • Deferred taxation asset: US$72.0 million (2016: US$48.7 million and 2015: US$54.1 million) • Taxation payable: US$77.5 million (2016: US$107.9 million) Refer note 9 for details of unrecognised deferred tax assets. Share-based payments The Group issues equity-settled share-based payments to executive directors, certain officers and employees. The fair value of these instruments is measured at grant date, using the Black-Scholes and Monte Carlo simulation valuation models, which require assumptions regarding the estimated term of the option, share price volatility and expected dividend yield. While Gold Fields’ management believes that these assumptions are appropriate, the use of different assumptions could have a material impact on the fair value of the option granted and the related recognition of the share-based payments expense in the consolidated income statement. Gold Fields’ options have characteristics significantly different from those of traded options and therefore fair values may also differ. The income statement charge from continuing operations for the year ended 31 December 2017 was US$26.8 million (2016: US$14.0 million and 2015: US$10.7 million). Financial instruments The estimated fair value of financial instruments is determined at discrete points in time, based on the relevant market information. The fair value is calculated with reference to market rates using industry valuation techniques and appropriate models. The carrying values of derivative financial instruments included in trade and other receivables at 31 December 2017 was US$25.0 million (2016: US$nil) and included in trade and other payables US$3.3 million (2016: US$nil). Contingencies By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, a liability is recorded based on the best estimate of the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of losses may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided. Refer note 34 for details on contingent liabilities. Business combinations Determination of whether a set of assets acquired and liabilities assumed constitute the acquisition of a business or asset may require the Group to make certain judgements as to whether or not the assets acquired and liabilities assumed include the inputs, processes and outputs necessary to constitute a business as defined in IFRS 3 Business Combinations. 2. CONSOLIDATION 2.1 Business combinations The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred, other than those associated with the issue of debt or equity securities. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition non-controlling non-controlling non-controlling non-controlling The excess of the consideration transferred, the amount of any non-controlling If a transaction does not meet the definition of a business under IFRS, the transaction is recorded as an asset acquisition. Accordingly, the identifiable assets acquired and liabilities assumed are measured at the fair value of the consideration paid, based on their relative fair values at the acquisition date. Acquisition-related costs are included in the consideration paid and capitalised. Any contingent consideration payable that is dependent on the purchaser’s future activity is not included in the consideration paid until the activity requiring the payment is performed. Any resulting future amounts payable are recognised in profit or loss when incurred. No goodwill and no deferred tax asset or liability arising from the assets acquired and liabilities assumed are recognised upon the acquisition of assets. 2.2 Subsidiaries Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date on which control ceases. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. 2.3 Transactions with non-controlling The Group treats transactions with non-controlling non-controlling non-controlling 2.4 Equity accounted investees The Group’s interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and the other comprehensive income of equity accounted investees, until the date on which significant influence or joint control ceases. Results of associates and joint ventures are equity accounted using the results of their most recent audited financial statements. Any losses from associates or joint ventures are brought to account in the consolidated financial statements until the interest in such associates or joint ventures is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such associates or joint ventures. The carrying value of an investment in associate and joint ventures represents the cost of the investment, including goodwill, a share of the post-acquisition retained earnings and losses, any other movements in reserves and any accumulated impairment losses. The carrying value is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the higher of value in use or fair value less cost of disposal. If an impairment in value has occurred it is recognised in profit or loss in the period in which the impairment arose. 2.5 Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the use of assets and obligations for the liabilities of the arrangement. The Group accounts for activities under joint operations by recognising in relation to the joint operation, the assets it controls and the liabilities it incurs, the expenses it incurs and the revenue from the sale or use of its share of the joint operations output. 3. FOREIGN CURRENCIES 3.1 Functional and presentation currency Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in US Dollar. 3.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. Translation differences on available-for-sale 3.3 Foreign operations The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: Assets and liabilities are translated at the exchange rate ruling at the reporting date (ZAR/US$: 12.58; US$/A$: 0.77 (2016: ZAR/US$: 14.03; US$/A$: 0.72 and 2015: ZAR/US$: 15.10; US$/A$: 0.73)). Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year (ZAR/US$: 13.33; US$/A$: 0.77 (2016: ZAR/US$: 14.70; US$/A$: 0.75 and 2015: ZAR/US$: 12.68; US$/A$: 0.75)), unless this average was not a reasonable approximation of the rates prevailing on the transaction dates, in which case these items were translated at the rate prevailing on the date of the transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences will be recognised in profit or loss upon realisation of the underlying operation. On consolidation, exchange differences arising from the tr |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Revenue | 1. REVENUE UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 Revenue from mining operations 2,761.8 2,666.4 2,454.1 |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2017 | |
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Cost of Sales | 2. COST OF SALES UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 Salaries and wages (414.7 ) (388.1 ) (368.0 ) Consumable stores (346.7 ) (346.3 ) (380.7 ) Utilities (150.1 ) (169.8 ) (162.4 ) Mine contractors (307.4 ) (308.4 ) (284.9 ) Other (207.6 ) (163.1 ) (175.5 ) Cost of sales before gold inventory change and amortisation and depreciation (1,426.5 ) (1,375.7 ) (1,371.5 ) Gold inventory change 69.5 45.9 (25.5 ) Cost of sales before amortisation and depreciation (1,357.0 ) (1,329.8 ) (1,397.0 ) Amortisation and depreciation 2 (748.1 ) (671.4 ) (591.5 ) Total cost of sales (2,105.1 ) (2,001.2 ) (1,988.5 ) |
Investment Income
Investment Income | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Investment Income | 3. INVESTMENT INCOME UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 Interest received – environmental trust funds 0.5 1.0 0.4 Interest received – cash balances 5.1 7.3 5.9 Total investment income 5.6 8.3 6.3 |
Finance Expense
Finance Expense | 12 Months Ended |
Dec. 31, 2017 | |
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Finance Expense | 4. FINANCE EXPENSE UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 Interest expense – environmental rehabilitation (12.1 ) (10.7 ) (11.7 ) Unwinding of discount on silicosis settlement costs (0.9 ) — — Interest expense – borrowings (91.2 ) (82.5 ) (87.8 ) Borrowing costs capitalised 22.9 15.1 16.6 Total finance expense (81.3 ) (78.1 ) (82.9 ) 1 Refer note 40 for further details. 2 The methodology for amortisation and depreciation at Cerro Corona was amended in 2017, changing to gold ounces produced from tonnes mined. Gold ounces are considered a better reflection of the pattern in which the mine’s future economic benefits are expected to be consumed by the mine in line with the declining grade over the life-of-mine. 2 The impact of the change in useful life at Cerro Corona resulted in an increase in amortisation and depreciation of US$24.5 million for the 2017 year. 2 The methodology for amortisation of the mineral rights asset at the Australian operations was corrected during the year. Refer note 40 for further details. 2 The impact of the correction of the amortisation methodology at the Australian operations resulted in an increase in amortisation of US$5.7 million for the 2017 year. 2 Given the nature of the inputs used to calculate the amortisation and depreciation, namely future production as well as proven and probable reserves, it is not practicable to estimate the future impact the change in useful life and correction in methodology will have on amortisation and depreciation. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2017 | |
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Share-Based Payments | 5. SHARE-BASED PAYMENTS The Group granted equity-settled instruments comprising share options and restricted shares to executive directors, certain officers and employees. During the year ended 31 December 2017, the following share plans were in place: The Gold Fields Limited 2005 Share Plan, the Gold Fields Limited 2012 Share Plan and the Gold Fields Limited 2012 Share Plan as amended in 2016. During 2016, the Gold Fields Limited 2012 Share Plan as amended in 2016 was introduced to replace the long-term incentive plan (“LTIP”). Allocations under this plan were made during 2016 and 2017. The following information is available for each plan: UNITED STATES DOLLAR 2017 2016 2015 Continuing operations Discontinued operations Continuing Discontinued Continuing Discontinued (a) Gold Fields Limited 2005 Share Plan — — — — — — (b)(i) Gold Fields Limited 2012 Share Plan - Performance shares — — 1.9 — 8.0 0.2 - Bonus shares — — — — 2.7 — (b)(ii) Gold Fields Limited 2012 Share Plan amended - Performance shares 24.5 0.6 12.1 0.4 — — - Retention shares 2.1 — — — — — - Restricted/Matching shares 0.2 — — — — — Total included in profit or loss for the year 26.8 0.6 14.0 0.4 10.7 0.2 (a) Gold Fields Limited 2005 Share Plan At the Annual General Meeting on 17 November 2005, shareholders approved the adoption of the Gold Fields Limited 2005 Share Plan to replace the GF Management Incentive Scheme approved in 1999. The plan provided for two methods of participation, namely the Performance Allocated Share Appreciation Rights Method (“SARS”) and the Performance Vesting Restricted Share Method (“PVRS”). This plan sought to attract, retain, motivate and reward participating employees on a basis which sought to align the interests of such employees with those of the Company’s shareholders. No further allocations of options under this plan are being made following the introduction of the Gold Fields Limited 2012 Share Plan (see below) and the plan will be closed once all options have been exercised or forfeited. The following table summarises the movement of share options under the Gold Fields Limited 2005 Share Plan during the years ended 31 December 2017, 2016 and 2015: 2017 2016 2015 Share appreciation rights (SARS) Average instrument price (US$) Share Average Share Average Outstanding at beginning of the year 530,611 7.39 1,025,178 6.03 1,818,261 7.89 Movement during the year: Forfeited (519,090 ) 7.75 (494,567 ) 5.27 (793,083 ) 7.34 Outstanding at end of the year (vested) 11,521 9.42 530,611 7.39 1,025,178 6.03 (b)(i) Gold Fields Limited 2012 Share Plan – awards prior to 1 March 2016 At the Annual General Meeting on 14 May 2012 shareholders approved the adoption of the Gold Fields Limited 2012 Share Plan to replace the Gold Fields Limited 2005 Share Plan. The plan provided for two methods of participation, namely the Performance Share Method (“PS”) and the Bonus Share Method (“BS”). This plan sought to attract, retain, motivate and reward participating employees on a basis which sought to align the interests of such employees with those of the Company’s shareholders. No further allocations of options under this plan are being made following the introduction of the Gold Fields Limited 2012 Share Plan amended – awards after 1 March 2016 (see below) and the plan was closed. The salient features of the plan were: • PS were offered to participants annually in March. Quarterly allocations of PS were also made in June, September and December on a pro rata basis to qualifying new employees. PS were performance-related shares, granted at zero cost (the shares are granted in exchange for the rendering of service by participants to the Group 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 was determined by the Group’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 Group’s planned gold production over the three-year measurement period as set out in the business plans of the Group 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 resulted in the settlement of shares was measured by the Company’s share price performance relative to the share price performance of the following peer gold mining companies, collectively referred to as “the peer group”, over the three-year period: - AngloGold Ashanti; - Barrick Gold Corporation; - Goldcorp Incorporated; - Harmony Gold Mining Company; - Newmont Mining Corporation; - Newcrest Mining Limited; and - Kinross Gold Corporation. • The performance of the Company’s shares against the shares of the peer group was measured for the three-year period running from the relevant award date; • BS were offered to participants annually in March; and • Based on the rules of the plan, the actual number of BS which would be settled in equal proportions to a participant over a nine-month and a 18-month The following table summarises the movement of share options under the Gold Fields Limited 2012 Share Plan during the years ended 31 December 2017, 2016 and 2015: 2017 2016 2015 Performance shares (PS) Performance Performance Bonus Outstanding at beginning of the year 393,178 2,446,922 4,316,657 2,161,922 Movement during the year: Granted — 393,178 — — Exercised and released — (2,428,904 ) (1,704,704 ) (2,094,343 ) Forfeited (393,178 ) (18,018 ) (165,031 ) (67,579 ) Outstanding at end of the year — 393,178 2,446,922 — (b)(ii) Gold Fields Limited 2012 Share Plan amended – awards after 1 March 2016 At the Annual General Meeting on 18 May 2016, shareholders approved the adoption of the revised Gold Fields Limited 2012 Share Plan to replace the LTIP. The plan provides for four types of participation, namely Performance Shares (“PS”), Retention Shares (“RS”), Restricted Shares (“RSS”) and Matching Shares (“MS”). This plan is in place 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. Allocations of options under this plan were made during 2016 and 2017. Currently, the last vesting date is 28 February 2020. The salient features of the plan were: • PS are offered to participants annually in March. PS are performance-related shares, granted at zero cost (the shares are granted in exchange for the rendering of service by participants to the Group 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 will be settled to a participant three years after the original award date is determined by the following performance conditions: Performance Weighting Threshold Target Stretch and cap Absolute total shareholder return (“TSR”) 33% N/A – No vesting below target Compounded cost of equity in real terms over three-year performance period Compounded cost of equity in real terms over three-year performance period +6% per annum Relative TSR 33% Median of the peer group Linear vesting to apply between median and upper quartile performance and capped at upper quartile performance Free cash flow margin (“FCFM”) 34% Average FCFM over performance period of 5% at a gold price of $1,300/oz – margin to be adjusted relative to the actual gold price for the three-year period Average FCFM over performance period of 15% at a gold price of $1,300/oz – margin to be adjusted relative to the actual gold price for the three-year period Average FCFM over performance period of 20% at a gold price of $1,300/oz – margin to be adjusted relative to the actual gold price for the three-year period The vesting profile will be as follows: Performance condition Threshold Target Stretch and cap Absolute TSR 1, 4 0 % 100 % 200 % Relative TSR 1, 3, 4 0 % 100 % 200 % FCFM 2 0 % 100 % 200 % 1 Absolute TSR and relative TSR: Linear vesting will occur between target and stretch (no vesting occurs for performance below target). 2 FCFM: Linear vesting will occur between threshold, target and stretch. 3 The peer group consists of 10 companies: AngloGold Ashanti, Goldcorp, Barrick, Eldorado Gold, Randgold, Yamana, Agnico Eagle, Kinross, Newmont and Newcrest. 4 TSR will be calculated as the compounded annual growth rate (“CAGR”) of the TSR index between the average of the 60 trading days up to the first day of the performance period and the average of the 60 trading days up to the last day of the performance period. TSR will be defined as the return on investing in ordinary shares in the Company at the start of the performance period, holding the shares and reinvesting the dividends received on the portfolio in Gold Fields shares over the performance period. The USD TSR index, provided by external service providers will be based on the US$ share price. • RS can be awarded on an ad hoc basis to key employees where a retention risk has been identified. These will be subject to the vesting condition of service over a period of three years only; • RSS: In 2016, Gold Fields implemented a Minimum Shareholding Requirement (“MSR”) where executives are required to build and to hold a percentage of their salary in Gold Fields shares over a period of five years. Executives will be given the opportunity (as at the approval date of the MSR), prior to the annual bonus being communicated or the upcoming vesting date of the LTIP award or PS, to elect to receive all or a portion of their annual bonus or cash LTIP in restricted shares or to convert all or a portion of their unvested PS into restricted shares towards fulfilment of the MSR. These shares are subject to the holding period as set out below. This holding period will mean that the restricted shares may not be sold or disposed of and that the beneficial interest must be retained therein until the earlier of: • Notice given by the executive, provided that such notice may only be given after five years from the start of the holding period; • Termination of employment of that employee, i.e. retirement, retrenchment, ill health, death, resignation or dismissal; • Abolishment of the MSR; or • In special circumstances such as proven financial hardship or compliance with the MSR, upon application by the employee and approval by the Remuneration Committee. MS: To facilitate the introduction of the MSR policy and to compensate executives for participating in RSS and holding their shares for an additional five years, thus exposing themselves to further market volatility, the Company intends to make a matching award. This is intended to entail a conditional award of shares of one share for every three shares committed towards the MSR (matching shares), rounded to the nearest full share. The matching shares will vest on a date that corresponds with the end of the holding period of the shares committed towards the MSR provided the executive is still in the employment of the Company and has met the MSR requirements of the MSR policy, including having sustainably accumulated shares to reach the MSR over the five-year holding period. At 31 December 2017, the maximum number of matching shares that could vest, based on shares already committed to MSR, at the end of five years was 403,027 (2016: 169,158) shares. • MS: To facilitate the introduction of the MSR policy and to compensate executives for participating in RSS and holding their shares for an additional five years, thus exposing themselves to further market volatility, the Company intends to make a matching award. This is intended to entail a conditional award of shares of one share for every three shares committed towards the MSR (matching shares), rounded to the nearest full share. The matching shares will vest on a date that corresponds with the end of the holding period of the shares committed towards the MSR provided the executive is still in the employment of the Company and has met the MSR requirements of the MSR policy, including having sustainably accumulated shares to reach the MSR over the five-year holding period. At 31 December 2017, the maximum number of matching shares that could vest, based on shares already committed to MSR, at the end of five years was 403,027 (2016: 169,158) shares. The following table summarises the movement of share options under the Gold Fields Limited 2012 Share Plan as amended in 2016 during the years ended 31 December 2017 and 2016: 2017 2016 Performance shares (PS) Performance Outstanding at beginning of the year 8,138,472 — Movement during the year: Granted 11,744,152 8,196,037 Exercised and released (34,827 ) — Forfeited (1,568,667 ) (57,565 ) Outstanding at end of the year 18,279,130 8,138,472 None of the outstanding options of 18,279,130 above have vested. 2017 2016 The fair value of equity instruments granted during the year ended 31 December 2017 and 2016 were valued using the Monte Carlo simulation model: Monte Carlo simulation Performance shares This model is used to value the performance shares. The inputs to the model for options granted during the year were as follows: - 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) 64.3 % 58.1 % - expected term (years) 3 years 3 years - dividend yield 1 n/a n/a - weighted average three-year risk free interest rate (based on US interest rates) 1.6 % 0.5 % - weighted average fair value (United States dollars) 4.2 2.6 1 There is no dividend yield applied to the Monte Carlo simulation model as the performance conditions follow a total shareholder return method. Summary: The following table summarises information relating to the options and equity-settled instruments under all plans outstanding at 31 December 2017, 2016 and 2015: 2017 2016 2015 Range of exercise prices for Number of Price (US$) Contractual (years) Number of Price Contractual Number of Price Contractual n/a* 18,279,130 — — 8,531,650 — — 2,446,922 — — 4.28 - 6.06 — — — — — — 448,296 5.03 0.22 6.07 - 7.84 — — — 3,835 6.79 0.50 33,641 5.86 0.60 7.85 - 9.62 — — — 515,255 7.37 0.34 531,720 6.84 1.35 9.63 - 11.40 11,521 9.42 — 11,521 8.44 1.00 11,521 7.84 2.01 Total outstanding at end of the year 18,290,651 9,062,261 3,472,100 * Restricted shares (“PVRS”) are awarded for no consideration. Weighted average share price during the year on the Johannesburg Stock Exchange (US$) 3.76 4.29 3.55 The compensation costs related to awards not yet recognised under the above plans at 31 December 2017, 2016 and 2015 amount to US$53.0 million, US$36.6 million and US$1.5 million, respectively, and are to be recognised over four years. The directors were authorised to issue and allot all or any of such shares required for the plans, but in aggregate all plans may not exceed 41,076,635 of the total issued ordinary shares capital of the Company. An individual participant may also not be awarded an aggregate of shares from all or any such plans exceeding 4,107,663 of the Company’s total issued ordinary share capital. The unexercised options and shares under all plans represented 2.2% of the total issued ordinary share capital at 31 December 2017. |
Impairment, Net of Reversal of
Impairment, Net of Reversal of Impairment of Investments and Assets | 12 Months Ended |
Dec. 31, 2017 | |
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Impairment, Net of Reversal of Impairment of Investments and Assets | 6. IMPAIRMENT, NET OF REVERSAL OF IMPAIRMENT OF INVESTMENTS AND ASSETS UNITED STATES DOLLAR 2017 2016 2015 Investments (3.7 ) (0.1 ) (117.4 ) Listed investments (0.5 ) (0.1 ) (8.5 ) Unlisted investments (3.2 ) — — Equity accounted investees - Hummingbird Resources Plc (“Hummingbird”) 1 — — (7.5 ) - Far Southeast Gold Resources Incorporated (“FSE”) 2 — — (101.4 ) Property, plant and equipment 81.3 (76.4 ) (81.5 ) Reversal of impairment of Arctic Platinum (“APP”) 3 39.0 — (39.0 ) Reversal of impairment and impairment of property, plant 4 42.3 (76.4 ) (42.5 ) Goodwill (277.8 ) — — South Deep goodwill 5 (277.8 ) — — Inventories — — (8.0 ) Stockpiles and consumables 6 — — (8.0 ) Impairment, net of reversal of impairment of investments and assets (200.2 ) (76.5 ) (206.9 ) 1 Following the identification of impairment indicators at 30 June 2015, the investment in Hummingbird was valued at its recoverable amount, which resulted in an impairment of US$7.5 million. The recoverable amount was based on the investment’s fair value at the time, being its quoted market price (level 1 of the fair value hierarchy). The impairment is included in the “Corporate and other” segment. 2 Following the identification of impairment indicators at 31 December 2015, FSE was valued at its recoverable amount which resulted in an impairment of US$101.4 million. The recoverable amount was based on the fair value less cost of disposal (“FVLCOD”) of the investment (level 2 of the fair value hierarchy). FVLCOD was indirectly derived from the market value of Lepanto Consolidated Mining Company, being the 60% shareholder of FSE. The impairment is included in the “Corporate and other” segment. 3 Following the Group’s decision during 2013 to dispose of non-core year-end. 4 Reversal of impairment and impairment of property, plant and equipment is made up as follows: UNITED STATES DOLLAR 2017 2016 2015 – Redundant assets at Cerro Corona (2015: Cerro Corona) (0.8 ) — (6.7 ) – Reversal of cash-generating unit impairment at Cerro Corona (2016: impairment of $66.4 million) 53.4 (66.4 ) — (The impairment in 2016 was due to the reduction in gold and copper reserves due to depletion, a decrease in the gold and copper price assumptions for 2017 and 2018, a lower resource price and an increase in the Peru tax rate. The reversal of the impairment in 2017 was due to a higher value-in-use pre-feasibility life-of-mine in-pit – Damang assets held for sale — (7.6 ) — (Following the Damang re-investment – Asset-specific impairment at Tarkwa (6.8 ) — — (Relating to aged, high maintenance and low effectiveness mining fleet that is no longer used). – Asset-specific impairment at Damang (3.5 ) (2.4 ) (35.8 ) (Relating to all assets at the Rex pit. Following a series of optimisations, the extensional drilling, completed in 2017, failed to deliver sufficient tonnages at viable grades to warrant further work (2016: inoperable mining fleet that is no longer used under the current life-of-mine life-of-mine Reversal of impairment and impairment of property, plant and equipment – other 42.3 (76.4) (42.5) 5 At 31 December 2017, the Group recognised an impairment of R3,495.0 billion (US$277.8 million) at South Deep. The recoverable amount was based on its FVLCOD calculated using a combination of the market and the income approach (level 3 of the fair value hierarchy). The impairment calculation was based on the 2017 life-of-mine - Gold price of R525,000 per kilogram; - Resource price of US$17 per ounce at the Rand/Dollar exchange rate of R12.58; - Resource ounces of 29.0 million ounces; - Life-of-mine: - Discount rate: 13.5% nominal. The impairment is due to a reduction in the gold price assumptions, a lower resource price and a deferral of production. 6 Net realisable value write-down of stockpiles at Damang. |
Included in Profit Before Royal
Included in Profit Before Royalties and Taxation | 12 Months Ended |
Dec. 31, 2017 | |
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Included in Profit Before Royalties and Taxation | 7. INCLUDED IN PROFIT BEFORE ROYALTIES AND TAXATION ARE THE FOLLOWING: UNITED STATES DOLLAR 2017 2016 2015 Operating lease charges 1 (2.4 ) (2.8 ) (2.7 ) Regulatory legal fees 1 — — (0.1 ) Profit on buy-back 1 — 17.7 — Social contributions and sponsorships 1 (19.6 ) (19.3 ) (12.2 ) Global compliance costs 1 — (0.1 ) (3.6 ) Rehabilitation income - continuing operations 1 13.5 9.7 14.6 Rehabilitation income - discontinued operations 1 — 0.2 0.5 1 Included under “Other costs, net” in the consolidated income statement. |
Royalties
Royalties | 12 Months Ended |
Dec. 31, 2017 | |
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Royalties | 8. ROYALTIES UNITED STATES DOLLAR 2017 2016 2015 South Africa (1.8 ) (1.8 ) (1.2 ) Foreign (60.2 ) (76.6 ) (72.7 ) Total royalties (62.0 ) (78.4 ) (73.9 ) Royalty rates South Africa (effective rate) 2 0.5 % 0.5 % 0.5 % Australia 3 2.5 % 2.5 % 2.5 % Ghana 4 3.0 % 5.0 % 5.0 % Peru 5 4.6 % 6.4 % 4.0 % 1 Included under “Other costs, net” in the consolidated income statement. 2 The Mineral and Petroleum Resource Royalty Act 2008 (“Royalty Act”) was promulgated on 24 November 2008 and became effective from 1 March 2010. The Royalty Act imposes a royalty on refined (mineral resources that have undergone a comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the Act) and unrefined (mineral resources that have undergone limited beneficiation as defined in Schedule 2 of the Act) minerals payable to the state. The royalty in respect of refined minerals (which include gold refined to 99.5% and above and platinum) is calculated by dividing earnings before interest and taxes (“EBIT”) by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% has been introduced on refined minerals. The effective rate of royalty tax payable for the year ended 31 December 2017 was 0.5% of mining revenue (2016: 0.5% and 2015: 0.5%) equalling the minimum charge per the formula. 3 The Australian operations are subject to a 2.5% (2016: 2.5% and 2015: 2.5%) gold royalty on revenue as the mineral rights are owned by the state. 4 Minerals are owned by the Republic of Ghana and held in trust by the President. During 2016, Gold Fields signed a Development Agreement (“DA”) with the Government of Ghana for both the Tarkwa and Damang mines. This agreement stated that the Ghanaian operations will be subject to a sliding scale for royalty rates, linked to the prevailing gold price (effective 1 January 2017). The sliding scale is as follows: Average gold price Low value High value Royalty rate US$0.00 - US$1,299.99 3.0 % US$1,300.00 - US$1,499.99 3.5 % US$1,450.00 - US$2,299.99 4.1 % US$2,300.00 - Unlimited 5.0 % During 2016 and 2015, the Ghanaian operations were subject to a 5.0% gold royalty on revenue. 5 The Peruvian operations are subject to a mining royalty calculated on a sliding scale with rates ranging from 1% to 12% of the value of operating profit. |
Mining and Income Taxation
Mining and Income Taxation | 12 Months Ended |
Dec. 31, 2017 | |
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Mining and Income Taxation | 9. MINING AND INCOME TAXATION UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 The components of mining and income tax are the following: South African taxation - non-mining (1.2 ) (1.0 ) — - company and capital gains taxation (1.1 ) (3.9 ) (3.5 ) - prior year adjustment - current taxation 0.2 0.3 0.5 - deferred taxation 12.1 (9.5 ) 17.1 Foreign taxation - current taxation (199.8 ) (193.3 ) (138.7 ) - prior year adjustment - current taxation (2.8 ) (6.3 ) — - deferred taxation 19.4 24.2 (118.7 ) - prior year adjustment - deferred taxation — — (5.2 ) Total mining and income taxation (173.2 ) (189.5 ) (248.5 ) Major items causing the Group’s income taxation to differ from the maximum South African statutory mining tax rate of 34.0% (2016: 34.0% and 2015: 34.0%) were: Taxation on profit before taxation at maximum South African statutory mining tax rate (51.8 ) (121.5 ) (3.0 ) Rate adjustment to reflect the actual realised company tax rates in South Africa and offshore 19.2 22.4 21.5 Non-deductible (9.1 ) (4.8 ) (3.6 ) Non-deductible (19.7 ) (15.2 ) (7.7 ) Deferred tax assets not recognised on impairment and reversal 2 13.3 — (53.2 ) Impairment of South Deep goodwill (94.5 ) — — Non-deductible (24.2 ) (24.2 ) (26.9 ) Non-taxable — 0.8 — Non-taxable buy-back — 6.0 — Share of results of equity-accounted investees, net of taxation (0.4 ) (0.8 ) (1.9 ) Net non-deductible non-taxable (5.3 ) (9.7 ) (8.5 ) Deferred tax raised on unremitted earnings at Tarkwa (9.5 ) — — Deferred taxation movement on Peruvian Nuevo Sol devaluation against US Dollar 3 5.2 (1.1 ) (41.0 ) Various Peruvian non-deductible (5.3 ) (8.3 ) (7.8 ) Deferred tax assets not recognised at Cerro Corona and Damang 4 (12.9 ) (34.9 ) (112.5 ) Utilisation of tax losses not previously recognised at Damang 7.1 — — Deferred tax assets recognised at Cerro Corona and Damang 5 19.8 — — Deferred tax release on change of tax rate (2016: Peruvian and Ghanaian operations and 2015: Peruvian operations) — 8.6 4.5 Prior year adjustments (2.6 ) (6.0 ) (4.4 ) Other (2.5 ) (0.8 ) (4.0 ) Total mining and income taxation (173.2 ) (189.5 ) (248.5 ) 1 Refer note 40 for further details. 2 Deferred tax assets not recognised on impairment of investments relate to the impairment and reversal of impairment of FSE, Hummingbird and APP. Refer to note 6 for details of impairments. 3 The functional currency of Cerro Corona is US Dollar, however, the Peruvian tax base is based on values in Peruvian Nuevo Sol. 4 Deferred tax assets amounting to US$12.9 million (2016: US$34.9 million and 2015: US$112.5 million) were not recognised during the year at Cerro Corona and Damang to the extent that there is insufficient future taxable income available. At Cerro Corona, deferred tax assets amounting to US$12.9 million (2016: US$33.5 million and 2015: US$76.9 million) were not recognised during the year related to deductible temporary differences on additions to fixed assets in the current financial year that would only reverse after the end of the life-of-mine 5 Due to year-end pre-feasibility life-of-mine 2017 2016 2015 South Africa - current tax rates Mining tax 1 Y = 34 - 170/X Y = 34 - 170/X Y = 34 - 170/X Non-mining 2 28.0 % 28.0 % 28.0 % Company tax rate 28.0 % 28.0 % 28.0 % International operations - current tax rates Australia 30.0 % 30.0 % 30.0 % Ghana 3 32.5 % 32.5 % 35.0 % Peru 29.5 % 30.0 % 30.0 % 1 South African mining tax on mining income is determined according to a formula which takes into account the profit and revenue from mining operations. South African mining taxable income is determined after the deduction of all mining capital expenditure, with the proviso that this cannot result in an assessed loss. Capital expenditure amounts not deducted are carried forward as unredeemed capital expenditure to be deducted from future mining income. Accounting depreciation is ignored for the purpose of calculating South African mining taxation. The effective mining tax rate for Gold Fields Operations Limited (“GFO”) and GFI Joint Venture Holdings Proprietary Limited (“GFIJVH”), owners of the South Deep mine, has been calculated at 30% (2016: 30% and 2015: 30%). In the formula above, Y is the percentage rate of tax payable and X is the ratio of mining profit, after the deduction of redeemable capital expenditure, to mining revenue expressed as a percentage. 2 Non-mining 3 On 11 March 2016, Gold Fields signed a development agreement with the Government of Ghana for both the Tarkwa and Damang mines. This agreement resulted in a reduction in the corporate tax rate from 35.0% to 32.5%, effective 17 March 2016. Deferred tax is provided at the expected future rate for mining operations arising from temporary differences between the carrying values and tax values of assets and liabilities. At 31 December 2017, the Group had the following estimated amounts available for set-off 2017 2016 Gross Gross tax Gross Gross Gross tax Gross South Africa 1 Gold Fields Operations Limited 716.4 192.5 — 606.4 182.3 — GFI Joint Venture Holdings Proprietary Limited 2, 3 2,427.1 — 1,501.6 1,929.2 — 1,132.6 3,143.5 192.5 1,501.6 2,535.6 182.3 1,132.6 International operations Exploration entities 4 — 445.9 445.9 — 388.8 388.8 Gold Fields Australia Proprietary Limited 5 — — — — 1.2 — Abosso Goldfields Limited 6 — 201.4 63.5 88.8 68.7 157.5 — 647.3 509.4 88.8 458.7 546.3 1 These deductions are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity concerned ceases to operate for a period of 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 utilised by the tax entities in which the deductions have been generated. South African tax losses and unredeemed capital expenditure have no expiration date. 2 The above R2,427.1 million (2016: R1,929.2 million) comprises US$925.5 million gross recognised capital allowance and US$1,501.6 million gross unrecognised capital allowance (2016: US$796.6 million gross recognised capital allowance and US$1,132.6 million gross unrecognised capital allowance). 3 During 2014, the South African Revenue Services (“SARS”) issued a Finalisation of Audit Letter (“the Audit Letter”) stating that SARS has disallowed US$182.2 million of GFIJVH’s gross recognised capital allowance of US$925.5 million. Refer note 34 on Contingent Liabilities for further details. 4 The total tax losses of US$445.9 million (2016: US$388.8 million) comprise US$22.9 million (2016: US$10.9 million) tax losses that expire between one and two years, US$57.6 million (2016: US$58.9 million) tax losses that expire between two and five years, US$30.4 million (2016: US$41.2 million) tax losses that expire between five and 10 years, US$43.2 million (2016: US$40.6 million) tax losses that expire after 10 years and US$291.8 million (2016: US$237.2 million) tax losses that have no expiry date. 5 The tax losses are available to be utilised against income generated by the relevant tax entity and do not expire. 6 Tax losses may be carried forward for five years. These losses expire on a first-in-first-out |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
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Earnings Per Share | 10. EARNINGS PER SHARE UNITED STATES DOLLAR 2017 2016 1 2015 1 10.1 Basic (loss)/earnings per share from continuing operations - cents (4 ) 19 (31 ) Basic (loss)/earnings per share is calculated by dividing the loss attributable to owners of the parent from continuing operations of US$31.8 million (2016: profit of US$157.0 million and 2015: loss of US$239.1 million) by the weighted average number of ordinary shares in issue during the year of 820,611,806 (2016: 809,889,990 and 2015: 774,763,151). 10.2 Basic earnings/(loss) per share from discontinued operations - cents 2 — (1 ) Basic earnings/(loss) per share is calculated by dividing the earnings attributable to owners of the parent from discontinued operations of US$13.1 million (2016: profit of US$1.2 million and 2015: loss of US$8.2 million) by the weighted average number of ordinary shares in issue during the year of 820,611,806 (2016: 809,889,990 and 2015: 774,763,151). 10.3 Diluted basic (loss)/earnings per share from continuing operations - cents (4 ) 19 (31 ) Diluted basic (loss)/earnings per share is calculated on the basis of loss attributable to owners of the parent from continuing operations of US$31.8 million (2016: profit of US$157.0 million and 2015: loss of US$239.1 million) and 826,920,421 (2016: 810,082,191 and 2015: 774,763,151) shares being the diluted number of ordinary shares in issue during the year. The weighted average number of shares has been adjusted by the following to arrive at the diluted number of ordinary shares: Weighted average number of shares 820,611,806 809,889,990 774,763,151 Share options in issue 6,308,615 192,201 — 2 Diluted number of ordinary shares 826,920,421 810,082,191 774,763,151 10.4 Diluted basic earnings/(loss) per share from discontinued operations - cents 2 — (1 ) Diluted basic earnings/(loss) per share is calculated on the 1 Refer note 40 for further details. 2 Share option adjustments of 1,804,321 were excluded from the dilutive number of ordinary shares as they were anti-dilutive. 10.5 Headline earnings/(loss) per share from continuing operations - cents 26 24 (5 ) Headline earnings/(loss) per share is calculated on the basis of adjusted net earnings attributable to owners of the parent from continuing operations of US$212.3 million (2016: earnings of US$198.3 million and 2015: loss of US$36.4 million) and 820,611,806 (2016: 809,889,990 and 2015: 774,763,151) shares being the weighted average number of ordinary shares in issue during the year. Net (loss)/profit attributable to owners of the parent from continuing operations is reconciled to headline earnings as follows: Long-form headline earnings/(loss) reconciliation (Loss)/profit attributable to owners of the parent from continuing operations (31.8 ) 157.0 (239.1 ) Profit on disposal of investments, net — (2.3 ) (0.1 ) Gross — (2.3 ) (0.1 ) Taxation effect — — — (Profit)/loss on disposal of assets, net (2.6 ) (41.0 ) 0.5 Gross (4.0 ) (48.0 ) 0.1 Taxation effect 1.2 7.0 0.2 Non-controlling 0.2 — 0.2 Impairment, reversal of impairment and write-off 246.7 84.6 202.3 Impairment, net of reversal of impairment of investments and assets 200.2 76.5 198.9 Write-off 51.5 41.4 29.1 Taxation effect (4.3 ) (32.1 ) (23.4 ) Non-controlling (0.7 ) (1.2 ) (2.3 ) Headline earnings/(loss) 212.3 198.3 (36.4 ) 10.6 Headline (loss)/earnings per share from discontinued operations - cents — 1 — Headline (loss)/earnings per share is calculated on the basis of adjusted net loss attributable to owners of the parent from discontinued operations of US$2.4 million (2016: earnings of US$5.5 million and 2015: earnings of US$3.0 million) and 820,611,806 (2016: 809,889,990 and 2015: 774,763,151) shares being the weighted average number of ordinary shares in issue during the year. Net profit/(loss) attributable to owners of the parent from discontinued operations is reconciled to headline earnings as follows: Long-form headline (loss)/earnings reconciliation Profit/(loss) attributable to owners of the parent from discontinued operations 13.1 1.2 (8.2 ) Impairment and write-off (15.5 ) 4.3 11.2 Impairment of assets — — 14.2 Gain on sale of discontinued operation (23.5 ) — — Write-off 1.5 6.1 1.7 Taxation effect 6.5 (1.8 ) (4.7 ) Headline (loss)/earnings (2.4 ) 5.5 3.0 10.7 Diluted headline earnings/(loss) per share from continuing operations - cents 26 24 (5 ) Diluted headline earnings/(loss) per share is calculated on the basis of headline earnings attributable to owners of the parent continuing operations of US$212.3 million (2016: earnings of US$198.3 million and 2015: loss of US$36.4 million) and 826,920,421 (2016: 810,082,191 and 2015: 774,763,151) shares being the diluted number of ordinary shares in issue during the year. 10.8 Diluted headline (loss)/earnings per share from discontinued operations - cents — 1 — Diluted headline (loss)/earnings per share is calculated on the basis of headline loss attributable to owners of the parent discontinued operations of US$2.4 million (2016: earnings of US$5.5 million and 2015: earnings of US$3.0 million) and 826,920,421 (2016: 810,082,191 and 2015: 774,763,151) shares being the diluted number of ordinary shares in issue during the year. 1 Refer note 40 for further details. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2017 | |
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Dividends | 11. DIVIDENDS UNITED STATES DOLLAR 2017 2016 1 2015 1 2016 final dividend of 60 SA cents per share (2015: 21 SA cents and 2014: 20 SA cents) declared on 16 February 2017. 37.5 10.6 12.8 2017 interim dividend of 40 SA cents was declared during 2017 (2016: 50 SA cents and 2015: 4 SA cents). 25.3 28.6 2.3 A final dividend in respect of the financial year ended 31 December 2017 of 50 SA cents per share was approved by the Board of Directors on 13 February 2018. This dividend payable is not reflected in these financial statements. Dividends are subject to dividend withholding tax. Total dividends 62.8 39.2 15.1 Dividends per share - cents 8 5 2 1 Refer note 40 for further details. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
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Discontinued Operations | 12.1 DISCONTINUED OPERATIONS Gold Fields disposed of its Darlot mine to ASX-listed Red 5 undertook a rights issue to assist with the funding of the cash component and for general working capital purposes. Gold Fields used the A$7.0 million to underwrite the rights issue. Gold Fields received a total number of 116,875,821 Red 5 shares under the underwriting agreement for a consideration of A$5.8 million. All conditions precedent in terms of the sales agreement were met on 2 October 2017 and as a result Gold Fields accounted for a profit on the sale of Darlot of A$30.8 million (US$23.5 million). Post the completion of the sale, Gold Fields had a 19.9% shareholding in Red 5. Gold Fields does not have significant influence over Red 5 as the shareholding is below 20% and there are no qualitative factors indicating that significant influence exists. The financial results of Darlot have been presented as a discontinued operation in the consolidated financial statements and comparative income statements and statements of cash flows have been restated as if Darlot had been discontinued from the start of the comparative period. UNITED STATES DOLLAR 2017 2016 2015 Below is a summary of the results of the discontinued operation for the year ended 31 December: Revenue 49.0 83.1 91.3 Cost of sales (50.7 ) (72.1 ) (85.0 ) Cost of sales before gold inventory change and amortisation and depreciation (46.3 ) (57.3 ) (59.8 ) Gold inventory change (0.9 ) (0.4 ) 0.6 Amortisation and depreciation (3.5 ) (14.4 ) (25.8 ) Other costs, net (1.9 ) (7.2 ) (16.0 ) (Loss)/profit before royalties and taxation (3.6 ) 3.8 (9.7 ) Royalties (1.1 ) (2.0 ) (2.1 ) (Loss)/profit before taxation (4.7 ) 1.8 (11.8 ) Mining and income taxation 1.4 (0.6 ) 3.6 (Loss)/profit for the year from operating activities (3.3 ) 1.2 (8.2 ) Gain on sale of discontinued operation 23.5 — — Income tax on gain on sale of discontinued operation (7.1 ) — — Profit/(loss) from discontinued operation, net of tax 13.1 1.2 (8.2 ) 2017 US$ A$ Below is a summary of assets and liabilities of the discontinued operation at 2 October 2017: Property, plant and equipment 3.3 4.3 Inventories 7.2 9.4 Trade and other receivables 0.1 0.1 Trade and other payables (8.7 ) (11.3 ) Environmental rehabilitation costs provision (12.9 ) (16.9 ) Net liabilities (11.0 ) (14.4 ) Total consideration received less costs to sell 1 12.5 16.4 Gain on sale of discontinued operations 23.5 30.8 1 Due to the discounting of the deferred consideration and the transaction costs incurred, the total consideration of A$16.4 million used in the determination of the gain on sale of discontinued operations is less than the A$18.5 million per the agreement. 12.2 ASSETS HELD FOR SALE UNITED STATES DOLLAR 2017 2016 Damang mining fleet and related spares 1 — 26.4 APP 2 40.0 — Total assets held for sale 40.0 26.4 1 Following the Damang re-investment Mining fleet and related spares with carrying values of US$18.6 million and US$7.8 million, respectively, were reclassified to assets held for sale. Refer note 13 and 19 for further details. 2 At 31 December 2016, APP no longer met the definition of an asset held for sale and was reclassified to property, plant and equipment at a recoverable amount of US$1.0 million. During 2017, active marketing activities continued and as a result, a sale agreement was concluded comprising a purchase offer of US$40.0 million cash and a 2% net smelter refiner royalty on all metals. As a result, the impairment previously recorded, was reversed up to the value of the selling price and APP was reclassified as an asset held for sale at 31 December 2017. Refer note 6 for further details. APP is included as part of corporate and other in the segment note. Refer note 41 for further details. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
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Property, Plant and Equipment | 13. PROPERTY, PLANT AND EQUIPMENT UNITED STATES DOLLAR UNITED STATES DOLLAR 31 December 2017 Land, Mine 1 Total Total Mine development, infrastructure and other assets 1 Land, rehabilitation assets Cost 735.6 7,913.2 8,648.8 Balance at beginning of the year 9,566.2 8,929.4 636.8 (384.3 ) 384.3 — Impact of correction of error 2 — — — 351.3 8,297.5 8,648.8 Restated balance at beginning of the year 3 9,566.2 8,929.4 636.8 (10.6 ) 11.6 1.0 Reclassifications (20.5 ) 1.8 (22.3 ) 1.3 627.2 628.5 Additions for continuing operations 833.6 833.3 0.3 — 21.4 21.4 Additions for discontinued operations 6.8 6.8 — 275.9 — 275.9 Gruyere Gold Project asset acquisition 4 — — — — 43.2 43.2 Reclassification (to)/from assets held for sale (refer note 12) (43.2 ) (43.2 ) — — (79.1 ) (79.1 ) Reclassification to assets held for sale (refer note 12) — — — — 15.1 15.1 Borrowing costs capitalised 5 22.9 22.9 — (3.1 ) (157.3 ) (160.4 ) Disposals (215.1 ) (202.5 ) (12.6 ) — — — Disposal of subsidiary (refer note 12) (79.1 ) (77.7 ) (1.4 ) 14.9 — 14.9 Changes in estimates of rehabilitation assets 8.3 — 8.3 — 3.0 3.0 Other — — — 7.1 146.8 153.9 Translation adjustment 480.8 415.6 65.2 636.8 8,929.4 9,566.2 Balance at end of the year 10,560.7 9,886.4 674.3 Accumulated depreciation and impairment 301.3 4,035.1 4,336.4 Balance at beginning of the year 5,041.6 5,014.8 26.8 (281.9 ) 298.7 16.8 Impact of correction of error 2 — — — 19.4 4,333.8 4,353.2 Restated balance at beginning of the year 3 5,041.6 5,014.8 26.8 — 1.0 1.0 Reclassifications (20.5 ) (20.5 ) — 8.0 663.4 671.4 Charge for the year continuing operations 748.1 732.4 15.7 — 14.4 14.4 Charge for the year discontinued operations 3.5 3.3 0.2 3.3 73.1 76.4 Impairment and reversal of impairment, net 6 (81.3 ) (78.4 ) (2.9 ) — 41.4 41.4 Write-off 7 51.5 51.5 — — 6.1 6.1 Write-off 7 1.5 1.5 — — 42.2 42.2 Reclassification (to)/from assets held for sale (refer note 12) (3.2 ) (3.2 ) — — (60.5 ) (60.5 ) Reclassification to assets held for sale (refer note 12) — — — (3.1 ) (155.0 ) (158.1 ) Disposals (213.1 ) (200.9 ) (12.2 ) Disposal of subsidiary (refer note 12) (75.8 ) (74.5 ) (1.3 ) (0.8 ) 54.9 54.1 Translation adjustment 215.5 207.1 8.4 26.8 5,014.8 5,041.6 Balance at end of the year 5,667.8 5,633.1 34.7 610.0 3,914.6 4,524.6 Carrying value at end of the year 8 4,892.9 4,253.3 639.6 1 Included in the cost of mine development, infrastructure and other assets are exploration and evaluation assets amounting to US$10.8 million (2016: US$9.1 million). 2 Based on conversion of resources to reserves a portion of the cost of the mineral rights asset at the Australian operations is allocated from the non-depreciable mine-by-mine non-depreciable 3 Refer note 40 for further details. 4 The additions of US$275.9 million (A$372.4 million) are made up of US$197.1 million (A$266.0 million) cash additions and US$78.8 million (A$106.4 million) non-cash 5 Borrowing costs of US$22.9 million (2016: US$15.1 million) arising on Group general borrowings were capitalised during the period and comprised US$19.4 million (US$15.1 million) borrowing costs related to the qualifying projects at South Deep, US$2.1 million (2016: US$nil) borrowing costs related to the Damang reinvestment project and US$1.4 million (2016: US$nil) borrowing costs related to the Gruyere project. An average interest capitalisation rate of 5.3% (2016: 4.7%) was applied. 6 The impairment reversal of US$81.3 million (2016: charge of US$76.4 million) is made up of US$11.1 million (2016: US$76.4 million) impairment of property, plant and equipment, offset by the reversal of APP impairment amounting to US$39.0 million (refer note 6 for details) and the reversal of the Cerro Corona cash-generating unit impairment of US$53.4 million (refer note 6 for further details). 7 The write-off 8 Fleet assets and carbon-in-leach |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
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Goodwill | 14. GOODWILL UNITED STATES DOLLAR 2017 2016 Balance at beginning of the year 317.8 295.3 Impairment (277.8 ) — Translation adjustment 36.6 22.5 Balance at end of the year 76.6 317.8 The goodwill arose on the acquisition of South Deep and was attributable to the upside potential of the asset, synergies, deferred tax and the gold multiple. The total goodwill is allocated to South Deep, the cash-generating unit (“CGU”), where it is tested for impairment. At 31 December 2017, the Group recognised an impairment of R3,495.0 million (US$277.8 million) at South Deep. Refer note 6 for further details. In line with the accounting policy, the recoverable amount was determined with reference to “fair value less costs of disposal” (“FVLCOD”). Management’s estimates and assumptions used in the 31 December 2017 FVLCOD calculation include: • Long-term gold price of R525,000 per kilogram (US$1,300 per ounce) for the life-of-mine life-of-mine • A nominal discount rate of 13.5% (2016: 13.5%); • Fair value of US$17 per resource ounce (2016: US$60.0 per resource ounce), used for resource with infrastructure to calculate the expected cash flows associated with value beyond proved and probable reserves; • Resource ounce of 29.0 million (2016: 26.0 million) ounces; and • The annual life-of-mine • proved and probable ore reserves of South Deep; • cash flows are based on the life-of-mine • capital expenditure estimates over the life-of-mine Following the impairment loss recognised, the recoverable amount was equal to the carrying value of the South Deep CGU. Therefore, any adverse movement in a key assumption would lead to a further impairment. Refer accounting policies on pages 138 to 139 for further discussion on the significant judgements and estimates associated with assessing the carrying value of property, plant and equipment and goodwill. |
Equity-Accounted Investees
Equity-Accounted Investees | 12 Months Ended |
Dec. 31, 2017 | |
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Equity-Accounted Investees | 15.1 EQUITY-ACCOUNTED INVESTEES UNITED STATES DOLLAR 2017 2016 2015 Investment in joint venture (a) Far Southeast Gold Resources Incorporated (“FSE”) 128.6 128.6 Investments in associates (b) Maverix Metals Incorporated (“Maverix”) 42.7 42.1 (c) Other — — Total equity-accounted investees 171.3 170.7 Share of results of equity-accounted investees, net of taxation recognised in the consolidated income statement are made up as follows: (a) Far Southeast Gold Resources Incorporated (1.6 ) (2.3 ) (3.3 ) (b) Maverix Metals Incorporated 0.3 — — (c) Other — — (2.4 ) (1.3 ) (2.3 ) (5.7 ) (a) Far Southeast Gold Resources Incorporated (“FSE”) Gold Fields’ interest in FSE, an unlisted entity, was 40% (2016: 40%) at 31 December 2017. Gold Fields paid US$10.0 million in option fees to Lepanto Consolidated Mining Company (“Lepanto”) during the six months ended 31 December 2010. In addition, Gold Fields paid non-refundable non-refundable The remaining 20% option is not likely to be exercised until such time as FSE obtains a Foreign Technical Assistance Agreement (“FTAA”) which allows for direct majority foreign ownership and control. FSE has a 31 December year-end Investment in joint venture consists of: Unlisted shares at cost 230.0 230.0 Equity contribution 79.3 77.7 Cumulative impairment 1 (101.4 ) (101.4 ) Share of accumulated losses brought forward (77.7 ) (75.4 ) Share of loss after taxation 2 (1.6 ) (2.3 ) Total investment in joint venture 3 128.6 128.6 1 Refer note 6 for details of impairment. 2 Gold Fields’ share of loss after taxation represents exploration and other costs, including work completed on a scoping study, which is fully funded by Gold Fields as part of their equity contribution. 3 FSE is a company incorporated under the laws of the Philippines and owns the gold-copper Far Southeast exploration project (the “FSE project”). During the exploration phase of the FSE project and as long as the 20% option remains exercisable, the Group has joint control over the FSE project. The Group will only have the power to direct the activities of FSE once it exercises the option to acquire the additional 20% shareholding in FSE, which is only exercisable once an FTAA is obtained. FSE has no revenues or significant assets or liabilities. Assets included in FSE represent the rights to explore and eventually mine the FSE project. UNITED STATES DOLLAR 2017 2016 2015 (b) Maverix Metals Incorporated (“Maverix”) Gold Fields’ interest in Maverix, listed on the Toronto Stock Exchange, was 28% (2016: 32%) at 31 December 2017. On 23 December 2016, Gold Fields sold a portfolio of 11 producing and non-producing Maverix has a 31 December year-end Investment in associate consists of: Listed shares at cost 42.1 42.1 Transaction costs capitalised 0.3 — Share of profit after taxation 0.3 — Investment in associate - Maverix 42.7 42.1 The fair value of the investment in Maverix at 31 December 2017 is US$57.2 million (2016: US$42.1 million). (c) Other Bezant Resources PLC (“Bezant”) 1 — — Rusoro Mining Limited (“Rusoro”) 2 — — Investment in associates - Other — — Total investments in associates 42.7 42.1 1 During 2016, the Group’s holding was diluted from 21.6% to 8.8% following the issue of new shares by Bezant. In line with the Group’s accounting policy, this resulted in Bezant no longer being accounted for as an equity-accounted investee and was re-classified available-for-sale 2 Represents a holding of 25.7% in Rusoro. The carrying value of Rusoro was written down to US$nil at 31 December 2010 due to losses incurred by the entity. The fair value, based on the quoted market price of the investment was US$7.7 million and US$23.9 million at 31 December 2017 and 31 December 2016, respectively. The unrecognised share of loss of Rusoro for the year amounted to US$2.0 million (2016: unrecognised shares of profits of US$18.7 million and 2015: unrecognised share of loss of US$3.6 million). The cumulative unrecognised share of losses of Rusoro amounted to US$196.0 million (2016: US$194.0 million). On 22 August 2016, the Arbitration Tribunal, operating under the Additional Facility Rules of the World Bank’s International Centre for the Settlement of Investment Disputes, awarded Rusoro damages of US$967.8 million plus pre and post-award interest which currently equates to in excess of US$1.2 billion in the arbitration brought by Rusoro against the Bolivarian Republic of Venezuela (“Venezuela”). Venezuela has not complied with the arbitration award terms, which were issued on 22 August 2016. On 6 December 2017, Rusoro obtained a judgement against Venezuela in the Superior Court of Justice in Ontario, Canada, in excess of US$1.3 billion. The judgement, which was issued on default as a result of Venezuela’s failure to appear before the Ontario court, arose out of Rusoro’s ongoing dispute with Venezuela over the South American nation’s seizure of its gold mining properties in the country. The Canadian judgement, which confirmed an arbitration award issued in Rusoro’s favour in the same amount, was issued on 25 April 2017. Venezuela did not appeal or seek to vacate the judgement, and its time to do so expired. Rusoro further filed a suit in the Supreme Court of the State of New York, seeking recognition of the Canadian judgement. Rusoro brought the New York lawsuit in addition to an action it filed in the US District Court for the District of Columbia, which seeks recognition of and the entry of judgement on the original arbitration award. A favourable ruling from either the New York or DC court will entitle Rusoro to use all legal procedures - including broad discovery from both Venezuela and third parties - that US law provides judgement creditors. Any judgement issued in New York will also accrue interest at 9% per annum until the judgement is fully paid. Management has not recognised this amount due to the uncertainty over its recoverability. 15.2 INTEREST IN JOINT OPERATION On 13 December 2016, Gold Fields purchased 50% of the Gruyere Gold Project and entered into a 50:50 unincorporated joint operation with Gold Road Resources Limited (“Gold Road”) for the development and operation of the Gruyere Gold Project in Western Australia, which comprises the Gruyere gold deposit as well as additional resources including Central Bore and Attila/Alaric. Gold Fields acquired 50% interest in the Gruyere Gold Project for a total purchase consideration of A$350.0 million payable in cash and a 1.5% royalty on Gold Fields’ share of production after total mine production exceeds 2 million ounces. The cash consideration is split with A$250.0 million payable on the effective date and A$100.0 million payable according to an agreed construction cash call schedule. Transaction costs of A$18.5 million (US$13.3 million) were incurred. Below is a summary of Gold Fields’ share of the joint operation and includes inter-company transactions and balances: UNITED STATES DOLLAR 2017 2016 US$ A$ US$ A$ Statement of financial position Non-current Property, plant and equipment 374.9 485.7 268.6 1 372.4 1 Current assets 7.2 9.3 3.9 5.4 Cash and cash equivalents 5.3 6.8 — — Prepayments 1.9 2.5 3.9 5.4 Total assets 382.1 495.0 272.5 377.8 Total equity Retained earnings (2.3 ) (2.9 ) — — Non-current 11.8 15.2 0.1 0.2 Deferred taxation 4.2 5.4 0.1 0.2 Long-term incentive plan 7.6 9.8 — — Current liabilities 372.6 482.7 272.4 377.6 Related entity loans payable 347.3 449.9 191.7 265.8 Trade and other payables 14.1 18.3 — — Deferred consideration 11.2 14.5 67.7 93.8 Stamp duty payable — — 13.0 18.0 Total equity and liabilities 382.1 495.0 272.5 377.8 1 The Gruyere Gold Project assets of A$372.4 million were capitalised at the exchange rate on the effective date of the transaction resulting in additions to property, plant and equipment of US$275.9 million (at 2016 closing exchange rate, the A$372.4 million assets amounted to US$268.6 million). The additions of US$275.9 million (A$372.4 million) are made up of US$197.1 million (A$266.0 million) cash additions and US$78.8 million (A$106.4 million) non-cash |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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Financial Instruments | 16. FINANCIAL INSTRUMENTS UNITED STATES DOLLAR 2017 2016 Financial instruments are split per categories below and the accounting policies for financial instruments have been applied to these line items: (a) Financial assets Loans and receivables - Environmental trust funds 55.5 44.5 - Trade and other receivables 45.3 57.9 - Cash and cash equivalents 479.0 526.7 Fair value through profit or loss - Trade receivables from provisional copper and gold concentrate sales 21.2 10.6 Available for sale - Investments 99.1 13.8 Derivative instruments - Warrants 5.5 5.9 - Gold and oil derivative contracts 25.0 — (b) Financial liabilities Other financial liabilities - Borrowings 1,781.5 1,692.9 - Trade and other payables 451.0 459.3 - South Deep dividend 6.4 6.4 Derivative instruments - Copper derivative contracts 3.3 — |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
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Investments | 17. INVESTMENTS UNITED STATES DOLLAR 2017 2016 Listed Cost 143.0 62.9 Less: Accumulated impairments (45.5 ) (45.0 ) Net unrealised loss on revaluation (8.1 ) (7.4 ) Translation adjustment 9.6 — Carrying value 99.0 10.5 Market value 99.0 10.5 Unlisted Carrying value at cost 0.1 3.3 Derivative instruments Warrants 2 5.5 5.9 Total investments 1 104.6 19.7 1 All listed investments are classified as available for sale. Refer note 42 for details of major investments. 2 Consists of 10.0 million common share purchase warrants of Maverix. Refer note 15.1 for further details. |
Environmental Trust Funds
Environmental Trust Funds | 12 Months Ended |
Dec. 31, 2017 | |
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Environmental Trust Funds | 18. ENVIRONMENTAL TRUST FUNDS UNITED STATES DOLLAR 2017 2016 Balance at beginning of the year 44.5 35.0 Contributions from continuing operations 8.6 7.5 Interest earned 0.5 1.0 Translation adjustment 1.9 1.0 Balance at end of the year 55.5 44.5 The trust funds consist of term deposits amounting to US$15.9 million (2016: US$11.3 million) in South Africa, as well as secured cash deposits amounting to US$39.6 million (2016: US$33.2 million) in Ghana. These funds are intended to fund environmental rehabilitation obligations of the Group’s South African and Ghanaian mines and are not available for general purposes of the Group. All income earned in these funds is re-invested |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
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Inventories | 19. INVENTORIES UNITED STATES DOLLAR 2017 2016 Gold-in-process 305.4 234.3 Consumable stores 1 220.9 227.9 Total inventories 2 526.3 462.2 Heap leach and stockpiles inventories included in non-current 3 (132.8 ) (132.8 ) Total current inventories 4 393.5 329.4 |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2017 | |
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Trade and Other Receivables | 20. TRADE AND OTHER RECEIVABLES UNITED STATES DOLLAR 2017 2016 Trade receivables - gold sales and copper concentrate 46.6 58.2 Trade receivables - other 15.6 4.5 Gold and oil derivative contracts 5 25.0 — Deposits 0.1 0.3 Payroll receivables 11.6 10.7 Prepayments 51.5 50.1 Value added tax and import duties 45.9 39.6 Diesel rebate 1.4 1.3 Other 4.2 5.5 Total trade and other receivables 201.9 170.2 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
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Cash and Cash Equivalents | 21. CASH AND CASH EQUIVALENTS UNITED STATES DOLLAR 2017 2016 Cash at bank and on hand 479.0 526.7 Total cash and cash equivalents 479.0 526.7 1 Consumable stores with a fair value of US$7.8 million were reclassified to assets held for sale at 31 December 2016 and sold during 2017. Refer note 12.2 for further details. 2 Refer note 6 for details on the net realisable value write-downs of inventories. 3 Heap leach and stockpiles inventories will only be processed at the end of life-of-mine. 4 The cost of consumable stores consumed during the year and included in cost of sales amounted to US$346.7 million (2016: US$346.3 million and 2015: US$380.7 million). 5 Comprises US$5.1 million (2016: US$nil) relating to Australian oil derivative contracts, US$9.0 million (2016: US$nil) relating to Ghanaian oil derivative contracts and US$10.9 million (2016: US$nil) relating to gold derivative contracts at South Deep. Refer note 37 for further details. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2017 | |
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Share Capital | 22. SHARE CAPITAL Authorised and issued As approved by shareholders at the Annual General Meeting (“AGM”) on 24 May 2017, the 1,000,000,000 authorised shares of the Company at the time having a par value of 50 cents each were converted into 1,000,000,000 ordinary no par value shares. Furthermore, subsequent to the conversion to no par value shares, in terms of s36(2)(a) of the South African Companies Act, the 1,000,000,000 ordinary no par value shares were increased to 2,000,000,000 ordinary no par value shares. The issued share capital of the Company at 31 December 2017 is 820,614,217 (2016: 820,606,945) ordinary no par value shares. During 2016, Gold Fields successfully completed a US$151.5 million (R2.3 billion) accelerated equity raising by way of a private placement to institutional investors. A total number of 38,857,913 new Gold Fields shares were placed at a price of R59.50 per share which represented a 6.0% discount to the 30-day 50-day In terms of the general authority granted by shareholders at the AGM on 24 May 2017, the authorised but unissued ordinary share capital of the Company representing not more than 5% of the issued share capital of the Company from time to time at that date, after setting aside so many ordinary shares as may be required to be allotted and issued pursuant to the share incentive schemes, was placed under the control of the directors. This authority expires at the next Annual General Meeting where shareholders will be asked to place under the control of the directors the authorised but unissued ordinary share capital of the Company representing not more than 5% of the issued share capital of the Company from time to time. In terms of the JSE Listing Requirements, shareholders may, subject to certain conditions, authorise the directors to issue the shares held under their control for cash, other than by means of a rights offer, to shareholders. In order that the directors of the Company may be placed in a position to take advantage of favourable circumstances which may arise for the issue of such shares for cash, without restriction, for the benefit of the Company, shareholders will be asked to consider a special ordinary resolution to this effect at the forthcoming AGM. Repurchase of shares The Company has not exercised the general authority granted to buy back shares from its issued ordinary share capital granted at the AGM held on 24 May 2017. Currently, the number of ordinary shares that may be bought back in any one financial year may not exceed 20% of the issued ordinary share capital as of 24 May 2017. At the next AGM, shareholders will be asked to renew the general authority for the acquisition by the Company, or a subsidiary of the Company, of its own shares. Beneficial shareholders The following beneficial shareholders hold 5% or more of the Company’s listed ordinary shares: Beneficial shareholder Number of shares % of issued ordinary shares Government Employees Pension Fund 63,107,220 7.68 Market Vectors Junior Gold Mines ETF 48,899,163 5.95 |
Deferred Taxation
Deferred Taxation | 12 Months Ended |
Dec. 31, 2017 | |
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Deferred Taxation | 23. DEFERRED TAXATION The detailed components of the net deferred taxation liability which results from the differences between the carrying amounts of assets and liabilities recognised for financial reporting and taxation purposes in different accounting periods are: UNITED STATES DOLLAR 2017 2016 1 Liabilities - Mining assets 1,014.1 966.3 - Investment in environmental trust funds 3.4 2.8 - Inventories 12.1 13.7 - Unremitted earnings 9.1 — - Other 12.6 3.5 Liabilities 1,051.3 986.3 Assets - Provisions (108.4 ) (100.8 ) - Tax losses (69.1 ) (54.7 ) - Unredeemed capital expenditure (491.9 ) (420.9 ) Assets (669.4 ) (576.4 ) Net deferred taxation liabilities 381.9 409.9 Included in the statement of financial position as follows: Deferred taxation assets (72.0 ) (48.7 ) Deferred taxation liabilities 453.9 458.6 Net deferred taxation liabilities 381.9 409.9 Balance at beginning of the year 409.9 428.1 Recognised in profit or loss - continuing operations (31.5 ) (14.7 ) Recognised in profit or loss - discontinued operations 3.4 0.1 Translation adjustment 0.1 (3.6 ) Balance at end of the year 381.9 409.9 1 Refer note 40 for further details. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
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Borrowings | 24. BORROWINGS The terms and conditions of outstanding loans are as follows: UNITED STATES DOLLAR Notes 2017 2016 Borrower Nominal Commitment Maturity date US$1 billion notes issue (the notes) 1 (a) 847.9 846.4 Orogen 4.875 % — 7 October 2020 US$150 million revolving senior secured credit facility – old 2 (b) — 82.0 La Cima LIBOR plus 1.63 % 0.65 % 19 December 2017 US$150 million revolving senior secured credit facility – new 2 (c) 83.5 — La Cima LIBOR plus 1.20 % 0.50 % 19 September 2020 US$70 million revolving senior secured credit facility 3 (d) — 45.0 Ghana LIBOR plus 2.40 % 1.00 % 6 May 2017 US$100 million revolving senior secured credit facility 3 (e) 45.0 — Ghana LIBOR plus 2.95 % 1.20 % 21 June 2020 A$500 million syndicated revolving credit facility 4 (f) 231.5 — Gruyere BBSY plus 2.35 % 0.94 % 24 May 2020 US$1,510 million term loan and revolving credit facilities 5 (g) — — - Facility A (US$75 million) — — Orogen LIBOR plus 2.45 % — 28 November 2015 - Facility A (US$45 million) — — Orogen LIBOR plus 2.45 % — — - Facility B (US$720 million) — — Orogen LIBOR plus 2.25 % 0.90 % — - Facility C (US$670 million) — — Orogen LIBOR plus 2.00 % 0.80 % — US$1,290 million term loan and revolving credit facilities 6 (h) 380.0 658.5 - Facility A (US$380 million) 380.0 380.0 Orogen LIBOR plus 2.50 % — 6 June 2019 - Facility B (US$360 million) — 278.5 Orogen LIBOR plus 2.20 % 0.77 % 6 June 2020 - Facility C (US$550 million) — — Orogen LIBOR plus 2.45 % 0.86 % 6 June 2021 R1,500 million Nedbank revolving credit facility 7 (i) 79.5 — GFIJVH/GFO JIBAR plus 2.50 % 0.85 % 7 March 2018 Short-term Rand uncommitted credit facilities 8 (j) 114.1 61.0 — — — — Total borrowings 1,781.5 1,692.9 Current borrowings (193.6 ) (188.0 ) Non-current 1,587.9 1,504.9 1 The balance is net of unamortised transaction costs amounting to US$4.5 million (2016: US$6.0 million) which will unwind over the remaining period of the notes as an interest expense. The payment of all amounts due in respect of the Notes is unconditionally and irrevocably guaranteed by Gold Fields Limited (“Gold Fields”), Sibanye-Stillwater (up to 24 April 2015), Gold Fields Operations Limited (“GFO”) and Gold Fields Holdings Company (BVI) Limited (“GF Holdings”) (collectively “the Guarantors”), on a 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. Gold Fields Australasia Proprietary Limited (“GFA”) offered and accepted the purchase of an aggregate principal amount of notes equal to US$147.6 million at the purchase price of US$880 per US$1,000 in principal amount of notes. GFA intends to hold the notes acquired until their maturity on 7 October 2020. The purchase of the notes amounting to US$147.6 million was financed by drawing down under the US$1,510 million term loan and revolving credit facilities. The Group recognised a profit of US$17.7 million on the buy back of the notes. 2 Borrowings under the revolving senior secured credit facility 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 are subject to an account control agreement and a first-ranking charge in favour of the lenders. This facility is non-recourse 3 Borrowings under the facility are guaranteed by Gold Fields Ghana Limited and Abosso Goldfields Limited. Borrowings under this facility are also secured by the registration of security over certain fleet vehicles owned by GF Ghana and Abosso (“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 Fleet assets and CIL plant in Ghana amounting to US$183.6 million (2016: US$95.5 million) have been pledged as security for this facility. 4 Borrowings under this facility are guaranteed by Gold Fields, GF Holdings, Orogen, GFO, GFIJVH and Gold Fields Ghana Holdings (BVI) Limited (“GF Ghana”). 5 Borrowings under these facilities were guaranteed by Gold Fields, GF Holdings, Orogen, GFO and GFIJVH. These facilities were cancelled and refinanced through the US$1,290 million term loan and revolving credit facilities on 6 June 2016, resulting in the total amount available to be US$nil at 31 December 2016. 6 Borrowings under this facility are guaranteed by Gold Fields, GF Holdings, Orogen, GFO, GFIJVH and Gold Fields Ghana Holdings (BVI) Limited (“GF Ghana”). 7 Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen and GFIJVH 8 The Group utilised uncommitted loan facilities from some of the major banks to fund the capital expenditure and working capital requirements of the South African operation. 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. UNITED STATES DOLLAR 2017 2016 (a) US$1 billion notes issue Balance at beginning of the year 846.4 992.6 Buy-back — (129.9 ) Profit on buy-back — (17.7 ) Unwinding of transaction costs 1.5 1.4 Balance at end of the year 847.9 846.4 (b) US$150 million revolving senior secured credit facility - old Balance at beginning of the year 82.0 42.0 Loans advanced — 40.0 Repayments (82.0 ) — Balance at end of the year — 82.0 (c) US$150 million revolving senior secured credit facility - new Balance at beginning of the year — — Loans advanced 83.5 — Balance at end of the year 83.5 — (d) US$70 million revolving senior secured credit facility Balance at beginning of the year 45.0 45.0 Repayments (45.0 ) — Balance at end of the year — 45.0 (e) US$100 million revolving senior secured credit facility Balance at beginning of the year — — Loans advanced 45.0 — Balance at end of the year 45.0 — (f) A$500 million syndicated revolving credit facility Balance at beginning of the year — — Loans advanced 236.6 — Translation adjustment (5.1 ) — Balance at end of the year 231.5 — (g) US$1,510 million term loan and revolving credit facilities Balance at beginning of the year — 724.0 Loans advanced — 174.0 Repayments — (898.0 ) Balance at end of the year — — (h) US$1,290 million term loan and revolving credit facilities Balance at beginning of the year 658.5 — Loans advanced 73.5 707.5 Repayments (352.0 ) (49.0 ) Balance at end of the year 380.0 658.5 (i) R1,500 million Nedbank revolving credit facility Balance at beginning of the year — — Loans advanced 78.5 20.8 Repayments — (21.3 ) Translation adjustment 1.0 0.5 Balance at end of the year 79.5 — (j) Short-term Rand uncommitted credit facilities Balance at beginning of the year 61.0 16.7 Loans advanced 262.6 356.4 Repayments (216.5 ) (315.0 ) Translation adjustment 7.0 2.9 Balance at end of the year 114.1 61.0 Total borrowings 1,781.5 1,692.9 The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the reporting dates are as follows: Variable rate with exposure to repricing (six months or less) 933.6 846.5 Fixed rate with no exposure to repricing (US$1 billion notes issue) 847.9 846.4 1,781.5 1,692.9 The carrying amounts of the Group’s borrowings are denominated in the following currencies: US Dollar 1,356.4 1,631.9 Australian Dollar 231.5 — Rand 193.6 61.0 1,781.5 1,692.9 The Group has the following undrawn borrowing facilities: Committed 1,452.7 979.0 Uncommitted 17.1 56.6 1,469.8 1,035.6 All of the above undrawn committed facilities have floating rates. The uncommitted facilities have no expiry dates and are open ended. Undrawn committed facilities have the following expiry dates: - within one year 39.7 93.0 - later than one year and not later than two years — 106.9 - later than two years and not later than three years 863.0 81.5 - later than three years and not later than five years 550.0 697.6 1,452.7 979.0 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2017 | |
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Provisions | 25. PROVISIONS UNITED STATES DOLLAR 2017 2016 25.1 Environmental rehabilitation costs 281.5 283.1 25.2 South Deep dividend 6.4 6.4 25.3 Silicosis settlement costs 31.9 — 25.4 Other 1.5 2.2 Total provisions 321.3 291.7 25.1 Environmental rehabilitation costs Balance at beginning of the year 283.1 275.4 Changes in estimates - continuing operations 1 (5.4 ) 4.9 Changes in estimates - discontinued operations 1 — 0.1 Interest expense - continuing operations 12.1 10.7 Interest expense - discontinued operations 0.2 0.2 Payments (8.1 ) (7.4 ) Disposal of subsidiary (12.9 ) — Translation adjustment 12.5 (0.8 ) Balance at end of the year 2 281.5 283.1 The provision is calculated using the following gross closure cost estimates: South Africa 41.8 37.1 Ghana 98.1 105.3 Australia 179.2 181.8 Peru 61.9 56.6 Total gross closure cost estimates 381.0 380.8 The provision is calculated using the following assumptions: Inflation rate Discount rate 2017 South Africa 5.5 % 9.8% Ghana 2.2 % 9.2% - 9.3% Australia 2.5 % 2.6% - 2.9% Peru 2.2 % 3.8% 2016 South Africa 5.5 % 9.7% Ghana 2.2 % 9.7% - 9.8% Australia 2.5 % 1.9% - 3.0% Peru 2.2 % 3.7% 1 Changes in estimates are defined as changes in reserves and corresponding changes in life-of-mine 2 South African, Ghanaian, Australian and Peruvian mining companies are required by law to undertake rehabilitation as part of their ongoing operations. These environmental rehabilitation costs are funded as follows: - Ghana - reclamation bonds underwritten by banks and restricted cash (refer note 18); - South Africa - contributions into environmental trust funds (refer note 18) and guarantees; - Australia - mine rehabilitation fund levy; and - Peru - bank guarantees. Refer to note 37 for expected timing of cash outflows in respect of the gross closure cost estimates. Certain current rehabilitation costs are charged to this provision as and when incurred. 25.2 South Deep dividend UNITED STATES DOLLAR 2017 2016 Total provision 8.0 7.8 Current portion included in trade and other payables (1.6 ) (1.4) Balance at end of the year 6.4 6.4 During the six-month a 20-year one-third This transaction was made up of a preferred BEE dividend (R151.4 million) and an equity component (R673.4 million). The preferred dividend represents a liability of Gold Fields to the Class B ordinary shareholders and was valued at R151.4 million, of which R20.0 million or US$1.5 million was declared on 23 March 2017 (16 March 2016: R20.0 million or US$1.3 million) and R20.0 million or US$1.6 million (2016: R20.0 million or US$1.4 million) is classified as a short-term portion under trade and other payables. 25.3 Silicosis settlement costs 1 UNITED STATES DOLLAR 2017 2016 Provision raised 30.2 Unwinding of provision recognised as finance expense 0.9 Translation 0.8 — Balance at end of the year 31.9 — 1 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’ 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”)). A consolidated application was brought against several South African mining companies, including Gold Fields, for certification of a class action on behalf of current or former mineworkers (and their dependants) who have allegedly contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in the application. The Occupational Lung Disease Working Group was formed in fiscal 2014 to address issues relating to compensation and medical care for occupational lung disease in the South African gold mining industry. The Working Group, made up of African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony and Sibanye-Stillwater, has had extensive engagements with a wide range of stakeholders since its formation, including government, organised labour, other mining companies and the legal representatives of claimants who have filed legal actions against the companies. The members of the Working Group are among respondent companies in a number of legal proceedings related to occupational lung disease, including the class action referred to above. The Working Group is, however, of the view that achieving a comprehensive settlement which is fair to both past, present and future employees and sustainable for the sector, is preferable to protracted litigation. This matter was previously disclosed as a contingent liability as the amount could not be estimated reliably. As a result of the ongoing work of the Working Group and engagements with affected stakeholders since 31 December 2016, it has now become possible for Gold Fields to reliably estimate its share in the estimated cost in relation to the Working Group of a possible settlement of the class action claims and related costs. As a result, Gold Fields has provided an amount of US$31.9 million (R401.6 million) for this obligation in the statement of financial position at 31 December 2017. The nominal amount of this provision is US$40.5 million (R509.0 million) The assumptions that were made in the determination of the provision include silicosis prevalence rates, estimated settlement per claimant, benefit take-up The ultimate outcome of these matters remains uncertain, with a possible failure to reach a settlement or to obtain the requisite court approval for a potential settlement. The provision is consequently subject to adjustment in the future, depending on the progress of the Working Group discussions, stakeholder engagements and the ongoing legal proceedings (refer note 34 for further details). |
Long-term Incentive Plan
Long-term Incentive Plan | 12 Months Ended |
Dec. 31, 2017 | |
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Long-term Incentive Plan | 26. LONG-TERM INCENTIVE PLAN UNITED STATES DOLLAR 2017 2016 1 2015 Restated 1 Opening balance 23.6 12.6 Charge to income statement - continuing operations 5.0 10.5 Charge to income statement - discontinued operations 0.1 0.5 Payments (11.5 ) — Translation adjustment 0.9 — Balance at end of the year 18.1 23.6 Current portion of long-term incentive plan (18.1 ) — Non-current — 23.6 On 1 March 2014, the Remuneration Committee approved the Gold Fields Limited Long-Term Incentive Plan (“LTIP”). The plan provides for executive directors, certain officers and employees to receive a cash award conditional on the achievement of specified performance conditions relating to total shareholder return and free cash flow margin. The conditions are assessed over the performance cycle which runs over three calendar years. The expected timing of the cash outflows in respect of each grant is at the end of three years after the original award was made. The fair value of the free cash flow portion of the awards are valued based on the actual and expected achievement of the cash flow targets set out in the plan. No allocations were made under the LTIP in 2016 following the introduction of the Gold Fields Limited 2012 share plan as amended (refer note 5 for further details). |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2017 | |
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Trade and Other Payables | 27. TRADE AND OTHER PAYABLES UNITED STATES DOLLAR 2017 2016 1 2015 1 Trade payables 190.8 169.3 Accruals and other payables 238.8 199.6 Payroll payables 51.7 46.3 Copper derivative contracts 2 3.3 — Leave pay accrual 42.5 37.7 Interest payable on loans 10.2 9.7 Deferred consideration - refer note 15.2 11.2 67.7 Stamp duty payable - refer note 15.2 — 13.0 Total trade and other payables 548.5 543.3 |
Cash Generated by Operations
Cash Generated by Operations | 12 Months Ended |
Dec. 31, 2017 | |
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Cash Generated by Operations | 28. CASH GENERATED BY OPERATIONS UNITED STATES DOLLAR 2017 2016 2015 (Loss)/profit from continuing operations (20.8 ) 167.9 (239.6 ) Mining and income taxation 173.2 189.5 248.5 Royalties 62.0 78.4 73.9 Interest expense 91.2 82.5 87.8 Interest received (5.1 ) (7.3 ) (5.9 ) Amortisation and depreciation 748.1 671.4 591.5 Interest expense - environmental rehabilitation 12.1 10.7 11.7 Non-cash (13.5 ) (9.7 ) (14.6 ) Interest received - environmental trust funds (0.5 ) (1.0 ) (0.4 ) Impairment, net of reversal of impairment of investments and assets 200.2 76.5 206.9 Write-off 51.5 41.4 29.1 (Profit)/loss on disposal of assets (4.0 ) (48.0 ) 0.1 Profit on disposal of investments — (2.3 ) (0.1 ) Share-based payments 26.8 14.0 10.7 Long-term incentive plan expense 5.0 10.5 5.1 Payment of long-term incentive plan (11.5 ) — — Borrowing costs capitalised (22.9 ) (15.1 ) (16.6 ) Share of results of equity-accounted investees, net of taxation (0.3 ) — 2.4 Other (5.0 ) (14.0 ) (7.9 ) Total cash generated by operations 1,286.5 1,245.4 982.6 1 Refer note 40 for further details. 2 This relates to the Peruvian copper derivative contracts. Refer note 37 for further details. |
Change in Working Capital
Change in Working Capital | 12 Months Ended |
Dec. 31, 2017 | |
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Change in Working Capital | 29. CHANGE IN WORKING CAPITAL UNITED STATES DOLLAR 2017 2016 1 2015 1 Inventories (55.1 ) (39.2 ) 47.5 Trade and other receivables (2.2 ) 2.8 36.5 Trade and other payables (12.1 ) 34.1 (40.7 ) Total change in working capital (69.4 ) (2.3 ) 43.3 |
Royalties Paid
Royalties Paid | 12 Months Ended |
Dec. 31, 2017 | |
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Royalties Paid | 30. ROYALTIES PAID UNITED STATES DOLLAR 2017 2016 2015 Amount owing at beginning of the year - continuing operations (19.8 ) (17.8 ) (19.9 ) Royalties - continuing operations (62.0 ) (78.4 ) (73.9 ) Amount owing at end of the year - continuing operations 16.3 19.8 17.8 Translation (0.5 ) — 1.0 Total royalties paid - continuing operations (66.0 ) (76.4 ) (75.0 ) |
Taxation Paid
Taxation Paid | 12 Months Ended |
Dec. 31, 2017 | |
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Taxation Paid | 31. TAXATION PAID UNITED STATES DOLLAR 2017 2016 2015 Amount owing at beginning of the year - continuing operations (107.9 ) (59.3 ) (37.8 ) SA and foreign current taxation - continuing operations (204.7 ) (204.2 ) (141.7 ) Amount owing at end of the year - continuing operations 77.5 107.9 59.3 Translation (4.4 ) — 3.0 Total taxation paid - continuing operations (239.5 ) (155.6 ) (117.2 ) |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
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Retirement Benefits | 32. RETIREMENT BENEFITS UNITED STATES DOLLAR 2017 2016 2015 All employees are members of various defined contribution retirement schemes. Contributions to the various retirement schemes are fully expensed during the period in which they are incurred. The cost of providing retirement benefits for the year amounted to US$33.7 million |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
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Commitments | 33. COMMITMENTS UNITED STATES DOLLAR 2017 2016 2015 Capital expenditure Contracted for 44.5 46.2 Operating leases 2 - within one year 66.6 42.5 - later than one and not later than five years 257.9 229.9 - later than five years 448.0 277.3 Guarantees The Group provides environmental obligation guarantees with respect to its South African, Peruvian and Ghanaian operations. These guarantees amounted to US$112.1 million at 31 December 2017 (2016: US$100.1 million) (refer note 25.1). 2 The operating lease commitments consists mainly of power purchase agreements entered into at Tarkwa, Damang, Granny Smith and Gruyere. Included in these amounts are payments for non-lease |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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Contingent Liabilities | 34. CONTINGENT LIABILITIES Randgold and Exploration summons On 21 August 2008, Gold Fields Operations Limited, or GFO, formerly known as Western Areas Limited, a subsidiary of Gold Fields, received a summons from Randgold and Exploration Company Limited, or R&E, and African Strategic Investment (Holdings) Limited. The summons claims that during the period that GFO was under the control of Brett Kebble, Roger Kebble and others, GFO assisted in the unlawful 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 May 2017 (approximately R43.7 billion). The alternative claims will be computed based on the value of the shares as at the date of judgement (which is not yet calculable), plus dividend amounts that would have been received and based on the market value of the shares at the time they were allegedly misappropriated, plus dividends that would have been received (cumulatively equating to approximately R26.9 billion). Simultaneously with delivering its plea, GFO joined certain third parties to the action (namely JCI Limited, JC Lamprecht, RAR Kebble and the deceased and insolvent estate of BK Kebble), in order to enable it to claim compensation against such third parties in the event that the plaintiffs are successful in one or more of their claims. In addition, notices in terms of section 2(2)(b) of the Apportionment of Damages Act, 1956 were served on various parties by GFO, in order to enable it to make a claim for a contribution against such parties in terms of the Apportionment of Damages Act, should the plaintiffs be successful in one or more of its claims. A case manager has been appointed to manage the process to ensure that it progresses and that a trial date is allocated in due course. GFO’s assessment remains that it has sustainable defences to these claims and, accordingly, GFO’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. Silicosis Class action A consolidated application has been brought against several South African mining companies, including Gold Fields, for certification of a class action on behalf of current or former mineworkers (and their dependants) who have allegedly contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in the application. In May 2016, the South African South Gauteng High Court ordered, among other things, the certification of a silicosis class and a tuberculosis class. The High Court ruling did not represent a ruling on the merits of the cases brought against the mining companies. The Supreme Court of Appeal granted the mining companies leave to appeal against all aspects of the May 2016 judgement. The appeal hearing before the Supreme Court of Appeal was scheduled to be heard in March 2018. On 10 January 2018, it was announced that attorneys representing all appellants and all respondents involved in the above appeal hearing before the Supreme Court of Appeal have written to the Registrar of the Supreme Court of Appeal asking that the appeal proceedings be postponed until further notice. The Supreme Court of Appeal has granted approval for the postponement. The joint letter written to the Registrar of the Supreme Court of Appeal explained that good faith settlement negotiations between the Occupational Lung Disease Working Group (see below) and claimants’ legal representatives have reached an advanced stage. In view of that, all parties consider it to be in the best interests of judicial economy and the efficient administration of justice that the matter be postponed. Individual action In addition to the class action above, an individual silicosis-related action has been instituted against Gold Fields and another mining company. In February 2018, the defendants (including Gold Fields) and the plaintiff entered into a confidential settlement agreement in full and final settlement of this matter. Occupational Lung Disease Working Group The Occupational Lung Disease Working Group was formed in fiscal 2014 to address issues relating to compensation and medical care for occupational lung disease in the South African gold mining industry. The Working Group, made up of African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony and Sibanye-Stillwater, has had extensive engagements with a wide range of stakeholders since its formation, including government, organised labour, other mining companies and the legal representatives of claimants who have filed legal actions against the companies. The members of the Working Group are among respondent companies in a number of legal proceedings related to occupational lung disease, including the class action referred to above. The Working Group is however of the view that achieving a comprehensive settlement which is both fair to past, present and future employees and sustainable for the sector, is preferable to protracted litigation. The Working Group will continue with its efforts to find common ground with all stakeholders, including government, labour and the claimants’ legal representatives. Financial provision As at 30 June 2017, as a result of the ongoing work of the Working Group and engagements with affected stakeholders since 31 December 2016, Gold Fields provided an amount of US$30.2 million in the statement of financial position for its share of the estimated cost in relation to the Working Group of a possible settlement of the class action claims and related costs. The nominal value of this provision was US$40.5 million. Gold Fields believes that this remains a reasonable estimate of its share of the estimated cost in relation to the Working Group of a possible settlement of the class action claims and related costs. The provision at 31 December 2017 of US$31.9 million increased due to the effect of unwinding and translation. The nominal value of this provision remains unchanged at US$40.5 million. The ultimate outcome of these matters remains uncertain, with a possible failure to reach a settlement or to obtain the requisite court approval for a potential settlement. The provision is consequently subject to adjustment in the future, depending on the progress of the Working Group discussions, stakeholder engagements and the ongoing legal proceedings. Acid mine drainage Acid mine drainage (“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 identified incidences of AD, and the risk of potential short-term and long-term AD issues, specifically at its Cerro Corona, South Deep and Damang mines and, at currently immaterial levels, its Tarkwa and St Ives mines. The AD issues at Damang mine are confined to the rex open pit. Gold Fields commissioned additional technical studies during 2015 to identify the steps required to prevent or mitigate the potentially material AD impacts at its Cerro Corona, Damang and South Deep operations, but none of these studies have allowed Gold Fields to generate a reliable estimate of the total potential impact on the Group. Gold Fields’ mine closure cost estimates for 2017 contain costs for the aspects of AD management which the Group has reliably been able to estimate. Gold Fields continues to investigate technical solutions at its South Deep, Cerro Corona and Damang mines to better inform appropriate short- and long-term mitigation strategies for AD management and to work towards a reasonable cost estimate of these potential issues. Further studies are planned for 2018. No adjustment for any effects on the Group that may result from AD, if any, has been made in the consolidated financial statements other than through the Group’s normal environmental rehabilitation costs provision (refer note 25.1). Native Claim On 14 October 2016, the High Court denied a request which affirmed that while St. Ives’ rights as tenement holder and the Ngadju people’s native title rights shall coexist, St. Ives’ rights shall prevail should there be any inconsistencies. This decision left no other opportunity for review or appeal and therefore, the matter is now considered closed in respect of Gold Fields. South Deep tax dispute The South Deep mine (“South Deep”) is jointly owned and operated by GFIJVH (50%) and GFO (50%). At 31 December 2017, South Deep’s gross deductible temporary differences amounted to US$1,834.4 million (R23,076.4 million), resulting in a deferred tax asset balance of US$550.4 million (R6,923.0 million) in addition to other taxable temporary differences. This amount is included in the consolidated deferred tax asset of US$72.0 million on Gold Fields’ statement of financial position. South Deep’s gross deductible temporary differences comprises unredeemed capital expenditure balances of US$743.3 million (R9,350.3 million) (tax effect: US$223.0 million (R2,805.1 million)) at GFIJVH and US$716.4 million (R9,011.9 million) (tax effect: US$214.9 million (R2,703.6 million)) at GFO, a capital allowance balance (additional capital allowance) of US$182.2 million (R2,292.0 million) (tax effect: US$54.7 million (R687.6 million)) at GFIJVH and an assessed loss balance of US$192.5 million (R2,422.2 million) (tax effect: US$57.8 million (R726.7 million)) at GFO. During the September 2014 quarter, the South African Revenue Services (“SARS”) issued a Finalisation of Audit Letter (“the Audit Letter”) stating that SARS has restated GFIJVH’s Additional Capital Allowance balance reflected on its 2011 tax return from US$182.2 million (R2,292.0 million) to nil. The tax effect of this amount is US$54.7 million (R687.6 million), that being referred to above as the “Additional Capital Allowance”. The Additional Capital Allowance was claimed by GFIJVH in terms of section 36(11)(c) of the South African Income Tax Act, 1962 (the Act). The Additional Capital Allowance provides an incentive for new mining development and only applies to unredeemed capital expenditure. The Additional Capital Allowance allows a 12% capital allowance over and above actual capital expenditure incurred on developing “a deep level gold mine, as well as a further annual 12% allowance on the mine’s unredeemed capital expenditure balance brought forward, until the year that the mine starts earning mining taxable income (i.e. when all tax losses and unredeemed capital expenditure have been fully utilised). In order to qualify for the Additional Capital Allowance, South Deep must qualify as a “post-1990 gold mine” as defined in the Act. A “post-1990 gold mine”, according to the Act, is defined as a gold mine which, in the opinion of the Director-General: Mineral and Energy Affairs, is an independent workable proposition and in respect of which a mining authorisation for gold mining was issued for the first time after 14 March 1990”. During 1999, the Director-General: Minerals and Energy Affairs (“DME”) and SARS confirmed, in writing, that GFIJVH is a “post-1990 gold mine” as defined, and therefore qualified for the Additional Capital Allowance. Relying on these representations, GFIJVH subsequently filed its tax returns on this basis, as was confirmed by the DME and SARS. In the Audit Letter, SARS stated that both the DME and SARS erred in issuing the confirmations as mentioned above and that GFIJVH does not qualify as a “post-1990 gold mine” and therefore does not qualify for the Additional Capital Allowance. The Group has taken legal advice on the matter and was advised by external Senior Counsel that SARS should not be allowed to disallow the claiming of the additional capital allowance. GFIJVH has in the meantime not only formally appealed against the position taken by SARS, but also filed an application in the High Court and will vigorously defend its position. No resolution was achieved during the year as the Tax Court allowed SARS to amend its grounds of assessment in the days leading up to the commencement of the trial. Consequently the Tax Court proceedings could not be completed in the time allotted for the hearing. The continuance of the Tax Court hearing is expected to take place during 2019. The Group is currently reviewing all its legal remedies, which include approaching the High Court for a declaratory order. Accordingly, no adjustment for any effects on the Group that may result from the proceedings, if any, has been made in the consolidated financial statements. |
Events after the Reporting Date
Events after the Reporting Date | 12 Months Ended |
Dec. 31, 2017 | |
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Events after the Reporting Date | 35. EVENTS AFTER THE REPORTING DATE Final dividend On 14 February 2018, Gold Fields declared a final dividend of 50 SA cents per share. Sale of Arctic Platinum project (“APP”) On 24 January 2018, Gold Fields sold APP to Finnish subsidiary of private equity fund CD Capital Natural Resources Fund III. The purchase consideration comprises US$40.0 million cash and royalty (2% NSR (net smelter return) on all metals, with 1% capped at US$20.0 million and 1% uncapped). The sale includes all of the project assets for APP including the Suhanko mining licence (and associated real estate), all other mining and exploration properties, project permits and all other project-related assets. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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Fair Value of Assets and Liabilities | 36. FAIR VALUE OF ASSETS AND LIABILITIES The estimated fair values of the Group’s financial assets and liabilities are: 2017 2016 Carrying Fair value Carrying Fair Financial assets Cash and cash equivalents 479.0 479.0 526.7 526.7 Trade and other receivables 66.5 66.5 68.5 68.5 Gold and oil derivative contracts 25.0 25.0 — — Environmental trust fund 55.5 55.5 44.5 44.5 Investments 104.6 104.6 19.7 19.7 Financial liabilities Trade and other payables 451.0 451.0 459.3 459.3 Borrowings 1,587.9 1,611.5 1,504.9 1,496.7 Current portion of borrowings 193.6 193.6 188.0 188.0 Copper derivative contracts 3.3 3.3 — — South Deep dividend 6.4 6.4 6.4 6.4 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Trade and other receivables, trade and other payables and cash and cash equivalents The carrying amounts approximate fair values due to the short maturity of these instruments. Investments The fair value of publicly traded instruments (listed investments) is based on quoted market values. Unlisted investments are accounted for at cost with adjustments for write-downs where appropriate and the fair value approximates their carrying value. Derivative instruments are accounted for at fair value with adjustments to the fair value being recognised in profit or loss. Environmental trust fund The environmental trust fund is stated at fair value based on the nature of the fund’s investments. Borrowings and current portion of borrowings The fair value of borrowings and current portion of borrowings, except for the US$1 billion notes issued at a fixed interest rate, approximates their carrying amount as the impact of credit risk is included in the measurement of carrying amounts. The fair value of the US$1 billion notes issue is based on listed market prices. South Deep dividend The carrying amount approximates the fair value. Gold, oil and copper derivative contracts The fair value of these contracts are determined by using available market contract values for each trading date’s settlement volume. The Group uses the following hierarchy for measuring the fair value of assets and liabilities at the reporting date: Level 1 Level 2 Level 3 The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There were no transfers during the years ended 31 December 2017 and 2016. The following table sets out the Group’s assets and liabilities measured at fair value by level within the fair value hierarchy at the reporting date: UNITED STATES DOLLAR UNITED STATES DOLLAR 2016 2017 Level 1 Level 2 Level 3 Total Total Level 1 Level 2 Level 3 Assets measured at fair value — 10.6 — 10.6 Trade receivables from provisional copper and gold concentrate sales 21.2 — 21.2 — 10.5 — — 10.5 Listed investments 99.0 99.0 — — — 5.9 — 5.9 Derivative instruments 5.5 — 5.5 — — — — — Oil derivative contracts 14.1 — 14.1 — — — — — Gold derivative contracts 10.9 — 10.9 — Liabilities measured at fair value — — — — Copper derivative contracts 3.3 — 3.3 — Trade receivables from provisional copper and gold concentrate sales Valued using quoted market prices based on the forward London Metal Exchange (“LME”) and, as such, is classified within level 2 of the fair value hierarchy. Listed investments Comprise equity investments in listed entities and are therefore valued using quoted market prices in active markets. Derivative instruments Derivative instruments are measured at fair value through profit or loss. The fair value is determined using a standard European call option format based on a standard option theory model. Oil, gold and copper derivative contracts The fair values of these contracts are determined by using available market contract values for each trading date’s settlement volume. |
Risk Management Activities
Risk Management Activities | 12 Months Ended |
Dec. 31, 2017 | |
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Risk Management Activities | 37. RISK MANAGEMENT ACTIVITIES In the normal course of its operations, the Group is exposed to commodity price, currency, interest rate, liquidity, equity price 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. Controlling and managing risk in the Group Gold Fields has policies in areas such as counterparty exposure, hedging practices and prudential limits which have been approved by Gold Fields’ Board of Directors. Management of financial risk is centralised at Gold Fields’ treasury department (“Treasury”), which acts as the interface between Gold Fields’ operations and counterparty banks. Treasury manages financial risk in accordance with the policies and procedures established by the Gold Fields’ Board of Directors and Executive Committee. Gold Fields’ Board of Directors has approved dealing limits for money market, foreign exchange and commodity transactions, which Gold Fields’ Treasury is required to adhere to. Among other restrictions, these limits describe which instruments may be traded and demarcate open position limits for each category as well as indicating counterparty credit related limits. The dealing exposure and limits are checked and controlled each day and reported to the Chief Financial Officer. The objective of Treasury is to manage all financial risks arising from the Group’s business activities in order to protect profit and cash flows. Treasury activities of Gold Fields Limited and its subsidiaries are guided by the Treasury Policy, the Treasury Framework as well as domestic and international financial market regulations. Treasury activities are currently performed within the Treasury Framework with appropriate resolutions from the Board of Gold Fields Limited, which are reviewed and approved annually by the Audit Committee. The financial risk management objectives of the Group are defined as follows: Liquidity risk management: Currency risk management: Funding risk management: Investment risk management: Interest rate risk management: Counterparty exposure: Commodity price risk management: Operational risk management: Banking relations management: co-ordinated Credit risk Credit risk represents risk that an entity will suffer a financial loss due to the other party of a financial instrument not discharging its obligation. The Group has reduced its exposure to credit risk by dealing with a number of counterparties. The Group approves these counterparties according to its risk management policy and ensures that they are of good credit quality. Receivables are reviewed on a regular basis and an allowance for impairment is raised when they are not considered recoverable. The combined maximum credit risk exposure of the Group is as follows: UNITED STATES DOLLAR 2017 2016 Environmental trust funds 55.5 44.5 Trade and other receivables 66.5 68.5 Cash and cash equivalents 479.0 526.7 Trade receivables comprise banking institutions purchasing gold bullion and refineries purchasing copper concentrate. These receivables are in a sound financial position and no impairment has been recognised. Trade and other receivables above exclude VAT, import duties, prepayments, payroll receivables, derivative contracts and diesel rebates amounting to US$135.4 million (2016: US$101.7 million). Receivables that are past due but not impaired total US$nil (2016: US$nil). At 31 December 2017, receivables of US$0.1 million (2016: US$0.2 million) are considered impaired and are provided for. Concentration of credit risk on cash and cash equivalents and non-current Liquidity risk In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital expenditure requirements. The cash is managed to ensure surplus funds are invested to maximise returns while ensuring that capital is safeguarded to the maximum extent possible by investing only with top financial institutions. Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal and contingency funding requirements. The following are the contractually due undiscounted cash flows resulting from maturities of all financial liabilities, including interest payments: UNITED STATES DOLLAR Within one year Between one and five years After five years Total 2017 Trade and other payables 451.0 — — 451.0 Copper derivative contracts 3.3 — — 3.3 Borrowings 1 - US$ borrowings 2 - Capital — 1,360.9 — 1,360.9 - Interest 61.3 87.8 — 149.1 - A$ borrowings 3 - Capital — 231.5 — 231.5 - Interest 9.5 13.9 — 23.4 - Rand borrowings 4 - Capital 193.6 — — 193.6 - Interest 10.8 — — 10.8 Environmental rehabilitation costs 5 6.5 24.8 349.7 381.0 South Deep dividend 1.6 5.3 5.8 12.7 Total 737.6 1,724.2 355.5 2,817.3 2016 Trade and other payables 459.3 — — 459.3 Borrowings 1 - US$ borrowings 2 - Capital 127.0 1,510.9 — 1,637.9 - Interest 64.6 145.1 — 209.7 - Rand borrowings 4 - Capital 61.0 — — 61.0 - Interest 5.1 — — 5.1 Environmental rehabilitation costs 5 3.6 29.8 347.4 380.8 South Deep dividend 1.4 5.2 6.2 12.8 Total 722.0 1,691.0 353.6 2,766.6 1 Spot Rate: R12.58 = US$1.00 (2016: R14.03 = US$1.00). 2 US$ borrowings – Spot LIBOR (one month fix) rate adjusted by specific facility agreement: 1.5638% (2016: 0.75611% (one month fix)). 3 AU$ borrowings – Spot Bank Bill Swap Bid Rate (BBSY) (one month fix) rate adjusted by specific facility agreement: 1.76%. 4 ZAR borrowings – Spot JIBAR (one month fix) rate adjusted by specific facility agreement: 6.908% and bank overnight borrowing rate on uncommitted credit facilities: average of 8.3% (2016: 8.3%). 5 Although environmental rehabilitation costs do not meet the definition of a financial liability, the Group included the gross closure cost estimate in the undiscounted cash flows as it represents a future cash outflow (refer note 25.1). In South Africa and Ghana, US$55.5 million (2016: US$44.5 million) of the environmental rehabilitation costs is funded through the environmental trust funds. Market risk Gold Fields is exposed to market risks, including foreign currency, commodity price, equity securities price and interest rate risk associated with underlying assets, liabilities and anticipated transactions. Following periodic evaluation of these exposures, Gold Fields may enter into derivative financial instruments to manage some of these exposures. IFRS 7 sensitivity analysis IFRS 7 requires sensitivity analysis that shows the effects of reasonably possible changes of relevant risk variables on profit or loss or shareholders’ equity. The Group is exposed to commodity price, currency, interest rate and equity price risks. The effects are determined by relating the reasonably possible change in the risk variable to the balance of financial instruments at reporting date. The amounts generated from the sensitivity analysis below are forward looking estimates of market risks assuming certain adverse or favourable market conditions occur. Actual results in the future may differ materially from those projected results and therefore should not be considered a projection of likely future events and gains/losses. Foreign currency sensitivity General and policy In the ordinary course of business, Gold Fields enters into transactions, such as gold sales, denominated in foreign currencies, primarily US Dollar. In addition, Gold Fields has investments and indebtedness in US Dollar, as well as South African Rand. Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows. Gold Fields’ revenues and costs are very sensitive to the Australian Dollar/US Dollar and South African Rand/US Dollar exchange rates because revenues are generated using a gold price denominated in US Dollar, while costs of the Australian and South African operations are incurred principally in Australian Dollar and South African Rand, respectively. Depreciation of the Australian Dollar and/or South African Rand against the US Dollar reduces Gold Fields’ average costs when they are translated into US Dollar, thereby increasing the operating margin of the Australian and/or South African operations. Conversely, appreciation of the Australian Dollar and/or South African Rand results in Australian and/or South African operating costs increasing when translated into US Dollar, resulting in lower operating margins. The impact on profitability of changes in the value of the Australian Dollar and South African Rand against the US Dollar could be substantial. Although this exposes Gold Fields to transaction and translation exposure from fluctuations in foreign currency exchange rates, Gold Fields does not generally hedge its foreign currency exposure, although it may do so in specific circumstances, such as financing projects or acquisitions. Also, Gold Fields on occasion undertakes currency hedging to take advantage of favourable short-term fluctuations in exchange rates when management believes exchange rates are at unsustainable levels. Currency risk only exists on account of financial instruments being denominated in a currency that is not the functional currency and being of a monetary nature. The Group had no significant exposure to currency risk relating to financial instruments at 31 December 2017 and 2016. Differences resulting from the translation of financial statements into the Group’s presentation currency are not taken into account. Foreign currency hedging experience On 25 February 2016, South Deep entered into US$/Rand forward exchange contracts for a total delivery of US$69.8 million starting at July 2016 to December 2016. The average forward rate achieved over the six-month Commodity price hedging policy Gold and copper The market prices of gold and to a lesser extent copper have a significant effect on the results of operations of Gold Fields, the ability of Gold Fields to pay dividends and undertake capital expenditures, and the market price of Gold Fields’ ordinary shares. Gold and copper prices have historically fluctuated widely and are affected by numerous industry factors over which Gold Fields does not have any control. The aggregate effect of these factors on the gold and copper price, all of which are beyond the control of Gold Fields, is impossible for Gold Fields to predict. Oil The market price of oil has a significant effect on the results of the offshore operations of Gold Fields. The offshore operations consume large quantities of diesel in the running of their mining fleets. Oil prices have historically fluctuated widely and are affected by numerous factors over which Gold Fields does not have any control. Commodity price hedging experience The Group’s policy is to remain unhedged to the gold and copper price. However, hedges are sometimes undertaken as follows: • to protect cash flows at times of significant expenditure; • for specific debt servicing requirements; and • to safeguard the viability of higher cost operations. To the extent that it enters into commodity hedging arrangements, Gold Fields seeks to use different counterparty banks consisting of local and international banks to spread risk. None of the counterparties is affiliated with, or related parties of, Gold Fields. Gold and copper In November 2017, South Deep entered into zero-cost mark-to-market In April 2017 and June 2017, the Australian operations entered into a combination of zero-cost 31 In July 2017, Peru entered into zero-cost zero-cost mark-to-market Oil In May 2017 and June 2017, the Ghanaian operations entered into fixed price ICE Gasoil cash settled swap transactions for a total of 125.8 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$457.2 per metric tonne (equivalent US$61.4 per barrel). At the time of the transactions, the average Brent swap equivalent over the tenor was US$49.8 per barrel. At 31 December 2017, the mark-to-market In May 2017 and June 2017, the Australian operations entered into fixed price Singapore 10ppm Gasoil cash settled swap transactions for a total of 77.5 million litres of diesel for the period June 2017 to December 2019. The average swap price is US$61.15 per barrel. At the time of the transactions, the average Brent swap equivalent over the tenor was US$49.92 per barrel. At 31 December 2017, the mark-to-market Equity securities price risk General The Group is exposed to equity securities price risk because of investments held by the Group which are classified as available-for-sale. The Group’s equity investments are publicly traded and are listed on one of the following exchanges: • JSE Limited • Toronto Stock Exchange • Australian Stock Exchange • London Stock Exchange The table below summarises the impact of increases/decreases of the exchanges on the Group’s shareholders’ equity in case of shares (sensitivity to equity security price). The analysis is based on the assumption that the share prices quoted on the exchange have increased/decreased with all other variables held constant and the Group’s investments moved according to the historical correlation with the index. UNITED STATES DOLLAR (Decrease)/increase in equity price (10.0%) (5.0%) 5.0% 10.0% 2017 (Decrease)/increase in other comprehensive income 1 (9.9 ) (5.0 ) 5.0 9.9 2016 (Decrease)/increase in other comprehensive income 1 (1.1 ) (0.5 ) 0.5 1.1 1 Spot rate: R12.58 = US$1.00 (2016: R14.03 = US$1.00). Interest rate sensitivity General As Gold Fields has no significant interest-bearing assets, the Group’s income and operating cash flows are substantially independent of changes in market interest rates. Gold Fields’ interest rate risk arises from borrowings. As of 31 December 2017, Gold Fields’ borrowings amounted to US$1,781.5 million (2016: US$1,692.9 million). Gold Fields generally does not undertake any specific action to cover its exposure to interest rate risk, although it may do so in specific circumstances. Interest rate sensitivity analysis The portion of Gold Fields’ interest-bearing borrowings at year-end US$508.5 million (2016: US$785.5 million) of the total borrowings at reporting date is exposed to changes in the LIBOR rate, US$79.5 million (2016: US$nil) is exposed to the JIBAR rate, US$114.1 million (2016: US$61.0 million) is exposed to the South African Prime (“Prime”) interest rate and US$231.5 million (2016: US$nil) is exposed to the BBSY rate. The relevant interest rates for each facility are described in note 24. The table below summarises the effect of a change in finance expense on the Group’s profit or loss had LIBOR, JIBAR, Prime and BBSY differed as indicated (sensitivity to interest rates). The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables held constant. All financial instruments with fixed interest rates that are carried at amortised cost are not subject to the interest rate sensitivity analysis. UNITED STATES DOLLAR Change in interest expense for a nominal change in interest rates (1.5%) (1.0%) (0.5%) 0.5% 1.0% 1.5% 2017 Sensitivity to LIBOR interest rates (11.3 ) (7.5 ) (3.8 ) 3.8 7.5 11.3 Sensitivity to BBSY interest rates 1 (0.8 ) (0.5 ) (0.3 ) 0.3 0.5 0.8 Sensitivity to JIBAR and prime interest rates 2 (2.0 ) (1.3 ) (0.7 ) 0.7 1.3 2.0 Change in finance expense (14.1 ) (9.3 ) (4.8 ) 4.8 9.3 14.1 2016 Sensitivity to LIBOR interest rates (12.0 ) (8.0 ) (4.0 ) 4.0 8.0 12.0 Sensitivity to JIBAR and prime interest rates 2 (0.6 ) (0.4 ) (0.2 ) 0.2 0.4 0.6 Change in finance expense (12.6 ) (8.4 ) (4.2 ) 4.2 8.4 12.6 1 Average rate: A$0.77 = US$1.00 (2016: A$0.75: US$1.00). 2 Average rate: R13.33 = US$1.00 (2016: R14.7 = US$1.00). |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2017 | |
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Capital Management | 38. CAPITAL MANAGEMENT The primary objective of managing the Group’s capital is to ensure that there is sufficient capital available to support the funding requirements of the Group, including capital expenditure, in a way that: • optimises the cost of capital; • maximises shareholders’ returns; and • ensures that the Group remains in a sound financial position. There were no changes to the Group’s overall capital management approach during the current year. The Group manages and makes adjustments to the capital structure as and when borrowings mature or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. Opportunities in the market are also monitored closely to ensure that the most efficient funding solutions are implemented. The Group monitors capital using the ratio of net debt to adjusted EBITDA. Adjusted EBITDA is defined as profit or loss for the year adjusted for interest, taxation, amortisation and depreciation and certain other costs. The definition of adjusted EBITDA is as defined in the US$1,290 million term loan and revolving credit facilities agreement. Net debt is defined as total borrowings less cash and cash equivalents. The Group’s long-term target is a ratio of net debt to adjusted EBITDA of one times or lower. The bank covenants on external borrowings require a net debt to adjusted EBITDA ratio of 2.5 or below and the ratio is measured based on amounts in United States Dollar. UNITED STATES DOLLAR Notes 2017 2016 Borrowings 1,781.5 1,692.9 Less: 479.0 526.7 Net debt 1,302.5 1,166.2 Adjusted EBITDA 1,263.7 1,232.2 Net debt to adjusted EBITDA 1.03 0.95 Reconciliation of (loss)/profit for the year to adjusted EBITDA: (Loss)/profit for the year (continuing and discontinued operations) (7.7 ) 169.1 Mining and income taxation from continuing operations 173.2 189.5 Mining and income taxation from discontinued operations 12.1 (1.4 ) 0.6 Royalties from continuing operations 62.0 78.4 Royalties from discontinued operations 12.1 1.1 2.0 Finance expense from continuing operations 81.3 78.1 Investment income from continuing operations (5.6 ) (8.3 ) Gain on financial instruments from continuing operations (34.4 ) (14.4 ) Foreign exchange loss from continuing operations 3.5 6.4 Amortisation and depreciation from continuing operations 2 748.1 671.4 Amortisation and depreciation from discontinued operations 2 3.5 14.4 Share-based payments from continuing operations 26.8 14.0 Long-term incentive plan from continuing operations 5.0 10.5 Restructuring costs from continuing operations 9.2 11.7 Silicosis settlement costs from continuing operations 30.2 — Impairment, net of reversal of impairment of investments and assets from continuing operations 200.2 76.5 Profit on disposal of investments from continuing operations — (2.3 ) Profit on disposal of assets from continuing operations (4.0 ) (48.0 ) Gain on sale of discontinued operation, net of taxation 12.1 (16.4 ) — Share of results of equity-accounted investees, net of taxation 1.3 2.3 Rehabilitation income from continuing operations 7 (13.5 ) (9.7 ) Profit on buy-back 7 — (17.7 ) Other 1.3 7.7 1,263.7 1,232.2 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
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Related Party Transactions | 39. RELATED PARTIES The subsidiaries, associates and joint venture of the Company are disclosed in note 42. All transactions and balances with these related parties have been eliminated in accordance with and to the extent required by IFRS 10 Consolidated Financial Statements Joint Arrangements Investments in Associates and Joint Ventures For the year ended 31 December 2017, US$1.2 million (2016: US$1.0 million and 2015: US$0.8 million) was paid in non-executive None of the directors and officers of Gold Fields or, to the knowledge of Gold Fields, their families, had any interest, direct or indirect, in any transaction during the last three fiscal periods or in any proposed transaction which has affected or will materially affect Gold Fields or its investment interests or subsidiaries, other than as stated below. 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 periods indebted to Gold Fields. At 31 December 2017, the Executive Committee and non-executive UNITED STATES DOLLAR 2017 2016 2015 Key management remuneration (Executive Committee) Short-term employee benefits 11.0 11.4 10.7 Severance 0.2 1.6 — Pension scheme contribution 0.5 0.5 0.7 Share-based payments 3.7 1.4 2.3 Long-term incentive plan 1.0 1.1 1.1 16.4 16.0 14.8 |
Correction of Methodology
Correction of Methodology | 12 Months Ended |
Dec. 31, 2017 | |
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Correction of Methodology | 40. CORRECTION OF METHODOLOGY During the year ended 31 December 2017, the Group corrected the amortisation methodology for the mineral rights asset at the Australian operations to reduce the level of estimation required in calculating amortisation. Prior to the correction of the methodology, the total mineral rights asset capitalised at the Australian operation was depreciated on a units-of-production non-depreciable non-depreciable units-of-production As a result of this correction of the methodology, management identified an understatement of the amortisation and depreciation charge relating to prior periods. In order to assess the impact of the understatement, the Group applied SEC Staff Accounting Bulletin (“SAB”) No 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements Under SAB No 108, prior year misstatements which, if corrected in the current year would be material to the current year, must be corrected by adjusting prior year financial statements, even though such correction previously was and continues to be immaterial to the prior year financial statements. Correcting prior year financial statements for such immaterial errors does not require previously issued or filed financial statements to be amended. In accordance with SAB No 99 Materiality The conclusions above in terms of SAB No 99 and No 108 are consistent with the requirements of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors The following table summarises the cumulative impact of the correction of the amortisation methodology: Property, plant and equipment Deferred tax balance 1 Equity St Ives Agnew Granny Smith Total St Ives Agnew Granny Smith Total St Ives Agnew Granny Smith Total Balance at 31 December 2014 (19.6 ) 7.8 0.9 (10.9 ) 5.9 (2.3 ) (0.3 ) 3.3 (13.7 ) 5.5 0.6 (7.6 ) Profit or loss (11.7 ) 4.0 0.3 (7.4 ) 3.5 (1.2 ) (0.1 ) 2.2 (8.2 ) 2.8 0.2 (5.2 ) Translation 2.6 (1.0 ) (0.1 ) 1.5 (0.8 ) 0.3 0.1 (0.4 ) 1.8 (0.7 ) — 1.1 Balance at 31 December 2015 (28.7 ) 10.8 1.1 (16.8 ) 8.6 (3.2 ) (0.3 ) 5.1 (20.1 ) 7.6 0.8 (11.7 ) Profit or loss (9.2 ) 2.5 0.1 (6.6 ) 2.8 (0.8 ) — 2.0 (6.5 ) 1.7 0.1 (4.7 ) Translation 0.3 (0.1 ) — 0.2 (0.1 ) — (0.1 ) (0.2 ) 0.3 (0.1 ) (0.1 ) 0.1 Balance at 31 December 2016 (37.6 ) 13.2 1.2 (23.2 ) 11.3 (4.0 ) (0.4 ) 6.9 (26.3 ) 9.2 0.8 (16.3 ) 1 For the purpose of this analysis, deferred tax has been calculated at 30%. The following tables summarise the impact on the Group’s consolidated financial statements: (i) Consolidated income statement UNITED STATES DOLLAR 31 December 2016 31 December 2015 As previously reported Adjustments As restated before reclassification of operations Discontinued operations reclassification As restated As previously reported Adjustments As restated before reclassification of operations Discontinued operations reclassification As restated Revenue 2,749.5 — 2,749.5 (83.1 ) 2,666.4 2,545.4 — 2,545.4 (91.3 ) 2,454.1 Cost of sales (2,066.7 ) (6.6 ) (2,073.3 ) 72.1 (2,001.2 ) (2,066.1 ) (7.4 ) (2,073.5 ) 85.0 (1,988.5 ) Others (317.0 ) — (317.0 ) 9.2 (307.8 ) (474.8 ) — (474.8 ) 18.1 (456.7 ) Profit before taxation 365.8 (6.6 ) 359.2 (1.8 ) 357.4 4.5 (7.4 ) (2.9 ) 11.8 8.9 Mining and income taxation (192.1 ) 2.0 (190.1 ) 0.6 (189.5 ) (247.1 ) 2.2 (244.9 ) (3.6 ) (248.5 ) Profit/(loss) from continuing operations 173.7 (4.6 ) 169.1 (1.2 ) 167.9 (242.6 ) (5.2 ) (247.8 ) 8.2 (239.6 ) Profit/(loss) from discontinued operations, net of taxation — — — 1.2 1.2 — — — (8.2 ) (8.2 ) Profit/(loss) for the year 173.7 (4.6 ) 169.1 — 169.1 (242.6 ) (5.2 ) (247.8 ) — (247.8 ) Profit/(loss) attributable to: – Owners of the parent 162.8 (4.6 ) 158.2 — 158.2 (242.1 ) (5.2 ) (247.3 ) — (247.3 ) – Non-controlling 10.9 — 10.9 — 10.9 (0.5 ) — (0.5 ) — (0.5 ) 173.7 (4.6 ) 169.1 — 169.1 (242.6 ) (5.2 ) (247.8 ) — (247.8 ) Earnings/loss per share attributable to owners of the parent: Basic earnings/(loss) per share from continuing operations – cents 20 (1 ) 19 — 19 (31 ) (1 ) (32 ) 1 (31 ) Diluted earnings/(loss) per share from continuing operations – cents 20 (1 ) 19 — 19 (31 ) (1 ) (32 ) 1 (31 ) (ii) Consolidated statement of comprehensive income UNITED STATES DOLLAR 31 December 2016 31 December 2015 As Adjustments As restated Discontinued As As Adjustments As restated Discontinued As Profit/(loss) for the year 173.7 (4.6 ) 169.1 — 169.1 (242.6 ) (5.2 ) (247.8 ) — (247.8 ) Others comprehensive income, net of tax 121.4 — 121.4 — 121.4 (636.6 ) 1.1 (635.5 ) — (635.5 ) Foreign currency translation adjustments 129.7 — 129.7 — 129.7 (637.0 ) 1.1 (635.9 ) — (635.9 ) Others (8.3 ) — (8.3 ) — (8.3 ) 0.4 — 0.4 — 0.4 Total comprehensive income for the year 295.1 (4.6 ) 290.5 — 290.5 (879.2 ) (4.1 ) (883.3 ) — (883.3 ) Attributable to: – Owners of the parent 284.2 (4.6 ) 279.6 — 279.6 (878.7 ) (4.1 ) (882.8 ) — (882.8 ) – Non-controlling 10.9 — 10.9 — 10.9 (0.5 ) — (0.5 ) — (0.5 ) 295.1 (4.6 ) 290.5 — 290.5 (879.2 ) (4.1 ) (883.3 ) — (883.3 ) (iii) Consolidated statement of financial position UNITED STATES DOLLAR 31 December 2016 1 January 2016 As previously reported Adjustments As restated before reclassification of operations Discontinued operations reclassification As restated As previously reported Adjustments As restated before reclassification of operations Discontinued operations reclassification As restated ASSETS Property, plant and equipment 4,547.8 (23.2 ) 4,524.6 — 4,524.6 4,312.4 (16.8 ) 4,295.6 — 4,295.6 Others 1,786.9 — 1,786.9 — 1,786.9 1,565.3 — 1,565.3 — 1,565.3 Total assets 6,334.7 (23.2 ) 6,311.5 — 6,311.5 5,877.7 (16.8 ) 5,860.9 — 5,860.9 LIABILITIES Deferred taxation 465.5 (6.9 ) 458.6 — 458.6 487.3 (5.1 ) 482.2 — 482.2 Others 2,679.6 — 2,679.6 — 2,679.6 2,622.4 — 2,622.4 — 2,622.4 Total liabilities 3,145.1 (6.9 ) 3,138.2 — 3,138.2 3,109.7 (5.1 ) 3,104.6 — 3,104.6 EQUITY Retained earnings 1,570.9 (18.3 ) 1,552.6 — 1,552.6 1,447.3 (13.7 ) 1,433.6 — 1,433.6 Other reserves (2,126.4 ) 2.0 (2,124.4 ) — (2,124.4 ) (2,262.2 ) 2.0 (2,260.2 ) — (2,260.2 ) Others 3,745.1 — 3,745.1 — 3,745.1 3,582.9 — 3,582.9 — 3,582.9 Total equity 3,189.6 (16.3 ) 3,173.3 — 3,173.3 2,768.0 (11.7 ) 2,756.3 — 2,756.3 Total equity and liabilities 6,334.7 (23.2 ) 6,311.5 — 6,311.5 5,877.7 (16.8 ) 5,860.9 — 5,860.9 (iv) Consolidated statement of cash flows There is no impact on the total operating, investing or financing cash flows for the years ended 31 December 2016 and 2015 relating to the above adjustments. The consolidated statement of cash flows have been restated in respect of the discontinued operations reclassification. |
Segment Report
Segment Report | 12 Months Ended |
Dec. 31, 2017 | |
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Segment Report | 41. SEGMENT REPORT Financial summary UNITED STATES DOLLAR South Africa Ghana Peru Australia South Deep 1 Tarkwa Damang Total Ghana Cerro Corona St Ives Agnew/ Lawlers Granny Smith Gruyere Total Australia Corporate and 2 Continuing operations Darlot Discontinued operations Group INCOME STATEMENT for the year ended 31 December 2017 Revenue 354.1 710.8 180.3 891.1 392.9 457.3 302.6 363.8 — 1,123.7 — 2,761.8 49.0 49.0 2,810.8 Cost of sales (379.0 ) (526.0 ) (144.5 ) (670.5 ) (285.2 ) (330.9 ) (232.7 ) (203.9 ) (1.3 ) (768.8 ) (1.8 ) (2,105.1 ) (50.7 ) (50.7 ) (2,155.8 ) Cost of sales before gold inventory change and amortisation and depreciation (306.3 ) (348.0 ) (121.3 ) (469.3 ) (151.2 ) (187.6 ) (154.9 ) (156.8 ) (1.3 ) (500.6 ) 0.9 (1,426.5 ) (46.3 ) (46.3 ) (1,472.8 ) Gold inventory change 1.5 42.0 (0.9 ) 41.1 (3.1 ) 29.0 4.5 (3.6 ) — 29.9 — 69.5 (0.9 ) (0.9 ) 68.6 Amortisation and depreciation (74.2 ) (220.0 ) (22.3 ) (242.3 ) (130.9 ) (172.3 ) (82.3 ) (43.5 ) — (298.1 ) (2.7 ) (748.1 ) (3.5 ) (3.5 ) (751.6 ) Other income/(costs) 7.6 (3.1 ) (0.6 ) (3.7 ) (12.1 ) 18.0 6.4 4.6 — 29.0 (10.3 ) 3 10.6 (0.2 ) (0.2 ) 10.4 Share-based payments (3.5 ) (4.8 ) (1.3 ) (6.1 ) (3.6 ) (2.2 ) (1.7 ) (2.1 ) — (6.0 ) (7.6 ) (26.8 ) (0.6 ) (0.6 ) (27.4 ) Long-term incentive plan — (0.9 ) (0.3 ) (1.2 ) (0.7 ) (0.7 ) (0.5 ) (0.6 ) — (1.8 ) (1.3 ) (5.0 ) (0.1 ) (0.1 ) (5.1 ) Exploration expense — — — — (0.5 ) (23.0 ) (15.9 ) (10.8 ) (1.8 ) (51.5 ) (57.8 ) (109.8 ) (1.5 ) (1.5 ) (111.3 ) Restructuring costs (2.3 ) (4.7 ) (2.2 ) (6.9 ) — — — — — — — (9.2 ) — — (9.2 ) Silicosis settlement costs — — — — — — — — — — (30.2 ) (30.2 ) — — (30.2 ) Impairment, net of reversal of impairment of investments and assets — (6.8 ) (3.5 ) (10.3 ) 52.6 — — — — — (242.5 ) (200.2 ) — — (200.2 ) Profit/(loss) on disposal of assets 0.3 2.9 (0.2 ) 2.7 — (0.2 ) 1.5 — — 1.3 (0.3 ) 4.0 — — 4.0 Investment income 0.8 3.4 0.2 3.6 — 0.9 0.6 0.7 — 2.2 (1.0 ) 5.6 0.4 0.4 6.0 Finance expense (12.4 ) (5.2 ) (5.1 ) (10.3 ) (4.7 ) (2.8 ) (1.0 ) (1.0 ) — (4.8 ) (49.1 ) (81.3 ) — — (81.3 ) Gain on sale of discontinued operations — — — — — — — — — — — — 23.5 23.5 23.5 Royalties (1.8 ) (21.7 ) (5.5 ) (27.1 ) (5.3 ) — 4 — 4 — 4 — 4 (27.8 ) — (62.0 ) (1.1 ) (1.1 ) (63.1 ) Mining and income taxation 10.9 (58.6 ) 3.1 (55.5 ) (36.1 ) — 4 — 4 — 4 — 4 (89.5 ) (3.0 ) (173.2 ) (5.7 ) (5.7 ) (179.0 ) Current taxation — (58.0 ) — (58.0 ) (50.8 ) — 4 — 4 — 4 — 4 (91.7 ) (4.2 ) (204.7 ) (2.3 ) (2.3 ) (207.0 ) Deferred taxation 10.9 (0.6 ) 3.1 2.5 14.7 — 4 — 4 — 4 — 4 2.2 1.2 31.5 (3.3 ) (3.3 ) 28.0 (Loss)/profit for the year (25.3 ) 85.4 20.4 105.8 97.4 — 4 — 4 — 4 — 4 206.1 (404.9 ) (20.8 ) 13.1 13.1 (7.7 ) (Loss)/profit attributable to: - Owners of the parents (25.3 ) 76.9 18.4 95.3 96.9 — 4 — 4 — 4 — 4 206.1 (404.9 ) (31.8 ) 13.1 13.1 (18.7 ) - Non-controlling — 8.5 2.0 10.5 0.5 — 4 — 4 — 4 — 4 — — 11.0 — — 11.0 STATEMENT OF FINANCIAL POSITION at 31 December 2017 Total assets (excluding deferred taxation) 1,220.5 1,765.2 184.9 1,950.1 774.0 693.7 500.0 392.0 34.9 1,620.6 982.9 6,548.1 — — 6,548.1 Total liabilities (excluding deferred taxation) 1,352.1 232.3 130.0 362.3 188.7 138.2 71.5 78.1 32.9 320.7 539.4 2,763.2 — — 2,763.2 Net deferred taxation (assets)/liabilities (47.6 ) 283.1 (3.1 ) 280.0 80.8 — 4 — 4 — 4 — 4 87.0 (18.3 ) 381.9 — 4 — 4 381.9 Capital expenditure 5 82.4 180.6 132.1 312.8 34.0 156.2 73.7 87.0 81.1 398.0 6.4 833.6 6.8 6.8 840.4 The above is a geographical analysis presented by location of assets. The Group’s continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew/Lawlers, Granny Smith and Gruyere Gold Project and in Peru, the Cerro Corona mine. While the Gruyere Gold Project does not meet the quantitative criteria for disclosure as a separate segment, it is expected to become a significant contributor to the Group’s performance in future years as the project is being developed. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page 151. The Group’s discontinued operation was primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held in Australia. US Dollar figures may not add as they are rounded independently. 1 The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep (refer note 14). South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 30%. 2 “Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation, including goodwill relating to the acquisition of South Deep. 3 Other costs “Corporate and other” comprise share of loss of associates, net of taxation of US$1.3 million and the balance of US$9.0 million consists mainly of corporate related costs. 4 The Australian operations are entitled to transfer and off-set 5 Capital expenditure for the year ended 31 December 2017. UNITED STATES DOLLAR South Africa Ghana Peru Australia South Deep 1 Tarkwa Damang Total Ghana Cerro Corona St Ives Agnew/ Lawlers Granny Smith Gruyere Total Australia Corporate and 2 Continuing operations Darlot Discontinued operations Group INCOME STATEMENT for the year ended 31 December 2016 Revenue 358.2 708.9 183.4 892.3 322.3 452.3 285.4 355.8 — 1,093.6 — 2,666.4 83.1 83.1 2,749.5 Cost of sales (343.1 ) (511.6 ) (153.8 ) (665.6 ) (255.5 ) (335.8 ) (215.2 ) (178.7 ) (729.7 ) (7.5 ) (2,001.2 ) (72.1 ) (72.1 ) (2,073.4 ) Cost of sales before gold inventory change and amortisation and depreciation (272.3 ) (344.7 ) (136.4 ) (481.2 ) (143.7 ) (192.8 ) (145.7 ) (141.1 ) — (479.6 ) 1.1 (1,375.7 ) (57.3 ) (57.3 ) (1,433.0 ) Gold inventory change 0.7 17.5 0.4 17.8 3.8 11.0 5.1 7.4 — 23.5 — 45.9 (0.4 ) (0.4 ) 45.5 Amortisation and depreciation (71.5 ) (184.4 ) (17.8 ) (202.2 ) (115.6 ) (154.0 ) (74.6 ) (45.0 ) — (273.6 ) (8.6 ) (671.4 ) (14.4 ) (14.4 ) (685.9 ) Other income/(costs) 13.4 (7.8 ) (0.6 ) (8.4 ) (13.0 ) 13.6 6.1 2.6 — 22.3 (23.1 ) 3 (8.8 ) — — (8.8 ) Share-based payments (2.3 ) (2.5 ) (0.3 ) (2.8 ) (2.0 ) (1.2 ) (0.8 ) (0.9 ) — (2.9 ) (4.0 ) (14.0 ) (0.4 ) (0.4 ) (14.4 ) Long-term incentive plan (1.0 ) (2.3 ) (0.5 ) (2.8 ) (1.8 ) (0.8 ) (0.7 ) (0.8 ) — (2.3 ) (2.6 ) (10.5 ) (0.5 ) (0.5 ) (11.0 ) Exploration expense — — — — — (21.1 ) (9.6 ) (10.6 ) — (41.3 ) (44.8 ) (86.1 ) (6.1 ) (6.1 ) (92.2 ) Restructuring costs — (0.2 ) (9.9 ) (10.1 ) — — — (1.2 ) — (1.2 ) (0.4 ) (11.7 ) — — (11.7 ) Impairment of investments and assets — — (10.0 ) (10.0 ) (66.4 ) — — — — — (0.1 ) (76.5 ) — — (76.5 ) Profit/(loss) on disposal of assets 0.1 — — — (0.1 ) — 0.2 (0.3 ) — (0.1 ) 48.1 48.0 — — 48.0 Investment income 1.1 1.8 — 1.8 — — — — — — 5.4 8.3 — — 8.3 Finance expense (5.5 ) (3.9 ) (3.5 ) (7.4 ) (4.7 ) (2.7 ) (1.0 ) (1.0 ) — (4.7 ) (55.8 ) (78.1 ) (0.2 ) (0.2 ) (78.3 ) Royalties (1.8 ) (35.4 ) (9.2 ) (44.6 ) (4.6 ) — 4 — 4 — 4 — 4 (27.3 ) — (78.4 ) (2.0 ) (2.0 ) (80.4 ) Mining and income taxation (6.0 ) (29.8 ) — (29.8 ) (47.4 ) — 4 — 4 — 4 — 4 (92.8 ) (13.5 ) (189.5 ) (0.6 ) (0.6 ) (190.1 ) Current taxation — (52.4 ) — (52.4 ) (45.9 ) — 4 — 4 — 4 — 4 (95.2 ) (10.7 ) (204.2 ) (0.5 ) (0.5 ) (204.7 ) Deferred taxation (6.0 ) 22.6 — 22.6 (1.5 ) — 4 — 4 — 4 — 4 2.4 (2.8 ) 14.7 (0.1 ) (0.1 ) 14.6 Profit/(loss) for the year 13.0 116.9 (4.5 ) 112.5 (73.1 ) — 4 — 4 — 4 — 4 213.6 (98.3 ) 167.9 1.2 1.2 169.1 Profit/(loss) attributable to: - Owners of the parent 13.0 105.2 (4.0 ) 101.3 (72.8 ) — 4 — 4 — 4 — 4 213.6 (98.3 ) 157.0 1.2 1.2 158.2 - Non-controlling — 11.7 (0.5 ) 11.2 (0.3 ) — 4 — 4 — 4 — 4 — — 10.9 — — 10.9 STATEMENT OF FINANCIAL POSITION at 31 December 2016 Total assets (excluding deferred taxation) 1,075.0 1,667.0 132.6 1,799.6 822.5 584.7 439.6 293.9 272.5 1,590.7 964.9 6,252.8 10.1 10.1 6,262.8 Total liabilities (excluding deferred taxation) 1,162.0 219.0 96.3 315.3 195.4 136.3 66.3 63.1 272.4 538.1 446.3 2,657.1 22.5 22.5 2,679.6 Net deferred taxation (assets)/liabilities (32.4 ) 282.4 — 282.4 95.6 — 4 — 4 — 4 — 4 80.1 (15.7 ) 409.9 — 4 — 4 409.9 Capital expenditure 5 77.9 168.4 37.9 206.3 42.8 140.0 70.0 90.3 — 300.3 1.3 628.5 21.4 21.4 649.9 The above is a geographical analysis presented by location of assets. The Group’s continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew/Lawlers, Granny Smith and Gruyere Gold Project and in Peru, the Cerro Corona mine. While the Gruyere Gold Project does not meet the quantitative criteria for disclosure as a separate segment, it is expected to become a significant contributor to the Group’s performance in future years as the project is being developed. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page 151. The Group’s discontinued operation was primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held in Australia. US Dollar figures may not add as they are rounded independently. 1 The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep (refer note 14). South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 30%. 2 “Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation, including goodwill relating to the acquisition of South Deep. 3 Other costs “Corporate and other” comprise share of loss of associates net of taxation of US$2.3 million, profit on disposal of investments of US$2.3 million and the balance of US$23.1 million consists mainly of corporate related costs. 4 The Australian operations are entitled to transfer and off-set 5 Capital expenditure for the year ended 31 December 2016. UNITED STATES DOLLAR South Africa Ghana Peru Australia Corporate and 2 Continuing operations Darlot Discontinued Operations Group South Deep 1 Tarkwa Damang Total Ghana Cerro Corona St Ives Agnew/ Lawlers Granny Smith Total Australia INCOME STATEMENT for the year ended 31 December 2015 Revenue 232.3 680.7 194.8 875.5 292.2 431.8 273.9 348.4 1,054.1 — 2,454.1 91.3 91.3 2,545.4 Cost of sales (304.5 ) (489.2 ) (212.8 ) (702.0 ) (244.9 ) (341.9 ) (199.5 ) (195.1 ) (736.4 ) (0.6 ) (1,988.5 ) (85.0 ) (85.0 ) (2,073.5 ) Cost of sales before gold inventory change and amortisation and depreciation (236.6 ) (334.2 ) (184.3 ) (518.5 ) (143.8 ) (195.0 ) (142.6 ) (135.9 ) (473.4 ) 0.8 (1,371.5 ) (59.8 ) (59.8 ) (1,431.3 ) Gold inventory change — 7.3 (2.1 ) 5.2 (1.0 ) (25.3 ) 1.1 (5.4 ) (29.6 ) — (25.5 ) 0.6 0.6 (24.9 ) Amortisation and depreciation (67.9 ) (162.3 ) (26.4 ) (188.7 ) (100.1 ) (121.6 ) (58.0 ) (53.8 ) (233.4 ) (1.4 ) (591.5 ) (25.8 ) (25.8 ) (617.3 ) Other income/(costs) 1.7 (3.9 ) (2.4 ) (6.1 ) (10.0 ) 2.4 3.2 (1.8 ) 3.8 (11.8 ) 3 (22.4 ) 0.3 0.3 (22.0 ) Share-based payments (1.0 ) (1.5 ) (0.3 ) (1.8 ) (1.2 ) (1.2 ) (0.7 ) (0.4 ) (2.3 ) (4.4 ) (10.7 ) (0.2 ) (0.2 ) (10.9 ) Long-term incentive plan (0.7 ) (1.1 ) (0.3 ) (1.4 ) (0.8 ) (0.2 ) (0.5 ) (0.3 ) (1.0 ) (1.2 ) (5.1 ) (0.2 ) (0.2 ) (5.3 ) Exploration expense — — — — — (21.5 ) (4.0 ) (3.6 ) (29.1 ) (22.7 ) (51.8 ) (1.7 ) (1.7 ) (53.5 ) Restructuring costs (0.7 ) (5.3 ) (0.3 ) (5.6 ) — (3.0 ) — (0.1 ) (3.1 ) — (9.3 ) — 0.0 (9.3 ) Impairment of investments and assets — — (43.8 ) (43.8 ) (6.7 ) — — — — (156.4 ) (206.9 ) (14.2 ) (14.2 ) (221.1 ) Profit/(loss) on disposal of assets — 3.2 — 3.2 (4.7 ) 2.5 (1.0 ) — 1.5 (0.1 ) (0.1 ) — — (0.1 ) Investment income 0.9 1.3 0.1 1.4 — — — — — 4.0 6.3 — — 6.3 Finance expense (4.1 ) (3.4 ) (2.9 ) (6.3 ) (5.5 ) (2.9 ) (1.3 ) (1.1 ) (5.3 ) (61.7 ) (82.9 ) — — (82.9 ) Royalties (1.2 ) (34.0 ) (9.7 ) (43.8 ) (3.1 ) — 4 — 4 — 4 (25.8 ) — (73.9 ) (2.1 ) (2.1 ) (76.0 ) Mining and income taxation 22.1 (59.3 ) (11.7 ) (71.1 ) (108.7 ) (77.6 ) (13.2 ) (248.5 ) 3.6 3.6 (244.9 ) Current taxation — (34.6 ) (0.7 ) (35.4 ) (33.0 ) — 4 — 4 — 4 (65.5 ) (7.8 ) (141.7 ) (1.2 ) (1.2 ) (142.9 ) Deferred taxation 22.1 (24.7 ) (11.0 ) (35.7 ) (75.7 ) — 4 — 4 — 4 (12.1 ) (5.4 ) (106.8 ) 4.8 4.8 (102.0 ) (Loss)/profit for the year (55.2 ) 87.5 (89.3 ) (1.8 ) (93.4 ) — 4 — 4 — 4 178.8 (268.1 ) (239.6 ) (8.2 ) (8.2 ) (247.8 ) (Loss)/profit attributable to: - Owners of the parents (55.2 ) 78.8 (80.5 ) (1.7 ) (93.0 ) — 4 — 4 — 4 178.8 (268.1 ) (239.1 ) (8.2 ) (8.2 ) (247.3 ) - Non-controlling — 8.7 (8.8 ) (0.1 ) (0.4 ) — 4 — 4 — 4 — — (0.5 ) — — (0.5 ) STATEMENT OF FINANCIAL POSITION at 31 December 2015 Total assets (excluding deferred taxation) 976.8 1,546.7 139.0 1,685.7 880.5 526.6 404.5 222.8 1,153.9 1,100.8 5,797.7 9.1 9.1 5,806.8 Total liabilities (excluding deferred taxation) 1,078.4 195.6 98.5 294.1 133.7 135.2 66.9 61.5 263.6 829.4 2,599.2 23.2 23.2 2,622.4 Net deferred taxation (assets)/liabilities (36.0 ) 305.0 — 305.0 94.1 — 4 — 4 — 4 82.5 (17.5 ) 428.1 — 4 — 4 428.1 Capital expenditure for the year ended 66.9 204.2 16.9 221.1 64.8 114.5 73.0 72.4 259.9 1.4 614.1 20.0 20.0 634.1 The above is a geographical analysis presented by location of assets. The Group’s continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew/Lawlers, Granny Smith and Gruyere Gold Project and in Peru, the Cerro Corona mine. While the Gruyere Gold Project does not meet the quantitative criteria for disclosure as a separate segment, it is expected to become a significant contributor to the Group’s performance in future years as the project is being developed. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page 151. The Group’s discontinued operation was primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held in Australia. US Dollar figures may not add as they are rounded independently. 1 The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep (refer note 14). South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 30%. 2 “Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation, including goodwill relating to the acquisition of South Deep. 3 Other costs “Corporate and other” comprise share of loss of associates net of taxation of US$5.7 million, profit on disposal of investments of US$0.1 million and the balance of US$6.2 million consists mainly of corporate related costs. 4 The Australian operations are entitled to transfer and off-set |
Major Group Investments - Direc
Major Group Investments - Direct and Indirect | 12 Months Ended |
Dec. 31, 2017 | |
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Major Group Investments - Direct and Indirect | 42. MAJOR GROUP INVESTMENTS – DIRECT AND INDIRECT Group Carrying value in holding company Shares held Shares Loans 6 Notes 2017 2016 2017 % 2016 % 2017 R million 2016 2017 R million 2016 SUBSIDIARIES Unlisted Abosso Goldfields Ltd 7 - Class “A” shares 1 49,734,000 49,734,000 90.0 90.0 — — — — - Class “B” shares 1 4,266,000 4,266,000 90.0 90.0 — — — — Agnew Gold Mining Company Pty Ltd 2 54,924,757 54,924,757 100.0 100.0 — — — — Beatrix Mines Ltd 3 96,549,020 96,549,020 100.0 100.0 206.8 206.8 — — Beatrix Mining Ventures Ltd 3 9,625,001 9,625,001 100.0 100.0 120.4 120.4 (136.8 ) (136.8 ) Darlot Mining Company Pty Ltd 2 1 1 100.0 100.0 — — — — Driefontein Consolidated (Pty) Ltd 3 1,000 1,000 100.0 100.0 — — (13.1 ) (13.1 ) GFI Joint Venture Holdings (Pty) Ltd 3 311,668,564 311,668,564 100.0 100.0 — — (0.4 ) (0.4 ) GFL Mining Services Ltd 3 235,676,387 235,676,387 100.0 100.0 18,790.5 18,790.5 (8,331.2 ) (8,004.2 ) Gold Fields Ghana Ltd 8 1 900 900 90.0 90.0 — — — — Gold Fields Group Services (Pty) Ltd 3 1 1 100.0 100.0 — — (224.8 ) 355.5 Gold Fields Holdings Company (BVI) Ltd 5 4,084 4,084 100.0 100.0 — — — — Gold Fields La Cima S.A. 9 4 1,426,050,205 1,426,050,205 99.5 99.5 — — — — Gold Fields Operations Ltd 3 156,279,947 156,279,947 100.0 100.0 — — (0.4 ) (0.4 ) Gold Fields Orogen Holdings (BVI) Ltd 5 356 356 100.0 100.0 — — — — Gruyere Mining Company Pty Ltd 2 1 1 100.0 100.0 — — — — GSM Mining Company Pty Ltd 2 1 1 100.0 100.0 — — — — Kloof Gold Mining Company Ltd 3 138,600,000 138,600,000 100.0 100.0 602.8 602.8 (610.2 ) (610.2 ) Newshelf 899 (Pty) Ltd 10 3 90,000,000 90,000,000 100.0 100.0 23,210.9 23,210.9 — — St Ives Gold Mining Company Pty Ltd 2 281,051,329 281,051,329 100.0 100.0 — — — — Total 42,931.4 42,931.4 (9,316.9 ) (8,409.6 ) 1 Incorporated in Ghana. 2 Incorporated in Australia. 3 Incorporated in the Republic of South Africa. 4 Incorporated in Peru. 5 Incorporated in the British Virgin Islands. 6 The loans are unsecured, interest free and have no fixed repayment terms. 7 Abosso Goldfields Ltd (“Abosso”) owns the Damang operation in Ghana. The accumulated non-controlling non-controlling 8 Gold Fields Ghana Ltd (“GFG”) owns the Tarkwa operation in Ghana. The accumulated non-controlling non-controlling 9 Gold Fields La Cima S.A. (“La Cima”) owns the Cerro Corona operation in Peru. The accumulated non-controlling non-controlling 10 Refer note 25.2. Newshelf is the holding company of GFIJVH and GFO which own the South Deep mine. In terms of the South Deep BEE agreement, there is an agreed phase-in Shares held Group beneficial interest 2017 2016 2017 % 2016 % OTHER 1 Listed associates Maverix Metals Incorporated (“Maverix”) 42,850,000 42,850,000 27.9 32.3 Rusoro Mining Limited 140,000,001 140,000,001 25.7 25.7 Joint venture Far Southeast Gold Resources Incorporated 1,737,699 1,737,699 40.0 40.0 Listed equity investments Bezant Resources PLC 17,945,922 17,945,922 2.9 8.8 Cardinal Resources Limited 42,818,182 13,700,270 11.5 4.5 Cardinal Resources Limited (Options) 38,220,051 19,705,790 33.0 2 17.0 Cascadero Copper Corporation 2,025,000 2,025,000 1.1 1.1 Clancy Exploration Limited 17,764,783 17,764,783 0.6 0.7 Consolidated Woodjam Copper Corporation 12,848,016 12,848,016 17.2 17.8 Fjordland Exploration Incorporated 363,636 1,818,182 0.8 1.8 Gold Road Resources Limited 87,117,909 — 9.9 — Hummingbird Resources PLC 21,258,503 21,258,503 6.2 6.2 Orsu Metals Corp 2,613,491 26,134,919 7.3 19.7 Radius Gold Incorporated 3,625,124 3,625,124 4.2 4.2 Red 5 Limited 246,875,821 — 19.9 3 — 1 Only major investments are listed individually. 2 If the Group was to exercise all the Cardinal Resources options, the Group’s effective interest would be below 20% and therefore does not have significant influence over Cardinal Resources Limited. 3 An assessment has been performed and the Group does not have significant influence over Red 5 Limited. |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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BASIS OF PREPARATION | 1. BASIS OF PREPARATION The financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, as well as the requirements of the South African Companies Act. The consolidated financial statements have been prepared under the historical cost convention, as modified by available-for-sale As required by the United States Securities and Exchange Commission, the financial statements include the consolidated statements of financial position as at 31 December 2017 and 2016, and the consolidated income statements and statements of comprehensive income, changes in equity and cash flows for the years ended 31 December 2017, 2016 and 2015 and the related notes. The consolidated financial statements were authorised for issue by the Board of Directors on 27 March 2018. Standards, interpretations and amendments to published standards effective for the year ended 31 December 2017 During the financial year, the following new and revised accounting standards, amendments to standards and new interpretations were adopted by the Group: Standard(s) Amendment(s) Interpretation(s) Nature of the Salient features of the changes Impact on IAS 7 Amendments • The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash No impact IAS 12 Amendments • The amendments provide additional guidance on the existence of deductible temporary differences; and • The amendments also provide additional guidance on the methods used to calculate future taxable profit to establish whether a deferred tax asset can be recognised. No impact Standards, interpretations and amendments to published standards which are not yet effective Certain new standards, amendments and interpretations to existing standards have been published that apply to the Group’s accounting periods beginning on 1 January 2018 or later periods but have not been early adopted by the Group. These standards, amendments and interpretations that are relevant to the Group are: Standard(s) Amendment(s) Interpretation(s) Nature of the Salient features of the changes Effective date* IFRS 2 Amendments • The amendments cover three accounting areas: - Measurement of cash-settled share-based payments; - Classification of share-based payments settled net of tax withholdings; and - Accounting for a modification of a share-based payment from cash-settled to equity-settled. • The amendment does not have a material impact on the Group. 1 January 2018 IFRS 9 New standard • This IFRS sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial Financial Instruments • This IFRS contains a new classification and measurement approach for financial assets that reflects the business model in which the assets are managed and their cash flow characteristics. The three principal 1 January 2018 classification categories for financial assets are: measured at amortised cost, fair value through profit or loss (“FVTPL”) and fair value through other comprehensive income (“FVOCI”); • Based on the Group’s assessment, the Group believes that the new classification if applied at 31 December 2017, would not have a significant impact on its accounting for financial assets. The Group’s available-for-sale • The new measurement principles will not have a material impact on the Group. IFRS 15 New standard • This IFRS introduces a new revenue recognition model for contracts with customers and establishes a comprehensive framework for determining whether, how much and when revenue is recognised. IFRS 15 also includes extensive new disclosure requirements; • The Group has assessed the impact of adopting IFRS 15 and has determined the impact as follows: • Revenue will be recognised when the customer takes control of the gold, copper and silver. The timing of recognition of revenue will no longer be when risks and rewards of ownership pass to the customer; • The change in timing of revenue recognition will result in revenue at the South African and Australian operations being recognised on settlement date (date when control passes) and not contract date (previous date when risks and rewards of ownership pass). There is no change to the revenue recognition at any of the other operations given that the date of control is the same date as when risks and rewards of ownership pass. The change in timing of revenue recognition for the South African and Australian operations will be that revenue will be recognised approximately two days later than it currently is recognised. As approximately 0.3% of 2017 revenue will 1 January 2018 now be recognised in 2018, the adoption of IFRS 15 will not have a material impact on the revenue of the Group; and • The Group will adopt IFRS 15 using the cumulative effect method, with the effect of initially applying this standard at the date of initial application (i.e. 1 January 2018). As a result, the Group will not apply the requirements of IFRS 15 to the comparative periods presented. IFRS 16 New standard • This IFRS sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer (‘lessee’) and the supplier (‘lessor’); • IFRS 16 replaces the previous leases Standard, IAS 17 Leases, • IFRS 16 has one model for lessees which will result in almost all leases being included on the statement of financial position. No significant changes have been included for lessors; and • Management has commenced compiling a list of all potential leases and is in the process of reviewing all such contracts in order to assess the impact the standard will have on the Group. 1 January 2019 IFRIC 23 New • This interpretation clarifies the accounting for income tax treatments that have yet to be accepted by tax authorities; • IFRIC 23 specifically clarifies how to incorporate this uncertainty into the measurement of tax as reported in the financial statements; • IFRIC 23 does not introduce any new disclosures but reinforces the need to comply with existing disclosure requirements about judgements made, assumptions and other estimates used and the potential impact of uncertainties that are not reflected • The interpretation will not have a material impact on the Group. 1 January 2019 * Effective date refers to annual period beginning on or after said date. Significant accounting judgements and estimates Use of estimates: The preparation of the financial statements in accordance with IFRS requires the Group’s management to make estimates and assumptions 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. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results could differ from those estimates. The more significant areas requiring the use of management estimates and assumptions relate to mineral reserves and resources that are the basis of future cash flow estimates used for impairment assessments and units-of-production Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year are discussed below. Mineral reserves and resources estimates Mineral reserves are estimates of the amount of product, inclusive of diluting materials and allowances for losses, which can be economically and legally extracted from the Group’s properties, as determined by life-of-mine pre-feasibility Mineral resources are estimates, based on specific geological evidence and knowledge, including sampling, of the amount of product in situ, for which there is a reasonable prospect for eventual legal and economic extraction. In order to calculate the reserves and resources, estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, capital expenditure, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and grade of the mineral reserves and resources is based on exploration and sampling information gathered through appropriate techniques (primarily diamond drilling, reverse circulation drilling, air-core The Group is required to determine and report on the mineral reserves and resources in accordance with the South African Mineral Resource Committee (“SAMREC”) code on an annual basis. Estimates of mineral reserves and resources may change from year to year due to the change in economic, regulatory, infrastructural or social assumptions used to estimate ore reserves and resources, and due to additional geological data becoming available. Changes in reported proven and probable reserves may affect the Group’s financial results and position in a number of ways, including the following: • The recoverable amount used in the impairment calculations may be affected due to changes in estimated cash flows or timing thereof; • Amortisation and depreciation charges to profit or loss may change as these are calculated on the units-of-production • Provision for environmental rehabilitation costs may change where changes in ore reserves affect expectations about the timing or cost of these activities; and • The carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits. Changes in reported measured and indicated resources may affect the Group’s financial results and position in a number of ways, including the following: • The recoverable amount used in the impairment calculations may be affected due to changes in estimated market value of resources exclusive of reserves; and • Amortisation and depreciation charges for the mineral rights asset at the Australian operations may change as a result of the change in the portion of mineral rights asset being transferred from the non-depreciable Carrying value of property, plant and equipment and goodwill All mining assets are amortised using the units-of-production Mobile and other equipment are depreciated over the shorter of the estimated useful life of the asset or the estimate of mine life based on proved and probable mineral reserves. The calculation of the units-of-production • Changes in proved and probable mineral reserves; • Differences between actual commodity prices and commodity price assumptions; • Unforeseen operational issues at mine sites; • Changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign currency exchange rates; and • Changes in mineral reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, where those lives are limited to the life of the mine. The Group reviews and tests the carrying value of long-lived assets annually or when events or changes in circumstances suggest that the carrying amount may not be recoverable by comparing the recoverable amounts to these carrying values. In addition, goodwill is tested for impairment on an annual basis. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets and liabilities. If there are indications that impairment may have occurred, estimates are prepared of recoverable amounts of each group of assets. The recoverable amounts of cash-generating units (“CGU”) and individual assets have been determined based on the higher of value-in-use An individual operating mine does not have an indefinite life because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine. In accordance with the provisions of IAS 36 Impairment of Assets, year-end. The Group generally used FVLCOD to determine the recoverable amount of each CGU. Significant assumptions used in the Group’s impairment assessments (FVLCOD calculations) include: 2017 2016 US$ Gold price per ounce - year 1 US$1,200 US$1,100 US$ Gold price per ounce - year 2 US$1,300 US$1,200 US$ Gold price per ounce - year 3 onwards US$1,300 US$1,300 Rand Gold price per kilogram - year 1 R525,000 R500,000 Rand Gold price per kilogram - year 2 R525,000 R550,000 Rand Gold price per kilogram - year 3 onwards R525,000 R600,000 A$ Gold price per ounce - year 1 A$1,600 A$1,500 A$ Gold price per ounce - year 2 A$1,700 A$1,600 A$ Gold price per ounce - year 3 onwards A$1,700 A$1,700 US$ Copper price per tonne - year 1 US$5,512 US$5,512 US$ Copper price per tonne - year 2 US$6,171 US$5,512 US$ Copper price per tonne - year 3 onwards US$6,171 US$6,171 Resource value per ounce (used to calculate the value beyond • South Africa (with infrastructure) US$17 US$60 • Ghana (with infrastructure) US$41 US$60 • Peru (with infrastructure) US$41 US$60 • Australia (without infrastructure) US$293 US$60 Discount rates • South Africa - nominal 13.5 % 13.5 % • Ghana - real 9.7 % 9.7 % • Peru - real 4.8 % 4.8 % • Australia - real 3.8 % 3.8 % • Inflation rate - South Africa 1 5.5 % 5.5 % Long-term exchange rates • ZAR/US$ - year 1 13.61 14.14 • ZAR/US$ - year 2 (2016: year 2) 13.16 14.26 • ZAR/US$ - year 3 onwards 13.16 14.36 • US$/A$ - year 1 0.75 0.73 • US$/A$ - year 2 (2016: year 2) 0.76 0.75 • US$/A$ - year 3 onwards 0.76 0.76 1 Due to the availability of unredeemed capital for tax purposes over several years into the life of the South Deep mine, nominal cash flows are used for South Africa. In order to determine nominal cash flows in South Africa, costs are inflated by the current South African inflation rate. Cash flows for all other operations are in real terms and as a result are not inflated. The FVLCOD calculations are very sensitive to the gold price assumptions and an increase or decrease in the gold price could materially change the FVLCOD. Should there be a significant decrease in the gold price, the Group would take actions to assess the implications on the life-of-mine The carrying amount of property, plant and equipment at 31 December 2017 was US$4,892.9 million (2016: US$4,524.6 million and 2015: US$4,295.6 million). The carrying value of goodwill at 31 December 2017 was US$76.6 million (2016: US$317.8 million and 2015: US$295.3 million). An impairment of US$277.8 million (2016: US$nil and 2015: US$nil) was recognised in respect of the South Deep CGU at 31 December 2017. Production start date The Group assesses the stage of each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various relevant criteria to assess when the mine is substantially complete, ready for its intended use and moves into the production stage. Some of the criteria would include, but are not limited to the following: • The level of capital expenditure compared to the construction cost estimates; • Ability to produce metal in saleable form (within specifications); and • Ability to sustain commercial levels of production of metal. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities or ore reserve development. Stockpiles, gold in process and product inventories Costs that are incurred in or benefit the productive process are accumulated as stockpiles, gold in process, ore on leach pads and product inventories. Net realisable value tests are performed on a monthly basis for short-term stockpiles, gold in process and product inventories and at least annually for long-term stockpiles and represent the estimated future sales price of the product based on prevailing spot metals prices at the reporting date, less estimated costs to complete production and bring the product to sale. If any inventories are expected to be realised in the long term, estimated future sales prices are used for valuation purposes. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained gold ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile tonnages are verified by periodic surveys. Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor the recoverability 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 net realisable value are accounted for on a prospective basis. The carrying amount of total gold-in-process (non-current Provision for environmental rehabilitation costs The Group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for the provision of environmental rehabilitation costs in the period in which they are incurred. Actual costs incurred in future periods could differ materially from the estimates. Additionally, future changes to environmental laws and regulations, life-of-mine Refer note 25.1 of the consolidated financial statements for details of key assumptions used to estimate the provision. The carrying amounts of the provision for environmental rehabilitation costs at 31 December 2017 was US$281.5 million (2016: US$283.1 million). Provision for silicosis settlement costs The Group has an obligation in respect of a possible settlement of the silicosis class action claims and related costs. The Group recognises management’s best estimate for the provision of silicosis settlement costs. The ultimate outcome of the class action remains uncertain, with a possible failure to reach a settlement or to obtain the requisite court approval for a potential settlement. The provision is consequently subject to adjustment in the future, depending on the progress of the Working Group discussions, stakeholder engagements and the ongoing legal proceedings. Refer notes 25.3 and 34 of the consolidated financial statements for further details. The carrying amounts of the provision for silicosis settlement costs at 31 December 2017 was US$31.9 million (2016: US$nil). Income taxes The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the liability for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The Group recognises the future tax benefits related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future periods. Carrying values at 31 December 2017: • Deferred taxation liability: US$453.9 million (2016: US$458.6 million and 2015: US$482.2 million) • Deferred taxation asset: US$72.0 million (2016: US$48.7 million and 2015: US$54.1 million) • Taxation payable: US$77.5 million (2016: US$107.9 million) Refer note 9 for details of unrecognised deferred tax assets. Share-based payments The Group issues equity-settled share-based payments to executive directors, certain officers and employees. The fair value of these instruments is measured at grant date, using the Black-Scholes and Monte Carlo simulation valuation models, which require assumptions regarding the estimated term of the option, share price volatility and expected dividend yield. While Gold Fields’ management believes that these assumptions are appropriate, the use of different assumptions could have a material impact on the fair value of the option granted and the related recognition of the share-based payments expense in the consolidated income statement. Gold Fields’ options have characteristics significantly different from those of traded options and therefore fair values may also differ. The income statement charge from continuing operations for the year ended 31 December 2017 was US$26.8 million (2016: US$14.0 million and 2015: US$10.7 million). Financial instruments The estimated fair value of financial instruments is determined at discrete points in time, based on the relevant market information. The fair value is calculated with reference to market rates using industry valuation techniques and appropriate models. The carrying values of derivative financial instruments included in trade and other receivables at 31 December 2017 was US$25.0 million (2016: US$nil) and included in trade and other payables US$3.3 million (2016: US$nil). Contingencies By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, a liability is recorded based on the best estimate of the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of losses may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided. Refer note 34 for details on contingent liabilities. Business combinations Determination of whether a set of assets acquired and liabilities assumed constitute the acquisition of a business or asset may require the Group to make certain judgements as to whether or not the assets acquired and liabilities assumed include the inputs, processes and outputs necessary to constitute a business as defined in IFRS 3 Business Combinations. |
CONSOLIDATION | 2. CONSOLIDATION 2.1 Business combinations The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred, other than those associated with the issue of debt or equity securities. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition non-controlling non-controlling non-controlling non-controlling The excess of the consideration transferred, the amount of any non-controlling If a transaction does not meet the definition of a business under IFRS, the transaction is recorded as an asset acquisition. Accordingly, the identifiable assets acquired and liabilities assumed are measured at the fair value of the consideration paid, based on their relative fair values at the acquisition date. Acquisition-related costs are included in the consideration paid and capitalised. Any contingent consideration payable that is dependent on the purchaser’s future activity is not included in the consideration paid until the activity requiring the payment is performed. Any resulting future amounts payable are recognised in profit or loss when incurred. No goodwill and no deferred tax asset or liability arising from the assets acquired and liabilities assumed are recognised upon the acquisition of assets. 2.2 Subsidiaries Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group until the date on which control ceases. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. 2.3 Transactions with non-controlling The Group treats transactions with non-controlling non-controlling non-controlling 2.4 Equity accounted investees The Group’s interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Joint ventures are arrangements in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Interests in associates and joint ventures are accounted for using the equity method. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and the other comprehensive income of equity accounted investees, until the date on which significant influence or joint control ceases. Results of associates and joint ventures are equity accounted using the results of their most recent audited financial statements. Any losses from associates or joint ventures are brought to account in the consolidated financial statements until the interest in such associates or joint ventures is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such associates or joint ventures. The carrying value of an investment in associate and joint ventures represents the cost of the investment, including goodwill, a share of the post-acquisition retained earnings and losses, any other movements in reserves and any accumulated impairment losses. The carrying value is assessed annually for existence of indicators of impairment and if such exist, the carrying amount is compared to the recoverable amount, being the higher of value in use or fair value less cost of disposal. If an impairment in value has occurred it is recognised in profit or loss in the period in which the impairment arose. 2.5 Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the use of assets and obligations for the liabilities of the arrangement. The Group accounts for activities under joint operations by recognising in relation to the joint operation, the assets it controls and the liabilities it incurs, the expenses it incurs and the revenue from the sale or use of its share of the joint operations output. |
FOREIGN CURRENCIES | 3. FOREIGN CURRENCIES 3.1 Functional and presentation currency Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in US Dollar. 3.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. Translation differences on available-for-sale 3.3 Foreign operations The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: Assets and liabilities are translated at the exchange rate ruling at the reporting date (ZAR/US$: 12.58; US$/A$: 0.77 (2016: ZAR/US$: 14.03; US$/A$: 0.72 and 2015: ZAR/US$: 15.10; US$/A$: 0.73)). Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year (ZAR/US$: 13.33; US$/A$: 0.77 (2016: ZAR/US$: 14.70; US$/A$: 0.75 and 2015: ZAR/US$: 12.68; US$/A$: 0.75)), unless this average was not a reasonable approximation of the rates prevailing on the transaction dates, in which case these items were translated at the rate prevailing on the date of the transaction. Exchange differences on translation are accounted for in other comprehensive income. These differences will be recognised in profit or loss upon realisation of the underlying operation. On consolidation, exchange differences arising from the translation of the net investment in foreign operations (i.e. the reporting entity’s interest in the net assets of that operation), and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in other comprehensive income are recognised in profit or loss as part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the relevant proportion of the cumulative amount is reattributed to non-controlling Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at each reporting date at the closing rate. |
PROPERTY, PLANT AND EQUIPMENT | 4. PROPERTY, PLANT AND EQUIPMENT 4.1 Mine development and infrastructure Mining assets, including mine development and infrastructure costs and mine plant facilities, are recorded at cost less accumulated depreciation and accumulated impairment losses. Expenditure incurred to evaluate and develop new orebodies, to define mineralisation in existing orebodies and to establish or expand productive capacity, is capitalised until commercial levels of production are achieved, at which times the costs are amortised as set out below. Development of orebodies includes the development of shaft systems and waste rock removal that allows access to reserves that are economically recoverable in the future. Subsequent to this, costs are capitalised if the criteria for recognition as an asset are met. 4.2 Borrowing costs Borrowing costs incurred in respect of assets requiring a substantial period of time to prepare for their intended future use are capitalised to the date that the assets are substantially completed. 4.3 Mineral and surface rights Mineral and surface rights are recorded at cost less accumulated amortisation and accumulated impairment losses. When there is little likelihood of a mineral right being exploited, or the fair value of mineral rights has diminished below cost, an impairment loss is recognised in profit or loss in the year that such determination is made. 4.4 Land Land is shown at cost and is not depreciated. 4.5 Other assets Non-mining non-mining 4.6 Amortisation and depreciation of mining assets Amortisation and depreciation is determined to give a fair and systematic charge to profit or loss taking into account the nature of a particular ore body and the method of mining that ore body. To achieve this, the following calculation methods are used: • Mining assets, including mine development and infrastructure costs, mine plant facilities and evaluation costs, are amortised over the life of the mine using the units-of-production • Stripping activity assets are amortised on a units-of-production • The mineral rights asset at the Australian operations are divided at the respective operations into a depreciable and a non-depreciable non-depreciable Subsequently, and on an annual basis, as part of the preparation of the updated reserve and resource statement and preparation of the updated life-of-mine non-depreciable non-depreciable Each operation typically comprises a number of mines and the depreciable component of the mineral rights asset is therefore allocated on a mine-by-mine units-of-production non-depreciable Proved and probable ore reserves reflect estimated quantities of economically recoverable reserves, which can be recovered in future from known mineral deposits. Certain mining plant and equipment included in mine development and infrastructure is depreciated on a straight-line basis over the lesser of their estimated useful lives or life-of-mine. Correction of amortisation for Australian mineral rights asset During the year ended 31 December 2017, the Group corrected the amortisation methodology for the mineral rights asset at the Australian operations to reduce the level of estimation uncertainty required in calculating amortisation. Prior to the correction of methodology, the total mineral rights asset capitalised at the Australian operations was amortised on a units-of-production At 1 January 2017, as a result of this correction of methodology, management identified an understatement of the amortisation and depreciation charge in prior periods. The understatement has been corrected by restating each of the affected financial statement line items for prior periods (refer note 40 for further details). The impact of the correction of the amortisation methodology resulted in an increase in amortisation of US$5.7 million for the 2017 year. 4.7 Depreciation of non-mining Non-mining • Vehicles – 20% • Computers – 33.3% • Furniture and equipment – 10% The assets’ useful lives, depreciation methods and residual values are reassessed at each reporting date and adjusted if appropriate. 4.8 Mining exploration Expenditure on advances solely for exploration activities is charged against profit or loss until the viability of the mining venture has been proven. Expenditure incurred on exploration “farm-in” Exploration activities at certain of the Group’s non-South 4.9 Impairment Recoverability of the carrying values of long-term assets or CGUs of the Group are reviewed annually or whenever events or changes in circumstances indicate that such carrying values may not be recoverable. To determine whether a long-term asset or CGU may be impaired, the higher of “value in use” (defined as: “the present value of future cash flows expected to be derived from an asset or CGU”) or “fair value less costs of disposal” (defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date”) is compared to the carrying value of the asset/CGU. Impairment losses are recognised in profit or loss. A CGU is defined by the Group as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Generally for the Group this represents an individual operating mine, including mines which are part of a larger mine complex. The costs attributable to individual shafts of a mine are impaired if the shaft is closed. Exploration targets in respect of which costs have been capitalised at certain of the Group’s international operations are evaluated on an annual basis to ensure that these targets continue to support capitalisation of the underlying costs. Those that do not are impaired. When any infrastructure is closed down during the year, any carrying value attributable to that infrastructure is impaired. 4.10 Gain or loss on disposal of property, plant and equipment Any gain or loss on disposal of property, plant and equipment (calculated as the net proceeds from disposal less the carrying amount of the item) is recognised in profit or loss. 4.11 Leases At the inception of an arrangement, the Group determines whether the arrangement contains a lease. Leases that transfer to the Group substantially all of the risks and rewards of ownership are classified as finance leases. All other leases are classified as operating leases and are not recognised in the statement of financial position. Operating lease costs are charged against profit or loss on a straight-line basis over the period of the lease. 4.12 Deferred stripping Production stripping costs in a surface mine are capitalised to property, plant and equipment 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 reliably. If the above criteria are not met, the stripping costs are recognised directly in profit or loss. The Group initially measures the stripping activity asset at cost, this being the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of ore. After initial recognition, the stripping activity asset is carried at cost less accumulated amortisation and accumulated impairment losses. |
GOODWILL | 5. GOODWILL Goodwill is stated at cost less accumulated impairment losses. Goodwill on acquisition of equity accounted investees is tested for impairment as part of the carrying amount of the investment in associate or joint venture whenever there is any objective evidence that the investment may be impaired. Goodwill on acquisition of a subsidiary is assessed annually or whenever there are impairment indicators to establish whether there is any indication of impairment to goodwill. A write-down is made if the carrying amount exceeds the recoverable amount. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill allocated to the entity sold. Goodwill is allocated to CGUs for the purpose of impairment testing. The allocation is made to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. |
TAXATION | 6. TAXATION Income tax comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is measured on taxable income at the applicable statutory rate substantively enacted at the reporting date. Deferred taxation is provided on temporary differences existing at each reporting date between the tax values of assets and liabilities and their carrying amounts. Substantively enacted tax rates are used to determine future anticipated effective tax rates which in turn are used in the determination of deferred taxation. Deferred taxation is not recognised for temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss and taxable temporary differences arising on the initial recognition of goodwill. The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. 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. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and equity accounted investees except where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax assets relating to the carry forward of unutilised tax losses and/or deductible temporary differences are recognised to the extent it is probable that future taxable profit will be available against which the unutilised tax losses and/or deductible temporary differences can be recovered. Deferred tax assets are reviewed at each reporting date and are adjusted if recovery is no longer probable. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Except for Tarkwa, no provision is made for any potential taxation liability on the distribution of retained earnings by Group companies as it is probable that the related taxable temporary differences will not reverse in the foreseeable future. |
INVENTORIES | 7. INVENTORIES Inventories are valued at the lower of cost and net realisable value. Gold on hand represents production on hand after the smelting process. Cost is determined on the following basis: • Gold on hand and gold-in-process • Heap leach and stockpiles inventories are valued using weighted average cost. Cost includes production, amortisation and related administration costs. The cost of materials on the heap leach and stockpiles from which metals are expected to be recovered in a period longer than 12 months is classified as non-current • Consumable stores are valued at weighted average cost, after appropriate provision for redundant and slow-moving items. Net realisable value is determined with reference to relevant market prices or the estimated future sales price of the product if it is expected to be realised in the long term. |
FINANCIAL INSTRUMENTS | 8. FINANCIAL INSTRUMENTS 8.1 Non-derivative The Group classifies non-derivative available-for-sale The Group classifies non-derivative The Group initially recognises loans and receivables on the date they are originated. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows in a transaction in which substantially all the risks and rewards of the ownership of the financial asset are transferred. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire. Any interest in such transferred financial asset that is created or retained by the Group is recognised as a separate asset or liability. The particular recognition and measurement methods adopted are disclosed in the individual policy statements associated with each item. A financial asset not classified as fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset and the loss event(s) had an impact on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired includes default or delinquency by a debtor, indications that a debtor will enter bankruptcy, economic conditions that correlate with defaults or the disappearance of an active market for a security. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance against loans and receivables. When an event occurring after the impairment loss was recognised causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. A significant or prolonged decline in the fair value of an available-for-sale available-for-sale available-for-sale Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a currently legally enforceable right to offset the amounts and intends to settle them on a net basis or to realise the asset and settle the liability simultaneously. 8.1.1 Investments Investments comprise (1) investments in listed companies which are classified as available-for-sale Purchases and sales of investments are recognised on the trade date, which is the date that the Group commits to purchase or sell the asset. Cost of purchase includes transaction costs. The fair value of listed investments is based on quoted bid prices. On disposal or impairment of available-for-sale 8.1.2 Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to insignificant risk of changes in value and are measured at amortised cost which is deemed to be fair value as they have a short-term maturity. Bank overdrafts are included within current liabilities in the statement of financial position and within cash and cash equivalents in the statement of cash flows. 8.1.3 Trade receivables Trade receivables are initially recognised at fair value and subsequently carried at amortised cost less allowance for impairment, except for trade receivables from provisional copper and gold concentrate sales. Estimates made for impairment are based on a review of all outstanding amounts at year-end. The trade receivables from provisional copper and gold concentrate sales are carried at fair value through profit or loss and are marked-to-market 8.1.4 Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 8.1.5 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred, where applicable and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. Interest payable on borrowings is recognised in profit or loss over the term of the borrowings using the effective interest method. Finance expense comprises interest on borrowings and environmental rehabilitation costs offset by interest capitalised on qualifying assets. Cash flows from interest paid are classified under operating activities in the statement of cash flows. 8.2 Derivative financial instruments The Group’s general policy with regards to its exposure to the dollar gold price is to remain unhedged. The Group may from time to time establish currency and/or interest rate and/or commodity financial instruments to protect underlying cash flows. On the date a derivative contract is entered into, the Group designates the derivative as (1) a hedge of the fair value of a recognised asset or liability (fair value hedge), (2) a hedge of a forecast transaction or a firm commitment (cash flow hedge), (3) a hedge of a net investment in a foreign entity, or (4) should the derivative not fall into one of the three categories above it is not regarded as a hedge. Derivative financial instruments are initially recognised in the statement of financial position at fair value and subsequently remeasured at their fair value, unless they meet the criteria for the normal purchases normal sales exemption. Provided the Group’s derivative transactions do not qualify for hedge accounting, changes in the fair value of such derivatives are recognised immediately in profit or loss. 8.3 Embedded derivatives The Group assesses whether an embedded derivative is required to be separated from a host contract and accounted for as a derivative when the Group first becomes a party to a contract. Embedded derivatives are separated from the host contract and accounted for separately if: • The economic characteristics and risks of the host contract and the embedded derivative are not closely related; • A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and • The combined instrument is not measured at fair value through profit or loss. Subsequent reassessment is not performed unless there is a change in the terms of the contract that significantly modifies the cash flows. |
PROVISIONS | 9. PROVISIONS Provisions are recognised when the Group has a present legal or constructive obligation resulting from past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. |
PROVISION FOR ENVIRONMENTAL REHABILITATION COSTS | 10. PROVISION FOR ENVIRONMENTAL REHABILITATION COSTS Long-term provisions for environmental rehabilitation costs are based on the Group’s environmental management plans, in compliance with applicable environmental and regulatory requirements. Rehabilitation work can include facility decommissioning and dismantling, removal or treatment of waste materials, site and land rehabilitation, including compliance with and monitoring of environmental regulations, security and other site-related costs required to perform the rehabilitation work and operations of equipment designed to reduce or eliminate environmental effects. Full provision is made based on the net present value of the estimated cost of restoring the environmental disturbance that has occurred up to the reporting date. The unwinding of the obligation is accounted for in profit or loss. The estimated costs of rehabilitation are reviewed annually and adjusted as appropriate for changes in legislation, technology or other circumstances. Cost estimates are not reduced by the potential proceeds from the sale of assets or from plant clean up at closure. Changes in estimates are capitalised or reversed against the relevant asset, except where a reduction in the provision is greater than the remaining net book value of the related asset, in which case the value is reduced to nil and the remaining adjustment is recognised in profit or loss. In the case of closed sites, changes in estimates and assumptions are recognised in profit or loss. Estimates are discounted at the risk-free rate in the jurisdiction of the obligation. Increases due to additional environmental disturbances are capitalised and amortised over the remaining lives of the mines. These increases are accounted for on a net present value basis. For the South African and Ghanaian operations, annual contributions are made to a dedicated rehabilitation trust fund and dedicated bank account, respectively, to fund the estimated cost of rehabilitation during and at the end of the life-of-mine. non-current In respect of the South African, Ghanaian and Peruvian operations, bank and other guarantees are provided for funding of the environmental rehabilitation obligations. |
EMPLOYEE BENEFITS | 11. EMPLOYEE BENEFITS 11.1 Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably. 11.2 Pension and provident funds 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 Group companies. Contributions to defined contribution funds are recognised as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees. 11.3 Share-based payments The Group operates a number of equity-settled compensation plans. The fair value of the equity-settled instruments is measured by reference to the fair value of the equity instrument granted which in turn is determined using the Black-Scholes and Monte Carlo simulation models on the date of grant. Fair value is based on market prices of the equity-settled instruments granted, if available, taking into account the terms and conditions upon which those equity-settled instruments were granted. Fair value of equity-settled instruments granted is estimated using appropriate valuation models and appropriate assumptions at grant date. Non-market The fair value of the equity-settled instruments is recognised as an employee benefit expense over the vesting period based on the Group’s estimate of the number of instruments that will eventually vest, with a corresponding increase in equity. Vesting assumptions for non-market Where the terms of an equity-settled award are modified, the originally determined expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification, which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the participant as measured at the date of the modification. 11.4 Long-term incentive plan The Group operates a long-term incentive plan. The Group’s net obligation in respect of the long-term incentive plan is the amount of future benefit that employees have earned in return for their services in the current and prior periods. That benefit is estimated using appropriate assumptions and is discounted to determine its present value at each reporting date. Re-measurements 11.5 Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. Termination benefits are expensed at the earlier of the date the Group can no longer withdraw the offer of those benefits or the date the Group recognises costs for a restructuring. Benefits falling due more than 12 months after the reporting date are discounted to present value. |
SHARE CAPITAL | 12. SHARE CAPITAL 12.1 Ordinary share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. 12.2 Repurchase and reissue of share capital When share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are deducted from equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium. |
REVENUE RECOGNITION | 13. REVENUE RECOGNITION Revenue is recognised to the extent that it is probable that economic benefits will flow to the Group and the amount of revenue can be reliably measured. Revenue is stated at the fair value of the consideration received or receivable. Revenue arising from gold, copper and silver sales is recognised when the significant risks and rewards of ownership pass to the buyer. The price of gold, copper and silver is determined by market forces. Copper and gold concentrate revenue is calculated, net of refining and treatment charges, on a best estimate basis on shipment date, using forward metal prices to the estimated final pricing date, adjusted for the specific terms of the agreements. Variations between the price recorded at the shipment date and the actual final price received are caused by changes in prevailing copper and gold prices, and result in an embedded derivative in the trade receivable. The embedded derivative is marked-to-market |
INVESTMENT INCOME | 14. INVESTMENT INCOME Investment income comprises interest income on funds invested and dividend income from listed and unlisted investments. Investment income is recognised to the extent that it is probable that economic benefits will flow to the Group and the amount of investment income can be reliably measured. Investment income is stated at the fair value of the consideration received or receivable. 14.1 Dividends, which include capitalisation dividends, are recognised when the right to receive payment is established. 14.2 Interest income is recognised on a time proportion basis taking account the principal outstanding and the effective rate over the period to maturity. Cash flows from dividends and interest received are classified under operating activities in the statement of cash flows. |
DIVIDENDS DECLARED | 15. DIVIDENDS DECLARED Dividends and the related taxation thereon are recognised only when such dividends are declared. Dividends withholding tax is a tax on shareholders receiving dividends and is applicable to all dividends paid. The Group withholds dividends tax on behalf of its shareholders at a rate of 20% on dividends paid. Amounts withheld are not recognised as part of the Group’s tax charge but rather as part of the dividend paid recognised directly in equity. Cash flows from dividends paid are classified under operating activities in the statement of cash flows. |
EARNINGS PER SHARE | 16. EARNINGS PER SHARE The Group presents basic and diluted earnings per share. Basic earnings per share is calculated based on the profit attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is determined by adjusting the profit attributable to ordinary shareholders, if applicable, and the weighted average number of ordinary shares in issue for ordinary shares that may be issued in the future |
NON-CURRENT ASSETS HELD FOR SALE | 17. NON-CURRENT Non-current non-current Non-current |
DISCONTINUED OPERATIONS | 18. DISCONTINUED OPERATIONS A discontinued operation is a component of the Group’s business, the operations and cash flows of which can be clearly distinguished from the rest of the Group and which: • Represents a separate major line of business or geographic area of operations; • Is part of a single co-ordinated • Is a subsidiary acquired exclusively with a view to re-sale. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale, When an operation is classified as a discontinued operation, the comparative income statement and statement of cash flows are re-presented |
SEGMENTAL REPORTING | 19. SEGMENTAL REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker and is based on individual mining operations. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Committee that makes strategic decisions. |
HEADLINE EARNINGS | 20. HEADLINE EARNINGS Headline earnings is an additional earnings number that is permitted by IAS 33 Earnings per Share non-controlling re-measurements |
Accounting policies (Tables)
Accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Standards, Interpretations and Amendments to Published Standards Effective | Standards, interpretations and amendments to published standards effective for the year ended 31 December 2017 During the financial year, the following new and revised accounting standards, amendments to standards and new interpretations were adopted by the Group: Standard(s) Amendment(s) Interpretation(s) Nature of the Salient features of the changes Impact on IAS 7 Amendments • The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash No impact IAS 12 Amendments • The amendments provide additional guidance on the existence of deductible temporary differences; and • The amendments also provide additional guidance on the methods used to calculate future taxable profit to establish whether a deferred tax asset can be recognised. No impact |
Summary of Standards, Interpretations and Amendments to Published Standards Which Are Not Yet Effective | Standards, interpretations and amendments to published standards which are not yet effective Certain new standards, amendments and interpretations to existing standards have been published that apply to the Group’s accounting periods beginning on 1 January 2018 or later periods but have not been early adopted by the Group. These standards, amendments and interpretations that are relevant to the Group are: Standard(s) Amendment(s) Interpretation(s) Nature of the Salient features of the changes Effective date* IFRS 2 Amendments • The amendments cover three accounting areas: - Measurement of cash-settled share-based payments; - Classification of share-based payments settled net of tax withholdings; and - Accounting for a modification of a share-based payment from cash-settled to equity-settled. • The amendment does not have a material impact on the Group. 1 January 2018 IFRS 9 New standard • This IFRS sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial Financial Instruments • This IFRS contains a new classification and measurement approach for financial assets that reflects the business model in which the assets are managed and their cash flow characteristics. The three principal 1 January 2018 classification categories for financial assets are: measured at amortised cost, fair value through profit or loss (“FVTPL”) and fair value through other comprehensive income (“FVOCI”); • Based on the Group’s assessment, the Group believes that the new classification if applied at 31 December 2017, would not have a significant impact on its accounting for financial assets. The Group’s available-for-sale • The new measurement principles will not have a material impact on the Group. IFRS 15 New standard • This IFRS introduces a new revenue recognition model for contracts with customers and establishes a comprehensive framework for determining whether, how much and when revenue is recognised. IFRS 15 also includes extensive new disclosure requirements; • The Group has assessed the impact of adopting IFRS 15 and has determined the impact as follows: • Revenue will be recognised when the customer takes control of the gold, copper and silver. The timing of recognition of revenue will no longer be when risks and rewards of ownership pass to the customer; • The change in timing of revenue recognition will result in revenue at the South African and Australian operations being recognised on settlement date (date when control passes) and not contract date (previous date when risks and rewards of ownership pass). There is no change to the revenue recognition at any of the other operations given that the date of control is the same date as when risks and rewards of ownership pass. The change in timing of revenue recognition for the South African and Australian operations will be that revenue will be recognised approximately two days later than it currently is recognised. As approximately 0.3% of 2017 revenue will 1 January 2018 now be recognised in 2018, the adoption of IFRS 15 will not have a material impact on the revenue of the Group; and • The Group will adopt IFRS 15 using the cumulative effect method, with the effect of initially applying this standard at the date of initial application (i.e. 1 January 2018). As a result, the Group will not apply the requirements of IFRS 15 to the comparative periods presented. IFRS 16 New standard • This IFRS sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer (‘lessee’) and the supplier (‘lessor’); • IFRS 16 replaces the previous leases Standard, IAS 17 Leases, • IFRS 16 has one model for lessees which will result in almost all leases being included on the statement of financial position. No significant changes have been included for lessors; and • Management has commenced compiling a list of all potential leases and is in the process of reviewing all such contracts in order to assess the impact the standard will have on the Group. 1 January 2019 IFRIC 23 New • This interpretation clarifies the accounting for income tax treatments that have yet to be accepted by tax authorities; • IFRIC 23 specifically clarifies how to incorporate this uncertainty into the measurement of tax as reported in the financial statements; • IFRIC 23 does not introduce any new disclosures but reinforces the need to comply with existing disclosure requirements about judgements made, assumptions and other estimates used and the potential impact of uncertainties that are not reflected • The interpretation will not have a material impact on the Group. 1 January 2019 * Effective date refers to annual period beginning on or after said date. |
Summary of Significant Assumptions Used in Group's Impairment Assessments (FVLCOD calculations) | Significant assumptions used in the Group’s impairment assessments (FVLCOD calculations) include: 2017 2016 US$ Gold price per ounce - year 1 US$1,200 US$1,100 US$ Gold price per ounce - year 2 US$1,300 US$1,200 US$ Gold price per ounce - year 3 onwards US$1,300 US$1,300 Rand Gold price per kilogram - year 1 R525,000 R500,000 Rand Gold price per kilogram - year 2 R525,000 R550,000 Rand Gold price per kilogram - year 3 onwards R525,000 R600,000 A$ Gold price per ounce - year 1 A$1,600 A$1,500 A$ Gold price per ounce - year 2 A$1,700 A$1,600 A$ Gold price per ounce - year 3 onwards A$1,700 A$1,700 US$ Copper price per tonne - year 1 US$5,512 US$5,512 US$ Copper price per tonne - year 2 US$6,171 US$5,512 US$ Copper price per tonne - year 3 onwards US$6,171 US$6,171 Resource value per ounce (used to calculate the value beyond • South Africa (with infrastructure) US$17 US$60 • Ghana (with infrastructure) US$41 US$60 • Peru (with infrastructure) US$41 US$60 • Australia (without infrastructure) US$293 US$60 Discount rates • South Africa - nominal 13.5 % 13.5 % • Ghana - real 9.7 % 9.7 % • Peru - real 4.8 % 4.8 % • Australia - real 3.8 % 3.8 % • Inflation rate - South Africa 1 5.5 % 5.5 % Long-term exchange rates • ZAR/US$ - year 1 13.61 14.14 • ZAR/US$ - year 2 (2016: year 2) 13.16 14.26 • ZAR/US$ - year 3 onwards 13.16 14.36 • US$/A$ - year 1 0.75 0.73 • US$/A$ - year 2 (2016: year 2) 0.76 0.75 • US$/A$ - year 3 onwards 0.76 0.76 1 Due to the availability of unredeemed capital for tax purposes over several years into the life of the South Deep mine, nominal cash flows are used for South Africa. In order to determine nominal cash flows in South Africa, costs are inflated by the current South African inflation rate. Cash flows for all other operations are in real terms and as a result are not inflated. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Revenue | UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 Revenue from mining operations 2,761.8 2,666.4 2,454.1 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Cost of Sale | UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 Salaries and wages (414.7 ) (388.1 ) (368.0 ) Consumable stores (346.7 ) (346.3 ) (380.7 ) Utilities (150.1 ) (169.8 ) (162.4 ) Mine contractors (307.4 ) (308.4 ) (284.9 ) Other (207.6 ) (163.1 ) (175.5 ) Cost of sales before gold inventory change and amortisation and depreciation (1,426.5 ) (1,375.7 ) (1,371.5 ) Gold inventory change 69.5 45.9 (25.5 ) Cost of sales before amortisation and depreciation (1,357.0 ) (1,329.8 ) (1,397.0 ) Amortisation and depreciation 2 (748.1 ) (671.4 ) (591.5 ) Total cost of sales (2,105.1 ) (2,001.2 ) (1,988.5 ) 1 Refer note 40 for further details. 2 The methodology for amortisation and depreciation at Cerro Corona was amended in 2017, changing to gold ounces produced from tonnes mined. Gold ounces are considered a better reflection of the pattern in which the mine’s future economic benefits are expected to be consumed by the mine in line with the declining grade over the life-of-mine. 2 The impact of the change in useful life at Cerro Corona resulted in an increase in amortisation and depreciation of US$24.5 million for the 2017 year. 2 The methodology for amortisation of the mineral rights asset at the Australian operations was corrected during the year. Refer note 40 for further details. 2 The impact of the correction of the amortisation methodology at the Australian operations resulted in an increase in amortisation of US$5.7 million for the 2017 year. 2 Given the nature of the inputs used to calculate the amortisation and depreciation, namely future production as well as proven and probable reserves, it is not practicable to estimate the future impact the change in useful life and correction in methodology will have on amortisation and depreciation. |
Investment Income (Tables)
Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Investment Income | UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 Interest received – environmental trust funds 0.5 1.0 0.4 Interest received – cash balances 5.1 7.3 5.9 Total investment income 5.6 8.3 6.3 |
Finance Expense (Tables)
Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Finance Expense | UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 Interest expense – environmental rehabilitation (12.1 ) (10.7 ) (11.7 ) Unwinding of discount on silicosis settlement costs (0.9 ) — — Interest expense – borrowings (91.2 ) (82.5 ) (87.8 ) Borrowing costs capitalised 22.9 15.1 16.6 Total finance expense (81.3 ) (78.1 ) (82.9 ) |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Share-based Payment Arrangements Information | The following information is available for each plan: UNITED STATES DOLLAR 2017 2016 2015 Continuing operations Discontinued operations Continuing Discontinued Continuing Discontinued (a) Gold Fields Limited 2005 Share Plan — — — — — — (b)(i) Gold Fields Limited 2012 Share Plan - Performance shares — — 1.9 — 8.0 0.2 - Bonus shares — — — — 2.7 — (b)(ii) Gold Fields Limited 2012 Share Plan amended - Performance shares 24.5 0.6 12.1 0.4 — — - Retention shares 2.1 — — — — — - Restricted/Matching shares 0.2 — — — — — Total included in profit or loss for the year 26.8 0.6 14.0 0.4 10.7 0.2 |
Summary of Movement of Share Options | The following table summarises the movement of share options under the Gold Fields Limited 2005 Share Plan during the years ended 31 December 2017, 2016 and 2015: 2017 2016 2015 Share appreciation rights (SARS) Average instrument price (US$) Share Average Share Average Outstanding at beginning of the year 530,611 7.39 1,025,178 6.03 1,818,261 7.89 Movement during the year: Forfeited (519,090 ) 7.75 (494,567 ) 5.27 (793,083 ) 7.34 Outstanding at end of the year (vested) 11,521 9.42 530,611 7.39 1,025,178 6.03 2017 2016 2015 Performance shares (PS) Performance Performance Bonus Outstanding at beginning of the year 393,178 2,446,922 4,316,657 2,161,922 Movement during the year: Granted — 393,178 — — Exercised and released — (2,428,904 ) (1,704,704 ) (2,094,343 ) Forfeited (393,178 ) (18,018 ) (165,031 ) (67,579 ) Outstanding at end of the year — 393,178 2,446,922 — |
Summary of Share Based Payment Performance Condition | Performance Weighting Threshold Target Stretch and cap Absolute total shareholder return (“TSR”) 33% N/A – No vesting below target Compounded cost of equity in real terms over three-year performance period Compounded cost of equity in real terms over three-year performance period +6% per annum Relative TSR 33% Median of the peer group Linear vesting to apply between median and upper quartile performance and capped at upper quartile performance Free cash flow margin (“FCFM”) 34% Average FCFM over performance period of 5% at a gold price of $1,300/oz – margin to be adjusted relative to the actual gold price for the three-year period Average FCFM over performance period of 15% at a gold price of $1,300/oz – margin to be adjusted relative to the actual gold price for the three-year period Average FCFM over performance period of 20% at a gold price of $1,300/oz – margin to be adjusted relative to the actual gold price for the three-year period |
Summary of Vesting Profile | The vesting profile will be as follows: Performance condition Threshold Target Stretch and cap Absolute TSR 1, 4 0 % 100 % 200 % Relative TSR 1, 3, 4 0 % 100 % 200 % FCFM 2 0 % 100 % 200 % 1 Absolute TSR and relative TSR: Linear vesting will occur between target and stretch (no vesting occurs for performance below target). 2 FCFM: Linear vesting will occur between threshold, target and stretch. 3 The peer group consists of 10 companies: AngloGold Ashanti, Goldcorp, Barrick, Eldorado Gold, Randgold, Yamana, Agnico Eagle, Kinross, Newmont and Newcrest. 4 TSR will be calculated as the compounded annual growth rate (“CAGR”) of the TSR index between the average of the 60 trading days up to the first day of the performance period and the average of the 60 trading days up to the last day of the performance period. TSR will be defined as the return on investing in ordinary shares in the Company at the start of the performance period, holding the shares and reinvesting the dividends received on the portfolio in Gold Fields shares over the performance period. The USD TSR index, provided by external service providers will be based on the US$ share price. |
Summary of Movement of Share Options Under Gold Fields Limited 2012 Share Plan | The following table summarises the movement of share options under the Gold Fields Limited 2012 Share Plan as amended in 2016 during the years ended 31 December 2017 and 2016: 2017 2016 Performance shares (PS) Performance Outstanding at beginning of the year 8,138,472 — Movement during the year: Granted 11,744,152 8,196,037 Exercised and released (34,827 ) — Forfeited (1,568,667 ) (57,565 ) Outstanding at end of the year 18,279,130 8,138,472 |
Summary of Fair Value of Equity Instruments Granted | 2017 2016 The fair value of equity instruments granted during the year ended 31 December 2017 and 2016 were valued using the Monte Carlo simulation model: Monte Carlo simulation Performance shares This model is used to value the performance shares. The inputs to the model for options granted during the year were as follows: - 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) 64.3 % 58.1 % - expected term (years) 3 years 3 years - dividend yield 1 n/a n/a - weighted average three-year risk free interest rate (based on US interest rates) 1.6 % 0.5 % - weighted average fair value (United States dollars) 4.2 2.6 1 There is no dividend yield applied to the Monte Carlo simulation model as the performance conditions follow a total shareholder return method. |
Summary of Information Relating to the Options and Equity - Settled Instruments | The following table summarises information relating to the options and equity-settled instruments under all plans outstanding at 31 December 2017, 2016 and 2015: 2017 2016 2015 Range of exercise prices for Number of Price (US$) Contractual (years) Number of Price Contractual Number of Price Contractual n/a* 18,279,130 — — 8,531,650 — — 2,446,922 — — 4.28 - 6.06 — — — — — — 448,296 5.03 0.22 6.07 - 7.84 — — — 3,835 6.79 0.50 33,641 5.86 0.60 7.85 - 9.62 — — — 515,255 7.37 0.34 531,720 6.84 1.35 9.63 - 11.40 11,521 9.42 — 11,521 8.44 1.00 11,521 7.84 2.01 Total outstanding at end of the year 18,290,651 9,062,261 3,472,100 * Restricted shares (“PVRS”) are awarded for no consideration. Weighted average share price during the year on the Johannesburg Stock Exchange (US$) 3.76 4.29 3.55 |
Impairment, Net of Reversal o59
Impairment, Net of Reversal of Impairment of Investments and Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Impairment, Net of Reversal of Impairment of Investments and Assets | UNITED STATES DOLLAR 2017 2016 2015 Investments (3.7 ) (0.1 ) (117.4 ) Listed investments (0.5 ) (0.1 ) (8.5 ) Unlisted investments (3.2 ) — — Equity accounted investees - Hummingbird Resources Plc (“Hummingbird”) 1 — — (7.5 ) - Far Southeast Gold Resources Incorporated (“FSE”) 2 — — (101.4 ) Property, plant and equipment 81.3 (76.4 ) (81.5 ) Reversal of impairment of Arctic Platinum (“APP”) 3 39.0 — (39.0 ) Reversal of impairment and impairment of property, plant 4 42.3 (76.4 ) (42.5 ) Goodwill (277.8 ) — — South Deep goodwill 5 (277.8 ) — — Inventories — — (8.0 ) Stockpiles and consumables 6 — — (8.0 ) Impairment, net of reversal of impairment of investments and assets (200.2 ) (76.5 ) (206.9 ) 1 Following the identification of impairment indicators at 30 June 2015, the investment in Hummingbird was valued at its recoverable amount, which resulted in an impairment of US$7.5 million. The recoverable amount was based on the investment’s fair value at the time, being its quoted market price (level 1 of the fair value hierarchy). The impairment is included in the “Corporate and other” segment. 2 Following the identification of impairment indicators at 31 December 2015, FSE was valued at its recoverable amount which resulted in an impairment of US$101.4 million. The recoverable amount was based on the fair value less cost of disposal (“FVLCOD”) of the investment (level 2 of the fair value hierarchy). FVLCOD was indirectly derived from the market value of Lepanto Consolidated Mining Company, being the 60% shareholder of FSE. The impairment is included in the “Corporate and other” segment. 3 Following the Group’s decision during 2013 to dispose of non-core year-end. 4 Reversal of impairment and impairment of property, plant and equipment is made up as follows: UNITED STATES DOLLAR 2017 2016 2015 – Redundant assets at Cerro Corona (2015: Cerro Corona) (0.8 ) — (6.7 ) – Reversal of cash-generating unit impairment at Cerro Corona (2016: impairment of $66.4 million) 53.4 (66.4 ) — (The impairment in 2016 was due to the reduction in gold and copper reserves due to depletion, a decrease in the gold and copper price assumptions for 2017 and 2018, a lower resource price and an increase in the Peru tax rate. The reversal of the impairment in 2017 was due to a higher value-in-use pre-feasibility life-of-mine in-pit – Damang assets held for sale — (7.6 ) — (Following the Damang re-investment – Asset-specific impairment at Tarkwa (6.8 ) — — (Relating to aged, high maintenance and low effectiveness mining fleet that is no longer used). – Asset-specific impairment at Damang (3.5 ) (2.4 ) (35.8 ) (Relating to all assets at the Rex pit. Following a series of optimisations, the extensional drilling, completed in 2017, failed to deliver sufficient tonnages at viable grades to warrant further work (2016: inoperable mining fleet that is no longer used under the current life-of-mine life-of-mine Reversal of impairment and impairment of property, plant and equipment – other 42.3 (76.4) (42.5) 5 At 31 December 2017, the Group recognised an impairment of R3,495.0 billion (US$277.8 million) at South Deep. The recoverable amount was based on its FVLCOD calculated using a combination of the market and the income approach (level 3 of the fair value hierarchy). The impairment calculation was based on the 2017 life-of-mine - Gold price of R525,000 per kilogram; - Resource price of US$17 per ounce at the Rand/Dollar exchange rate of R12.58; - Resource ounces of 29.0 million ounces; - Life-of-mine: - Discount rate: 13.5% nominal. The impairment is due to a reduction in the gold price assumptions, a lower resource price and a deferral of production. 6 Net realisable value write-down of stockpiles at Damang. |
Included in Profit Before Roy60
Included in Profit Before Royalties and Taxation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Amounts Included in Profit Before Royalties and Taxation | UNITED STATES DOLLAR 2017 2016 2015 Operating lease charges 1 (2.4 ) (2.8 ) (2.7 ) Regulatory legal fees 1 — — (0.1 ) Profit on buy-back 1 — 17.7 — Social contributions and sponsorships 1 (19.6 ) (19.3 ) (12.2 ) Global compliance costs 1 — (0.1 ) (3.6 ) Rehabilitation income - continuing operations 1 13.5 9.7 14.6 Rehabilitation income - discontinued operations 1 — 0.2 0.5 |
Royalties (Tables)
Royalties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Royalties | UNITED STATES DOLLAR 2017 2016 2015 South Africa (1.8 ) (1.8 ) (1.2 ) Foreign (60.2 ) (76.6 ) (72.7 ) Total royalties (62.0 ) (78.4 ) (73.9 ) Royalty rates South Africa (effective rate) 2 0.5 % 0.5 % 0.5 % Australia 3 2.5 % 2.5 % 2.5 % Ghana 4 3.0 % 5.0 % 5.0 % Peru 5 4.6 % 6.4 % 4.0 % 1 Included under “Other costs, net” in the consolidated income statement. 2 The Mineral and Petroleum Resource Royalty Act 2008 (“Royalty Act”) was promulgated on 24 November 2008 and became effective from 1 March 2010. The Royalty Act imposes a royalty on refined (mineral resources that have undergone a comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the Act) and unrefined (mineral resources that have undergone limited beneficiation as defined in Schedule 2 of the Act) minerals payable to the state. The royalty in respect of refined minerals (which include gold refined to 99.5% and above and platinum) is calculated by dividing earnings before interest and taxes (“EBIT”) by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% has been introduced on refined minerals. The effective rate of royalty tax payable for the year ended 31 December 2017 was 0.5% of mining revenue (2016: 0.5% and 2015: 0.5%) equalling the minimum charge per the formula. 3 The Australian operations are subject to a 2.5% (2016: 2.5% and 2015: 2.5%) gold royalty on revenue as the mineral rights are owned by the state. 4 Minerals are owned by the Republic of Ghana and held in trust by the President. During 2016, Gold Fields signed a Development Agreement (“DA”) with the Government of Ghana for both the Tarkwa and Damang mines. This agreement stated that the Ghanaian operations will be subject to a sliding scale for royalty rates, linked to the prevailing gold price (effective 1 January 2017). The sliding scale is as follows: Average gold price Low value High value Royalty rate US$0.00 - US$1,299.99 3.0 % US$1,300.00 - US$1,499.99 3.5 % US$1,450.00 - US$2,299.99 4.1 % US$2,300.00 - Unlimited 5.0 % During 2016 and 2015, the Ghanaian operations were subject to a 5.0% gold royalty on revenue. 5 The Peruvian operations are subject to a mining royalty calculated on a sliding scale with rates ranging from 1% to 12% of the value of operating profit. |
Mining and Income Taxation (Tab
Mining and Income Taxation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Components of Mining and Income Tax | UNITED STATES DOLLAR 2017 2016 2015 Restated 1 Restated 1 The components of mining and income tax are the following: South African taxation - non-mining (1.2 ) (1.0 ) — - company and capital gains taxation (1.1 ) (3.9 ) (3.5 ) - prior year adjustment - current taxation 0.2 0.3 0.5 - deferred taxation 12.1 (9.5 ) 17.1 Foreign taxation - current taxation (199.8 ) (193.3 ) (138.7 ) - prior year adjustment - current taxation (2.8 ) (6.3 ) — - deferred taxation 19.4 24.2 (118.7 ) - prior year adjustment - deferred taxation — — (5.2 ) Total mining and income taxation (173.2 ) (189.5 ) (248.5 ) Major items causing the Group’s income taxation to differ from the maximum South African statutory mining tax rate of 34.0% (2016: 34.0% and 2015: 34.0%) were: Taxation on profit before taxation at maximum South African statutory mining tax rate (51.8 ) (121.5 ) (3.0 ) Rate adjustment to reflect the actual realised company tax rates in South Africa and offshore 19.2 22.4 21.5 Non-deductible (9.1 ) (4.8 ) (3.6 ) Non-deductible (19.7 ) (15.2 ) (7.7 ) Deferred tax assets not recognised on impairment and reversal 2 13.3 — (53.2 ) Impairment of South Deep goodwill (94.5 ) — — Non-deductible (24.2 ) (24.2 ) (26.9 ) Non-taxable — 0.8 — Non-taxable buy-back — 6.0 — Share of results of equity-accounted investees, net of taxation (0.4 ) (0.8 ) (1.9 ) Net non-deductible non-taxable (5.3 ) (9.7 ) (8.5 ) Deferred tax raised on unremitted earnings at Tarkwa (9.5 ) — — Deferred taxation movement on Peruvian Nuevo Sol devaluation against US Dollar 3 5.2 (1.1 ) (41.0 ) Various Peruvian non-deductible (5.3 ) (8.3 ) (7.8 ) Deferred tax assets not recognised at Cerro Corona and Damang 4 (12.9 ) (34.9 ) (112.5 ) Utilisation of tax losses not previously recognised at Damang 7.1 — — Deferred tax assets recognised at Cerro Corona and Damang 5 19.8 — — Deferred tax release on change of tax rate (2016: Peruvian and Ghanaian operations and 2015: Peruvian operations) — 8.6 4.5 Prior year adjustments (2.6 ) (6.0 ) (4.4 ) Other (2.5 ) (0.8 ) (4.0 ) Total mining and income taxation (173.2 ) (189.5 ) (248.5 ) 1 Refer note 40 for further details. 2 Deferred tax assets not recognised on impairment of investments relate to the impairment and reversal of impairment of FSE, Hummingbird and APP. Refer to note 6 for details of impairments. 3 The functional currency of Cerro Corona is US Dollar, however, the Peruvian tax base is based on values in Peruvian Nuevo Sol. 4 Deferred tax assets amounting to US$12.9 million (2016: US$34.9 million and 2015: US$112.5 million) were not recognised during the year at Cerro Corona and Damang to the extent that there is insufficient future taxable income available. At Cerro Corona, deferred tax assets amounting to US$12.9 million (2016: US$33.5 million and 2015: US$76.9 million) were not recognised during the year related to deductible temporary differences on additions to fixed assets in the current financial year that would only reverse after the end of the life-of-mine 5 Due to year-end pre-feasibility life-of-mine |
Summary of Domestic and Foreign Current Tax Rates | 2017 2016 2015 South Africa - current tax rates Mining tax 1 Y = 34 - 170/X Y = 34 - 170/X Y = 34 - 170/X Non-mining 2 28.0 % 28.0 % 28.0 % Company tax rate 28.0 % 28.0 % 28.0 % International operations - current tax rates Australia 30.0 % 30.0 % 30.0 % Ghana 3 32.5 % 32.5 % 35.0 % Peru 29.5 % 30.0 % 30.0 % 1 South African mining tax on mining income is determined according to a formula which takes into account the profit and revenue from mining operations. South African mining taxable income is determined after the deduction of all mining capital expenditure, with the proviso that this cannot result in an assessed loss. Capital expenditure amounts not deducted are carried forward as unredeemed capital expenditure to be deducted from future mining income. Accounting depreciation is ignored for the purpose of calculating South African mining taxation. The effective mining tax rate for Gold Fields Operations Limited (“GFO”) and GFI Joint Venture Holdings Proprietary Limited (“GFIJVH”), owners of the South Deep mine, has been calculated at 30% (2016: 30% and 2015: 30%). 2 Non-mining 3 On 11 March 2016, Gold Fields signed a development agreement with the Government of Ghana for both the Tarkwa and Damang mines. This agreement resulted in a reduction in the corporate tax rate from 35.0% to 32.5%, effective 17 March 2016. |
Summary of Estimated Available for Set-off Against Future Income Pre Tax | At 31 December 2017, the Group had the following estimated amounts available for set-off 2017 2016 Gross Gross tax Gross Gross Gross tax Gross South Africa 1 Gold Fields Operations Limited 716.4 192.5 — 606.4 182.3 — GFI Joint Venture Holdings Proprietary Limited 2, 3 2,427.1 — 1,501.6 1,929.2 — 1,132.6 3,143.5 192.5 1,501.6 2,535.6 182.3 1,132.6 International operations Exploration entities 4 — 445.9 445.9 — 388.8 388.8 Gold Fields Australia Proprietary Limited 5 — — — — 1.2 — Abosso Goldfields Limited 6 — 201.4 63.5 88.8 68.7 157.5 — 647.3 509.4 88.8 458.7 546.3 1 These deductions are available to be utilised against income generated by the relevant tax entity and do not expire unless the tax entity concerned ceases to operate for a period of 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 utilised by the tax entities in which the deductions have been generated. South African tax losses and unredeemed capital expenditure have no expiration date. 2 The above R2,427.1 million (2016: R1,929.2 million) comprises US$925.5 million gross recognised capital allowance and US$1,501.6 million gross unrecognised capital allowance (2016: US$796.6 million gross recognised capital allowance and US$1,132.6 million gross unrecognised capital allowance). 3 During 2014, the South African Revenue Services (“SARS”) issued a Finalisation of Audit Letter (“the Audit Letter”) stating that SARS has disallowed US$182.2 million of GFIJVH’s gross recognised capital allowance of US$925.5 million. Refer note 34 on Contingent Liabilities for further details. 4 The total tax losses of US$445.9 million (2016: US$388.8 million) comprise US$22.9 million (2016: US$10.9 million) tax losses that expire between one and two years, US$57.6 million (2016: US$58.9 million) tax losses that expire between two and five years, US$30.4 million (2016: US$41.2 million) tax losses that expire between five and 10 years, US$43.2 million (2016: US$40.6 million) tax losses that expire after 10 years and US$291.8 million (2016: US$237.2 million) tax losses that have no expiry date. 5 The tax losses are available to be utilised against income generated by the relevant tax entity and do not expire. 6 Tax losses may be carried forward for five years. These losses expire on a first-in-first-out |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Details of Earnings Per Share | UNITED STATES DOLLAR 2017 2016 1 2015 1 10.1 Basic (loss)/earnings per share from continuing operations - cents (4 ) 19 (31 ) Basic (loss)/earnings per share is calculated by dividing the loss attributable to owners of the parent from continuing operations of US$31.8 million (2016: profit of US$157.0 million and 2015: loss of US$239.1 million) by the weighted average number of ordinary shares in issue during the year of 820,611,806 (2016: 809,889,990 and 2015: 774,763,151). 10.2 Basic earnings/(loss) per share from discontinued operations - cents 2 — (1 ) Basic earnings/(loss) per share is calculated by dividing the earnings attributable to owners of the parent from discontinued operations of US$13.1 million (2016: profit of US$1.2 million and 2015: loss of US$8.2 million) by the weighted average number of ordinary shares in issue during the year of 820,611,806 (2016: 809,889,990 and 2015: 774,763,151). 10.3 Diluted basic (loss)/earnings per share from continuing operations - cents (4 ) 19 (31 ) Diluted basic (loss)/earnings per share is calculated on the basis of loss attributable to owners of the parent from continuing operations of US$31.8 million (2016: profit of US$157.0 million and 2015: loss of US$239.1 million) and 826,920,421 (2016: 810,082,191 and 2015: 774,763,151) shares being the diluted number of ordinary shares in issue during the year. The weighted average number of shares has been adjusted by the following to arrive at the diluted number of ordinary shares: Weighted average number of shares 820,611,806 809,889,990 774,763,151 Share options in issue 6,308,615 192,201 — 2 Diluted number of ordinary shares 826,920,421 810,082,191 774,763,151 10.4 Diluted basic earnings/(loss) per share from discontinued operations - cents 2 — (1 ) Diluted basic earnings/(loss) per share is calculated on the 1 Refer note 40 for further details. 2 Share option adjustments of 1,804,321 were excluded from the dilutive number of ordinary shares as they were anti-dilutive. 10.5 Headline earnings/(loss) per share from continuing operations - cents 26 24 (5 ) Headline earnings/(loss) per share is calculated on the basis of adjusted net earnings attributable to owners of the parent from continuing operations of US$212.3 million (2016: earnings of US$198.3 million and 2015: loss of US$36.4 million) and 820,611,806 (2016: 809,889,990 and 2015: 774,763,151) shares being the weighted average number of ordinary shares in issue during the year. Net (loss)/profit attributable to owners of the parent from continuing operations is reconciled to headline earnings as follows: Long-form headline earnings/(loss) reconciliation (Loss)/profit attributable to owners of the parent from continuing operations (31.8 ) 157.0 (239.1 ) Profit on disposal of investments, net — (2.3 ) (0.1 ) Gross — (2.3 ) (0.1 ) Taxation effect — — — (Profit)/loss on disposal of assets, net (2.6 ) (41.0 ) 0.5 Gross (4.0 ) (48.0 ) 0.1 Taxation effect 1.2 7.0 0.2 Non-controlling 0.2 — 0.2 Impairment, reversal of impairment and write-off 246.7 84.6 202.3 Impairment, net of reversal of impairment of investments and assets 200.2 76.5 198.9 Write-off 51.5 41.4 29.1 Taxation effect (4.3 ) (32.1 ) (23.4 ) Non-controlling (0.7 ) (1.2 ) (2.3 ) Headline earnings/(loss) 212.3 198.3 (36.4 ) 10.6 Headline (loss)/earnings per share from discontinued operations - cents — 1 — Headline (loss)/earnings per share is calculated on the basis of adjusted net loss attributable to owners of the parent from discontinued operations of US$2.4 million (2016: earnings of US$5.5 million and 2015: earnings of US$3.0 million) and 820,611,806 (2016: 809,889,990 and 2015: 774,763,151) shares being the weighted average number of ordinary shares in issue during the year. Net profit/(loss) attributable to owners of the parent from discontinued operations is reconciled to headline earnings as follows: Long-form headline (loss)/earnings reconciliation Profit/(loss) attributable to owners of the parent from discontinued operations 13.1 1.2 (8.2 ) Impairment and write-off (15.5 ) 4.3 11.2 Impairment of assets — — 14.2 Gain on sale of discontinued operation (23.5 ) — — Write-off 1.5 6.1 1.7 Taxation effect 6.5 (1.8 ) (4.7 ) Headline (loss)/earnings (2.4 ) 5.5 3.0 10.7 Diluted headline earnings/(loss) per share from continuing operations - cents 26 24 (5 ) Diluted headline earnings/(loss) per share is calculated on the basis of headline earnings attributable to owners of the parent continuing operations of US$212.3 million (2016: earnings of US$198.3 million and 2015: loss of US$36.4 million) and 826,920,421 (2016: 810,082,191 and 2015: 774,763,151) shares being the diluted number of ordinary shares in issue during the year. 10.8 Diluted headline (loss)/earnings per share from discontinued operations - cents — 1 — Diluted headline (loss)/earnings per share is calculated on the basis of headline loss attributable to owners of the parent discontinued operations of US$2.4 million (2016: earnings of US$5.5 million and 2015: earnings of US$3.0 million) and 826,920,421 (2016: 810,082,191 and 2015: 774,763,151) shares being the diluted number of ordinary shares in issue during the year. 1 Refer note 40 for further details. |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Dividends | UNITED STATES DOLLAR 2017 2016 1 2015 1 2016 final dividend of 60 SA cents per share (2015: 21 SA cents and 2014: 20 SA cents) declared on 16 February 2017. 37.5 10.6 12.8 2017 interim dividend of 40 SA cents was declared during 2017 (2016: 50 SA cents and 2015: 4 SA cents). 25.3 28.6 2.3 A final dividend in respect of the financial year ended 31 December 2017 of 50 SA cents per share was approved by the Board of Directors on 13 February 2018. This dividend payable is not reflected in these financial statements. Dividends are subject to dividend withholding tax. Total dividends 62.8 39.2 15.1 Dividends per share - cents 8 5 2 1 Refer note 40 for further details. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Results of Discontinued Operation | UNITED STATES DOLLAR 2017 2016 2015 Below is a summary of the results of the discontinued operation for the year ended 31 December: Revenue 49.0 83.1 91.3 Cost of sales (50.7 ) (72.1 ) (85.0 ) Cost of sales before gold inventory change and amortisation and depreciation (46.3 ) (57.3 ) (59.8 ) Gold inventory change (0.9 ) (0.4 ) 0.6 Amortisation and depreciation (3.5 ) (14.4 ) (25.8 ) Other costs, net (1.9 ) (7.2 ) (16.0 ) (Loss)/profit before royalties and taxation (3.6 ) 3.8 (9.7 ) Royalties (1.1 ) (2.0 ) (2.1 ) (Loss)/profit before taxation (4.7 ) 1.8 (11.8 ) Mining and income taxation 1.4 (0.6 ) 3.6 (Loss)/profit for the year from operating activities (3.3 ) 1.2 (8.2 ) Gain on sale of discontinued operation 23.5 — — Income tax on gain on sale of discontinued operation (7.1 ) — — Profit/(loss) from discontinued operation, net of tax 13.1 1.2 (8.2 ) |
Summary of Assets and Liabilities of Discontinued Operation | 2017 US$ A$ Below is a summary of assets and liabilities of the discontinued operation at 2 October 2017: Property, plant and equipment 3.3 4.3 Inventories 7.2 9.4 Trade and other receivables 0.1 0.1 Trade and other payables (8.7 ) (11.3 ) Environmental rehabilitation costs provision (12.9 ) (16.9 ) Net liabilities (11.0 ) (14.4 ) Total consideration received less costs to sell 1 12.5 16.4 Gain on sale of discontinued operations 23.5 30.8 1 Due to the discounting of the deferred consideration and the transaction costs incurred, the total consideration of A$16.4 million used in the determination of the gain on sale of discontinued operations is less than the A$18.5 million per the agreement. |
Assets Held for Sale | UNITED STATES DOLLAR 2017 2016 Damang mining fleet and related spares 1 — 26.4 APP 2 40.0 — Total assets held for sale 40.0 26.4 1 Following the Damang re-investment Mining fleet and related spares with carrying values of US$18.6 million and US$7.8 million, respectively, were reclassified to assets held for sale. Refer note 13 and 19 for further details. 2 At 31 December 2016, APP no longer met the definition of an asset held for sale and was reclassified to property, plant and equipment at a recoverable amount of US$1.0 million. During 2017, active marketing activities continued and as a result, a sale agreement was concluded comprising a purchase offer of US$40.0 million cash and a 2% net smelter refiner royalty on all metals. As a result, the impairment previously recorded, was reversed up to the value of the selling price and APP was reclassified as an asset held for sale at 31 December 2017. Refer note 6 for further details. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Property, Plant and Equipment | UNITED STATES DOLLAR UNITED STATES DOLLAR 31 December 2017 Land, Mine 1 Total Total Mine development, infrastructure and other assets 1 Land, rehabilitation assets Cost 735.6 7,913.2 8,648.8 Balance at beginning of the year 9,566.2 8,929.4 636.8 (384.3 ) 384.3 — Impact of correction of error 2 — — — 351.3 8,297.5 8,648.8 Restated balance at beginning of the year 3 9,566.2 8,929.4 636.8 (10.6 ) 11.6 1.0 Reclassifications (20.5 ) 1.8 (22.3 ) 1.3 627.2 628.5 Additions for continuing operations 833.6 833.3 0.3 — 21.4 21.4 Additions for discontinued operations 6.8 6.8 — 275.9 — 275.9 Gruyere Gold Project asset acquisition 4 — — — — 43.2 43.2 Reclassification (to)/from assets held for sale (refer note 12) (43.2 ) (43.2 ) — — (79.1 ) (79.1 ) Reclassification to assets held for sale (refer note 12) — — — — 15.1 15.1 Borrowing costs capitalised 5 22.9 22.9 — (3.1 ) (157.3 ) (160.4 ) Disposals (215.1 ) (202.5 ) (12.6 ) — — — Disposal of subsidiary (refer note 12) (79.1 ) (77.7 ) (1.4 ) 14.9 — 14.9 Changes in estimates of rehabilitation assets 8.3 — 8.3 — 3.0 3.0 Other — — — 7.1 146.8 153.9 Translation adjustment 480.8 415.6 65.2 636.8 8,929.4 9,566.2 Balance at end of the year 10,560.7 9,886.4 674.3 Accumulated depreciation and impairment 301.3 4,035.1 4,336.4 Balance at beginning of the year 5,041.6 5,014.8 26.8 (281.9 ) 298.7 16.8 Impact of correction of error 2 — — — 19.4 4,333.8 4,353.2 Restated balance at beginning of the year 3 5,041.6 5,014.8 26.8 — 1.0 1.0 Reclassifications (20.5 ) (20.5 ) — 8.0 663.4 671.4 Charge for the year continuing operations 748.1 732.4 15.7 — 14.4 14.4 Charge for the year discontinued operations 3.5 3.3 0.2 3.3 73.1 76.4 Impairment and reversal of impairment, net 6 (81.3 ) (78.4 ) (2.9 ) — 41.4 41.4 Write-off 7 51.5 51.5 — — 6.1 6.1 Write-off 7 1.5 1.5 — — 42.2 42.2 Reclassification (to)/from assets held for sale (refer note 12) (3.2 ) (3.2 ) — — (60.5 ) (60.5 ) Reclassification to assets held for sale (refer note 12) — — — (3.1 ) (155.0 ) (158.1 ) Disposals (213.1 ) (200.9 ) (12.2 ) Disposal of subsidiary (refer note 12) (75.8 ) (74.5 ) (1.3 ) (0.8 ) 54.9 54.1 Translation adjustment 215.5 207.1 8.4 26.8 5,014.8 5,041.6 Balance at end of the year 5,667.8 5,633.1 34.7 610.0 3,914.6 4,524.6 Carrying value at end of the year 8 4,892.9 4,253.3 639.6 1 Included in the cost of mine development, infrastructure and other assets are exploration and evaluation assets amounting to US$10.8 million (2016: US$9.1 million). 2 Based on conversion of resources to reserves a portion of the cost of the mineral rights asset at the Australian operations is allocated from the non-depreciable mine-by-mine non-depreciable 3 Refer note 40 for further details. 4 The additions of US$275.9 million (A$372.4 million) are made up of US$197.1 million (A$266.0 million) cash additions and US$78.8 million (A$106.4 million) non-cash 5 Borrowing costs of US$22.9 million (2016: US$15.1 million) arising on Group general borrowings were capitalised during the period and comprised US$19.4 million (US$15.1 million) borrowing costs related to the qualifying projects at South Deep, US$2.1 million (2016: US$nil) borrowing costs related to the Damang reinvestment project and US$1.4 million (2016: US$nil) borrowing costs related to the Gruyere project. An average interest capitalisation rate of 5.3% (2016: 4.7%) was applied. 6 The impairment reversal of US$81.3 million (2016: charge of US$76.4 million) is made up of US$11.1 million (2016: US$76.4 million) impairment of property, plant and equipment, offset by the reversal of APP impairment amounting to US$39.0 million (refer note 6 for details) and the reversal of the Cerro Corona cash-generating unit impairment of US$53.4 million (refer note 6 for further details). 7 The write-off 8 Fleet assets and carbon-in-leach |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Changes in Goodwill | UNITED STATES DOLLAR 2017 2016 Balance at beginning of the year 317.8 295.3 Impairment (277.8 ) — Translation adjustment 36.6 22.5 Balance at end of the year 76.6 317.8 |
Equity-Accounted Investees (Tab
Equity-Accounted Investees (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Equity-Accounted Investees | UNITED STATES DOLLAR 2017 2016 2015 Investment in joint venture (a) Far Southeast Gold Resources Incorporated (“FSE”) 128.6 128.6 Investments in associates (b) Maverix Metals Incorporated (“Maverix”) 42.7 42.1 (c) Other — — Total equity-accounted investees 171.3 170.7 Share of results of equity-accounted investees, net of taxation recognised in the consolidated income statement are made up as follows: (a) Far Southeast Gold Resources Incorporated (1.6 ) (2.3 ) (3.3 ) (b) Maverix Metals Incorporated 0.3 — — (c) Other — — (2.4 ) (1.3 ) (2.3 ) (5.7 ) |
Summary of Equity Method Investment in Joint Venture - Far Southeast Gold Resources Incorporated ("FSE") | (a) Far Southeast Gold Resources Incorporated (“FSE”) Gold Fields’ interest in FSE, an unlisted entity, was 40% (2016: 40%) at 31 December 2017. Gold Fields paid US$10.0 million in option fees to Lepanto Consolidated Mining Company (“Lepanto”) during the six months ended 31 December 2010. In addition, Gold Fields paid non-refundable non-refundable The remaining 20% option is not likely to be exercised until such time as FSE obtains a Foreign Technical Assistance Agreement (“FTAA”) which allows for direct majority foreign ownership and control. FSE has a 31 December year-end Investment in joint venture consists of: Unlisted shares at cost 230.0 230.0 Equity contribution 79.3 77.7 Cumulative impairment 1 (101.4 ) (101.4 ) Share of accumulated losses brought forward (77.7 ) (75.4 ) Share of loss after taxation 2 (1.6 ) (2.3 ) Total investment in joint venture 3 128.6 128.6 1 Refer note 6 for details of impairment. 2 Gold Fields’ share of loss after taxation represents exploration and other costs, including work completed on a scoping study, which is fully funded by Gold Fields as part of their equity contribution. 3 FSE is a company incorporated under the laws of the Philippines and owns the gold-copper Far Southeast exploration project (the “FSE project”). During the exploration phase of the FSE project and as long as the 20% option remains exercisable, the Group has joint control over the FSE project. The Group will only have the power to direct the activities of FSE once it exercises the option to acquire the additional 20% shareholding in FSE, which is only exercisable once an FTAA is obtained. FSE has no revenues or significant assets or liabilities. Assets included in FSE represent the rights to explore and eventually mine the FSE project. |
Summary of Equity Method Investments in Associates - Maverix Metals Incorporated ("Maverix") | UNITED STATES DOLLAR 2017 2016 2015 (b) Maverix Metals Incorporated (“Maverix”) Gold Fields’ interest in Maverix, listed on the Toronto Stock Exchange, was 28% (2016: 32%) at 31 December 2017. On 23 December 2016, Gold Fields sold a portfolio of 11 producing and non-producing Maverix has a 31 December year-end Investment in associate consists of: Listed shares at cost 42.1 42.1 Transaction costs capitalised 0.3 — Share of profit after taxation 0.3 — Investment in associate - Maverix 42.7 42.1 The fair value of the investment in Maverix at 31 December 2017 is US$57.2 million (2016: US$42.1 million). |
Summary of Other Investments | (c) Other Bezant Resources PLC (“Bezant”) 1 — — Rusoro Mining Limited (“Rusoro”) 2 — — Investment in associates - Other — — Total investments in associates 42.7 42.1 1 During 2016, the Group’s holding was diluted from 21.6% to 8.8% following the issue of new shares by Bezant. In line with the Group’s accounting policy, this resulted in Bezant no longer being accounted for as an equity-accounted investee and was re-classified available-for-sale 2 Represents a holding of 25.7% in Rusoro. The carrying value of Rusoro was written down to US$nil at 31 December 2010 due to losses incurred by the entity. The fair value, based on the quoted market price of the investment was US$7.7 million and US$23.9 million at 31 December 2017 and 31 December 2016, respectively. The unrecognised share of loss of Rusoro for the year amounted to US$2.0 million (2016: unrecognised shares of profits of US$18.7 million and 2015: unrecognised share of loss of US$3.6 million). The cumulative unrecognised share of losses of Rusoro amounted to US$196.0 million (2016: US$194.0 million). On 22 August 2016, the Arbitration Tribunal, operating under the Additional Facility Rules of the World Bank’s International Centre for the Settlement of Investment Disputes, awarded Rusoro damages of US$967.8 million plus pre and post-award interest which currently equates to in excess of US$1.2 billion in the arbitration brought by Rusoro against the Bolivarian Republic of Venezuela (“Venezuela”). Venezuela has not complied with the arbitration award terms, which were issued on 22 August 2016. On 6 December 2017, Rusoro obtained a judgement against Venezuela in the Superior Court of Justice in Ontario, Canada, in excess of US$1.3 billion. The judgement, which was issued on default as a result of Venezuela’s failure to appear before the Ontario court, arose out of Rusoro’s ongoing dispute with Venezuela over the South American nation’s seizure of its gold mining properties in the country. The Canadian judgement, which confirmed an arbitration award issued in Rusoro’s favour in the same amount, was issued on 25 April 2017. Venezuela did not appeal or seek to vacate the judgement, and its time to do so expired. Rusoro further filed a suit in the Supreme Court of the State of New York, seeking recognition of the Canadian judgement. Rusoro brought the New York lawsuit in addition to an action it filed in the US District Court for the District of Columbia, which seeks recognition of and the entry of judgement on the original arbitration award. A favourable ruling from either the New York or DC court will entitle Rusoro to use all legal procedures - including broad discovery from both Venezuela and third parties - that US law provides judgement creditors. Any judgement issued in New York will also accrue interest at 9% per annum until the judgement is fully paid. Management has not recognised this amount due to the uncertainty over its recoverability. |
Summary of Share of Joint Operation and Includes Inter-company Transactions and Balances | Below is a summary of Gold Fields’ share of the joint operation and includes inter-company transactions and balances: UNITED STATES DOLLAR 2017 2016 US$ A$ US$ A$ Statement of financial position Non-current Property, plant and equipment 374.9 485.7 268.6 1 372.4 1 Current assets 7.2 9.3 3.9 5.4 Cash and cash equivalents 5.3 6.8 — — Prepayments 1.9 2.5 3.9 5.4 Total assets 382.1 495.0 272.5 377.8 Total equity Retained earnings (2.3 ) (2.9 ) — — Non-current 11.8 15.2 0.1 0.2 Deferred taxation 4.2 5.4 0.1 0.2 Long-term incentive plan 7.6 9.8 — — Current liabilities 372.6 482.7 272.4 377.6 Related entity loans payable 347.3 449.9 191.7 265.8 Trade and other payables 14.1 18.3 — — Deferred consideration 11.2 14.5 67.7 93.8 Stamp duty payable — — 13.0 18.0 Total equity and liabilities 382.1 495.0 272.5 377.8 1 The Gruyere Gold Project assets of A$372.4 million were capitalised at the exchange rate on the effective date of the transaction resulting in additions to property, plant and equipment of US$275.9 million (at 2016 closing exchange rate, the A$372.4 million assets amounted to US$268.6 million). The additions of US$275.9 million (A$372.4 million) are made up of US$197.1 million (A$266.0 million) cash additions and US$78.8 million (A$106.4 million) non-cash |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Financial Instruments | UNITED STATES DOLLAR 2017 2016 Financial instruments are split per categories below and the accounting policies for financial instruments have been applied to these line items: (a) Financial assets Loans and receivables - Environmental trust funds 55.5 44.5 - Trade and other receivables 45.3 57.9 - Cash and cash equivalents 479.0 526.7 Fair value through profit or loss - Trade receivables from provisional copper and gold concentrate sales 21.2 10.6 Available for sale - Investments 99.1 13.8 Derivative instruments - Warrants 5.5 5.9 - Gold and oil derivative contracts 25.0 — (b) Financial liabilities Other financial liabilities - Borrowings 1,781.5 1,692.9 - Trade and other payables 451.0 459.3 - South Deep dividend 6.4 6.4 Derivative instruments - Copper derivative contracts 3.3 — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Investments | UNITED STATES DOLLAR 2017 2016 Listed Cost 143.0 62.9 Less: Accumulated impairments (45.5 ) (45.0 ) Net unrealised loss on revaluation (8.1 ) (7.4 ) Translation adjustment 9.6 — Carrying value 99.0 10.5 Market value 99.0 10.5 Unlisted Carrying value at cost 0.1 3.3 Derivative instruments Warrants 2 5.5 5.9 Total investments 1 104.6 19.7 1 All listed investments are classified as available for sale. Refer note 42 for details of major investments. 2 Consists of 10.0 million common share purchase warrants of Maverix. Refer note 15.1 for further details. |
Environmental Trust Funds (Tabl
Environmental Trust Funds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Environmental Trust Funds | UNITED STATES DOLLAR 2017 2016 Balance at beginning of the year 44.5 35.0 Contributions from continuing operations 8.6 7.5 Interest earned 0.5 1.0 Translation adjustment 1.9 1.0 Balance at end of the year 55.5 44.5 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Inventories | UNITED STATES DOLLAR 2017 2016 Gold-in-process 305.4 234.3 Consumable stores 1 220.9 227.9 Total inventories 2 526.3 462.2 Heap leach and stockpiles inventories included in non-current 3 (132.8 ) (132.8 ) Total current inventories 4 393.5 329.4 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Trade and Other Receivables | UNITED STATES DOLLAR 2017 2016 Trade receivables - gold sales and copper concentrate 46.6 58.2 Trade receivables - other 15.6 4.5 Gold and oil derivative contracts 5 25.0 — Deposits 0.1 0.3 Payroll receivables 11.6 10.7 Prepayments 51.5 50.1 Value added tax and import duties 45.9 39.6 Diesel rebate 1.4 1.3 Other 4.2 5.5 Total trade and other receivables 201.9 170.2 5 Comprises US$5.1 million (2016: US$nil) relating to Australian oil derivative contracts, US$9.0 million (2016: US$nil) relating to Ghanaian oil derivative contracts and US$10.9 million (2016: US$nil) relating to gold derivative contracts at South Deep. Refer note 37 for further details. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Cash and Cash Equivalents | UNITED STATES DOLLAR 2017 2016 Cash at bank and on hand 479.0 526.7 Total cash and cash equivalents 479.0 526.7 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Summary of Beneficial Shareholders | The following beneficial shareholders hold 5% or more of the Company’s listed ordinary shares: Beneficial shareholder Number of shares % of issued ordinary shares Government Employees Pension Fund 63,107,220 7.68 Market Vectors Junior Gold Mines ETF 48,899,163 5.95 |
Deferred Taxation (Tables)
Deferred Taxation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Deferred Taxation | The detailed components of the net deferred taxation liability which results from the differences between the carrying amounts of assets and liabilities recognised for financial reporting and taxation purposes in different accounting periods are: UNITED STATES DOLLAR 2017 2016 1 Liabilities - Mining assets 1,014.1 966.3 - Investment in environmental trust funds 3.4 2.8 - Inventories 12.1 13.7 - Unremitted earnings 9.1 — - Other 12.6 3.5 Liabilities 1,051.3 986.3 Assets - Provisions (108.4 ) (100.8 ) - Tax losses (69.1 ) (54.7 ) - Unredeemed capital expenditure (491.9 ) (420.9 ) Assets (669.4 ) (576.4 ) Net deferred taxation liabilities 381.9 409.9 Included in the statement of financial position as follows: Deferred taxation assets (72.0 ) (48.7 ) Deferred taxation liabilities 453.9 458.6 Net deferred taxation liabilities 381.9 409.9 Balance at beginning of the year 409.9 428.1 Recognised in profit or loss - continuing operations (31.5 ) (14.7 ) Recognised in profit or loss - discontinued operations 3.4 0.1 Translation adjustment 0.1 (3.6 ) Balance at end of the year 381.9 409.9 1 Refer note 40 for further details. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Borrowings | The terms and conditions of outstanding loans are as follows: UNITED STATES DOLLAR Notes 2017 2016 Borrower Nominal Commitment Maturity date US$1 billion notes issue (the notes) 1 (a) 847.9 846.4 Orogen 4.875 % — 7 October 2020 US$150 million revolving senior secured credit facility – old 2 (b) — 82.0 La Cima LIBOR plus 1.63 % 0.65 % 19 December 2017 US$150 million revolving senior secured credit facility – new 2 (c) 83.5 — La Cima LIBOR plus 1.20 % 0.50 % 19 September 2020 US$70 million revolving senior secured credit facility 3 (d) — 45.0 Ghana LIBOR plus 2.40 % 1.00 % 6 May 2017 US$100 million revolving senior secured credit facility 3 (e) 45.0 — Ghana LIBOR plus 2.95 % 1.20 % 21 June 2020 A$500 million syndicated revolving credit facility 4 (f) 231.5 — Gruyere BBSY plus 2.35 % 0.94 % 24 May 2020 US$1,510 million term loan and revolving credit facilities 5 (g) — — - Facility A (US$75 million) — — Orogen LIBOR plus 2.45 % — 28 November 2015 - Facility A (US$45 million) — — Orogen LIBOR plus 2.45 % — — - Facility B (US$720 million) — — Orogen LIBOR plus 2.25 % 0.90 % — - Facility C (US$670 million) — — Orogen LIBOR plus 2.00 % 0.80 % — US$1,290 million term loan and revolving credit facilities 6 (h) 380.0 658.5 - Facility A (US$380 million) 380.0 380.0 Orogen LIBOR plus 2.50 % — 6 June 2019 - Facility B (US$360 million) — 278.5 Orogen LIBOR plus 2.20 % 0.77 % 6 June 2020 - Facility C (US$550 million) — — Orogen LIBOR plus 2.45 % 0.86 % 6 June 2021 R1,500 million Nedbank revolving credit facility 7 (i) 79.5 — GFIJVH/GFO JIBAR plus 2.50 % 0.85 % 7 March 2018 Short-term Rand uncommitted credit facilities 8 (j) 114.1 61.0 — — — — Total borrowings 1,781.5 1,692.9 Current borrowings (193.6 ) (188.0 ) Non-current 1,587.9 1,504.9 1 The balance is net of unamortised transaction costs amounting to US$4.5 million (2016: US$6.0 million) which will unwind over the remaining period of the notes as an interest expense. The payment of all amounts due in respect of the Notes is unconditionally and irrevocably guaranteed by Gold Fields Limited (“Gold Fields”), Sibanye-Stillwater (up to 24 April 2015), Gold Fields Operations Limited (“GFO”) and Gold Fields Holdings Company (BVI) Limited (“GF Holdings”) (collectively “the Guarantors”), on a 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. Gold Fields Australasia Proprietary Limited (“GFA”) offered and accepted the purchase of an aggregate principal amount of notes equal to US$147.6 million at the purchase price of US$880 per US$1,000 in principal amount of notes. GFA intends to hold the notes acquired until their maturity on 7 October 2020. The purchase of the notes amounting to US$147.6 million was financed by drawing down under the US$1,510 million term loan and revolving credit facilities. The Group recognised a profit of US$17.7 million on the buy back of the notes. 2 Borrowings under the revolving senior secured credit facility 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 are subject to an account control agreement and a first-ranking charge in favour of the lenders. This facility is non-recourse 3 Borrowings under the facility are guaranteed by Gold Fields Ghana Limited and Abosso Goldfields Limited. Borrowings under this facility are also secured by the registration of security over certain fleet vehicles owned by GF Ghana and Abosso (“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 Fleet assets and CIL plant in Ghana amounting to US$183.6 million (2016: US$95.5 million) have been pledged as security for this facility. 4 Borrowings under this facility are guaranteed by Gold Fields, GF Holdings, Orogen, GFO, GFIJVH and Gold Fields Ghana Holdings (BVI) Limited (“GF Ghana”). 5 Borrowings under these facilities were guaranteed by Gold Fields, GF Holdings, Orogen, GFO and GFIJVH. These facilities were cancelled and refinanced through the US$1,290 million term loan and revolving credit facilities on 6 June 2016, resulting in the total amount available to be US$nil at 31 December 2016. 6 Borrowings under this facility are guaranteed by Gold Fields, GF Holdings, Orogen, GFO, GFIJVH and Gold Fields Ghana Holdings (BVI) Limited (“GF Ghana”). 7 Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen and GFIJVH 8 The Group utilised uncommitted loan facilities from some of the major banks to fund the capital expenditure and working capital requirements of the South African operation. 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. |
Summary of Borrowings by Type | UNITED STATES DOLLAR 2017 2016 (a) US$1 billion notes issue Balance at beginning of the year 846.4 992.6 Buy-back — (129.9 ) Profit on buy-back — (17.7 ) Unwinding of transaction costs 1.5 1.4 Balance at end of the year 847.9 846.4 (b) US$150 million revolving senior secured credit facility - old Balance at beginning of the year 82.0 42.0 Loans advanced — 40.0 Repayments (82.0 ) — Balance at end of the year — 82.0 (c) US$150 million revolving senior secured credit facility - new Balance at beginning of the year — — Loans advanced 83.5 — Balance at end of the year 83.5 — (d) US$70 million revolving senior secured credit facility Balance at beginning of the year 45.0 45.0 Repayments (45.0 ) — Balance at end of the year — 45.0 (e) US$100 million revolving senior secured credit facility Balance at beginning of the year — — Loans advanced 45.0 — Balance at end of the year 45.0 — (f) A$500 million syndicated revolving credit facility Balance at beginning of the year — — Loans advanced 236.6 — Translation adjustment (5.1 ) — Balance at end of the year 231.5 — (g) US$1,510 million term loan and revolving credit facilities Balance at beginning of the year — 724.0 Loans advanced — 174.0 Repayments — (898.0 ) Balance at end of the year — — (h) US$1,290 million term loan and revolving credit facilities Balance at beginning of the year 658.5 — Loans advanced 73.5 707.5 Repayments (352.0 ) (49.0 ) Balance at end of the year 380.0 658.5 (i) R1,500 million Nedbank revolving credit facility Balance at beginning of the year — — Loans advanced 78.5 20.8 Repayments — (21.3 ) Translation adjustment 1.0 0.5 Balance at end of the year 79.5 — (j) Short-term Rand uncommitted credit facilities Balance at beginning of the year 61.0 16.7 Loans advanced 262.6 356.4 Repayments (216.5 ) (315.0 ) Translation adjustment 7.0 2.9 Balance at end of the year 114.1 61.0 Total borrowings 1,781.5 1,692.9 The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the reporting dates are as follows: Variable rate with exposure to repricing (six months or less) 933.6 846.5 Fixed rate with no exposure to repricing (US$1 billion notes issue) 847.9 846.4 1,781.5 1,692.9 The carrying amounts of the Group’s borrowings are denominated in the following currencies: US Dollar 1,356.4 1,631.9 Australian Dollar 231.5 — Rand 193.6 61.0 1,781.5 1,692.9 The Group has the following undrawn borrowing facilities: Committed 1,452.7 979.0 Uncommitted 17.1 56.6 1,469.8 1,035.6 All of the above undrawn committed facilities have floating rates. The uncommitted facilities have no expiry dates and are open ended. Undrawn committed facilities have the following expiry dates: - within one year 39.7 93.0 - later than one year and not later than two years — 106.9 - later than two years and not later than three years 863.0 81.5 - later than three years and not later than five years 550.0 697.6 1,452.7 979.0 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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Schedule of Provisions | UNITED STATES DOLLAR 2017 2016 25.1 Environmental rehabilitation costs 281.5 283.1 25.2 South Deep dividend 6.4 6.4 25.3 Silicosis settlement costs 31.9 — 25.4 Other 1.5 2.2 Total provisions 321.3 291.7 25.1 Environmental rehabilitation costs Balance at beginning of the year 283.1 275.4 Changes in estimates - continuing operations 1 (5.4 ) 4.9 Changes in estimates - discontinued operations 1 — 0.1 Interest expense - continuing operations 12.1 10.7 Interest expense - discontinued operations 0.2 0.2 Payments (8.1 ) (7.4 ) Disposal of subsidiary (12.9 ) — Translation adjustment 12.5 (0.8 ) Balance at end of the year 2 281.5 283.1 The provision is calculated using the following gross closure cost estimates: South Africa 41.8 37.1 Ghana 98.1 105.3 Australia 179.2 181.8 Peru 61.9 56.6 Total gross closure cost estimates 381.0 380.8 1 Changes in estimates are defined as changes in reserves and corresponding changes in life-of-mine 2 South African, Ghanaian, Australian and Peruvian mining companies are required by law to undertake rehabilitation as part of their ongoing operations. These environmental rehabilitation costs are funded as follows: - Ghana - reclamation bonds underwritten by banks and restricted cash (refer note 18); - South Africa - contributions into environmental trust funds (refer note 18) and guarantees; - Australia - mine rehabilitation fund levy; and - Peru - bank guarantees. |
Schedule of Assumption in Provision Calculation | The provision is calculated using the following assumptions: Inflation rate Discount rate 2017 South Africa 5.5 % 9.8% Ghana 2.2 % 9.2% - 9.3% Australia 2.5 % 2.6% - 2.9% Peru 2.2 % 3.8% 2016 South Africa 5.5 % 9.7% Ghana 2.2 % 9.7% - 9.8% Australia 2.5 % 1.9% - 3.0% Peru 2.2 % 3.7% |
Schedule of Provisions for Dividend | UNITED STATES DOLLAR 2017 2016 Total provision 8.0 7.8 Current portion included in trade and other payables (1.6 ) (1.4) Balance at end of the year 6.4 6.4 |
Summary of Silicosis Settlement Costs | Silicosis settlement costs 1 UNITED STATES DOLLAR 2017 2016 Provision raised 30.2 Unwinding of provision recognised as finance expense 0.9 Translation 0.8 — Balance at end of the year 31.9 — 1 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’ 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”)). A consolidated application was brought against several South African mining companies, including Gold Fields, for certification of a class action on behalf of current or former mineworkers (and their dependants) who have allegedly contracted silicosis and/or tuberculosis while working for one or more of the mining companies listed in the application. The Occupational Lung Disease Working Group was formed in fiscal 2014 to address issues relating to compensation and medical care for occupational lung disease in the South African gold mining industry. The Working Group, made up of African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony and Sibanye-Stillwater, has had extensive engagements with a wide range of stakeholders since its formation, including government, organised labour, other mining companies and the legal representatives of claimants who have filed legal actions against the companies. The members of the Working Group are among respondent companies in a number of legal proceedings related to occupational lung disease, including the class action referred to above. The Working Group is, however, of the view that achieving a comprehensive settlement which is fair to both past, present and future employees and sustainable for the sector, is preferable to protracted litigation. This matter was previously disclosed as a contingent liability as the amount could not be estimated reliably. As a result of the ongoing work of the Working Group and engagements with affected stakeholders since 31 December 2016, it has now become possible for Gold Fields to reliably estimate its share in the estimated cost in relation to the Working Group of a possible settlement of the class action claims and related costs. As a result, Gold Fields has provided an amount of US$31.9 million (R401.6 million) for this obligation in the statement of financial position at 31 December 2017. The nominal amount of this provision is US$40.5 million (R509.0 million) The assumptions that were made in the determination of the provision include silicosis prevalence rates, estimated settlement per claimant, benefit take-up The ultimate outcome of these matters remains uncertain, with a possible failure to reach a settlement or to obtain the requisite court approval for a potential settlement. The provision is consequently subject to adjustment in the future, depending on the progress of the Working Group discussions, stakeholder engagements and the ongoing legal proceedings (refer note 34 for further details). |
Long-term Incentive Plan (Table
Long-term Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Long-tem Incentive Plan | UNITED STATES DOLLAR 2017 2016 1 2015 Restated 1 Opening balance 23.6 12.6 Charge to income statement - continuing operations 5.0 10.5 Charge to income statement - discontinued operations 0.1 0.5 Payments (11.5 ) — Translation adjustment 0.9 — Balance at end of the year 18.1 23.6 Current portion of long-term incentive plan (18.1 ) — Non-current — 23.6 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Trade and Other Payables | UNITED STATES DOLLAR 2017 2016 1 2015 1 Trade payables 190.8 169.3 Accruals and other payables 238.8 199.6 Payroll payables 51.7 46.3 Copper derivative contracts 2 3.3 — Leave pay accrual 42.5 37.7 Interest payable on loans 10.2 9.7 Deferred consideration - refer note 15.2 11.2 67.7 Stamp duty payable - refer note 15.2 — 13.0 Total trade and other payables 548.5 543.3 1 Refer note 40 for further details. 2 This relates to the Peruvian copper derivative contracts. Refer note 37 for further details. |
Cash Generated by Operations (T
Cash Generated by Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Cash Generated By Operations | UNITED STATES DOLLAR 2017 2016 2015 (Loss)/profit from continuing operations (20.8 ) 167.9 (239.6 ) Mining and income taxation 173.2 189.5 248.5 Royalties 62.0 78.4 73.9 Interest expense 91.2 82.5 87.8 Interest received (5.1 ) (7.3 ) (5.9 ) Amortisation and depreciation 748.1 671.4 591.5 Interest expense - environmental rehabilitation 12.1 10.7 11.7 Non-cash (13.5 ) (9.7 ) (14.6 ) Interest received - environmental trust funds (0.5 ) (1.0 ) (0.4 ) Impairment, net of reversal of impairment of investments and assets 200.2 76.5 206.9 Write-off 51.5 41.4 29.1 (Profit)/loss on disposal of assets (4.0 ) (48.0 ) 0.1 Profit on disposal of investments — (2.3 ) (0.1 ) Share-based payments 26.8 14.0 10.7 Long-term incentive plan expense 5.0 10.5 5.1 Payment of long-term incentive plan (11.5 ) — — Borrowing costs capitalised (22.9 ) (15.1 ) (16.6 ) Share of results of equity-accounted investees, net of taxation (0.3 ) — 2.4 Other (5.0 ) (14.0 ) (7.9 ) Total cash generated by operations 1,286.5 1,245.4 982.6 |
Change in Working Capital (Tabl
Change in Working Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Change in Working Capital | UNITED STATES DOLLAR 2017 2016 1 2015 1 Inventories (55.1 ) (39.2 ) 47.5 Trade and other receivables (2.2 ) 2.8 36.5 Trade and other payables (12.1 ) 34.1 (40.7 ) Total change in working capital (69.4 ) (2.3 ) 43.3 |
Royalties Paid (Tables)
Royalties Paid (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Royalty Paid | UNITED STATES DOLLAR 2017 2016 2015 Amount owing at beginning of the year - continuing operations (19.8 ) (17.8 ) (19.9 ) Royalties - continuing operations (62.0 ) (78.4 ) (73.9 ) Amount owing at end of the year - continuing operations 16.3 19.8 17.8 Translation (0.5 ) — 1.0 Total royalties paid - continuing operations (66.0 ) (76.4 ) (75.0 ) |
Taxation Paid (Tables)
Taxation Paid (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Detailed Information About Income Tax | UNITED STATES DOLLAR 2017 2016 2015 Amount owing at beginning of the year - continuing operations (107.9 ) (59.3 ) (37.8 ) SA and foreign current taxation - continuing operations (204.7 ) (204.2 ) (141.7 ) Amount owing at end of the year - continuing operations 77.5 107.9 59.3 Translation (4.4 ) — 3.0 Total taxation paid - continuing operations (239.5 ) (155.6 ) (117.2 ) |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Retirement Benefits | UNITED STATES DOLLAR 2017 2016 2015 All employees are members of various defined contribution retirement schemes. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Schedule of Commitments | UNITED STATES DOLLAR 2017 2016 2015 Capital expenditure Contracted for 44.5 46.2 Operating leases 2 - within one year 66.6 42.5 - later than one and not later than five years 257.9 229.9 - later than five years 448.0 277.3 1 Refer note 40 for further details. 2 The operating lease commitments consists mainly of power purchase agreements entered into at Tarkwa, Damang, Granny Smith and Gruyere. Included in these amounts are payments for non-lease |
Fair Value of Assets and Liab87
Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Estimated Fair Values of the Group's Financial Assets and Liabilities | The estimated fair values of the Group’s financial assets and liabilities are: 2017 2016 Carrying Fair value Carrying Fair Financial assets Cash and cash equivalents 479.0 479.0 526.7 526.7 Trade and other receivables 66.5 66.5 68.5 68.5 Gold and oil derivative contracts 25.0 25.0 — — Environmental trust fund 55.5 55.5 44.5 44.5 Investments 104.6 104.6 19.7 19.7 Financial liabilities Trade and other payables 451.0 451.0 459.3 459.3 Borrowings 1,587.9 1,611.5 1,504.9 1,496.7 Current portion of borrowings 193.6 193.6 188.0 188.0 Copper derivative contracts 3.3 3.3 — — South Deep dividend 6.4 6.4 6.4 6.4 |
Schedule of Group's Assets and Liabilities Measured at Fair Value by Level Within the Fair Value Hierarchy | The following table sets out the Group’s assets and liabilities measured at fair value by level within the fair value hierarchy at the reporting date: UNITED STATES DOLLAR UNITED STATES DOLLAR 2016 2017 Level 1 Level 2 Level 3 Total Total Level 1 Level 2 Level 3 Assets measured at fair value — 10.6 — 10.6 Trade receivables from provisional copper and gold concentrate sales 21.2 — 21.2 — 10.5 — — 10.5 Listed investments 99.0 99.0 — — — 5.9 — 5.9 Derivative instruments 5.5 — 5.5 — — — — — Oil derivative contracts 14.1 — 14.1 — — — — — Gold derivative contracts 10.9 — 10.9 — Liabilities measured at fair value — — — — Copper derivative contracts 3.3 — 3.3 — |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Combined Maximum Credit Risk Exposure | The combined maximum credit risk exposure of the Group is as follows: UNITED STATES DOLLAR 2017 2016 Environmental trust funds 55.5 44.5 Trade and other receivables 66.5 68.5 Cash and cash equivalents 479.0 526.7 |
Schedule of Contractually Due Undiscounted Cash Flows Resulting from Maturities of All Financial Liabilities, Including Interest Payments | The following are the contractually due undiscounted cash flows resulting from maturities of all financial liabilities, including interest payments: UNITED STATES DOLLAR Within one year Between one and five years After five years Total 2017 Trade and other payables 451.0 — — 451.0 Copper derivative contracts 3.3 — — 3.3 Borrowings 1 - US$ borrowings 2 - Capital — 1,360.9 — 1,360.9 - Interest 61.3 87.8 — 149.1 - A$ borrowings 3 - Capital — 231.5 — 231.5 - Interest 9.5 13.9 — 23.4 - Rand borrowings 4 - Capital 193.6 — — 193.6 - Interest 10.8 — — 10.8 Environmental rehabilitation costs 5 6.5 24.8 349.7 381.0 South Deep dividend 1.6 5.3 5.8 12.7 Total 737.6 1,724.2 355.5 2,817.3 2016 Trade and other payables 459.3 — — 459.3 Borrowings 1 - US$ borrowings 2 - Capital 127.0 1,510.9 — 1,637.9 - Interest 64.6 145.1 — 209.7 - Rand borrowings 4 - Capital 61.0 — — 61.0 - Interest 5.1 — — 5.1 Environmental rehabilitation costs 5 3.6 29.8 347.4 380.8 South Deep dividend 1.4 5.2 6.2 12.8 Total 722.0 1,691.0 353.6 2,766.6 1 Spot Rate: R12.58 = US$1.00 (2016: R14.03 = US$1.00). 2 US$ borrowings – Spot LIBOR (one month fix) rate adjusted by specific facility agreement: 1.5638% (2016: 0.75611% (one month fix)). 3 AU$ borrowings – Spot Bank Bill Swap Bid Rate (BBSY) (one month fix) rate adjusted by specific facility agreement: 1.76%. 4 ZAR borrowings – Spot JIBAR (one month fix) rate adjusted by specific facility agreement: 6.908% and bank overnight borrowing rate on uncommitted credit facilities: average of 8.3% (2016: 8.3%). 5 Although environmental rehabilitation costs do not meet the definition of a financial liability, the Group included the gross closure cost estimate in the undiscounted cash flows as it represents a future cash outflow (refer note 25.1). In South Africa and Ghana, US$55.5 million (2016: US$44.5 million) of the environmental rehabilitation costs is funded through the environmental trust funds. |
Sensitivity to interest rates [member] | |
Summary of Effect of Change in Finance Expense on Group's Profit or Loss had LIBOR and Prime Differed as Indicated | The table below summarises the effect of a change in finance expense on the Group’s profit or loss had LIBOR, JIBAR, Prime and BBSY differed as indicated (sensitivity to interest rates). The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables held constant. All financial instruments with fixed interest rates that are carried at amortised cost are not subject to the interest rate sensitivity analysis. UNITED STATES DOLLAR Change in interest expense for a nominal change in interest rates (1.5%) (1.0%) (0.5%) 0.5% 1.0% 1.5% 2017 Sensitivity to LIBOR interest rates (11.3 ) (7.5 ) (3.8 ) 3.8 7.5 11.3 Sensitivity to BBSY interest rates 1 (0.8 ) (0.5 ) (0.3 ) 0.3 0.5 0.8 Sensitivity to JIBAR and prime interest rates 2 (2.0 ) (1.3 ) (0.7 ) 0.7 1.3 2.0 Change in finance expense (14.1 ) (9.3 ) (4.8 ) 4.8 9.3 14.1 2016 Sensitivity to LIBOR interest rates (12.0 ) (8.0 ) (4.0 ) 4.0 8.0 12.0 Sensitivity to JIBAR and prime interest rates 2 (0.6 ) (0.4 ) (0.2 ) 0.2 0.4 0.6 Change in finance expense (12.6 ) (8.4 ) (4.2 ) 4.2 8.4 12.6 1 Average rate: A$0.77 = US$1.00 (2016: A$0.75: US$1.00). 2 Average rate: R13.33 = US$1.00 (2016: R14.7 = US$1.00). |
Equity price risk [member] | |
Summary of Effect of Change in Finance Expense on Group's Shareholders' Equity | The table below summarises the impact of increases/decreases of the exchanges on the Group’s shareholders’ equity in case of shares (sensitivity to equity security price). The analysis is based on the assumption that the share prices quoted on the exchange have increased/decreased with all other variables held constant and the Group’s investments moved according to the historical correlation with the index. UNITED STATES DOLLAR (Decrease)/increase in equity price (10.0%) (5.0%) 5.0% 10.0% 2017 (Decrease)/increase in other comprehensive income 1 (9.9 ) (5.0 ) 5.0 9.9 2016 (Decrease)/increase in other comprehensive income 1 (1.1 ) (0.5 ) 0.5 1.1 1 Spot rate: R12.58 = US$1.00 (2016: R14.03 = US$1.00). |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Reconciliation of Net Operating Profit | UNITED STATES DOLLAR Notes 2017 2016 Borrowings 1,781.5 1,692.9 Less: 479.0 526.7 Net debt 1,302.5 1,166.2 Adjusted EBITDA 1,263.7 1,232.2 Net debt to adjusted EBITDA 1.03 0.95 Reconciliation of (loss)/profit for the year to adjusted EBITDA: (Loss)/profit for the year (continuing and discontinued operations) (7.7 ) 169.1 Mining and income taxation from continuing operations 173.2 189.5 Mining and income taxation from discontinued operations 12.1 (1.4 ) 0.6 Royalties from continuing operations 62.0 78.4 Royalties from discontinued operations 12.1 1.1 2.0 Finance expense from continuing operations 81.3 78.1 Investment income from continuing operations (5.6 ) (8.3 ) Gain on financial instruments from continuing operations (34.4 ) (14.4 ) Foreign exchange loss from continuing operations 3.5 6.4 Amortisation and depreciation from continuing operations 2 748.1 671.4 Amortisation and depreciation from discontinued operations 2 3.5 14.4 Share-based payments from continuing operations 26.8 14.0 Long-term incentive plan from continuing operations 5.0 10.5 Restructuring costs from continuing operations 9.2 11.7 Silicosis settlement costs from continuing operations 30.2 — Impairment, net of reversal of impairment of investments and assets from continuing operations 200.2 76.5 Profit on disposal of investments from continuing operations — (2.3 ) Profit on disposal of assets from continuing operations (4.0 ) (48.0 ) Gain on sale of discontinued operation, net of taxation 12.1 (16.4 ) — Share of results of equity-accounted investees, net of taxation 1.3 2.3 Rehabilitation income from continuing operations 7 (13.5 ) (9.7 ) Profit on buy-back 7 — (17.7 ) Other 1.3 7.7 1,263.7 1,232.2 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Schedule of Related Party Transactions Activities | UNITED STATES DOLLAR 2017 2016 2015 Key management remuneration (Executive Committee) Short-term employee benefits 11.0 11.4 10.7 Severance 0.2 1.6 — Pension scheme contribution 0.5 0.5 0.7 Share-based payments 3.7 1.4 2.3 Long-term incentive plan 1.0 1.1 1.1 16.4 16.0 14.8 |
Correction of Methodology (Tabl
Correction of Methodology (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Summary of Cumulative Impact of Correction of Amortisation Methodology | The following table summarises the cumulative impact of the correction of the amortisation methodology: Property, plant and equipment Deferred tax balance 1 Equity St Ives Agnew Granny Smith Total St Ives Agnew Granny Smith Total St Ives Agnew Granny Smith Total Balance at 31 December 2014 (19.6 ) 7.8 0.9 (10.9 ) 5.9 (2.3 ) (0.3 ) 3.3 (13.7 ) 5.5 0.6 (7.6 ) Profit or loss (11.7 ) 4.0 0.3 (7.4 ) 3.5 (1.2 ) (0.1 ) 2.2 (8.2 ) 2.8 0.2 (5.2 ) Translation 2.6 (1.0 ) (0.1 ) 1.5 (0.8 ) 0.3 0.1 (0.4 ) 1.8 (0.7 ) — 1.1 Balance at 31 December 2015 (28.7 ) 10.8 1.1 (16.8 ) 8.6 (3.2 ) (0.3 ) 5.1 (20.1 ) 7.6 0.8 (11.7 ) Profit or loss (9.2 ) 2.5 0.1 (6.6 ) 2.8 (0.8 ) — 2.0 (6.5 ) 1.7 0.1 (4.7 ) Translation 0.3 (0.1 ) — 0.2 (0.1 ) — (0.1 ) (0.2 ) 0.3 (0.1 ) (0.1 ) 0.1 Balance at 31 December 2016 (37.6 ) 13.2 1.2 (23.2 ) 11.3 (4.0 ) (0.4 ) 6.9 (26.3 ) 9.2 0.8 (16.3 ) 1 For the purpose of this analysis, deferred tax has been calculated at 30%. |
Summary of Consolidated Income Statement | (i) Consolidated income statement UNITED STATES DOLLAR 31 December 2016 31 December 2015 As previously reported Adjustments As restated before reclassification of operations Discontinued operations reclassification As restated As previously reported Adjustments As restated before reclassification of operations Discontinued operations reclassification As restated Revenue 2,749.5 — 2,749.5 (83.1 ) 2,666.4 2,545.4 — 2,545.4 (91.3 ) 2,454.1 Cost of sales (2,066.7 ) (6.6 ) (2,073.3 ) 72.1 (2,001.2 ) (2,066.1 ) (7.4 ) (2,073.5 ) 85.0 (1,988.5 ) Others (317.0 ) — (317.0 ) 9.2 (307.8 ) (474.8 ) — (474.8 ) 18.1 (456.7 ) Profit before taxation 365.8 (6.6 ) 359.2 (1.8 ) 357.4 4.5 (7.4 ) (2.9 ) 11.8 8.9 Mining and income taxation (192.1 ) 2.0 (190.1 ) 0.6 (189.5 ) (247.1 ) 2.2 (244.9 ) (3.6 ) (248.5 ) Profit/(loss) from continuing operations 173.7 (4.6 ) 169.1 (1.2 ) 167.9 (242.6 ) (5.2 ) (247.8 ) 8.2 (239.6 ) Profit/(loss) from discontinued operations, net of taxation — — — 1.2 1.2 — — — (8.2 ) (8.2 ) Profit/(loss) for the year 173.7 (4.6 ) 169.1 — 169.1 (242.6 ) (5.2 ) (247.8 ) — (247.8 ) Profit/(loss) attributable to: – Owners of the parent 162.8 (4.6 ) 158.2 — 158.2 (242.1 ) (5.2 ) (247.3 ) — (247.3 ) – Non-controlling 10.9 — 10.9 — 10.9 (0.5 ) — (0.5 ) — (0.5 ) 173.7 (4.6 ) 169.1 — 169.1 (242.6 ) (5.2 ) (247.8 ) — (247.8 ) Earnings/loss per share attributable to owners of the parent: Basic earnings/(loss) per share from continuing operations – cents 20 (1 ) 19 — 19 (31 ) (1 ) (32 ) 1 (31 ) Diluted earnings/(loss) per share from continuing operations – cents 20 (1 ) 19 — 19 (31 ) (1 ) (32 ) 1 (31 ) |
Summary of Consolidated Statement of Comprehensive Income | (ii) Consolidated statement of comprehensive income UNITED STATES DOLLAR 31 December 2016 31 December 2015 As Adjustments As restated Discontinued As As Adjustments As restated Discontinued As Profit/(loss) for the year 173.7 (4.6 ) 169.1 — 169.1 (242.6 ) (5.2 ) (247.8 ) — (247.8 ) Others comprehensive income, net of tax 121.4 — 121.4 — 121.4 (636.6 ) 1.1 (635.5 ) — (635.5 ) Foreign currency translation adjustments 129.7 — 129.7 — 129.7 (637.0 ) 1.1 (635.9 ) — (635.9 ) Others (8.3 ) — (8.3 ) — (8.3 ) 0.4 — 0.4 — 0.4 Total comprehensive income for the year 295.1 (4.6 ) 290.5 — 290.5 (879.2 ) (4.1 ) (883.3 ) — (883.3 ) Attributable to: – Owners of the parent 284.2 (4.6 ) 279.6 — 279.6 (878.7 ) (4.1 ) (882.8 ) — (882.8 ) – Non-controlling 10.9 — 10.9 — 10.9 (0.5 ) — (0.5 ) — (0.5 ) 295.1 (4.6 ) 290.5 — 290.5 (879.2 ) (4.1 ) (883.3 ) — (883.3 ) |
Summary of Consolidated Statement of Financial Position | (iii) Consolidated statement of financial position UNITED STATES DOLLAR 31 December 2016 1 January 2016 As previously reported Adjustments As restated before reclassification of operations Discontinued operations reclassification As restated As previously reported Adjustments As restated before reclassification of operations Discontinued operations reclassification As restated ASSETS Property, plant and equipment 4,547.8 (23.2 ) 4,524.6 — 4,524.6 4,312.4 (16.8 ) 4,295.6 — 4,295.6 Others 1,786.9 — 1,786.9 — 1,786.9 1,565.3 — 1,565.3 — 1,565.3 Total assets 6,334.7 (23.2 ) 6,311.5 — 6,311.5 5,877.7 (16.8 ) 5,860.9 — 5,860.9 LIABILITIES Deferred taxation 465.5 (6.9 ) 458.6 — 458.6 487.3 (5.1 ) 482.2 — 482.2 Others 2,679.6 — 2,679.6 — 2,679.6 2,622.4 — 2,622.4 — 2,622.4 Total liabilities 3,145.1 (6.9 ) 3,138.2 — 3,138.2 3,109.7 (5.1 ) 3,104.6 — 3,104.6 EQUITY Retained earnings 1,570.9 (18.3 ) 1,552.6 — 1,552.6 1,447.3 (13.7 ) 1,433.6 — 1,433.6 Other reserves (2,126.4 ) 2.0 (2,124.4 ) — (2,124.4 ) (2,262.2 ) 2.0 (2,260.2 ) — (2,260.2 ) Others 3,745.1 — 3,745.1 — 3,745.1 3,582.9 — 3,582.9 — 3,582.9 Total equity 3,189.6 (16.3 ) 3,173.3 — 3,173.3 2,768.0 (11.7 ) 2,756.3 — 2,756.3 Total equity and liabilities 6,334.7 (23.2 ) 6,311.5 — 6,311.5 5,877.7 (16.8 ) 5,860.9 — 5,860.9 |
Segment Report (Tables)
Segment Report (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Schedule of Segment Report | Financial summary UNITED STATES DOLLAR South Africa Ghana Peru Australia South Deep 1 Tarkwa Damang Total Ghana Cerro Corona St Ives Agnew/ Lawlers Granny Smith Gruyere Total Australia Corporate and 2 Continuing operations Darlot Discontinued operations Group INCOME STATEMENT for the year ended 31 December 2017 Revenue 354.1 710.8 180.3 891.1 392.9 457.3 302.6 363.8 — 1,123.7 — 2,761.8 49.0 49.0 2,810.8 Cost of sales (379.0 ) (526.0 ) (144.5 ) (670.5 ) (285.2 ) (330.9 ) (232.7 ) (203.9 ) (1.3 ) (768.8 ) (1.8 ) (2,105.1 ) (50.7 ) (50.7 ) (2,155.8 ) Cost of sales before gold inventory change and amortisation and depreciation (306.3 ) (348.0 ) (121.3 ) (469.3 ) (151.2 ) (187.6 ) (154.9 ) (156.8 ) (1.3 ) (500.6 ) 0.9 (1,426.5 ) (46.3 ) (46.3 ) (1,472.8 ) Gold inventory change 1.5 42.0 (0.9 ) 41.1 (3.1 ) 29.0 4.5 (3.6 ) — 29.9 — 69.5 (0.9 ) (0.9 ) 68.6 Amortisation and depreciation (74.2 ) (220.0 ) (22.3 ) (242.3 ) (130.9 ) (172.3 ) (82.3 ) (43.5 ) — (298.1 ) (2.7 ) (748.1 ) (3.5 ) (3.5 ) (751.6 ) Other income/(costs) 7.6 (3.1 ) (0.6 ) (3.7 ) (12.1 ) 18.0 6.4 4.6 — 29.0 (10.3 ) 3 10.6 (0.2 ) (0.2 ) 10.4 Share-based payments (3.5 ) (4.8 ) (1.3 ) (6.1 ) (3.6 ) (2.2 ) (1.7 ) (2.1 ) — (6.0 ) (7.6 ) (26.8 ) (0.6 ) (0.6 ) (27.4 ) Long-term incentive plan — (0.9 ) (0.3 ) (1.2 ) (0.7 ) (0.7 ) (0.5 ) (0.6 ) — (1.8 ) (1.3 ) (5.0 ) (0.1 ) (0.1 ) (5.1 ) Exploration expense — — — — (0.5 ) (23.0 ) (15.9 ) (10.8 ) (1.8 ) (51.5 ) (57.8 ) (109.8 ) (1.5 ) (1.5 ) (111.3 ) Restructuring costs (2.3 ) (4.7 ) (2.2 ) (6.9 ) — — — — — — — (9.2 ) — — (9.2 ) Silicosis settlement costs — — — — — — — — — — (30.2 ) (30.2 ) — — (30.2 ) Impairment, net of reversal of impairment of investments and assets — (6.8 ) (3.5 ) (10.3 ) 52.6 — — — — — (242.5 ) (200.2 ) — — (200.2 ) Profit/(loss) on disposal of assets 0.3 2.9 (0.2 ) 2.7 — (0.2 ) 1.5 — — 1.3 (0.3 ) 4.0 — — 4.0 Investment income 0.8 3.4 0.2 3.6 — 0.9 0.6 0.7 — 2.2 (1.0 ) 5.6 0.4 0.4 6.0 Finance expense (12.4 ) (5.2 ) (5.1 ) (10.3 ) (4.7 ) (2.8 ) (1.0 ) (1.0 ) — (4.8 ) (49.1 ) (81.3 ) — — (81.3 ) Gain on sale of discontinued operations — — — — — — — — — — — — 23.5 23.5 23.5 Royalties (1.8 ) (21.7 ) (5.5 ) (27.1 ) (5.3 ) — 4 — 4 — 4 — 4 (27.8 ) — (62.0 ) (1.1 ) (1.1 ) (63.1 ) Mining and income taxation 10.9 (58.6 ) 3.1 (55.5 ) (36.1 ) — 4 — 4 — 4 — 4 (89.5 ) (3.0 ) (173.2 ) (5.7 ) (5.7 ) (179.0 ) Current taxation — (58.0 ) — (58.0 ) (50.8 ) — 4 — 4 — 4 — 4 (91.7 ) (4.2 ) (204.7 ) (2.3 ) (2.3 ) (207.0 ) Deferred taxation 10.9 (0.6 ) 3.1 2.5 14.7 — 4 — 4 — 4 — 4 2.2 1.2 31.5 (3.3 ) (3.3 ) 28.0 (Loss)/profit for the year (25.3 ) 85.4 20.4 105.8 97.4 — 4 — 4 — 4 — 4 206.1 (404.9 ) (20.8 ) 13.1 13.1 (7.7 ) (Loss)/profit attributable to: - Owners of the parents (25.3 ) 76.9 18.4 95.3 96.9 — 4 — 4 — 4 — 4 206.1 (404.9 ) (31.8 ) 13.1 13.1 (18.7 ) - Non-controlling — 8.5 2.0 10.5 0.5 — 4 — 4 — 4 — 4 — — 11.0 — — 11.0 STATEMENT OF FINANCIAL POSITION at 31 December 2017 Total assets (excluding deferred taxation) 1,220.5 1,765.2 184.9 1,950.1 774.0 693.7 500.0 392.0 34.9 1,620.6 982.9 6,548.1 — — 6,548.1 Total liabilities (excluding deferred taxation) 1,352.1 232.3 130.0 362.3 188.7 138.2 71.5 78.1 32.9 320.7 539.4 2,763.2 — — 2,763.2 Net deferred taxation (assets)/liabilities (47.6 ) 283.1 (3.1 ) 280.0 80.8 — 4 — 4 — 4 — 4 87.0 (18.3 ) 381.9 — 4 — 4 381.9 Capital expenditure 5 82.4 180.6 132.1 312.8 34.0 156.2 73.7 87.0 81.1 398.0 6.4 833.6 6.8 6.8 840.4 The above is a geographical analysis presented by location of assets. The Group’s continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew/Lawlers, Granny Smith and Gruyere Gold Project and in Peru, the Cerro Corona mine. While the Gruyere Gold Project does not meet the quantitative criteria for disclosure as a separate segment, it is expected to become a significant contributor to the Group’s performance in future years as the project is being developed. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page 151. The Group’s discontinued operation was primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held in Australia. US Dollar figures may not add as they are rounded independently. 1 The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep (refer note 14). South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 30%. 2 “Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation, including goodwill relating to the acquisition of South Deep. 3 Other costs “Corporate and other” comprise share of loss of associates, net of taxation of US$1.3 million and the balance of US$9.0 million consists mainly of corporate related costs. 4 The Australian operations are entitled to transfer and off-set 5 Capital expenditure for the year ended 31 December 2017. UNITED STATES DOLLAR South Africa Ghana Peru Australia South Deep 1 Tarkwa Damang Total Ghana Cerro Corona St Ives Agnew/ Lawlers Granny Smith Gruyere Total Australia Corporate and 2 Continuing operations Darlot Discontinued operations Group INCOME STATEMENT for the year ended 31 December 2016 Revenue 358.2 708.9 183.4 892.3 322.3 452.3 285.4 355.8 — 1,093.6 — 2,666.4 83.1 83.1 2,749.5 Cost of sales (343.1 ) (511.6 ) (153.8 ) (665.6 ) (255.5 ) (335.8 ) (215.2 ) (178.7 ) (729.7 ) (7.5 ) (2,001.2 ) (72.1 ) (72.1 ) (2,073.4 ) Cost of sales before gold inventory change and amortisation and depreciation (272.3 ) (344.7 ) (136.4 ) (481.2 ) (143.7 ) (192.8 ) (145.7 ) (141.1 ) — (479.6 ) 1.1 (1,375.7 ) (57.3 ) (57.3 ) (1,433.0 ) Gold inventory change 0.7 17.5 0.4 17.8 3.8 11.0 5.1 7.4 — 23.5 — 45.9 (0.4 ) (0.4 ) 45.5 Amortisation and depreciation (71.5 ) (184.4 ) (17.8 ) (202.2 ) (115.6 ) (154.0 ) (74.6 ) (45.0 ) — (273.6 ) (8.6 ) (671.4 ) (14.4 ) (14.4 ) (685.9 ) Other income/(costs) 13.4 (7.8 ) (0.6 ) (8.4 ) (13.0 ) 13.6 6.1 2.6 — 22.3 (23.1 ) 3 (8.8 ) — — (8.8 ) Share-based payments (2.3 ) (2.5 ) (0.3 ) (2.8 ) (2.0 ) (1.2 ) (0.8 ) (0.9 ) — (2.9 ) (4.0 ) (14.0 ) (0.4 ) (0.4 ) (14.4 ) Long-term incentive plan (1.0 ) (2.3 ) (0.5 ) (2.8 ) (1.8 ) (0.8 ) (0.7 ) (0.8 ) — (2.3 ) (2.6 ) (10.5 ) (0.5 ) (0.5 ) (11.0 ) Exploration expense — — — — — (21.1 ) (9.6 ) (10.6 ) — (41.3 ) (44.8 ) (86.1 ) (6.1 ) (6.1 ) (92.2 ) Restructuring costs — (0.2 ) (9.9 ) (10.1 ) — — — (1.2 ) — (1.2 ) (0.4 ) (11.7 ) — — (11.7 ) Impairment of investments and assets — — (10.0 ) (10.0 ) (66.4 ) — — — — — (0.1 ) (76.5 ) — — (76.5 ) Profit/(loss) on disposal of assets 0.1 — — — (0.1 ) — 0.2 (0.3 ) — (0.1 ) 48.1 48.0 — — 48.0 Investment income 1.1 1.8 — 1.8 — — — — — — 5.4 8.3 — — 8.3 Finance expense (5.5 ) (3.9 ) (3.5 ) (7.4 ) (4.7 ) (2.7 ) (1.0 ) (1.0 ) — (4.7 ) (55.8 ) (78.1 ) (0.2 ) (0.2 ) (78.3 ) Royalties (1.8 ) (35.4 ) (9.2 ) (44.6 ) (4.6 ) — 4 — 4 — 4 — 4 (27.3 ) — (78.4 ) (2.0 ) (2.0 ) (80.4 ) Mining and income taxation (6.0 ) (29.8 ) — (29.8 ) (47.4 ) — 4 — 4 — 4 — 4 (92.8 ) (13.5 ) (189.5 ) (0.6 ) (0.6 ) (190.1 ) Current taxation — (52.4 ) — (52.4 ) (45.9 ) — 4 — 4 — 4 — 4 (95.2 ) (10.7 ) (204.2 ) (0.5 ) (0.5 ) (204.7 ) Deferred taxation (6.0 ) 22.6 — 22.6 (1.5 ) — 4 — 4 — 4 — 4 2.4 (2.8 ) 14.7 (0.1 ) (0.1 ) 14.6 Profit/(loss) for the year 13.0 116.9 (4.5 ) 112.5 (73.1 ) — 4 — 4 — 4 — 4 213.6 (98.3 ) 167.9 1.2 1.2 169.1 Profit/(loss) attributable to: - Owners of the parent 13.0 105.2 (4.0 ) 101.3 (72.8 ) — 4 — 4 — 4 — 4 213.6 (98.3 ) 157.0 1.2 1.2 158.2 - Non-controlling — 11.7 (0.5 ) 11.2 (0.3 ) — 4 — 4 — 4 — 4 — — 10.9 — — 10.9 STATEMENT OF FINANCIAL POSITION at 31 December 2016 Total assets (excluding deferred taxation) 1,075.0 1,667.0 132.6 1,799.6 822.5 584.7 439.6 293.9 272.5 1,590.7 964.9 6,252.8 10.1 10.1 6,262.8 Total liabilities (excluding deferred taxation) 1,162.0 219.0 96.3 315.3 195.4 136.3 66.3 63.1 272.4 538.1 446.3 2,657.1 22.5 22.5 2,679.6 Net deferred taxation (assets)/liabilities (32.4 ) 282.4 — 282.4 95.6 — 4 — 4 — 4 — 4 80.1 (15.7 ) 409.9 — 4 — 4 409.9 Capital expenditure 5 77.9 168.4 37.9 206.3 42.8 140.0 70.0 90.3 — 300.3 1.3 628.5 21.4 21.4 649.9 The above is a geographical analysis presented by location of assets. The Group’s continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew/Lawlers, Granny Smith and Gruyere Gold Project and in Peru, the Cerro Corona mine. While the Gruyere Gold Project does not meet the quantitative criteria for disclosure as a separate segment, it is expected to become a significant contributor to the Group’s performance in future years as the project is being developed. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page 151. The Group’s discontinued operation was primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held in Australia. US Dollar figures may not add as they are rounded independently. 1 The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep (refer note 14). South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 30%. 2 “Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation, including goodwill relating to the acquisition of South Deep. 3 Other costs “Corporate and other” comprise share of loss of associates net of taxation of US$2.3 million, profit on disposal of investments of US$2.3 million and the balance of US$23.1 million consists mainly of corporate related costs. 4 The Australian operations are entitled to transfer and off-set 5 Capital expenditure for the year ended 31 December 2016. UNITED STATES DOLLAR South Africa Ghana Peru Australia Corporate and 2 Continuing operations Darlot Discontinued Operations Group South Deep 1 Tarkwa Damang Total Ghana Cerro Corona St Ives Agnew/ Lawlers Granny Smith Total Australia INCOME STATEMENT for the year ended 31 December 2015 Revenue 232.3 680.7 194.8 875.5 292.2 431.8 273.9 348.4 1,054.1 — 2,454.1 91.3 91.3 2,545.4 Cost of sales (304.5 ) (489.2 ) (212.8 ) (702.0 ) (244.9 ) (341.9 ) (199.5 ) (195.1 ) (736.4 ) (0.6 ) (1,988.5 ) (85.0 ) (85.0 ) (2,073.5 ) Cost of sales before gold inventory change and amortisation and depreciation (236.6 ) (334.2 ) (184.3 ) (518.5 ) (143.8 ) (195.0 ) (142.6 ) (135.9 ) (473.4 ) 0.8 (1,371.5 ) (59.8 ) (59.8 ) (1,431.3 ) Gold inventory change — 7.3 (2.1 ) 5.2 (1.0 ) (25.3 ) 1.1 (5.4 ) (29.6 ) — (25.5 ) 0.6 0.6 (24.9 ) Amortisation and depreciation (67.9 ) (162.3 ) (26.4 ) (188.7 ) (100.1 ) (121.6 ) (58.0 ) (53.8 ) (233.4 ) (1.4 ) (591.5 ) (25.8 ) (25.8 ) (617.3 ) Other income/(costs) 1.7 (3.9 ) (2.4 ) (6.1 ) (10.0 ) 2.4 3.2 (1.8 ) 3.8 (11.8 ) 3 (22.4 ) 0.3 0.3 (22.0 ) Share-based payments (1.0 ) (1.5 ) (0.3 ) (1.8 ) (1.2 ) (1.2 ) (0.7 ) (0.4 ) (2.3 ) (4.4 ) (10.7 ) (0.2 ) (0.2 ) (10.9 ) Long-term incentive plan (0.7 ) (1.1 ) (0.3 ) (1.4 ) (0.8 ) (0.2 ) (0.5 ) (0.3 ) (1.0 ) (1.2 ) (5.1 ) (0.2 ) (0.2 ) (5.3 ) Exploration expense — — — — — (21.5 ) (4.0 ) (3.6 ) (29.1 ) (22.7 ) (51.8 ) (1.7 ) (1.7 ) (53.5 ) Restructuring costs (0.7 ) (5.3 ) (0.3 ) (5.6 ) — (3.0 ) — (0.1 ) (3.1 ) — (9.3 ) — 0.0 (9.3 ) Impairment of investments and assets — — (43.8 ) (43.8 ) (6.7 ) — — — — (156.4 ) (206.9 ) (14.2 ) (14.2 ) (221.1 ) Profit/(loss) on disposal of assets — 3.2 — 3.2 (4.7 ) 2.5 (1.0 ) — 1.5 (0.1 ) (0.1 ) — — (0.1 ) Investment income 0.9 1.3 0.1 1.4 — — — — — 4.0 6.3 — — 6.3 Finance expense (4.1 ) (3.4 ) (2.9 ) (6.3 ) (5.5 ) (2.9 ) (1.3 ) (1.1 ) (5.3 ) (61.7 ) (82.9 ) — — (82.9 ) Royalties (1.2 ) (34.0 ) (9.7 ) (43.8 ) (3.1 ) — 4 — 4 — 4 (25.8 ) — (73.9 ) (2.1 ) (2.1 ) (76.0 ) Mining and income taxation 22.1 (59.3 ) (11.7 ) (71.1 ) (108.7 ) (77.6 ) (13.2 ) (248.5 ) 3.6 3.6 (244.9 ) Current taxation — (34.6 ) (0.7 ) (35.4 ) (33.0 ) — 4 — 4 — 4 (65.5 ) (7.8 ) (141.7 ) (1.2 ) (1.2 ) (142.9 ) Deferred taxation 22.1 (24.7 ) (11.0 ) (35.7 ) (75.7 ) — 4 — 4 — 4 (12.1 ) (5.4 ) (106.8 ) 4.8 4.8 (102.0 ) (Loss)/profit for the year (55.2 ) 87.5 (89.3 ) (1.8 ) (93.4 ) — 4 — 4 — 4 178.8 (268.1 ) (239.6 ) (8.2 ) (8.2 ) (247.8 ) (Loss)/profit attributable to: - Owners of the parents (55.2 ) 78.8 (80.5 ) (1.7 ) (93.0 ) — 4 — 4 — 4 178.8 (268.1 ) (239.1 ) (8.2 ) (8.2 ) (247.3 ) - Non-controlling — 8.7 (8.8 ) (0.1 ) (0.4 ) — 4 — 4 — 4 — — (0.5 ) — — (0.5 ) STATEMENT OF FINANCIAL POSITION at 31 December 2015 Total assets (excluding deferred taxation) 976.8 1,546.7 139.0 1,685.7 880.5 526.6 404.5 222.8 1,153.9 1,100.8 5,797.7 9.1 9.1 5,806.8 Total liabilities (excluding deferred taxation) 1,078.4 195.6 98.5 294.1 133.7 135.2 66.9 61.5 263.6 829.4 2,599.2 23.2 23.2 2,622.4 Net deferred taxation (assets)/liabilities (36.0 ) 305.0 — 305.0 94.1 — 4 — 4 — 4 82.5 (17.5 ) 428.1 — 4 — 4 428.1 Capital expenditure for the year ended 66.9 204.2 16.9 221.1 64.8 114.5 73.0 72.4 259.9 1.4 614.1 20.0 20.0 634.1 The above is a geographical analysis presented by location of assets. The Group’s continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew/Lawlers, Granny Smith and Gruyere Gold Project and in Peru, the Cerro Corona mine. While the Gruyere Gold Project does not meet the quantitative criteria for disclosure as a separate segment, it is expected to become a significant contributor to the Group’s performance in future years as the project is being developed. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page 151. The Group’s discontinued operation was primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held in Australia. US Dollar figures may not add as they are rounded independently. 1 The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep (refer note 14). South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 30%. 2 “Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation, including goodwill relating to the acquisition of South Deep. 3 Other costs “Corporate and other” comprise share of loss of associates net of taxation of US$5.7 million, profit on disposal of investments of US$0.1 million and the balance of US$6.2 million consists mainly of corporate related costs. 4 The Australian operations are entitled to transfer and off-set |
Major Group Investments - Dir93
Major Group Investments - Direct and Indirect (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text block1 [abstract] | |
Schedule of Major Group Investments - Direct and Indirect | Group Carrying value in holding company Shares held Shares Loans 6 Notes 2017 2016 2017 % 2016 % 2017 R million 2016 2017 R million 2016 SUBSIDIARIES Unlisted Abosso Goldfields Ltd 7 - Class “A” shares 1 49,734,000 49,734,000 90.0 90.0 — — — — - Class “B” shares 1 4,266,000 4,266,000 90.0 90.0 — — — — Agnew Gold Mining Company Pty Ltd 2 54,924,757 54,924,757 100.0 100.0 — — — — Beatrix Mines Ltd 3 96,549,020 96,549,020 100.0 100.0 206.8 206.8 — — Beatrix Mining Ventures Ltd 3 9,625,001 9,625,001 100.0 100.0 120.4 120.4 (136.8 ) (136.8 ) Darlot Mining Company Pty Ltd 2 1 1 100.0 100.0 — — — — Driefontein Consolidated (Pty) Ltd 3 1,000 1,000 100.0 100.0 — — (13.1 ) (13.1 ) GFI Joint Venture Holdings (Pty) Ltd 3 311,668,564 311,668,564 100.0 100.0 — — (0.4 ) (0.4 ) GFL Mining Services Ltd 3 235,676,387 235,676,387 100.0 100.0 18,790.5 18,790.5 (8,331.2 ) (8,004.2 ) Gold Fields Ghana Ltd 8 1 900 900 90.0 90.0 — — — — Gold Fields Group Services (Pty) Ltd 3 1 1 100.0 100.0 — — (224.8 ) 355.5 Gold Fields Holdings Company (BVI) Ltd 5 4,084 4,084 100.0 100.0 — — — — Gold Fields La Cima S.A. 9 4 1,426,050,205 1,426,050,205 99.5 99.5 — — — — Gold Fields Operations Ltd 3 156,279,947 156,279,947 100.0 100.0 — — (0.4 ) (0.4 ) Gold Fields Orogen Holdings (BVI) Ltd 5 356 356 100.0 100.0 — — — — Gruyere Mining Company Pty Ltd 2 1 1 100.0 100.0 — — — — GSM Mining Company Pty Ltd 2 1 1 100.0 100.0 — — — — Kloof Gold Mining Company Ltd 3 138,600,000 138,600,000 100.0 100.0 602.8 602.8 (610.2 ) (610.2 ) Newshelf 899 (Pty) Ltd 10 3 90,000,000 90,000,000 100.0 100.0 23,210.9 23,210.9 — — St Ives Gold Mining Company Pty Ltd 2 281,051,329 281,051,329 100.0 100.0 — — — — Total 42,931.4 42,931.4 (9,316.9 ) (8,409.6 ) 1 Incorporated in Ghana. 2 Incorporated in Australia. 3 Incorporated in the Republic of South Africa. 4 Incorporated in Peru. 5 Incorporated in the British Virgin Islands. 6 The loans are unsecured, interest free and have no fixed repayment terms. 7 Abosso Goldfields Ltd (“Abosso”) owns the Damang operation in Ghana. The accumulated non-controlling non-controlling 8 Gold Fields Ghana Ltd (“GFG”) owns the Tarkwa operation in Ghana. The accumulated non-controlling non-controlling 9 Gold Fields La Cima S.A. (“La Cima”) owns the Cerro Corona operation in Peru. The accumulated non-controlling non-controlling 10 Refer note 25.2. Newshelf is the holding company of GFIJVH and GFO which own the South Deep mine. In terms of the South Deep BEE agreement, there is an agreed phase-in |
Summary of Share Held in Investments in Associates Joint Ventures other Equity Investments and Percentage of Beneficial Interest | Shares held Group beneficial interest 2017 2016 2017 % 2016 % OTHER 1 Listed associates Maverix Metals Incorporated (“Maverix”) 42,850,000 42,850,000 27.9 32.3 Rusoro Mining Limited 140,000,001 140,000,001 25.7 25.7 Joint venture Far Southeast Gold Resources Incorporated 1,737,699 1,737,699 40.0 40.0 Listed equity investments Bezant Resources PLC 17,945,922 17,945,922 2.9 8.8 Cardinal Resources Limited 42,818,182 13,700,270 11.5 4.5 Cardinal Resources Limited (Options) 38,220,051 19,705,790 33.0 2 17.0 Cascadero Copper Corporation 2,025,000 2,025,000 1.1 1.1 Clancy Exploration Limited 17,764,783 17,764,783 0.6 0.7 Consolidated Woodjam Copper Corporation 12,848,016 12,848,016 17.2 17.8 Fjordland Exploration Incorporated 363,636 1,818,182 0.8 1.8 Gold Road Resources Limited 87,117,909 — 9.9 — Hummingbird Resources PLC 21,258,503 21,258,503 6.2 6.2 Orsu Metals Corp 2,613,491 26,134,919 7.3 19.7 Radius Gold Incorporated 3,625,124 3,625,124 4.2 4.2 Red 5 Limited 246,875,821 — 19.9 3 — 1 Only major investments are listed individually. 2 If the Group was to exercise all the Cardinal Resources options, the Group’s effective interest would be below 20% and therefore does not have significant influence over Cardinal Resources Limited. 3 An assessment has been performed and the Group does not have significant influence over Red 5 Limited. |
Accounting Policies - Summary o
Accounting Policies - Summary of New and Revised Accounting Standards, Amendments to Standards and New Interpretations are Adopted by the Group (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
IAS 7 Statement of cash flows [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IAS 7 Statement of cash flows |
Nature of the Change | Amendments |
Salient features of the changes | • The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flow and non-cash changes. |
Impact on financial position or performance | No impact |
IAS 12 Income taxes [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IAS 12 Income taxes |
Nature of the Change | Amendments |
Salient features of the changes | • The amendments provide additional guidance on the existence of deductible temporary differences; and • The amendments also provide additional guidance on the methods used to calculate future taxable profit to establish whether a deferred tax asset can be recognised. |
Impact on financial position or performance | No impact |
Accounting Policies - Summary95
Accounting Policies - Summary of Standards, Interpretations and Amendments to Published Standards Which Are Not Yet Effective (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
IFRS 2 Share-based payments [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IFRS 2 Share-based payments |
Nature of the change | Amendments |
Salient features of the changes | • The amendments cover three accounting areas: - Measurement of cash-settled share-based payments; - Classification of share-based payments settled net of tax withholdings; and - Accounting for a modification of a share-based payment from cash-settled to equity-settled. • The amendment does not have a material impact on the Group. |
Effective Date | Jan. 1, 2018 |
IFRS 9 Financial Instruments [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IFRS 9 Financial Instruments |
Nature of the change | New standard |
Salient features of the changes | • This IFRS sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments. The Group will adopt IFRS 9 on 1 January 2018; • This IFRS contains a new classification and measurement approach for financial assets that reflects the business model in which the assets are managed and their cash flow characteristics. The three principal classification categories for financial assets are: measured at amortised cost, fair value through profit or loss ("FVTPL") and fair value through other comprehensive income ("FVOCI"); • Based on the Group's assessment, the Group believes that the new classification if applied at 31 December 2017, would not have a significant impact on its accounting for financial assets. The Group's available-for-sale financial assets will be designated at FVOCI; and • The new measurement principles will not have a material impact on the Group. |
Effective Date | Jan. 1, 2018 |
IFRS 15 Revenue from contracts with customers [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IFRS 15 Revenue from contracts with customers |
Nature of the change | New standard |
Salient features of the changes | • This IFRS introduces a new revenue recognition model for contracts with customers and establishes a comprehensive framework for determining whether, how much and when revenue is recognised. IFRS 15 also includes extensive new disclosure requirements; • The Group has assessed the impact of adopting IFRS 15 and has determined the impact as follows: • Revenue will be recognised when the customer takes control of the gold, copper and silver. The timing of recognition of revenue will no longer be when risks and rewards of ownership pass to the customer; • The change in timing of revenue recognition will result in revenue at the South African and Australian operations being recognised on settlement date (date when control passes) and not contract date (previous date when risks and rewards of ownership pass). There is no change to the revenue recognition at any of the other operations given that the date of control is the same date as when risks and rewards of ownership pass. The change in timing of revenue recognition for the South African and Australian operations will be that revenue will be recognised approximately two days later than it currently is recognised. As approximately 0.3% of 2017 revenue will now be recognised in 2018, the adoption of IFRS 15 will not have a material impact on the revenue of the Group; and • The Group will adopt IFRS 15 using the cumulative effect method, with the effect of initially applying this standard at the date of initial application (i.e. 1 January 2018). As a result, the Group will not apply the requirements of IFRS 15 to the comparative periods presented. |
Effective Date | Jan. 1, 2018 |
IFRS 16 Leases [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IFRS 16 Leases |
Nature of the change | New standard |
Salient features of the changes | • This IFRS sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, i.e. the customer ('lessee') and the supplier ('lessor'); • IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations; • IFRS 16 has one model for lessees which will result in almost all leases being included on the statement of financial position. No significant changes have been included for lessors; and • Management has commenced compiling a list of all potential leases and is in the process of reviewing all such contracts in order to assess the impact the standard will have on the Group. |
Effective Date | Jan. 1, 2019 |
IFRIC 23 Uncertainty over Income Tax Treatments [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IFRIC 23 Uncertainty over Income Tax Treatments |
Nature of the change | New interpretation |
Salient features of the changes | • This interpretation clarifies the accounting for income tax treatments that have yet to be accepted by tax authorities; • IFRIC 23 specifically clarifies how to incorporate this uncertainty into the measurement of tax as reported in the financial statements; • IFRIC 23 does not introduce any new disclosures but reinforces the need to comply with existing disclosure requirements about judgements made, assumptions and other estimates used and the potential impact of uncertainties that are not reflected • The interpretation will not have a material impact on the Group. |
Effective Date | Jan. 1, 2019 |
Accounting Policies - Summary96
Accounting Policies - Summary of Significant Assumptions Used in the Group's Impairment Assessments (FVLCOD calculations) (Detail) | 12 Months Ended | |
Dec. 31, 2017$ / oz$ / ozR / kgR / ozExchange_Rateoz | Dec. 31, 2016$ / oz$ / ozR / kgR / ozExchange_Rateoz | |
Disclosure of changes in accounting estimates [line items] | ||
Resource value per ounce | 17 | 60 |
US Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,300 | 1,300 |
Rand [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | R / kg | 525,000 | 600,000 |
Resource value per ounce | 17 | 60 |
Real discount rates | 13.50% | 13.50% |
Inflation rate | 5.50% | 5.50% |
Australia, Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Resource value per ounce | 293 | 60 |
Real discount rates | 3.80% | 3.80% |
Ghanaian cedi [Member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Resource value per ounce | 41 | 60 |
Real discount rates | 9.70% | 9.70% |
Peru, Nuevos Soles [Member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Resource value per ounce | 41 | 60 |
Real discount rates | 4.80% | 4.80% |
Year 1 [Member] | US Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,200 | 1,100 |
Copper price per tonne | oz | 5,512 | 5,512 |
Year 1 [Member] | Rand [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | R / oz | 525,000 | 500,000 |
Long-term exchange rates | Exchange_Rate | 13.61 | 14.14 |
Year 1 [Member] | Australia, Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,600 | 1,500 |
Long-term exchange rates | Exchange_Rate | 0.75 | 0.73 |
Year 2 [Member] | US Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,300 | 1,200 |
Copper price per tonne | oz | 6,171 | 5,512 |
Year 2 [Member] | Rand [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | R / oz | 525,000 | 550,000 |
Long-term exchange rates | Exchange_Rate | 13.16 | 14.26 |
Year 2 [Member] | Australia, Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,700 | 1,600 |
Long-term exchange rates | Exchange_Rate | 0.76 | 0.75 |
Year 3 [Member] | US Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,300 | 1,300 |
Copper price per tonne | oz | 6,171 | 6,171 |
Year 3 [Member] | Rand [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | R / oz | 525,000 | 600,000 |
Long-term exchange rates | Exchange_Rate | 13.16 | 14.36 |
Year 3 [Member] | Australia, Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,700 | 1,700 |
Long-term exchange rates | Exchange_Rate | 0.76 | 0.76 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |||
Disclosure of changes in accounting estimates [line items] | ||||||
Carrying amount of property, plant and equipment | $ 4,892.9 | $ 4,524.6 | [1] | $ 4,295.6 | [1] | |
Carrying value of goodwill | 76.6 | 317.8 | [1] | 295.3 | ||
Impairment loss | 277.8 | 0 | 0 | |||
Gold-in-process and stockpiles | 305.4 | 234.3 | ||||
Provision for environmental rehabilitation costs | 281.5 | 283.1 | 275.4 | |||
Silicosis settlement costs | 31.9 | 0 | ||||
Deferred taxation liability | 453.9 | 458.6 | [1] | 482.2 | [1] | |
Deferred taxation asset | 72 | 48.7 | [1] | 54.1 | ||
Taxation payable | 77.5 | 107.9 | [1] | 59.3 | $ 37.8 | |
Share-based payments | 26.8 | $ 14 | [1] | $ 10.7 | [1] | |
Increase in amortisation | $ 5.7 | |||||
Dividends withholding tax percentage | 20.00% | |||||
Rand [member] | ||||||
Disclosure of changes in accounting estimates [line items] | ||||||
Closing exchange rate | 12.58 | 14.03 | 15.10 | |||
Average exchange rate | 13.33 | 14.70 | 12.68 | |||
US Dollars [member] | ||||||
Disclosure of changes in accounting estimates [line items] | ||||||
Closing exchange rate | 0.77 | 0.72 | 0.73 | |||
Average exchange rate | 0.77 | 0.75 | 0.75 | |||
Trade And Other Receivable [Member] | ||||||
Disclosure of changes in accounting estimates [line items] | ||||||
Derivative financial assets | $ 25 | $ 0 | ||||
Trade and Other Payable [Member] | ||||||
Disclosure of changes in accounting estimates [line items] | ||||||
Derivative financial liabilities | $ 3.3 | $ 0 | ||||
[1] | As Restated - Refer note 40 for further details. |
Accounting Policies - Expected
Accounting Policies - Expected Useful Lives of Depreciation of Non-mining Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful lives percentage | 20.00% |
Computer [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful lives percentage | 33.30% |
Furniture and Equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Expected useful lives percentage | 10.00% |
Revenue - Schedule of Revenue (
Revenue - Schedule of Revenue (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure Of Revenues [Abstract] | |||||
Revenue from mining operations | $ 2,761.8 | $ 2,666.4 | [1] | $ 2,454.1 | [1] |
[1] | As Restated - Refer note 40 for further details. |
Cost of Sale - Summary of Cost
Cost of Sale - Summary of Cost of Sale (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure of cost of sales [Abstract] | |||||
Salaries and wages | $ (414.7) | $ (388.1) | $ (368) | ||
Consumable stores | (346.7) | (346.3) | (380.7) | ||
Utilities | (150.1) | (169.8) | (162.4) | ||
Mine contractors | (307.4) | (308.4) | (284.9) | ||
Other | (207.6) | (163.1) | (175.5) | ||
Cost of sales before gold inventory change and amortisation and depreciation | (1,426.5) | (1,375.7) | (1,371.5) | ||
Gold inventory change | 69.5 | 45.9 | (25.5) | ||
Cost of sales before amortisation and depreciation | (1,357) | (1,329.8) | (1,397) | ||
Amortisation and depreciation | (748.1) | (671.4) | (591.5) | ||
Total cost of sales | $ (2,105.1) | $ (2,001.2) | $ (1,988.5) | ||
[1] | As Restated - Refer note 40 for further details. |
Investment Income - Schedule of
Investment Income - Schedule of Investment Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure of Investment Income [abstract] | |||||
Interest received - environmental trust funds | $ 0.5 | $ 1 | $ 0.4 | ||
Interest received - cash balances | 5.1 | 7.3 | 5.9 | ||
Total investment income | $ 5.6 | $ 8.3 | $ 6.3 | ||
[1] | As Restated - Refer note 40 for further details. |
Finance Expense - Summary of Fi
Finance Expense - Summary of Finance Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure of finance expense [abstract] | |||||
Interest expense - environmental rehabilitation | $ (12.1) | $ (10.7) | $ (11.7) | ||
Unwinding of discount on silicosis settlement costs | (0.9) | 0 | 0 | ||
Interest expense - borrowings | (91.2) | (82.5) | (87.8) | ||
Borrowing costs capitalised | 22.9 | 15.1 | 16.6 | ||
Total finance expense | $ (81.3) | $ (78.1) | $ (82.9) | ||
[1] | As Restated - Refer note 40 for further details. |
Cost of Sale - Summary of Co103
Cost of Sale - Summary of Cost of Sale (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of cost of sales [line items] | |||||
Increase in amortisation and depreciation | $ 748.1 | $ 671.4 | [1] | $ 591.5 | [1] |
Increase in amortisation | 5.7 | ||||
Cerro corona [member] | |||||
Disclosure of cost of sales [line items] | |||||
Increase in amortisation and depreciation | 24.5 | ||||
Australia [member] | |||||
Disclosure of cost of sales [line items] | |||||
Increase in amortisation and depreciation | 298.1 | $ 273.6 | $ 233.4 | ||
Increase in amortisation | $ 5.7 | ||||
[1] | As Restated - Refer note 40 for further details. |
Share-based Payments - Summary
Share-based Payments - Summary of Share-based Payment Arrangements Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||||
Total included in profit or loss for the year | $ 26.8 | $ 14 | [1] | $ 10.7 | [1] |
Continuing operations [member] | |||||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||||
Total included in profit or loss for the year | 26.8 | 14 | 10.7 | ||
Discontinued operations [member] | |||||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||||
Total included in profit or loss for the year | 0.6 | 0.4 | 0.2 | ||
Gold Fields Limited 2005 Share Plan [Member] | Continuing operations [member] | |||||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||||
Total included in profit or loss for the year | 0 | 0 | 0 | ||
Gold Fields Limited 2005 Share Plan [Member] | Discontinued operations [member] | |||||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||||
Total included in profit or loss for the year | 0 | 0 | 0 | ||
Gold Fields Limited 2012 Share Plan [Member] | Continuing operations [member] | |||||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||||
Performance Shares | 0 | 1.9 | 8 | ||
Bonus shares | 0 | 0 | 2.7 | ||
Gold Fields Limited 2012 Share Plan [Member] | Discontinued operations [member] | |||||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||||
Performance Shares | 0 | 0 | 0.2 | ||
Bonus shares | 0 | 0 | 0 | ||
Gold Fields Limited 2012 Share Plan Amended [Member] | Continuing operations [member] | |||||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||||
Performance Shares | 24.5 | 12.1 | 0 | ||
Retention Shares | 2.1 | 0 | 0 | ||
Restricted/Matching Shares | 0.2 | 0 | 0 | ||
Gold Fields Limited 2012 Share Plan Amended [Member] | Discontinued operations [member] | |||||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||||
Performance Shares | 0.6 | 0.4 | 0 | ||
Retention Shares | 0 | 0 | 0 | ||
Restricted/Matching Shares | $ 0 | $ 0 | $ 0 | ||
[1] | As Restated - Refer note 40 for further details. |
Share-based Payments - Summa105
Share-based Payments - Summary of Share Options Under the Gold Fields Limited 2005 Share Plan (Detail) - Gold Fields Limited 2005 Share Plan [Member] | 12 Months Ended | ||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Average Instrument Price [member] | |||
Movement during the year: | |||
Outstanding at beginning of the year | $ | $ 7.39 | $ 6.03 | $ 7.89 |
Forfeited | $ | 7.75 | 5.27 | 7.34 |
Outstanding at end of the year (vested) | $ | $ 9.42 | $ 7.39 | $ 6.03 |
Share Appreciation Rights [Member] | |||
Disclosure of movements in share options [Line Items] | |||
Outstanding at beginning of the year | shares | 530,611 | 1,025,178 | 1,818,261 |
Movement during the year: | |||
Forfeited | shares | (519,090) | (494,567) | (793,083) |
Outstanding at end of the year | shares | 11,521 | 530,611 | 1,025,178 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Cost of performance shares granted | $ 0 | |
Percentage of performance criterion set by company | 85.00% | |
Performance shares up to may be increased | 200.00% | |
Holding period of restricted shares | Five years | |
Maximum number of matching shares | 403,027 | 169,158 |
Maximum number of matching shares vesting period | Five years |
Share-Based Payments - Summa107
Share-Based Payments - Summary of Share Options Under the Gold Fields Limited 2012 Share Plan (Detail) - Gold Fields Limited 2012 Share Plan [Member] - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Performance Shares [Member] | |||
Disclosure of movements in share options [Line Items] | |||
Outstanding at beginning of the year | 393,178 | 2,446,922 | 4,316,657 |
Granted | 0 | 393,178 | 0 |
Exercised and released | 0 | (2,428,904) | (1,704,704) |
Forfeited | (393,178) | (18,018) | (165,031) |
Outstanding at end of the year | 0 | 393,178 | 2,446,922 |
Bonus Shares [Member] | |||
Disclosure of movements in share options [Line Items] | |||
Outstanding at beginning of the year | 0 | 2,161,922 | |
Granted | 0 | ||
Exercised and released | (2,094,343) | ||
Forfeited | (67,579) | ||
Outstanding at end of the year | 0 |
Share-Based Payments - Summa108
Share-Based Payments - Summary of Share Based Payment Performance Condition (Detail) | 12 Months Ended |
Dec. 31, 2017$ / oz | |
Relative TSR [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Weighting | 33.00% |
Threshold | Median of the peer group |
Target | Linear vesting to apply between median and upper quartile performance and capped at upper quartile performance |
Absolute TSR [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Weighting | 33.00% |
Threshold | N/A - No vesting below target |
Target | Compounded cost of equity in real terms over three-year performance period |
Stretch and cap | Compounded cost of equity in real terms over three-year performance period +6% per annum |
Absolute Net Shareholder Return [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Stretch and cap: Compounded cost of equity in real terms over 3 year performance period | 6.00% |
Gold Fields Limited 2012 Share Plan Amended [Member] | Free Cash Flow Margin [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Gold price per ounce, Threshold | 1,300 |
Gold price per ounce, Target | 1,300 |
Gold price per ounce, Stretch and Cap | 1,300 |
Free cash flow margin ("FCFM"), Threshold | 5.00% |
Free cash flow margin ("FCFM"), Target | 15.00% |
Years performance period | 3 years |
Free cash flow margin ("FCFM"), Stretch and Cap | 20.00% |
Vesting Target Threshold Bottom of Range [Member] | Absolute Net Shareholder Return [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Threshold - Absolute TSR | N/A |
Vesting Target Threshold Top of Range [Member] | Absolute Net Shareholder Return [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Target performance period in years | 3 years |
Stretch performance period in years | 3 years |
Gold Fields Limited 2012 Share Plan Amended [Member] | Free Cash Flow Margin [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Weighting | 34.00% |
Threshold | Average FCFM over performance period of 5% at a gold price of $1,300/oz - margin to be adjusted relative to the actual gold price for the three-year period |
Target | Average FCFM over performance period of 15% at a gold price of $1,300/oz - margin to be adjusted relative to the actual gold price for the three-year period |
Stretch and cap | Average FCFM over performance period of 20% at a gold price of $1,300/oz - margin to be adjusted relative to the actual gold price for the three-year period |
Share-Based Payments - Summa109
Share-Based Payments - Summary of Vesting Profile (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Absolute TSR [Member] | |
Disclosure of vesting profile [line items] | |
Threshold | 0.00% |
Target | 100.00% |
Stretch and cap | 200.00% |
Relative TSR [Member] | |
Disclosure of vesting profile [line items] | |
Threshold | 0.00% |
Target | 100.00% |
Stretch and cap | 200.00% |
Free Cash Flow Margin [Member] | |
Disclosure of vesting profile [line items] | |
Threshold | 0.00% |
Target | 100.00% |
Stretch and cap | 200.00% |
Share-Based Payments - Summa110
Share-Based Payments - Summary of Share Based Payment Performance Condition (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Absolute TSR [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Compounded annual growth rate index trading days | 60 trading days |
Share-Based Payments - Summa111
Share-Based Payments - Summary Movement of Share Options Under the Gold Fields Limited 2012 Share Plan (Detail) - Performance Shares [Member] - Gold Fields Limited 2012 Share Plan Amended [Member] - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of movements in share options [Line Items] | ||
Outstanding at beginning of the year | 8,138,472 | 0 |
Granted | 11,744,152 | 8,196,037 |
Exercised and released | (34,827) | 0 |
Forfeited | (1,568,667) | (57,565) |
Outstanding at end of the year | 18,279,130 | 8,138,472 |
Share-Based Payments - Summa112
Share-Based Payments - Summary Movement of Share Options Under the Gold Fields Limited 2012 Share Plan (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017shares | |
Disclosure of movements in share options [Abstract] | |
Options vested | 0 |
Share-Based Payments - Summa113
Share-Based Payments - Summary of Fair Value of Equity Instruments Granted (Detail) (Detail) - Performance Shares [Member] - Gold Fields Limited 2012 Share Plan Amended [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Monte Carlo simulation | ||
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) | 64.30% | 58.10% |
Expected term (years) | 3 years | 3 years |
Dividend yield | ||
Weighted average three-year risk free interest rate (based on US interest rates) | 1.60% | 0.50% |
Weighted average fair value (United States dollars) | 4.2 | 2.6 |
Share-Based Payments - Summa114
Share-Based Payments - Summary of Information Relating to the Options and Equity - Settled Instruments (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of fair value of equity instruments granted [Line Items] | |||
Number of instruments | 18,290,651 | 9,062,261 | 3,472,100 |
Weighted average share price during the year on the Johannesburg Stock Exchange (US$) | $ 3.76 | $ 4.29 | $ 3.55 |
Restricted Shares ("PVRS") awarded [Member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Number of instruments | 18,279,130 | 8,531,650 | 2,446,922 |
Price (US$) | $ 0 | $ 0 | $ 0 |
Contractual life (years) | 0 years | 0 years | 0 years |
4.28 - 6.06 [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Number of instruments | 0 | 0 | 448,296 |
Price (US$) | $ 0 | $ 0 | $ 5.03 |
Contractual life (years) | 0 years | 0 years | 2 months 19 days |
4.28 - 6.06 [member] | Bottom of range [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Range of exercise price for outstanding equity instruments | $ 4.28 | ||
4.28 - 6.06 [member] | Top of range [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Range of exercise price for outstanding equity instruments | $ 6.06 | ||
6.07 - 7.84 [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Number of instruments | 0 | 3,835 | 33,641 |
Price (US$) | $ 0 | $ 6.79 | $ 5.86 |
Contractual life (years) | 0 years | 6 months | 7 months 6 days |
6.07 - 7.84 [member] | Bottom of range [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Range of exercise price for outstanding equity instruments | $ 6.07 | ||
6.07 - 7.84 [member] | Top of range [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Range of exercise price for outstanding equity instruments | $ 7.84 | ||
7.85 - 9.62 [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Number of instruments | 0 | 515,255 | 531,720 |
Price (US$) | $ 0 | $ 7.37 | $ 6.84 |
Contractual life (years) | 0 years | 4 months 2 days | 1 year 4 months 6 days |
7.85 - 9.62 [member] | Bottom of range [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Range of exercise price for outstanding equity instruments | $ 7.85 | ||
7.85 - 9.62 [member] | Top of range [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Range of exercise price for outstanding equity instruments | $ 9.62 | ||
9.63 - 11.40 [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Number of instruments | 11,521 | 11,521 | 11,521 |
Price (US$) | $ 9.42 | $ 8.44 | $ 7.84 |
Contractual life (years) | 0 years | 1 year | 2 years 4 days |
9.63 - 11.40 [member] | Bottom of range [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Range of exercise price for outstanding equity instruments | $ 9.63 | ||
9.63 - 11.40 [member] | Top of range [member] | |||
Disclosure of fair value of equity instruments granted [Line Items] | |||
Range of exercise price for outstanding equity instruments | $ 11.40 |
Share-Based Payments - Summa115
Share-Based Payments - Summary of Options - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Compensation costs related to awards not yet recognised | $ 53 | $ 36.6 | $ 1.5 |
Share based compensation recognition period | 4 years | ||
Ordinary Shares [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Unexercised options and shares, percent | 2.20% | ||
Top of range [member] | Ordinary Shares [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Maximum number of ordinary shares that can be issued | 41,076,635 | ||
Maximum number of shares that can be issued to an individual | 4,107,663 |
Impairment, Net of Reversal 116
Impairment, Net of Reversal of Impairment of Investments and Assets - Summary of Impairment, Net of Reversal of Impairment of Investments and Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosures of impairment of investments and assets [Line Items] | ||||||||
Investments | $ (3.7) | $ (0.1) | $ (117.4) | |||||
Property, plant and equipment | 81.3 | (76.4) | (81.5) | |||||
Reversal of impairment and impairment of Property, plant and equipment - other, net | (42.3) | 76.4 | 42.5 | |||||
Goodwill | (277.8) | 0 | 0 | |||||
Inventories | 0 | 0 | (8) | |||||
Stockpiles and consumables | [1] | 0 | 0 | (8) | ||||
Impairment, net of reversal of impairment of investments and assets | (200.2) | (76.5) | [2] | (206.9) | [2] | |||
South deep [member] | ||||||||
Disclosures of impairment of investments and assets [Line Items] | ||||||||
Goodwill | [3] | (277.8) | 0 | 0 | ||||
Arctic Platinum [Member] | ||||||||
Disclosures of impairment of investments and assets [Line Items] | ||||||||
Reversal of impairment and impairment of Property, plant and equipment - other, net | [4] | 39 | 0 | (39) | ||||
Other [member] | ||||||||
Disclosures of impairment of investments and assets [Line Items] | ||||||||
Reversal of impairment and impairment of Property, plant and equipment - other, net | [5] | 42.3 | (76.4) | (42.5) | ||||
Hummingbird Resources Plc [Member] | ||||||||
Disclosures of impairment of investments and assets [Line Items] | ||||||||
Investments | $ (7.5) | 0 | [6] | 0 | [6] | (7.5) | [6] | |
Listed Investments [Member] | ||||||||
Disclosures of impairment of investments and assets [Line Items] | ||||||||
Investments | (0.5) | (0.1) | (8.5) | |||||
Unlisted Investments [Member] | ||||||||
Disclosures of impairment of investments and assets [Line Items] | ||||||||
Investments | (3.2) | 0 | 0 | |||||
Far Southeast Gold Resources Incorporated [Member] | ||||||||
Disclosures of impairment of investments and assets [Line Items] | ||||||||
Investments | [7] | $ 0 | $ 0 | $ (101.4) | ||||
[1] | Net realisable value write-down of stockpiles at Damang. | |||||||
[2] | As Restated - Refer note 40 for further details. | |||||||
[3] | At 31 December 2017, the Group recognised an impairment of R3,495.0 billion (US$277.8 million) at South Deep. The recoverable amount was based on its FVLCOD calculated using a combination of the market and the income approach (level 3 of the fair value hierarchy). The impairment calculation was based on the 2017 life-of-mine plan using the following assumptions: - Gold price of R525,000 per kilogram; - Resource price of US$17 per ounce at the Rand/Dollar exchange rate of R12.58; - Resource ounces of 29.0 million ounces; - Life-of-mine: 78 years; and - Discount rate: 13.5% nominal. The impairment is due to a reduction in the gold price assumptions, a lower resource price and a deferral of production. | |||||||
[4] | Following the Group's decision during 2013 to dispose of non-core projects, APP was classified as held for sale and, accordingly, valued at the lower of fair value less cost of disposal or carrying value which resulted in impairments of US$89.7 million and US$3.2 million during 2013 and 2014, respectively. APP's carrying value at 31 December 2014 after the above impairments was US$40.0 million which was based on an offer received close to the 2014 year-end. During 2015, active marketing activities for the disposal of the project continued after the 2014 offer was not realised. During 2015, APP was further impaired by US$39.0 million, resulting in a carrying value of US$1.0 million at 31 December 2015. The impairment is included in the "Corporate and other" segment. At 31 December 2016, APP no longer met the definition of an asset held for sale and was reclassified to property, plant and equipment at a recoverable amount of US$1.0 million. During 2017, active marketing activities continued and as a result, a sale agreement was concluded comprising a purchase offer of US$40.0 million cash and a 2% net smelter refiner royalty on all metals. As a result, the impairment of US$39.0 million previously recorded, was reversed and APP was reclassified as an asset held for sale at 31 December 2017. Refer note 12 for further details. | |||||||
[5] | Reversal of impairment and impairment of property, plant and equipment is made up as follows: UNITED STATES DOLLAR 2017 2016 2015 - Redundant assets at Cerro Corona (2015: Cerro Corona) (0.8 ) - (6.7 ) - Reversal of cash-generating unit impairment at Cerro Corona (2016: impairment of $66.4 million) 53.4 (66.4 ) - (The impairment in 2016 was due to the reduction in gold and copper reserves due to depletion, a decrease in the gold and copper price assumptions for 2017 and 2018, a lower resource price and an increase in the Peru tax rate. The reversal of the impairment in 2017 was due to a higher value-in-use following the completion of a pre-feasibility study in 2017, with the assistance of external specialists, extending the life-of-mine from 2023 to 2030 by optimising the tailings density and increasing the tailings capacity by using in-pit tailings after mining activities end. After taking into account one year amortisation, the reversal of impairment amounted to US$53.4 million (2016: The recoverable amount was based on its FVLCOD calculated using a combination of the market and the income approach (level 3 of the fair value hierarchy)). Refer to accounting policies on page 139 for assumptions). - Damang assets held for sale - (7.6 ) - (Following the Damang re-investment plan, a decision was taken to sell certain mining fleet assets and related spares. The sale of the assets is expected to be concluded during 2017. As a result, the assets were classified as held for sale (refer note 12) and valued at the lower of FVLCOD or carrying value which resulted in an impairment of US$7.6 million). - Asset-specific impairment at Tarkwa (6.8 ) - - (Relating to aged, high maintenance and low effectiveness mining fleet that is no longer used). - Asset-specific impairment at Damang (3.5 ) (2.4 ) (35.8 ) (Relating to all assets at the Rex pit. Following a series of optimisations, the extensional drilling, completed in 2017, failed to deliver sufficient tonnages at viable grades to warrant further work (2016: inoperable mining fleet that is no longer used under the current life-of-mine plan, 2015: Immovable mining assets written off to nil that would no longer be used under the current life-of-mine plan)). Reversal of impairment and impairment of property, plant and equipment - other 42.3 (76.4) (42.5) | |||||||
[6] | Following the identification of impairment indicators at 30 June 2015, the investment in Hummingbird was valued at its recoverable amount, which resulted in an impairment of US$7.5 million. The recoverable amount was based on the investment's fair value at the time, being its quoted market price (level 1 of the fair value hierarchy). The impairment is included in the "Corporate and other" segment. | |||||||
[7] | Following the identification of impairment indicators at 31 December 2015, FSE was valued at its recoverable amount which resulted in an impairment of US$101.4 million. The recoverable amount was based on the fair value less cost of disposal ("FVLCOD") of the investment (level 2 of the fair value hierarchy). FVLCOD was indirectly derived from the market value of Lepanto Consolidated Mining Company, being the 60% shareholder of FSE. The impairment is included in the "Corporate and other" segment. |
Impairment, Net of Reversal 117
Impairment, Net of Reversal of Impairment of Investments and Assets - Summary of Impairment, Net of Reversal of Impairment of Investments and Assets (Parenthetical) (Detail) oz in Millions, R in Millions, $ in Millions | Jun. 30, 2015USD ($) | Dec. 31, 2017USD ($)$ / ozR / kgExchange_Rateoz | Dec. 31, 2017ZAR (R)Exchange_Rateoz | Dec. 31, 2016USD ($)$ / oz | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
Investments | $ 3.7 | $ 0.1 | $ 117.4 | ||||||||
Carrying value | 4,892.9 | 4,524.6 | [1] | 4,295.6 | [1] | ||||||
Reversal of impairment and impairment of property, plant and equipment - other, net | 42.3 | (76.4) | (42.5) | ||||||||
South Deep goodwill | $ 277.8 | $ 0 | 0 | ||||||||
Resource price | $ / oz | 17 | 60 | |||||||||
Nominal discount rate | 13.50% | 13.50% | 13.50% | ||||||||
South Deep Mine [member] | |||||||||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
South Deep goodwill | $ 277.8 | R 3,495 | |||||||||
Gold price | R / kg | 525,000 | ||||||||||
Resource price | $ / oz | 17 | ||||||||||
Rand/Dollar exchange rate | Exchange_Rate | 12.58 | 12.58 | |||||||||
Resource ounces | oz | 29 | 29 | |||||||||
Life time of mine | 78 years | 78 years | |||||||||
Nominal discount rate | 13.50% | 13.50% | |||||||||
Other Property, Pant and Equipment [Member] | |||||||||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
Reversal of impairment and impairment of property, plant and equipment - other, net | $ 53.4 | $ (66.4) | 0 | ||||||||
Other Property, Pant and Equipment [Member] | Redundant Assets at Cerro Corona [Member] | |||||||||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
Impairment loss | (66.4) | ||||||||||
Total impairment of property, plant and equipment - other | (0.8) | 0 | (6.7) | ||||||||
Other Property, Pant and Equipment [Member] | Damang Asset Held For Sale [member] | |||||||||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
Impairment loss | 0 | (7.6) | 0 | ||||||||
Other Property, Pant and Equipment [Member] | Assets Specific Impairment At Tarkwa [member] | |||||||||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
Impairment loss | (6.8) | 0 | 0 | ||||||||
Other Property, Pant and Equipment [Member] | Assets Specific Impairment At Damang [Member] | |||||||||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
Impairment loss | (3.5) | (2.4) | (35.8) | ||||||||
APP [Member] | |||||||||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
Carrying value | 1 | 1 | $ 40 | ||||||||
Purchase offer, cash | $ 40 | ||||||||||
Impairment loss | (39) | $ (3.2) | $ (89.7) | ||||||||
Purchase offer, refiner royalty offered percentage | 2.00% | 2.00% | |||||||||
Hummingbird Resources Plc [Member] | |||||||||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
Investments | $ 7.5 | $ 0 | [2] | 0 | [2] | 7.5 | [2] | ||||
Far Southeast Gold Resources Incorporated [Member] | |||||||||||
Disclosures of impairment of investments and assets [Line Items] | |||||||||||
Investments | [3] | $ 0 | $ 0 | $ 101.4 | |||||||
Percentage shareholder of FSE | 60.00% | ||||||||||
[1] | As Restated - Refer note 40 for further details. | ||||||||||
[2] | Following the identification of impairment indicators at 30 June 2015, the investment in Hummingbird was valued at its recoverable amount, which resulted in an impairment of US$7.5 million. The recoverable amount was based on the investment's fair value at the time, being its quoted market price (level 1 of the fair value hierarchy). The impairment is included in the "Corporate and other" segment. | ||||||||||
[3] | Following the identification of impairment indicators at 31 December 2015, FSE was valued at its recoverable amount which resulted in an impairment of US$101.4 million. The recoverable amount was based on the fair value less cost of disposal ("FVLCOD") of the investment (level 2 of the fair value hierarchy). FVLCOD was indirectly derived from the market value of Lepanto Consolidated Mining Company, being the 60% shareholder of FSE. The impairment is included in the "Corporate and other" segment. |
Included in Profit Before Ro118
Included in Profit Before Royalties and Taxation - Schedule of Amounts Included in Profit Before Royalties and Taxation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of information about amounts included in profit before royalties and taxation [abstract] | |||
Operating lease charges | $ (2.4) | $ (2.8) | $ (2.7) |
Regulatory legal fees | 0 | 0 | (0.1) |
Profit on buy-back of notes | 0 | 17.7 | 0 |
Social contributions and sponsorships | (19.6) | (19.3) | (12.2) |
Global compliance costs | 0 | (0.1) | (3.6) |
Rehabilitation income - continuing operations | 13.5 | 9.7 | 14.6 |
Rehabilitation income - discontinued operations | $ 0 | $ 0.2 | $ 0.5 |
Royalties - Summary of Royaltie
Royalties - Summary of Royalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of information about royalty arrangements [line items] | |||||
Total royalties | $ (62) | $ (78.4) | [1] | $ (73.9) | [1] |
South Africa [member] | |||||
Disclosure of information about royalty arrangements [line items] | |||||
Total royalties | $ (1.8) | $ (1.8) | $ (1.2) | ||
Royalty percentage | 0.50% | 0.50% | 0.50% | ||
Foreign [member] | |||||
Disclosure of information about royalty arrangements [line items] | |||||
Total royalties | $ (60.2) | $ (76.6) | $ (72.7) | ||
Australia [member] | |||||
Disclosure of information about royalty arrangements [line items] | |||||
Total royalties | $ (27.8) | $ (27.3) | $ (25.8) | ||
Royalty percentage | 2.50% | 2.50% | 2.50% | ||
Ghana [member] | |||||
Disclosure of information about royalty arrangements [line items] | |||||
Total royalties | $ (27.1) | $ (44.6) | $ (43.8) | ||
Royalty percentage | 3.00% | 5.00% | 5.00% | ||
Peru [member] | |||||
Disclosure of information about royalty arrangements [line items] | |||||
Royalty percentage | 4.60% | 6.40% | 4.00% | ||
[1] | As Restated - Refer note 40 for further details. |
Royalties - Summary of Royal120
Royalties - Summary of Royalties (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Times | Dec. 31, 2016 | Dec. 31, 2015 | |
South Africa [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Royalty in refined minerals, description | The royalty in respect of refined minerals (which include gold refined to 99.5% and above and platinum) is calculated by dividing earnings before interest and taxes ("EBIT") by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. | ||
Royalty effective rate | 0.50% | 0.50% | 0.50% |
Australia [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Royalty effective rate | 2.50% | 2.50% | 2.50% |
Ghana [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 5.00% | 5.00% | |
Royalty effective rate | 3.00% | 5.00% | 5.00% |
Peru [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Royalty effective rate | 4.60% | 6.40% | 4.00% |
Peru [member] | Top of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 12.00% | ||
Peru [member] | Bottom of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 1.00% | ||
Range One [Member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 3.00% | ||
Range One [Member] | Top of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 1,299.99 | ||
Range One [Member] | Bottom of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 0 | ||
Range Two [Member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 3.50% | ||
Range Two [Member] | Top of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 1,499.99 | ||
Range Two [Member] | Bottom of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 1,300 | ||
Range Three [Member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 4.10% | ||
Range Three [Member] | Top of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 2,299.99 | ||
Range Three [Member] | Bottom of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 1,450 | ||
Range Four [Member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 5.00% | ||
Range Four [Member] | Bottom of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 2,300 | ||
Gold refined minerals [member] | South Africa [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold refining percentage | 99.50% | ||
Refined minerals [member] | South Africa [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Number of times gross revenue | Times | 12.5 | ||
Additional percentage | 0.50% | ||
Refined minerals [member] | South Africa [member] | Top of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 5.00% | ||
Gold royalty [member] | Australia [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 2.50% | 2.50% | 2.50% |
Mining and Income Taxation - Su
Mining and Income Taxation - Summary of Components of Mining and Income Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
Total mining and income taxation | $ (173.2) | $ (189.5) | $ (248.5) | ||
Major items causing the Group's income taxation to differ from the maximum South African statutory mining tax rate of 34.0% (2016: 34.0% and 2015: 34.0%) were: | |||||
Taxation on profit before taxation at maximum South African statutory mining tax rate | (51.8) | (121.5) | (3) | ||
Rate adjustment to reflect the actual realised company tax rates in South Africa and offshore | 19.2 | 22.4 | 21.5 | ||
Non-deductible share-based payments | (9.1) | (4.8) | (3.6) | ||
Non-deductible exploration expense | (19.7) | (15.2) | (7.7) | ||
Deferred tax assets not recognised on impairment and reversal of impairment of investments | 13.3 | 0 | (53.2) | ||
Impairment of South Deep goodwill | (94.5) | 0 | 0 | ||
Non-deductible interest paid | (24.2) | (24.2) | (26.9) | ||
Non-taxable profit on disposal of investments | 0 | 0.8 | 0 | ||
Non-taxable profit on buy-back of notes | 0 | 6 | 0 | ||
Share of results of equity-accounted investees, net of taxation | (0.4) | (0.8) | (1.9) | ||
Net non-deductible expenditure and non-taxable income | (5.3) | (9.7) | (8.5) | ||
Deferred tax raised on unremitted earnings at Tarkwa | (9.5) | 0 | 0 | ||
Deferred taxation movement on Peruvian Nuevo Sol devaluation against US Dollar | 5.2 | (1.1) | (41) | ||
Various Peruvian non-deductible expenses | (5.3) | (8.3) | (7.8) | ||
Deferred tax assets not recognised at Cerro Corona and Damang | (12.9) | (34.9) | (112.5) | ||
Utilisation of tax losses not previously recognised at Damang | 7.1 | 0 | 0 | ||
Deferred tax assets recognised at Cerro Corona and Damang | 19.8 | 0 | 0 | ||
Deferred tax release on change of tax rate (2016: Peruvian and Ghanaian operations and 2015: Peruvian operations) | 0 | 8.6 | 4.5 | ||
Prior year adjustments | (2.6) | (6) | (4.4) | ||
Other | (2.5) | (0.8) | (4) | ||
Total mining and income taxation | (173.2) | (189.5) | (248.5) | ||
South African - Components of Mining and Income Tax [Member] | |||||
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
- non-mining tax | (1.2) | (1) | 0 | ||
- company and capital gains taxation | (1.1) | (3.9) | (3.5) | ||
- prior year adjustment - current taxation | 0.2 | 0.3 | 0.5 | ||
- deferred taxation | 12.1 | (9.5) | 17.1 | ||
Foreign Taxation - Components of Mining and Income Tax [Member] | |||||
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
- prior year adjustment - current taxation | 2.8 | 6.3 | |||
- deferred taxation | 19.4 | 24.2 | (118.7) | ||
- current taxation | (199.8) | (193.3) | (138.7) | ||
- prior year adjustment - deferred taxation | $ 0 | $ 0 | $ (5.2) | ||
[1] | As Restated - Refer note 40 for further details. |
Mining and Income Taxation -122
Mining and Income Taxation - Summary of Components of Mining and Income Tax (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Components of Mining and Income Tax [Line Items] | |||
South African statutory mining tax rate | 34.00% | 34.00% | 34.00% |
Deferred Tax Assets not Recognised Cerro Cerona and Damang [Member] | |||
Disclosure of Components of Mining and Income Tax [Line Items] | |||
Deferred Tax assets not recognised at Cerro Cerona and Damang | $ 12.9 | $ 34.9 | $ 112.5 |
Deferred Tax Assets not Recognised Cerro Cerona [Member] | |||
Disclosure of Components of Mining and Income Tax [Line Items] | |||
Deferred Tax assets not recognised at Cerro Cerona and Damang | 12.9 | 33.5 | 76.9 |
Deferred Tax Assets not Recognised Damang [Member] | |||
Disclosure of Components of Mining and Income Tax [Line Items] | |||
Deferred Tax assets not recognised at Cerro Cerona and Damang | 0 | $ 1.4 | $ 35.6 |
Deferred tax assets recognised Cerro Cerona [member] | |||
Disclosure of Components of Mining and Income Tax [Line Items] | |||
Deferred Tax assets not recognised at Cerro Cerona and Damang | 17.3 | ||
Deferred tax assets recognised Damang [member] | |||
Disclosure of Components of Mining and Income Tax [Line Items] | |||
Deferred Tax assets not recognised at Cerro Cerona and Damang | $ 2.5 |
Mining and Income Taxation -123
Mining and Income Taxation - Summary of Domestic and Foreign Current Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 30.00% | 30.00% | |
South African - Components of Mining and Income Tax [Member] | South African Mining Taxation [Member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
South African Mining Tax Formula | South African mining tax on mining income is determined according to a formula Y=34-170/X in 2016, 2015 and 2014 | South African mining tax on mining income is determined according to a formula Y=34-170/X in 2016, 2015 and 2014 | South African mining tax on mining income is determined according to a formula Y=34-170/X in 2016, 2015 and 2014 |
South African - Components of Mining and Income Tax [Member] | Non Mining Tax [Member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 28.00% | 28.00% | 28.00% |
South African - Components of Mining and Income Tax [Member] | South Africa Tax [Member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 28.00% | 28.00% | 28.00% |
Australia Taxation [Member] | Australia Tax [Member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 30.00% | 30.00% | 30.00% |
Ghana Taxation [Member] | Ghana Tax [Member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 32.50% | 32.50% | 35.00% |
Peru Taxation [Member] | Peru Tax [Member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 29.50% | 30.00% | 30.00% |
Mining and Income Taxation -124
Mining and Income Taxation - Summary of Domestic and Foreign Current Tax Rates (Parenthetical) (Detail) | Mar. 17, 2016 | Mar. 16, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||||
Corporate tax rate | 30.00% | 30.00% | |||
Mining Tax [Member] | |||||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||||
Effective mining tax rate for Gold Fields Operations Limited, GFI Joint Venture Holdings (Proprietary) Limited and owners of South Deep Mine | 30.00% | 30.00% | 30.00% | ||
South African - Components of Mining and Income Tax [Member] | |||||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||||
Corporate tax rate | 32.50% | 35.00% |
Mining and Income Taxation -125
Mining and Income Taxation - Summary of Estimated Available for Set-off Against Future Income Pre Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
South African - Components of Mining and Income Tax [Member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure US$ million | $ 3,143.5 | $ 2,535.6 |
2016 Gross tax losses US$ million | 192.5 | 182.3 |
Gross deferred tax asset not recognised US$ million | 1,501.6 | 1,132.6 |
South African - Components of Mining and Income Tax [Member] | Gold Fields Operations Limited [Member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure US$ million | 716.4 | 606.4 |
2016 Gross tax losses US$ million | 192.5 | 182.3 |
Gross deferred tax asset not recognised US$ million | 0 | 0 |
South African - Components of Mining and Income Tax [Member] | GFI Joint Venture Holdings (Proprietary) Limited [Member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure US$ million | 2,427.1 | 1,929.2 |
2016 Gross tax losses US$ million | 0 | 0 |
Gross deferred tax asset not recognised US$ million | 1,501.6 | 1,132.6 |
International operations [member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure US$ million | 0 | 88.8 |
2016 Gross tax losses US$ million | 647.3 | 458.7 |
Gross deferred tax asset not recognised US$ million | 509.4 | 546.3 |
International operations [member] | Exploration Entities [Member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure US$ million | 0 | 0 |
2016 Gross tax losses US$ million | 445.9 | 388.8 |
Gross deferred tax asset not recognised US$ million | 445.9 | 388.8 |
International operations [member] | Gold Fields Australia Proprietary Limited [Member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure US$ million | 0 | 0 |
2016 Gross tax losses US$ million | 0 | 1.2 |
Gross deferred tax asset not recognised US$ million | 0 | 0 |
International operations [member] | Abosso Goldfields Limited [member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure US$ million | 0 | 88.8 |
2016 Gross tax losses US$ million | 201.4 | 68.7 |
Gross deferred tax asset not recognised US$ million | $ 63.5 | $ 157.5 |
Mining and Income Taxation -126
Mining and Income Taxation - Summary of Estimated Available for Set-off Against Future Income Pre Tax (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
South African Revenue Service [Member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Gross recognised capital allowance disallowed | $ 182.2 | ||
GFI Joint Venture Holdings (Proprietary) Limited [Member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Gross recognised capital allowance | $ 925.5 | $ 796.6 | |
Gross unrecognised capital allowance | 1,501.6 | 1,132.6 | |
Exploration Entities [Member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Total tax losses | $ 445.9 | $ 388.8 | |
Abosso Goldfields Limited [member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Tax losses carry forward period | Five Years | Five Years | |
Tax Losses Expiring Between 1 and 2 Years [Member] | Exploration Entities [Member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Total tax losses | $ 22.9 | $ 10.9 | |
Tax Losses Expiring Between 2 and 5 Years [Member] | Exploration Entities [Member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Total tax losses | 57.6 | 58.9 | |
Tax Losses Expiring Between 5 and 10 Years [Member] | Exploration Entities [Member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Total tax losses | 30.4 | 41.2 | |
Tax Losses Expiring After 10 Years [Member] | Exploration Entities [Member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Total tax losses | 43.2 | 40.6 | |
No Expiry Date [Member] | Exploration Entities [Member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Total tax losses | 291.8 | 237.2 | |
Tax Losses Expire in 2 Years [Member] | Abosso Goldfields Limited [member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Tax losses | 44.5 | 46.3 | |
Tax Losses Expire in 3 Years [Member] | Abosso Goldfields Limited [member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Tax losses expiration value | 19 | 0 | |
Tax Losses Expire in 4 Years [Member] | Abosso Goldfields Limited [member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Tax losses expiration value | 91.7 | 19.4 | |
Tax Losses Expire in 5 Years [Member] | Abosso Goldfields Limited [member] | |||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | |||
Tax losses expiration value | $ 46.2 | $ 3 |
Earnings Per Share - Details of
Earnings Per Share - Details of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Earnings per share [abstract] | |||||
Basic earnings/(loss) per share from continuing operations | $ (0.04) | $ 0.19 | $ (0.31) | ||
Basic earnings/(loss) per share from discontinued operation | 0.02 | 0 | (0.01) | ||
Diluted basic earnings/(loss) per share from continuing operations | $ (0.04) | $ 0.19 | $ (0.31) | ||
The weighted average number of shares has been adjusted by the following to arrive at the diluted number of ordinary shares: | |||||
Weighted average number of shares | 820,611,806 | 809,889,990 | 774,763,151 | ||
Share options in issue | 6,308,615 | 192,201 | |||
Diluted number of ordinary shares | 826,920,421 | 810,082,191 | 774,763,151 | ||
Diluted basic earnings/(loss) per share from discontinued operation | $ 0.02 | $ 0 | $ (0.01) | ||
Headline earnings/(loss) per share from continuing operations | $ 0.26 | $ 0.24 | $ (0.05) | ||
Long-form headline earnings/(loss) reconciliation | |||||
(Loss)/profit attributable to owners of the parent from continuing operations | $ (31.8) | $ 157 | $ (239.1) | ||
Profit on disposal of investments, net | 0 | (2.3) | (0.1) | ||
Profit on disposal of investments | 0 | (2.3) | (0.1) | ||
Taxation effect | 0 | 0 | 0 | ||
(Profit)/loss on disposal of assets, net | (2.6) | (41) | 0.5 | ||
(Profit)/loss on disposal of assets | (4) | (48) | 0.1 | ||
Taxation effect | 1.2 | 7 | 0.2 | ||
Non-controlling interest effect | 0.2 | 0 | 0.2 | ||
Impairment, reversal of impairment and write-off of investments and assets and other, net | 246.7 | 84.6 | 202.3 | ||
Impairment, net of reversal of impairment of investments and assets | 200.2 | 76.5 | 198.9 | ||
Write-off of exploration and evaluation assets | 51.5 | 41.4 | 29.1 | ||
Taxation effect | (4.3) | (32.1) | (23.4) | ||
Non-controlling interest effect | (0.7) | (1.2) | (2.3) | ||
Headline earnings/(loss) from continuing operations | $ 212.3 | $ 198.3 | $ (36.4) | ||
Headline earnings/(loss) per share from discontinued operation | $ 0 | $ 0.01 | $ 0 | ||
Profit/(loss) attributable to owners of the parent from discontinued operations | $ 13.1 | $ 1.2 | $ (8.2) | ||
Impairment and write-off of investments and assets and other, net | (15.5) | 4.3 | 11.2 | ||
Impairment of assets | 0 | 0 | 14.2 | ||
Gain on sale of discontinued operation | (23.5) | 0 | 0 | ||
Write-off of exploration and evaluation assets | 1.5 | 6.1 | 1.7 | ||
Taxation effect | 6.5 | (1.8) | (4.7) | ||
Headline (loss)/earnings from discontinuing operations | $ (2.4) | $ 5.5 | $ 3 | ||
Diluted headline earnings/(loss) per share from continuing operations | $ 0.26 | $ 0.24 | $ (0.05) | ||
Diluted headline (loss)/earnings per share from discontinued operations | $ 0 | $ 0.01 | $ 0 | ||
[1] | As Restated - Refer note 40 for further details. |
Earnings Per Share - Details128
Earnings Per Share - Details of Earnings Per Share (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [1] | |||
Basic Earnings per share | ||||||
Earnings attributable to owners of the parent from continuing operations | $ (31.8) | $ 157 | [1] | $ (239.1) | ||
Weighted average number of ordinary shares, basic | 820,611,806 | 809,889,990 | [1] | 774,763,151 | ||
Earnings attributable to owners of the parent from discontinuing operations | $ 13.1 | $ 1.2 | [1] | $ (8.2) | ||
Weighted average number of ordinary shares, basic | 820,611,806 | 809,889,990 | [1] | 774,763,151 | ||
Diluted Basic Earnings per share | ||||||
Share options excluded from the dilutive number of ordinary shares | [1] | 1,804,321 | ||||
Headline Earnings per share | ||||||
Weighted average number of ordinary shares, basic | 820,611,806 | 809,889,990 | [1] | 774,763,151 | ||
Adjusted net earnings attributable to owners of the parent, diluted | $ 212.3 | $ 198.3 | [1] | $ (36.4) | ||
Adjusted net earnings attributable to owners of the parent, diluted discontinued operations | $ 2.4 | $ 5.5 | [1] | $ 3 | ||
Weighted average number of ordinary shares, diluted | 826,920,421 | 810,082,191 | [1] | 774,763,151 | ||
[1] | As Restated - Refer note 40 for further details. |
Dividends - Summary of Dividend
Dividends - Summary of Dividends (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure of Dividends [Line Items] | |||||
Dividends recognised as distribution to owners | $ 62.8 | $ 39.2 | $ 15.1 | ||
Dividends per share | $ 0.08 | $ 0.05 | $ 0.02 | ||
Final Dividend [Member] | |||||
Disclosure of Dividends [Line Items] | |||||
Dividends recognised as distribution to owners | $ 37.5 | $ 10.6 | $ 12.8 | ||
Interim Dividend [Member] | |||||
Disclosure of Dividends [Line Items] | |||||
Dividends recognised as distribution to owners | $ 25.3 | $ 28.6 | $ 2.3 | ||
[1] | As Restated - Refer note 40 for further details. |
Dividends - Summary of Divid130
Dividends - Summary of Dividends (Parenthetical) (Detail) - R / shares | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Dec. 31, 2014 | |
Final Dividend [Member] | ||||||
Disclosure of Dividends [Line Items] | ||||||
Dividends declared per share | R 0.60 | R 0.21 | R 0.20 | |||
Dividend declared date | Feb. 16, 2017 | |||||
Interim Dividend [Member] | ||||||
Disclosure of Dividends [Line Items] | ||||||
Dividends declared per share | R 0.40 | R 0.50 | R 0.04 | |||
Approved dividend [member] | ||||||
Disclosure of Dividends [Line Items] | ||||||
Final dividend approved by the Board, Value | R 0.5 | |||||
[1] | As Restated - Refer note 40 for further details. |
Discontinued Operation - Additi
Discontinued Operation - Additional Information (Detail) $ in Millions, $ in Millions | Oct. 02, 2017USD ($) | Oct. 02, 2017AUD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2017AUD ($)shares | Dec. 31, 2016USD ($) | [1] | Dec. 31, 2015USD ($) | |
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [Line Items] | ||||||||
Upfront cash consideration received | $ 5.4 | $ 0 | $ 0 | [1] | ||||
Percentage of shares held | 30.00% | |||||||
Darlot [Member] | ||||||||
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [Line Items] | ||||||||
Consideration from disposal | $ 18.5 | |||||||
Cash consideration from disposal | $ 12 | |||||||
Number of shares received from disposal | shares | 130,000,000 | 130,000,000 | ||||||
Upfront cash consideration received | $ 7 | |||||||
Cash consideration receivable | $ 5 | |||||||
Profit on the sale assets | $ 23.5 | $ 30.8 | ||||||
Percentage of shares held | 19.90% | 19.90% | ||||||
Darlot [Member] | Red 5 Limited [Member] | ||||||||
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [Line Items] | ||||||||
Shares received under underwriting agreement related to disposal of discontinued operation | shares | 116,875,821 | |||||||
Consideration received under underwriting agreement related to disposal of discontinued operation | $ 5.8 | |||||||
[1] | The restatement is as a result of the discontinued operations. |
Discontinued Operation - Summar
Discontinued Operation - Summary of Results of Discontinued Operation (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017USD ($) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |||
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [Line Items] | ||||||
(Loss)/profit for the year from operating activities | $ 13.1 | $ 1.2 | [1] | $ (8.2) | [1] | |
Profit/(loss) attributable to owners of the parent from discontinued operations | 13.1 | 1.2 | [1] | (8.2) | [1] | |
Darlot [Member] | ||||||
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [Line Items] | ||||||
Revenue | 49 | 83.1 | 91.3 | |||
Cost of sales | (50.7) | (72.1) | (85) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (46.3) | (57.3) | (59.8) | |||
Gold inventory change | (0.9) | (0.4) | 0.6 | |||
Amortisation and depreciation | (3.5) | (14.4) | (25.8) | |||
Other costs, net | (1.9) | (7.2) | (16) | |||
(Loss)/profit before royalties and taxation | (3.6) | 3.8 | (9.7) | |||
Royalties | (1.1) | (2) | (2.1) | |||
(Loss)/profit before taxation | (4.7) | 1.8 | (11.8) | |||
Mining and income taxation | 1.4 | (0.6) | 3.6 | |||
(Loss)/profit for the year from operating activities | (3.3) | 1.2 | (8.2) | |||
Gain on sale of discontinued operation | 23.5 | $ 30.8 | 0 | 0 | ||
Income tax on gain on sale of discontinued operation | (7.1) | 0 | 0 | |||
Profit/(loss) attributable to owners of the parent from discontinued operations | $ 13.1 | $ 1.2 | $ (8.2) | |||
[1] | As Restated - Refer note 40 for further details. |
Discontinued Operation - Sum133
Discontinued Operation - Summary of Assets and Liabilities of Discontinued Operation (Detail) - Darlot [Member] $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017AUD ($) | |
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [Line Items] | |||||
Property, plant and equipment | $ 3.3 | $ 4.3 | |||
Inventories | 7.2 | 9.4 | |||
Trade and other receivables | 0.1 | 0.1 | |||
Trade and other payables | (8.7) | (11.3) | |||
Environmental rehabilitation costs provision | (12.9) | (16.9) | |||
Net liabilities | (11) | $ (14.4) | |||
Total consideration received less costs to sell | 12.5 | $ 16.4 | |||
Gain on sale of discontinued operations | $ 23.5 | $ 30.8 | $ 0 | $ 0 |
Discontinued Operation - Sum134
Discontinued Operation - Summary of Assets and Liabilities of Discontinued Operation (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017AUD ($) | |
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [Abstract] | |
Total consideration from disposal | $ 16.4 |
Consideration per agreement | $ 18.5 |
Assets Held for Sale - Assets H
Assets Held for Sale - Assets Held for Sale (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets Held For Sale [Line Items] | ||
Total assets held for sale | $ 40 | $ 26.4 |
Damang Mining Fleet and Related Spare [Member] | ||
Assets Held For Sale [Line Items] | ||
Total assets held for sale | 0 | 26.4 |
APP [Member] | ||
Assets Held For Sale [Line Items] | ||
Total assets held for sale | $ 40 | $ 0 |
Assets Held for Sale - Asset136
Assets Held for Sale - Assets Held for Sale (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [1] | ||
Assets Held For Sale [Line Items] | |||||
Impairment loss | $ 7.6 | ||||
Carrying value | $ 4,892.9 | 4,524.6 | [1] | $ 4,295.6 | |
Damang Mining Fleet and Related Spare [Member] | |||||
Assets Held For Sale [Line Items] | |||||
Carrying value of mining fleet | 18.6 | ||||
Carrying value of related spared | 7.8 | ||||
APP [Member] | |||||
Assets Held For Sale [Line Items] | |||||
Carrying value | $ 40 | $ 1 | |||
Refiner royalty | 2.00% | ||||
[1] | As Restated - Refer note 40 for further details. |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Write-off of exploration and evaluation assets - continuing operations | $ 51.5 | $ 41.4 | [1] | $ 29.1 | [1] |
Write-off of exploration and evaluation assets - discontinued operations | 1.5 | 6.1 | [1] | 1.7 | [1] |
Borrowing costs capitalised | 22.9 | 15.1 | [1] | 16.6 | [1] |
Carrying value at end of the year | 4,892.9 | 4,524.6 | [1] | 4,295.6 | [1] |
Previously Stated [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Carrying value at end of the year | 4,547.8 | 4,312.4 | |||
Cost Price Property Plant And Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 9,566.2 | 8,648.8 | |||
Reclassifications | (20.5) | 1 | |||
Additions for continuing operations | 833.6 | 628.5 | |||
Additions for discontinued operations | 6.8 | 21.4 | |||
Gruyere Gold project asset acquisition | 0 | 275.9 | |||
Reclassification (to)/from assets held for sale | (43.2) | 43.2 | |||
Reclassification to assets held for sale | 0 | (79.1) | |||
Borrowing costs capitalised | 22.9 | 15.1 | |||
Disposals | (215.1) | (160.4) | |||
Disposal of subsidiary | (79.1) | 0 | |||
Changes in estimates of rehabilitation assets | 8.3 | 14.9 | |||
Other | 0 | 3 | |||
Translation adjustment | 480.8 | 153.9 | |||
Balance at end of the year | 10,560.7 | 9,566.2 | 8,648.8 | ||
Cost Price Property Plant And Equipment [Member] | Previously Stated [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 9,566.2 | 8,648.8 | |||
Balance at end of the year | 9,566.2 | 8,648.8 | |||
Cost Price Property Plant And Equipment [Member] | Increase (Decrease) Due to Corrections of Prior Period Errors [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 0 | 0 | |||
Balance at end of the year | 0 | 0 | |||
Accumulated depreciation and impairment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 5,041.6 | 4,353.2 | |||
Reclassifications | (20.5) | 1 | |||
Charge for the year continuing operations | 748.1 | 671.4 | |||
Charge for the year discontinued operations | 3.5 | 14.4 | |||
Impairment and reversal of impairment, net | (81.3) | 76.4 | |||
Write-off of exploration and evaluation assets - continuing operations | 51.5 | 41.4 | |||
Write-off of exploration and evaluation assets - discontinued operations | 1.5 | 6.1 | |||
Reclassification (to)/from assets held for sale | (3.2) | 42.2 | |||
Reclassification to assets held for sale | 0 | (60.5) | |||
Disposals | (213.1) | (158.1) | |||
Disposal of subsidiary | (75.8) | 0 | |||
Translation adjustment | 215.5 | 54.1 | |||
Balance at end of the year | 5,667.8 | 5,041.6 | 4,353.2 | ||
Accumulated depreciation and impairment [Member] | Previously Stated [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 5,041.6 | 4,336.4 | |||
Balance at end of the year | 5,041.6 | 4,336.4 | |||
Accumulated depreciation and impairment [Member] | Increase (Decrease) Due to Corrections of Prior Period Errors [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 0 | 16.8 | |||
Balance at end of the year | 0 | 16.8 | |||
Land mineral rights and rehabilitation assets [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Carrying value at end of the year | 639.6 | 610 | |||
Land mineral rights and rehabilitation assets [Member] | Cost Price Property Plant And Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 636.8 | 351.3 | |||
Reclassifications | (22.3) | (10.6) | |||
Additions for continuing operations | 0.3 | 1.3 | |||
Additions for discontinued operations | 0 | 0 | |||
Gruyere Gold project asset acquisition | 0 | 275.9 | |||
Reclassification (to)/from assets held for sale | 0 | 0 | |||
Reclassification to assets held for sale | 0 | 0 | |||
Borrowing costs capitalised | 0 | 0 | |||
Disposals | (12.6) | (3.1) | |||
Disposal of subsidiary | (1.4) | 0 | |||
Changes in estimates of rehabilitation assets | 8.3 | 14.9 | |||
Other | 0 | 0 | |||
Translation adjustment | 65.2 | 7.1 | |||
Balance at end of the year | 674.3 | 636.8 | 351.3 | ||
Land mineral rights and rehabilitation assets [Member] | Cost Price Property Plant And Equipment [Member] | Previously Stated [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 636.8 | 735.6 | |||
Balance at end of the year | 636.8 | 735.6 | |||
Land mineral rights and rehabilitation assets [Member] | Cost Price Property Plant And Equipment [Member] | Increase (Decrease) Due to Corrections of Prior Period Errors [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 0 | (384.3) | |||
Balance at end of the year | 0 | (384.3) | |||
Land mineral rights and rehabilitation assets [Member] | Accumulated depreciation and impairment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 26.8 | 19.4 | |||
Reclassifications | 0 | 0 | |||
Charge for the year continuing operations | 15.7 | 8 | |||
Charge for the year discontinued operations | 0.2 | 0 | |||
Impairment and reversal of impairment, net | (2.9) | 3.3 | |||
Write-off of exploration and evaluation assets - continuing operations | 0 | 0 | |||
Write-off of exploration and evaluation assets - discontinued operations | 0 | 0 | |||
Reclassification (to)/from assets held for sale | 0 | 0 | |||
Reclassification to assets held for sale | 0 | 0 | |||
Disposals | (12.2) | (3.1) | |||
Disposal of subsidiary | (1.3) | 0 | |||
Translation adjustment | 8.4 | (0.8) | |||
Balance at end of the year | 34.7 | 26.8 | 19.4 | ||
Land mineral rights and rehabilitation assets [Member] | Accumulated depreciation and impairment [Member] | Previously Stated [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 26.8 | 301.3 | |||
Balance at end of the year | 26.8 | 301.3 | |||
Land mineral rights and rehabilitation assets [Member] | Accumulated depreciation and impairment [Member] | Increase (Decrease) Due to Corrections of Prior Period Errors [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 0 | (281.9) | |||
Balance at end of the year | 0 | (281.9) | |||
Mine development infrastructure and other assets [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Carrying value at end of the year | 4,253.3 | 3,914.6 | |||
Mine development infrastructure and other assets [Member] | Cost Price Property Plant And Equipment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 8,929.4 | 8,297.5 | |||
Reclassifications | 1.8 | 11.6 | |||
Additions for continuing operations | 833.3 | 627.2 | |||
Additions for discontinued operations | 6.8 | 21.4 | |||
Gruyere Gold project asset acquisition | 0 | 0 | |||
Reclassification (to)/from assets held for sale | (43.2) | 43.2 | |||
Reclassification to assets held for sale | 0 | (79.1) | |||
Borrowing costs capitalised | 22.9 | 15.1 | |||
Disposals | (202.5) | (157.3) | |||
Disposal of subsidiary | (77.7) | 0 | |||
Changes in estimates of rehabilitation assets | 0 | 0 | |||
Other | 0 | 3 | |||
Translation adjustment | 415.6 | 146.8 | |||
Balance at end of the year | 9,886.4 | 8,929.4 | 8,297.5 | ||
Mine development infrastructure and other assets [Member] | Cost Price Property Plant And Equipment [Member] | Previously Stated [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 8,929.4 | 7,913.2 | |||
Balance at end of the year | 8,929.4 | 7,913.2 | |||
Mine development infrastructure and other assets [Member] | Cost Price Property Plant And Equipment [Member] | Increase (Decrease) Due to Corrections of Prior Period Errors [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 0 | 384.3 | |||
Balance at end of the year | 0 | 384.3 | |||
Mine development infrastructure and other assets [Member] | Accumulated depreciation and impairment [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 5,014.8 | 4,333.8 | |||
Reclassifications | (20.5) | 1 | |||
Charge for the year continuing operations | 732.4 | 663.4 | |||
Charge for the year discontinued operations | 3.3 | 14.4 | |||
Impairment and reversal of impairment, net | (78.4) | 73.1 | |||
Write-off of exploration and evaluation assets - continuing operations | 51.5 | 41.4 | |||
Write-off of exploration and evaluation assets - discontinued operations | 1.5 | 6.1 | |||
Reclassification (to)/from assets held for sale | (3.2) | 42.2 | |||
Reclassification to assets held for sale | 0 | (60.5) | |||
Disposals | (200.9) | (155) | |||
Disposal of subsidiary | (74.5) | 0 | |||
Translation adjustment | 207.1 | 54.9 | |||
Balance at end of the year | 5,633.1 | 5,014.8 | 4,333.8 | ||
Mine development infrastructure and other assets [Member] | Accumulated depreciation and impairment [Member] | Previously Stated [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | 5,014.8 | 4,035.1 | |||
Balance at end of the year | 5,014.8 | 4,035.1 | |||
Mine development infrastructure and other assets [Member] | Accumulated depreciation and impairment [Member] | Increase (Decrease) Due to Corrections of Prior Period Errors [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Balance at beginning of the year | $ 0 | 298.7 | |||
Balance at end of the year | $ 0 | $ 298.7 | |||
[1] | As Restated - Refer note 40 for further details. |
Property, Plant and Equipmen138
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Carrying value of asset | $ 4,892.9 | $ 4,524.6 | [1] | $ 4,295.6 | [1] | ||
Property acquired through business combination non-cash additions | 78.8 | $ 106.4 | |||||
Borrowing costs | $ 22.9 | $ 15.1 | [1] | 16.6 | [1] | ||
Average interest capitalisation rate | 5.30% | 5.30% | 4.70% | ||||
Reversal of impairment | $ (42.3) | $ 76.4 | 42.5 | ||||
Write-off of exploration and evaluation assets - continuing operations | 51.5 | 41.4 | [1] | 29.1 | [1] | ||
Exploration expense | 109.8 | 86.1 | [1] | 51.8 | [1] | ||
Cerro corona [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Reversal of impairment | 53.4 | ||||||
Senior secured revolving credit facility [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Assets pledged as security | 100 | ||||||
Land mineral rights and rehabilitation assets [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Carrying value of asset | 639.6 | 610 | |||||
Arctic Platinum [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Reversal of impairment | [2] | 39 | 0 | $ (39) | |||
Mine development infrastructure and other assets [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Carrying value of asset | 4,253.3 | 3,914.6 | |||||
Exploration and evaluation assets [member] | Mine development infrastructure and other assets [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Carrying value of asset | 10.8 | 9.1 | |||||
Damang Mining Fleet and Related Spare [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Borrowing costs | 2.1 | 0 | |||||
Damang Mining Fleet and Related Spare [Member] | Gruyere Mining Company Pty Ltd [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Borrowing costs | 1.4 | 0 | |||||
Damang Mining Fleet and Related Spare [Member] | South Deep Mine [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Borrowing costs | 19.4 | 15.1 | |||||
Fleet assets [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Carrying value of asset | 183.6 | 95.5 | |||||
Accumulated depreciation and impairment [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Impairment and reversal of impairment, net | (81.3) | 76.4 | |||||
Impairment | 11.1 | 76.4 | |||||
Write-off of exploration and evaluation assets - continuing operations | 51.5 | 41.4 | |||||
Accumulated depreciation and impairment [Member] | Land mineral rights and rehabilitation assets [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Impairment and reversal of impairment, net | (2.9) | 3.3 | |||||
Write-off of exploration and evaluation assets - continuing operations | 0 | 0 | |||||
Accumulated depreciation and impairment [Member] | Mine development infrastructure and other assets [Member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Impairment and reversal of impairment, net | (78.4) | 73.1 | |||||
Write-off of exploration and evaluation assets - continuing operations | 51.5 | $ 41.4 | |||||
Carrying amount [member] | |||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||
Property acquired through business combination | 275.9 | $ 372.4 | |||||
Property acquired through business combination cash additions | $ 197.1 | $ 266 | |||||
[1] | As Restated - Refer note 40 for further details. | ||||||
[2] | Following the Group's decision during 2013 to dispose of non-core projects, APP was classified as held for sale and, accordingly, valued at the lower of fair value less cost of disposal or carrying value which resulted in impairments of US$89.7 million and US$3.2 million during 2013 and 2014, respectively. APP's carrying value at 31 December 2014 after the above impairments was US$40.0 million which was based on an offer received close to the 2014 year-end. During 2015, active marketing activities for the disposal of the project continued after the 2014 offer was not realised. During 2015, APP was further impaired by US$39.0 million, resulting in a carrying value of US$1.0 million at 31 December 2015. The impairment is included in the "Corporate and other" segment. At 31 December 2016, APP no longer met the definition of an asset held for sale and was reclassified to property, plant and equipment at a recoverable amount of US$1.0 million. During 2017, active marketing activities continued and as a result, a sale agreement was concluded comprising a purchase offer of US$40.0 million cash and a 2% net smelter refiner royalty on all metals. As a result, the impairment of US$39.0 million previously recorded, was reversed and APP was reclassified as an asset held for sale at 31 December 2017. Refer note 12 for further details. |
Goodwill - Changes in Goodwill
Goodwill - Changes in Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Reconciliation of changes in goodwill [abstract] | |||||
Balance at beginning of the year | $ 317.8 | [1] | $ 295.3 | ||
Impairment | (277.8) | 0 | $ 0 | ||
Translation adjustment | 36.6 | 22.5 | |||
Balance at end of the year | $ 76.6 | $ 317.8 | [1] | $ 295.3 | |
[1] | As Restated - Refer note 40 for further details. |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) oz in Millions, R in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)$ / ozR / kgoz | Dec. 31, 2017ZAR (R)$ / ozR / kgoz | Dec. 31, 2016USD ($)$ / ozR / kgoz | Dec. 31, 2015USD ($) | |
Disclosure of information about Goodwill [Line Items] | ||||
Impairment | $ | $ 277.8 | $ 0 | $ 0 | |
Annual life of mine | 78 years | 78 years | 79 years | |
Nominal discount rate | 13.50% | 13.50% | 13.50% | |
Fair value of gold per resource ounce | 17 | 17 | 60 | |
Resource ounces | oz | 29 | 29 | 26 | |
South Deep Mine [member] | ||||
Disclosure of information about Goodwill [Line Items] | ||||
Impairment | $ 277.8 | R 3,495 | ||
Long-term gold price | R / kg | 525,000 | 525,000 | ||
Nominal discount rate | 13.50% | 13.50% | ||
Fair value of gold per resource ounce | 17 | 17 | ||
Rand [member] | ||||
Disclosure of information about Goodwill [Line Items] | ||||
Long-term gold price | R / kg | 525,000 | 525,000 | 600,000 | |
Fair value of gold per resource ounce | 17 | 17 | 60 | |
US Dollars [member] | ||||
Disclosure of information about Goodwill [Line Items] | ||||
Long-term gold price | 1,300 | 1,300 | 1,300 |
Equity-Accounted Investees - Su
Equity-Accounted Investees - Summary of Equity-Accounted Investees (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of equity-accounted investees [Line Items] | |||||
Total equity-accounted investees | $ 42.7 | $ 42.1 | |||
Total equity-accounted investees | 171.3 | 170.7 | [1] | ||
Total share of results of equity-accounted investees after taxation | (1.3) | (2.3) | [1] | $ (5.7) | [1] |
Far Southeast Gold Resources Incorporated [Member] | |||||
Disclosure of equity-accounted investees [Line Items] | |||||
Total equity-accounted investees | 128.6 | 128.6 | |||
Total share of results of equity-accounted investees after taxation | (1.6) | (2.3) | (3.3) | ||
Marverix Metals Incorporated [Member] | |||||
Disclosure of equity-accounted investees [Line Items] | |||||
Total equity-accounted investees | 42.7 | 42.1 | |||
Total share of results of equity-accounted investees after taxation | 0.3 | 0 | 0 | ||
Other [Member] | |||||
Disclosure of equity-accounted investees [Line Items] | |||||
Total equity-accounted investees | 0 | 0 | |||
Total share of results of equity-accounted investees after taxation | $ 0 | $ 0 | $ (2.4) | ||
[1] | As Restated - Refer note 40 for further details. |
Equity-Accounted Investees -142
Equity-Accounted Investees - Summary of Equity-Accounted Investees (Parenthetical) (Detail) - USD ($) shares in Thousands, $ in Millions | Dec. 23, 2016 | Mar. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [1] | Dec. 31, 2011 | Dec. 31, 2010 | |
Disclosure of equity-accounted investees [Line Items] | ||||||||||
Interest on unlisted entity | 50.00% | |||||||||
Profit on disposal | $ 4 | $ 48 | [1] | $ (0.1) | ||||||
Investment in associates - Other | $ 42.7 | $ 42.1 | ||||||||
Far Southeast Gold Resources Incorporated [Member] | ||||||||||
Disclosure of equity-accounted investees [Line Items] | ||||||||||
Interest on unlisted entity | 40.00% | 40.00% | ||||||||
Option to acquire | 40.00% | 60.00% | ||||||||
Non-refundable down payment | $ 110 | $ 44 | $ 66 | |||||||
Percentage of ownership | 20.00% | |||||||||
Unlisted shares at cost | $ 230 | $ 230 | ||||||||
Equity contribution | 79.3 | 77.7 | ||||||||
Cumulative impairment | (101.4) | (101.4) | ||||||||
Share of accumulated losses brought forward | (77.7) | (75.4) | ||||||||
Share of loss after taxation | (1.6) | (2.3) | ||||||||
Total investment in joint venture | $ 128.6 | $ 128.6 | ||||||||
Option remains exercisable | 20.00% | |||||||||
Option to acquire shares | 20.00% | |||||||||
Marverix Metals Incorporated [Member] | ||||||||||
Disclosure of equity-accounted investees [Line Items] | ||||||||||
Interest on listed entity | 28.00% | 32.00% | ||||||||
Common Shares | 42,850 | |||||||||
Common shares | $ 10 | |||||||||
Profit on disposal | $ 48 | |||||||||
Listed shares at cost | $ 42.1 | $ 42.1 | ||||||||
Transaction costs capitalised | 0.3 | 0 | ||||||||
Share of profit after taxation | 0.3 | 0 | ||||||||
Investment in associates - Other | 42.7 | 42.1 | ||||||||
Fair value of investment | 57.2 | 42.1 | ||||||||
Other [Member] | ||||||||||
Disclosure of equity-accounted investees [Line Items] | ||||||||||
Investment in associates - Other | 0 | 0 | ||||||||
Bezant Resources PLC [Member] | ||||||||||
Disclosure of equity-accounted investees [Line Items] | ||||||||||
Investment in associates - Other | $ 0 | $ 0 | ||||||||
Bezant Resources PLC [Member] | Top of range [member] | ||||||||||
Disclosure of equity-accounted investees [Line Items] | ||||||||||
Holdings diluted percentage | 21.60% | |||||||||
Bezant Resources PLC [Member] | Bottom of range [member] | ||||||||||
Disclosure of equity-accounted investees [Line Items] | ||||||||||
Holdings diluted percentage | 8.80% | |||||||||
Rusoro Mining Limited [Member] | ||||||||||
Disclosure of equity-accounted investees [Line Items] | ||||||||||
Interest on listed entity | 25.70% | |||||||||
Investment in associates - Other | $ 0 | $ 0 | ||||||||
Lepanto Consolidated Mining Company [Member] | ||||||||||
Disclosure of equity-accounted investees [Line Items] | ||||||||||
Option fees | $ 10 | |||||||||
Percentage of remaining shares | 60.00% | |||||||||
[1] | As Restated - Refer note 40 for further details. |
Equity-Accounted Investees - Ad
Equity-Accounted Investees - Additional Information (Detail) - USD ($) | Dec. 06, 2017 | Aug. 22, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2010 | |
Disclosure of equity-accounted investees [Line Items] | |||||||
Carrying value write down due to loss incurred by the entity | $ 171,300,000 | $ 170,700,000 | [1] | ||||
Rusoro Mining Limited [Member] | |||||||
Disclosure of equity-accounted investees [Line Items] | |||||||
Carrying value write down due to loss incurred by the entity | $ 0 | ||||||
Fair value of investment based on quoted market price | 7,700,000 | 23,900,000 | |||||
Unrecognised share of profits | 2,000,000 | 18,700,000 | $ 3,600,000 | ||||
Cumulative share of profits | $ 196,000,000 | $ 194,000,000 | |||||
Pre and post award | $ 967,800,000 | ||||||
Excess of pre and post award | $ 1,200,000,000 | ||||||
Arbitration settlement | $ 1,300,000,000 | ||||||
Accrued interest percentage | 9.00% | ||||||
[1] | As Restated - Refer note 40 for further details. |
Interest in Joint Operation - A
Interest in Joint Operation - Additional Information (Detail) oz in Millions, $ in Millions, $ in Millions | Dec. 13, 2016 | Dec. 31, 2017USD ($)oz | Dec. 31, 2017AUD ($)oz |
Disclosure of joint operations [abstract] | |||
Percentage of ownership in joint operation: Gruyere Gold Project | 50.00% | ||
Proportion of ownership interest in joint venture with Gold Road Resources | 50.00% | 50.00% | |
Acquisition date fair value of total consideration transferred | $ 350 | ||
Percentage of royalty | 1.50% | ||
Share of production after total mine production in ounces | oz | 2 | 2 | |
Cash Consideration paid on effective date | $ 250 | ||
Cash consideration payable | 100 | ||
Transaction costs incurred | $ 13.3 | $ 18.5 |
Interest in Joint Operation - S
Interest in Joint Operation - Summary of Share of Joint Operation and Includes Inter-company Transactions and Balances (Detail) $ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016AUD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | [2] | ||
Non-current assets | |||||||||
Property, plant and equipment | $ 4,892.9 | $ 4,524.6 | [1] | $ 4,295.6 | [1] | ||||
Current assets | 1,114.4 | 1,052.7 | [1] | ||||||
Cash and cash equivalents | 479 | 526.7 | [1],[2] | 440 | [2] | $ 458 | |||
Prepayments | 51.5 | 50.1 | |||||||
Total assets | 6,620.1 | 6,311.5 | [1] | 5,860.9 | [1] | ||||
Total equity | |||||||||
Retained earnings | 1,471.1 | 1,552.6 | [1] | 1,433.6 | [1] | ||||
Non-current liabilities | 2,363.1 | 2,278.8 | [1] | ||||||
Deferred taxation | 453.9 | 458.6 | [1] | 482.2 | [1] | ||||
Long-term incentive plan | 0 | 23.6 | [1] | ||||||
Current liabilities | 854 | 859.4 | [1] | ||||||
Trade and other payables | 548.5 | 543.3 | [1] | ||||||
Stamp duty payable | 0 | 13 | [1] | ||||||
Total equity and liabilities | 6,620.1 | 6,311.5 | [1] | $ 5,860.9 | [1] | ||||
Joint operations [member] | |||||||||
Non-current assets | |||||||||
Property, plant and equipment | 374.9 | $ 485.7 | 268.6 | $ 372.4 | |||||
Current assets | 7.2 | 9.3 | 3.9 | 5.4 | |||||
Cash and cash equivalents | 5.3 | 6.8 | 0 | 0 | |||||
Prepayments | 1.9 | 2.5 | 3.9 | 5.4 | |||||
Total assets | 382.1 | 495 | 272.5 | 377.8 | |||||
Total equity | |||||||||
Retained earnings | (2.3) | (2.9) | 0 | 0 | |||||
Non-current liabilities | 11.8 | 15.2 | 0.1 | 0.2 | |||||
Deferred taxation | 4.2 | 5.4 | 0.1 | 0.2 | |||||
Long-term incentive plan | 7.6 | 9.8 | 0 | 0 | |||||
Current liabilities | 372.6 | 482.7 | 272.4 | 377.6 | |||||
Related entity loans payable | 347.3 | 449.9 | 191.7 | 265.8 | |||||
Trade and other payables | 14.1 | 18.3 | 0 | 0 | |||||
Deferred consideration | 11.2 | 14.5 | 67.7 | 93.8 | |||||
Stamp duty payable | 0 | 0 | 13 | 18 | |||||
Total equity and liabilities | $ 382.1 | $ 495 | $ 272.5 | $ 377.8 | |||||
[1] | As Restated - Refer note 40 for further details. | ||||||||
[2] | The restatement is as a result of the discontinued operations. |
Interest in Joint Operation 146
Interest in Joint Operation - Summary of Share of Joint Operation and Includes Inter-company Transactions and Balances (Parenthetical) (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016AUD ($) | |
Disclosure of joint operations [abstract] | ||||
Assets capitalised | $ 372.4 | $ 268.6 | $ 372.4 | |
Additions to property, plant and equipment | $ 275.9 | 372.4 | ||
Cash additions to property, plant and equipment | 197.1 | 266 | ||
Non-cash additions to property, plant and equipment | $ 78.8 | $ 106.4 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Instruments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | [2] | ||
Financial assets [Abstract] | |||||||
Environmental trust fund | $ 55.5 | $ 44.5 | [1] | $ 35 | |||
Trade and other receivables | 201.9 | 170.2 | [1] | ||||
Cash and cash equivalents | 479 | 526.7 | [1],[2] | $ 440 | [2] | $ 458 | |
Fair value through profit or loss | |||||||
Trade receivables from provisional copper concentrate sales | 21.2 | 10.6 | |||||
Available for sale [Abstract] | |||||||
Investments | 99.1 | 13.8 | |||||
Copper derivative contracts | 3.3 | 0 | [1] | ||||
Financial liabilities [Abstract] | |||||||
Borrowings | 1,781.5 | 1,692.9 | |||||
Trade and other payables | 451 | 459.3 | |||||
South Deep dividend | 6.4 | 6.4 | |||||
Trades and Other Payables [Member] | |||||||
Financial assets [Abstract] | |||||||
Trade and other receivables | 45.3 | 57.9 | |||||
Warrant [Member] | |||||||
Available for sale [Abstract] | |||||||
Derivative Instruments | 5.5 | 5.9 | |||||
Gold and Oil Derivative Contracts [Member] | |||||||
Available for sale [Abstract] | |||||||
Derivative Instruments | $ 25 | $ 0 | |||||
[1] | As Restated - Refer note 40 for further details. | ||||||
[2] | The restatement is as a result of the discontinued operations. |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Listed | ||
Cost | $ 143 | $ 62.9 |
Less: Accumulated impairments | (45.5) | (45) |
Net unrealised loss on revaluation | (8.1) | (7.4) |
Translation adjustment | 9.6 | 0 |
Carrying value | 99 | 10.5 |
Market value | 99 | 10.5 |
Unlisted | ||
Carrying value at cost | 0.1 | 3.3 |
Derivative instruments | ||
Total investments | 104.6 | 19.7 |
Warrant [Member] | ||
Derivative instruments | ||
Warrants | $ 5.5 | $ 5.9 |
Investments - Summary of Inv149
Investments - Summary of Investments (Parenthetical) (Detail) $ / shares in Millions | Dec. 31, 2017$ / shares |
Disclosure of detailed information about investment property [abstract] | |
Common share purchase warrants | $ 10 |
Environmental Trust Funds - Sch
Environmental Trust Funds - Schedule of Environmental Trust Funds (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Environmental Trust Funds [Abstract] | ||||||
Balance at beginning of the year | $ 44.5 | [1] | $ 35 | |||
Contributions from continuing operations | 8.6 | 7.5 | ||||
Interest earned | 0.5 | 1 | [1] | $ 0.4 | [1] | |
Translation adjustment | 1.9 | 1 | ||||
Balance at end of the year | $ 55.5 | $ 44.5 | [1] | $ 35 | ||
[1] | As Restated - Refer note 40 for further details. |
Environmental Trust Funds - Add
Environmental Trust Funds - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Environmental Trust Funds [Abstract] | ||
Term deposit | $ 15.9 | $ 11.3 |
Cash deposit | $ 39.6 | $ 33.2 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of inventories [abstract] | |||
Gold-in-process and stockpiles | $ 305.4 | $ 234.3 | |
Consumable stores | 220.9 | 227.9 | |
Total inventories | 526.3 | 462.2 | |
Heap leach and stockpiles inventories included in non-current assets | (132.8) | (132.8) | [1] |
Total current inventories | $ 393.5 | $ 329.4 | |
[1] | As Restated - Refer note 40 for further details. |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Trade and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and other receivables [abstract] | ||
Trade receivables - gold sales and copper concentrate | $ 46.6 | $ 58.2 |
Trade receivables - other | 15.6 | 4.5 |
Gold and oil derivative contracts | 25 | 0 |
Deposits | 0.1 | 0.3 |
Payroll receivables | 11.6 | 10.7 |
Prepayments | 51.5 | 50.1 |
Value added tax and import duties | 45.9 | 39.6 |
Diesel rebate | 1.4 | 1.3 |
Other | 4.2 | 5.5 |
Total trade and other receivables | $ 201.9 | $ 170.2 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [2] | Dec. 31, 2014 | [2] | |
Cash and cash equivalents [abstract] | |||||||
Cash at bank and on hand | $ 479 | $ 526.7 | |||||
Total cash and cash equivalents | $ 479 | $ 526.7 | [1],[2] | $ 440 | $ 458 | ||
[1] | As Restated - Refer note 40 for further details. | ||||||
[2] | The restatement is as a result of the discontinued operations. |
Inventories - Schedule of In155
Inventories - Schedule of Inventories (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of inventories [line items] | |||
Cost of sales of consumable stores | $ 346.7 | $ 346.3 | $ 380.7 |
Non-Current Assets Held for Sale [member] | |||
Disclosure of inventories [line items] | |||
Consumable stores fair value reclassified to assets held for sale | $ 7.8 |
Trade and Other Receivables 156
Trade and Other Receivables - Schedule of Trade and Other Receivables (Parenthetical) (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and Other Receivables [line items] | ||
Gold and oil derivative contracts | $ 25,000,000 | $ 0 |
Australian Oil Derivative Contracts [member] | ||
Trade and Other Receivables [line items] | ||
Gold and oil derivative contracts | 5,100,000 | 0 |
Ghanaian Oil Derivative Contracts [member] | ||
Trade and Other Receivables [line items] | ||
Gold and oil derivative contracts | 9,000,000 | 0 |
Gold Derivative Contracts at South Deep [member] | ||
Trade and Other Receivables [line items] | ||
Gold and oil derivative contracts | $ 10,900,000 | $ 0 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) R / shares in Units, $ / shares in Units, $ in Millions, R in Billions | May 25, 2017$ / sharesshares | May 24, 2017$ / sharesshares | Mar. 17, 2016 | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016ZAR (R)R / shares | |
Disclosure of classes of share capital [line items] | ||||||||
Shares authorised | 1,000,000,000 | |||||||
Par value per share | $ / shares | $ 0.50 | |||||||
Shares issued | $ | [1] | $ 151.5 | ||||||
Share placement price per share | R / shares | R 59.50 | |||||||
Top of range [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Buy back of ordinary shares during any financial year as percentage of issued share capital | 20.00% | |||||||
Top of Range Issued Share Capital [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Percentage of authorised but unissued share capital as percentage of issued share capital | 5.00% | |||||||
Private Placement [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares issued | $ 151.5 | R 2.3 | $ 151.5 | R 2.3 | ||||
Number of shares issued | 38,857,913 | |||||||
Private Placement [member] | 50 Day Moving Average [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Percentage of discount on share price | 0.70% | |||||||
Private Placement [member] | 30 Day Volume Weighted Average [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Percentage of discount on share price | 6.00% | |||||||
Ordinary Shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares authorised | 1,000,000,000 | |||||||
No par value per share | $ / shares | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Increase in number of shares authorised | 2,000,000,000 | |||||||
Number of shares issued | 820,614,217 | 820,606,945 | ||||||
[1] | As Restated - Refer note 40 for further details. |
Share Capital - Summary of Bene
Share Capital - Summary of Beneficial Shareholders (Detail) | 12 Months Ended |
Dec. 31, 2017shares | |
Government Employees Pension Fund [member] | |
Disclosure of beneficial ownership [line items] | |
Number of shares | 63,107,220 |
Percentage of issued ordinary shares | 7.68% |
Market Vectors Junior Gold Mines ETF [member] | |
Disclosure of beneficial ownership [line items] | |
Number of shares | 48,899,163 |
Percentage of issued ordinary shares | 5.95% |
Deferred Taxation - Schedule of
Deferred Taxation - Schedule of Detailed Components of Net Deferred Taxation Liability (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | ||
Liabilities | |||||
Liabilities | $ 1,051.3 | $ 986.3 | |||
Assets | |||||
Assets | (669.4) | (576.4) | |||
Net deferred taxation liabilities | 381.9 | 409.9 | |||
Included in the statement of financial position as follows: | |||||
Deferred taxation assets | (72) | (48.7) | $ (54.1) | ||
Deferred taxation liabilities | 453.9 | 458.6 | $ 482.2 | [1] | |
Balance at end of the year | 381.9 | 409.9 | |||
Balance at beginning of the year | 409.9 | 428.1 | |||
Recognised in profit or loss - continuing operations | (31.5) | (14.7) | |||
Recognised in profit or loss - discontinued operations | 3.4 | 0.1 | |||
Translation adjustment | 0.1 | (3.6) | |||
Balance at end of the year | 381.9 | 409.9 | |||
Mining Assets [member] | |||||
Liabilities | |||||
Liabilities | 1,014.1 | 966.3 | |||
Environmental Trust Funds [member] | |||||
Liabilities | |||||
Liabilities | 3.4 | 2.8 | |||
Inventories [member] | |||||
Liabilities | |||||
Liabilities | 12.1 | 13.7 | |||
Unremitted earnings [member] | |||||
Liabilities | |||||
Liabilities | 9.1 | 0 | |||
Other [member] | |||||
Liabilities | |||||
Liabilities | 12.6 | 3.5 | |||
Provisions [member] | |||||
Assets | |||||
Assets | (108.4) | (100.8) | |||
Tax Losses [member] | |||||
Assets | |||||
Assets | (69.1) | (54.7) | |||
Unredeemed Capital Expenditure [member] | |||||
Assets | |||||
Assets | $ (491.9) | $ (420.9) | |||
[1] | As Restated - Refer note 40 for further details. |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 1,781.5 | $ 1,692.9 | ||
Current borrowings | (193.6) | (188) | [1] | |
Non-current borrowings | 1,587.9 | 1,504.9 | [1] | |
US$70 million revolving senior secured credit facility [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 0 | 45 | $ 45 | |
Name of borrower | Ghana | |||
Commitment fee | 1.00% | |||
Maturity date | 6 May 2017 | |||
US$70 million revolving senior secured credit facility [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 2.40 | |||
US$70 million revolving senior secured credit facility [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.40% | |||
US$100 million revolving senior secured credit facility [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 45 | 0 | 0 | |
Name of borrower | Ghana | |||
Commitment fee | 1.20% | |||
Maturity date | 21 June 2020 | |||
US$100 million revolving senior secured credit facility [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 2.95 | |||
US$100 million revolving senior secured credit facility [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.95% | |||
US $1 Billion Notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 847.9 | 846.4 | 992.6 | |
Name of borrower | Orogen | |||
Commitment fee | 0.00% | |||
Maturity date | 7 October 2020 | |||
US $1 Billion Notes [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 4.875% | |||
US$150 million revolving senior secured credit facility - old [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 0 | 82 | ||
Name of borrower | La Cima | |||
Commitment fee | 0.65% | |||
Maturity date | 19 December 2017 | |||
US$150 million revolving senior secured credit facility - old [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 1.63 | |||
US$150 million revolving senior secured credit facility - old [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 1.63% | |||
US$150 million revolving senior secured credit facility - new [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 83.5 | 0 | 0 | |
Name of borrower | La Cima | |||
Commitment fee | 0.50% | |||
Maturity date | 19 September 2020 | |||
US$150 million revolving senior secured credit facility - new [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 1.20 | |||
US$150 million revolving senior secured credit facility - new [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 1.20% | |||
A$500 million syndicated revolving credit facility [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 231.5 | 0 | ||
Name of borrower | Gruyere | |||
Commitment fee | 0.94% | |||
Maturity date | 24 May 2020 | |||
A$500 million syndicated revolving credit facility [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | BBSY plus 2.35 | |||
A$500 million syndicated revolving credit facility [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.35% | |||
Facility A (US $75 Million) [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 0 | 0 | ||
Name of borrower | Orogen | |||
Commitment fee | 0.00% | |||
Maturity date | 28 November 2015 | |||
Facility A (US $75 Million) [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 2.45 | |||
Facility A (US $75 Million) [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.45% | |||
Facility A (US $45 Million) [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 0 | 0 | ||
Name of borrower | Orogen | |||
Commitment fee | 0.00% | |||
Maturity date | - | |||
Facility A (US $45 Million) [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 2.45 | |||
Facility A (US $45 Million) [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.45% | |||
Facility B (US $720 Million) [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 0 | 0 | ||
Name of borrower | Orogen | |||
Commitment fee | 0.90% | |||
Maturity date | - | |||
Facility B (US $720 Million) [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 2.25 | |||
Facility B (US $720 Million) [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.25% | |||
Facility C (US $670 Million) [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 0 | 0 | ||
Name of borrower | Orogen | |||
Commitment fee | 0.80% | |||
Maturity date | - | |||
Facility C (US $670 Million) [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 2.00 | |||
Facility C (US $670 Million) [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.00% | |||
Facility A (US $380 Million) [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 380 | 380 | ||
Name of borrower | Orogen | |||
Commitment fee | 0.00% | |||
Maturity date | 6 June 2019 | |||
Facility A (US $380 Million) [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 2.50 | |||
Facility A (US $380 Million) [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.50% | |||
Facility B (US $360 Million) [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 0 | 278.5 | ||
Name of borrower | Orogen | |||
Commitment fee | 0.77% | |||
Maturity date | 6 June 2020 | |||
Facility B (US $360 Million) [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 2.20 | |||
Facility B (US $360 Million) [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.20% | |||
Facility C (US $550 Million) [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 0 | 0 | ||
Name of borrower | Orogen | |||
Commitment fee | 0.86% | |||
Maturity date | 6 June 2021 | |||
Facility C (US $550 Million) [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | LIBOR plus 2.45 | |||
Facility C (US $550 Million) [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.45% | |||
R 1,500 Million Nedbank Revolving Credit Facility [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 79.5 | 0 | 0 | |
Name of borrower | GFIJVH/GFO | |||
Commitment fee | 0.85% | |||
Maturity date | 7 March 2018 | |||
R 1,500 Million Nedbank Revolving Credit Facility [member] | Fixed Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | JIBAR plus 2.50 | |||
R 1,500 Million Nedbank Revolving Credit Facility [member] | Floating Interest Rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal interest rate | 2.50% | |||
Short-term Rand Uncommitted Credit Facilities [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 114.1 | 61 | $ 16.7 | |
Commitment fee | 0.00% | |||
Maturity date | - | |||
US$1,510 Million Term Loan and Revolving Credit Facilities [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 0 | 0 | ||
US$1,290 Million Term Loan and Revolving Credit Facilities [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Total borrowings | $ 380 | $ 658.5 | ||
[1] | As Restated - Refer note 40 for further details. |
Borrowings - Schedule of Bor161
Borrowings - Schedule of Borrowings (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | $ 1,290,000,000 | ||||
Profit on buy back of notes | 0 | $ 17,700,000 | $ 0 | ||
Carrying value of asset | 4,892,900,000 | 4,524,600,000 | [1] | $ 4,295,600,000 | [1] |
Fleet assets and CIL plant [member] | Ghana [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Carrying value of asset | 183,600,000 | 95,500,000 | |||
US$70 million revolving senior secured credit facility [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 70,000,000 | ||||
Amount available under the facility | 70,000,000 | ||||
US$100 million revolving senior secured credit facility [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 100,000,000 | ||||
Amount available under the facility | 100,000,000 | ||||
US$1,510 Million Term Loan and Revolving Credit Facilities [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 1,510,000,000 | ||||
Borrowing financed, description | These facilities were cancelled and refinanced through the US$1,290 million term loan and revolving credit facilities on 6 June 2016, resulting in the total amount available to be US$nil at 31 December 2016. | ||||
Amount available under the facility | 0 | ||||
US $1 Billion Notes [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 1,000,000,000 | ||||
Unamortized transaction costs | 4,500,000 | 6,000,000 | |||
Profit on buy back of notes | 0 | $ 17,700,000 | |||
US$150 million revolving senior secured credit facility - old [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 150,000,000 | ||||
US$150 million revolving senior secured credit facility - new [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 150,000,000 | ||||
A$500 million syndicated revolving credit facility [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 500,000,000 | ||||
Facility A (US $75 Million) [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 75,000,000 | ||||
Facility A (US $45 Million) [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 45,000,000 | ||||
Facility B (US $720 Million) [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 720,000,000 | ||||
Facility C (US $670 Million) [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 670,000,000 | ||||
Facility A (US $380 Million) [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 380,000,000 | ||||
Facility B (US $360 Million) [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 360,000,000 | ||||
Facility C (US $550 Million) [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 550,000,000 | ||||
R 1,500 Million Nedbank Revolving Credit Facility [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 1,500,000,000 | ||||
US$1,290 Million Term Loan and Revolving Credit Facilities [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 1,290,000,000 | ||||
US $147.6 Million Notes [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Face amount of borrowings | 1,510,000,000 | ||||
Purchase of notes, amount | 147,600,000 | ||||
Purchase price per US$1,000 | $ 880 | ||||
Borrowing financed, description | The purchase of the notes amounting to US$147.6 million was financed by drawing down under the US$1,510 million term loan and revolving credit facilities. The Group recognised a profit of US$17.7 million on the buy back of the notes. | ||||
[1] | As Restated - Refer note 40 for further details. |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings under Credit Facilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | $ 1,692.9 | ||||
Variable rate with exposure to repricing (six months or less) | 933.6 | $ 846.5 | |||
Loans advanced | 779.7 | 1,298.7 | [1] | $ 506 | [1] |
Profit on buy-back of notes | 0 | (17.7) | 0 | ||
Repayments | 695.5 | 1,413.2 | [1] | 594.3 | [1] |
Balance at end of the year | 1,781.5 | 1,692.9 | |||
Undrawn borrowing facilities committed | 1,452.7 | 979 | |||
Uncommitted | 17.1 | 56.6 | |||
Total undrawn borrowing facilities | 1,469.8 | 1,035.6 | |||
Within one year [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Undrawn borrowing facilities committed | 39.7 | 93 | |||
Later Than One Year And Not Later Than Two Years [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Undrawn borrowing facilities committed | 0 | 106.9 | |||
Later Than Two Years And Not Later Than Three Years [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Undrawn borrowing facilities committed | 863 | 81.5 | |||
Later Than Three Years and Not Later Than Five Years [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Undrawn borrowing facilities committed | 550 | 697.6 | |||
US Dollars [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowing denominated in currencies | 1,356.4 | 1,631.9 | |||
Australia, Dollars [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowing denominated in currencies | 231.5 | 0 | |||
Rand [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowing denominated in currencies | 193.6 | 61 | |||
US $1 Billion Notes [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 846.4 | 992.6 | |||
Buy-back of US$200 million notes | 0 | (129.9) | |||
Profit on buy-back of notes | 0 | (17.7) | |||
Unwinding of transaction costs | 1.5 | 1.4 | |||
Balance at end of the year | 847.9 | 846.4 | 992.6 | ||
Fixed rate with no exposure to repricing (US$1 billion notes issue) | 847.9 | 846.4 | |||
US $150 Million Revolving Senior Secured Credit Facility [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 82 | 42 | |||
Loans advanced | 0 | 40 | |||
Repayments | (82) | 0 | |||
Balance at end of the year | 0 | 82 | 42 | ||
US$150 million revolving senior secured credit facility - new [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 0 | 0 | |||
Loans advanced | 83.5 | 0 | |||
Balance at end of the year | 83.5 | 0 | 0 | ||
US$1,290 Million Term Loan and Revolving Credit Facilities [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 658.5 | 0 | |||
Loans advanced | 73.5 | 707.5 | |||
Repayments | (352) | (49) | |||
Balance at end of the year | 380 | 658.5 | 0 | ||
US$70 million revolving senior secured credit facility [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 45 | 45 | |||
Repayments | (45) | 0 | |||
Balance at end of the year | 0 | 45 | 45 | ||
US$100 million revolving senior secured credit facility [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 0 | 0 | |||
Loans advanced | 45 | 0 | |||
Balance at end of the year | 45 | 0 | 0 | ||
A $500 million syndicated revolving credit facility [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 0 | 0 | |||
Loans advanced | 236.6 | 0 | |||
Translation adjustment | (5.1) | 0 | |||
Balance at end of the year | 231.5 | 0 | 0 | ||
US$1,510 Million Term Loan and Revolving Credit Facilities [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 0 | 724 | |||
Loans advanced | 0 | 174 | |||
Repayments | 0 | (898) | |||
Balance at end of the year | 0 | 0 | 724 | ||
Short-term Rand Uncommitted Credit Facilities [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 61 | 16.7 | |||
Loans advanced | 262.6 | 356.4 | |||
Repayments | (216.5) | (315) | |||
Translation adjustment | 7 | 2.9 | |||
Balance at end of the year | 114.1 | 61 | 16.7 | ||
R 1,500 Million Nedbank Revolving Credit Facility [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Balance at beginning of the year | 0 | 0 | |||
Loans advanced | 78.5 | 20.8 | |||
Repayments | 0 | (21.3) | |||
Translation adjustment | 1 | 0.5 | |||
Balance at end of the year | $ 79.5 | $ 0 | $ 0 | ||
[1] | The restatement is as a result of the discontinued operations. |
Provisions - Schedule of Provis
Provisions - Schedule of Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Disclosure of Provisions [Line Items] | ||||||||
Environmental rehabilitation costs | $ 283.1 | $ 275.4 | $ 275.4 | $ 281.5 | $ 283.1 | |||
South Deep dividend | 6.4 | 6.4 | ||||||
Silicosis settlement costs | 31.9 | 0 | ||||||
Other | 1.5 | 2.2 | ||||||
Total provisions | $ 321.3 | $ 291.7 | [1] | |||||
Environmental rehabilitation costs Balance at beginning of the year | 283.1 | 275.4 | ||||||
Changes in estimates - Continuing operations | (5.4) | 4.9 | ||||||
Changes in estimates - discontinued operations | 0 | 0.1 | ||||||
Interest expense - Continuing operations | 12.1 | 10.7 | [1] | 11.7 | [1] | |||
Interest expense - discontinued operations | 0.2 | 0.2 | ||||||
Payments | (8.1) | (7.4) | ||||||
Disposal of subsidiary | (12.9) | 0 | ||||||
Translation adjustment | 12.5 | (0.8) | ||||||
Environmental rehabilitation costs balance at end of the year | 281.5 | 283.1 | $ 275.4 | |||||
Total gross closure cost estimates | 381 | 380.8 | ||||||
South Africa [member] | ||||||||
Disclosure of Provisions [Line Items] | ||||||||
Total gross closure cost estimates | 41.8 | 37.1 | ||||||
Ghana [member] | ||||||||
Disclosure of Provisions [Line Items] | ||||||||
Total gross closure cost estimates | 98.1 | 105.3 | ||||||
Australia [member] | ||||||||
Disclosure of Provisions [Line Items] | ||||||||
Total gross closure cost estimates | 179.2 | 181.8 | ||||||
Peru [member] | ||||||||
Disclosure of Provisions [Line Items] | ||||||||
Total gross closure cost estimates | $ 61.9 | $ 56.6 | ||||||
[1] | As Restated - Refer note 40 for further details. |
Provisions - Schedule of Assump
Provisions - Schedule of Assumption in Provision Calculation (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
South Africa [member] | ||
Disclosure of Provisions [Line Items] | ||
Inflation rate | 5.50% | 5.50% |
Discount rate | 9.80% | 9.70% |
Ghana [member] | ||
Disclosure of Provisions [Line Items] | ||
Inflation rate | 2.20% | 2.20% |
Australia [member] | ||
Disclosure of Provisions [Line Items] | ||
Inflation rate | 2.50% | 2.50% |
Peru [member] | ||
Disclosure of Provisions [Line Items] | ||
Inflation rate | 2.20% | 2.20% |
Discount rate | 3.80% | 3.70% |
Bottom of range [member] | Ghana [member] | ||
Disclosure of Provisions [Line Items] | ||
Discount rate | 9.20% | 9.70% |
Bottom of range [member] | Australia [member] | ||
Disclosure of Provisions [Line Items] | ||
Discount rate | 2.60% | 1.90% |
Top of range [member] | Ghana [member] | ||
Disclosure of Provisions [Line Items] | ||
Discount rate | 9.30% | 9.80% |
Top of range [member] | Australia [member] | ||
Disclosure of Provisions [Line Items] | ||
Discount rate | 2.90% | 3.00% |
Provisions - Schedule of Pro165
Provisions - Schedule of Provisions for Dividend (Detail) R in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($) |
Disclosure Of Provisions [Abstract] | |||
Total provision | $ 8 | $ 7.8 | |
Current portion included in trade and other payables | (1.6) | R (20) | (1.4) |
Balance at end of the year | $ 6.4 | $ 6.4 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) R / shares in Units, shares in Millions, R in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2010ZAR (R)R / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | [1] | Dec. 31, 2017ZAR (R) | Jun. 30, 2017USD ($) | ||
Disclosure of Provisions [Line Items] | |||||||||
Class B Ordinary Shares issued / South Deep BEE Transaction | shares | 10 | ||||||||
Preferred BEE dividend portion of the South Deep transaction | R 151.4 | ||||||||
Equity components | R 673.4 | ||||||||
Dividends paid related to south deep BEE dividend | $ 1.5 | R 20 | $ 1.3 | [1] | $ 1.7 | ||||
Current portion of BEE Dividend | 1.6 | 1.4 | R 20 | ||||||
Provisions | $ | 31.9 | $ 0 | |||||||
Silicosis [Member] | |||||||||
Disclosure of Provisions [Line Items] | |||||||||
Provisions | 31.9 | R 401.6 | |||||||
Nominal amount of provision | $ 40.5 | R 509 | $ 40.5 | ||||||
Silicosis [Member] | Government bonds [member] | |||||||||
Disclosure of Provisions [Line Items] | |||||||||
Discount rate on government bonds | 8.24% | 8.24% | |||||||
Class B Ordinary Shares Tranche One [Member] | |||||||||
Disclosure of Provisions [Line Items] | |||||||||
Percentage of class B Ordinary Shares issued / South Deep BEE Transaction | 10.00% | ||||||||
Dividends per share | R / shares | R 2 | ||||||||
Period of conversion for one third Class B Ordinary Shares / South Deep BEE Transaction | 10 years | ||||||||
Class B Ordinary Shares Tranche Two [Member] | |||||||||
Disclosure of Provisions [Line Items] | |||||||||
Period of conversion of Class B Ordinary Shares to Class A / South Deep BEE Transaction | 20 years | ||||||||
[1] | The restatement is as a result of the discontinued operations. |
Provisions - Summary of Silicos
Provisions - Summary of Silicosis Settlement Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [1] | ||
Provisions [abstract] | |||||
Provision raised | $ 30.2 | $ 0 | [1] | $ 0 | |
Unwinding of provision recognised as finance expense | 0.9 | ||||
Translation | 0.8 | 0 | |||
Balance at end of the year | $ 31.9 | $ 0 | |||
[1] | As Restated - Refer note 40 for further details. |
Long-term Incentive Plan - Summ
Long-term Incentive Plan - Summary of Long-term Incentive Plan (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of long-term incentive plan [abstract] | ||||
Opening balance | [1] | $ 23.6 | $ 12.6 | |
Charge to income statement - continuing operations | 5 | 10.5 | [1] | |
Charge to income statement - discontinued operations | 0.1 | 0.5 | [1] | |
Payments | (11.5) | 0 | [1] | |
Translation adjustment | 0.9 | 0 | [1] | |
Balance at end of the year | 18.1 | 23.6 | [1] | |
Current portion of long-term incentive plan | (18.1) | 0 | [1] | |
Non-current portion of long-term incentive plan | $ 0 | $ 23.6 | [1] | |
[1] | As Restated - Refer note 40 for further details. |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | [1] |
Trade and other payables [abstract] | |||
Trade payables | $ 190.8 | $ 169.3 | |
Accruals and other payables | 238.8 | 199.6 | |
Payroll payables | 51.7 | 46.3 | |
Copper derivative contracts | 3.3 | 0 | |
Leave pay accrual | 42.5 | 37.7 | |
Interest payable on loans | 10.2 | 9.7 | |
Deferred consideration | 11.2 | 67.7 | |
Stamp duty payable | 0 | 13 | |
Total trade and other payables | $ 548.5 | $ 543.3 | |
[1] | As Restated - Refer note 40 for further details. |
Cash Generated by Operations -
Cash Generated by Operations - Summary of Cash Generated by Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Cash flows from (used in) operating activities [abstract] | |||||
(Loss)/profit from continuing operations | $ (20.8) | $ 167.9 | [1] | $ (239.6) | [1] |
Mining and income taxation | 173.2 | 189.5 | [1] | 248.5 | [1] |
Royalties | 62 | 78.4 | [1] | 73.9 | [1] |
Interest expense | 91.2 | 82.5 | 87.8 | ||
Interest received | (5.1) | (7.3) | [2] | (5.9) | [2] |
Amortisation and depreciation | 748.1 | 671.4 | 591.5 | ||
Interest expense - environmental rehabilitation | 12.1 | 10.7 | 11.7 | ||
Non-cash rehabilitation income | (13.5) | (9.7) | (14.6) | ||
Interest received - environmental trust funds | (0.5) | (1) | [1] | (0.4) | [1] |
Impairment, net of reversal of impairment of investments and assets | 200.2 | 76.5 | 206.9 | ||
Write-off of exploration and evaluation assets | 51.5 | 41.4 | [1] | 29.1 | [1] |
(Profit)/loss on disposal of assets | (4) | (48) | [1] | 0.1 | [1] |
Profit on disposal of investments | 0 | (2.3) | [1] | (0.1) | [1] |
Share-based payments | 26.8 | 14 | [1] | 10.7 | [1] |
Long-term incentive plan expense | 5 | 10.5 | [1] | 5.1 | [1] |
Payment of long-term incentive plan | (11.5) | 0 | 0 | ||
Borrowing costs capitalised | (22.9) | (15.1) | (16.6) | ||
Share of results of equity-accounted investees, net of taxation | (0.3) | 0 | 2.4 | ||
Other | (5) | (14) | (7.9) | ||
Total cash generated by operations | $ 1,286.5 | $ 1,245.4 | [2] | $ 982.6 | [2] |
[1] | As Restated - Refer note 40 for further details. | ||||
[2] | The restatement is as a result of the discontinued operations. |
Change in Working Capital - Sum
Change in Working Capital - Summary of Change in Working Capital (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure Change In Working Capital [Abstract] | |||||
Inventories | $ (55.1) | $ (39.2) | $ 47.5 | ||
Trade and other receivables | (2.2) | 2.8 | 36.5 | ||
Trade and other payables | (12.1) | 34.1 | (40.7) | ||
Total change in working capital | $ (69.4) | $ (2.3) | $ 43.3 | ||
[1] | The restatement is as a result of the discontinued operations. |
Royalties Paid - Summary of Roy
Royalties Paid - Summary of Royalties Paid (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of Royalty Payment [Abstract] | |||||
Amount owing at beginning of the year - continuing operations | $ (19.8) | $ (17.8) | $ (19.9) | ||
Royalties | (62) | (78.4) | [1] | (73.9) | [1] |
Amount owing at end of the year - continuing operations | 16.3 | 19.8 | 17.8 | ||
Translation | (0.5) | 0 | 1 | ||
Total royalties paid - continuing operations | $ (66) | $ (76.4) | [2] | $ (75) | [2] |
[1] | As Restated - Refer note 40 for further details. | ||||
[2] | The restatement is as a result of the discontinued operations. |
Taxation Paid - Detailed Inform
Taxation Paid - Detailed Information About Income Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Income taxes paid (refund) [abstract] | ||||||
Amount owing at beginning of the year - continuing operations | $ (107.9) | [1] | $ (59.3) | $ (37.8) | ||
SA and foreign current taxation - continuing operations | (204.7) | (204.2) | (141.7) | |||
Amount owing at end of the year - continuing operations | 77.5 | 107.9 | [1] | 59.3 | ||
Translation | (4.4) | 0 | 3 | |||
Total taxation paid - continuing operations | $ (239.5) | $ (155.6) | [2] | $ (117.2) | [2] | |
[1] | As Restated - Refer note 40 for further details. | |||||
[2] | The restatement is as a result of the discontinued operations. |
Retirement Benefits - Additiona
Retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Defined Contribution Plan [Abstract] | |||
Retirement benefits | $ 33.7 | $ 30 | $ 32.8 |
Commitments - Schedule of Commi
Commitments - Schedule of Commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Capital expenditure | ||
Contracted for Operating leases | $ 44.5 | $ 46.2 |
Within one year [member] | ||
Capital expenditure | ||
Operating lease commitment | 66.6 | 42.5 |
Later than one and not later than five years [member] | ||
Capital expenditure | ||
Operating lease commitment | 257.9 | 229.9 |
Later than five years [member] | ||
Capital expenditure | ||
Operating lease commitment | $ 448 | $ 277.3 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
South African Peruvian and Ghanaian Operations [member] | ||
Disclosure of Information about Guarantees [Line Items] | ||
Environmental obligation guarantees amount | $ 112.1 | $ 100.1 |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) R in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($) | Dec. 31, 2017ZAR (R) | Jun. 30, 2017USD ($) | Dec. 31, 2015USD ($) | ||
Disclosure of contingent liabilities [line items] | |||||||
Provisions | $ 321.3 | $ 291.7 | [1] | ||||
Percentage of ownership interest in joint venture | 50.00% | 50.00% | |||||
Amount of consolidated deferred tax asset | $ 72 | $ 48.7 | [1] | $ 54.1 | |||
South Deep Tax Dispute [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Tax rate for capital allowance | 12.00% | 12.00% | |||||
Allowable percentage on actual capital expenditure on developing mine | 12.00% | 12.00% | |||||
Alleged thefts [Member] | Randgold and Exploration Summons [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Amount of summons claims computed pursuant to allegedly received | R | R 43,700 | ||||||
GFI Joint Venture Holdings (Proprietary) Limited [Member] | South African Revenue Service [Member] | Additional capital allowances [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Amount of unredeemed capital expenditure included in the deferred tax asset balance | $ 0 | 0 | |||||
Tax effect of unredeemed capital expenditure included in the deferred tax asset balance | 54.7 | R 687.6 | |||||
Additional capital allowance balance restated by SARS recognised | 182.2 | 2,292 | |||||
South Deep Tax Dispute [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Percentage of ownership interest in joint venture | 50.00% | ||||||
South Deep Tax Dispute [Member] | Temporary Differences [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Amount of unredeemed capital expenditure included in the deferred tax asset balance | 1,834.4 | 23,076.4 | |||||
Amount of consolidated deferred tax asset | 550.4 | 6,923 | |||||
South Deep Tax Dispute [Member] | GFIJVH [Member] | Unredeemed Capital Expenditure [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Amount of unredeemed capital expenditure included in the deferred tax asset balance | 743.3 | 9,350.3 | |||||
Tax effect of unredeemed capital expenditure included in the deferred tax asset balance | 223 | 2,805.1 | |||||
South Deep Tax Dispute [Member] | GFIJVH [Member] | Capital Allowance Balance [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Amount of unredeemed capital expenditure included in the deferred tax asset balance | 182.2 | 2,292 | |||||
Tax effect of unredeemed capital expenditure included in the deferred tax asset balance | 54.7 | 687.6 | |||||
South Deep Tax Dispute [Member] | Gold Fields Operations [member] | Additional capital allowances [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Amount of unredeemed capital expenditure included in the deferred tax asset balance | 716.4 | 9,011.9 | |||||
Tax effect of unredeemed capital expenditure included in the deferred tax asset balance | 214.9 | 2,703.6 | |||||
South Deep Tax Dispute [Member] | GFO [Member] | Assessed Losses [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Gross deductible temporary differences, assessed loss balance | 192.5 | 2,422.2 | |||||
Gross deductible temporary differences, tax effect on assessed loss balance | 57.8 | R 726.7 | |||||
Silicosis [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Provisions | 31.9 | $ 30.2 | |||||
Nominal amount of provision | $ 40.5 | 509 | $ 40.5 | ||||
South Deep Mine [member] | GFI Joint Venture Holdings (Proprietary) Limited [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Percentage of ownership interest in joint venture | 50.00% | ||||||
Based On Value Of Shares [Member] | Alleged thefts [Member] | Randgold and Exploration Summons [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Amount of summons claims computed pursuant to allegedly received | R | R 26,900 | ||||||
[1] | As Restated - Refer note 40 for further details. |
Events after the Reporting D178
Events after the Reporting Date - Additional Information (Detail) $ in Millions | Feb. 14, 2018R / shares | Jan. 24, 2018USD ($) |
Dividends declared [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Final dividend declared per share | R / shares | R 0.50 | |
Sale o Arctic Platinum Project [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Purchase consideration, cash | $ 40 | |
Net smelter return, percentage | 2.00% | |
Royalty, capped percentage | 1.00% | |
Purchase consideration, royalty | $ 20 | |
Royalty, uncapped percentage | 1.00% |
Fair Value of Assets and Lia179
Fair Value of Assets and Liabilities - Summary of Estimated Fair Values of the Group's Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | [2] | ||
Disclosure of detailed information about financial instruments [line items] | |||||||
Cash and cash equivalents | $ 479 | $ 526.7 | [1],[2] | $ 440 | [2] | $ 458 | |
Trade and other receivables | 201.9 | 170.2 | [1] | ||||
Gold and oil derivative contracts | 25 | 0 | |||||
Environmental trust fund | 55.5 | 44.5 | [1] | $ 35 | |||
Investments | 104.6 | 19.7 | [1] | ||||
Trade and other payables | 548.5 | 543.3 | [1] | ||||
Borrowings | 1,587.9 | 1,504.9 | [1] | ||||
Current portion of borrowings | 193.6 | 188 | [1] | ||||
Copper derivative contracts | 3.3 | 0 | [1] | ||||
South Deep dividend | 6.4 | 6.4 | |||||
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Cash and cash equivalents | 479 | 526.7 | |||||
Trade and other receivables | 66.5 | 68.5 | |||||
Gold and oil derivative contracts | 25 | 0 | |||||
Environmental trust fund | 55.5 | 44.5 | |||||
Investments | 104.6 | 19.7 | |||||
Trade and other payables | 451 | 459.3 | |||||
Borrowings | 1,611.5 | 1,496.7 | |||||
Current portion of borrowings | 193.6 | 188 | |||||
Copper derivative contracts | 3.3 | 0 | |||||
South Deep dividend | 6.4 | 6.4 | |||||
Carrying amount [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Cash and cash equivalents | 479 | 526.7 | |||||
Trade and other receivables | 66.5 | 68.5 | |||||
Gold and oil derivative contracts | 25 | 0 | |||||
Environmental trust fund | 55.5 | 44.5 | |||||
Investments | 104.6 | 19.7 | |||||
Trade and other payables | 451 | 459.3 | |||||
Borrowings | 1,587.9 | 1,504.9 | |||||
Current portion of borrowings | 193.6 | 188 | |||||
Copper derivative contracts | 3.3 | 0 | |||||
South Deep dividend | $ 6.4 | $ 6.4 | |||||
[1] | As Restated - Refer note 40 for further details. | ||||||
[2] | The restatement is as a result of the discontinued operations. |
Fair Value of Assets and Lia180
Fair Value of Assets and Liabilities - Additional information (Detail) $ in Billions | Dec. 31, 2017USD ($) |
Financial liabilities at fair value [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Amount of notes issue at a fixed interest rate | $ 1 |
Fair Value of Assets and Lia181
Fair Value of Assets and Liabilities - Schedule of Group's Assets and Liabilities Measured at Fair Value by Level Within the Fair Value Hierarchy (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Assets measured at fair value | ||
Listed investments | $ 99 | $ 10.5 |
Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Listed investments | 99 | 10.5 |
Trade receivables from provisional copper concentrate sales [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Trade receivables from provisional copper and gold | 21.2 | 10.6 |
Warrant [Member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 5.5 | 5.9 |
Oil derivatives [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 14.1 | 0 |
Gold derivatives [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 10.9 | 0 |
Copper derivatives [member] | ||
Liabilities measured at fair value | ||
Copper derivative contracts | 3.3 | |
Copper derivatives [member] | Recurring fair value measurement [member] | ||
Liabilities measured at fair value | ||
Copper derivative contracts | 3.3 | 0 |
Level 1 of Fair Value Hierarchy [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Listed investments | 99 | 10.5 |
Level 1 of Fair Value Hierarchy [member] | Trade receivables from provisional copper concentrate sales [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Trade receivables from provisional copper and gold | 0 | 0 |
Level 1 of Fair Value Hierarchy [member] | Warrant [Member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 0 | 0 |
Level 1 of Fair Value Hierarchy [member] | Oil derivatives [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 0 | 0 |
Level 1 of Fair Value Hierarchy [member] | Gold derivatives [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 0 | 0 |
Level 1 of Fair Value Hierarchy [member] | Copper derivatives [member] | Recurring fair value measurement [member] | ||
Liabilities measured at fair value | ||
Copper derivative contracts | 0 | 0 |
Level 2 of Fair Value Hierarchy [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Listed investments | 0 | 0 |
Level 2 of Fair Value Hierarchy [member] | Trade receivables from provisional copper concentrate sales [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Trade receivables from provisional copper and gold | 21.2 | 10.6 |
Level 2 of Fair Value Hierarchy [member] | Warrant [Member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 5.5 | 5.9 |
Level 2 of Fair Value Hierarchy [member] | Oil derivatives [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 14.1 | 0 |
Level 2 of Fair Value Hierarchy [member] | Gold derivatives [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 10.9 | 0 |
Level 2 of Fair Value Hierarchy [member] | Copper derivatives [member] | Recurring fair value measurement [member] | ||
Liabilities measured at fair value | ||
Copper derivative contracts | 3.3 | 0 |
Level 3 of Fair Value Hierarchy [Member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Listed investments | 0 | 0 |
Level 3 of Fair Value Hierarchy [Member] | Trade receivables from provisional copper concentrate sales [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Trade receivables from provisional copper and gold | 0 | 0 |
Level 3 of Fair Value Hierarchy [Member] | Warrant [Member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 0 | 0 |
Level 3 of Fair Value Hierarchy [Member] | Oil derivatives [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 0 | 0 |
Level 3 of Fair Value Hierarchy [Member] | Gold derivatives [member] | Recurring fair value measurement [member] | ||
Assets measured at fair value | ||
Derivative Instruments | 0 | 0 |
Level 3 of Fair Value Hierarchy [Member] | Copper derivatives [member] | Recurring fair value measurement [member] | ||
Liabilities measured at fair value | ||
Copper derivative contracts | $ 0 | $ 0 |
Risk Management Activities - Ad
Risk Management Activities - Additional Information (Detail) l in Millions, R in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2017USD ($)R / kgOunce_of_Gold$ / TonneT | Jul. 31, 2017$ / TonneT | Jun. 30, 2017USD ($)$ / Barrelppml$ / Metric_tonne | May 31, 2017USD ($)$ / Barrelppml$ / Metric_tonne | Sep. 30, 2016Exchange_Rate | Dec. 31, 2017USD ($)$ / ozoz | Dec. 31, 2016USD ($)Exchange_Rate | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016ZAR (R) | Feb. 25, 2016USD ($) | |
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Borrowings | $ 1,781,500,000 | $ 1,692,900,000 | $ 1,781,500,000 | $ 1,692,900,000 | |||||||
Forward exchange contracts [member] | South deep [member] | Hedges of net investment in foreign operations [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Average forward price | Exchange_Rate | 16.8273 | ||||||||||
Cash settled swap transaction contracts [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Mark-to-market value of the hedge | 5,100,000 | 5,100,000 | |||||||||
Trade and other receivable [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
VAT, prepayments and diesel rebates | 135,400,000 | $ 101,700,000 | 135,400,000 | 101,700,000 | |||||||
Trade and other receivable [member] | Financial instruments not Credit - impaired [member] | Banking Institutions [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Past due but not impaired | 0 | 0 | |||||||||
Receivables [member] | Financial instruments credit - impaired [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Receivables considered impaired | 100,000 | 200,000 | $ 100,000 | 200,000 | |||||||
Counter party exposure [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Percentage of maximum investment in financial institutions' equity | 2.50% | ||||||||||
Currency risk [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Exposure to risk relating to financial instruments | $ 0 | 0 | $ 0 | 0 | |||||||
Currency risk [member] | Forward exchange contracts [member] | South deep [member] | Hedges of net investment in foreign operations [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Risk hedging delivery amount | $ 69,800,000 | ||||||||||
Average forward price | Exchange_Rate | 13.8010 | ||||||||||
Risk hedge resulting profit | 14,400,000 | R 211.2 | |||||||||
Commodity price risk [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Average forward price | $ / oz | 1,719.9 | ||||||||||
Risk hedge resulting profit | 15,300,000 | ||||||||||
Number of ounces committed under contract | oz | 295,000 | ||||||||||
Commodity price risk [member] | South deep [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Number of ounces committed under contract | Ounce_of_Gold | 63,996 | ||||||||||
Mark-to-market value of the hedge | $ 10,900,000 | ||||||||||
Commodity price risk [member] | Cash settled swap transaction contracts [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Volume of diesel hedged | l | 77.5 | 77.5 | |||||||||
Average swap price | $ / Barrel | 61.15 | 61.15 | |||||||||
Risk hedging number | ppm | 10 | 10 | |||||||||
Commodity price risk [member] | Peru [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Mark-to-market value of the hedge | $ (3,300,000) | ||||||||||
Number of tonnes committed under contract | T | 29,400 | 8,250 | |||||||||
Commodity price risk [member] | Ghana [member] | Cash settled swap transaction contracts [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Mark-to-market value of the hedge | $ 9,000,000 | $ 9,000,000 | |||||||||
Volume of diesel hedged | l | 125.8 | 125.8 | |||||||||
Average swap price | $ / Metric_tonne | 457.2 | 457.2 | |||||||||
Average swap price | $ / Barrel | 61.4 | 61.4 | |||||||||
Commodity price risk [member] | Floor rate [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Strike price of gold | $ / oz | 1,695.9 | ||||||||||
Commodity price risk [member] | Floor rate [member] | South deep [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Strike price of gold | R / kg | 600,000 | ||||||||||
Commodity price risk [member] | Floor rate [member] | Peru [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Strike price of copper | $ / Tonne | 6,600 | 5,867 | |||||||||
Commodity price risk [member] | Interest rate caps [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Strike price of gold | $ / oz | 1,754.2 | ||||||||||
Commodity price risk [member] | Interest rate caps [member] | South deep [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Strike price of gold | R / kg | 665,621 | ||||||||||
Commodity price risk [member] | Interest rate caps [member] | Peru [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Strike price of copper | $ / Tonne | 7,431 | 6,300 | |||||||||
Commodity price risk [member] | Brent crude [member] | Cash settled swap transaction contracts [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Benchmark price per barrel at time transaction | $ / Barrel | 49.92 | 49.92 | |||||||||
Commodity price risk [member] | Brent crude [member] | Ghana [member] | Cash settled swap transaction contracts [member] | Fair value hedges [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Benchmark price per barrel at time transaction | $ / Barrel | 49.8 | 49.8 | |||||||||
Change in London Interbank Offered Rate [member] | Interest Bearing Borrowings [Member] | Floating Interest Rate [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Borrowings exposed to interest rate fluctuations | $ 508,500,000 | 785,500,000 | 508,500,000 | 785,500,000 | |||||||
Johannesburg Interbank Average Rate and Prime Interest Rates [member] | Interest Bearing Borrowings [Member] | Floating Interest Rate [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Borrowings exposed to interest rate fluctuations | 79,500,000 | 0 | 79,500,000 | 0 | |||||||
Change in South African Prime Interest Rate [Member] | Interest Bearing Borrowings [Member] | Floating Interest Rate [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Borrowings exposed to interest rate fluctuations | 114,100,000 | 61,000,000 | 114,100,000 | 61,000,000 | |||||||
Change in Bank Bill Swap Bid Rate [member] | Interest Bearing Borrowings [Member] | Floating Interest Rate [member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Borrowings exposed to interest rate fluctuations | 231,500,000 | 0 | 231,500,000 | 0 | |||||||
Sensitivity to interest rates [member] | Interest Bearing Borrowings [Member] | |||||||||||
Disclosure Of Financial Risk Management [Line Items] | |||||||||||
Borrowings exposed to interest rate fluctuations | $ 933,600,000 | $ 846,500,000 | $ 933,600,000 | $ 846,500,000 |
Risk Management Activities - Sc
Risk Management Activities - Schedule of Combined Maximum Credit Risk Exposure (Detail) - Credit risk [member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Environmental trust funds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 55.5 | $ 44.5 |
Trade and other receivable [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 66.5 | 68.5 |
Cash and cash equivalent [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 479 | $ 526.7 |
Risk Management Activities -184
Risk Management Activities - Schedule of Contractually Due Undiscounted Cash Flows Resulting from Maturities of All Financial Liabilities, Including Interest Payments (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | $ 451 | $ 459.3 |
Environmental rehabilitation costs | 381 | 380.8 |
Total | 2,817.3 | 2,766.6 |
Copper derivatives [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Copper derivative contracts | 3.3 | |
South deep [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
South Deep dividend | 12.7 | 12.8 |
US dollar borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 1,360.9 | 1,637.9 |
Interest | 149.1 | 209.7 |
Australian Dollar borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 231.5 | |
Interest | 23.4 | |
Rand borrowing [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 193.6 | 61 |
Interest | 10.8 | 5.1 |
Within one year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | 451 | 459.3 |
Environmental rehabilitation costs | 6.5 | 3.6 |
Total | 737.6 | 722 |
Within one year [member] | Copper derivatives [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Copper derivative contracts | 3.3 | |
Within one year [member] | South deep [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
South Deep dividend | 1.6 | 1.4 |
Within one year [member] | US dollar borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 0 | 127 |
Interest | 61.3 | 64.6 |
Within one year [member] | Australian Dollar borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 0 | |
Interest | 9.5 | |
Within one year [member] | Rand borrowing [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 193.6 | 61 |
Interest | 10.8 | 5.1 |
Later than one and not later than five years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | 0 | 0 |
Environmental rehabilitation costs | 24.8 | 29.8 |
Total | 1,724.2 | 1,691 |
Later than one and not later than five years [member] | Copper derivatives [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Copper derivative contracts | 0 | |
Later than one and not later than five years [member] | South deep [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
South Deep dividend | 5.3 | 5.2 |
Later than one and not later than five years [member] | US dollar borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 1,360.9 | 1,510.9 |
Interest | 87.8 | 145.1 |
Later than one and not later than five years [member] | Australian Dollar borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 231.5 | |
Interest | 13.9 | |
Later than one and not later than five years [member] | Rand borrowing [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 0 | 0 |
Interest | 0 | 0 |
Later than five years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade and other payables | 0 | 0 |
Environmental rehabilitation costs | 349.7 | 347.4 |
Total | 355.5 | 353.6 |
Later than five years [member] | Copper derivatives [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Copper derivative contracts | 0 | |
Later than five years [member] | South deep [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
South Deep dividend | 5.8 | 6.2 |
Later than five years [member] | US dollar borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 0 | 0 |
Interest | 0 | 0 |
Later than five years [member] | Australian Dollar borrowings [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 0 | |
Interest | 0 | |
Later than five years [member] | Rand borrowing [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Capital | 0 | 0 |
Interest | $ 0 | $ 0 |
Risk Management Activities -185
Risk Management Activities - Schedule of Contractually Due Undiscounted Cash Flows Resulting from Maturities of All Financial Liabilities, Including Interest Payments (Parenthetical) (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)R / $ | Dec. 31, 2016USD ($)R / $ | Dec. 31, 2015USD ($) | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Funding from environmental trust funds | $ | $ 55.5 | $ 44.5 | [1] | $ 35 |
Closing foreign exchange rate [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Foreign exchange rate | R / $ | 12.58 | 14.03 | ||
Liquidity Risk [Member] | South Africa and Ghana [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Funding from environmental trust funds | $ | $ 55.5 | $ 44.5 | ||
Liquidity Risk [Member] | US dollar borrowings [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Borrowings interest rate description | Spot LIBOR (one month fix) rate adjusted by specific facility agreement 1.5638% | Spot LIBOR (one month fix) rate adjusted by specific facility agreement 0.75611% | ||
Borrowings adjustment to interest rate | 1.5638% | 0.75611% | ||
Liquidity Risk [Member] | Australian Dollar borrowings [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Borrowings interest rate description | Spot Bank Bill Swap Bid Rate (BBSY) (one month fix) rate adjusted by specific facility agreement 1.76% | |||
Borrowings adjustment to interest rate | 1.76% | |||
Liquidity Risk [Member] | Rand borrowing [member] | Uncommitted credit facility [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Borrowings interest rate description | Spot JIBAR (one month fix) rate adjusted by specific facility agreement 6.908% | |||
Borrowings adjustment to interest rate | 6.908% | |||
Average bank overnight borrowing rate on uncommitted credit facilities | 8.30% | 8.30% | ||
Liquidity Risk [Member] | Closing foreign exchange rate [member] | ||||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||||
Foreign exchange rate | R / $ | 12.58 | 14.03 | ||
[1] | As Restated - Refer note 40 for further details. |
Risk Management Activities - Su
Risk Management Activities - Summary of Effect of Change in Finance Expense on Group's Profit or Loss had LIBOR and Prime Differed as Indicated (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Decrease of One Point Five Percentage [Member] | Sensitivity to interest rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | $ (14.1) | $ (12.6) |
Decrease of One Point Five Percentage [Member] | Sensitivity to interest rates [member] | Change in London Interbank Offered Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (11.3) | (12) |
Decrease of One Point Five Percentage [Member] | Sensitivity to interest rates [member] | Change in Bank Bill Swap Bid Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (0.8) | |
Decrease of One Point Five Percentage [Member] | Sensitivity to interest rates [member] | Johannesburg Interbank Average Rate and Prime Interest Rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (2) | (0.6) |
Decrease of One Percentage [Member] | Sensitivity to interest rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (9.3) | (8.4) |
Decrease of One Percentage [Member] | Sensitivity to interest rates [member] | Change in London Interbank Offered Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (7.5) | (8) |
Decrease of One Percentage [Member] | Sensitivity to interest rates [member] | Change in Bank Bill Swap Bid Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (0.5) | |
Decrease of One Percentage [Member] | Sensitivity to interest rates [member] | Johannesburg Interbank Average Rate and Prime Interest Rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (1.3) | (0.4) |
Decrease of Zero Point Five Percentage [Member] | Sensitivity to interest rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (4.8) | (4.2) |
Decrease of Zero Point Five Percentage [Member] | Sensitivity to interest rates [member] | Change in London Interbank Offered Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (3.8) | (4) |
Decrease of Zero Point Five Percentage [Member] | Sensitivity to interest rates [member] | Change in Bank Bill Swap Bid Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (0.3) | |
Decrease of Zero Point Five Percentage [Member] | Sensitivity to interest rates [member] | Johannesburg Interbank Average Rate and Prime Interest Rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | (0.7) | (0.2) |
Increase of Zero Point Percentage Points [Member] | Sensitivity to interest rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 4.8 | 4.2 |
Increase of Zero Point Percentage Points [Member] | Sensitivity to interest rates [member] | Change in London Interbank Offered Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 3.8 | 4 |
Increase of Zero Point Percentage Points [Member] | Sensitivity to interest rates [member] | Change in Bank Bill Swap Bid Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 0.3 | |
Increase of Zero Point Percentage Points [Member] | Sensitivity to interest rates [member] | Johannesburg Interbank Average Rate and Prime Interest Rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 0.7 | 0.2 |
Increase of One Percentage [Member] | Sensitivity to interest rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 9.3 | 8.4 |
Increase of One Percentage [Member] | Sensitivity to interest rates [member] | Change in London Interbank Offered Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 7.5 | 8 |
Increase of One Percentage [Member] | Sensitivity to interest rates [member] | Change in Bank Bill Swap Bid Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 0.5 | |
Increase of One Percentage [Member] | Sensitivity to interest rates [member] | Johannesburg Interbank Average Rate and Prime Interest Rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 1.3 | 0.4 |
Increase of One Point Five Percentage [Member] | Sensitivity to interest rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 14.1 | 12.6 |
Increase of One Point Five Percentage [Member] | Sensitivity to interest rates [member] | Change in London Interbank Offered Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 11.3 | 12 |
Increase of One Point Five Percentage [Member] | Sensitivity to interest rates [member] | Change in Bank Bill Swap Bid Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 0.8 | |
Increase of One Point Five Percentage [Member] | Sensitivity to interest rates [member] | Johannesburg Interbank Average Rate and Prime Interest Rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Change in finance expense | 2 | 0.6 |
Decrease of Ten Percentage [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
(Decrease)/increase in other comprehensive income | (9.9) | (1.1) |
Decrease Of Five Percentage [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
(Decrease)/increase in other comprehensive income | (5) | (0.5) |
Increase Of Five Percentage [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
(Decrease)/increase in other comprehensive income | 5 | 0.5 |
Increase of Ten Percentage [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
(Decrease)/increase in other comprehensive income | $ 9.9 | $ 1.1 |
Risk Management Activities -187
Risk Management Activities - Summary of Effect of Change in Finance Expense on Group's Profit or Loss had LIBOR and Prime Differed as Indicated (Parenthetical) (Detail) - Closing foreign exchange rate [member] | 12 Months Ended | |
Dec. 31, 2017R / $$ / $ | Dec. 31, 2016R / $$ / $ | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Foreign exchange rate | 12.58 | 14.03 |
Johannesburg Interbank Average Rate and Prime Interest Rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Average rate | 13.33 | 14.70 |
Change in Bank Bill Swap Bid Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Average rate | $ / $ | 0.77 | 0.75 |
Capital Management - Additional
Capital Management - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Disclosure of financial assets [abstract] | |
Term loan and revolving credit facility | $ 1,290 |
Ratio of net debt to adjusted EBITDA, long-term target description | Ratio of net debt to adjusted EBITDA of one times or lower |
Ratio of net debt to adjusted EBITDA required for external borrowings description | Net debt to adjusted EBITDA ratio of 2.5 or below |
Currency used for measurement of ratio | United States Dollar |
Capital Management - Summary of
Capital Management - Summary of Reconciliation of Net Operating Profit (Detail) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017USD ($)Times | Dec. 31, 2016USD ($)Times | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | [2] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Borrowings | $ 1,781.5 | $ 1,692.9 | |||||
Less: Cash and cash equivalents | 479 | 526.7 | [1],[2] | $ 440 | [2] | $ 458 | |
Net debt | 1,302.5 | 1,166.2 | |||||
Adjusted EBITDA | $ 1,263.7 | $ 1,232.2 | |||||
Net debt to adjusted EBITDA | Times | 1.03 | 0.95 | |||||
Reconciliation of (loss)/profit for the year to adjusted EBITDA: | |||||||
(Loss)/profit for the year | $ (7.7) | $ 169.1 | [1] | (247.8) | [1] | ||
Mining and income taxation from continuing operations | 173.2 | 189.5 | [1] | 248.5 | [1] | ||
Mining and income taxation from discontinued operations | (1.4) | 0.6 | |||||
Royalties | 62 | 78.4 | [1] | 73.9 | [1] | ||
Finance expense from continuing operations | 81.3 | 78.1 | [1] | 82.9 | [1] | ||
Investment income from continuing operations | (5.6) | (8.3) | [1] | (6.3) | [1] | ||
Gain on financial instruments from continuing operations | (34.4) | (14.4) | [1] | 4.5 | [1] | ||
Foreign exchange loss from continuing operations | 3.5 | 6.4 | [1] | (9.5) | [1] | ||
Amortisation and depreciation | 748.1 | 671.4 | [1] | 591.5 | [1] | ||
Share-based payments from continuing operations | 26.8 | 14 | [1] | 10.7 | [1] | ||
Long-term incentive plan from continuing operations | 5 | 10.5 | [1] | 5.1 | [1] | ||
Restructuring costs from continuing operations | 9.2 | 11.7 | [1] | 9.3 | [1] | ||
Silicosis settlement costs from continuing operations | 30.2 | 0 | [1] | 0 | [1] | ||
Impairment, net of reversal of impairment of investments and assets from continuing operations | 200.2 | 76.5 | [1] | 206.9 | [1] | ||
Profit on disposal of investments from continuing operations | 0 | (2.3) | [1] | (0.1) | [1] | ||
Profit on disposal of assets from continuing operations | (4) | (48) | [1] | 0.1 | [1] | ||
Gain on sale of discontinued operation, net of taxation | (16.4) | 0 | |||||
Share of results of equity-accounted investees, net of taxation | 1.3 | 2.3 | [1] | 5.7 | [1] | ||
Rehabilitation income from continuing operations | (13.5) | (9.7) | (14.6) | ||||
Profit on buy-back of notes | 0 | (17.7) | 0 | ||||
Other | 1.3 | 7.7 | |||||
Adjusted EBITDA | 1,263.7 | 1,232.2 | |||||
Continuing operations [member] | |||||||
Reconciliation of (loss)/profit for the year to adjusted EBITDA: | |||||||
(Loss)/profit for the year | (20.8) | 167.9 | (239.6) | ||||
Mining and income taxation from continuing operations | 173.2 | 189.5 | 248.5 | ||||
Royalties | 62 | 78.4 | 73.9 | ||||
Finance expense from continuing operations | 81.3 | (78.1) | 82.9 | ||||
Investment income from continuing operations | (5.6) | (8.3) | (6.3) | ||||
Amortisation and depreciation | 748.1 | 671.4 | 591.5 | ||||
Share-based payments from continuing operations | 26.8 | 14 | 10.7 | ||||
Long-term incentive plan from continuing operations | 5 | 10.5 | 5.1 | ||||
Restructuring costs from continuing operations | 9.2 | 11.7 | 9.3 | ||||
Silicosis settlement costs from continuing operations | (30.2) | ||||||
Profit on disposal of investments from continuing operations | 0 | ||||||
Profit on disposal of assets from continuing operations | (4) | (48) | 0.1 | ||||
Discontinued operations [member] | |||||||
Reconciliation of (loss)/profit for the year to adjusted EBITDA: | |||||||
(Loss)/profit for the year | 13.1 | 1.2 | (8.2) | ||||
Mining and income taxation from continuing operations | 5.7 | 0.6 | (3.6) | ||||
Royalties | 1.1 | 2 | 2.1 | ||||
Finance expense from continuing operations | 0 | (0.2) | 0 | ||||
Investment income from continuing operations | (0.4) | 0 | 0 | ||||
Amortisation and depreciation | 3.5 | 14.4 | 25.8 | ||||
Share-based payments from continuing operations | 0.6 | 0.4 | 0.2 | ||||
Long-term incentive plan from continuing operations | 0.1 | 0.5 | 0.2 | ||||
Restructuring costs from continuing operations | 0 | 0 | 0 | ||||
Silicosis settlement costs from continuing operations | 0 | ||||||
Profit on disposal of investments from continuing operations | (23.5) | ||||||
Profit on disposal of assets from continuing operations | $ 0 | $ 0 | $ 0 | ||||
[1] | As Restated - Refer note 40 for further details. | ||||||
[2] | The restatement is as a result of the discontinued operations. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||
Non-executive directors' fees paid | $ 1.2 | $ 1 | $ 0.8 |
Director's interest in issued share capital or voting control | 1.00% | ||
Executive Committee and Non-Executive Directors [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Key management personnel's beneficial interest in issued and listed share capital | 0.20% | 0.20% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of key management personnel compensation [abstract] | |||
Short-term employee benefits | $ 11 | $ 11.4 | $ 10.7 |
Severance | 0.2 | 1.6 | 0 |
Pension scheme contribution | 0.5 | 0.5 | 0.7 |
Share-based payments | 3.7 | 1.4 | 2.3 |
Long-term incentive plan | 1 | 1.1 | 1.1 |
Key management remuneration | $ 16.4 | $ 16 | $ 14.8 |
Correction of Methodology - Sum
Correction of Methodology - Summary of Cumulative Impact of the Correction of the Amortisation Methodology (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Beginning balance | [1] | $ 3,173.3 | $ 2,756.3 | $ 3,655.7 | ||
Profit or loss | (7.7) | 169.1 | [1] | (247.8) | [1] | |
Translation | 279.9 | 129.7 | [1] | (635.9) | [1] | |
Ending balance | 3,403 | 3,173.3 | [1] | 2,756.3 | [1] | |
Balance at beginning of the year | 409.9 | 428.1 | [1] | |||
Translation | 0.1 | (3.6) | [1] | |||
Deferred tax liability asset ending balance | 409.9 | 428.1 | [1] | |||
Property plant and equipment beginning balance | [1] | 4,524.6 | 4,295.6 | |||
Carrying value at end of the year | 4,892.9 | 4,524.6 | [1] | 4,295.6 | [1] | |
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Beginning balance | (16.3) | (11.7) | (7.6) | |||
Profit or loss | (4.7) | (5.2) | ||||
Translation | 0.1 | 1.1 | ||||
Ending balance | (16.3) | (11.7) | ||||
Balance at beginning of the year | 6.9 | 5.1 | 3.3 | |||
Profit or loss | 2 | 2.2 | ||||
Translation | (0.2) | (0.4) | ||||
Deferred tax liability asset ending balance | 6.9 | 5.1 | ||||
Property plant and equipment beginning balance | (23.2) | (16.8) | (10.9) | |||
Profit or loss | (6.6) | (7.4) | ||||
Translation | 0.2 | 1.5 | ||||
Carrying value at end of the year | (23.2) | (16.8) | ||||
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | St Ives [member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Beginning balance | (26.3) | (20.1) | (13.7) | |||
Profit or loss | (6.5) | (8.2) | ||||
Translation | 0.3 | 1.8 | ||||
Ending balance | (26.3) | (20.1) | ||||
Balance at beginning of the year | 11.3 | 8.6 | 5.9 | |||
Profit or loss | 2.8 | 3.5 | ||||
Translation | (0.1) | (0.8) | ||||
Deferred tax liability asset ending balance | 11.3 | 8.6 | ||||
Property plant and equipment beginning balance | (37.6) | (28.7) | (19.6) | |||
Profit or loss | (9.2) | (11.7) | ||||
Translation | 0.3 | 2.6 | ||||
Carrying value at end of the year | (37.6) | (28.7) | ||||
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | Agnew Lawlers [member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Beginning balance | 9.2 | 7.6 | 5.5 | |||
Profit or loss | 1.7 | 2.8 | ||||
Translation | (0.1) | (0.7) | ||||
Ending balance | 9.2 | 7.6 | ||||
Balance at beginning of the year | (4) | (3.2) | (2.3) | |||
Profit or loss | (0.8) | (1.2) | ||||
Translation | 0 | 0.3 | ||||
Deferred tax liability asset ending balance | (4) | (3.2) | ||||
Property plant and equipment beginning balance | 13.2 | 10.8 | 7.8 | |||
Profit or loss | 2.5 | 4 | ||||
Translation | (0.1) | (1) | ||||
Carrying value at end of the year | 13.2 | 10.8 | ||||
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | Granny Smith [Member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Beginning balance | 0.8 | 0.8 | 0.6 | |||
Profit or loss | 0.1 | 0.2 | ||||
Translation | (0.1) | 0 | ||||
Ending balance | 0.8 | 0.8 | ||||
Balance at beginning of the year | (0.4) | (0.3) | (0.3) | |||
Profit or loss | 0 | (0.1) | ||||
Translation | (0.1) | 0.1 | ||||
Deferred tax liability asset ending balance | (0.4) | (0.3) | ||||
Property plant and equipment beginning balance | $ 1.2 | 1.1 | 0.9 | |||
Profit or loss | 0.1 | 0.3 | ||||
Translation | 0 | (0.1) | ||||
Carrying value at end of the year | $ 1.2 | $ 1.1 | ||||
[1] | As Restated - Refer note 40 for further details. |
Correction of Methodology - 193
Correction of Methodology - Summary of Cumulative Impact of the Correction of the Amortisation Methodology (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Deferred tax interest rate | 30.00% |
Correction of Methodology - 194
Correction of Methodology - Summary of Consolidated Income Statement (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Revenue | $ 2,761.8 | $ 2,666.4 | [1] | $ 2,454.1 | [1] | |
Cost of sales | (2,105.1) | (2,001.2) | [1] | (1,988.5) | [1] | |
Others | [1] | (307.8) | (456.7) | |||
Profit before taxation | 152.4 | 357.4 | [1] | 8.9 | [1] | |
Mining and income taxation | (173.2) | (189.5) | [1] | (248.5) | [1] | |
Profit/(loss) from continuing operations | (20.8) | 167.9 | [1] | (239.6) | [1] | |
Profit/(loss) from discontinued operations, net of taxation | 13.1 | 1.2 | [1] | (8.2) | [1] | |
Profit/(loss) for the year | (7.7) | 169.1 | [1] | (247.8) | [1] | |
Profit/(loss) attributable to: | ||||||
Owners of the parent | (18.7) | 158.2 | [1] | (247.3) | [1] | |
Non controlling interest holders | 11 | 10.9 | [1] | (0.5) | [1] | |
Profit/(loss) | $ (7.7) | $ 169.1 | [1] | $ (247.8) | [1] | |
Earnings/loss per share attributable to owners of the parent: | ||||||
Basic earnings/(loss) per share from continuing operations - cents | $ (0.04) | $ 0.19 | [1] | $ (0.31) | [1] | |
Diluted earnings/(loss) per share from continuing operations - cents | $ (0.04) | $ 0.19 | [1] | $ (0.31) | [1] | |
Previously Stated [member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Revenue | $ 2,749.5 | $ 2,545.4 | ||||
Cost of sales | (2,066.7) | (2,066.1) | ||||
Others | (317) | (474.8) | ||||
Profit before taxation | 365.8 | 4.5 | ||||
Mining and income taxation | (192.1) | (247.1) | ||||
Profit/(loss) from continuing operations | 173.7 | (242.6) | ||||
Profit/(loss) from discontinued operations, net of taxation | 0 | 0 | ||||
Profit/(loss) for the year | 173.7 | (242.6) | ||||
Profit/(loss) attributable to: | ||||||
Owners of the parent | 162.8 | (242.1) | ||||
Non controlling interest holders | 10.9 | (0.5) | ||||
Profit/(loss) | $ 173.7 | $ (242.6) | ||||
Earnings/loss per share attributable to owners of the parent: | ||||||
Basic earnings/(loss) per share from continuing operations - cents | $ 0.20 | $ (0.31) | ||||
Diluted earnings/(loss) per share from continuing operations - cents | $ 0.20 | $ (0.31) | ||||
Adjustments [Member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Revenue | $ 0 | $ 0 | ||||
Cost of sales | (6.6) | (7.4) | ||||
Others | 0 | |||||
Profit before taxation | (6.6) | (7.4) | ||||
Mining and income taxation | 2 | 2.2 | ||||
Profit/(loss) from continuing operations | (4.6) | (5.2) | ||||
Profit/(loss) from discontinued operations, net of taxation | 0 | 0 | ||||
Profit/(loss) for the year | (4.6) | (5.2) | ||||
Profit/(loss) attributable to: | ||||||
Owners of the parent | (4.6) | (5.2) | ||||
Non controlling interest holders | 0 | 0 | ||||
Profit/(loss) | $ (4.6) | $ (5.2) | ||||
Earnings/loss per share attributable to owners of the parent: | ||||||
Basic earnings/(loss) per share from continuing operations - cents | $ (0.01) | $ (0.01) | ||||
Diluted earnings/(loss) per share from continuing operations - cents | $ (0.01) | $ (0.01) | ||||
As Restated Before Reclassification of Discontinued Operation [member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Revenue | $ 2,749.5 | $ 2,545.4 | ||||
Cost of sales | (2,073.3) | (2,073.5) | ||||
Others | (317) | (474.8) | ||||
Profit before taxation | 359.2 | (2.9) | ||||
Mining and income taxation | (190.1) | (244.9) | ||||
Profit/(loss) from continuing operations | 169.1 | (247.8) | ||||
Profit/(loss) from discontinued operations, net of taxation | 0 | 0 | ||||
Profit/(loss) for the year | 169.1 | (247.8) | ||||
Profit/(loss) attributable to: | ||||||
Owners of the parent | 158.2 | (247.3) | ||||
Non controlling interest holders | 10.9 | (0.5) | ||||
Profit/(loss) | $ 169.1 | $ (247.8) | ||||
Earnings/loss per share attributable to owners of the parent: | ||||||
Basic earnings/(loss) per share from continuing operations - cents | $ 0.19 | $ (0.32) | ||||
Diluted earnings/(loss) per share from continuing operations - cents | $ 0.19 | $ (0.32) | ||||
Discontinued operation reclassification [member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Revenue | $ (83.1) | $ (91.3) | ||||
Cost of sales | 72.1 | 85 | ||||
Others | 9.2 | 18.1 | ||||
Profit before taxation | (1.8) | 11.8 | ||||
Mining and income taxation | 0.6 | (3.6) | ||||
Profit/(loss) from continuing operations | (1.2) | 8.2 | ||||
Profit/(loss) from discontinued operations, net of taxation | 1.2 | (8.2) | ||||
Profit/(loss) for the year | 0 | 0 | ||||
Profit/(loss) attributable to: | ||||||
Owners of the parent | 0 | 0 | ||||
Non controlling interest holders | 0 | 0 | ||||
Profit/(loss) | $ 0 | $ 0 | ||||
Earnings/loss per share attributable to owners of the parent: | ||||||
Basic earnings/(loss) per share from continuing operations - cents | $ 0 | $ 0.01 | ||||
Diluted earnings/(loss) per share from continuing operations - cents | $ 0 | $ 0.01 | ||||
[1] | As Restated - Refer note 40 for further details. |
Correction of Methodology - 195
Correction of Methodology - Summary of Consolidated Statement of Comprehensive Income (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Profit/(loss) for the year | $ (7.7) | $ 169.1 | [1] | $ (247.8) | [1] | |
Others comprehensive income, net of tax | [2],[3] | 279.2 | 121.4 | [1] | (635.5) | [1] |
Foreign currency translation adjustments | 279.9 | 129.7 | [1] | (635.9) | [1] | |
Others | (0.7) | (8.3) | [1] | 0.4 | [1] | |
Total comprehensive income for the year | 271.5 | 290.5 | [1] | (883.3) | [1] | |
Attributable to: | ||||||
Owners of the parent | 260.5 | 279.6 | [1] | (882.8) | [1] | |
Non controlling interest holders | 11 | 10.9 | [1] | (0.5) | [1] | |
Total comprehensive income for the year | $ 271.5 | 290.5 | [1] | (883.3) | [1] | |
Previously Stated [member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Profit/(loss) for the year | 173.7 | (242.6) | ||||
Others comprehensive income, net of tax | 121.4 | (636.6) | ||||
Foreign currency translation adjustments | 129.7 | (637) | ||||
Others | (8.3) | 0.4 | ||||
Total comprehensive income for the year | 295.1 | (879.2) | ||||
Attributable to: | ||||||
Owners of the parent | 284.2 | (878.7) | ||||
Non controlling interest holders | 10.9 | (0.5) | ||||
Total comprehensive income for the year | 295.1 | (879.2) | ||||
Adjustments [Member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Profit/(loss) for the year | (4.6) | (5.2) | ||||
Others comprehensive income, net of tax | 0 | 1.1 | ||||
Foreign currency translation adjustments | 0 | 1.1 | ||||
Others | 0 | 0 | ||||
Total comprehensive income for the year | (4.6) | (4.1) | ||||
Attributable to: | ||||||
Owners of the parent | (4.6) | (4.1) | ||||
Non controlling interest holders | 0 | 0 | ||||
Total comprehensive income for the year | (4.6) | (4.1) | ||||
As Restated Before Reclassification of Discontinued Operation [member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Profit/(loss) for the year | 169.1 | (247.8) | ||||
Others comprehensive income, net of tax | 121.4 | (635.5) | ||||
Foreign currency translation adjustments | 129.7 | (635.9) | ||||
Others | (8.3) | 0.4 | ||||
Total comprehensive income for the year | 290.5 | (883.3) | ||||
Attributable to: | ||||||
Owners of the parent | 279.6 | (882.8) | ||||
Non controlling interest holders | 10.9 | (0.5) | ||||
Total comprehensive income for the year | 290.5 | (883.3) | ||||
Discontinued operation reclassification [member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Profit/(loss) for the year | 0 | 0 | ||||
Others comprehensive income, net of tax | 0 | 0 | ||||
Foreign currency translation adjustments | 0 | 0 | ||||
Others | 0 | 0 | ||||
Total comprehensive income for the year | 0 | 0 | ||||
Attributable to: | ||||||
Owners of the parent | 0 | 0 | ||||
Non controlling interest holders | 0 | 0 | ||||
Total comprehensive income for the year | $ 0 | $ 0 | ||||
[1] | As Restated - Refer note 40 for further details. | |||||
[2] | All items can be subsequently reclassified to the income statement. | |||||
[3] | Includes deferred tax of US$nil (2016: US$nil and 2015: US$nil). |
Correction of Methodology - 196
Correction of Methodology - Summary of Consolidated Statement of Financial Position (Detail) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
ASSETS | ||||||||
Property, plant and equipment | $ 4,892.9 | $ 4,524.6 | [1] | $ 4,295.6 | [1] | |||
Others | [1] | 1,786.9 | 1,565.3 | |||||
Total assets | 6,620.1 | 6,311.5 | [1] | 5,860.9 | [1] | |||
LIABILITIES | ||||||||
Deferred taxation | 453.9 | 458.6 | [1] | 482.2 | [1] | |||
Others | [1] | 2,679.6 | 2,622.4 | |||||
Total liabilities | [1] | 3,138.2 | 3,104.6 | |||||
Retained earnings | 1,471.1 | 1,552.6 | [1] | 1,433.6 | [1] | |||
Other reserves | (1,817.8) | (2,124.4) | [1] | (2,260.2) | [1] | |||
Others | [1] | 3,745.1 | 3,582.9 | |||||
Total equity | 3,403 | 3,173.3 | [1] | 2,756.3 | [1] | $ 3,655.7 | [1] | |
Total equity and liabilities | $ 6,620.1 | 6,311.5 | [1] | 5,860.9 | [1] | |||
Previously Stated [member] | ||||||||
ASSETS | ||||||||
Property, plant and equipment | 4,547.8 | 4,312.4 | ||||||
Others | 1,786.9 | 1,565.3 | ||||||
Total assets | 6,334.7 | 5,877.7 | ||||||
LIABILITIES | ||||||||
Deferred taxation | 465.5 | 487.3 | ||||||
Others | 2,679.6 | 2,622.4 | ||||||
Total liabilities | 3,145.1 | 3,109.7 | ||||||
Retained earnings | 1,570.9 | 1,447.3 | ||||||
Other reserves | (2,126.4) | (2,262.2) | ||||||
Others | 3,745.1 | 3,582.9 | ||||||
Total equity | 3,189.6 | 2,768 | $ 3,663.3 | |||||
Total equity and liabilities | 6,334.7 | 5,877.7 | ||||||
Adjustments [Member] | ||||||||
ASSETS | ||||||||
Property, plant and equipment | (23.2) | (16.8) | ||||||
Others | 0 | |||||||
Total assets | (23.2) | (16.8) | ||||||
LIABILITIES | ||||||||
Deferred taxation | (6.9) | (5.1) | ||||||
Others | 0 | |||||||
Total liabilities | (6.9) | (5.1) | ||||||
Retained earnings | (18.3) | (13.7) | ||||||
Other reserves | 2 | 2 | ||||||
Others | 0 | |||||||
Total equity | (16.3) | (11.7) | ||||||
Total equity and liabilities | (23.2) | (16.8) | ||||||
As Restated Before Reclassification of Discontinued Operation [member] | ||||||||
ASSETS | ||||||||
Property, plant and equipment | 4,524.6 | 4,295.6 | ||||||
Others | 1,786.9 | 1,565.3 | ||||||
Total assets | 6,311.5 | 5,860.9 | ||||||
LIABILITIES | ||||||||
Deferred taxation | 458.6 | 482.2 | ||||||
Others | 2,679.6 | 2,622.4 | ||||||
Total liabilities | 3,138.2 | 3,104.6 | ||||||
Retained earnings | 1,552.6 | 1,433.6 | ||||||
Other reserves | (2,124.4) | (2,260.2) | ||||||
Others | 3,745.1 | 3,582.9 | ||||||
Total equity | 3,173.3 | 2,756.3 | ||||||
Total equity and liabilities | 6,311.5 | 5,860.9 | ||||||
Discontinued operation reclassification [member] | ||||||||
ASSETS | ||||||||
Property, plant and equipment | 0 | 0 | ||||||
Others | 0 | 0 | ||||||
Total assets | 0 | 0 | ||||||
LIABILITIES | ||||||||
Deferred taxation | 0 | 0 | ||||||
Others | 0 | 0 | ||||||
Total liabilities | 0 | 0 | ||||||
Retained earnings | 0 | 0 | ||||||
Other reserves | 0 | 0 | ||||||
Others | 0 | 0 | ||||||
Total equity | 0 | 0 | ||||||
Total equity and liabilities | $ 0 | $ 0 | ||||||
[1] | As Restated - Refer note 40 for further details. |
Segment Report - Schedule of Se
Segment Report - Schedule of Segment Report (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of operating segments [line items] | ||||||
Revenue | $ 2,761.8 | $ 2,666.4 | [1] | $ 2,454.1 | [1] | |
Cost of sales | (2,105.1) | (2,001.2) | [1] | (1,988.5) | [1] | |
Cost of sales before gold inventory change and amortisation and depreciation | (1,426.5) | (1,375.7) | [1] | (1,371.5) | [1] | |
Gold inventory change | 69.5 | 45.9 | [1] | (25.5) | [1] | |
Amortisation and depreciation | (748.1) | (671.4) | [1] | (591.5) | [1] | |
Share-based payments | (26.8) | (14) | [1] | (10.7) | [1] | |
Long-term incentive plan | (5) | (10.5) | [1] | (5.1) | [1] | |
Exploration expense | (109.8) | (86.1) | [1] | (51.8) | [1] | |
Restructuring costs | (9.2) | (11.7) | [1] | (9.3) | [1] | |
Provision raised | 30.2 | 0 | [1] | 0 | [1] | |
Profit/(loss) on disposal of assets | 4 | 48 | [1] | (0.1) | [1] | |
Investment income | 5.6 | 8.3 | [1] | 6.3 | [1] | |
Finance expense | 81.3 | 78.1 | [1] | 82.9 | [1] | |
Gain on sale of discontinued operations | 0 | 2.3 | [1] | 0.1 | [1] | |
Royalties | (62) | (78.4) | [1] | (73.9) | [1] | |
Mining and income taxation | (173.2) | (189.5) | [1] | (248.5) | [1] | |
(Loss)/profit for the year | (7.7) | 169.1 | [1] | (247.8) | [1] | |
Owners of the parent | (18.7) | 158.2 | [1] | (247.3) | [1] | |
Non-controlling interests | 11 | 10.9 | [1] | (0.5) | [1] | |
Total assets (excluding deferred taxation) | 6,620.1 | 6,311.5 | [1] | 5,860.9 | [1] | |
Total liabilities (excluding deferred taxation) | [1] | 3,138.2 | 3,104.6 | |||
Continuing operations [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 2,761.8 | 2,666.4 | 2,454.1 | |||
Cost of sales | (2,105.1) | (2,001.2) | (1,988.5) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (1,426.5) | (1,375.7) | (1,371.5) | |||
Gold inventory change | 69.5 | 45.9 | (25.5) | |||
Amortisation and depreciation | (748.1) | (671.4) | (591.5) | |||
Other income/(costs) | 10.6 | (8.8) | (22.4) | |||
Share-based payments | (26.8) | (14) | (10.7) | |||
Long-term incentive plan | (5) | (10.5) | (5.1) | |||
Exploration expense | (109.8) | (86.1) | (51.8) | |||
Restructuring costs | (9.2) | (11.7) | (9.3) | |||
Provision raised | (30.2) | |||||
Impairment of investments and assets | (200.2) | (76.5) | (206.9) | |||
Profit/(loss) on disposal of assets | 4 | 48 | (0.1) | |||
Investment income | 5.6 | 8.3 | 6.3 | |||
Finance expense | 81.3 | (78.1) | 82.9 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | (62) | (78.4) | (73.9) | |||
Mining and income taxation | (173.2) | (189.5) | (248.5) | |||
Current taxation | (204.7) | (204.2) | (141.7) | |||
Deferred taxation | 31.5 | 14.7 | (106.8) | |||
(Loss)/profit for the year | (20.8) | 167.9 | (239.6) | |||
Owners of the parent | (31.8) | 157 | (239.1) | |||
Non-controlling interests | 11 | 10.9 | (0.5) | |||
Total assets (excluding deferred taxation) | 6,548.1 | 6,252.8 | 5,797.7 | |||
Total liabilities (excluding deferred taxation) | 2,763.2 | 2,657.1 | 2,599.2 | |||
Net deferred taxation (assets)/liabilities | 381.9 | 409.9 | 428.1 | |||
Capital expenditure | 833.6 | 628.5 | 614.1 | |||
Discontinued operations [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 49 | 83.1 | 91.3 | |||
Cost of sales | (50.7) | (72.1) | (85) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (46.3) | (57.3) | (59.8) | |||
Gold inventory change | (0.9) | (0.4) | 0.6 | |||
Amortisation and depreciation | (3.5) | (14.4) | (25.8) | |||
Other income/(costs) | (0.2) | 0 | 0.3 | |||
Share-based payments | (0.6) | (0.4) | (0.2) | |||
Long-term incentive plan | (0.1) | (0.5) | (0.2) | |||
Exploration expense | (1.5) | (6.1) | (1.7) | |||
Restructuring costs | 0 | 0 | 0 | |||
Provision raised | 0 | |||||
Impairment of investments and assets | 0 | 0 | (14.2) | |||
Profit/(loss) on disposal of assets | 0 | 0 | 0 | |||
Investment income | 0.4 | 0 | 0 | |||
Finance expense | 0 | (0.2) | 0 | |||
Gain on sale of discontinued operations | 23.5 | |||||
Royalties | (1.1) | (2) | (2.1) | |||
Mining and income taxation | (5.7) | (0.6) | 3.6 | |||
Current taxation | (2.3) | (0.5) | (1.2) | |||
Deferred taxation | (3.3) | (0.1) | 4.8 | |||
(Loss)/profit for the year | 13.1 | 1.2 | (8.2) | |||
Owners of the parent | 13.1 | 1.2 | (8.2) | |||
Non-controlling interests | 0 | 0 | 0 | |||
Total assets (excluding deferred taxation) | 0 | 10.1 | 9.1 | |||
Total liabilities (excluding deferred taxation) | 0 | 22.5 | 23.2 | |||
Net deferred taxation (assets)/liabilities | 0 | 0 | 0 | |||
Capital expenditure | 6.8 | 21.4 | 20 | |||
Corporate and Other [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 0 | 0 | 0 | |||
Cost of sales | (1.8) | (7.5) | (0.6) | |||
Cost of sales before gold inventory change and amortisation and depreciation | 0.9 | 1.1 | 0.8 | |||
Gold inventory change | 0 | 0 | 0 | |||
Amortisation and depreciation | (2.7) | (8.6) | (1.4) | |||
Other income/(costs) | (10.3) | (23.1) | (11.8) | |||
Share-based payments | (7.6) | (4) | (4.4) | |||
Long-term incentive plan | (1.3) | (2.6) | (1.2) | |||
Exploration expense | (57.8) | (44.8) | (22.7) | |||
Restructuring costs | 0 | (0.4) | 0 | |||
Provision raised | (30.2) | |||||
Impairment of investments and assets | (242.5) | (0.1) | (156.4) | |||
Profit/(loss) on disposal of assets | (0.3) | 48.1 | (0.1) | |||
Investment income | (1) | 5.4 | 4 | |||
Finance expense | 49.1 | (55.8) | 61.7 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | 0 | 0 | 0 | |||
Mining and income taxation | (3) | (13.5) | (13.2) | |||
Current taxation | (4.2) | (10.7) | (7.8) | |||
Deferred taxation | 1.2 | (2.8) | (5.4) | |||
(Loss)/profit for the year | (404.9) | (98.3) | (268.1) | |||
Owners of the parent | (404.9) | (98.3) | (268.1) | |||
Non-controlling interests | 0 | 0 | 0 | |||
Total assets (excluding deferred taxation) | 982.9 | 964.9 | 1,100.8 | |||
Total liabilities (excluding deferred taxation) | 539.4 | 446.3 | 829.4 | |||
Net deferred taxation (assets)/liabilities | (18.3) | (15.7) | (17.5) | |||
Capital expenditure | 6.4 | 1.3 | 1.4 | |||
Darlot [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 49 | 83.1 | 91.3 | |||
Cost of sales | (50.7) | (72.1) | (85) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (46.3) | (57.3) | (59.8) | |||
Gold inventory change | (0.9) | (0.4) | 0.6 | |||
Amortisation and depreciation | (3.5) | (14.4) | (25.8) | |||
Other income/(costs) | (0.2) | 0 | 0.3 | |||
Share-based payments | (0.6) | (0.4) | (0.2) | |||
Long-term incentive plan | (0.1) | (0.5) | (0.2) | |||
Exploration expense | (1.5) | (6.1) | (1.7) | |||
Restructuring costs | 0 | 0 | 0 | |||
Provision raised | 0 | |||||
Impairment of investments and assets | 0 | 0 | (14.2) | |||
Profit/(loss) on disposal of assets | 0 | 0 | 0 | |||
Investment income | 0.4 | 0 | 0 | |||
Finance expense | 0 | (0.2) | 0 | |||
Gain on sale of discontinued operations | 23.5 | |||||
Royalties | (1.1) | (2) | (2.1) | |||
Mining and income taxation | (5.7) | (0.6) | 3.6 | |||
Current taxation | (2.3) | (0.5) | (1.2) | |||
Deferred taxation | (3.3) | (0.1) | 4.8 | |||
(Loss)/profit for the year | 13.1 | 1.2 | (8.2) | |||
Owners of the parent | 13.1 | 1.2 | (8.2) | |||
Non-controlling interests | 0 | 0 | 0 | |||
Total assets (excluding deferred taxation) | 0 | 10.1 | 9.1 | |||
Total liabilities (excluding deferred taxation) | 0 | 22.5 | 23.2 | |||
Net deferred taxation (assets)/liabilities | 0 | 0 | 0 | |||
Capital expenditure | 6.8 | 21.4 | 20 | |||
Group [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 2,810.8 | 2,749.5 | 2,545.4 | |||
Cost of sales | (2,155.8) | (2,073.4) | (2,073.5) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (1,472.8) | (1,433) | (1,431.3) | |||
Gold inventory change | 68.6 | 45.5 | (24.9) | |||
Amortisation and depreciation | (751.6) | (685.9) | (617.3) | |||
Other income/(costs) | 10.4 | (8.8) | (22) | |||
Share-based payments | (27.4) | (14.4) | (10.9) | |||
Long-term incentive plan | (5.1) | (11) | (5.3) | |||
Exploration expense | (111.3) | (92.2) | (53.5) | |||
Restructuring costs | (9.2) | (11.7) | (9.3) | |||
Provision raised | (30.2) | |||||
Impairment of investments and assets | (200.2) | (76.5) | (221.1) | |||
Profit/(loss) on disposal of assets | 4 | 48 | (0.1) | |||
Investment income | 6 | 8.3 | 6.3 | |||
Finance expense | 81.3 | (78.3) | 82.9 | |||
Gain on sale of discontinued operations | 23.5 | |||||
Royalties | (63.1) | (80.4) | (76) | |||
Mining and income taxation | (179) | (190.1) | (244.9) | |||
Current taxation | (207) | (204.7) | (142.9) | |||
Deferred taxation | 28 | 14.6 | (102) | |||
(Loss)/profit for the year | (7.7) | 169.1 | (247.8) | |||
Owners of the parent | (18.7) | 158.2 | (247.3) | |||
Non-controlling interests | 11 | 10.9 | (0.5) | |||
Total assets (excluding deferred taxation) | 6,548.1 | 6,262.8 | 5,806.8 | |||
Total liabilities (excluding deferred taxation) | 2,763.2 | 2,679.6 | 2,622.4 | |||
Net deferred taxation (assets)/liabilities | 381.9 | 409.9 | 428.1 | |||
Capital expenditure | 840.4 | 649.9 | 634.1 | |||
South Africa [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Royalties | (1.8) | (1.8) | (1.2) | |||
South Africa [member] | South deep [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 354.1 | 358.2 | 232.3 | |||
Cost of sales | (379) | (343.1) | (304.5) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (306.3) | (272.3) | (236.6) | |||
Gold inventory change | 1.5 | 0.7 | 0 | |||
Amortisation and depreciation | (74.2) | (71.5) | (67.9) | |||
Other income/(costs) | 7.6 | 13.4 | 1.7 | |||
Share-based payments | (3.5) | (2.3) | (1) | |||
Long-term incentive plan | 0 | (1) | (0.7) | |||
Exploration expense | 0 | 0 | 0 | |||
Restructuring costs | (2.3) | 0 | (0.7) | |||
Provision raised | 0 | |||||
Impairment of investments and assets | 0 | 0 | 0 | |||
Profit/(loss) on disposal of assets | 0.3 | 0.1 | 0 | |||
Investment income | 0.8 | 1.1 | 0.9 | |||
Finance expense | 12.4 | (5.5) | 4.1 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | (1.8) | (1.8) | (1.2) | |||
Mining and income taxation | 10.9 | (6) | 22.1 | |||
Current taxation | 0 | 0 | 0 | |||
Deferred taxation | 10.9 | (6) | 22.1 | |||
(Loss)/profit for the year | (25.3) | 13 | (55.2) | |||
Owners of the parent | (25.3) | 13 | (55.2) | |||
Non-controlling interests | 0 | 0 | 0 | |||
Total assets (excluding deferred taxation) | 1,220.5 | 1,075 | 976.8 | |||
Total liabilities (excluding deferred taxation) | 1,352.1 | 1,162 | 1,078.4 | |||
Net deferred taxation (assets)/liabilities | (47.6) | (32.4) | (36) | |||
Capital expenditure | 82.4 | 77.9 | 66.9 | |||
Ghana [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 891.1 | 892.3 | 875.5 | |||
Cost of sales | (670.5) | (665.6) | (702) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (469.3) | (481.2) | (518.5) | |||
Gold inventory change | 41.1 | 17.8 | 5.2 | |||
Amortisation and depreciation | (242.3) | (202.2) | (188.7) | |||
Other income/(costs) | (3.7) | (8.4) | (6.1) | |||
Share-based payments | (6.1) | (2.8) | (1.8) | |||
Long-term incentive plan | (1.2) | (2.8) | (1.4) | |||
Exploration expense | 0 | 0 | 0 | |||
Restructuring costs | (6.9) | (10.1) | (5.6) | |||
Provision raised | 0 | |||||
Impairment of investments and assets | (10.3) | (10) | (43.8) | |||
Profit/(loss) on disposal of assets | 2.7 | 0 | 3.2 | |||
Investment income | 3.6 | 1.8 | 1.4 | |||
Finance expense | 10.3 | (7.4) | 6.3 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | (27.1) | (44.6) | (43.8) | |||
Mining and income taxation | (55.5) | (29.8) | (71.1) | |||
Current taxation | (58) | (52.4) | (35.4) | |||
Deferred taxation | 2.5 | 22.6 | (35.7) | |||
(Loss)/profit for the year | 105.8 | 112.5 | (1.8) | |||
Owners of the parent | 95.3 | 101.3 | (1.7) | |||
Non-controlling interests | 10.5 | 11.2 | (0.1) | |||
Total assets (excluding deferred taxation) | 1,950.1 | 1,799.6 | 1,685.7 | |||
Total liabilities (excluding deferred taxation) | 362.3 | 315.3 | 294.1 | |||
Net deferred taxation (assets)/liabilities | 280 | 282.4 | 305 | |||
Capital expenditure | 312.8 | 206.3 | 221.1 | |||
Ghana [member] | Tarkwa [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 710.8 | 708.9 | 680.7 | |||
Cost of sales | (526) | (511.6) | (489.2) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (348) | (344.7) | (334.2) | |||
Gold inventory change | 42 | 17.5 | 7.3 | |||
Amortisation and depreciation | (220) | (184.4) | (162.3) | |||
Other income/(costs) | (3.1) | (7.8) | (3.9) | |||
Share-based payments | (4.8) | (2.5) | (1.5) | |||
Long-term incentive plan | (0.9) | (2.3) | (1.1) | |||
Exploration expense | 0 | 0 | 0 | |||
Restructuring costs | (4.7) | (0.2) | (5.3) | |||
Provision raised | 0 | |||||
Impairment of investments and assets | (6.8) | 0 | 0 | |||
Profit/(loss) on disposal of assets | 2.9 | 0 | 3.2 | |||
Investment income | 3.4 | 1.8 | 1.3 | |||
Finance expense | 5.2 | (3.9) | 3.4 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | (21.7) | (35.4) | (34) | |||
Mining and income taxation | (58.6) | (29.8) | (59.3) | |||
Current taxation | (58) | (52.4) | (34.6) | |||
Deferred taxation | (0.6) | 22.6 | (24.7) | |||
(Loss)/profit for the year | 85.4 | 116.9 | 87.5 | |||
Owners of the parent | 76.9 | 105.2 | 78.8 | |||
Non-controlling interests | 8.5 | 11.7 | 8.7 | |||
Total assets (excluding deferred taxation) | 1,765.2 | 1,667 | 1,546.7 | |||
Total liabilities (excluding deferred taxation) | 232.3 | 219 | 195.6 | |||
Net deferred taxation (assets)/liabilities | 283.1 | 282.4 | 305 | |||
Capital expenditure | 180.6 | 168.4 | 204.2 | |||
Ghana [member] | Damang [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 180.3 | 183.4 | 194.8 | |||
Cost of sales | (144.5) | (153.8) | (212.8) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (121.3) | (136.4) | (184.3) | |||
Gold inventory change | (0.9) | 0.4 | (2.1) | |||
Amortisation and depreciation | (22.3) | (17.8) | (26.4) | |||
Other income/(costs) | (0.6) | (0.6) | (2.4) | |||
Share-based payments | (1.3) | (0.3) | (0.3) | |||
Long-term incentive plan | (0.3) | (0.5) | (0.3) | |||
Exploration expense | 0 | 0 | 0 | |||
Restructuring costs | (2.2) | (9.9) | (0.3) | |||
Provision raised | 0 | |||||
Impairment of investments and assets | (3.5) | (10) | (43.8) | |||
Profit/(loss) on disposal of assets | (0.2) | 0 | 0 | |||
Investment income | 0.2 | 0 | 0.1 | |||
Finance expense | 5.1 | (3.5) | 2.9 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | (5.5) | (9.2) | (9.7) | |||
Mining and income taxation | 3.1 | 0 | (11.7) | |||
Current taxation | 0 | 0 | (0.7) | |||
Deferred taxation | 3.1 | 0 | (11) | |||
(Loss)/profit for the year | 20.4 | (4.5) | (89.3) | |||
Owners of the parent | 18.4 | (4) | (80.5) | |||
Non-controlling interests | 2 | (0.5) | (8.8) | |||
Total assets (excluding deferred taxation) | 184.9 | 132.6 | 139 | |||
Total liabilities (excluding deferred taxation) | 130 | 96.3 | 98.5 | |||
Net deferred taxation (assets)/liabilities | (3.1) | 0 | 0 | |||
Capital expenditure | 132.1 | 37.9 | 16.9 | |||
Peru [member] | Cerro corona [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 392.9 | 322.3 | 292.2 | |||
Cost of sales | (285.2) | (255.5) | (244.9) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (151.2) | (143.7) | (143.8) | |||
Gold inventory change | (3.1) | 3.8 | (1) | |||
Amortisation and depreciation | (130.9) | (115.6) | (100.1) | |||
Other income/(costs) | (12.1) | (13) | (10) | |||
Share-based payments | (3.6) | (2) | (1.2) | |||
Long-term incentive plan | (0.7) | (1.8) | (0.8) | |||
Exploration expense | (0.5) | 0 | 0 | |||
Restructuring costs | 0 | 0 | 0 | |||
Provision raised | 0 | |||||
Impairment of investments and assets | 52.6 | (66.4) | (6.7) | |||
Profit/(loss) on disposal of assets | 0 | (0.1) | (4.7) | |||
Investment income | 0 | 0 | 0 | |||
Finance expense | 4.7 | (4.7) | 5.5 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | (5.3) | (4.6) | (3.1) | |||
Mining and income taxation | (36.1) | (47.4) | (108.7) | |||
Current taxation | (50.8) | (45.9) | (33) | |||
Deferred taxation | 14.7 | (1.5) | (75.7) | |||
(Loss)/profit for the year | 97.4 | (73.1) | (93.4) | |||
Owners of the parent | 96.9 | (72.8) | (93) | |||
Non-controlling interests | 0.5 | (0.3) | (0.4) | |||
Total assets (excluding deferred taxation) | 774 | 822.5 | 880.5 | |||
Total liabilities (excluding deferred taxation) | 188.7 | 195.4 | 133.7 | |||
Net deferred taxation (assets)/liabilities | 80.8 | 95.6 | 94.1 | |||
Capital expenditure | 34 | 42.8 | 64.8 | |||
Australia [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 1,123.7 | 1,093.6 | 1,054.1 | |||
Cost of sales | (768.8) | (729.7) | (736.4) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (500.6) | (479.6) | (473.4) | |||
Gold inventory change | 29.9 | 23.5 | (29.6) | |||
Amortisation and depreciation | (298.1) | (273.6) | (233.4) | |||
Other income/(costs) | 29 | 22.3 | 3.8 | |||
Share-based payments | (6) | (2.9) | (2.3) | |||
Long-term incentive plan | (1.8) | (2.3) | (1) | |||
Exploration expense | (51.5) | (41.3) | (29.1) | |||
Restructuring costs | 0 | (1.2) | (3.1) | |||
Provision raised | 0 | |||||
Impairment of investments and assets | 0 | 0 | 0 | |||
Profit/(loss) on disposal of assets | 1.3 | (0.1) | 1.5 | |||
Investment income | 2.2 | 0 | 0 | |||
Finance expense | 4.8 | (4.7) | 5.3 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | (27.8) | (27.3) | (25.8) | |||
Mining and income taxation | (89.5) | (92.8) | (77.6) | |||
Current taxation | (91.7) | (95.2) | (65.5) | |||
Deferred taxation | 2.2 | 2.4 | (12.1) | |||
(Loss)/profit for the year | 206.1 | 213.6 | 178.8 | |||
Owners of the parent | 206.1 | 213.6 | 178.8 | |||
Non-controlling interests | 0 | 0 | 0 | |||
Total assets (excluding deferred taxation) | 1,620.6 | 1,590.7 | 1,153.9 | |||
Total liabilities (excluding deferred taxation) | 320.7 | 538.1 | 263.6 | |||
Net deferred taxation (assets)/liabilities | 87 | 80.1 | 82.5 | |||
Capital expenditure | 398 | 300.3 | 259.9 | |||
Australia [member] | St Ives [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 457.3 | 452.3 | 431.8 | |||
Cost of sales | (330.9) | (335.8) | (341.9) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (187.6) | (192.8) | (195) | |||
Gold inventory change | 29 | 11 | (25.3) | |||
Amortisation and depreciation | (172.3) | (154) | (121.6) | |||
Other income/(costs) | 18 | 13.6 | 2.4 | |||
Share-based payments | (2.2) | (1.2) | (1.2) | |||
Long-term incentive plan | (0.7) | (0.8) | (0.2) | |||
Exploration expense | (23) | (21.1) | (21.5) | |||
Restructuring costs | 0 | 0 | (3) | |||
Provision raised | 0 | |||||
Impairment of investments and assets | 0 | 0 | 0 | |||
Profit/(loss) on disposal of assets | (0.2) | 0 | 2.5 | |||
Investment income | 0.9 | 0 | 0 | |||
Finance expense | 2.8 | (2.7) | 2.9 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | 0 | 0 | 0 | |||
Mining and income taxation | 0 | 0 | ||||
Current taxation | 0 | 0 | 0 | |||
Deferred taxation | 0 | 0 | 0 | |||
(Loss)/profit for the year | 0 | 0 | 0 | |||
Owners of the parent | 0 | 0 | 0 | |||
Non-controlling interests | 0 | 0 | 0 | |||
Total assets (excluding deferred taxation) | 693.7 | 584.7 | 526.6 | |||
Total liabilities (excluding deferred taxation) | 138.2 | 136.3 | 135.2 | |||
Net deferred taxation (assets)/liabilities | 0 | 0 | 0 | |||
Capital expenditure | 156.2 | 140 | 114.5 | |||
Australia [member] | Agnew Lawlers [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 302.6 | 285.4 | 273.9 | |||
Cost of sales | (232.7) | (215.2) | (199.5) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (154.9) | (145.7) | (142.6) | |||
Gold inventory change | 4.5 | 5.1 | 1.1 | |||
Amortisation and depreciation | (82.3) | (74.6) | (58) | |||
Other income/(costs) | 6.4 | 6.1 | 3.2 | |||
Share-based payments | (1.7) | (0.8) | (0.7) | |||
Long-term incentive plan | (0.5) | (0.7) | (0.5) | |||
Exploration expense | (15.9) | (9.6) | (4) | |||
Restructuring costs | 0 | 0 | 0 | |||
Provision raised | 0 | |||||
Impairment of investments and assets | 0 | 0 | 0 | |||
Profit/(loss) on disposal of assets | 1.5 | 0.2 | (1) | |||
Investment income | 0.6 | 0 | 0 | |||
Finance expense | 1 | (1) | 1.3 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | 0 | 0 | 0 | |||
Mining and income taxation | 0 | 0 | ||||
Current taxation | 0 | 0 | 0 | |||
Deferred taxation | 0 | 0 | 0 | |||
(Loss)/profit for the year | 0 | 0 | 0 | |||
Owners of the parent | 0 | 0 | 0 | |||
Non-controlling interests | 0 | 0 | 0 | |||
Total assets (excluding deferred taxation) | 500 | 439.6 | 404.5 | |||
Total liabilities (excluding deferred taxation) | 71.5 | 66.3 | 66.9 | |||
Net deferred taxation (assets)/liabilities | 0 | 0 | 0 | |||
Capital expenditure | 73.7 | 70 | 73 | |||
Australia [member] | Granny Smith [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 363.8 | 355.8 | 348.4 | |||
Cost of sales | (203.9) | (178.7) | (195.1) | |||
Cost of sales before gold inventory change and amortisation and depreciation | (156.8) | (141.1) | (135.9) | |||
Gold inventory change | (3.6) | 7.4 | (5.4) | |||
Amortisation and depreciation | (43.5) | (45) | (53.8) | |||
Other income/(costs) | 4.6 | 2.6 | (1.8) | |||
Share-based payments | (2.1) | (0.9) | (0.4) | |||
Long-term incentive plan | (0.6) | (0.8) | (0.3) | |||
Exploration expense | (10.8) | (10.6) | (3.6) | |||
Restructuring costs | 0 | (1.2) | (0.1) | |||
Provision raised | 0 | |||||
Impairment of investments and assets | 0 | 0 | 0 | |||
Profit/(loss) on disposal of assets | 0 | (0.3) | 0 | |||
Investment income | 0.7 | 0 | 0 | |||
Finance expense | 1 | (1) | 1.1 | |||
Gain on sale of discontinued operations | 0 | |||||
Royalties | 0 | 0 | 0 | |||
Mining and income taxation | 0 | 0 | ||||
Current taxation | 0 | 0 | 0 | |||
Deferred taxation | 0 | 0 | 0 | |||
(Loss)/profit for the year | 0 | 0 | 0 | |||
Owners of the parent | 0 | 0 | 0 | |||
Non-controlling interests | 0 | 0 | 0 | |||
Total assets (excluding deferred taxation) | 392 | 293.9 | 222.8 | |||
Total liabilities (excluding deferred taxation) | 78.1 | 63.1 | 61.5 | |||
Net deferred taxation (assets)/liabilities | 0 | 0 | 0 | |||
Capital expenditure | 87 | 90.3 | $ 72.4 | |||
Australia [member] | Gruyere Australia [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Revenue | 0 | 0 | ||||
Cost of sales | (1.3) | |||||
Cost of sales before gold inventory change and amortisation and depreciation | (1.3) | 0 | ||||
Gold inventory change | 0 | 0 | ||||
Amortisation and depreciation | 0 | 0 | ||||
Other income/(costs) | 0 | 0 | ||||
Share-based payments | 0 | 0 | ||||
Long-term incentive plan | 0 | 0 | ||||
Exploration expense | (1.8) | 0 | ||||
Restructuring costs | 0 | 0 | ||||
Provision raised | 0 | |||||
Impairment of investments and assets | 0 | 0 | ||||
Profit/(loss) on disposal of assets | 0 | 0 | ||||
Investment income | 0 | 0 | ||||
Finance expense | 0 | 0 | ||||
Gain on sale of discontinued operations | 0 | |||||
Royalties | 0 | 0 | ||||
Mining and income taxation | 0 | 0 | ||||
Current taxation | 0 | 0 | ||||
Deferred taxation | 0 | 0 | ||||
(Loss)/profit for the year | 0 | 0 | ||||
Owners of the parent | 0 | 0 | ||||
Non-controlling interests | 0 | 0 | ||||
Total assets (excluding deferred taxation) | 34.9 | 272.5 | ||||
Total liabilities (excluding deferred taxation) | 32.9 | 272.4 | ||||
Net deferred taxation (assets)/liabilities | 0 | 0 | ||||
Capital expenditure | $ 81.1 | $ 0 | ||||
[1] | As Restated - Refer note 40 for further details. |
Segment Report - Schedule of198
Segment Report - Schedule of Segment Report (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of operating segments [line items] | |||||
Percentage of voting equity interests acquired | 30.00% | ||||
Tax rate included in South Deep | 30.00% | 30.00% | |||
Share of loss of associates after taxation included in other income | $ (1.3) | $ (2.3) | [1] | $ (5.7) | [1] |
Profit on disposal of investments | 0 | 2.3 | [1] | 0.1 | [1] |
Other income/cost [member] | |||||
Disclosure of operating segments [line items] | |||||
Share of loss of associates after taxation included in other income | (1.3) | ||||
Corporate related costs | $ 9 | ||||
Other income [member] | |||||
Disclosure of operating segments [line items] | |||||
Share of loss of associates after taxation included in other income | (2.3) | ||||
Profit on disposal of investments | 2.3 | ||||
Corporate related costs | $ 23.1 | ||||
Cost [member] | |||||
Disclosure of operating segments [line items] | |||||
Share of loss of associates after taxation included in other income | (5.7) | ||||
Profit on disposal of investments | 0.1 | ||||
Corporate related costs | $ 6.2 | ||||
[1] | As Restated - Refer note 40 for further details. |
Major Group Investments - Di199
Major Group Investments - Direct and Indirect - Schedule of Major Group Investments - Direct and Indirect (Detail) - ZAR (R) R in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of subsidiaries [line items] | ||
Carrying value in holding company shares | R 42,931.4 | R 42,931.4 |
Carrying value in holding company loans | R (9,316.9) | R (8,409.6) |
Abosso Goldfields Limited [member] | Class a shares [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 49,734,000 | 49,734,000 |
Group beneficial interest | 90.00% | 90.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Abosso Goldfields Limited [member] | Class B Shares [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 4,266,000 | 4,266,000 |
Group beneficial interest | 90.00% | 90.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Agnew Gold Mining Company Proprietary Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 54,924,757 | 54,924,757 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Beatrix Mines Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 96,549,020 | 96,549,020 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 206.8 | R 206.8 |
Carrying value in holding company loans | R 0 | R 0 |
Beatrix Mining Ventures Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 9,625,001 | 9,625,001 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 120.4 | R 120.4 |
Carrying value in holding company loans | R (136.8) | R (136.8) |
Darlot Mining Company Pty Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1 | 1 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Driefontein Consolidated (Pty) Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1,000 | 1,000 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R (13.1) | R (13.1) |
GFI Joint Venture Holdings (Proprietary) Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 311,668,564 | 311,668,564 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R (0.4) | R (0.4) |
GFL Mining Services Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 235,676,387 | 235,676,387 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 18,790.5 | R 18,790.5 |
Carrying value in holding company loans | R (8,331.2) | R (8,004.2) |
Gold Fields Ghana Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 900 | 900 |
Group beneficial interest | 90.00% | 90.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Gold Fields Group Services (Pty) Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1 | 1 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R (224.8) | R 355.5 |
Gold Fields Holdings Company BVI Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 4,084 | 4,084 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Gold Fields La Cima SA [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1,426,050,205 | 1,426,050,205 |
Group beneficial interest | 99.50% | 99.50% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Gold Fields Operations Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 156,279,947 | 156,279,947 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R (0.4) | R (0.4) |
Gold Fields Orogen Holdings (BVI) Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 356 | 356 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Gruyere Mining Company Pty Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1 | 1 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
GSM Mining Company Pty Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1 | 1 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Kloof Gold Mining Company Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 138,600,000 | 138,600,000 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 602.8 | R 602.8 |
Carrying value in holding company loans | R (610.2) | R (610.2) |
Newshelf 899 (Pty) Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 90,000,000 | 90,000,000 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 23,210.9 | R 23,210.9 |
Carrying value in holding company loans | R 0 | R 0 |
St Ives Gold Mining Company Pty Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 281,051,329 | 281,051,329 |
Group beneficial interest | 100.00% | 100.00% |
Carrying value in holding company shares | R 0 | R 0 |
Carrying value in holding company loans | R 0 | R 0 |
Major Group Investments - Di200
Major Group Investments - Direct and Indirect - Schedule of Major Group Investments - Direct and Indirect (Parenthetical) (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | [2] | |||
Disclosure of subsidiaries [line items] | ||||||||
Accumulated non-controlling interest | $ 127,200,000 | $ 122,600,000 | [1] | $ 127,200,000 | $ 122,600,000 | [1] | ||
Dividends paid to non-controlling interests | 6,400,000 | 200,000 | [2] | $ 12,100,000 | ||||
Abosso Goldfields Limited [member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Accumulated non-controlling interest | 5,800,000 | 3,600,000 | 5,800,000 | 3,600,000 | ||||
Dividends paid to non-controlling interests | 0 | 0 | ||||||
Gold Fields Ghana Limited [member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Accumulated non-controlling interest | 119,200,000 | 116,600,000 | 119,200,000 | 116,600,000 | ||||
Dividends paid to non-controlling interests | 5,800,000 | 0 | ||||||
Gold Fields La Cima SA [member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Accumulated non-controlling interest | 2,400,000 | 2,500,000 | $ 2,400,000 | $ 2,500,000 | ||||
Dividends paid to non-controlling interests | $ 600,000 | $ 200,000 | ||||||
Newshelf 899 (Pty) Ltd [member] | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Phase-in participation term | 20 years | |||||||
BEE partners' stake | 10.00% | |||||||
Newshelf ownership percentage | 90.00% | |||||||
[1] | As Restated - Refer note 40 for further details. | |||||||
[2] | The restatement is as a result of the discontinued operations. |
Major Group Investments Direct
Major Group Investments Direct and Indirect - Summary of Share Held in Investments in Associates Joint Ventures other Equity Investments and Percentage of Beneficial Interest (Detail) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Group beneficial interest | 50.00% | |
Rusoro Mining Limited [Member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Group beneficial interest | 25.70% | |
Far Southeast Gold Resources Incorporated [Member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Group beneficial interest | 40.00% | 40.00% |
Equity investments [member] | Bezant Resources PLC [Member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 17,945,922 | 17,945,922 |
Group beneficial interest | 2.90% | 8.80% |
Equity investments [member] | Cardinal Resources Limited [member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 42,818,182 | 13,700,270 |
Group beneficial interest | 11.50% | 4.50% |
Equity investments [member] | Cardinal Resources Limited Options [member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 38,220,051 | 19,705,790 |
Group beneficial interest | 33.00% | 17.00% |
Equity investments [member] | Cascadero Copper Corporation [member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 2,025,000 | 2,025,000 |
Group beneficial interest | 1.10% | 1.10% |
Equity investments [member] | Clancy Exploration Limited [member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 17,764,783 | 17,764,783 |
Group beneficial interest | 0.60% | 0.70% |
Equity investments [member] | Consolidated Woodjam Copper Corporation [member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 12,848,016 | 12,848,016 |
Group beneficial interest | 17.20% | 17.80% |
Equity investments [member] | Fjordland Exploration Incorporated [member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 363,636 | 1,818,182 |
Group beneficial interest | 0.80% | 1.80% |
Equity investments [member] | Gold Road Resources Limited [member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 87,117,909 | 0 |
Group beneficial interest | 9.90% | 0.00% |
Equity investments [member] | Hummingbird Resources Plc [Member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 21,258,503 | 21,258,503 |
Group beneficial interest | 6.20% | 6.20% |
Equity investments [member] | Orsu Metals Corporation [Member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 2,613,491 | 26,134,919 |
Group beneficial interest | 7.30% | 19.70% |
Equity investments [member] | Radius Gold Incorporated [Member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 3,625,124 | 3,625,124 |
Group beneficial interest | 4.20% | 4.20% |
Equity investments [member] | Red 5 Limited [member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 246,875,821 | 0 |
Group beneficial interest | 19.90% | 0.00% |
Associates [member] | Maverix Metals Incorporated [member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 42,850,000 | 42,850,000 |
Group beneficial interest | 27.90% | 32.30% |
Associates [member] | Rusoro Mining Limited [Member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 140,000,001 | 140,000,001 |
Group beneficial interest | 25.70% | 25.70% |
Joint ventures [member] | Far Southeast Gold Resources Incorporated [Member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | ||
Shares held | 1,737,699 | 1,737,699 |
Group beneficial interest | 40.00% | 40.00% |
Major Group Investments Dire202
Major Group Investments Direct and Indirect - Summary of Share Held in Investments in Associates Joint Ventures other Equity Investments and Percentage of Beneficial Interest (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Cardinal Resources Limited Options [member] | Equity investments [member] | |
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [Line Items] | |
Effective interest rate in stock option | 20.00% |