Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and entity information [abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | GFI |
Entity Registrant Name | GOLD FIELDS LTD |
Entity Central Index Key | 0001172724 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 821,532,707 |
Consolidated income statements
Consolidated income statements - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CONTINUING OPERATIONS | |||
Revenue | $ 2,577.8 | $ 2,761.8 | $ 2,666.4 |
Cost of sales | (2,043) | (2,105.1) | (2,001.2) |
Investment income | 7.8 | 5.6 | 8.3 |
Finance expense | (88) | (81.3) | (78.1) |
Gain on financial instruments | 21 | 34.4 | 14.4 |
Foreign exchange gain/(loss) | 6.4 | (3.5) | (6.4) |
Other costs, net | (44.8) | (19) | (16.8) |
Share-based payments | (37.5) | (26.8) | (14) |
Long-term incentive plan | (1.1) | (5) | (10.5) |
Exploration expense | (104.2) | (109.8) | (86.1) |
Share of results of equity accounted investees, net of taxation | (13.1) | (1.3) | (2.3) |
Restructuring costs | (113.9) | (9.2) | (11.7) |
Silicosis settlement costs | 4.5 | (30.2) | 0 |
Gain on acquisition of Asanko | 51.8 | 0 | 0 |
Impairment, net of reversal of impairment of investments and assets | (520.3) | (200.2) | (76.5) |
Profit on disposal of investments | 0 | 0 | 2.3 |
(Loss)/profit on disposal of assets | (51.6) | 4 | 48 |
(Loss)/profit before royalties and taxation | (348.2) | 214.4 | 435.8 |
Royalties | (62.5) | (62) | (78.4) |
(Loss)/profit before taxation | (410.7) | 152.4 | 357.4 |
Mining and income taxation | 65.9 | (173.2) | (189.5) |
(Loss)/profit from continuing operations | (344.8) | (20.8) | 167.9 |
DISCONTINUED OPERATIONS | |||
Profit from discontinued operations, net of taxation | 0 | 13.1 | 1.2 |
(Loss)/profit for the year | (344.8) | (7.7) | 169.1 |
(Loss)/profit attributable to: | |||
Owners of the parent | (348.2) | (18.7) | 158.2 |
- Continuing operations | (348.2) | (31.8) | 157 |
- Discontinued operations | 0 | 13.1 | 1.2 |
Non-controlling interests | 3.4 | 11 | 10.9 |
- Continuing operations | 3.4 | 11 | 10.9 |
(Loss)/profit for the year | $ (344.8) | $ (7.7) | $ 169.1 |
(Loss)/earnings per share attributable to owners of the parent: | |||
Basic (loss)/earnings per share from continuing operations - cents | $ (0.42) | $ (0.04) | $ 0.19 |
Basic earnings per share from discontinued operations - cents | 0 | 0.02 | 0 |
Diluted basic (loss)/earnings per share from continuing operations - cents | (0.42) | (0.04) | 0.19 |
Diluted basic earnings per share from discontinued operations - cents | $ 0 | $ 0.02 | $ 0 |
Consolidated statements of comp
Consolidated statements of comprehensive income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of comprehensive income [abstract] | |||
(Loss)/profit for the year | $ (344.8) | $ (7.7) | $ 169.1 |
Other comprehensive income, net of tax | (330) | 279.2 | 121.4 |
Items that will not be reclassified to profit or loss | (4.2) | 0 | 0 |
Equity investments at FVOCI - net change in fair value | (8.2) | 0 | 0 |
Deferred taxation on above item | 4 | 0 | 0 |
Items that may be reclassified subsequently to profit or loss | (325.8) | 279.2 | 121.4 |
Available-for-sale financial assets - net change in fair value | 0 | (0.7) | (8.3) |
Foreign currency translation adjustments | (325.8) | 279.9 | 129.7 |
Total comprehensive income for the year | (674.8) | 271.5 | 290.5 |
Attributable to: - Owners of the parent | (678.2) | 260.5 | 279.6 |
- Non-controlling interests | 3.4 | 11 | 10.9 |
Total comprehensive income for the year | $ (674.8) | $ 271.5 | $ 290.5 |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Non-current assets | $ 5,183.2 | $ 5,505.7 |
Property, plant and equipment | 4,259.2 | 4,892.9 |
Goodwill | 0 | 76.6 |
Inventories | 133.3 | 132.8 |
Equity accounted investees | 225.1 | 171.3 |
Investments | 235.3 | 104.6 |
Environmental trust funds | 60.8 | 55.5 |
Deferred taxation | 269.5 | 72 |
Current assets | 921.1 | 1,114.4 |
Inventories | 368.2 | 393.5 |
Trade and other receivables | 153.2 | 201.9 |
Cash and cash equivalents | 399.7 | 479 |
Assets held for sale | 0 | 40 |
Total assets | 6,104.3 | 6,620.1 |
EQUITY AND LIABILITIES | ||
Equity attributable to owners of the parent | 2,586.1 | 3,275.8 |
Stated capital | 3,622.5 | 3,622.5 |
Other reserves | (2,110.3) | (1,817.8) |
Retained earnings | 1,073.9 | 1,471.1 |
Non-controlling interests | 120.8 | 127.2 |
Total equity | 2,706.9 | 3,403 |
Non-current liabilities | 2,781.9 | 2,363.1 |
Deferred taxation | 454.9 | 453.9 |
Borrowings | 1,925.3 | 1,587.9 |
Provisions | 319.5 | 321.3 |
Finance lease liabilities | 80.1 | 0 |
Long-term incentive plan | 2.1 | 0 |
Current liabilities | 615.5 | 854 |
Trade and other payables | 503 | 548.5 |
Royalties payable | 12.5 | 16.3 |
Taxation payable | 5.2 | 77.5 |
Current portion of borrowings | 86.3 | 193.6 |
Current portion of finance lease liabilities | 8.5 | 0 |
Current portion of long-term incentive plan | 0 | 18.1 |
Total liabilities | 3,397.4 | 3,217.1 |
Total equity and liabilities | $ 6,104.3 | $ 6,620.1 |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Millions | Total | 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 at Dec. 31, 2015 | $ 2,756.3 | $ 3,471 | $ (2,401.4) | $ 141.2 | $ 1,433.6 | $ 2,644.4 | $ 111.9 | |||
(Loss)/profit for the year | 169.1 | 0 | 0 | 0 | 158.2 | 158.2 | 10.9 | |||
Other comprehensive income | 121.4 | 0 | 121.4 | 0 | 0 | 121.4 | 0 | |||
Total comprehensive income | 290.5 | 0 | 121.4 | 0 | 158.2 | 279.6 | 10.9 | |||
Dividends declared | (39.4) | 0 | 0 | 0 | (39.2) | (39.2) | 0 | |||
Share-based payments from continuing operations | 14 | 0 | 0 | 14 | 0 | 14 | 0 | |||
Share-based payments from discontinued operations | 0.4 | 0 | 0 | 0.4 | 0 | 0.4 | 0 | |||
Shares issued | [3] | 151.5 | 151.5 | 0 | 0 | 0 | 151.5 | 0 | ||
Adjusted balance at 1 January 2018 at Dec. 31, 2016 | 3,173.3 | 3,622.5 | (2,280) | 155.6 | 1,552.6 | 3,050.7 | 122.6 | |||
(Loss)/profit for the year | (7.7) | 0 | 0 | 0 | (18.7) | (18.7) | 11 | |||
Other comprehensive income | 279.2 | 0 | 279.2 | 0 | 0 | 279.2 | 0 | |||
Total comprehensive income | 271.5 | 0 | 279.2 | 0 | (18.7) | 260.5 | 11 | |||
Dividends declared | (63.4) | 0 | 0 | 0 | (62.8) | (62.8) | (0.6) | |||
Dividends advanced | (5.8) | 0 | 0 | 0 | 0 | 0 | (5.8) | |||
Share-based payments from continuing operations | 26.8 | 0 | 0 | 26.8 | 0 | 26.8 | 0 | |||
Share-based payments from discontinued operations | 0.6 | 0 | 0 | 0.6 | 0 | 0.6 | 0 | |||
Adjusted balance at 1 January 2018 at Dec. 31, 2017 | 3,403 | 3,622.5 | (2,000.8) | 183 | 1,471.1 | 3,275.8 | 127.2 | |||
Adjustment on initial application of IFRS 15 (net of tax) | (3.5) | 0 | 0 | 0 | (3.5) | (3.5) | 0 | |||
(Loss)/profit for the year | (344.8) | 0 | 0 | 0 | (348.2) | (348.2) | 3.4 | |||
Other comprehensive income | (330) | 0 | (330) | 0 | 0 | (330) | 0 | |||
Total comprehensive income | (674.8) | 0 | (330) | 0 | (348.2) | (678.2) | 3.4 | |||
Dividends declared | (55.3) | 0 | 0 | 0 | (45.5) | (45.5) | (9.8) | |||
Share-based payments from continuing operations | 37.5 | 0 | 0 | 37.5 | 0 | 37.5 | 0 | |||
Adjusted balance at 1 January 2018 (Adjusted Balance [member]) at Dec. 31, 2018 | [4] | 3,399.5 | 3,622.5 | (2,000.8) | 183 | 1,467.6 | 3,272.3 | 127.2 | ||
Adjusted balance at 1 January 2018 at Dec. 31, 2018 | $ 2,706.9 | $ 3,622.5 | $ (2,330.8) | $ 220.5 | $ 1,073.9 | $ 2,586.1 | $ 120.8 | |||
[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] | During 2016, Gold Fields 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% discount to the 30-day volume weighted average traded price, for the period 17 March 2016 and a 0.7% discount to the 50-day moving average. The net proceeds from the placement were used to refinance the US$1,510 million term loan and revolving credit facilities. The new facilities amount to US$1,290 million. Refer note 24 for further details. | |||||||||
[4] | No adjustment required to equity on initial application of IFRS 9. Refer note 41 for further details. |
Consolidated statements of ch_2
Consolidated statements of changes in equity (Parenthetical) $ in Millions, R in Billions | Mar. 17, 2016 | Dec. 31, 2016USD ($)shares | Dec. 31, 2016ZAR (R)R / sharesshares | Dec. 31, 2018USD ($) | |
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 | |||
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] | During 2016, Gold Fields 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% discount to the 30-day volume weighted average traded price, for the period 17 March 2016 and a 0.7% discount to the 50-day moving average. The net proceeds from the placement were used to refinance the US$1,510 million term loan and revolving credit facilities. The new facilities amount to US$1,290 million. Refer note 24 for further details. |
Consolidated statements of cash
Consolidated statements of cash flows $ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Statement [LineItems] | |||
Cash flows from operating activities | $ 557.8 | $ 762.4 | $ 917.5 |
Cash generated by operations | 998 | 1,286.5 | 1,245.4 |
Interest received | 6.8 | 5.1 | 7.3 |
Change in working capital | (16.3) | (69.4) | (2.3) |
Cash generated by operating activities | 988.5 | 1,222.2 | 1,250.4 |
Interest paid | (91) | (90.4) | (81.7) |
Royalties paid | (65.5) | (66) | (76.4) |
Taxation paid | (217.2) | (239.5) | (155.6) |
Net cash from operations | 614.8 | 826.3 | 936.7 |
Dividends paid/advanced | (57) | (70.7) | (40.7) |
- Owners of the parent | (45.5) | (62.8) | (39.2) |
- Non-controlling interest holders | (9.8) | (6.4) | (0.2) |
- South Deep BEE dividend | (1.7) | (1.5) | (1.3) |
Cash generated by continuing operations | 557.8 | 755.6 | 896 |
Cash generated by discontinued operations | 0 | 6.8 | 21.5 |
Cash flows from investing activities | (886.8) | (908.6) | (867.9) |
Additions to property, plant and equipment | (814.2) | (833.6) | (628.5) |
Proceeds on disposal of property, plant and equipment | 78.9 | 23.2 | 2.3 |
Purchase of Gruyere Gold project assets | 0 | 0 | (197.1) |
Purchase of Asanko Gold joint venture investment | (165) | 0 | 0 |
Purchase of investments | (19.3) | (80.1) | (12.7) |
Proceeds on disposal of investments | 0.5 | 0 | 4.4 |
Contributions to environmental trust funds | (7.7) | (16.7) | (14.8) |
Cash utilised in continuing operations | (886.8) | (901.8) | (846.4) |
Cash utilised in discontinued operations | 0 | (6.8) | (21.5) |
Cash flows from financing activities | 257.3 | 84.2 | 37 |
Shares issued | 0 | 0 | 151.5 |
Loans raised | 691.7 | 779.7 | 1,298.7 |
Loans repaid | (431.9) | (695.5) | (1,413.2) |
Payment of finance lease liabilities | (2.5) | 0 | 0 |
Cash generated by continuing operations | 257.3 | 84.2 | 37 |
Cash generated by discontinued operations | 0 | 0 | 0 |
Net cash (utilised)/generated | (71.7) | (62) | 86.6 |
Effect of exchange rate fluctuation on cash held | (7.6) | 14.3 | 0.1 |
Cash and cash equivalents at beginning of the year | 479 | 526.7 | 440 |
Cash and cash equivalents at end of the year | 399.7 | 479 | 526.7 |
Arctic Platinum Project [Member] | |||
Statement [LineItems] | |||
Proceeds on disposal of assets | 40 | 0 | 0 |
Darlot [Member] | |||
Statement [LineItems] | |||
Proceeds on disposal of assets | $ 0 | $ 5.4 | $ 0 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Accounting Policies | Accounting policies The principal accounting policies applied in the preparation of these consolidated 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 2018 and 2017 and for each of the years in the three-year period ended 31 December 2018 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 operations and the Group’s interest in associates and its joint ventures. 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. This is the first set of the Group’s financial statements in which IFRS 15 Revenue from Contracts with Customers Financial Instruments Investments in Associates and Joint Ventures As required by the United States Securities and Exchange Commission, the financial statements include the consolidated statements of financial position as at 31 December 2018 and 2017, and the consolidated income statements and statements of comprehensive income, changes in equity and cash flows for the years ended 31 December 2018, 2017 and 2016 and the related notes. The consolidated financial statements were authorised for issue by the Board of Directors on 25 March 2019. Standards, interpretations and amendments to published standards effective for the year ended 31 December 2018 or early adopted by the Group 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 change Salient features of the changes Impact on financial IFRS 2 Share-based Payments 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. No impact IFRS 9 Financial Instruments New standard • This IFRS sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial Refer to note 41 of the consolidated financial statements IFRS 15 Revenue from contracts with customers 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; and • The Group have adopted IFRS 15 on 1 January 2018. Refer to note 41 of the consolidated financial statements IAS 28 Investments in associates and joint ventures (early adopted) Amendment • The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate and joint venture that forms part of the net investment in the associate or joint venture but to which the equity method is not applied; • The implementation of this amendment has a direct impact on the accounting treatment of the redeemable preference shares that forms part of the Group’s net investment into Asanko Gold Ghana Limited; and • The amendments apply for annual period beginning on or after 1 January 2019. The Group has early adopted the standard as permitted by IAS 28. Refer to note 15 and note 17 of the consolidated financial statements Standards, interpretations and amendments to published standards that 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 2019 or later periods but have not been early adopted by the Group. The standards, amendments and interpretations that are relevant to the Group are: Standard(s) Amendment(s) Interpretation(s) Nature of the change Salient features of the changes Effective IFRS 16 Leases 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, 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. The lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. No significant changes have been included for lessors (the Group is not a lessor); • The Group has assessed the estimated impact that initial application of IFRS 16 will have on its consolidated financial statements which is described in more detail below; and • The actual impact of adopting the standard on 1 January 2019 may change because the new accounting policies are subject to change until the Group presents its first consolidated financial statements that include the date of initial application of IFRS 16. 1 January 2019 IFRS 16 Leases (continued) Lease in which the Group is a lessee • Management has compiled a list of all potential leases across the Group and reviewed all related contracts in order to identify and account for all leases in terms of IFRS 16 across the Group; • The Group will recognise right of use assets and lease liabilities for its operating leases for the following material contracts: Australia • Power Purchase Agreements (PPAs); • Rental of gas pipelines; • Ore haulage and site services; • Mining equipment hire; and • Property rentals. Ghana • Power Purchase Agreements (PPAs); and • Transportation contracts. South Africa • Equipment hire. Peru • Property rentals; and • Equipment hire. Corporate and other • Property rentals; and • Equipment hire. • The nature of expenses related to these leases will now change because the Group will recognise an amortisation and depreciation charge for the right-of-use assets and finance expense in respect of the lease liabilities once the standard is implemented; • Previously, the Group recognised operating lease expenses on a straight-line basis over the term of the lease, and recognised assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognised; • Based on the information currently available, the Group estimates that it will recognise right of use assets and additional lease liabilities between US$190.0 million and US$230.0 million at 1 January 2019. The Group does not expect the adoption of IFRS 16 to impact its ability to comply with loan covenant requirements; • The Group plans to apply IFRS 16 initially on 1 January 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 will be recognised as an adjustment to the opening balance of retained earnings at 1 January 2019, with no restatement of comparative information; • The Group will elect to recognise the right of use assets at an amount equal to the lease liability at 1 January 2019; and • The Group plans to apply the following practical expedients for IFRS 16: • Leases for which the underlying asset is of low value; and • Short term leases. IFRIC 23 Uncertainty over Income Tax Treatments New interpretation • 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; and • The interpretation will not have a material impact on the Group. 1 January 2019 Various IFRS (2015/2017 Cycle) • The annual improvements project is a collection of amendments to various IFRS standards and is the result of conclusions reached by the International Accounting Standards Board (“IASB”) on proposals made at its annual improvement project; and • The interpretation will not have a material impact on the Group. 1 January 2019 IFRS 3 Business Combinations Amendments • These amendments make it easier for companies to decide whether activities and assets they acquire are a business or merely a group of assets. The amendments: • Confirm that a business must include inputs and a process, and clarified that: (i) the process must be substantive and (ii) the inputs and process must together significantly contribute to creating outputs; • Narrow the definitions of a business by focusing the definition of outputs on goods and services provided to customers and other income from ordinary activities, rather than on providing dividends or other economic benefits directly to investors or lowering costs; and • Add a test that makes it easier to conclude that a company has acquired a group of assets, rather than a business, if the value of the assets acquired is substantially all concentrated in a single asset or group of similar assets. • The amendments will not have a material impact on the Group. 1 January 2020 IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Amendments • The IASB refined its definition of material to make it easier to understand. It is now aligned across IFRS Standards and the Conceptual Framework; • The revised definition of material is: • Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. • The Board has also removed the definition of material omissions or misstatements from IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; • The amendments will not have a material impact on the Group. 1 January 2020 IFRS 17 Insurance Contracts New Standard • IFRS 17 supersedes IFRS 4 Insurance Contracts • In addition, it includes a simplified approach and modifications to the general measurement model that can be applied in certain circumstances and to specific contracts, such as: • Reinsurance contracts held; • Direct participating contracts; and • Investment contracts with discretionary participation features. • Under the new standard, investment components are excluded from insurance revenue and service expenses. Entities can also choose to present the effect of changes in discount rates and other financial risks in profit or loss or OCI; • The new standard includes various new disclosures and requires additional granularity in disclosures to assist users to assess the effects of insurance contracts on the entity’s financial statements; and • The Group is in the process of determining the impact of IFRS 17 and will provide more detailed disclosure on the impact in future financial statements. 1 January 2021 * Effective date refers to annual period beginning on or after said date. Significant accounting judgements and estimates Use of estimates: The preparation of the consolidated 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 consolidated 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 the following: • Mineral reserves and resources estimates (this forms the basis of future cash flow estimates used for impairment assessments and units-of-production • Carrying value of property, plant and equipment and goodwill; • Production start date; • Estimates of recoverable gold and other materials in heap leach and stockpiles, gold in process and product inventories including write-downs of inventory to net realisable value; • Provision for environmental rehabilitation costs; • Provision for silicosis settlement costs; • Income taxes; • Share-based payments; • The fair value and accounting treatment of financial instruments; • Contingencies; and • Asanko Gold acquisition. 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: 2018 2017 US$ gold price per ounce – year 1 US$ 1,200 US$ 1,200 US$ gold price per ounce – year 2 onwards US$ 1,300 US$ 1,300 Rand gold price per kilogram – year 1 R 525,000 R 525,000 Rand gold price per kilogram – year 2 onwards R 550,000 R 525,000 A$ gold price per ounce – year 1 A$ 1,600 A$ 1,600 A$ gold price per ounce – year 2 onwards A$ 1,700 A$ 1,700 US$ copper price per tonne – year 1 US$ 5,951 US$ 5,512 US$ copper price per tonne – year 2 onwards US$ 6,612 US$ 6,171 Resource value per ounce (used to calculate the value beyond proved and probable reserves) • South Africa (with infrastructure) US$ 17 US$ 17 • Ghana (with infrastructure) US$ 44 US$ 41 • Peru (with infrastructure) US$ 70 US$ 41 • Australia (2018: with infrastructure, 2017: without infrastructure) 2 US$ 28 US$ 293 Discount rates • South Africa – nominal 13.5 % 13.5 % • Ghana – real 9.5 % 9.7 % • Peru – real 4.9 % 4.8 % • Australia – real 3.4 % 3.8 % Inflation rate – South Africa 1 5.5 % 5.5 % Life-of-mine • South Deep 75 years 78 years • Tarkwa 14 years 14 years • Damang 7 years 8 years • Cerro Corona 12 years 13 years • St Ives 7 years 5 years • Agnew/Lawlers 4 years 4 years • Granny Smith 12 years 11 years • Gruyere 12 years 13 years Long-term exchange rates US$/ZAR – year 1 13.61 13.61 US$/ZAR – year 2 onwards 13.16 13.16 A$/US$ – year 1 0.75 0.75 A$/US$ – year 2 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. 2 The US$293 per ounce is reflective of higher resource prices in the 2017 population used. 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 or copper 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 2018 was US$4,259.2 million (2017: US$4,892.9 million). The carrying value of goodwill at 31 December 2018 was US$nil (2017: US$76.6 million). An impairment of US$481.5 million (2017: US$277.8 million and 2016: US$nil) was recognised in respect of the South Deep CGU for the year ended 31 December 2018. US$71.7 million (2017: US$277.8 million and 2016: US$nil) of the total impairment was firstly allocated against goodwill and the remainder of US$409.8 million (2017: US$nil and 2016: US$nil) against other assets. 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 2018 was US$289.6 million (2017: US$281.5 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 25.2 and 35 of the consolidated financial statements for further details. The carrying amounts of the provision for silicosis settlement costs at 31 December 2018 was US$25.1 million (2017: US$31.9 million). 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 income tax and deferred tax 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 2018: • Deferred taxation liability: US$454.9 million (2017: US$453.9 million) • Deferred taxation asset: US$269.5 million (2017: US$72.0 million) • Taxation payable: US$5.2 million (2017: US$77.5 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 2018 was US$37.5 million (2017: US$26.8 million and 2016: US$14.0 million). Financial instruments Derivative 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 2018 was US$8.3 million (2017: US$25.0 million) and included in trade and other payables US$22.6 million (2017: US$3.3 million). Asanko redeemable preference shares Significant judgement is required in estimating life-of-mine In order to estimate the life-of-mine The life-of-mine The fair value of the Asanko redeemable preference shares at 31 December 2018 was US$132.9 million (2017: US$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 35 for details on contingent liabilities. Asanko Gold acquisition Recognition and measurement Gold Fields and Asanko have joint control as each party has equal representation on the management committee that governs the relevant activities of the arrangement. The Asanko transaction is structured as a separate vehicle and the Group has a residual interest in the net assets of Asanko. Accordingly, the Group has classified its interest in Asanko as a joint venture. Equity accounted investee and redeemable preference shares valuation Significant judgement is required in estimating life-of-mine life-of-mine life-of-mine In order to estimate the life-of-mine The life-of-mine life-of-mine life-of-mine Fair value measured on a provisional basis The fair value of identifiable net assets acquired has been performed on a provisional basis, pending completion of review and sign off of the life-of-mine life-of-mine If new information is obtained, within one year from the date of acquisition, about facts and circumstances that existed at the date of acquisition about the life-of-mine 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 t |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
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Revenue | 1. REVENUE The effect of initially applying IFRS 15 on the Group’s revenue from contracts with customers is described in note 41. Due to the transition method chosen in adopting IFRS 15, comparative information has not been restated to reflect the new requirements. Revenue from contracts with customers 2,577.8 2,761.8 2,666.4 – Gold¹ 2,408.6 2,584.0 2,535.8 – Copper² 169.2 177.8 130.6 Disclosure of disaggregated revenue from contracts with customers The Group generates revenue primarily from the sale of gold and copper concentrate to refineries and banks. All revenue from contracts with customers is recognised at a point in time. The Group also produces silver which is an insignificant by-product. The disaggregation of revenue from contracts with customers by primary geographical market and product is described in the segment note (note 42). ¹ All regions. ² Only Peru region (Cerro Corona). |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2018 | |
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Cost of Sales | 2. COST OF SALES Salaries and wages (392.8 ) (414.7 ) (388.1 ) Consumable stores (280.0 ) (346.7 ) (346.3 ) Utilities (148.3 ) (150.1 ) (169.8 ) Mine contractors (365.3 ) (307.4 ) (308.4 ) Other (204.4 ) (207.6 ) (163.1 ) Cost of sales before gold inventory change and amortisation and depreciation (1,390.8 ) (1,426.5 ) (1,375.7 ) Gold inventory change 16.2 69.5 45.9 Cost of sales before amortisation and depreciation (1,374.6 ) (1,357.0 ) (1,329.8 ) Amortisation and depreciation (668.4 ) (748.1 ) (671.4 ) Total cost of sales (2,043.0 ) (2,105.1 ) (2,001.2 ) |
Investment Income
Investment Income | 12 Months Ended |
Dec. 31, 2018 | |
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Investment Income | 3. INVESTMENT INCOME Dividends received 0.4 — — Interest received – environmental trust funds 0.6 0.5 1.0 Interest received – cash balances 6.8 5.1 7.3 Total investment income 7.8 5.6 8.3 |
Finance Expense
Finance Expense | 12 Months Ended |
Dec. 31, 2018 | |
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Finance Expense | 4. FINANCE EXPENSE Interest expense – environmental rehabilitation (11.7 ) (12.1 ) (10.7 ) Unwinding of discount on silicosis settlement costs (2.0 ) (0.9 ) — Interest expense – finance lease liability (0.2 ) — — Interest expense – borrowings (91.6 ) (91.2 ) (82.5 ) Borrowing costs capitalised 17.5 22.9 15.1 Total finance expense (88.0 ) (81.3 ) (78.1 ) |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2018 | |
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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 2018, 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 scheme (“LTIP”). Allocations under this plan were made during 2016, 2017 and 2018. The following information is available for each plan: United States Dollar 2018 2017 2016 Figures in millions unless otherwise stated Continuing Continuing Discontinued Continuing Discontinued (a) Gold Fields Limited 2005 Share Plan — — — — — (b)(i) Gold Fields Limited 2012 Share Plan – Performance Shares — — — 1.9 — – Bonus Shares — — — — — (b)(ii) Gold Fields Limited 2012 Share Plan amended – Performance Shares 34.7 24.5 0.6 12.1 0.4 – Retention Shares 2.5 2.1 — — — – Restricted/Matching Shares 0.3 0.2 — — — Total included in profit or loss for the year 37.5 26.8 0.6 14.0 0.4 (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 was closed. The following table summarises the movement of share options under the Gold Fields Limited 2005 Share Plan during the years ended 31 December 2018, 2017 and 2016: 2018 2017 2016 Share Average Share Average Share Average Outstanding at beginning of the year 11,521 9.42 530,611 7.39 1,025,178 6.03 Movement during the year: Forfeited (11,521 ) 9.42 (519,090 ) 7.75 (494,567 ) 5.27 Outstanding at end of the year (vested) — — 11,521 9.42 530,611 7.39 (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 was 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 was met the full initial target award would be settled on the settlement date. In addition, the Remuneration Committee determined that the number of PS to be settled could 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 an 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 and 2016: 2017 2016 Performance Performance Outstanding at beginning of the year 393,178 2,446,922 Movement during the year: Granted — 393,178 Exercised and released — (2,428,904 ) Forfeited (393,178 ) (18,018 ) Outstanding at end of the year — 393,178 No share options were awarded under the 2012 Share Plan for the year ended 31 December 2018. (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. Currently, the last vesting date is 1 March 2021. The salient features of the plan are: • 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 condition 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 USD 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 2018, the maximum number of matching shares that could vest, based on shares already committed to MSR, at the end of five years was 407,223 (2017: 403,027 and 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 2018, 2017 and 2016: 2018 2017 2016 Performance Performance Performance Outstanding at beginning of the year 18,279,130 8,138,472 — Movement during the year: Granted 811,829 11,744,152 8,196,037 Exercised and released — (34,827 ) — Forfeited (728,982 ) (1,568,667 ) (57,565 ) Outstanding at end of the year 18,361,977 18,279,130 8,138,472 At 31 December 2018, none of the outstanding options of 18,361,977 had vested. 2018 2017 2016 The fair value of equity instruments granted during the year ended 31 December 2018, 2017 and 2016 were valued using the Monte Carlo simulation model: Monte Carlo simulation 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) 58.6 % 64.3 % 58.1 % – expected term (years) 3 years 3 years 3 years – dividend yield 1 n/a n/a n/a – weighted average three-year risk-free interest rate (based on US interest rates) 2.0 % 1.6 % 0.5 % – weighted average fair value (United States Dollar) 5.0 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 2018, 2017 and 2016: 2018 2017 2016 Range of exercise prices for outstanding equity instruments (US$) Number of Price Contractual Number of Price Contractual Number of Price Contractual n/a* 18,361,977 — — 18,279,130 — — 8,531,650 — — 4.28 – 6.06 — — — — — — — — — 6.07 – 7.84 — — — — — — 3,835 6.79 0.50 7.85 – 9.62 — — — — — — 515,255 7.37 0.34 9.63 – 11.40 — — — 11,521 9.42 — 11,521 8.44 1.00 Total outstanding at end of the year 18,361,977 18,290,651 9,062,261 * Restricted shares (“PVRS”) are awarded for no consideration. Weighted average share price during the year on the Johannesburg Stock Exchange (US$) 3.46 3.76 4.29 The compensation costs related to awards not yet recognised under the above plans at 31 December 2018, 2017 and 2016 amount to US$20.8 million, US$53.0 million and US$36.6 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 stated 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 stated capital. The unexercised options and shares under all plans represented 2.2% of the total issued stated capital at 31 December 2018. |
Impairment, Net of Reversal of
Impairment, Net of Reversal of Impairment of Investments and Assets | 12 Months Ended |
Dec. 31, 2018 | |
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Impairment, Net of Reversal of Impairment of Investments and Assets | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 6. IMPAIRMENT, NET OF REVERSAL OF IMPAIRMENT OF INVESTMENTS AND ASSETS Investments (36.9 ) (3.7 ) (0.1 ) Listed investments — (0.5 ) (0.1 ) Unlisted investments — (3.2 ) — Equity accounted investees – Far Southeast Gold Resources Incorporated (“FSE”) 1 (36.9 ) — — Property, plant and equipment (411.7 ) 81.3 (76.4 ) Reversal of impairment of Arctic Platinum Project (“APP”) 2 — 39.0 — (Impairment)/reversal of impairment of property, plant and equipment – other 3 (1.9 ) 42.3 (76.4 ) South Deep cash-generating unit 4 (409.8 ) — — Goodwill (71.7 ) (277.8 ) — South Deep goodwill 4 (71.7 ) (277.8 ) — Impairment, net of reversal of impairment of investments and assets (520.3 ) (200.2 ) (76.5 ) ¹ Following the identification of impairment indicators at 31 December 2018, FSE was valued at its recoverable amount which resulted in an impairment of US$36.9 million. The recoverable amount was based on the fair value less cost of disposal (“FVLCOD”) of the investment (level 2 in the fair value hierarchy). The 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. 2 Refer note 12.2 for further details. The reversal of impairment was included in the “Corporate and other” segment. 3 (Impairment)/reversal of impairment of property, plant and equipment – other is made up as follows: 2018 2017 2016 – Redundant assets at Cerro Corona (1.9 ) (0.8 ) — – Reversal of cash-generating unit impairment at Cerro Corona (2016: impairment of US$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 reinvestment plan, a decision was taken to sell certain mining fleet assets and related spares. The sale of the assets was 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 ) (Relating to all assets at the Rex pit. Following a series of optimisations, the extensional drilling 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 (Impairment)/reversal of impairment of property, plant and equipment – other (1.9 ) 42.3 (76.4 ) 4 For the year ended 31 December 2018, the Group recognised an impairment of R6,470.9 million (US$481.5 million) (2017: R3,495.0 billion (US$277.8 million) and 2016: Rnil (US$nil)) in respect of the South Deep cash-generating unit due to the deferral of production. R963.9 million (US$71.7 million) (2017: R3,495.0 billion (US$277.8 million)) of the total impairment was firstly allocated against goodwill and the remainder of R5,507.0 million (US$409.8 million) (2017: Rnil (US$nil)) against other assets. 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 performed in June 2018 and given that impairment indicators still existed at 31 December 2018, a further assessment was performed. The recoverable amount at 31 December 2018 is R21,2 billion (US$1.4 billion)There were no further impairments at 31 December 2018 using the following assumptions: • Gold price of R525,000 per kilogram for 2019 and R550,000 per kilogram thereafter; • Resource price of US$17 per ounce at the Rand/US Dollar exchange rate of R14.63; • Resource ounces of 24.5 million ounces; • Life-of-mine: • Nominal discount rate of 13.5%. |
Included in (Loss)_Profit Befor
Included in (Loss)/Profit Before Royalties and Taxation | 12 Months Ended |
Dec. 31, 2018 | |
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Included in (Loss)/Profit Before Royalties and Taxation | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 7. INCLUDED IN (LOSS)/PROFIT BEFORE ROYALTIES AND TAXATION ARE THE FOLLOWING: Operating lease charges 1 (2.3 ) (2.4 ) (2.8 ) Profit on buy-back 1 — — 17.7 Social contributions and sponsorships 1 (15.1 ) (19.6 ) (19.3 ) Global compliance costs 1 — — (0.1 ) Loss on sale of inventory 1,2 (8.9 ) — — Rehabilitation income 1 0.9 13.5 9.7 Rehabilitation income 1 — — 0.2 Restructuring costs 3 (113.9 ) (9.2 ) (11.7 ) 1 Included under “Other costs, net” in the consolidated income statement. 2 The loss on sale of inventory related to the sale of inventory at Tarkwa as part of the transition to contractor mining. 3 The restructuring costs in 2018 comprise mainly separation packages at South Deep amounting to US$11.2 million (2017: US$2.3 million and 2016: US$nil), Damang amounting to US$13.9 million (2017: US$2.2 million and 2016: US$9.9 million), Tarkwa amounting to US$88.8 million (2017: 4.7 million and 2016: US$0.2 million), Australia amounting to US$nil (2017: US$nil and 2016: US$1.6 million). The restructuring costs of US$88.8 million at Tarkwa in 2018 related to the transition to contractor mining. |
Royalties
Royalties | 12 Months Ended |
Dec. 31, 2018 | |
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Royalties | 8. ROYALTIES South Africa (1.0 ) (1.8 ) (1.8 ) Foreign (61.5 ) (60.2 ) (76.6 ) Total royalties (62.5 ) (62.0 ) (78.4 ) Royalty rates South Africa (effective rate) 4 0.5 % 0.5 % 0.5 % Australia 5 2.5 % 2.5 % 2.5 % Ghana 6 3.0 % 3.0 % 5.0 % Peru 7 4.0 % 4.6 % 6.4 % 4 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 2018 was 0.5% of mining revenue (2017: 0.5% and 2016: 0.5%) equalling the minimum charge per the formula. 5 The Australian operations are subject to a 2.5% (2017: 2.5% and 2016: 2.5%) gold royalty on revenue as the mineral rights are owned by the state. 6 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$1,449.99 3.5 % US$1,450.00 – US$2,299.99 4.1 % US$2,300.00 – Unlimited 5.0 % During 2016, the Ghanaian operations were subject to a 5.0% gold royalty on revenue. 7 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, 2018 | |
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Mining and Income Taxation | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 9. MINING AND INCOME TAXATION 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 ) (1.1 ) (3.9 ) – prior year adjustment – current taxation 0.7 0.2 0.3 – deferred taxation 208.5 12.1 (9.5 ) Foreign taxation – current taxation (127.9 ) (199.8 ) (193.3 ) – dividend withholding tax (13.7 ) — — – prior year adjustment – current taxation (3.7 ) (2.8 ) (6.3 ) – deferred taxation 3.1 19.4 24.2 Total mining and income taxation 65.9 (173.2 ) (189.5 ) Major items causing the Group’s income taxation to differ from the maximum South African statutory mining tax rate of 34.0% (2017: 34.0% and 2016: 34.0%) were: Taxation on profit before taxation at maximum South African statutory mining tax rate 139.6 (51.8 ) (121.5 ) Rate adjustment to reflect the actual realised company tax rates in South Africa and offshore (6.7 ) 19.2 22.4 Non-deductible (12.8 ) (9.1 ) (4.8 ) Non-deductible (22.1 ) (19.7 ) (15.2 ) Deferred tax assets not recognised on impairment and reversal of impairment of investments 1 (12.5 ) 13.3 — Impairment of South Deep goodwill (24.4 ) (94.5 ) — Non-deductible (25.5 ) (24.2 ) (24.2 ) Non-taxable — — 0.8 Non-taxable buy-back — — 6.0 Share of results of equity-accounted investees, net of taxation (4.5 ) (0.4 ) (0.8 ) Non-taxable 17.6 — — Non-taxable 1.3 — — Non-taxable 1.4 — — Dividend withholding tax (15.5 ) — — Net non-deductible non-taxable (7.6 ) (5.3 ) (9.7 ) Deferred tax raised on unremitted earnings at Tarkwa and Cerro Corona (2017: Tarkwa) (1.1 ) (9.5 ) — Deferred taxation movement on Peruvian Nuevo Sol devaluation against US Dollar 2 (1.2 ) 5.2 (1.1 ) Various Peruvian non-deductible (7.5 ) (5.3 ) (8.3 ) Deferred tax assets not recognised at Cerro Corona (2017: Cerro Corona and Damang) 3 (14.9 ) (12.9 ) (34.9 ) Utilisation of tax losses not previously recognised at Damang — 7.1 — Deferred tax assets recognised at Damang (2017: Cerro Corona and Damang) 4 6.5 19.8 — Additional capital allowances recognised at South Deep 5 69.8 — — Deferred tax charge on change of tax rate at South Deep (2016: Peruvian and Ghanaian operations) (10.9 ) — 8.6 Prior year adjustments (3.0 ) (2.6 ) (6.0 ) Other (0.1 ) (2.5 ) (0.8 ) Total mining and income taxation 65.9 (173.2 ) (189.5 ) 1 Deferred tax assets not recognised on impairment of investments relate to the impairment of FSE (2017: reversal of impairment of APP). Refer to note 6 for details of impairments. 2 The functional currency of Cerro Corona is US Dollar, however, the Peruvian tax base is based on values in Peruvian Nuevo Sol. 3 Deferred tax assets amounting to US$14.9 million (2017: US$12.9 million and 2016: US$34.9 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$14.9 million (2017: US$12.9 million and 2016: US$33.5 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 4 Due to year-end pre-feasibility 5 During 2014, the South African Revenue Service (“SARS”) issued a Finalisation of Audit Letter (“the Audit Letter”) stating that SARS had disallowed US$182.2 million of GFIJVH’s gross recognised capital allowance of US$925.5 million. On 30 May 2018, GFIJVH and SARS entered into a confidential settlement agreement (as provided for in the Tax Administration Act) in full and final settlement of this matter. As a result of the settlement GFIJVH recognised an additional US$185.1 million of capital allowances with a tax effect on this amount of US$53.7 million. Refer note 35 on Contingent Liabilities for further details. United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 South Africa – current tax rates Mining tax 1 Y = 34 – 170/X Y = 34 –170/X Y = 34 –170/X Non-mining tax 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 % 32.5 % Peru 29.5 % 29.5 % 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 29% (2017: 30% and 2016: 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 2018, the Group had the following estimated amounts available for set-off (pre-tax): United States Dollar 2018 2017 Figures in millions unless otherwise stated Gross Gross Gross Gross Gross Gross South Africa 1 Gold Fields Operations Limited 638.0 206.4 — 716.4 192.5 — GFI Joint Venture Holdings Proprietary Limited 2,3 1,003.1 41.0 — 2,427.1 — 1,501.6 Gold Fields Group Services Proprietary Limited — 1.3 — — — — 1,641.1 248.7 — 3,143.5 192.5 1,501.6 International operations Exploration entities 4 — 430.0 430.0 — 445.9 445.9 Abosso Goldfields Limited 5 — 80.9 — — 201.4 63.5 — 510.9 430.0 — 647.3 509.4 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 US$1,003.1 million (2017: US$2,427.1 million) comprises US$1,003.1 million (2017: US$925.5 million) gross recognised capital allowance and US$nil (2017: US$1,501.6 million) gross unrecognised capital allowance. 3 During 2014, the South African Revenue Service (“SARS”) issued a Finalisation of Audit Letter (“the Audit Letter”) stating that SARS had disallowed US$182.2 million of GFIJVH’s gross recognised capital allowance of US$925.5 million. On 30 May 2018, GFIJVH and SARS entered into a confidential settlement agreement (as provided for in the Tax Administration Act) in full and final settlement of this matter. As a result of the settlement GFIJVH recognised an additional US$185.1 million of capital allowances, previously not recognised, with a tax effect on this amount of US$53.7 million. Refer note 35 on contingent liabilities for further details. 4 The total tax losses of US$430.0 million (2017: US$445.9 million) comprise US$18.6 million (2017: US$22.9 million) tax losses that expire between one and two years, US$27.6 million (2017: US$57.6 million) tax losses that expire between two and five years, US$20.3 million (2017: US$30.4 million) tax losses that expire between five and 10 years, US$42.3 million (2017: US$43.2 million) tax losses that expire after 10 years and US$320.9 million (2017: US$291.8 million) tax losses that have no expiry date. 5 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, 2018 | |
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Earnings Per Share | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 10. EARNINGS PER SHARE 10.1 Basic (loss)/earnings per share from continuing operations – cents (42 ) (4 ) 19 Basic (loss)/earnings per share is calculated by dividing the loss attributable to owners of the parent from continuing operations of US$348.2 million (2017: loss of US$31.8 million and 2016: profit of US$157.0 million) by the weighted average number of ordinary shares in issue during the year of 821,532,707 (2017: 820,611,806 and 2016: 809,889,990). 10.2 Basic earnings per share from discontinued operations – cents — 2 — Basic earnings per share is calculated by dividing the profit attributable to owners of the parent from discontinued operations of US$nil (2017: US$13.1 million and 2016: US$1.2 million) by the weighted average number of ordinary shares in issue during the year of 821,532,707 (2017: 820,611,806 and 2016: 809,889,990). 10.3 Diluted basic (loss)/earnings per share from continuing operations – cents (42 ) (4 ) 19 Diluted basic (loss)/earnings per share is calculated on the basis of loss attributable to owners of the parent from continuing operations of US$348.2 million (2017: loss of US$31.8 million and 2016: profit of US$157.0 million) and 832,465,491 (2017: 826,920,421 and 2016: 810,082,191) shares being the diluted number of ordinary shares in issue during the year. The weighted average number of shares has been adjusted by the following to arrive at the diluted number of ordinary shares: Weighted average number of shares 821,532,707 820,611,806 809,889,990 Share options in issue 10,932,784 6,308,615 192,201 Diluted number of ordinary shares 832,465,491 826,920,421 810,082,191 10.4 Diluted basic earnings per share from discontinued operations – cents — 2 — Diluted basic earnings per share is calculated on the basis of profit attributable to owners of the parent from discontinued operations of US$nil (2017: US$13.1 million and 2016: US$1.2 million) and 832,465,491 (2017: 826,920,421 and 2016: 810,082,191) shares being the diluted number of ordinary shares in issue during the year. 10. EARNINGS PER SHARE 10.5 Headline earnings per share from continuing operations – cents 7 26 24 Headline earnings per share is calculated on the basis of adjusted net earnings attributable to owners of the parent from continuing operations of US$60.6 million (2017: US$212.3 million and 2016: US$198.3 million) and 821,532,707 (2017: 820,611,806 and 2016: 809,889,990) shares being the weighted average number of ordinary shares in issue during the year. Net (loss)/profit attributable to owners of the parent from continuing operations is reconciled to headline earnings as follows: Long-form headline earnings reconciliation (Loss)/profit attributable to owners of the parent from continuing operations (348.2 ) (31.8 ) 157.0 Profit on disposal of investments, net — — (2.3 ) Gross — — (2.3 ) Taxation effect — — — Loss/(profit) on disposal of assets, net 37.0 (2.6 ) (41.0 ) Gross 51.6 (4.0 ) (48.0 ) Taxation effect (12.0 ) 1.2 7.0 Non-controlling interest effect (2.6 ) 0.2 — Impairment, reversal of impairment and write-off of investments and assets and other, net 371.8 246.7 84.6 Impairment, net of reversal of impairment of investments and assets 520.3 200.2 76.5 Write-off of exploration and evaluation assets 37.7 51.5 41.4 Profit on dilution of Gold Fields’ interest in Maverix (4.0 ) — — Gain on acquisition of Asanko (51.8 ) — — Taxation effect (130.4 ) (4.3 ) (32.1 ) Non-controlling interest effect — (0.7 ) (1.2 ) Headline earnings 60.6 212.3 198.3 10. EARNINGS PER SHARE 10.6 Headline earnings per share from discontinued operations – cents — — 1 Headline earnings per share is calculated on the basis of adjusted net loss attributable to owners of the parent from discontinued operations of US$nil (2017: loss of US$2.4 million and 2016: earnings of US$5.5 million) and 821,532,707 (2017: 820,611,806 and 2016: 809,889,990) shares being the weighted average number of ordinary shares in issue during the year. Net profit attributable to owners of the parent from discontinued operations is reconciled to headline earnings as follows: Long-form headline (loss)/earnings reconciliation Profit attributable to owners of the parent from discontinued operations — 13.1 1.2 Impairment and write-off of investments and assets and other, net — (15.5 ) 4.3 Gain on sale of discontinued operation — (23.5 ) — Write-off of exploration and evaluation assets — 1.5 6.1 Taxation effect — 6.5 (1.8 ) Headline (loss)/earnings — (2.4 ) 5.5 10.7 Diluted headline earnings per share from continuing operations – cents 7 26 24 Diluted headline earnings per share is calculated on the basis of headline earnings attributable to owners of the parent continuing operations of US$60.6 million (2017: US$212.3 million and 2016: US$198.3 million) and 832,465,491 (2017: 826,920,421 and 2016: 810,082,191) shares being the diluted number of ordinary shares in issue during the year. 10.8 Diluted headline earnings per share from discontinued operations – cents — — 1 Diluted headline earnings per share is calculated on the basis of headline loss attributable to owners of the parent discontinued operations of US$nil (2017: loss of US$2.4 million and 2016: earnings of US$5.5 million) and 832,465,491 (2017: 826,920,421 and 2016: 810,082,191) shares being the diluted number of ordinary shares in issue during the year. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2018 | |
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Dividends | 11. DIVIDENDS 2017 final dividend of 50 SA cents per share (2016: 60 SA cents and 2015: 21 SA cents) declared on 13 February 2018. 34.7 37.5 10.6 2018 interim dividend of 20 SA cents was declared during 2018 (2017: 40 SA cents and 2016: 50 SA cents). 10.8 25.3 28.6 A final dividend in respect of the financial year ended 31 December 2018 of 20 SA cents per share was approved by the Board of Directors on 13 February 2019. This dividend payable is not reflected in these consolidated financial statements. Dividends are subject to dividend withholding tax. Total dividends 45.5 62.8 39.2 Dividends per share – cents 6 8 5 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
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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$23.5 million). Post the completion of the sale, Gold Fields had a 19.9% shareholding in Red 5. Gold Fields does not have significant influence over Red 5 as the shareholding is below 20% and there are no qualitative factors indicating that significant influence exists. The financial results of Darlot were presented as a discontinued operation in the consolidated financial statements. United States Dollar Figures in millions unless otherwise stated 2017 2016 Below is a summary of the results of the discontinued operation for the year ended 31 December: Revenue 49.0 83.1 Cost of sales (50.7 ) (72.1 ) Cost of sales before gold inventory change and amortisation and depreciation (46.3 ) (57.3 ) Gold inventory change (0.9 ) (0.4 ) Amortisation and depreciation (3.5 ) (14.4 ) Other costs, net (1.9 ) (7.2 ) (Loss)/profit before royalties and taxation (3.6 ) 3.8 Royalties (1.1 ) (2.0 ) (Loss)/profit before taxation (4.7 ) 1.8 Mining and income taxation 1.4 (0.6 ) (Loss)/profit for the year from operating activities (3.3 ) 1.2 Gain on sale of discontinued operation 23.5 — Income tax on gain on sale of discontinued operation (7.1 ) — Profit from discontinued operation, net of tax 13.1 1.2 2017 Figures in millions unless otherwise stated US$ 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. United States Dollar Figures in millions unless otherwise stated 2018 2017 12.2 ASSETS HELD FOR SALE APP 1 — 40.0 Total assets held for sale — 40.0 1 Following the Group’s decision during 2013 to dispose of non-core year-end. 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. As a result, the impairment previously recorded, was reversed at 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). On 24 January 2018, Gold Fields concluded the sale of APP to a Finnish subsidiary of private equity fund CD Capital Natural Resources Fund III. The purchase consideration comprised US$40.0 million cash and royalty (2% NSR (net smelter return) on all metals, with 1% capped at US$20 million and 1% uncapped). The sale included 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 projects related assets. APP was included as part of corporate and other in the segment note. Refer note 42 for further details. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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Property, Plant and Equipment | United States Dollar 31 December 2017 31 December 2018 Land, Mine 1 Total Figures in millions unless otherwise stated Total Mine 1 Land, 13. PROPERTY, PLANT AND EQUIPMENT Cost 636.8 8,929.4 9,566.2 Balance at beginning of the year 10,560.7 9,886.4 674.3 (22.3 ) 1.8 (20.5 ) Reclassifications — 10.4 (10.4 ) 0.3 833.3 833.6 Additions for continuing operations 814.2 800.2 14.0 — 6.8 6.8 Additions for discontinued operations — — — — — — Finance leases capitalised (refer note 33) 96.2 96.2 — — (43.2 ) (43.2 ) Reclassification (to)/from assets held for sale (refer note 12) — — — — 22.9 22.9 Borrowing costs capitalised 2 17.5 17.5 — (12.6 ) (202.5 ) (215.1 ) Disposals (528.7 ) (494.6 ) (34.1 ) (1.4 ) (77.7 ) (79.1 ) Disposal of subsidiary (refer note 12) — — — 8.3 — 8.3 Changes in estimates of rehabilitation assets 24.1 — 24.1 65.2 415.6 480.8 Translation adjustment (707.7 ) (653.8 ) (53.9 ) 674.3 9,886.4 10,560.7 Balance at end of the year 10,276.3 9,662.3 614.0 Accumulated depreciation and impairment 26.8 5,014.8 5,041.6 Balance at beginning of the year 5,667.8 5,633.1 34.7 — (20.5 ) (20.5 ) Reclassifications — — — 15.7 732.4 748.1 Charge for the year continuing operations 668.4 658.3 10.1 0.2 3.3 3.5 Charge for the year discontinued operations — — — (2.9 ) (78.4 ) (81.3 ) Impairment and reversal of impairment, net 3 411.7 411.7 — — 51.5 51.5 Write-off of exploration and evaluation assets — continuing operations 4 37.7 37.7 — — 1.5 1.5 Write-off of exploration and evaluation assets — discontinued operations 4 — — — — (3.2 ) (3.2 ) Reclassification (to)/from assets held for sale (refer note 12) — — — (12.2 ) (200.9 ) (213.1 ) Disposals (398.2 ) (391.6 ) (6.6 ) (1.3 ) (74.5 ) (75.8 ) Disposal of subsidiary (refer note 12) — — — 8.4 207.1 215.5 Translation adjustment (370.3 ) (367.6 ) (2.7 ) 34.7 5,633.1 5,667.8 Balance at end of the year 6,017.1 5,981.6 35.5 639.6 4,253.3 4,892.9 Carrying value at end of the year 5 4,259.2 3,680.7 578.5 1 Included in the cost of mine development, infrastructure and other assets are exploration and evaluation assets amounting to US$12.6 million (2017: US$10.8 million). 2 Borrowing costs of US$17.5 million (2017: US$22.9 million) arising on Group general borrowings were capitalised during the period and comprised US$nil (2017: US$19.4 million) borrowing costs related to the qualifying projects at South Deep, US$9.9 million (2017: US$2.1 million) borrowings costs related to the Damang reinvestment project and US$7.6 million (2017: US$1.4 million) borrowings costs related to the Gruyere project. An average interest capitalisation rate of 5.9% (2017: 5.3%) was applied. During 2018, the capitalisation of borrowing costs ceased at South Deep as no new mine development was conducted or is planned for the foreseeable future at South of Wrench. 3 The impairment of US$411.7 million (2017: impairment reversal of US$81.3 million) is made up of US$1.9 million (2017: US$11.1 million) impairment of property, plant and equipment, US$409.8 million (2017: US$nil) impairment of the South Deep cash-generating unit, offset by the reversal of impairment amounting to US$nil (2017: APP reversal of impairment of US$39.0 million (refer note 6 and note 12.2 for further details) and the reversal of the Cerro Corona cash-generating unit impairment of US$53.4 million (refer note 6 for further details)). 4 The write-off 5 At 31 December 2017, fleet assets and carbon in leach (“CIL”) plant in Ghana amounting to US$183.6 million were pledged as security for the US$100 million senior secured revolving credit facility (“US$100 million facility”). On 22 March 2018, the Borrowers, the Original Lender and the Security Agent of the US$100 million facility entered into an Agreement and Restatement Agreement to release any and all security interests created in favour of the Security Agent (refer note 24 for further details). |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
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Goodwill | United States Dollar Figures in millions unless otherwise stated 2018 2017 14. GOODWILL Balance at beginning of the year 76.6 317.8 Impairment (71.7 ) (277.8 ) Translation adjustment (4.9 ) 36.6 Balance at end of the year — 76.6 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. For the year ended 31 December 2018, the Group fully impaired the remaining South Deep goodwill balance by recognising an impairment of R963.9 million (US$71.7 million) (2017: 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 2018 FVLCOD calculation include: • Long-term gold price of R525,000 per kilogram (US$1,200 per ounce) for 2019 and R550,000 (US$1,300 per ounce for the life-of-mine life-of-mine • A nominal discount rate of 13.5% (2017: 13.5%); • Fair value of US$17.0 per resource ounce (2017: US$17.0 per resource ounce), used for resource with infrastructure to calculate the expected cash flows associated with value beyond proved and probable reserves; • Resource ounces of 24.5 million ounces (2017: 29.0 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 Refer accounting policies on pages 162 for further discussion on the significant judgements and estimates associated with assessing the carrying value of property, plant and equipment and goodwill. |
Acquisition of Asanko Gold
Acquisition of Asanko Gold | 12 Months Ended |
Dec. 31, 2018 | |
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Acquisition of Asanko Gold | 15. ACQUISITION OF ASANKO GOLD Background On 29 March 2018, Gold Fields entered into certain definitive agreements (the “JV Transaction”) with Asanko Gold Inc. (“Asanko”) pursuant to which: • Gold Fields and Asanko would each own a 45% interest in Asanko Gold Ghana Limited (“AGGL”), the Asanko subsidiary that currently owns the Asanko Gold Mine, with the Government of Ghana continuing to retain a 10% free carried interest in AGGL (the Joint Arrangement); • Gold Fields and Asanko would each own a 50% interest in Adansi Gold Company Limited (“Adansi”), the Asanko subsidiary that currently owns a number of exploration licences; and • Gold Fields and Asanko would each acquire a 50% interest in the newly formed financing entity (Shika Group Finance Limited). On 20 June 2018, Gold Fields and Asanko received approval of the JV Transaction from the Ghanaian Minister of Lands and Natural Resources and the JV Transaction closed on 31 July 2018 once all conditions precedent were met. Recognition and measurement Gold Fields and Asanko have joint control and the Asanko transaction is structured as a separate vehicle and the Group has a residual interest in the net assets of Asanko. Accordingly, the Group has classified its interest in Asanko as a joint venture. Fair value measured on a provisional basis The fair value of identifiable net assets acquired has been performed on a provisional basis, using the acquisition life-of-mine life-of-mine If new information is obtained, within one year from the date of acquisition, about facts and circumstances that existed at the date of acquisition about the life-of-mine Consideration transferred The following table summarises the acquisition date fair value of the consideration transferred: United States Figures in millions unless otherwise stated 2018 Cash – Asanko redeemable preference shares and equity 165.0 Total consideration transferred 165.0 Gain on acquisition of Asanko The gain on acquisition was determined as follows: United States Figures in millions unless otherwise stated 2018 Total fair value of assets acquired 216.8 Redeemable preference shares equity financial asset acquired 1 129.9 Fair value of identifiable net assets acquired 2 86.9 Consideration transferred (165.0 ) Gain on acquisition 3 51.8 1 The redeemable preference shares have the following conditions: • Redeemable at the option of the issuer at par value; and • Non-interest The redeemable preference shares were recognised as an investment in an equity financial instrument measured at fair value. The key assumptions used to determine the fair value of the redeemable preference shares of US$129.9 million at acquisition were as follows: Par value of the preference shares US$ 165.0 million Market-related interest rate 7.85 % Expected redemption period – 2020 to 2023 5 years 2 The key assumptions used to determine the fair value of the net identifiable assets acquired were as follows: US$ gold price – 2018 to 2019 US$ 1,200/oz US$ gold price – 2020 onwards US$ 1,300/oz Discount rate 10.27 % Life-of-mine 12 years 3 The excess of the fair value of the identifiable net assets acquired over the consideration is recognised immediately in profit or loss as a gain on acquisition. The injection of capital into Asanko Gold Mine for an equity stake represented a favourable deal for Gold Fields, as Asanko needed to refinance the debt of Asanko Gold Mine, resulting in a gain on acquisition. |
Equity Accounted Investees
Equity Accounted Investees | 12 Months Ended |
Dec. 31, 2018 | |
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Equity Accounted Investees | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 16.1 EQUITY ACCOUNTED INVESTEES Investment in joint ventures 177.5 128.6 (a) Far Southeast Gold Resources Incorporated (“FSE”) 91.7 128.6 (b) Asanko Gold 85.8 — Investment in associates 47.6 42.7 (c) Maverix Metals Incorporated (“Maverix”) 47.6 42.7 (d) Other associates — — Total equity accounted investees 225.1 171.3 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 (“FSE”) (12.9 ) (1.6 ) (2.3 ) (b) Asanko Gold (1.1 ) — — (c) Maverix Metals Incorporated (“Maverix”) 0.9 0.3 — (d) Other associates — — — Total share of results of equity investees net of tax (13.1 ) (1.3 ) (2.3 ) (a) Far Southeast Gold Resources Incorporated (“FSE”) Gold Fields’ interest in FSE, an unlisted entity incorporated in the Philippines, was 40% (2017: 40% and 2016: 40%) at 31 December 2018. 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 currently exercisable 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: United States Dollar Figures in millions unless otherwise stated 2018 2017 Unlisted shares at cost 230.0 230.0 Equity contribution 92.2 79.3 Cumulative impairment 1 (138.3 ) (101.4 ) Share of accumulated losses brought forward (79.3 ) (77.7 ) Share of loss after taxation 2 (12.9 ) (1.6 ) Total investment in joint venture 3 91.7 128.6 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. (b) Asanko Gold The Asanko Gold joint venture entities comprise the following: • A 45% interest in Asanko Gold Ghana Limited (“AGGL”), incorporated in Ghana, which owns the Asanko Gold Mine. The Government of Ghana continues to retain a 10% free carried interest in AGGL; • A 50% interest in Adansi Gold Company Limited (“Adansi”), incorporated in Ghana; and • A 50% interest in Shika Group Finance Limited (“Shika”), incorporated in the Isle of Man. Refer to note 15 for further information on the acquisition of this investment. Asanko has a 31 December year-end The Asanko joint venture is structured through a number of separate vehicles and the Group has a residual interest in the net assets of Asanko. Accordingly, the Group has classified its interest in Asanko as a joint venture. The following table summarises the financial information and the carrying amount of the Group’s interest in Asanko: United States Dollar Figures in millions unless otherwise stated 2018 Investment in joint venture at cost consists of: Initial investment at cost 86.9 Share of loss after taxation (1.1 ) Carrying value at 31 December 2018 85.8 The investment comprises the following: Figures in millions unless otherwise stated Carrying Percentage AGGL 5.4 45.0 % Shika 80.4 50.0 % Adansi 1 — 50.0 % Total 85.8 1 Nominal value at 31 December 2018 is less than US$0.1 million. The Group’s interest in the summarised financial statements of Asanko on a combined basis is as follows: United States Dollar Figures in millions unless otherwise stated 2018 Statement of financial position – Asanko Non-current 481.2 Current assets 1 109.3 Non-current (34.2 ) Current liabilities (52.7 ) Net assets 503.6 Less: 2 (39.6 ) Less: (291.4 ) Net assets attributable to ordinary shareholders 172.6 Group’s share of net assets 85.8 Reconciled as follows: Cash consideration paid 165.0 Less: (129.9 ) Consideration paid for equity portion 35.1 Gain on acquisition 51.8 Share of loss after taxation (1.1 ) Carrying amount of interest in joint venture 85.8 Income statement – Asanko Revenue 122.0 Production costs (79.0 ) Depreciation and amortisation (34.3 ) Other expenses (4.9 ) Royalties (6.2 ) Income tax expense — Loss for the five-month period (2.4 ) Other comprehensive income — Total comprehensive income (2.4 ) Group’s share of total comprehensive income (1.1 ) 1 Current assets includes cash and cash equivalents of US$21.6 million. 2 Relates to a fair value adjustment to property, plant and equipment of the Asanko Gold Mine as determined at acquisition. (c) Maverix Metals Incorporated (“Maverix”) Gold Fields’ interest in Maverix, listed on the Toronto Stock Exchange, was 19.9% (2017: 27.9%) at 31 December 2018. Gold Fields owns an additional 10.0 million common share purchase warrants (refer note 17) that are currently exercisable. After inclusion of the warrants, Gold Fields owns 20.5% in Maverix on a diluted basis. On 23 December 2016, Gold Fields sold a portfolio of 11 producing and non-producing During the year, Maverix purchased a portfolio of royalties from Newmont (the “Transaction”). As part of the consideration for the Transaction, Maverix issued Newmont 60,000,000 common shares and 10,000,000 common share purchase warrants. The Transaction resulted in the dilution of Gold Fields’ interest in Maverix from 28% to 20% at 31 December 2018. Gold Fields was required to fair value its diluted investment in Maverix. The Transaction resulted in Gold Fields recognising a profit on the deemed disposal of its interest in Maverix of US$4.0 million. Maverix has a 31 December year-end Investment in associate consists of: United States Figures in millions unless otherwise stated 2018 2017 Listed shares at cost 42.1 42.1 Profit on dilution of Gold Fields’ interest in Maverix 4.0 — Transaction costs capitalised 0.3 0.3 Share of accumulated profits brought forward 0.3 — Share of profit after taxation 0.9 0.3 Investment in associate – Maverix 1 47.6 42.7 (d) Other Investment in associate — — Rusoro Mining Limited (“Rusoro”) 2 — — 1 The fair value, based on the quoted market price of the investment, in Maverix at 31 December 2018 is US$74.7 million (2017: US$57.2 million). 2 Represents a holding of 25.7% (2017: 25.7%) in Rusoro. The carrying value of Rusoro, incorporated in Venezuela, was written down to US$nil at 31 December 2010 due to losses incurred by the entity. The fair value, based on the quoted market price of the investment, in Rusoro at 31 December 2018 is US$13.4 million (2017: US$7.7 million). The unrecognised share of loss of Rusoro for the year amounted to US$2.6 million (2017: unrecognised shares of loss of US$2.0 million). The cumulative unrecognised share of losses of Rusoro at 31 December 2018 amounted to US$198.6 million (2017: US$196.0 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 judgment, 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 U.S. District Court for the District of Columbia, which seeks recognition of and the entry of judgment on the original arbitration award. A favourable ruling from either the New York or D.C. court will entitle Rusoro to use all legal procedures – including broad discovery from both Venezuela and third parties – that U.S. law provides judgment creditors. Any judgment issued in New York will also accrue interest at 9% per annum until the judgment is fully paid. On 19 October 2018, Rusoro announced that it had reached a settlement agreement with Venezuela by which the Venezuela government agreed to pay Rusoro US$1.28 billion to acquire the company’s mining data and full release of the judgment issued in favour of the company. In a decision dated 29 January 2019, the Paris Court of Appeals partially annulled the arbitral award issued in favour of the Company in August 2016. Rusoro intends to vigorously pursue all available remedies to reinstate such award. Management has not recognised this amount due to the uncertainty over its recoverability. 16.2 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 a 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. Of the A$100.0 million payable, A$7.0 million was paid in 2016, A$78.0 million in 2017 and A$15.0 million in 2018. Below is a summary of Gold Fields’ share of the joint operation and includes inter-company transactions and balances: 2018 2017 Figures in millions unless otherwise stated US$ A$ US$ A$ Statement of financial position Non-current Property, plant and equipment 554.6 788.6 374.9 485.7 Current assets 11.7 16.5 7.2 9.3 Cash and cash equivalents 2.1 3.0 5.3 6.8 Inventories 0.8 1.1 — — Prepayments 6.4 9.1 1.9 2.5 Other receivables 2.4 3.3 — — Total assets 566.3 805.1 382.1 495.0 Total equity Retained earnings (4.7 ) (6.7 ) (2.3 ) (2.9 ) Non-current 119.7 170.3 11.8 15.2 Deferred taxation 30.5 43.3 4.2 5.4 Finance lease liability 76.5 108.8 — — Environmental rehabilitation costs 12.7 18.2 — — Long-term incentive plan — — 7.6 9.8 Current liabilities 451.3 641.5 372.6 482.7 Related entity loans payable 439.0 624.1 347.3 449.9 Trade and other payables 7.7 10.9 14.1 18.3 Deferred consideration — — 11.2 14.5 Current portion of finance lease liability 4.6 6.5 — — Total equity and liabilities 566.3 805.1 382.1 495.0 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
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Investments | United States Dollar Figures in millions unless otherwise stated 2018 2017 17. INVESTMENTS Listed At fair value through OCI (2017: available for sale financial assets) 93.0 99.0 Unlisted Asanko redeemable preference shares¹ 132.9 — Other 0.1 0.1 Derivative instruments Warrants 2 9.3 5.5 Total investments 3 235.3 104.6 1 Consists of 164,939,999 redeemable preference shares at par value for US$164,939,999. The following table shows a reconciliation from the fair value at acquisition to the fair value of the redeemable preference shares at the end of the year (level 3 financial instrument): Fair value at acquisition 129,9 Net change in fair value (recognised in OCI) 3,0 Fair value at end of the year 132,9 The fair value is based on the expected cash flows of the Asanko Gold Mine based on the life-of-mine Par value of the preference shares US$ 165.0 million Market-related interest rate 7,85 % Expected redemption period 5 years Any reasonable change in the timing of the cash flows or market-related discount rate could materially change the fair value of the redeemable preference shares (refer note 38 for sensitivity analysis performed). Refer to note 15 and 16.1 (b) for further details. 2 Consists of 10.0 million common share purchase warrants of Maverix. Refer note 16.1 (c) for further details. 3 With the adoption of IFRS 9, all listed investments were reclassified from available for sale financial assets to financial assets designated at fair value through OCI. Refer note 43 for details of major investments. |
Environmental Trust Funds
Environmental Trust Funds | 12 Months Ended |
Dec. 31, 2018 | |
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Environmental Trust Funds | 18. ENVIRONMENTAL TRUST FUNDS Balance at beginning of the year 55.5 44.5 Contributions from continuing operations 7.7 8.6 Interest earned 0.6 0.5 Translation adjustment (3.0 ) 1.9 Balance at end of the year 60.8 55.5 The trust funds consist of term deposits and equity-linked deposits amounting to US$8.3 million (2017: US$8.6 million) and US$6.5 million (2017: US$7.5 million), respectively, in South Africa, as well as secured cash deposits amounting to US$46.0 million (2017: US$39.6 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 reinvested or spent to meet these obligations. The funds are invested in money market and fixed deposits. The obligations which these funds are intended to fund are included in environmental rehabilitation costs under long-term provisions (refer note 25.1). Refer to note 34 for details on environmental obligation guarantees. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
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Inventories | 19. INVENTORIES Gold-in-process 325.0 305.4 Consumable stores 176.5 220.9 Total inventories 501.5 526.3 Heap leach and stockpiles inventories included in non-current 4 (133.3 ) (132.8 ) Total current inventories 5 368.2 393.5 4 Heap leach and stockpiles inventories will only be processed at the end of life-of-mine. 5 The cost of consumable stores consumed during the year and included in cost of sales amounted to US$280.0 million (2017: US$346.7 million). |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Dec. 31, 2018 | |
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Trade and Other Receivables | United States Dollar Figures in millions unless otherwise stated 2018 2017 20. TRADE AND OTHER RECEIVABLES Trade receivables – gold sales and copper concentrate 23.4 46.6 Trade receivables – other 23.0 15.6 Gold, copper and oil derivative contracts 1 8.3 25.0 Receivables due from the sale of Tarkwa mining fleet 2 26.5 — Deposits 0.2 0.1 Payroll receivables 2.9 11.6 Prepayments 43.3 51.5 Value added tax and import duties 18.1 45.9 Diesel rebate 1.1 1.4 Other 6.4 4.2 Total trade and other receivables 153.2 201.9 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
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Cash and Cash Equivalents | 21. CASH AND CASH EQUIVALENTS Cash at bank and on hand 399.7 479.0 Total cash and cash equivalents 399.7 479.0 |
Stated Capital
Stated Capital | 12 Months Ended |
Dec. 31, 2018 | |
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Stated Capital | 22. STATED CAPITAL Stated capital 3,622.5 3,622.5 3,622.5 3,622.5 Number of Number of In issue at 1 January 3 821,532,707 821,525,435 Exercise of employee share options — 7,272 In issue at 31 December 821,532,707 821,532,707 Authorised 2,000,000,000 2,000,000,000 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. Holders of the shares are entitled to dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. In terms of the general authority granted by shareholders at the AGM on 22 May 2018, the authorised but unissued ordinary stated capital of the Company representing not more than 5% of the issued stated 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 stated capital of the Company representing not more than 5% of the issued stated capital of the Company from time to time. In terms of the JSE Listings 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. 1 Comprises US$1.7 million (2017: US$5.1 million) relating to Australian oil derivative contracts, US$3.0 million (2017: US$9.0 million) relating to Ghanaian oil derivative contracts, US$2.4 million (2017: US$nil) relating to Ghanaian gold derivative contracts, US$nil million (2017: US$10.9 million) relating to gold derivative contracts at South Deep and US$1.2 million (US$nil) relating to Peruvian copper derivative contracts. Refer note 38 for further details. 2 Relates to the sale of mining fleet at Tarkwa as part of the transition to contractor mining. 3 The total number of ordinary shares in issue per the consolidated financial statements has been adjusted by 918,490 shares to aligned with the statutory records of the company. No impact on stated capital, earnings, diluted earnings and headline earnings per share. Repurchase of shares The Company has not exercised the general authority granted to buy back shares from its issued ordinary stated capital granted at the AGM held on 22 May 2018. 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 22 May 2018. 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 shareholding The following beneficial shareholders hold 5% or more of the Company’s listed ordinary shares at 31 December 2018: Number % of issued Government Employees Pension Fund 60,064,445 7.31 % VanEck Vectors Gold Miners ETF 58,229,560 7.09 % Market Vectors Junior Gold Mines ETF 47,680,319 5.80 % |
Deferred Taxation
Deferred Taxation | 12 Months Ended |
Dec. 31, 2018 | |
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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 Figures in millions unless otherwise stated 2018 2017 Liabilities – Mining assets 835.7 1,014.1 – Investment in environmental trust funds 3.2 3.4 – Inventories 11.3 12.1 – Unremitted earnings 9.3 9.1 – Other 5.2 12.6 Liabilities 864.7 1,051.3 Assets – Provisions (95.8 ) (108.4 ) – Tax losses 1 (98.4 ) (69.1 ) – Unredeemed capital expenditure 1 (475.9 ) (491.9 ) – Finance lease liability (2.0 ) — – Other (7.2 ) — Assets (679.3 ) (669.4 ) Net deferred taxation liabilities 185.4 381.9 Included in the statement of financial position as follows: Deferred taxation assets (269.5 ) (72.0 ) Deferred taxation liabilities 454.9 453.9 Net deferred taxation liabilities 185.4 381.9 Balance at beginning of the year 381.9 409.9 Recognised in profit or loss – continuing operations (211.6 ) (31.5 ) Recognised in profit or loss – discontinued operations — 3.4 Recognised in OCI (4.0 ) — Translation adjustment 19.1 0.1 Balance at end of the year 185.4 381.9 1 Tax losses and unredeemed capital expenditure have been recognised, as disclosed in note 9, to the extent that the tax paying entities will have taxable profits in the foreseeable future (per the life-of-mine life-of-mine |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2018 | |
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BORROWINGS | 24. BORROWINGS The terms and conditions of outstanding loans are as follows: United States Dollar Facility Figures in millions unless otherwise stated Notes 2018 2017 Borrower Nominal interest rate Commitment Maturity date US$1 billion notes issue (the notes) 1 (a ) 849.4 847.9 Orogen 4,875 % — 7 October 2020 US$150 million revolving senior secured credit facility – old 2 (b ) — — La Cima LIBOR plus 1.63 % 0.65 % 19 December 2017 US$150 million revolving senior secured credit facility – new 2 (c ) 83.5 83.5 La Cima LIBOR plus 0.50 % 19 September 2020 US$70 million revolving senior secured credit facility 3 (d ) — — Ghana LIBOR plus 1.00 % 6 May 2017 US$100 million revolving senior secured credit facility 3 (e ) 45.0 45.0 Ghana LIBOR plus 1.40 % 30 November 2021 A$500 million syndicated revolving credit facility 4 (f ) 316.5 231.5 Gruyere BBSY plus 2.35 % 0.94 % 24 May 2021 US$1,290 million term loan and revolving credit facilities 5 (g ) 583.0 380.0 – Facility A (US$380 million) 380.0 380.0 Orogen LIBOR plus 2.25 % — 6 June 2020 – Facility B (US$360 million) 203.0 — Orogen LIBOR plus 1.95 % 0.77 % 6 June 2021 – Facility C (US$550 million) — — Orogen LIBOR plus 2.20 % 0.86 % 6 June 2021 R1,500 million Nedbank revolving credit facility – old 6 (h ) — 79.5 GFIJVH/GFO JIBAR plus 2.50 % 0.85 % 7 March 2018 R1,500 million Nedbank revolving credit facility – new 6 — — GFIJVH/GFO JIBAR plus 2.80 % 0.90 % 8 May 2023 R500 million Standard Bank revolving credit facility 7 (i ) 13.7 — GFIJVH/GFO JIBAR plus 2.75 % 1.05 % 31 March 2020 R500 million Absa Bank revolving credit facility 8 (j ) 34.2 — GFIJVH/GFO JIBAR plus 0.893 % 31 March 2020 Short-term Rand uncommitted credit facilities 9 (k ) 86.3 114.1 — — — — Total borrowings 2,011.6 1,781.5 Current borrowings (86.3 ) (193.6 ) Non-current 1,925.3 1,587.9 1 The balance is net of unamortised transaction costs amounting to US$3.0 million (2017: US$4.5 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”), 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 (BVI) 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 (these facilities were cancelled and refinanced through the US$1,290 million term loan and revolving credit facility on 6 June 2017). 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 (“GF Ghana Limited”) and Abosso Goldfields Limited (“Abosso”). 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 were pledged as security for this facility at 31 December 2017. On 22 March 2018, the Borrowers, the Original Lender and the Security Agent entered into an Agreement and Restatement Agreement to release any and all security interests created in favour of the Security Agent (“the Security”). The effective date of the release of the Security was 22 March 2018. On 23 November 2018, GF Ghana Limited and Abosso (as Borrowers) and The Standard Bank of South Africa Limited (acting through its Isle of Man branch) (as Original Lender and Agent) entered into the Fifth Amendment and Restatement Agreement which further amended the facility agreement. The effective date of the Fifth Amendment and Restatement Agreement is 30 November 2018. The final maturity date is the date falling three years after the effective date, namely 30 November 2021. 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 this facility are guaranteed by Gold Fields, GF Holdings, Orogen, GFO, GFIJVH and GF Ghana. 6 Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH, GF Ghana and Gruyere Holdings Proprietary Limited (“Gruyere”). The old revolving credit facility matured on 7 March 2018 and was replaced by the new revolving credit facility on 8 May 2018. 7 Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH, GF Ghana and Gruyere. 8 Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH, GF Ghana and Gruyere. 9 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 Figures in millions unless otherwise stated 2018 2017 24. BORROWINGS (a) US$1 billion notes issue Balance at beginning of the year 847.9 846.4 Unwinding of transaction costs 1.5 1.5 Balance at end of the year 849.4 847.9 (b) US$150 million revolving senior secured credit facility—old Balance at beginning of the year — 82.0 Loans advanced — — Repayments — (82.0 ) Balance at end of the year — — (c) US$150 million revolving senior secured credit facility—new Balance at beginning of the year 83.5 — Loans advanced — 83.5 Balance at end of the year 83.5 83.5 (d) US$70 million revolving senior secured credit facility Balance at beginning of the year — 45.0 Repayments — (45.0 ) Balance at end of the year — — (e) US$100 million revolving senior secured credit facility Balance at beginning of the year 45.0 — Loans advanced — 45.0 Balance at end of the year 45.0 45.0 (f) A$500 million syndicated revolving credit facility Balance at beginning of the year 231.5 — Loans advanced 119.9 236.6 Translation adjustment (34.9 ) (5.1 ) Balance at end of the year 316.5 231.5 (g) US$1,290 million term loan and revolving credit facilities Balance at beginning of the year 380.0 658.5 Loans advanced 382.6 73.5 Repayments (179.6 ) (352.0 ) Balance at end of the year 583.0 380.0 (h) R1,500 million Nedbank revolving credit facility Balance at beginning of the year 79.5 — Loans advanced 20.7 78.5 Repayments (107.7 ) — Translation adjustment 7.5 1.0 Balance at end of the year — 79.5 24. BORROWINGS (i) R500 million Standard Bank revolving credit facility Loans advanced 13.7 — Translation adjustment — — Balance at end of the year 13.7 — (j) R500 million Absa revolving credit facility Loans advanced 36.1 — Translation adjustment (1.9 ) — Balance at end of the year 34.2 — (k) Short-term Rand uncommitted credit facilities Balance at beginning of the year 114.1 61.0 Loans advanced 118.7 262.6 Repayments (144.6 ) (216.5 ) Translation adjustment (1.9 ) 7.0 Balance at end of the year 86.3 114.1 Total borrowings 2,011.6 1,781.5 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) 1,162.2 933.6 Fixed rate with no exposure to repricing (US$1 billion notes issue) 849.4 847.9 2,011.6 1,781.5 The carrying amounts of the Group’s borrowings are denominated in the following currencies: US Dollar 1,560.9 1,356.4 Australian Dollar 316.5 231.5 Rand 134.2 193.6 2,011.6 1,781.5 The Group has the following undrawn borrowing facilities: Committed 986.7 1305.1 Uncommitted 26.5 17.1 1013.2 1322.2 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 – later than one year and not later than two years 93.0 — – later than two years and not later than three years 791.2 715.4 – later than three years and not later than five years 102.5 550.0 986.7 1305.1 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2018 | |
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Provisions | 25. PROVISIONS 25.1 Environmental rehabilitation costs 289.6 281.5 25.2 Silicosis settlement costs 25.1 31.9 25.3 Other 4.8 7.9 Total provisions 319.5 321.3 25.1 Environmental rehabilitation costs Balance at beginning of the year 281.5 283.1 Changes in estimates – continuing operations 1 23.2 (5.4 ) Changes in estimates – discontinued operations 1 — — Interest expense – continuing operations 11.7 12.1 Interest expense – discontinued operations — 0.2 Payments (9.6 ) (8.1 ) Disposal of subsidiary — (12.9 ) Translation adjustment (17.2 ) 12.5 Balance at end of the year 2 289.6 281.5 The provision is calculated using the following gross closure cost estimates: South Africa 41.8 41.8 Ghana 100.4 98.1 Australia 178.2 179.2 Peru 79.1 61.9 Chile 0.4 — Total gross closure cost estimates 399.9 381.0 The provision is calculated using the following assumptions: Inflation Discount 2018 South Africa 5.5 % 10.0 % Ghana 2.2 % 10.3 % Australia 2.5 % 2.3% – 2.5 % Peru 2.2 % 4.2 % Chile 2.2 % 3.6 % 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 % 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 (refer note 34); • Australia – mine rehabilitation fund levy; and • Peru – bank guarantees. Refer to note 38 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. United States Dollar Figures in millions unless otherwise stated 2018 2017 25. PROVISIONS 25.2 Silicosis settlement costs 1 Balance at beginning of the year 31.9 — Changes in estimates (4.5 ) 30.2 Unwinding of provision recognised as finance expense 2.0 0.9 Translation (4.3 ) 0.8 Balance at end of the year 25.1 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. 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, Gold Fields was able 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 during 2017. As a result, Gold Fields provided an amount of US$25.1 million (R367.8 million) (2017: US$31.9 million (R401.6 million)) for this obligation in the statement of financial position at 31 December 2018. The nominal amount of this provision is US$34.7 million (R507.0 million). Gold Fields believes that this remains a reasonable estimate of its share of the settlement of the class action claims and related costs. The assumptions that were made in the determination of the provision include silicosis prevalence rates, estimated settlement per claimant, benefit take-up Refer note 35 for further details. |
Long-term Incentive Plan
Long-term Incentive Plan | 12 Months Ended |
Dec. 31, 2018 | |
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Long-term Incentive Plan | 26. LONG-TERM INCENTIVE PLAN Opening balance 18.1 23.6 Charge to income statement – continuing operations 1.1 5.0 Charge to income statement – discontinued operations — 0.1 Payments (17.8 ) (11.5 ) Translation adjustment 0.7 0.9 Balance at end of the year 2 2.1 18.1 Current portion of long-term incentive plan — (18.1 ) Non-current 2.1 — 2 On 1 March 2014, the Remuneration Committee approved the Gold Fields Limited Long-Term Incentive Plan (“LTIP”). The plan provided 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 were assessed over the performance cycle which runs over three calendar years. The expected timing of the cash outflows in respect of each grant was at the end of three years after the original award was made. The last award under this plan was made in 2015. From 2018 onwards, Executive Committee members (including regional Executive Committee members) receive awards under the Gold Fields Limited 2012 Share Plan amended, while senior and middle management receive awards under the revised LTIP. The performance conditions of the revised LTIP are approved annually by the Remuneration Committee. 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. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2018 | |
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Trade and Other Payables | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 27. TRADE AND OTHER PAYABLES Trade payables 145.9 190.8 Accruals and other payables 236.7 238.8 Payroll payables 44.3 51.7 Gold, copper and foreign exchange derivative contracts 1 22.6 3.3 Leave pay accrual 43.0 42.5 Interest payable on loans 10.5 10.2 Deferred consideration – refer note 16.2 — 11.2 Total trade and other payables 503.0 548.5 1 Comprises US$12.3 million (2017: US$nil) relating to Australian gold derivative contracts, US$1.6 million (2017: US$nil) relating to gold derivative contracts at South Deep, US$8.7 million (2017: US$nil) relating to Australian foreign exchange derivative contracts and US$nil (2017: US$3.3 million) relating to Peruvian copper derivative contracts. Refer note 38 for further details. |
Cash Generated by Operations
Cash Generated by Operations | 12 Months Ended |
Dec. 31, 2018 | |
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Cash Generated by Operations | 28. CASH GENERATED BY OPERATIONS (Loss)/profit from continuing operations (344.8 ) (20.8 ) 167.9 Mining and income taxation (65.9 ) 173.2 189.5 Royalties 62.5 62.0 78.4 Interest expense 91.8 91.2 82.5 Interest received (6.8 ) (5.1 ) (7.3 ) Amortisation and depreciation 668.4 748.1 671.4 Interest expense – environmental rehabilitation 11.7 12.1 10.7 Non-cash (0.9 ) (13.5 ) (9.7 ) Interest received – environmental trust funds (0.6 ) (0.5 ) Impairment, net of reversal of impairment of investments and assets 520.3 200.2 76.5 Write-off 37.7 51.5 41.4 Loss/(profit) on disposal of assets 51.6 (4.0 ) (48.0 ) Profit on disposal of investments — — (2.3 ) Gain on acquisition of Asanko (51.8 ) — — Unrealised loss/(gain) on derivative contracts 2 36.6 (20.7 ) (14.4 ) Fair value (gain)/loss on Maverix warrants 2 (3.8 ) 0.4 — Profit on dilution of Gold Fields’ interest in Maverix (4.0 ) — — Silicosis settlement costs 2 (4.5 ) 30.2 Share-based payments 37.5 26.8 14.0 Long-term incentive plan expense 1.1 5.0 10.5 Payment of long-term incentive plan (17.8 ) (11.5 ) — Borrowing costs capitalised (17.5 ) (22.9 ) (15.1 ) Share of results of equity accounted investees, net of taxation 0.2 (0.3 ) — Other 2 (3.0 ) (14.9 ) 0.4 Total cash generated by operations 998.0 1,286.5 1,245.4 2 The item “Other” in 2017 and 2016 has been disaggregated into unrealised gain on derivative contracts, fair value loss on Maverix warrants and silicosis settlement costs. |
Change in Working Capital
Change in Working Capital | 12 Months Ended |
Dec. 31, 2018 | |
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Change in Working Capital | 29. CHANGE IN WORKING CAPITAL Inventories 0.8 (55.1 ) (39.2 ) Trade and other receivables 15.0 (2.2 ) 2.8 Trade and other payables (32.1 ) (12.1 ) 34.1 Total change in working capital (16.3 ) (69.4 ) (2.3 ) |
Royalties Paid
Royalties Paid | 12 Months Ended |
Dec. 31, 2018 | |
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Royalties Paid | 30. ROYALTIES PAID Amount owing at beginning of the year – continuing operations (16.3 ) (19.8 ) (17.8 ) Royalties – continuing operations (62.5 ) (62.0 ) (78.4 ) Amount owing at end of the year – continuing operations 12.5 16.3 19.8 Translation 0.8 (0.5 ) — Total royalties paid – continuing operations (65.5 ) (66.0 ) (76.4 ) |
Taxation Paid
Taxation Paid | 12 Months Ended |
Dec. 31, 2018 | |
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Taxation Paid | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 31. TAXATION PAID Amount owing at beginning of the year – continuing operations (77.5 ) (107.9 ) (59.3 ) SA and foreign current taxation – continuing operations (145.7 ) (204.7 ) (204.2 ) Amount owing at end of the year – continuing operations 5.2 77.5 107.9 Translation 0.8 (4.4 ) — Total taxation paid – continuing operations (217.2 ) (239.5 ) (155.6 ) |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
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Retirement Benefits | 32. RETIREMENT BENEFITS 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. Retirement benefit costs 32.8 33.7 30.0 |
Finance Lease Liabilities
Finance Lease Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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Finance Lease Liabilities | 33. FINANCE LEASE LIABILITIES Balance at the beginning of the year — — Additions 1 96.2 — Interest expense 0.2 — Repayments (2.5 ) — Translation adjustment (5.3 ) — Balance at the end of the year 88.6 — Current portion of finance lease liability (8.5 ) — Non-current 80.1 — Finance lease liabilities are payable as follows: Future minimum lease payments – within one year 11.6 — – later than one and not later than five years 41.5 — – later than five years 58.4 — Total 111.5 — Interest – within one year 3.1 — – later than one and not later than five years 11.5 — – later than five years 8.3 — Total 22.9 — Present value of minimum lease payments – within one year 8.5 — – later than one and not later than five years 30.0 — – later than five years 50.1 — Total 88.6 — 1 The finance lease additions relate mainly to the power purchase agreement at Gruyere. Gruyere joint venture (“Gruyere”) entered into a contract with APA Power Holdings Proprietary Limited (“APA”) for the supply of electricity to the Gruyere Mine. Gruyere has contracted APA to design, construct, operate and maintain the power facilities including gas pipelines for a period of 15 years. Gruyere pays a fee including a fixed monthly charge over the term of the arrangement, that is adjusted by the Australian consumer price index (“CPI”) on an annual basis. Due to the location of the site and the capacity of the plant, APA is unlikely to sell the power generated to other customers. Accordingly, although the arrangement is not in the legal form of a lease, in terms of IFRIC 4 Determining Whether an Arrangement Contains a Lease it meets the definition of a lease and the lease was classified as a finance lease. At the inception of the arrangement, payments were split into lease payments and non-lease payments based on their relative fair values. The imputed finance costs on the liability were determined based on the interest rate implicit in the lease of 3.46%. The Group has proportionately consolidated its share of the finance lease. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
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Commitments | 34. COMMITMENTS Capital expenditure Contracted for 50.0 44.5 Operating leases 2 – within one year 76.7 66.6 – later than one and not later than five years 256.5 257.9 – later than five years 324.2 448.0 Guarantees The Group provides environmental obligation guarantees and other guarantees with respect to its South African, Peruvian, Ghanaian and Australian operations. These guarantees amounted to US$207.6 million at 31 December 2018 (2017: US$112.1 million and 2016: US$100.1 million) (refer note 25.1). 2 The operating lease commitments consist 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, 2018 | |
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Contingent Liabilities | 35. 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 shares between the dates of the alleged thefts and May 2017 (approximately R43.7 billion). The alternative claims are computed based on the value of the shares as at the date of judgment (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. The matter has been allocated to the commercial court of the Gauteng Local Division, Johannesburg, as a result of which it will be case managed by the Judge assigned to the matter, in order to ensure that it progresses to trial. A provisional trial date of 29 January 2020 has been allocated to this matter, but it will only proceed to trial on this date if it is trial ready, which seems unlikely. 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 Group 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. On 3 May 2018, the Gold Working Group (comprising African Rainbow Minerals, Anglo American SA, AngloGold Ashanti, Gold Fields, Harmony and Sibanye-Stillwater) (the “GWG Parties”) concluded a settlement agreement (the “Settlement Agreement”) with the attorneys representing claimants in the silicosis and tuberculosis class action litigation. The Settlement Agreement provides meaningful compensation to all eligible workers suffering from silicosis and/or tuberculosis who worked in the GWG Parties’ mines from 12 March 1965 to the effective date of the Settlement Agreement. The Settlement Agreement is subject to certain suspensive conditions, including that an unconditional order of court, sanctioning the Settlement Agreement to make the Settlement Agreement an order of court, is obtained from the High Court of South Africa (Gauteng Local Division, Johannesburg) (the “Court”). The first stage of the Court approval application comprised an ex parte application which was heard on 13 December 2018. Following this hearing, the Court issued an order setting out how members of the settling classes and other interested parties should be informed of the proposed settlement and how they may make representations to the Court regarding the settlement, should they wish. The second stage of the approval application makes provision for members of the settling classes and interested parties to make submissions to the Court, if they so wish, on the settlement. The hearing of the second stage of the approval application will take place from 29 to 31 May 2019. Should there be no notifications of objections to the settlement, this hearing will take place on 3 April 2019. If and when the Court has approved the settlement, there will then be a period in which members of the settling classes may indicate whether they wish to opt out of the settlement. The Settlement Agreement provides that any member of the settlement classes who does not opt out is automatically eligible to submit a claim. In terms of the settlement, a settlement trust will be constituted. A website (www.SilicosisSettlement.co.za) and a Facebook page (www.facebook.com/silicosissettlement) were established where miners, ex-miners 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. Financial provision Gold Fields has provided for the estimated cost of the class action settlement based on actuarial assessments and the provisions of the Settlement Agreement. At 31 December 2018, the provision for Gold Fields’ share of the settlement of the class action claims and related costs amounted to US$25.1 million (R367.8 million). The nominal value of this provision is US$34.7 million (R507.0 million). This provision compares to the initial amount raised in June 2017 of US$30.2 million (R400.2 million). The decrease is due to a change in the timing of expected cash flows. The ultimate outcome of this matter remains uncertain, with a possible failure to fulfil all the suspensive conditions, including the Settlement Agreement being approved by the Court. The provision is consequently subject to adjustment in the future. 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 2018 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 2018 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 2019. 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). South Deep tax dispute The South Deep mine (“South Deep”) is jointly owned and operated by GFIJVH (50%) and GFO (50%). During the September 2014 quarter, the South African Revenue Service (“SARS”) issued a Finalisation of Audit Letter (“the Audit Letter”) stating that SARS has disallowed GFIJVH’s Additional Capital Allowance claim. The Group objected to SARS’ decision and vigorously defended its position. After no resolution was achieved during a Tax Court sitting in 2017, GFIJVH appealed to the High Court. The Group announced that on 30 May 2018 GFIJVH and SARS entered into a confidential settlement agreement (as provided for in the Tax Administration Act) in full and final settlement of this matter. As a result of the settlement GFIJVH has recognised an additional R2,708.0 million (US$185.1 million) of capital allowance with a tax benefit on this amount of R785.3 million (US$53.7 million). |
Events After the Reporting Date
Events After the Reporting Date | 12 Months Ended |
Dec. 31, 2018 | |
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Events After the Reporting Date | 36. EVENTS AFTER THE REPORTING DATE Final dividend On 15 February 2019, Gold Fields declared a final dividend of 20 SA cents per share. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Financial Instruments | 37. FINANCIAL INSTRUMENTS The effect of initially applying IFRS 9 on the Group’s financial instruments is described in note 41. Due to the transition method adopted, comparative information has not been restated to reflect the new requirements. Accounting classifications and fair values The following tables show the carrying amounts and fair values of financial assets and financial liabilities: Carrying amount Fair value Figures in millions unless otherwise stated Fair Fair Financial assets cost Other measured Total Total 2018 Financial assets measured at fair value – Environmental trust funds 6.5 — — — 6.5 6.5 – Trade receivables from provisional copper sales 15.3 — — — 15.3 15.3 – Investments — 93.1 — — 93.1 93.1 – Asanko redeemable preference shares — 132.9 — — 132.9 132.9 – Warrants 9.3 — — — 9.3 9.3 – Gold, copper and oil derivative contracts 8.3 — — — 8.3 8.3 Total 39.4 226.0 — — 265.4 265.4 Financial assets not measured at fair value – Environmental trust funds — — 54.3 — 54.3 54.3 – Trade and other receivables — — 64.2 — 64.2 64.2 – Cash and cash equivalents — — 399.7 — 399.7 399.7 Total — — 518.2 — 518.2 518.2 Financial liabilities measured at fair value – Gold, copper and foreign exchange derivative contracts 22.6 — — — 22.6 22.6 Total 22.6 — — — 22.6 22.6 Financial liabilities not measured at fair value – Borrowings — — — 2,011.6 2,011.6 2,001.8 – Trade and other payables — — — 393.1 393.1 393.1 – Finance lease liabilities — — — 88.6 88.6 88.6 Total — — — 2,493.3 2,493.3 2,483.5 Carrying amount Fair value Figures in millions unless otherwise stated Loans and Fair Available Derivative Other Total Total 2017 Financial assets measured at fair value – Environmental trust funds — 7.3 — — — 7.3 7.3 – Trade receivables from provisional copper sales — 21.2 — — — 21.2 21.2 – Investments — — 99.1 — — 99.1 99.1 – Warrants — — — 5.5 — 5.5 5.5 – Gold and oil derivative contracts — — — 25.0 — 25.0 25.0 Total — 28.5 99.1 30.5 — 158.1 158.1 Financial assets not measured at fair value – Environmental trust funds 48.2 — — — — 48.2 48.2 – Trade and other receivables 45.3 — — — — 45.3 45.3 – Cash and cash equivalents 479.0 — — — — 479.0 479.0 Total 572.5 — — — — 572.5 572.5 Financial liabilities measured at fair value – Copper derivative contracts — — — 3.3 — 3.3 3.3 Total — — — 3.3 — 3.3 3.3 Financial liabilities not measured at fair value – Borrowings — — — — 1,781.5 1,781.5 1,805.1 – Trade and other payables — — — — 451.0 451.0 451.0 Total — — — — 2,232.5 2,232.5 2,256.1 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 and redeemable preference shares The fair value of publicly traded instruments (listed investments) is based on quoted market values. Asanko redeemable preference shares are accounted for at fair value based on the expected cash flows as set out in note 17. Warrants Warrants are measured at fair value, using a standard European call option format based on a standard option theory model, with adjustments to the fair value being recognised in profit or loss. Oil, gold, copper and foreign exchange derivative contracts The fair values of these contracts are determined by using available market contract values for each trading date’s settlement volume. Environmental trust funds The environmental trust funds are measured at amortised cost and fair value through profit or loss which approximates fair value based on the nature of the fund’s investments. Borrowings The fair value 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. Fair value hierarchy The Group has the following hierarchy for measuring the fair value of assets and liabilities at the reporting date: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). 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 year ended 31 December 2018 and 2017. 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 2018 2017 Figures in millions unless otherwise stated Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets measured at fair value Environmental trust funds 6.5 — 6.5 — 7.3 — 7.3 — Trade receivables from provisional copper sales 15.3 — 15.3 — 21.2 — 21.2 — Investments – listed 93.0 93.0 — — 99.0 99.0 — — Investments – unlisted 0.1 — — 0.1 0.1 — — 0.1 Asanko redeemable preference shares 132.9 — — 132.9 — — — — Warrants 9.3 — 9.3 — 5.5 — 5.5 — Oil derivative contracts 4.7 — 4.7 — 14.1 — 14.1 — Copper derivative contracts 1.2 — 1.2 — — — — — Gold derivative contracts 2.4 — 2.4 — 10.9 — 10.9 — Financial liabilities measured at fair value Copper derivative contracts — — — — 3.3 — 3.3 — Foreign exchange derivative contracts 8.7 — 8.7 — — — — — Gold derivative contracts 13.9 — 13.9 — — — — — Trade receivables from provisional copper 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. Asanko redeemable preference shares The fair value is based on the expected cash flows of the Asanko Gold mine based on the life-of-mine Warrants Warrants 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, copper and foreign exchange 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, 2018 | |
Text block [abstract] | |
Risk Management Activities | 38. 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 Framework and the Treasury Process Control Manual, 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: Risk management objectives Description Credit risk Counterparty exposure The objective is to only deal with approved counterparts that are of a sound financial standing and who have an official credit rating. The Group is limited to a maximum investment of 2.5% of the financial institutions’ equity, which is dependent on the institutions’ credit rating. The credit rating used is Fitch Ratings’ short-term credit rating for financial institutions. Investment risk management The objective is to achieve optimal returns on surplus funds. Liquidity risk Liquidity risk management The objective is to ensure that the Group is able to meet its short-term commitments through the effective and efficient usage of credit facilities and cash resources. Funding risk management The objective is to meet funding requirements timeously and at competitive rates by adopting reliable liquidity management procedures. Market risk Currency risk management The objective is to maximise the Group’s profits by minimising currency fluctuations. Interest rate risk management The objective is to identify opportunities to prudently manage interest rate exposures. Commodity price risk management Commodity price risk management takes place within limits and with counterparts as approved in the Treasury Framework. Other risks Operational risk management The objective is to implement controls to adequately mitigate the risk of error and/or fraud. Banking relations management The objective is to maintain relationships with credible financial institutions and ensure that all contracts and agreements related to risk management activities are coordinated and consistent throughout the Group and that they comply where necessary with all relevant regulatory and statutory requirements. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers, cash and cash equivalents as well as environmental trust funds. The Group has reduced its credit exposure 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. The combined maximum credit risk exposure of the Group is as follows: United States Dollar Figures in millions unless otherwise stated 2018 2017 Environmental trust funds 60.8 55.5 Trade and other receivables¹ 79.5 66.5 Cash and cash equivalents 399.7 479.0 ¹ Trade and other receivables above exclude VAT, import duties, prepayments, payroll receivables, derivative contracts and diesel rebates amounting to US$73.7 million (2017: US$135.4 million). Expected credit loss assessment for customers at 31 December 2018 under IFRS 9 The Group determines each exposure to credit risk based on data that is determined to be predictive of the risk of loss and past experienced credit judgment. Trade and other receivables The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group also considers other factors that might impact the credit risk of its customer base including default risk and the country in which the customer operates. Impairment of trade receivables, carried at amortised cost, has been determinined using the simplified expected credit loss (“ECL”) approach and reflects the short-term maturities of the exposures. These receivables comprise refineries purchasing gold bullion and are all in sound financial position. The Group further limits its exposure to credit risk from these receivables through payment terms of two to three days after recognition of revenue for gold sales. Receivables due from the sale of the Tarkwa mining fleet were assessed using the simplified ECL approach. The ECL was based on the Group’s understanding of the financial position of the counterparty, including the consideration of their credit risk grade. Concentration risk At 31 December 2018, the exposure to credit risk for trade receivables by geographic region was as follows: United States Dollar Figures in millions unless otherwise stated 2018 2017 South Africa — 12.8 Ghana 8.1 10.4 Australia — 2.2 Peru 15.3 21.2 Total trade receivables 23.4 46.6 Comparative information under IAS 39 An analysis of the total trade receivables indicated that the past due but not impaired trade receivables at 31 December 2018 was US$0.1 million (2017: US$nil). At 31 December 2018, receivables of US$0.2 million (2017: US$0.1 million) were considered impaired and were provided for. Expected credit loss assessment for customers at 31 December 2018 under IFRS 9 The Group determines each exposure to credit risk based on data that is determined to be predictive of the risk of loss and past experienced credit judgment. Cash and cash equivalents The Group held cash and cash equivalents of US$399.7 million (2017: US$479.0 million). The cash and cash equivalents are held with banks and financial institutions which are rated BBB- Concentration of credit risk on cash and cash equivalents and environmental trust funds is considered minimal due to the Group’s investment risk management and counterparty exposure risk management policies. Environmental trust funds The Group held environmental trust funds of US$60.8 million (2017: US$55.5 million). The environmental trust funds are held with banks and financial institutions which are rated BBB- Concentration of credit risk on cash and cash equivalents and environmental trust funds is considered minimal due to the Group’s investment risk management and counterparty exposure risk management policies. Liquidity risk In the ordinary course of business, the Group receives cash proceeds from its operations and is required to fund working capital and capital expenditure requirements. The cash is managed to ensure surplus funds are invested to maximise returns whilst ensuring that capital is safeguarded to the maximum extent possible by investing only with top financial institutions. Uncommitted borrowing facilities are maintained with several banking counterparties to meet the Group’s normal and contingency funding requirements. The following are the contractually due undiscounted cash flows resulting from maturities of all financial liabilities, including interest payments: United States Dollar Figures in millions unless otherwise stated Within Between After Total 2018 Trade and other payables 393.1 — — 393.1 Gold, copper and foreign exchange derivative contracts 22.6 — — 22.6 Borrowings 1 – US$ borrowings 2 – Capital — 1,563.9 — 1,563.9 – Interest 74.2 60.4 — 134.6 – A$ borrowings 3 – Capital — 316.5 — 316.5 – Interest 13.8 19.4 — 33.2 – Rand borrowings 4 – Capital 86.3 47.9 — 134.2 – Interest 11.6 1.2 — 12.8 Environmental rehabilitation costs 5 13.0 33.7 353.2 399.9 Finance lease liabilities 11.6 41.5 58.4 111.5 South Deep dividend 1.4 4.1 4.1 9.6 Total 627.6 2,088.6 415.7 3,131.9 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 1 Spot rate: R14.63 = US$1.00 (2017: R12.58 = US$1.00 and 2016: R14.03 = US$1.00). 2 USD borrowings – Spot LIBOR (one month fix) rate adjusted by specific facility agreement: 2.50625% (2017: 1.5638% (one month fix)). 3 AUD borrowings – Spot Bank Bill Swap Bid Rate (BBSY) (one month fix) rate adjusted by specific facility agreement: 2.02% (2017: 1.76%). 4 ZAR borrowings – Spot JIBAR (one month fix) rate adjusted by specific facility agreement: 6.942% (2017: 6.908%) and bank overnight borrowing rate on uncommitted credit facilities: average of 8.1% (2017: 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$60.8 million (2017: US$55.5 million) of the environmental rehabilitation costs are 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 and Australian Dollar. 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 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 2018. Differences resulting from the translation of financial statements into the Group’s presentation currency are not taken into account. Foreign currency hedging experience Australia In May 2018, the Australian operations entered into Australian Dollar/US Dollar average rate forwards for a total notional US$96.0 million for the period January 2019 to December 2019 at an average strike price of 0.7517. In June 2018, further hedges were taken out for a total notional US$60.0 million for the same period January 2019 to December 2019 at an average strike of 0.7330. In September 2018, further hedges were taken out for a total notional US$100 million for the same period January 2019 to December 2019 at an average strike of 0.7182. In October 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$60 million at an average strike of 0.7075. In December 2018, further hedges were taken out for the period January 2019 to December 2019 for a notional US$50 million at an average strike of 0.715. At 31 December 2018, the marked-to-market 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 Australia In February 2018, the Australian operations entered into Asian swaps (Asian swaps are options where the payoff is determined by the average monthly gold price over the option period) for the period June 2018 to December 2018 for a total of 221,000 ounces of gold. The average strike price on the swaps was A$1,714 per ounce. In March 2018, the Australian operations entered into zero cost collars for the period April 2018 to December 2018 for a total of 452,800 ounces of gold. The average strike prices are A$1,703 per ounce on the floor and US$1,767 per ounce on the cap. The realised gain on the above Asian swaps and zero cost collars was US$8.4 million. In December 2018, additional Asian swaps were entered into for the period January 2019 to December 2019 for a notional 283,000 ounces of gold at an average strike price of A$1,751 per ounce. At 31 December 2018, the marked-to-market In December 2018, additional zero cost collars were executed for the period January 2019 to December 2019 for a notional 173,000 ounces of gold with a strike price on the floor at A$1,720 per ounce and the strike price on the cap at A$1,789 per ounce. At 31 December 2018, the marked-to-market Subsequent to year-end, In summary, the zero cost collars taken out for Australia for 2019 are for 629,000 ounces of gold in total with a strike price on the floor at A$1,778 per ounce and a strike price on the cap at A$1,847 per ounce and Asian swaps of 283,000 ounces of gold with an average strike price of A$1,751 per ounce. Peru In November 2017, zero-cost At 31 December 2018, the marked-to-market South Africa In November 2017, South Deep entered into zero-cost At 31 December 2018, the marked-to-market In October 2018 and November 2018, average rate forwards were entered into for the period September 2019 to December 2019 for a total of 69,543 ounces at an average strike price of R615,103 per kilogram. At 31 December 2018, the marked-to-market Subsequent to year-end, In summary, the rate forwards taken out for South Deep for 2019 are for 99,615 ounces of gold in total at an average strike price of R616,581 per kilogram. Ghana In January 2018 and April 2018, a total of 488,900 ounces of the expected production for the Ghanaian region was hedged for the period January 2018 to December 2018 using zero-cost At 31 December 2018, the marked-to-market Oil Australia 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 2018, the marked-to-market Ghana 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 2018, the marked-to-market The gains and losses on the above hedges were recognised in profit or loss and are included in the gain on financial instruments line item. The Group does not apply hedge accounting. Equity securities price risk General The Group is exposed to equity securities price risk because of investments held by the Group which are designated at fair value through OCI. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with limits set by the Group. 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. 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 Sensitivity to equity security price (Decrease)/increase in equity price Figures in millions unless otherwise stated (10.0%) (5.0%) 5.0% 10.0% 2018 (Decrease)/increase in other comprehensive income 1 (9.3 ) (4.7 ) 4.7 9.3 2017 (Decrease)/increase in other comprehensive income 1 (9.9 ) (5.0 ) 5.0 9.9 1 Spot rate: R14.63 = US$1.00 (2017: R12.58 = US$1.00). Preference shares price risk The Group is exposed to preference shares price risk because of the Asanko preference shares which are designated at fair value through OCI. The fair value of the redeemable preference shares is based on the expected cash flows of the Asanko Gold Mine based on the life-of-mine The tables below summarise the impact of increases/decreases on the Group’s shareholders’ equity in case of changes in the key inputs used to value the preference shares. The first analysis is based on the assumption that the market-related discount rate has increased/decreased with all other variables held constant. The second analysis is based on the assumption that the timing of the cash flows used in the life-of-mine United States Dollar Sensitivity to preference shares price risk (Decrease)/increase in discount rate Figures in millions unless otherwise stated (1.0%) (2.0%) 2.0% 1.0% 2018 Increase/(decrease) in other comprehensive income 3.4 6.8 (6.8 ) (3.4 ) United States Dollar (Decrease)/increase in timing of Sensitivity to preference shares price risk cash flows Figures in millions unless otherwise stated 1 year earlier 1 year later 2018 Increase/(decrease) in other comprehensive income 11.1 (10.1 ) 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 2018, Gold Fields’ borrowings amounted to US$2,011.6 million (2017: US$1,781.5 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$711.5 million (2017: US$508.5 million) of the total borrowings at reporting date is exposed to changes in the LIBOR rate, US$47.9 million (2017: US$79.5 million) is exposed to the JIBAR rate, US$86.3 million (2017: US$114.1 million) is exposed to the South African prime (“prime”) interest rate and US$316.5 million (2017: US$231.5 million) 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. The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables held constant and is calculated on the weighted average borrowings for the year. 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 Sensitivity to interest rates Change in interest expense for a nominal change in interest rates Figures in millions unless otherwise stated (1.5%) (1.0%) (0.5%) 0.5% 1.0% 1.5% 2018 Sensitivity to LIBOR interest rates (9.8 ) (6.5 ) (3.3 ) 3.3 6.5 9.8 Sensitivity to BBSY interest rates 1 (4.9 ) (3.3 ) (1.6 ) 1.6 3.3 4.9 Sensitivity to JIBAR and prime interest rates 2 (1.2 ) (0.8 ) (0.4 ) 0.4 0.8 1.2 Change in finance expense (15.9 ) (10.6 ) (5.3 ) 5.3 10.6 15.9 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 1 Average rate: A$0.75 = US$1.00 (2017: A$0.77 = US$1.00) 2 Average rate: R13.2 = US$1.00 (2017: R13.33 = US$1.00) |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Capital Management | 39. 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 Figures in millions unless otherwise stated Notes 2018 2017 Borrowings 24 2,011.6 1,781.5 Less: Cash and cash equivalents 21 399.7 479.0 Net debt 1,611.9 1,302.5 Adjusted EBITDA 1,111.6 1,263.7 Net debt to adjusted EBITDA 1.45 1.03 Reconciliation of (loss)/profit for the year to adjusted EBITDA: (Loss)/profit for the year (continuing and discontinued operations) (344.8 ) (7.7 ) Mining and income taxation from continuing operations (65.9 ) 173.2 Mining and income taxation from discontinued operations 12.1 — (1.4 ) Royalties from continuing operations 62.5 62.0 Royalties from discontinued operations 12.1 — 1.1 Finance expense from continuing operations 88.0 81.3 Investment income from continuing operations (7.8 ) (5.6 ) Gain on financial instruments from continuing operations (21.0 ) (34.4 ) Foreign exchange loss from continuing operations (6.4 ) 3.5 Amortisation and depreciation from continuing operations 2 668.4 748.1 Amortisation and depreciation from discontinued operations 12.1 — 3.5 Share-based payments from continuing operations 37.5 26.8 Long-term incentive plan from continuing operations 1.1 5.0 Restructuring costs from continuing operations 113.9 9.2 Silicosis settlement costs from continuing operations (4.5 ) 30.2 Impairment, net of reversal of impairment of investments and assets from continuing operations 520.3 200.2 Profit on disposal of assets from continuing operations 51.6 (4.0 ) Gain on sale of discontinued operation, net of taxation 12.1 — (16.4 ) Share of results of equity accounted investees, net of taxation 13.1 1.3 Rehabilitation income from continuing operations 7 (0.9 ) (13.5 ) Realised gain on derivative contracts 53.8 — Gain on acquisition of Asanko 15 (51.8 ) — Other 4.5 1.3 1,111.6 1,263.7 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Related Parties | 40. RELATED PARTIES (a) Subsidiaries, associates and joint ventures The subsidiaries, associates and joint ventures of the Company are disclosed in note 43. 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, IFRS 11 Joint Arrangements and IAS 28 Investments in Associates and Joint Ventures. (b) Key management remuneration Key management personnel include executive directors and prescribed officers (“Executive Committee”). The total key management remuneration amounted to US$17.0 million (2017: US$17.0 million) for 2018. The details of key management personnel, including remuneration and participation in the Gold Fields Limited share scheme and LTIP are disclosed in note 40 (c). (c) Directors’ and prescribed officers’ remuneration 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 2018, the Executive Committee and non-executive Non-executive NEDs’ fees reflect their services as directors and services on various subcommittees on which they serve. NEDs do not participate in any of the short or long-term incentive plans and there are no arrangements in place for compensation to be awarded in the case of loss of office. The Remuneration Committee seeks to align NEDs fees to the median of an appropriate peer group and reviews fee structures for NEDs on an annual basis. Approval is sought from shareholders after recommendation by the Board at the Annual General Meeting. The following table summarises the remuneration for NEDs for the years ended 31 December 2018 and 2017: Directors fees Board fees Total C Carolus 231.3 — 231.3 R Menell 150.5 — 150.5 D Ncube 1 30.7 21.3 52.0 Y Suleman 75.9 72.4 148.3 P Bacchus 80.6 61.1 141.7 S Reid 80.6 55.4 136.0 T Goodlace 75.9 38.4 114.3 A Andani 80.6 40.2 120.8 C Letton 80.6 49.8 130.4 P Mahanyele Dabengwa 2 25.9 2.7 28.6 Total – 2018 912.6 341.3 1,253.9 C Carolus 216.0 — 216.0 R Menell 140.5 — 140.5 D Ncube 70.9 49.1 120.0 Y Suleman 70.9 53.3 124.2 P Bacchus 76.5 53.1 129.6 S Reid 76.5 54.1 130.6 T Goodlace 70.9 40.6 111.5 A Andani 76.5 53.3 129.8 C Letton 3 51.0 20.0 71.0 G Wilson 4 28.4 26.3 54.7 Total – 2017 878.1 349.8 1,227.9 1 Retired from the Board at end May 2018. 2 Appointed to the Board in September 2018. 3 Fees in respect of the 2017 year were paid as a lump sum in January 2018. 4 Retired from the Board at end of May 2017. Executive Committee The following table summarises the remuneration for executive directors and prescribed officers for the years ended 31 December 2018 and 2017: (Details of the remuneration are further described in the Remuneration Report) Salary 1 Pension contribution Cash 2 Other 3 Share- 4 LTIP 4 Total Executive directors N Holland 1,251.6 26.5 661.5 — 1,654.8 25.5 3,619.9 P Schmidt 626.6 48.2 306.2 2.1 876.2 25.3 1,884.6 1,878.2 74.7 967.7 2.1 2,531.0 50.8 5,504.5 Prescribed officers L Rivera 5 668.8 72.8 132.9 386.8 202.6 — 1,463.9 A Baku 6 808.0 185.8 634.8 68.0 990.4 25.5 2,712.5 R Butcher 384.5 37.3 192.4 — 238.5 — 852.7 N Chohan 367.2 26.5 213.9 1.8 341.1 6.9 957.4 B Mattison 7 453.6 26.5 271.9 2.5 545.1 16.4 1,316.0 T Harmse 369.7 26.5 215.3 7.8 433.5 13.9 1,066.7 A Nagaser 243.3 27.0 131.1 0.4 185.8 5.0 592.6 S Mathews 8 438.2 29.5 289.4 4.9 399.2 10.9 1,172.1 M Preece 541.7 26.5 168.8 0.4 113.0 — 850.4 R Bardien 9 274.3 24.3 150.5 106.1 — — 555.2 4,549.3 482.7 2,401.0 578.7 3,449.2 78.6 11,539.5 Total – 2018 6,427.5 557.4 3,368.7 580.8 5,980.2 129.4 17,044.0 Executive directors N Holland 1,186.9 26.3 1,002.2 — 1,264.3 158.8 3,638.5 P Schmidt 588.6 48.2 542.7 4.0 674.8 141.8 2,000.1 1,775.5 74.5 1,544.9 4.0 1,939.1 300.6 5,638.6 Prescribed officers L Rivera 5 626.3 48.4 270.4 253.3 156.8 — 1,355.2 A Baku 6 784.7 180.5 719.8 150.2 784.3 146.8 2,766.3 R Butcher 353.0 37.9 278.5 — 178.9 — 848.3 N Chohan 342.8 26.3 288.3 3.3 261.4 40.3 962.4 B Mattison 7 426.7 26.3 369.9 1.0 426.9 93.9 1,344.7 T Harmse 344.7 26.3 290.1 6.8 342.2 78.2 1,088.3 A Nagaser 228.1 25.3 192.0 0.7 143.7 24.9 614.7 S Mathews 8 397.5 21.2 326.1 10.0 316.4 59.5 1,130.7 M Preece 338.2 16.6 — — 63.5 — 418.3 L Samuel 10 384.3 17.5 — 198.9 — — 600.7 R Weston 11 102.0 4.5 — 7.6 34.4 — 148.5 N Muller 12 129.4 6.6 — 34.0 — — 170.0 4,457.7 437.4 2,735.1 665.8 2,708.4 443.6 11,448.0 Total – 2017 6,233.2 511.9 4,280.0 669.8 4,647.5 744.2 17,086.6 1 The total US$ amounts paid for 2018, and included in salary were as follows : NJ Holland US$406,700 (2017: US$396,500), P Schmidt US$124,150 (2017: US$121,000) and B Mattison US$88,217 (2017: US$86,000). 2 The annual bonuses for the year ended 31 December 2017 and 31 December 2018 were paid in February 2018 and February 2019, respectively. 3 Other payments include special bonuses and incidental payments unless otherwise stated. 4 The share-based payment and LTIP expenses are calculated in terms of IFRS and are not the cash amounts paid. For details of the cash amounts paid, refer the remuneration report. 5 Other payments for 2018 relate to cash in lieu of 2016 share award paybale upon vesting in March 2019 and 2017 relate to a legislative bonus. 6 Other payments for 2018 relate to a profit share bonus payment and 2017 relates to a leave allowance. 7 Other payments for 2018 relate to a service award. 8 Other payments for 2018 relate to a bonus payment in lieu of most improved operation bonus scheme 9 Appointed on 1 February 2018. Other payments for 2018 relate to a sign-on-bonus. 10 Resigned 31 July 2017. Other payments for 2017 include a payment in lieu of notice. 11 Retired 28 February 2017. 12 Resigned 31 March 2017. |
Changes in Significant Accounti
Changes in Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Changes in Significant Accounting Policies | 41. CHANGES IN SIGNIFICANT ACCOUNTING POLICIES The Group applied IFRS 15 and IFRS 9 from 1 January 2018. A number of other new standards are also effective from 1 January 2018 but they do not have a material effect on the Group’s financial statements. Due to the transition methods adopted by the Group in applying these standards, comparative information throughout these consolidated financial statements has not been restated to reflect the requirements of the new standards. (a) IFRS 15 – Revenue from contracts with customers IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. Under IFRS 15, revenue is recognised when a customer obtains control of the goods. Revenue from mining operations Revenue is now recognised when the customer takes control of the gold, copper and silver. The timing of recognition of revenue is no longer when risks and rewards of ownership pass to the customer. The change in the timing of revenue recognition results in revenue at the South African and Australian operations being recognised on settlement date (when control passes) and not contract date (previous date when risks and rewards of ownership pass to the customer). 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. Transition method applied by the Group The Group adopted IFRS 15 using the cumulative effect method (without practical expedients), with the effect of initially applying this standard recognised at the date of initial application (i.e. 1 January 2018). Accordingly, the information presented for 2017 has not been restated – i.e. it is presented, as previously reported, under IAS 18 and related interpretations. Additionally, the disclosure requirements in IFRS 15 have not generally been applied to comparative information The following table summarises the impact, net of tax, of transition to IFRS 15 on retained earnings at 1 January 2018: United States Dollar Figures in millions unless otherwise stated Impact of adopting Retained earnings Revenue (15.0 ) Cost of sales 11.5 Impact at 1 January 2018 (3.5 ) The implementation of IFRS 15 had no impact on non-controlling The following tables summarise the impact of adopting IFRS 15 on the Group’s income statement and statement of other comprehensive income and cash flow statement for the year then ended for each of the line items affected. There was no impact on the Group’s statement of financial position at 31 December 2018. United States Dollar Figures in millions unless otherwise stated As 2018 Amounts Revenue 2,577.8 (15.0) 2,562.8 Cost of sales (2,043.0 ) 11.5 (2,031.5 ) Others (879.6 ) — (879.6 ) (Loss)/profit for the year (344.8 ) (3.5) (348.3 ) Other comprehensive income, net of tax (330.0 ) — (330.0 ) Total comprehensive income for the year (674.8 ) (3.5) (678.3 ) United States Dollar Figures in millions unless otherwise stated As 2018 Amounts Cash flows from operating activities Cash generated by operations 998.0 (3.5 ) 994.5 Change in working capital (16.3 ) 3.5 (12.8 ) Others (423.9 ) — (423.9 ) 557.8 — 557.8 (b) IFRS 9 – Financial Instruments IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial Changes in accounting policies resulting from the adoption of IFRS 9 have been applied retrospectively, except as described below. The Group has used an exemption not to restate comparative information for prior periods with respect to classification and measurement requirements. Differences in the carrying amounts of financial assets and financial liabilities resulting from the adoption of IFRS 9 were immaterial and therefore no adjustments were required to be recognised in retained earnings and reserves as at 1 January 2018. Changes to disclosures are reflected in the financial instruments note disclosure in the consolidated financial statements. Classification and measurement of financial assets and financial liabilities IFRS 9 contains three principal classification categories for financial assets: measured at amortised cost, fair value through OCI (“FVOCI”) and fair value through profit or loss (“FVTPL”). It eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. IFRS 9, however, largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. The following table summarises the impact of transition to IFRS 9 on the classification of financial assets and financial liabilities at 1 January 2018: United States Dollar Figures in millions unless otherwise stated Note Original New Carrying Carrying Environmental trust funds 37 FVTPL FVTPL 7.3 7.3 Environmental trust funds 37 Loans and Amortised 48.2 48.2 Trade and other receivables 37 Loans and Amortised 45.3 45.3 Cash and cash equivalents 37 Loans and Amortised 479.0 479.0 Trade receivables from provisional copper and gold concentrate sales 37 FVTPL FVTPL 21.2 21.2 Investments¹ 37 Available FVOCI 99.1 99.1 Warrants 37 Derivative FVTPL 5.5 5.5 Gold and oil derivative contracts 37 Derivative FVTPL 25.0 25.0 Total financial assets 730.6 730.6 ¹ As permitted by IFRS 9, the Group has designated these investments at the date of initial application at FVOCI. Unlike IAS 39, the accumulated fair value reserve related to these investments will never be reclassified to profit or loss. United States Dollar Figures in millions unless otherwise stated Note Original New Carrying Carrying Borrowings 37 Other Other 1,781.5 1,781.5 Trade and other payables 37 Other Other 451.0 451.0 Copper derivative contracts 37 FVTPL FVTPL 3.3 3.3 Total financial liabilities 2,235.8 2,235.8 Impairment of financial assets IFRS 9 replaces the “incurred loss” model in IAS 39 with an “expected credit loss” (“ECL”) model. The new impairment model applies to financial assets measured at amortised cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. Under IFRS 9, credit losses are recognised earlier than under IAS 39. The Group has determined that, based on the ECL calculations, the application of IFRS 9’s impairment requirements does not result in any additional allowance for impairment at 1 January 2018. Additional information about how the Group measures the allowance for impairment is described in notes 37 and 38. |
Segment report
Segment report | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Segment report | 42. SEGMENT REPORT Financial summary South Ghana Peru Australia Figures in millions unless otherwise South Deep 1 Tarkwa Damang Asanko 2 Total Cerro St Agnew/ Granny Total Gruyere Corporate 3 Group Group INCOME STATEMENT for the year ended 31 December 2018 Revenue 210.1 666.9 229.0 54.9 950.8 351.0 7 464.7 301.1 355.0 1,120.8 — — 2,632.7 2,577.8 Cost of sales (320.5 ) (477.1 ) (224.3 ) (52.9 ) (754.3 ) (236.6 ) (332.2 ) (236.4 ) (212.7 ) (781.3 ) — (3.1 ) (2,095.9 ) (2,043.0 ) Cost of sales before gold inventory change and amortisation and depreciation (262.0 ) (298.7 ) (143.5 ) (41.6 ) (483.8 ) (160.3 ) (200.9 ) (159.7 ) (166.3 ) (526.9 ) — 0.6 (1,432.4 ) (1,390.8 ) Gold inventory change (9.6 ) (10.1 ) 19.1 4.2 13.2 5.5 14.9 (1.7 ) (1.8 ) 11.4 — — 20.4 16.2 Amortisation and depreciation (48.9 ) (168.3 ) (99.9 ) (15.5 ) (283.7 ) (81.8 ) (146.2 ) (75.0 ) (44.6 ) (265.8 ) — (3.7 ) (683.9 ) (668.4 ) Other income/(costs) (6.3 ) (0.9 ) 8.4 (0.3 ) 7.2 1.5 4.5 9.1 1.1 14.8 (3.5 ) (44.5 ) 4 (30.8 ) (30.5 ) Share-based payments (4.7 ) (6.8 ) (2.1 ) — (8.9 ) (4.3 ) (3.5 ) (2.6 ) (3.1 ) (9.2 ) — (10.4 ) (37.5 ) (37.5 ) Long-term incentive plan 0.1 0.4 — — 0.4 0.4 (0.2 ) — (0.2 ) (0.4 ) — (1.6 ) (1.1 ) (1.1 ) Exploration expense — — (0.4 ) — (0.4 ) (1.1 ) (18.2 ) (8.0 ) (11.0 ) (37.2 ) (0.5 ) (65.0 ) (104.2 ) (104.2 ) Restructuring costs (11.2 ) (88.8 ) (13.9 ) — (102.7 ) — — — — — — — (113.9 ) (113.9 ) Silicosis settlement costs — — — — — — — — — — — 4.5 4.5 4.5 Impairment and reversal of impairment of investments and assets, net (246.2 ) — — — — (1.9 ) — — — 0.0 — (272.2 ) (520.3 ) (520.3 ) Profit/(loss) on disposal of assets 1.0 (38.0 ) — — (38.0 ) — (0.3 ) (0.1 ) — (0.4 ) — (14.2 ) (51.6 ) (51.6 ) Investment income 0.9 8.3 — — 8.3 — 0.4 0.2 0.3 0.9 — (2.3 ) 7.8 7.8 Finance expense (9.6 ) (4.3 ) (9.8 ) — (14.1 ) (5.0 ) (2.5 ) (1.0 ) (1.0 ) (4.6 ) (0.2 ) (54.5 ) (88.0 ) (88.0 ) Gain on acquisition of Asanko — — — — — — — — — — — 51.8 51.8 51.8 Royalties (1.0 ) (21.2 ) (7.3 ) (2.8 ) (31.3 ) (5.1 ) — 5 — 5 — 5 (27.9 ) — — (65.3 ) (62.5 ) Mining and income tax 162.7 1.8 12.1 — 13.9 (56.4 ) — 5 — 5 — 5 (85.3 ) 1.2 29.8 65.9 65.9 Current taxation — (19.6 ) — — (19.6 ) (52.1 ) — 5 — 5 — 5 (89.6 ) 29.5 (13.9 ) (145.7 ) (145.7 ) Deferred taxation 162.7 21.4 12.1 — 33.5 (4.3 ) — 5 — 5 — 5 4.3 (28.3 ) 43.7 211.6 211.6 (Loss)/profit for the year (224.7 ) 40.1 (8.3 ) (1.1 ) 30.9 42.6 — 5 — 5 — 5 190.2 (3.0 ) (381.8 ) (345.9 ) (344.8 ) (Loss)/profit attributable to: – Owners of the parent (224.7 ) 36.1 (7.5 ) (1.1 ) 27.5 42.4 — 5 — 5 — 5 190.2 — 5 (381.8 ) (349.3 ) (348.2 ) – Non-controlling — 4.0 (0.8 ) — 3.2 0.2 — 5 — 5 — 5 — — 5 — 3.4 3.4 STATEMENT OF FINANCIAL POSITION at 31 December 2018 Total assets (excluding deferred taxation) 812.5 1,566.9 168.5 — 2 1,735.4 708.8 702.4 492.6 306.7 1,501.7 127.2 949.2 5,834.8 5,834.8 Total liabilities (excluding deferred taxation) 1,277.6 152.7 132.0 — 2 284.7 211.7 135.2 66.5 75.1 276.8 101.6 790.1 2,942.5 2,942.5 Net deferred taxation (assets)/liabilities (189.0 ) 261.7 (15.2 ) — 2 246.5 85.1 _ 5 _ 5 _ 5 71.4 30.5 (59.1 ) 185.4 185.4 Capital expenditure 6 58.3 156.1 138.5 12.8 307.4 33.2 127.2 72.8 78.8 278.7 134.3 15.1 827.0 814.2 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. Whilst 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 149. 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 29%. 2 For the purpose of the review of the segment by the CODM, Asanko is proportionately consolidated in the Ghana segment. Equity Accounted Joint Venture carried at US$85.8 million. 3 ”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 relating to the acquisition of South Deep. 4 Other costs “Corporate and other” comprise share of loss of equity accounted investees, net of taxation of US$13.1 million and the balance of US$31.4 million consists mainly of corporate-related costs. 5 The Australian operations are entitled to transfer and off-set 6 Capital expenditure for the year ended 31 December 2018. 7 Includes revenue from the sale of copper amounting to US$169.2 million. South Africa Ghana Peru Australia Corporate Figures in millions unless South 1 Tarkwa Damang Total Cerro St Agnew/ Granny Total Gruyere and 2 Continuing Darlot Discontinued Group INCOME STATEMENT for the year ended 31 December 2017 Revenue 354.1 710.8 180.3 891.1 392.9 6 457.3 302.6 363.8 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 ) (767.5 ) (1.3 ) (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 ) (499.3 ) (1.3 ) 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 ) (49.7 ) (1.8 ) (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 and reversal of impairment of investments and assets, net — (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 (27.8 ) — 4 — (62.0 ) (1.1 ) (1.1 ) (63.1 ) Mining and income tax 10.9 (58.6 ) 3.1 (55.5 ) (36.1 ) — 4 — 4 — 4 (89.5 ) — 4 (3.0 ) (173.2 ) (5.6 ) (5.6 ) (179.0 ) Current taxation — (58.0 ) — (58.0 ) (50.8 ) — 4 — 4 — 4 (91.7 ) — 4 (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 2.2 — 4 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 — 4 209.2 — 4 (404.9 ) (20.8 ) 13.1 13.1 (7.7 ) (Loss)/profit attributable to: – Owners of the parent (25.3 ) 76.9 18.4 95.3 96.9 — 4 — 4 — 4 209.2 — 4 (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 1,585.7 34.9 982.9 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 78.1 287.8 32.9 539.4 2,763.2 — — 2,763.2 Net deferred taxation (assets)/liabilities (47.6 ) 283.1 (3.1 ) 280.0 80.8 — 4 — 4 — 4 87.0 — 4 (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 87.0 316.9 81.1 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. Whilst 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 149. The Group’s discontinued operation is 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 after 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. 6 Includes revenue from the sale of copper amounting to US$177.8 million. Financial summary South Africa Ghana Peru Australia Figures in millions unless South 1 Tarkwa Damang Total Cerro St Agnew/ Granny Total Gruyere Corporate 2 Continuing Darlot Discontinued Group INCOME STATEMENT for the year ended 31 December 2016 Revenue 358.2 708.9 183.4 892.3 322.3 6 452.3 285.4 355.8 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 ) Operating costs (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 (27.3 ) — 4 — (78.4 ) (2.0 ) (2.0 ) (80.4 ) Mining and income taxation (6.0 ) (29.8 ) — (29.8 ) (47.4 ) — 4 — 4 — 4 (92.8 ) — 4 (13.5 ) (189.5 ) (0.6 ) (0.6 ) (190.1 ) Current taxation — (52.4 ) — (52.4 ) (45.9 ) — 4 — 4 — 4 (95.2 ) — 4 (10.7 ) (204.2 ) (0.5 ) (0.5 ) (204.7 ) Deferred taxation (6.0 ) 22.6 — 22.6 (1.5 ) — 4 — 4 — 4 2.4 — 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 — 4 213.6 — 4 (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 — 4 213.6 — 4 (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 1,318.2 272.5 964.9 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 63.1 265.7 272.4 446.3 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 80.1 — 4 (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. Whilst 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 149. The Group’s discontinued operation is 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 after 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. 6 Includes revenue from the sale of copper amounting to US$130.6 million. |
Major Group Investments - direc
Major Group Investments - direct and indirect | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Major Group Investments - direct and indirect | 43. MAJOR GROUP INVESTMENTS – DIRECT AND INDIRECT Shares held Group Notes 2018 2017 2018 2017 Subsidiaries Unlisted Abosso Goldfields Ltd 6 – 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 Beatrix Mining Ventures Ltd 3 9,625,001 9,625,001 100.0 100.0 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 GFI Joint Venture Holdings (Pty) Ltd 3 311,668,564 311,668,564 100.0 100.0 GFL Mining Services Ltd 3 235,676,387 235,676,387 100.0 100.0 Gold Fields Ghana Ltd 7 1 900 900 90.0 90.0 Gold Fields Group Services (Pty) Ltd 3 1 1 100.0 100.0 Gold Fields Holdings Company (BVI) Ltd 5 4,084 4,084 100.0 100.0 Gold Fields La Cima S.A. 8 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 Gold Fields Orogen Holding (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 Newshelf 899 (Pty) Ltd 9 3 90,000,000 90,000,000 100.0 100.0 St Ives Gold Mining Company Pty Ltd 2 281,051,329 281,051,329 100.0 100.0 Total 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 Abosso Goldfields Ltd (“Abosso”) owns the Damang operation in Ghana. The accumulated non-controlling non-controlling 7 Gold Fields Ghana Ltd (“GFG”) owns the Tarkwa operation in Ghana. The accumulated non-controlling non-controlling 8 Gold Fields La Cima S.A. (“La Cima”) owns the Cerro Corona operation in Peru. The accumulated non-controlling non-controlling 9 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 2018 2017 2018 % 2017 % Other 1 Listed associates Maverix Metals Incorporated (“Maverix”) 42,850,000 42,850,000 19.9 2 27.9 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 Asanko Gold Ghana Limited 450,000,000 — 45.0 — Adansi Gold Company Limited 100,000 — 50.0 — Shika Group Finance Limited 10,000 — 50.0 — Listed equity investments Asanko Gold Inc. 22,354,657 — 9.9 — Bezant Resources PLC 17,945,922 17,945,922 1.8 2.9 Cardinal Resources Limited 42,818,182 42,818,182 11.3 11.5 Cardinal Resources Limited (Options) 38,220,051 38,220,051 25.8 3 33.0 2 Cascadero Copper Corporation — 2,025,000 — 1.1 Clancy Exploration Limited 17,764,783 17,764,783 0.5 0.6 Consolidated Woodjam Copper Corporation 16,115,740 12,848,016 19.9 3 4 17.2 Fjordland Exploration Incorporated — 363,636 — 0.8 Gold Road Resources Limited 87,117,909 87,117,909 9.9 9.9 Hummingbird Resources PLC 21,258,503 21,258,503 6.0 6.2 Lefroy Exploration Limited 14,764,535 — 18.2 — Magmatic Resources Limited 17,600,000 — 15.0 — Orsu Metals Corp 2,613,491 2,613,491 7.2 7.3 Radius Gold Incorporated — 3,625,124 — 4.2 Red 5 Limited 246,875,821 246,875,821 19.9 5 19.9 1 Only major investments are listed individually. 2 Gold Fields owns an additional 10.0 million common share purchase warrants (refer note 17) that are currently exercisable. After inclusion of the warrants, Gold Fields owns 20.5% in Maverix on a diluted basis. 3 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. 4 An assessment has been performed and the Group does not have significant influence over Consolidated Woodjam Copper Corporation. 5 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, 2018 | |
Text block [abstract] | |
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. This is the first set of the Group’s financial statements in which IFRS 15 Revenue from Contracts with Customers Financial Instruments Investments in Associates and Joint Ventures As required by the United States Securities and Exchange Commission, the financial statements include the consolidated statements of financial position as at 31 December 2018 and 2017, and the consolidated income statements and statements of comprehensive income, changes in equity and cash flows for the years ended 31 December 2018, 2017 and 2016 and the related notes. The consolidated financial statements were authorised for issue by the Board of Directors on LOGO LOGO March 2019. |
Summary of Standards, Interpretations and Amendments to Published Standards Effective | Standards, interpretations and amendments to published standards effective for the year ended 31 December 2018 or early adopted by the Group 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 change Salient features of the changes Impact on financial IFRS 2 Share-based Payments 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. No impact IFRS 9 Financial Instruments New standard • This IFRS sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial Refer to note 41 of the consolidated financial statements IFRS 15 Revenue from contracts with customers 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; and • The Group have adopted IFRS 15 on 1 January 2018. Refer to note 41 of the consolidated financial statements IAS 28 Investments in associates and joint ventures (early adopted) Amendment • The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate and joint venture that forms part of the net investment in the associate or joint venture but to which the equity method is not applied; • The implementation of this amendment has a direct impact on the accounting treatment of the redeemable preference shares that forms part of the Group’s net investment into Asanko Gold Ghana Limited; and • The amendments apply for annual period beginning on or after 1 January 2019. The Group has early adopted the standard as permitted by IAS 28. Refer to note 15 and note 17 of the consolidated financial statements |
Summary of Standards, Interpretations and Amendments to Published Standards Which Are Not Yet Effective | Standards, interpretations and amendments to published standards that 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 2019 or later periods but have not been early adopted by the Group. The standards, amendments and interpretations that are relevant to the Group are: Standard(s) Amendment(s) Interpretation(s) Nature of the change Salient features of the changes Effective IFRS 16 Leases 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, 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. The lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. No significant changes have been included for lessors (the Group is not a lessor); • The Group has assessed the estimated impact that initial application of IFRS 16 will have on its consolidated financial statements which is described in more detail below; and • The actual impact of adopting the standard on 1 January 2019 may change because the new accounting policies are subject to change until the Group presents its first financial statements that include the date of initial application of IFRS 16. 1 January 2019 IFRS 16 Leases (continued) Lease in which the Group is a lessee • Management has compiled a list of all potential leases across the Group and reviewed all related contracts in order to identify and account for all leases in terms of IFRS 16 across the Group; • The Group will recognise right of use assets and lease liabilities for its operating leases for the following material contracts: Australia • Power Purchase Agreements (PPAs); • Rental of gas pipelines; • Ore haulage and site services; • Mining equipment hire; and • Property rentals. Ghana • Power Purchase Agreements (PPAs); and • Transportation contracts. South Africa • Equipment hire. Peru • Property rentals; and • Equipment hire. Corporate and other • Property rentals; and • Equipment hire. • The nature of expenses related to these leases will now change because the Group will recognise an amortisation and depreciation charge for the right-of-use assets and finance expense in respect of the lease liabilities once the standard is implemented; • Previously, the Group recognised operating lease expenses on a straight-line basis over the term of the lease, and recognised assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognised; • Based on the information currently available, the Group estimates that it will recognise right of use assets and additional lease liabilities between US$190.0 million and US$230.0 million at 1 January 2019. The Group does not expect the adoption of IFRS 16 to impact its ability to comply with loan covenant requirements; • The Group plans to apply IFRS 16 initially on 1 January 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 will be recognised as an adjustment to the opening balance of retained earnings at 1 January 2019, with no restatement of comparative information; • The Group will elect to recognise the right of use assets at an amount equal to the lease liability at 1 January 2019; and • The Group plans to apply the following practical expedients for IFRS 16: • Leases for which the underlying asset is of low value; and • Short term leases. IFRIC 23 Uncertainty over Income Tax Treatments New interpretation • 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; and • The interpretation will not have a material impact on the Group. 1 January 2019 Various IFRS (2015/2017 Cycle) • The annual improvements project is a collection of amendments to various IFRS standards and is the result of conclusions reached by the International Accounting Standards Board (“IASB”) on proposals made at its annual improvement project; and • The interpretation will not have a material impact on the Group. 1 January 2019 IFRS 3 Business Combinations Amendments • These amendments make it easier for companies to decide whether activities and assets they acquire are a business or merely a group of assets. The amendments: • Confirm that a business must include inputs and a process, and clarified that: (i) the process must be substantive and (ii) the inputs and process must together significantly contribute to creating outputs; • Narrow the definitions of a business by focusing the definition of outputs on goods and services provided to customers and other income from ordinary activities, rather than on providing dividends or other economic benefits directly to investors or lowering costs; and • Add a test that makes it easier to conclude that a company has acquired a group of assets, rather than a business, if the value of the assets acquired is substantially all concentrated in a single asset or group of similar assets. • The amendments will not have a material impact on the Group. 1 January 2020 IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors Amendments • The IASB refined its definition of material to make it easier to understand. It is now aligned across IFRS Standards and the Conceptual Framework; • The revised definition of material is: • Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. • The Board has also removed the definition of material omissions or misstatements from IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; • The amendments will not have a material impact on the Group. 1 January 2020 IFRS 17 Insurance Contracts New Standard • IFRS 17 supersedes IFRS 4 Insurance Contracts • In addition, it includes a simplified approach and modifications to the general measurement model that can be applied in certain circumstances and to specific contracts, such as: • Reinsurance contracts held; • Direct participating contracts; and • Investment contracts with discretionary participation features. • Under the new standard, investment components are excluded from insurance revenue and service expenses. Entities can also choose to present the effect of changes in discount rates and other financial risks in profit or loss or OCI; • The new standard includes various new disclosures and requires additional granularity in disclosures to assist users to assess the effects of insurance contracts on the entity’s financial statements; and • The Group is in the process of determining the impact of IFRS 17 and will provide more detailed disclosure on the impact in future financial statements. 1 January 2021 * Effective date refers to annual period beginning on or after said date. |
Significant accounting judgements and estimates | 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 the following: • Mineral reserves and resources estimates (this forms the basis of future cash flow estimates used for impairment assessments and units-of-production • Carrying value of property, plant and equipment and goodwill; • Production start date; • Estimates of recoverable gold and other materials in heap leach and stockpiles, gold in process and product inventories including write-downs of inventory to net realisable value; • Provision for environmental rehabilitation costs; • Provision for silicosis settlement costs; • Income taxes; • Share-based payments; • The fair value and accounting treatment of financial instruments; • Contingencies; and • Asanko Gold acquisition. 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 proven 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: 2018 2017 US$ gold price per ounce – year 1 US$ 1,200 US$ 1,200 US$ gold price per ounce – year 2 onwards US$ 1,300 US$ 1,300 Rand gold price per kilogram – year 1 R 525,000 R 525,000 Rand gold price per kilogram – year 2 onwards R 550,000 R 525,000 A$ gold price per ounce – year 1 A$ 1,600 A$ 1,600 A$ gold price per ounce – year 2 onwards A$ 1,700 A$ 1,700 US$ copper price per tonne – year 1 US$ 5,951 US$ 5,512 US$ copper price per tonne – year 2 onwards US$ 6,612 US$ 6,171 Resource value per ounce (used to calculate the value beyond proved and probable reserves) • South Africa (with infrastructure) US$ 17 US$ 17 • Ghana (with infrastructure) US$ 44 US$ 41 • Peru (with infrastructure) US$ 70 US$ 41 • Australia (2018: with infrastructure, 2017: without infrastructure) 2 US$ 28 US$ 293 Discount rates • South Africa – nominal 13.5 % 13.5 % • Ghana – real 9.5 % 9.7 % • Peru – real 4.9 % 4.8 % • Australia – real 3.4 % 3.8 % Inflation rate – South Africa 1 5.5 % 5.5 % Life-of-mine • South Deep 75 years 78 years • Tarkwa 14 years 14 years • Damang 7 years 8 years • Cerro Corona 12 years 13 years • St Ives 7 years 5 years • Agnew/Lawlers 4 years 4 years • Granny Smith 12 years 11 years • Gruyere 12 years 13 years Long-term exchange rates US$/ZAR – year 1 13.61 13.61 US$/ZAR – year 2 onwards 13.16 13.16 A$/US$ – year 1 0.75 0.75 A$/US$ – year 2 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. 2 The US$293 per ounce is reflective of higher resource prices in the 2017 population used. 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 or copper 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 2018 was US$4,259.2 million (2017: US$4,892.9 million). The carrying value of goodwill at 31 December 2018 was US$nil (2017: US$76.6 million). An impairment of US$481.5 million (2017: US$277.8 million and 2016: US$nil) was recognised in respect of the South Deep CGU for the year ended 31 December 2018. US$71.7 million (2017: US$277.8 million and 2016: US$nil) of the total impairment was firstly allocated against goodwill and the remainder of US$409.8 million (2017: US$nil and 2016: US$nil) against other assets. 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 2018 was US$289.6 million (2017: US$281.5 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 25.2 and 35 of the consolidated financial statements for further details. The carrying amounts of the provision for silicosis settlement costs at 31 December 2018 was US$25.1 million (2017: US$31.9 million). 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 income tax and deferred tax 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 2018: • Deferred taxation liability: US$454.9 million (2017: US$453.9 million) • Deferred taxation asset: US$269.5 million (2017: US$72.0 million) • Taxation payable: US$5.2 million (2017: US$77.5 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 2018 was US$37.5 million (2017: US$26.8 million and 2016: US$14.0 million). Financial instruments Derivative 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 2018 was US$8.3 million (2017: US$25.0 million) and included in trade and other payables US$22.6 million (2017: US$3.3 million). Asanko redeemable preference shares Significant judgement is required in estimating life-of-mine In order to estimate the life-of-mine The life-of-mine The fair value of the Asanko redeemable preference shares at 31 December 2018 was US$132.9 million (2017: US$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 35 for details on contingent liabilities. Asanko Gold acquisition Recognition and measurement Gold Fields and Asanko have joint control as each party has equal representation on the management committee that governs the relevant activities of the arrangement. The Asanko transaction is structured as a separate vehicle and the Group has a residual interest in the net assets of Asanko. Accordingly, the Group has classified its interest in Asanko as a joint venture. Equity accounted investee and redeemable preference shares valuation Significant judgement is required in estimating life-of-mine life-of-mine life-of-mine In order to estimate the life-of-mine The life-of-mine life-of-mine life-of-mine Fair value measured on a provisional basis The fair value of identifiable net assets acquired has been performed on a provisional basis, pending completion of review and sign off of the life-of-mine life-of-mine If new information is obtained, within one year from the date of acquisition, about facts and circumstances that existed at the date of acquisition about the life-of-mine |
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 Group applies IFRS 9 to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. This has a direct impact on the Group’s accounting treatment for the Asanko Gold Ghana Limited (“Asanko”) acquisition where the redeemable preference shares that form part of the consideration for the Group’s investment into Asanko have been measured in accordance with the requirements of IFRS 9 (refer to note 15). This specific amendment to IAS 28 applies for annual periods beginning on or after 1 January 2019; however, the Group has early adopted the standard as permitted by IAS 28. 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, which is the Group’s presentation currency. The functional currency of the parent company is South African Rand. 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. 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$: 14.63; US$/A$: 0.70 (2017: ZAR/US$: 12.58; US$/A$: 0.77)). Equity items are translated at historical rates. The income and expenses are translated at the average exchange rate for the year (ZAR/US$: 13.20; US$/A$: 0.75 (2017: ZAR/US$: 13.33; US$/A$: 0.77 and 2016: ZAR/US$: 14.70; US$/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. 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. Leased assets are measured initially at an amount equal to the lower of their fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy applicable to that asset. 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 expense comprises current and deferred tax. Current tax and deferred tax are 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 calculated on taxable income at the applicable statutory rate substantively enacted at the reporting date. Interest and penalties are accounted for in current tax. 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 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 and Cerro Corona, 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 stockpile 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 Recognition and initial measurement Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and subsequent measurement Financial assets – Classification policy from 1 January 2018 On initial recognition, a financial asset is classified as measured at: • Amortised cost; • Fair value through other comprehensive income (“FVOCI”); or • FVTPL. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: • it is held with a business model whose objective is to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. An investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: • it is held with a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. Financial assets – Subsequent measurement policy from 1 January 2018 Financial asset category Description Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss. Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Financial assets – Classification of financial assets: Policy applicable from 1 January 2018 The following information is considered by the Group in determining the classification of financial assets: • the Group’s business model for managing financial assets; and • the contractual cash flow characteristics of the financial assets. The business model assessment of the financial assets is based on the Group’s strategy and rationale for holding the financial assets on a portfolio level. When considering the strategy, the following is considered: • whether the financial assets are held to collect contractual cash flows; • whether the financial assets are held for sale; or • whether the financial assets are held for both collecting contractual cash flows and to be sold. Financial assets – Assessment of contractual cash flows: Policy applicable from 1 January 2018 In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. Financial assets – Classification policy before 1 January 2018 The Group classified its financial assets into one of the following categories: • loans and receivables; • available for sale; and • at FVTPL, and within this category as: • held for trading; • derivative hedging instruments; or • designated as at FVTPL. Financial assets – Subsequent measurement policy before 1 January 2018 Financial asset category Description Financial assets at FVTPL Measured at fair value and changes therein, including any interest or dividend income, were recognised in profit or loss. Loans and receivables Measured at amortised cost using the effective interest method. Available-for-sale Measured at fair value and changes therein, other than impairment losses, interest income and foreign currency differences on debt instruments, were recognised in other comprehensive income (“OCI”) and accumulated in the other reserves. When these assets were derecognised, the gain or loss accumulated in equity was reclassified to profit or loss. Financial liabilities – Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL. If it is classified as held-for-trading, Impairment Policy applicable from 1 January 2018 The Group recognises loss allowances for expected credit losses (“ECLs”) on financial assets measured at amortised cost. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is ‘‘credit-impaired’’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Policy applicable before 1 January 2018 Financial assets not classified as at FVTPL were assessed at each reporting date to determine whether there was objective evidence of impairment. Derecognition of financial instruments The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash 8.1.1 Investments Investments comprise listed and unlisted investments which are designated at FVOCI and are accounted for at fair value, with unrealised gains and losses subsequent to initial recognition recognised in other comprehensive income and included in other reserves. Profit or loss realised when investments are sold or impaired are never reclassified to profit or loss. 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 financial assets classified at FVOCI, cumulative unrealised gains and losses previously recognised in other comprehensive income are included in determining the profit or loss on disposal, or the impairment charge relating to, that financial asset, respectively, which is recognised in other comprehensive income. 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 carried at amortised cost less ECLs using the Group’s business model for managing its financial assets, except for trade receivables from provisional copper and gold concentrate. 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 Environmental trust funds The environmental trust funds consist of term deposits and equity-linked deposits in South Africa, as well as secured cash deposits in Ghana. The term deposits and secured cash deposits are recognised at amortised cost less ECLs using the Group’s business model for managing its financial assets. The equity-linked deposits are initially recognised at fair value and subsequently remeasured to their fair value with changes therein recognised in profit or loss. 8.1.5 Trade payables Trade payables are recognised at amortised cost using the effective interest method. 8.1.6 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 may from time to time establish currency and/or interest rate and/or commodity financial instruments to protect underlying cash flows. Derivative financial instruments are initially recognised at fair value and subsequently remeasured to their fair value with changes therein recognised in profit or loss. |
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 pre-tax 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. Refer to financial instruments accounting policy – Environmental trust fund. |
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. Remeasurements are recognised in profit or loss in the period in which they arise. 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. |
STATED CAPITAL | 12. STATED 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 FROM CONTRACTS WITH CUSTOMERS | 13. REVENUE FROM CONTRACTS WITH CUSTOMERS The Group applied IFRS 15 from 1 January 2018. The effect of initially applying IFRS 15 is described in note 41 and in the basis of preparation above. Revenue recognition under IFRS 15 (applicable from 1 January 2018) The Group recognises revenue when control over its gold, copper and silver is transferred to the customer. The price is determined by market forces. Revenue is measured based on the consideration specified in a contract with the customer. Revenue recognition under IAS 18 (applicable before 1 January 2018) 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 measured 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. Nature and timing of satisfaction of performance obligations Customers obtain control of gold, copper and silver on the settlement date and therefore there are no payment terms except for copper and gold concentrate sales in Peru. 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. Changes in the fair value as a result of changes in forward metal prices are classified as provisional price adjustments and included as a component of revenue. |
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 Dividend income Dividends are recognised in profit or loss when the right to receive payment is established. 14.2 Interest income Interest income is recognised in profit or loss using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to the gross carrying amount of the financial asset or amortised cost of the financial liability. 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 coordinated plan to dispose of a separate major line of business or geographic area of operations; or • 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 (“CODM”), 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 (“IAS 33”) as set out in SAICA Circular 4/2018 (Circular). The starting point is earnings as determined in IAS 33, excluding separately identifiable remeasurements net of related tax (both current and deferred) and related non-controlling |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Significant Assumptions Used in Group's Impairment Assessments (FVLCOD calculations) | Significant assumptions used in the Group’s impairment assessments (FVLCOD calculations) include: 2018 2017 US$ gold price per ounce – year 1 US$ 1,200 US$ 1,200 US$ gold price per ounce – year 2 onwards US$ 1,300 US$ 1,300 Rand gold price per kilogram – year 1 R 525,000 R 525,000 Rand gold price per kilogram – year 2 onwards R 550,000 R 525,000 A$ gold price per ounce – year 1 A$ 1,600 A$ 1,600 A$ gold price per ounce – year 2 onwards A$ 1,700 A$ 1,700 US$ copper price per tonne – year 1 US$ 5,951 US$ 5,512 US$ copper price per tonne – year 2 onwards US$ 6,612 US$ 6,171 Resource value per ounce (used to calculate the value beyond proved and probable reserves) • South Africa (with infrastructure) US$ 17 US$ 17 • Ghana (with infrastructure) US$ 44 US$ 41 • Peru (with infrastructure) US$ 70 US$ 41 • Australia (2018: with infrastructure, 2017: without infrastructure) 2 US$ 28 US$ 293 Discount rates • South Africa – nominal 13.5 % 13.5 % • Ghana – real 9.5 % 9.7 % • Peru – real 4.9 % 4.8 % • Australia – real 3.4 % 3.8 % Inflation rate – South Africa 1 5.5 % 5.5 % Life-of-mine • South Deep 75 years 78 years • Tarkwa 14 years 14 years • Damang 7 years 8 years • Cerro Corona 12 years 13 years • St Ives 7 years 5 years • Agnew/Lawlers 4 years 4 years • Granny Smith 12 years 11 years • Gruyere 12 years 13 years Long-term exchange rates US$/ZAR – year 1 13.61 13.61 US$/ZAR – year 2 onwards 13.16 13.16 A$/US$ – year 1 0.75 0.75 A$/US$ – year 2 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. 2 The US$293 per ounce is reflective of higher resource prices in the 2017 population used. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Revenue from Contracts with Customers | Figures in millions unless otherwise stated 2018 2017 2016 REVENUE The effect of initially applying IFRS 15 on the Group’s revenue from contracts with customers is described in note 41. Due to the transition method chosen in adopting IFRS 15, comparative information has not been restated to reflect the new requirements. Revenue from contracts with customers 2,577.8 2,761.8 2,666.4 – Gold¹ 2,408.6 2,584.0 2,535.8 – Copper² 169.2 177.8 130.6 ¹ All regions. ² Only Peru region (Cerro Corona). |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Cost of Sale | COST OF SALES Salaries and wages (392.8 ) (414.7 ) (388.1 ) Consumable stores (280.0 ) (346.7 ) (346.3 ) Utilities (148.3 ) (150.1 ) (169.8 ) Mine contractors (365.3 ) (307.4 ) (308.4 ) Other (204.4 ) (207.6 ) (163.1 ) Cost of sales before gold inventory change and amortisation and depreciation (1,390.8 ) (1,426.5 ) (1,375.7 ) Gold inventory change 16.2 69.5 45.9 Cost of sales before amortisation and depreciation (1,374.6 ) (1,357.0 ) (1,329.8 ) Amortisation and depreciation (668.4 ) (748.1 ) (671.4 ) Total cost of sales (2,043.0 ) (2,105.1 ) (2,001.2 ) |
Investment Income (Tables)
Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Investment Income | INVESTMENT INCOME Dividends received 0.4 — — Interest received – environmental trust funds 0.6 0.5 1.0 Interest received – cash balances 6.8 5.1 7.3 Total investment income 7.8 5.6 8.3 |
Finance Expense (Tables)
Finance Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Finance Expense | FINANCE EXPENSE Interest expense – environmental rehabilitation (11.7 ) (12.1 ) (10.7 ) Unwinding of discount on silicosis settlement costs (2.0 ) (0.9 ) — Interest expense – finance lease liability (0.2 ) — — Interest expense – borrowings (91.6 ) (91.2 ) (82.5 ) Borrowing costs capitalised 17.5 22.9 15.1 Total finance expense (88.0 ) (81.3 ) (78.1 ) |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Share-based Payment Arrangements Information | The following information is available for each plan: United States Dollar 2018 2017 2016 Figures in millions unless otherwise stated Continuing Continuing Discontinued Continuing Discontinued (a) Gold Fields Limited 2005 Share Plan — — — — — (b)(i) Gold Fields Limited 2012 Share Plan – Performance Shares — — — 1.9 — – Bonus Shares — — — — — (b)(ii) Gold Fields Limited 2012 Share Plan amended – Performance Shares 34.7 24.5 0.6 12.1 0.4 – Retention Shares 2.5 2.1 — — — – Restricted/Matching Shares 0.3 0.2 — — — Total included in profit or loss for the year 37.5 26.8 0.6 14.0 0.4 |
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 2018, 2017 and 2016: 2018 2017 2016 Share Average Share Average Share Average Outstanding at beginning of the year 11,521 9.42 530,611 7.39 1,025,178 6.03 Movement during the year: Forfeited (11,521 ) 9.42 (519,090 ) 7.75 (494,567 ) 5.27 Outstanding at end of the year (vested) — — 11,521 9.42 530,611 7.39 2017 2016 Performance Performance Outstanding at beginning of the year 393,178 2,446,922 Movement during the year: Granted — 393,178 Exercised and released — (2,428,904 ) Forfeited (393,178 ) (18,018 ) Outstanding at end of the year — 393,178 |
Summary of Share Based Payment Performance Condition | Performance condition 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 USD 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 2018, 2017 and 2016: 2018 2017 2016 Performance Performance Performance Outstanding at beginning of the year 18,279,130 8,138,472 — Movement during the year: Granted 811,829 11,744,152 8,196,037 Exercised and released — (34,827 ) — Forfeited (728,982 ) (1,568,667 ) (57,565 ) Outstanding at end of the year 18,361,977 18,279,130 8,138,472 |
Summary of Fair Value of Equity Instruments Granted | 2018 2017 2016 The fair value of equity instruments granted during the year ended 31 December 2018, 2017 and 2016 were valued using the Monte Carlo simulation model: Monte Carlo simulation 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) 58.6 % 64.3 % 58.1 % – expected term (years) 3 years 3 years 3 years – dividend yield 1 n/a n/a n/a – weighted average three-year risk-free interest rate (based on US interest rates) 2.0 % 1.6 % 0.5 % – weighted average fair value (United States Dollar) 5.0 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 2018, 2017 and 2016: 2018 2017 2016 Range of exercise prices for outstanding equity instruments (US$) Number of Price Contractual Number of Price Contractual Number of Price Contractual n/a* 18,361,977 — — 18,279,130 — — 8,531,650 — — 4.28 – 6.06 — — — — — — — — — 6.07 – 7.84 — — — — — — 3,835 6.79 0.50 7.85 – 9.62 — — — — — — 515,255 7.37 0.34 9.63 – 11.40 — — — 11,521 9.42 — 11,521 8.44 1.00 Total outstanding at end of the year 18,361,977 18,290,651 9,062,261 * Restricted shares (“PVRS”) are awarded for no consideration. Weighted average share price during the year on the Johannesburg Stock Exchange (US$) 3.46 3.76 4.29 |
Impairment, Net of Reversal o_2
Impairment, Net of Reversal of Impairment of Investments and Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Impairment, Net of Reversal of Impairment of Investments and Assets | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 IMPAIRMENT, NET OF REVERSAL OF IMPAIRMENT OF INVESTMENTS AND ASSETS Investments (36.9 ) (3.7 ) (0.1 ) Listed investments — (0.5 ) (0.1 ) Unlisted investments — (3.2 ) — Equity accounted investees – Far Southeast Gold Resources Incorporated (“FSE”) 1 (36.9 ) — — Property, plant and equipment (411.7 ) 81.3 (76.4 ) Reversal of impairment of Arctic Platinum Project (“APP”) 2 — 39.0 — (Impairment)/reversal of impairment of property, plant and equipment – other 3 (1.9 ) 42.3 (76.4 ) South Deep cash-generating unit 4 (409.8 ) — — Goodwill (71.7 ) (277.8 ) — South Deep goodwill 4 (71.7 ) (277.8 ) — Impairment, net of reversal of impairment of investments and assets (520.3 ) (200.2 ) (76.5 ) ¹ Following the identification of impairment indicators at 31 December 2018, FSE was valued at its recoverable amount which resulted in an impairment of US$36.9 million. The recoverable amount was based on the fair value less cost of disposal (“FVLCOD”) of the investment (level 2 in the fair value hierarchy). The 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. 2 Refer note 12.2 for further details. The reversal of impairment was included in the “Corporate and other” segment. 3 (Impairment)/reversal of impairment of property, plant and equipment – other is made up as follows: 2018 2017 2016 – Redundant assets at Cerro Corona (1.9 ) (0.8 ) — – Reversal of cash-generating unit impairment at Cerro Corona (2016: impairment of US$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 reinvestment plan, a decision was taken to sell certain mining fleet assets and related spares. The sale of the assets was 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 ) (Relating to all assets at the Rex pit. Following a series of optimisations, the extensional drilling 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 (Impairment)/reversal of impairment of property, plant and equipment – other (1.9 ) 42.3 (76.4 ) 4 For the year ended 31 December 2018, the Group recognised an impairment of R6,470.9 million (US$481.5 million) (2017: R3,495.0 billion (US$277.8 million) and 2016: Rnil (US$nil)) in respect of the South Deep cash-generating unit due to the deferral of production. R963.9 million (US$71.7 million) (2017: R3,495.0 billion (US$277.8 million)) of the total impairment was firstly allocated against goodwill and the remainder of R5,507.0 million (US$409.8 million) (2017: Rnil (US$nil)) against other assets. 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 performed in June 2018 and given that impairment indicators still existed at 31 December 2018, a further assessment was performed. The recoverable amount at 31 December 2018 is R21,2 billion (US$1.4 billion)There were no further impairments at 31 December 2018 using the following assumptions: • Gold price of R525,000 per kilogram for 2019 and R550,000 per kilogram thereafter; • Resource price of US$17 per ounce at the Rand/US Dollar exchange rate of R14.63; • Resource ounces of 24.5 million ounces; • Life-of-mine: • Nominal discount rate of 13.5%. |
Included in (Loss)_Profit Bef_2
Included in (Loss)/Profit Before Royalties and Taxation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Amounts Included in (Loss)/Profit Before Royalties and Taxation | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 INCLUDED IN (LOSS)/PROFIT BEFORE ROYALTIES AND TAXATION ARE THE FOLLOWING: Operating lease charges 1 (2.3 ) (2.4 ) (2.8 ) Profit on buy-back 1 — — 17.7 Social contributions and sponsorships 1 (15.1 ) (19.6 ) (19.3 ) Global compliance costs 1 — — (0.1 ) Loss on sale of inventory 1,2 (8.9 ) — — Rehabilitation income 1 0.9 13.5 9.7 Rehabilitation income 1 — — 0.2 Restructuring costs 3 (113.9 ) (9.2 ) (11.7 ) 1 Included under “Other costs, net” in the consolidated income statement. 2 The loss on sale of inventory related to the sale of inventory at Tarkwa as part of the transition to contractor mining. 3 The restructuring costs in 2018 comprise mainly separation packages at South Deep amounting to US$11.2 million (2017: US$2.3 million and 2016: US$nil), Damang amounting to US$13.9 million (2017: US$2.2 million and 2016: US$9.9 million), Tarkwa amounting to US$88.8 million (2017: 4.7 million and 2016: US$0.2 million), Australia amounting to US$nil (2017: US$nil and 2016: US$1.6 million). The restructuring costs of US$88.8 million at Tarkwa in 2018 related to the transition to contractor mining. |
Royalties (Tables)
Royalties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Royalties | ROYALTIES South Africa (1.0 ) (1.8 ) (1.8 ) Foreign (61.5 ) (60.2 ) (76.6 ) Total royalties (62.5 ) (62.0 ) (78.4 ) Royalty rates South Africa (effective rate) 4 0.5 % 0.5 % 0.5 % Australia 5 2.5 % 2.5 % 2.5 % Ghana 6 3.0 % 3.0 % 5.0 % Peru 7 4.0 % 4.6 % 6.4 % 4 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 2018 was 0.5% of mining revenue (2017: 0.5% and 2016: 0.5%) equalling the minimum charge per the formula. 5 The Australian operations are subject to a 2.5% (2017: 2.5% and 2016: 2.5%) gold royalty on revenue as the mineral rights are owned by the state. 6 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$1,449.99 3.5 % US$1,450.00 – US$2,299.99 4.1 % US$2,300.00 – Unlimited 5.0 % During 2016, the Ghanaian operations were subject to a 5.0% gold royalty on revenue. 7 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, 2018 | |
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Summary of Components of Mining and Income Tax | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 MINING AND INCOME TAXATION 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 ) (1.1 ) (3.9 ) – prior year adjustment – current taxation 0.7 0.2 0.3 – deferred taxation 208.5 12.1 (9.5 ) Foreign taxation – current taxation (127.9 ) (199.8 ) (193.3 ) – dividend withholding tax (13.7 ) — — – prior year adjustment – current taxation (3.7 ) (2.8 ) (6.3 ) – deferred taxation 3.1 19.4 24.2 Total mining and income taxation 65.9 (173.2 ) (189.5 ) Major items causing the Group’s income taxation to differ from the maximum South African statutory mining tax rate of 34.0% (2017: 34.0% and 2016: 34.0%) were: Taxation on profit before taxation at maximum South African statutory mining tax rate 139.6 (51.8 ) (121.5 ) Rate adjustment to reflect the actual realised company tax rates in South Africa and offshore (6.7 ) 19.2 22.4 Non-deductible (12.8 ) (9.1 ) (4.8 ) Non-deductible (22.1 ) (19.7 ) (15.2 ) Deferred tax assets not recognised on impairment and reversal of impairment of investments 1 (12.5 ) 13.3 — Impairment of South Deep goodwill (24.4 ) (94.5 ) — Non-deductible (25.5 ) (24.2 ) (24.2 ) Non-taxable — — 0.8 Non-taxable buy-back — — 6.0 Share of results of equity-accounted investees, net of taxation (4.5 ) (0.4 ) (0.8 ) Non-taxable 17.6 — — Non-taxable 1.3 — — Non-taxable 1.4 — — Dividend withholding tax (15.5 ) — — Net non-deductible non-taxable (7.6 ) (5.3 ) (9.7 ) Deferred tax raised on unremitted earnings at Tarkwa and Cerro Corona (2017: Tarkwa) (1.1 ) (9.5 ) — Deferred taxation movement on Peruvian Nuevo Sol devaluation against US Dollar 2 (1.2 ) 5.2 (1.1 ) Various Peruvian non-deductible (7.5 ) (5.3 ) (8.3 ) Deferred tax assets not recognised at Cerro Corona (2017: Cerro Corona and Damang) 3 (14.9 ) (12.9 ) (34.9 ) Utilisation of tax losses not previously recognised at Damang — 7.1 — Deferred tax assets recognised at Damang (2017: Cerro Corona and Damang) 4 6.5 19.8 — Additional capital allowances recognised at South Deep 5 69.8 — — Deferred tax charge on change of tax rate at South Deep (2016: Peruvian and Ghanaian operations) (10.9 ) — 8.6 Prior year adjustments (3.0 ) (2.6 ) (6.0 ) Other (0.1 ) (2.5 ) (0.8 ) Total mining and income taxation 65.9 (173.2 ) (189.5 ) 1 Deferred tax assets not recognised on impairment of investments relate to the impairment of FSE (2017: reversal of impairment of APP). Refer to note 6 for details of impairments. 2 The functional currency of Cerro Corona is US Dollar, however, the Peruvian tax base is based on values in Peruvian Nuevo Sol. 3 Deferred tax assets amounting to US$14.9 million (2017: US$12.9 million and 2016: US$34.9 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$14.9 million (2017: US$12.9 million and 2016: US$33.5 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 4 Due to year-end pre-feasibility 5 During 2014, the South African Revenue Service (“SARS”) issued a Finalisation of Audit Letter (“the Audit Letter”) stating that SARS had disallowed US$182.2 million of GFIJVH’s gross recognised capital allowance of US$925.5 million. On 30 May 2018, GFIJVH and SARS entered into a confidential settlement agreement (as provided for in the Tax Administration Act) in full and final settlement of this matter. As a result of the settlement GFIJVH recognised an additional US$185.1 million of capital allowances with a tax effect on this amount of US$53.7 million. Refer note 35 on Contingent Liabilities for further details. |
Summary of Domestic and Foreign Current Tax Rates | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 South Africa – current tax rates Mining tax 1 Y = 34 – 170/X Y = 34 –170/X Y = 34 –170/X Non-mining tax 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 % 32.5 % Peru 29.5 % 29.5 % 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 29% (2017: 30% and 2016: 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. |
Summary of Estimated Available for Set-off Against Future Income Pre Tax | At 31 December 2018, the Group had the following estimated amounts available for set-off (pre-tax): United States Dollar 2018 2017 Figures in millions unless otherwise stated Gross Gross Gross Gross Gross Gross South Africa 1 Gold Fields Operations Limited 638.0 206.4 — 716.4 192.5 — GFI Joint Venture Holdings Proprietary Limited 2,3 1,003.1 41.0 — 2,427.1 — 1,501.6 Gold Fields Group Services Proprietary Limited — 1.3 — — — — 1,641.1 248.7 — 3,143.5 192.5 1,501.6 International operations Exploration entities 4 — 430.0 430.0 — 445.9 445.9 Abosso Goldfields Limited 5 — 80.9 — — 201.4 63.5 — 510.9 430.0 — 647.3 509.4 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 US$1,003.1 million (2017: US$2,427.1 million) comprises US$1,003.1 million (2017: US$925.5 million) gross recognised capital allowance and US$nil (2017: US$1,501.6 million) gross unrecognised capital allowance. 3 During 2014, the South African Revenue Service (“SARS”) issued a Finalisation of Audit Letter (“the Audit Letter”) stating that SARS had disallowed US$182.2 million of GFIJVH’s gross recognised capital allowance of US$925.5 million. On 30 May 2018, GFIJVH and SARS entered into a confidential settlement agreement (as provided for in the Tax Administration Act) in full and final settlement of this matter. As a result of the settlement GFIJVH recognised an additional US$185.1 million of capital allowances, previously not recognised, with a tax effect on this amount of US$53.7 million. Refer note 35 on contingent liabilities for further details. 4 The total tax losses of US$430.0 million (2017: US$445.9 million) comprise US$18.6 million (2017: US$22.9 million) tax losses that expire between one and two years, US$27.6 million (2017: US$57.6 million) tax losses that expire between two and five years, US$20.3 million (2017: US$30.4 million) tax losses that expire between five and 10 years, US$42.3 million (2017: US$43.2 million) tax losses that expire after 10 years and US$320.9 million (2017: US$291.8 million) tax losses that have no expiry date. 5 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, 2018 | |
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Details of Earnings Per Share | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 10. EARNINGS PER SHARE 10.1 Basic (loss)/earnings per share from continuing operations – cents (42 ) (4 ) 19 Basic (loss)/earnings per share is calculated by dividing the loss attributable to owners of the parent from continuing operations of US$348.2 million (2017: loss of US$31.8 million and 2016: profit of US$157.0 million) by the weighted average number of ordinary shares in issue during the year of 821,532,707 (2017: 820,611,806 and 2016: 809,889,990). 10.2 Basic earnings per share from discontinued operations – cents — 2 — Basic earnings per share is calculated by dividing the profit attributable to owners of the parent from discontinued operations of US$nil (2017: US$13.1 million and 2016: US$1.2 million) by the weighted average number of ordinary shares in issue during the year of 821,532,707 (2017: 820,611,806 and 2016: 809,889,990). 10.3 Diluted basic (loss)/earnings per share from continuing operations – cents (42 ) (4 ) 19 Diluted basic (loss)/earnings per share is calculated on the basis of loss attributable to owners of the parent from continuing operations of US$348.2 million (2017: loss of US$31.8 million and 2016: profit of US$157.0 million) and 832,465,491 (2017: 826,920,421 and 2016: 810,082,191) shares being the diluted number of ordinary shares in issue during the year. The weighted average number of shares has been adjusted by the following to arrive at the diluted number of ordinary shares: Weighted average number of shares 821,532,707 820,611,806 809,889,990 Share options in issue 10,932,784 6,308,615 192,201 Diluted number of ordinary shares 832,465,491 826,920,421 810,082,191 10.4 Diluted basic earnings per share from discontinued operations – cents — 2 — Diluted basic earnings per share is calculated on the basis of profit attributable to owners of the parent from discontinued operations of US$nil (2017: US$13.1 million and 2016: US$1.2 million) and 832,465,491 (2017: 826,920,421 and 2016: 810,082,191) shares being the diluted number of ordinary shares in issue during the year. 10. EARNINGS PER SHARE 10.5 Headline earnings per share from continuing operations – cents 7 26 24 Headline earnings per share is calculated on the basis of adjusted net earnings attributable to owners of the parent from continuing operations of US$60.6 million (2017: US$212.3 million and 2016: US$198.3 million) and 821,532,707 (2017: 820,611,806 and 2016: 809,889,990) shares being the weighted average number of ordinary shares in issue during the year. Net (loss)/profit attributable to owners of the parent from continuing operations is reconciled to headline earnings as follows: Long-form headline earnings reconciliation (Loss)/profit attributable to owners of the parent from continuing operations (348.2 ) (31.8 ) 157.0 Profit on disposal of investments, net — — (2.3 ) Gross — — (2.3 ) Taxation effect — — — Loss/(profit) on disposal of assets, net 37.0 (2.6 ) (41.0 ) Gross 51.6 (4.0 ) (48.0 ) Taxation effect (12.0 ) 1.2 7.0 Non-controlling interest effect (2.6 ) 0.2 — Impairment, reversal of impairment and write-off of investments and assets and other, net 371.8 246.7 84.6 Impairment, net of reversal of impairment of investments and assets 520.3 200.2 76.5 Write-off of exploration and evaluation assets 37.7 51.5 41.4 Profit on dilution of Gold Fields’ interest in Maverix (4.0 ) — — Gain on acquisition of Asanko (51.8 ) — — Taxation effect (130.4 ) (4.3 ) (32.1 ) Non-controlling interest effect — (0.7 ) (1.2 ) Headline earnings 60.6 212.3 198.3 10. EARNINGS PER SHARE 10.6 Headline earnings per share from discontinued operations – cents — — 1 Headline earnings per share is calculated on the basis of adjusted net loss attributable to owners of the parent from discontinued operations of US$nil (2017: loss of US$2.4 million and 2016: earnings of US$5.5 million) and 821,532,707 (2017: 820,611,806 and 2016: 809,889,990) shares being the weighted average number of ordinary shares in issue during the year. Net profit attributable to owners of the parent from discontinued operations is reconciled to headline earnings as follows: Long-form headline (loss)/earnings reconciliation Profit attributable to owners of the parent from discontinued operations — 13.1 1.2 Impairment and write-off of investments and assets and other, net — (15.5 ) 4.3 Gain on sale of discontinued operation — (23.5 ) — Write-off of exploration and evaluation assets — 1.5 6.1 Taxation effect — 6.5 (1.8 ) Headline (loss)/earnings — (2.4 ) 5.5 10.7 Diluted headline earnings per share from continuing operations – cents 7 26 24 Diluted headline earnings per share is calculated on the basis of headline earnings attributable to owners of the parent continuing operations of US$60.6 million (2017: US$212.3 million and 2016: US$198.3 million) and 832,465,491 (2017: 826,920,421 and 2016: 810,082,191) shares being the diluted number of ordinary shares in issue during the year. 10.8 Diluted headline earnings per share from discontinued operations – cents — — 1 Diluted headline earnings per share is calculated on the basis of headline loss attributable to owners of the parent discontinued operations of US$nil (2017: loss of US$2.4 million and 2016: earnings of US$5.5 million) and 832,465,491 (2017: 826,920,421 and 2016: 810,082,191) shares being the diluted number of ordinary shares in issue during the year. |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Dividends | DIVIDENDS 2017 final dividend of 50 SA cents per share (2016: 60 SA cents and 2015: 21 SA cents) declared on 13 February 2018. 34.7 37.5 10.6 2018 interim dividend of 20 SA cents was declared during 2018 (2017: 40 SA cents and 2016: 50 SA cents). 10.8 25.3 28.6 A final dividend in respect of the financial year ended 31 December 2018 of 20 SA cents per share was approved by the Board of Directors on 13 February 2019. This dividend payable is not reflected in these consolidated financial statements. Dividends are subject to dividend withholding tax. Total dividends 45.5 62.8 39.2 Dividends per share – cents 6 8 5 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Results of Discontinued Operation | The financial results of Darlot were presented as a discontinued operation in the consolidated financial statements. United States Dollar Figures in millions unless otherwise stated 2017 2016 Below is a summary of the results of the discontinued operation for the year ended 31 December: Revenue 49.0 83.1 Cost of sales (50.7 ) (72.1 ) Cost of sales before gold inventory change and amortisation and depreciation (46.3 ) (57.3 ) Gold inventory change (0.9 ) (0.4 ) Amortisation and depreciation (3.5 ) (14.4 ) Other costs, net (1.9 ) (7.2 ) (Loss)/profit before royalties and taxation (3.6 ) 3.8 Royalties (1.1 ) (2.0 ) (Loss)/profit before taxation (4.7 ) 1.8 Mining and income taxation 1.4 (0.6 ) (Loss)/profit for the year from operating activities (3.3 ) 1.2 Gain on sale of discontinued operation 23.5 — Income tax on gain on sale of discontinued operation (7.1 ) — Profit from discontinued operation, net of tax 13.1 1.2 |
Summary of Assets and Liabilities of Discontinued Operation | 2017 Figures in millions unless otherwise stated 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 Figures in millions unless otherwise stated 2018 2017 ASSETS HELD FOR SALE APP 1 — 40.0 Total assets held for sale — 40.0 1 Following the Group’s decision during 2013 to dispose of non-core year-end. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Property, Plant and Equipment | United States Dollar 31 December 2017 31 December 2018 Land, Mine 1 Total Figures in millions unless otherwise stated Total Mine 1 Land, Cost 636.8 8,929.4 9,566.2 Balance at beginning of the year 10,560.7 9,886.4 674.3 (22.3 ) 1.8 (20.5 ) Reclassifications — 10.4 (10.4 ) 0.3 833.3 833.6 Additions for continuing operations 814.2 800.2 14.0 — 6.8 6.8 Additions for discontinued operations — — — — — — Finance leases capitalised (refer note 33) 96.2 96.2 — — (43.2 ) (43.2 ) Reclassification (to)/from assets held for sale (refer note 12) — — — — 22.9 22.9 Borrowing costs capitalised 2 17.5 17.5 — (12.6 ) (202.5 ) (215.1 ) Disposals (528.7 ) (494.6 ) (34.1 ) (1.4 ) (77.7 ) (79.1 ) Disposal of subsidiary (refer note 12) — — — 8.3 — 8.3 Changes in estimates of rehabilitation assets 24.1 — 24.1 65.2 415.6 480.8 Translation adjustment (707.7 ) (653.8 ) (53.9 ) 674.3 9,886.4 10,560.7 Balance at end of the year 10,276.3 9,662.3 614.0 Accumulated depreciation and impairment 26.8 5,014.8 5,041.6 Balance at beginning of the year 5,667.8 5,633.1 34.7 — (20.5 ) (20.5 ) Reclassifications — — — 15.7 732.4 748.1 Charge for the year continuing operations 668.4 658.3 10.1 0.2 3.3 3.5 Charge for the year discontinued operations — — — (2.9 ) (78.4 ) (81.3 ) Impairment and reversal of impairment, net 3 411.7 411.7 — — 51.5 51.5 Write-off of exploration and evaluation assets — continuing operations 4 37.7 37.7 — — 1.5 1.5 Write-off of exploration and evaluation assets — discontinued operations 4 — — — — (3.2 ) (3.2 ) Reclassification (to)/from assets held for sale (refer note 12) — — — (12.2 ) (200.9 ) (213.1 ) Disposals (398.2 ) (391.6 ) (6.6 ) (1.3 ) (74.5 ) (75.8 ) Disposal of subsidiary (refer note 12) — — — 8.4 207.1 215.5 Translation adjustment (370.3 ) (367.6 ) (2.7 ) 34.7 5,633.1 5,667.8 Balance at end of the year 6,017.1 5,981.6 35.5 639.6 4,253.3 4,892.9 Carrying value at end of the year 5 4,259.2 3,680.7 578.5 1 Included in the cost of mine development, infrastructure and other assets are exploration and evaluation assets amounting to US$12.6 million (2017: US$10.8 million). 2 Borrowing costs of US$17.5 million (2017: US$22.9 million) arising on Group general borrowings were capitalised during the period and comprised US$nil (2017: US$19.4 million) borrowing costs related to the qualifying projects at South Deep, US$9.9 million (2017: US$2.1 million) borrowings costs related to the Damang reinvestment project and US$7.6 million (2017: US$1.4 million) borrowings costs related to the Gruyere project. An average interest capitalisation rate of 5.9% (2017: 5.3%) was applied. During 2018, the capitalisation of borrowing costs ceased at South Deep as no new mine development was conducted or is planned for the foreseeable future at South of Wrench. 3 The impairment of US$411.7 million (2017: impairment reversal of US$81.3 million) is made up of US$1.9 million (2017: US$11.1 million) impairment of property, plant and equipment, US$409.8 million (2017: US$nil) impairment of the South Deep cash-generating unit, offset by the reversal of impairment amounting to US$nil (2017: APP reversal of impairment of US$39.0 million (refer note 6 and note 12.2 for further details) and the reversal of the Cerro Corona cash-generating unit impairment of US$53.4 million (refer note 6 for further details)). 4 The write-off 5 At 31 December 2017, fleet assets and carbon in leach (“CIL”) plant in Ghana amounting to US$183.6 million were pledged as security for the US$100 million senior secured revolving credit facility (“US$100 million facility”). On 22 March 2018, the Borrowers, the Original Lender and the Security Agent of the US$100 million facility entered into an Agreement and Restatement Agreement to release any and all security interests created in favour of the Security Agent (refer note 24 for further details). |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Changes in Goodwill | United States Dollar Figures in millions unless otherwise stated 2018 2017 GOODWILL Balance at beginning of the year 76.6 317.8 Impairment (71.7 ) (277.8 ) Translation adjustment (4.9 ) 36.6 Balance at end of the year — 76.6 |
Acquisition of Asanko Gold (Tab
Acquisition of Asanko Gold (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Acquisition Date Fair Value of Major Class of Consideration Transferred | The following table summarises the acquisition date fair value of the consideration transferred: United States Figures in millions unless otherwise stated 2018 Cash – Asanko redeemable preference shares and equity 165.0 Total consideration transferred 165.0 Gain on acquisition of Asanko |
Summary of gain on acquisition | The gain on acquisition was determined as follows: United States Figures in millions unless otherwise stated 2018 Total fair value of assets acquired 216.8 Redeemable preference shares equity financial asset acquired 1 129.9 Fair value of identifiable net assets acquired 2 86.9 Consideration transferred (165.0 ) Gain on acquisition 3 51.8 |
Summary of Key Assumptions Used to Determine Fair Value of Redeemable Preference Shares at Acquisition | The redeemable preference shares were recognised as an investment in an equity financial instrument measured at fair value. The key assumptions used to determine the fair value of the redeemable preference shares of US$129.9 million at acquisition were as follows: Par value of the preference shares US$ 165.0 million Market-related interest rate 7.85 % Expected redemption period – 2020 to 2023 5 years |
Summary of Key Assumptions Used to Determine Fair Value of the Net Identifiable Assets Acquired | The key assumptions used to determine the fair value of the net identifiable assets acquired were as follows: US$ gold price – 2018 to 2019 US$ 1,200/oz US$ gold price – 2020 onwards US$ 1,300/oz Discount rate 10.27 % Life-of-mine 12 years |
Equity Accounted Investees (Tab
Equity Accounted Investees (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Equity Accounted Investees | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 EQUITY ACCOUNTED INVESTEES Investment in joint ventures 177.5 128.6 (a) Far Southeast Gold Resources Incorporated (“FSE”) 91.7 128.6 (b) Asanko Gold 85.8 — Investment in associates 47.6 42.7 (c) Maverix Metals Incorporated (“Maverix”) 47.6 42.7 (d) Other associates — — Total equity accounted investees 225.1 171.3 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 (“FSE”) (12.9 ) (1.6 ) (2.3 ) (b) Asanko Gold (1.1 ) — — (c) Maverix Metals Incorporated (“Maverix”) 0.9 0.3 — (d) Other associates — — — Total share of results of equity investees net of tax (13.1 ) (1.3 ) (2.3 ) |
Summary of Equity Method Investment in Joint Venture - Far Southeast Gold Resources Incorporated ("FSE") | United States Dollar Figures in millions unless otherwise stated 2018 2017 Unlisted shares at cost 230.0 230.0 Equity contribution 92.2 79.3 Cumulative impairment 1 (138.3 ) (101.4 ) Share of accumulated losses brought forward (79.3 ) (77.7 ) Share of loss after taxation 2 (12.9 ) (1.6 ) Total investment in joint venture 3 91.7 128.6 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 Financial Information and Carrying Amount of the Group Interest in Asanko | The following table summarises the financial information and the carrying amount of the Group’s interest in Asanko: United States Dollar Figures in millions unless otherwise stated 2018 Investment in joint venture at cost consists of: Initial investment at cost 86.9 Share of loss after taxation (1.1 ) Carrying value at 31 December 2018 85.8 The investment comprises the following: Figures in millions unless otherwise stated Carrying Percentage AGGL 5.4 45.0 % Shika 80.4 50.0 % Adansi 1 — 50.0 % Total 85.8 1 Nominal value at 31 December 2018 is less than US$0.1 million. The Group’s interest in the summarised financial statements of Asanko on a combined basis is as follows: United States Dollar Figures in millions unless otherwise stated 2018 Statement of financial position – Asanko Non-current 481.2 Current assets 1 109.3 Non-current (34.2 ) Current liabilities (52.7 ) Net assets 503.6 Less: 2 (39.6 ) Less: (291.4 ) Net assets attributable to ordinary shareholders 172.6 Group’s share of net assets 85.8 Reconciled as follows: Cash consideration paid 165.0 Less: (129.9 ) Consideration paid for equity portion 35.1 Gain on acquisition 51.8 Share of loss after taxation (1.1 ) Carrying amount of interest in joint venture 85.8 Income statement – Asanko Revenue 122.0 Production costs (79.0 ) Depreciation and amortisation (34.3 ) Other expenses (4.9 ) Royalties (6.2 ) Income tax expense — Loss for the five-month period (2.4 ) Other comprehensive income — Total comprehensive income (2.4 ) Group’s share of total comprehensive income (1.1 ) 1 Current assets includes cash and cash equivalents of US$21.6 million. 2 Relates to a fair value adjustment to property, plant and equipment of the Asanko Gold Mine as determined at acquisition. |
Summary of Equity Method Investments in Associates - Maverix Metals Incorporated ("Maverix") | Investment in associate consists of: United States Figures in millions unless otherwise stated 2018 2017 Listed shares at cost 42.1 42.1 Profit on dilution of Gold Fields’ interest in Maverix 4.0 — Transaction costs capitalised 0.3 0.3 Share of accumulated profits brought forward 0.3 — Share of profit after taxation 0.9 0.3 Investment in associate – Maverix 1 47.6 42.7 (d) Other Investment in associate — — Rusoro Mining Limited (“Rusoro”) 2 — — 1 The fair value, based on the quoted market price of the investment, in Maverix at 31 December 2018 is US$74.7 million (2017: US$57.2 million). 2 Represents a holding of 25.7% (2017: 25.7%) in Rusoro. The carrying value of Rusoro, incorporated in Venezuela, was written down to US$nil at 31 December 2010 due to losses incurred by the entity. The fair value, based on the quoted market price of the investment, in Rusoro at 31 December 2018 is US$13.4 million (2017: US$7.7 million). The unrecognised share of loss of Rusoro for the year amounted to US$2.6 million (2017: unrecognised shares of loss of US$2.0 million). The cumulative unrecognised share of losses of Rusoro at 31 December 2018 amounted to US$198.6 million (2017: US$196.0 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 judgment, 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 U.S. District Court for the District of Columbia, which seeks recognition of and the entry of judgment on the original arbitration award. A favourable ruling from either the New York or D.C. court will entitle Rusoro to use all legal procedures – including broad discovery from both Venezuela and third parties – that U.S. law provides judgment creditors. Any judgment issued in New York will also accrue interest at 9% per annum until the judgment is fully paid. On 19 October 2018, Rusoro announced that it had reached a settlement agreement with Venezuela by which the Venezuela government agreed to pay Rusoro US$1.28 billion to acquire the company’s mining data and full release of the judgment issued in favour of the company. In a decision dated 29 January 2019, the Paris Court of Appeals partially annulled the arbitral award issued in favour of the Company in August 2016. Rusoro intends to vigorously pursue all available remedies to reinstate such award. |
Summary of Other Investments | United States Figures in millions unless otherwise stated 2018 2017 Listed shares at cost 42.1 42.1 Profit on dilution of Gold Fields’ interest in Maverix 4.0 — Transaction costs capitalised 0.3 0.3 Share of accumulated profits brought forward 0.3 — Share of profit after taxation 0.9 0.3 Investment in associate – Maverix 1 47.6 42.7 (d) Other Investment in associate — — Rusoro Mining Limited (“Rusoro”) 2 — — 1 The fair value, based on the quoted market price of the investment, in Maverix at 31 December 2018 is US$74.7 million (2017: US$57.2 million). 2 Represents a holding of 25.7% (2017: 25.7%) in Rusoro. The carrying value of Rusoro, incorporated in Venezuela, was written down to US$nil at 31 December 2010 due to losses incurred by the entity. The fair value, based on the quoted market price of the investment, in Rusoro at 31 December 2018 is US$13.4 million (2017: US$7.7 million). The unrecognised share of loss of Rusoro for the year amounted to US$2.6 million (2017: unrecognised shares of loss of US$2.0 million). The cumulative unrecognised share of losses of Rusoro at 31 December 2018 amounted to US$198.6 million (2017: US$196.0 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 judgment, 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 U.S. District Court for the District of Columbia, which seeks recognition of and the entry of judgment on the original arbitration award. A favourable ruling from either the New York or D.C. court will entitle Rusoro to use all legal procedures – including broad discovery from both Venezuela and third parties – that U.S. law provides judgment creditors. Any judgment issued in New York will also accrue interest at 9% per annum until the judgment is fully paid. On 19 October 2018, Rusoro announced that it had reached a settlement agreement with Venezuela by which the Venezuela government agreed to pay Rusoro US$1.28 billion to acquire the company’s mining data and full release of the judgment issued in favour of the company. In a decision dated 29 January 2019, the Paris Court of Appeals partially annulled the arbitral award issued in favour of the Company in August 2016. Rusoro intends to vigorously pursue all available remedies to reinstate such award. |
Summary of Share of Joint Operation and Includes Inter-company Transactions and Balances | Below is a summary of Gold Fields’ share of the joint operation and includes inter-company transactions and balances: 2018 2017 Figures in millions unless otherwise stated US$ A$ US$ A$ Statement of financial position Non-current Property, plant and equipment 554.6 788.6 374.9 485.7 Current assets 11.7 16.5 7.2 9.3 Cash and cash equivalents 2.1 3.0 5.3 6.8 Inventories 0.8 1.1 — — Prepayments 6.4 9.1 1.9 2.5 Other receivables 2.4 3.3 — — Total assets 566.3 805.1 382.1 495.0 Total equity Retained earnings (4.7 ) (6.7 ) (2.3 ) (2.9 ) Non-current 119.7 170.3 11.8 15.2 Deferred taxation 30.5 43.3 4.2 5.4 Finance lease liability 76.5 108.8 — — Environmental rehabilitation costs 12.7 18.2 — — Long-term incentive plan — — 7.6 9.8 Current liabilities 451.3 641.5 372.6 482.7 Related entity loans payable 439.0 624.1 347.3 449.9 Trade and other payables 7.7 10.9 14.1 18.3 Deferred consideration — — 11.2 14.5 Current portion of finance lease liability 4.6 6.5 — — Total equity and liabilities 566.3 805.1 382.1 495.0 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Investments | United States Dollar Figures in millions unless otherwise stated 2018 2017 INVESTMENTS Listed At fair value through OCI (2017: available for sale financial assets) 93.0 99.0 Unlisted Asanko redeemable preference shares¹ 132.9 — Other 0.1 0.1 Derivative instruments Warrants 2 9.3 5.5 Total investments 3 235.3 104.6 1 Consists of 164,939,999 redeemable preference shares at par value for US$164,939,999. The following table shows a reconciliation from the fair value at acquisition to the fair value of the redeemable preference shares at the end of the year (level 3 financial instrument): Fair value at acquisition 129,9 Net change in fair value (recognised in OCI) 3,0 Fair value at end of the year 132,9 The fair value is based on the expected cash flows of the Asanko Gold Mine based on the life-of-mine Par value of the preference shares US$ 165.0 million Market-related interest rate 7,85 % Expected redemption period 5 years Any reasonable change in the timing of the cash flows or market-related discount rate could materially change the fair value of the redeemable preference shares (refer note 38 for sensitivity analysis performed). Refer to note 15 and 16.1 (b) for further details. 2 Consists of 10.0 million common share purchase warrants of Maverix. Refer note 16.1 (c) for further details. 3 With the adoption of IFRS 9, all listed investments were reclassified from available for sale financial assets to financial assets designated at fair value through OCI. Refer note 43 for details of major investments. |
Environmental Trust Funds (Tabl
Environmental Trust Funds (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Schedule of Environmental Trust Funds | ENVIRONMENTAL TRUST FUNDS Balance at beginning of the year 55.5 44.5 Contributions from continuing operations 7.7 8.6 Interest earned 0.6 0.5 Translation adjustment (3.0 ) 1.9 Balance at end of the year 60.8 55.5 The trust funds consist of term deposits and equity-linked deposits amounting to US$8.3 million (2017: US$8.6 million) and US$6.5 million (2017: US$7.5 million), respectively, in South Africa, as well as secured cash deposits amounting to US$46.0 million (2017: US$39.6 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 reinvested or spent to meet these obligations. The funds are invested in money market and fixed deposits. The obligations which these funds are intended to fund are included in environmental rehabilitation costs under long-term provisions (refer note 25.1). Refer to note 34 for details on environmental obligation guarantees. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Schedule of Inventories | INVENTORIES Gold-in-process 325.0 305.4 Consumable stores 176.5 220.9 Total inventories 501.5 526.3 Heap leach and stockpiles inventories included in non-current 4 (133.3 ) (132.8 ) Total current inventories 5 368.2 393.5 4 Heap leach and stockpiles inventories will only be processed at the end of life-of-mine. 5 The cost of consumable stores consumed during the year and included in cost of sales amounted to US$280.0 million (2017: US$346.7 million). |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Schedule of Trade and Other Receivables | United States Dollar Figures in millions unless otherwise stated 2018 2017 TRADE AND OTHER RECEIVABLES Trade receivables – gold sales and copper concentrate 23.4 46.6 Trade receivables – other 23.0 15.6 Gold, copper and oil derivative contracts 1 8.3 25.0 Receivables due from the sale of Tarkwa mining fleet 2 26.5 — Deposits 0.2 0.1 Payroll receivables 2.9 11.6 Prepayments 43.3 51.5 Value added tax and import duties 18.1 45.9 Diesel rebate 1.1 1.4 Other 6.4 4.2 Total trade and other receivables 153.2 201.9 1 Comprises US$1.7 million (2017: US$5.1 million) relating to Australian oil derivative contracts, US$3.0 million (2017: US$9.0 million) relating to Ghanaian oil derivative contracts, US$2.4 million (2017: US$nil) relating to Ghanaian gold derivative contracts, US$nil million (2017: US$10.9 million) relating to gold derivative contracts at South Deep and US$1.2 million (US$nil) relating to Peruvian copper derivative contracts. Refer note 38 for further details. 2 Relates to the sale of mining fleet at Tarkwa as part of the transition to contractor mining. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Schedule of Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS Cash at bank and on hand 399.7 479.0 Total cash and cash equivalents 399.7 479.0 |
Stated Capital (Tables)
Stated Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Schedule of Stated Capital | STATED CAPITAL Stated capital 3,622.5 3,622.5 3,622.5 3,622.5 Number of Number of In issue at 1 January 3 821,532,707 821,525,435 Exercise of employee share options — 7,272 In issue at 31 December 821,532,707 821,532,707 Authorised 2,000,000,000 2,000,000,000 3 The total number of ordinary shares in issue per the consolidated financial statements has been adjusted by 918,490 shares to aligned with the statutory records of the company. No impact on stated capital, earnings, diluted earnings and headline earnings per share. |
Summary of Beneficial Shareholders | The following beneficial shareholders hold 5% or more of the Company’s listed ordinary shares at 31 December 2018: Number % of issued Government Employees Pension Fund 60,064,445 7.31 % VanEck Vectors Gold Miners ETF 58,229,560 7.09 % Market Vectors Junior Gold Mines ETF 47,680,319 5.80 % |
Deferred Taxation (Tables)
Deferred Taxation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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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 Figures in millions unless otherwise stated 2018 2017 Liabilities – Mining assets 835.7 1,014.1 – Investment in environmental trust funds 3.2 3.4 – Inventories 11.3 12.1 – Unremitted earnings 9.3 9.1 – Other 5.2 12.6 Liabilities 864.7 1,051.3 Assets – Provisions (95.8 ) (108.4 ) – Tax losses 1 (98.4 ) (69.1 ) – Unredeemed capital expenditure 1 (475.9 ) (491.9 ) – Finance lease liability (2.0 ) — – Other (7.2 ) — Assets (679.3 ) (669.4 ) Net deferred taxation liabilities 185.4 381.9 Included in the statement of financial position as follows: Deferred taxation assets (269.5 ) (72.0 ) Deferred taxation liabilities 454.9 453.9 Net deferred taxation liabilities 185.4 381.9 Balance at beginning of the year 381.9 409.9 Recognised in profit or loss – continuing operations (211.6 ) (31.5 ) Recognised in profit or loss – discontinued operations — 3.4 Recognised in OCI (4.0 ) — Translation adjustment 19.1 0.1 Balance at end of the year 185.4 381.9 1 Tax losses and unredeemed capital expenditure have been recognised, as disclosed in note 9, to the extent that the tax paying entities will have taxable profits in the foreseeable future (per the life-of-mine life-of-mine |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Schedule of Borrowings | The terms and conditions of outstanding loans are as follows: United States Dollar Facility Figures in millions unless otherwise stated Notes 2018 2017 Borrower Nominal interest rate Commitment Maturity date US$1 billion notes issue (the notes) 1 (a ) 849.4 847.9 Orogen 4,875 % — 7 October 2020 US$150 million revolving senior secured credit facility – old 2 (b ) — — La Cima LIBOR plus 1.63 % 0.65 % 19 December 2017 US$150 million revolving senior secured credit facility – new 2 (c ) 83.5 83.5 La Cima LIBOR plus 0.50 % 19 September 2020 US$70 million revolving senior secured credit facility 3 (d ) — — Ghana LIBOR plus 1.00 % 6 May 2017 US$100 million revolving senior secured credit facility 3 (e ) 45.0 45.0 Ghana LIBOR plus 1.40 % 30 November 2021 A$500 million syndicated revolving credit facility 4 (f ) 316.5 231.5 Gruyere BBSY plus 2.35 % 0.94 % 24 May 2021 US$1,290 million term loan and revolving credit facilities 5 (g ) 583.0 380.0 – Facility A (US$380 million) 380.0 380.0 Orogen LIBOR plus 2.25 % — 6 June 2020 – Facility B (US$360 million) 203.0 — Orogen LIBOR plus 1.95 % 0.77 % 6 June 2021 – Facility C (US$550 million) — — Orogen LIBOR plus 2.20 % 0.86 % 6 June 2021 R1,500 million Nedbank revolving credit facility – old 6 (h ) — 79.5 GFIJVH/GFO JIBAR plus 2.50 % 0.85 % 7 March 2018 R1,500 million Nedbank revolving credit facility – new 6 — — GFIJVH/GFO JIBAR plus 2.80 % 0.90 % 8 May 2023 R500 million Standard Bank revolving credit facility 7 (i ) 13.7 — GFIJVH/GFO JIBAR plus 2.75 % 1.05 % 31 March 2020 R500 million Absa Bank revolving credit facility 8 (j ) 34.2 — GFIJVH/GFO JIBAR plus 0.893 % 31 March 2020 Short-term Rand uncommitted credit facilities 9 (k ) 86.3 114.1 — — — — Total borrowings 2,011.6 1,781.5 Current borrowings (86.3 ) (193.6 ) Non-current 1,925.3 1,587.9 1 The balance is net of unamortised transaction costs amounting to US$3.0 million (2017: US$4.5 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”), 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 (BVI) 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 (these facilities were cancelled and refinanced through the US$1,290 million term loan and revolving credit facility on 6 June 2017). 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 (“GF Ghana Limited”) and Abosso Goldfields Limited (“Abosso”). 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 were pledged as security for this facility at 31 December 2017. On 22 March 2018, the Borrowers, the Original Lender and the Security Agent entered into an Agreement and Restatement Agreement to release any and all security interests created in favour of the Security Agent (“the Security”). The effective date of the release of the Security was 22 March 2018. On 23 November 2018, GF Ghana Limited and Abosso (as Borrowers) and The Standard Bank of South Africa Limited (acting through its Isle of Man branch) (as Original Lender and Agent) entered into the Fifth Amendment and Restatement Agreement which further amended the facility agreement. The effective date of the Fifth Amendment and Restatement Agreement is 30 November 2018. The final maturity date is the date falling three years after the effective date, namely 30 November 2021. 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 this facility are guaranteed by Gold Fields, GF Holdings, Orogen, GFO, GFIJVH and GF Ghana. 6 Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH, GF Ghana and Gruyere Holdings Proprietary Limited (“Gruyere”). The old revolving credit facility matured on 7 March 2018 and was replaced by the new revolving credit facility on 8 May 2018. 7 Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH, GF Ghana and Gruyere. 8 Borrowings under this facility are guaranteed by Gold Fields, GFO, GF Holdings, Orogen, GFIJVH, GF Ghana and Gruyere. 9 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 Figures in millions unless otherwise stated 2018 2017 BORROWINGS (a) US$1 billion notes issue Balance at beginning of the year 847.9 846.4 Unwinding of transaction costs 1.5 1.5 Balance at end of the year 849.4 847.9 (b) US$150 million revolving senior secured credit facility—old Balance at beginning of the year — 82.0 Loans advanced — — Repayments — (82.0 ) Balance at end of the year — — (c) US$150 million revolving senior secured credit facility—new Balance at beginning of the year 83.5 — Loans advanced — 83.5 Balance at end of the year 83.5 83.5 (d) US$70 million revolving senior secured credit facility Balance at beginning of the year — 45.0 Repayments — (45.0 ) Balance at end of the year — — (e) US$100 million revolving senior secured credit facility Balance at beginning of the year 45.0 — Loans advanced — 45.0 Balance at end of the year 45.0 45.0 (f) A$500 million syndicated revolving credit facility Balance at beginning of the year 231.5 — Loans advanced 119.9 236.6 Translation adjustment (34.9 ) (5.1 ) Balance at end of the year 316.5 231.5 (g) US$1,290 million term loan and revolving credit facilities Balance at beginning of the year 380.0 658.5 Loans advanced 382.6 73.5 Repayments (179.6 ) (352.0 ) Balance at end of the year 583.0 380.0 (h) R1,500 million Nedbank revolving credit facility Balance at beginning of the year 79.5 — Loans advanced 20.7 78.5 Repayments (107.7 ) — Translation adjustment 7.5 1.0 Balance at end of the year — 79.5 24. BORROWINGS (i) R500 million Standard Bank revolving credit facility Loans advanced 13.7 — Translation adjustment — — Balance at end of the year 13.7 — (j) R500 million Absa revolving credit facility Loans advanced 36.1 — Translation adjustment (1.9 ) — Balance at end of the year 34.2 — (k) Short-term Rand uncommitted credit facilities Balance at beginning of the year 114.1 61.0 Loans advanced 118.7 262.6 Repayments (144.6 ) (216.5 ) Translation adjustment (1.9 ) 7.0 Balance at end of the year 86.3 114.1 Total borrowings 2,011.6 1,781.5 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) 1,162.2 933.6 Fixed rate with no exposure to repricing (US$1 billion notes issue) 849.4 847.9 2,011.6 1,781.5 The carrying amounts of the Group’s borrowings are denominated in the following currencies: US Dollar 1,560.9 1,356.4 Australian Dollar 316.5 231.5 Rand 134.2 193.6 2,011.6 1,781.5 The Group has the following undrawn borrowing facilities: Committed 986.7 1305.1 Uncommitted 26.5 17.1 1013.2 1322.2 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 – later than one year and not later than two years 93.0 — – later than two years and not later than three years 791.2 715.4 – later than three years and not later than five years 102.5 550.0 986.7 1305.1 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Schedule of Provisions | 25.1 Environmental rehabilitation costs 289.6 281.5 25.2 Silicosis settlement costs 25.1 31.9 25.3 Other 4.8 7.9 Total provisions 319.5 321.3 25.1 Environmental rehabilitation costs Balance at beginning of the year 281.5 283.1 Changes in estimates – continuing operations 1 23.2 (5.4 ) Changes in estimates – discontinued operations 1 — — Interest expense – continuing operations 11.7 12.1 Interest expense – discontinued operations — 0.2 Payments (9.6 ) (8.1 ) Disposal of subsidiary — (12.9 ) Translation adjustment (17.2 ) 12.5 Balance at end of the year 2 289.6 281.5 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 (refer note 34); • Australia – mine rehabilitation fund levy; and • Peru – bank guarantees. |
Schedule of Assumption in Provision Calculation | The provision is calculated using the following gross closure cost estimates: South Africa 41.8 41.8 Ghana 100.4 98.1 Australia 178.2 179.2 Peru 79.1 61.9 Chile 0.4 — Total gross closure cost estimates 399.9 381.0 The provision is calculated using the following assumptions: Inflation Discount 2018 South Africa 5.5 % 10.0 % Ghana 2.2 % 10.3 % Australia 2.5 % 2.3% – 2.5 % Peru 2.2 % 4.2 % Chile 2.2 % 3.6 % 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 % |
Summary of Silicosis Settlement Costs | United States Dollar Figures in millions unless otherwise stated 2018 2017 25. PROVISIONS 25.2 Silicosis settlement costs 1 Balance at beginning of the year 31.9 — Changes in estimates (4.5 ) 30.2 Unwinding of provision recognised as finance expense 2.0 0.9 Translation (4.3 ) 0.8 Balance at end of the year 25.1 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. 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, Gold Fields was able 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 during 2017. As a result, Gold Fields provided an amount of US$25.1 million (R367.8 million) (2017: US$31.9 million (R401.6 million)) for this obligation in the statement of financial position at 31 December 2018. The nominal amount of this provision is US$34.7 million (R507.0 million). Gold Fields believes that this remains a reasonable estimate of its share of the settlement of the class action claims and related costs. The assumptions that were made in the determination of the provision include silicosis prevalence rates, estimated settlement per claimant, benefit take-up Refer note 35 for further details. |
Long-term Incentive Plan (Table
Long-term Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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Summary of Long-tem Incentive Plan | LONG-TERM INCENTIVE PLAN Opening balance 18.1 23.6 Charge to income statement – continuing operations 1.1 5.0 Charge to income statement – discontinued operations — 0.1 Payments (17.8 ) (11.5 ) Translation adjustment 0.7 0.9 Balance at end of the year 2 2.1 18.1 Current portion of long-term incentive plan — (18.1 ) Non-current 2.1 — 2 On 1 March 2014, the Remuneration Committee approved the Gold Fields Limited Long-Term Incentive Plan (“LTIP”). The plan provided 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 were assessed over the performance cycle which runs over three calendar years. The expected timing of the cash outflows in respect of each grant was at the end of three years after the original award was made. The last award under this plan was made in 2015. From 2018 onwards, Executive Committee members (including regional Executive Committee members) receive awards under the Gold Fields Limited 2012 Share Plan amended, while senior and middle management receive awards under the revised LTIP. The performance conditions of the revised LTIP are approved annually by the Remuneration Committee. 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. |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Trade and Other Payables | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 TRADE AND OTHER PAYABLES Trade payables 145.9 190.8 Accruals and other payables 236.7 238.8 Payroll payables 44.3 51.7 Gold, copper and foreign exchange derivative contracts 1 22.6 3.3 Leave pay accrual 43.0 42.5 Interest payable on loans 10.5 10.2 Deferred consideration – refer note 16.2 — 11.2 Total trade and other payables 503.0 548.5 1 Comprises US$12.3 million (2017: US$nil) relating to Australian gold derivative contracts, US$1.6 million (2017: US$nil) relating to gold derivative contracts at South Deep, US$8.7 million (2017: US$nil) relating to Australian foreign exchange derivative contracts and US$nil (2017: US$3.3 million) relating to Peruvian copper derivative contracts. Refer note 38 for further details. |
Cash Generated by Operations (T
Cash Generated by Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Cash Generated By Operations | CASH GENERATED BY OPERATIONS (Loss)/profit from continuing operations (344.8 ) (20.8 ) 167.9 Mining and income taxation (65.9 ) 173.2 189.5 Royalties 62.5 62.0 78.4 Interest expense 91.8 91.2 82.5 Interest received (6.8 ) (5.1 ) (7.3 ) Amortisation and depreciation 668.4 748.1 671.4 Interest expense – environmental rehabilitation 11.7 12.1 10.7 Non-cash (0.9 ) (13.5 ) (9.7 ) Interest received – environmental trust funds (0.6 ) (0.5 ) Impairment, net of reversal of impairment of investments and assets 520.3 200.2 76.5 Write-off 37.7 51.5 41.4 Loss/(profit) on disposal of assets 51.6 (4.0 ) (48.0 ) Profit on disposal of investments — — (2.3 ) Gain on acquisition of Asanko (51.8 ) — — Unrealised loss/(gain) on derivative contracts 2 36.6 (20.7 ) (14.4 ) Fair value (gain)/loss on Maverix warrants 2 (3.8 ) 0.4 — Profit on dilution of Gold Fields’ interest in Maverix (4.0 ) — — Silicosis settlement costs 2 (4.5 ) 30.2 Share-based payments 37.5 26.8 14.0 Long-term incentive plan expense 1.1 5.0 10.5 Payment of long-term incentive plan (17.8 ) (11.5 ) — Borrowing costs capitalised (17.5 ) (22.9 ) (15.1 ) Share of results of equity accounted investees, net of taxation 0.2 (0.3 ) — Other 2 (3.0 ) (14.9 ) 0.4 Total cash generated by operations 998.0 1,286.5 1,245.4 2 The item “Other” in 2017 and 2016 has been disaggregated into unrealised gain on derivative contracts, fair value loss on Maverix warrants and silicosis settlement costs. |
Change in Working Capital (Tabl
Change in Working Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Change in Working Capital | CHANGE IN WORKING CAPITAL Inventories 0.8 (55.1 ) (39.2 ) Trade and other receivables 15.0 (2.2 ) 2.8 Trade and other payables (32.1 ) (12.1 ) 34.1 Total change in working capital (16.3 ) (69.4 ) (2.3 ) |
Royalties Paid (Tables)
Royalties Paid (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Royalty Paid | ROYALTIES PAID Amount owing at beginning of the year – continuing operations (16.3 ) (19.8 ) (17.8 ) Royalties – continuing operations (62.5 ) (62.0 ) (78.4 ) Amount owing at end of the year – continuing operations 12.5 16.3 19.8 Translation 0.8 (0.5 ) — Total royalties paid – continuing operations (65.5 ) (66.0 ) (76.4 ) |
Taxation Paid (Tables)
Taxation Paid (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Detailed Information About Tax Paid | United States Dollar Figures in millions unless otherwise stated 2018 2017 2016 TAXATION PAID Amount owing at beginning of the year – continuing operations (77.5 ) (107.9 ) (59.3 ) SA and foreign current taxation – continuing operations (145.7 ) (204.7 ) (204.2 ) Amount owing at end of the year – continuing operations 5.2 77.5 107.9 Translation 0.8 (4.4 ) — Total taxation paid – continuing operations (217.2 ) (239.5 ) (155.6 ) |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Retirement Benefits | RETIREMENT BENEFITS 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. Retirement benefit costs 32.8 33.7 30.0 |
Finance Lease Liabilities (Tabl
Finance Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Finance Lease Liabilities | FINANCE LEASE LIABILITIES Balance at the beginning of the year — — Additions 1 96.2 — Interest expense 0.2 — Repayments (2.5 ) — Translation adjustment (5.3 ) — Balance at the end of the year 88.6 — Current portion of finance lease liability (8.5 ) — Non-current 80.1 — Finance lease liabilities are payable as follows: Future minimum lease payments – within one year 11.6 — – later than one and not later than five years 41.5 — – later than five years 58.4 — Total 111.5 — Interest – within one year 3.1 — – later than one and not later than five years 11.5 — – later than five years 8.3 — Total 22.9 — Present value of minimum lease payments – within one year 8.5 — – later than one and not later than five years 30.0 — – later than five years 50.1 — Total 88.6 — 1 The finance lease additions relate mainly to the power purchase agreement at Gruyere. Gruyere joint venture (“Gruyere”) entered into a contract with APA Power Holdings Proprietary Limited (“APA”) for the supply of electricity to the Gruyere Mine. Gruyere has contracted APA to design, construct, operate and maintain the power facilities including gas pipelines for a period of 15 years. Gruyere pays a fee including a fixed monthly charge over the term of the arrangement, that is adjusted by the Australian consumer price index (“CPI”) on an annual basis. Due to the location of the site and the capacity of the plant, APA is unlikely to sell the power generated to other customers. Accordingly, although the arrangement is not in the legal form of a lease, in terms of IFRIC 4 Determining Whether an Arrangement Contains a Lease it meets the definition of a lease and the lease was classified as a finance lease. At the inception of the arrangement, payments were split into lease payments and non-lease payments based on their relative fair values. The imputed finance costs on the liability were determined based on the interest rate implicit in the lease of 3.46%. The Group has proportionately consolidated its share of the finance lease. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Commitments | Capital expenditure Contracted for 50.0 44.5 Operating leases 2 – within one year 76.7 66.6 – later than one and not later than five years 256.5 257.9 – later than five years 324.2 448.0 2 The operating lease commitments consist mainly of power purchase agreements entered into at Tarkwa, Damang, Granny Smith and Gruyere. Included in these amounts are payments for non-lease |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Carrying Amounts and Fair Values of Financial Assets and Financial Liabilities | The following tables show the carrying amounts and fair values of financial assets and financial liabilities: Carrying amount Fair value Figures in millions unless otherwise stated Fair Fair Financial assets cost Other measured Total Total 2018 Financial assets measured at fair value – Environmental trust funds 6.5 — — — 6.5 6.5 – Trade receivables from provisional copper sales 15.3 — — — 15.3 15.3 – Investments — 93.1 — — 93.1 93.1 – Asanko redeemable preference shares — 132.9 — — 132.9 132.9 – Warrants 9.3 — — — 9.3 9.3 – Gold, copper and oil derivative contracts 8.3 — — — 8.3 8.3 Total 39.4 226.0 — — 265.4 265.4 Financial assets not measured at fair value – Environmental trust funds — — 54.3 — 54.3 54.3 – Trade and other receivables — — 64.2 — 64.2 64.2 – Cash and cash equivalents — — 399.7 — 399.7 399.7 Total — — 518.2 — 518.2 518.2 Financial liabilities measured at fair value – Gold, copper and foreign exchange derivative contracts 22.6 — — — 22.6 22.6 Total 22.6 — — — 22.6 22.6 Financial liabilities not measured at fair value – Borrowings — — — 2,011.6 2,011.6 2,001.8 – Trade and other payables — — — 393.1 393.1 393.1 – Finance lease liabilities — — — 88.6 88.6 88.6 Total — — — 2,493.3 2,493.3 2,483.5 Carrying amount Fair value Figures in millions unless otherwise stated Loans and Fair Available Derivative Other Total Total 2017 Financial assets measured at fair value – Environmental trust funds — 7.3 — — — 7.3 7.3 – Trade receivables from provisional copper sales — 21.2 — — — 21.2 21.2 – Investments — — 99.1 — — 99.1 99.1 – Warrants — — — 5.5 — 5.5 5.5 – Gold and oil derivative contracts — — — 25.0 — 25.0 25.0 Total — 28.5 99.1 30.5 — 158.1 158.1 Financial assets not measured at fair value – Environmental trust funds 48.2 — — — — 48.2 48.2 – Trade and other receivables 45.3 — — — — 45.3 45.3 – Cash and cash equivalents 479.0 — — — — 479.0 479.0 Total 572.5 — — — — 572.5 572.5 Financial liabilities measured at fair value – Copper derivative contracts — — — 3.3 — 3.3 3.3 Total — — — 3.3 — 3.3 3.3 Financial liabilities not measured at fair value – Borrowings — — — — 1,781.5 1,781.5 1,805.1 – Trade and other payables — — — — 451.0 451.0 451.0 Total — — — — 2,232.5 2,232.5 2,256.1 |
Summary of Assets and Liabilities Measured at Fair Value by Level within 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 2018 2017 Figures in millions unless otherwise stated Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Financial assets measured at fair value Environmental trust funds 6.5 — 6.5 — 7.3 — 7.3 — Trade receivables from provisional copper sales 15.3 — 15.3 — 21.2 — 21.2 — Investments – listed 93.0 93.0 — — 99.0 99.0 — — Investments – unlisted 0.1 — — 0.1 0.1 — — 0.1 Asanko redeemable preference shares 132.9 — — 132.9 — — — — Warrants 9.3 — 9.3 — 5.5 — 5.5 — Oil derivative contracts 4.7 — 4.7 — 14.1 — 14.1 — Copper derivative contracts 1.2 — 1.2 — — — — — Gold derivative contracts 2.4 — 2.4 — 10.9 — 10.9 — Financial liabilities measured at fair value Copper derivative contracts — — — — 3.3 — 3.3 — Foreign exchange derivative contracts 8.7 — 8.7 — — — — — Gold derivative contracts 13.9 — 13.9 — — — — — |
Risk Management Activities (Tab
Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Credit risk [member] | |
Statement [LineItems] | |
Schedule of Combined Maximum Credit Risk Exposure | The combined maximum credit risk exposure of the Group is as follows: United States Dollar Figures in millions unless otherwise stated 2018 2017 Environmental trust funds 60.8 55.5 Trade and other receivables¹ 79.5 66.5 Cash and cash equivalents 399.7 479.0 ¹ Trade and other receivables above exclude VAT, import duties, prepayments, payroll receivables, derivative contracts and diesel rebates amounting to US$73.7 million (2017: US$135.4 million). |
Summary of the Exposure to Credit Risk for Trade Receivables by Geographic Region | At 31 December 2018, the exposure to credit risk for trade receivables by geographic region was as follows: United States Dollar Figures in millions unless otherwise stated 2018 2017 South Africa — 12.8 Ghana 8.1 10.4 Australia — 2.2 Peru 15.3 21.2 Total trade receivables 23.4 46.6 |
Schedule of Contractually Due Undiscounted Cash Flows Resulting from Maturities of All Financial Liabilities, Including Interest Payments | The following are the contractually due undiscounted cash flows resulting from maturities of all financial liabilities, including interest payments: United States Dollar Figures in millions unless otherwise stated Within Between After Total 2018 Trade and other payables 393.1 — — 393.1 Gold, copper and foreign exchange derivative contracts 22.6 — — 22.6 Borrowings 1 – US$ borrowings 2 – Capital — 1,563.9 — 1,563.9 – Interest 74.2 60.4 — 134.6 – A$ borrowings 3 – Capital — 316.5 — 316.5 – Interest 13.8 19.4 — 33.2 – Rand borrowings 4 – Capital 86.3 47.9 — 134.2 – Interest 11.6 1.2 — 12.8 Environmental rehabilitation costs 5 13.0 33.7 353.2 399.9 Finance lease liabilities 11.6 41.5 58.4 111.5 South Deep dividend 1.4 4.1 4.1 9.6 Total 627.6 2,088.6 415.7 3,131.9 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 1 Spot rate: R14.63 = US$1.00 (2017: R12.58 = US$1.00 and 2016: R14.03 = US$1.00). 2 USD borrowings – Spot LIBOR (one month fix) rate adjusted by specific facility agreement: 2.50625% (2017: 1.5638% (one month fix)). 3 AUD borrowings – Spot Bank Bill Swap Bid Rate (BBSY) (one month fix) rate adjusted by specific facility agreement: 2.02% (2017: 1.76%). 4 ZAR borrowings – Spot JIBAR (one month fix) rate adjusted by specific facility agreement: 6.942% (2017: 6.908%) and bank overnight borrowing rate on uncommitted credit facilities: average of 8.1% (2017: 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$60.8 million (2017: US$55.5 million) of the environmental rehabilitation costs are funded through the environmental trust funds. |
Equity price risk [member] | |
Statement [LineItems] | |
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. 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 Sensitivity to equity security price (Decrease)/increase in equity price Figures in millions unless otherwise stated (10.0%) (5.0%) 5.0% 10.0% 2018 (Decrease)/increase in other comprehensive income 1 (9.3 ) (4.7 ) 4.7 9.3 2017 (Decrease)/increase in other comprehensive income 1 (9.9 ) (5.0 ) 5.0 9.9 1 Spot rate: R14.63 = US$1.00 (2017: R12.58 = US$1.00). The tables below summarise the impact of increases/decreases on the Group’s shareholders’ equity in case of changes in the key inputs used to value the preference shares. The first analysis is based on the assumption that the market-related discount rate has increased/decreased with all other variables held constant. The second analysis is based on the assumption that the timing of the cash flows used in the life-of-mine United States Dollar Sensitivity to preference shares price risk (Decrease)/increase in discount rate Figures in millions unless otherwise stated (1.0%) (2.0%) 2.0% 1.0% 2018 Increase/(decrease) in other comprehensive income 3.4 6.8 (6.8 ) (3.4 ) United States Dollar (Decrease)/increase in timing of Sensitivity to preference shares price risk cash flows Figures in millions unless otherwise stated 1 year earlier 1 year later 2018 Increase/(decrease) in other comprehensive income 11.1 (10.1 ) |
Sensitivity to interest rates [member] | |
Statement [LineItems] | |
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. The analysis is based on the assumption that the applicable interest rate increased/decreased with all other variables held constant and is calculated on the weighted average borrowings for the year. 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 Sensitivity to interest rates Change in interest expense for a nominal change in interest rates Figures in millions unless otherwise stated (1.5%) (1.0%) (0.5%) 0.5% 1.0% 1.5% 2018 Sensitivity to LIBOR interest rates (9.8 ) (6.5 ) (3.3 ) 3.3 6.5 9.8 Sensitivity to BBSY interest rates 1 (4.9 ) (3.3 ) (1.6 ) 1.6 3.3 4.9 Sensitivity to JIBAR and prime interest rates 2 (1.2 ) (0.8 ) (0.4 ) 0.4 0.8 1.2 Change in finance expense (15.9 ) (10.6 ) (5.3 ) 5.3 10.6 15.9 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 1 Average rate: A$0.75 = US$1.00 (2017: A$0.77 = US$1.00) 2 Average rate: R13.2 = US$1.00 (2017: R13.33 = US$1.00) |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of Reconciliation of Net Operating Profit | United States Dollar Figures in millions unless otherwise stated Notes 2018 2017 Borrowings 24 2,011.6 1,781.5 Less: Cash and cash equivalents 21 399.7 479.0 Net debt 1,611.9 1,302.5 Adjusted EBITDA 1,111.6 1,263.7 Net debt to adjusted EBITDA 1.45 1.03 Reconciliation of (loss)/profit for the year to adjusted EBITDA: (Loss)/profit for the year (continuing and discontinued operations) (344.8 ) (7.7 ) Mining and income taxation from continuing operations (65.9 ) 173.2 Mining and income taxation from discontinued operations 12.1 — (1.4 ) Royalties from continuing operations 62.5 62.0 Royalties from discontinued operations 12.1 — 1.1 Finance expense from continuing operations 88.0 81.3 Investment income from continuing operations (7.8 ) (5.6 ) Gain on financial instruments from continuing operations (21.0 ) (34.4 ) Foreign exchange loss from continuing operations (6.4 ) 3.5 Amortisation and depreciation from continuing operations 2 668.4 748.1 Amortisation and depreciation from discontinued operations 12.1 — 3.5 Share-based payments from continuing operations 37.5 26.8 Long-term incentive plan from continuing operations 1.1 5.0 Restructuring costs from continuing operations 113.9 9.2 Silicosis settlement costs from continuing operations (4.5 ) 30.2 Impairment, net of reversal of impairment of investments and assets from continuing operations 520.3 200.2 Profit on disposal of assets from continuing operations 51.6 (4.0 ) Gain on sale of discontinued operation, net of taxation 12.1 — (16.4 ) Share of results of equity accounted investees, net of taxation 13.1 1.3 Rehabilitation income from continuing operations 7 (0.9 ) (13.5 ) Realised gain on derivative contracts 53.8 — Gain on acquisition of Asanko 15 (51.8 ) — Other 4.5 1.3 1,111.6 1,263.7 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Non Executive Directors [member] | |
Statement [LineItems] | |
Summary of Remuneration to Related Parties | The following table summarises the remuneration for NEDs for the years ended 31 December 2018 and 2017: Directors fees Board fees Total C Carolus 231.3 — 231.3 R Menell 150.5 — 150.5 D Ncube 1 30.7 21.3 52.0 Y Suleman 75.9 72.4 148.3 P Bacchus 80.6 61.1 141.7 S Reid 80.6 55.4 136.0 T Goodlace 75.9 38.4 114.3 A Andani 80.6 40.2 120.8 C Letton 80.6 49.8 130.4 P Mahanyele Dabengwa 2 25.9 2.7 28.6 Total – 2018 912.6 341.3 1,253.9 C Carolus 216.0 — 216.0 R Menell 140.5 — 140.5 D Ncube 70.9 49.1 120.0 Y Suleman 70.9 53.3 124.2 P Bacchus 76.5 53.1 129.6 S Reid 76.5 54.1 130.6 T Goodlace 70.9 40.6 111.5 A Andani 76.5 53.3 129.8 C Letton 3 51.0 20.0 71.0 G Wilson 4 28.4 26.3 54.7 Total – 2017 878.1 349.8 1,227.9 1 Retired from the Board at end May 2018. 2 Appointed to the Board in September 2018. 3 Fees in respect of the 2017 year were paid as a lump sum in January 2018. 4 Retired from the Board at end of May 2017. |
Key management personnel of entity or parent [member] | |
Statement [LineItems] | |
Summary of Remuneration to Related Parties | The following table summarises the remuneration for executive directors and prescribed officers for the years ended 31 December 2018 and 2017: (Details of the remuneration are further described in the Remuneration Report) Salary 1 Pension contribution Cash 2 Other 3 Share- 4 LTIP 4 Total Executive directors N Holland 1,251.6 26.5 661.5 — 1,654.8 25.5 3,619.9 P Schmidt 626.6 48.2 306.2 2.1 876.2 25.3 1,884.6 1,878.2 74.7 967.7 2.1 2,531.0 50.8 5,504.5 Prescribed officers L Rivera 5 668.8 72.8 132.9 386.8 202.6 — 1,463.9 A Baku 6 808.0 185.8 634.8 68.0 990.4 25.5 2,712.5 R Butcher 384.5 37.3 192.4 — 238.5 — 852.7 N Chohan 367.2 26.5 213.9 1.8 341.1 6.9 957.4 B Mattison 7 453.6 26.5 271.9 2.5 545.1 16.4 1,316.0 T Harmse 369.7 26.5 215.3 7.8 433.5 13.9 1,066.7 A Nagaser 243.3 27.0 131.1 0.4 185.8 5.0 592.6 S Mathews 8 438.2 29.5 289.4 4.9 399.2 10.9 1,172.1 M Preece 541.7 26.5 168.8 0.4 113.0 — 850.4 R Bardien 9 274.3 24.3 150.5 106.1 — — 555.2 4,549.3 482.7 2,401.0 578.7 3,449.2 78.6 11,539.5 Total – 2018 6,427.5 557.4 3,368.7 580.8 5,980.2 129.4 17,044.0 Executive directors N Holland 1,186.9 26.3 1,002.2 — 1,264.3 158.8 3,638.5 P Schmidt 588.6 48.2 542.7 4.0 674.8 141.8 2,000.1 1,775.5 74.5 1,544.9 4.0 1,939.1 300.6 5,638.6 Prescribed officers L Rivera 5 626.3 48.4 270.4 253.3 156.8 — 1,355.2 A Baku 6 784.7 180.5 719.8 150.2 784.3 146.8 2,766.3 R Butcher 353.0 37.9 278.5 — 178.9 — 848.3 N Chohan 342.8 26.3 288.3 3.3 261.4 40.3 962.4 B Mattison 7 426.7 26.3 369.9 1.0 426.9 93.9 1,344.7 T Harmse 344.7 26.3 290.1 6.8 342.2 78.2 1,088.3 A Nagaser 228.1 25.3 192.0 0.7 143.7 24.9 614.7 S Mathews 8 397.5 21.2 326.1 10.0 316.4 59.5 1,130.7 M Preece 338.2 16.6 — — 63.5 — 418.3 L Samuel 10 384.3 17.5 — 198.9 — — 600.7 R Weston 11 102.0 4.5 — 7.6 34.4 — 148.5 N Muller 12 129.4 6.6 — 34.0 — — 170.0 4,457.7 437.4 2,735.1 665.8 2,708.4 443.6 11,448.0 Total – 2017 6,233.2 511.9 4,280.0 669.8 4,647.5 744.2 17,086.6 1 The total US$ amounts paid for 2018, and included in salary were as follows : NJ Holland US$406,700 (2017: US$396,500), P Schmidt US$124,150 (2017: US$121,000) and B Mattison US$88,217 (2017: US$86,000). 2 The annual bonuses for the year ended 31 December 2017 and 31 December 2018 were paid in February 2018 and February 2019, respectively. 3 Other payments include special bonuses and incidental payments unless otherwise stated. 4 The share-based payment and LTIP expenses are calculated in terms of IFRS and are not the cash amounts paid. For details of the cash amounts paid, refer the remuneration report. 5 Other payments for 2018 relate to cash in lieu of 2016 share award paybale upon vesting in March 2019 and 2017 relate to a legislative bonus. 6 Other payments for 2018 relate to a profit share bonus payment and 2017 relates to a leave allowance. 7 Other payments for 2018 relate to a service award. 8 Other payments for 2018 relate to a bonus payment in lieu of most improved operation bonus scheme 9 Appointed on 1 February 2018. Other payments for 2018 relate to a sign-on-bonus. 10 Resigned 31 July 2017. Other payments for 2017 include a payment in lieu of notice. 11 Retired 28 February 2017. 12 Resigned 31 March 2017. |
Changes in Significant Accoun_2
Changes in Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Summary of impact, net of tax, of transition to IFRS 15 on retained earnings on 1 January 2018 | United States Dollar Figures in millions unless otherwise stated Impact of adopting Retained earnings Revenue (15.0 ) Cost of sales 11.5 Impact at 1 January 2018 (3.5 ) |
Summary of Impact on Consolidated Income Statement and Statement of Other Comprehensive Income and Cash flow Statement | United States Dollar Figures in millions unless otherwise stated As 2018 Amounts Revenue 2,577.8 (15.0) 2,562.8 Cost of sales (2,043.0 ) 11.5 (2,031.5 ) Others (879.6 ) — (879.6 ) (Loss)/profit for the year (344.8 ) (3.5) (348.3 ) Other comprehensive income, net of tax (330.0 ) — (330.0 ) Total comprehensive income for the year (674.8 ) (3.5) (678.3 ) United States Dollar Figures in millions unless otherwise stated As 2018 Amounts Cash flows from operating activities Cash generated by operations 998.0 (3.5 ) 994.5 Change in working capital (16.3 ) 3.5 (12.8 ) Others (423.9 ) — (423.9 ) 557.8 — 557.8 |
Summary of Impact of Transition to IFRS 9 on the Classification of Financial Assets | United States Dollar Figures in millions unless otherwise stated Note Original New Carrying Carrying Environmental trust funds 37 FVTPL FVTPL 7.3 7.3 Environmental trust funds 37 Loans and Amortised 48.2 48.2 Trade and other receivables 37 Loans and Amortised 45.3 45.3 Cash and cash equivalents 37 Loans and Amortised 479.0 479.0 Trade receivables from provisional copper and gold concentrate sales 37 FVTPL FVTPL 21.2 21.2 Investments¹ 37 Available FVOCI 99.1 99.1 Warrants 37 Derivative FVTPL 5.5 5.5 Gold and oil derivative contracts 37 Derivative FVTPL 25.0 25.0 Total financial assets 730.6 730.6 ¹ As permitted by IFRS 9, the Group has designated these investments at the date of initial application at FVOCI. Unlike IAS 39, the accumulated fair value reserve related to these investments will never be reclassified to profit or loss. |
Summary of Impact of Transition to IFRS 9 on the Classification of Financial Liabilities | United States Dollar Figures in millions unless otherwise stated Note Original New Carrying Carrying Borrowings 37 Other Other 1,781.5 1,781.5 Trade and other payables 37 Other Other 451.0 451.0 Copper derivative contracts 37 FVTPL FVTPL 3.3 3.3 Total financial liabilities 2,235.8 2,235.8 |
Segment report (Tables)
Segment report (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Segment Report | Financial summary South Ghana Peru Australia Figures in millions unless otherwise South Deep 1 Tarkwa Damang Asanko 2 Total Cerro St Agnew/ Granny Total Gruyere Corporate 3 Group Group INCOME STATEMENT for the year ended 31 December 2018 Revenue 210.1 666.9 229.0 54.9 950.8 351.0 7 464.7 301.1 355.0 1,120.8 — — 2,632.7 2,577.8 Cost of sales (320.5 ) (477.1 ) (224.3 ) (52.9 ) (754.3 ) (236.6 ) (332.2 ) (236.4 ) (212.7 ) (781.3 ) — (3.1 ) (2,095.9 ) (2,043.0 ) Cost of sales before gold inventory change and amortisation and depreciation (262.0 ) (298.7 ) (143.5 ) (41.6 ) (483.8 ) (160.3 ) (200.9 ) (159.7 ) (166.3 ) (526.9 ) — 0.6 (1,432.4 ) (1,390.8 ) Gold inventory change (9.6 ) (10.1 ) 19.1 4.2 13.2 5.5 14.9 (1.7 ) (1.8 ) 11.4 — — 20.4 16.2 Amortisation and depreciation (48.9 ) (168.3 ) (99.9 ) (15.5 ) (283.7 ) (81.8 ) (146.2 ) (75.0 ) (44.6 ) (265.8 ) — (3.7 ) (683.9 ) (668.4 ) Other income/(costs) (6.3 ) (0.9 ) 8.4 (0.3 ) 7.2 1.5 4.5 9.1 1.1 14.8 (3.5 ) (44.5 ) 4 (30.8 ) (30.5 ) Share-based payments (4.7 ) (6.8 ) (2.1 ) — (8.9 ) (4.3 ) (3.5 ) (2.6 ) (3.1 ) (9.2 ) — (10.4 ) (37.5 ) (37.5 ) Long-term incentive plan 0.1 0.4 — — 0.4 0.4 (0.2 ) — (0.2 ) (0.4 ) — (1.6 ) (1.1 ) (1.1 ) Exploration expense — — (0.4 ) — (0.4 ) (1.1 ) (18.2 ) (8.0 ) (11.0 ) (37.2 ) (0.5 ) (65.0 ) (104.2 ) (104.2 ) Restructuring costs (11.2 ) (88.8 ) (13.9 ) — (102.7 ) — — — — — — — (113.9 ) (113.9 ) Silicosis settlement costs — — — — — — — — — — — 4.5 4.5 4.5 Impairment and reversal of impairment of investments and assets, net (246.2 ) — — — — (1.9 ) — — — 0.0 — (272.2 ) (520.3 ) (520.3 ) Profit/(loss) on disposal of assets 1.0 (38.0 ) — — (38.0 ) — (0.3 ) (0.1 ) — (0.4 ) — (14.2 ) (51.6 ) (51.6 ) Investment income 0.9 8.3 — — 8.3 — 0.4 0.2 0.3 0.9 — (2.3 ) 7.8 7.8 Finance expense (9.6 ) (4.3 ) (9.8 ) — (14.1 ) (5.0 ) (2.5 ) (1.0 ) (1.0 ) (4.6 ) (0.2 ) (54.5 ) (88.0 ) (88.0 ) Gain on acquisition of Asanko — — — — — — — — — — — 51.8 51.8 51.8 Royalties (1.0 ) (21.2 ) (7.3 ) (2.8 ) (31.3 ) (5.1 ) — 5 — 5 — 5 (27.9 ) — — (65.3 ) (62.5 ) Mining and income tax 162.7 1.8 12.1 — 13.9 (56.4 ) — 5 — 5 — 5 (85.3 ) 1.2 29.8 65.9 65.9 Current taxation — (19.6 ) — — (19.6 ) (52.1 ) — 5 — 5 — 5 (89.6 ) 29.5 (13.9 ) (145.7 ) (145.7 ) Deferred taxation 162.7 21.4 12.1 — 33.5 (4.3 ) — 5 — 5 — 5 4.3 (28.3 ) 43.7 211.6 211.6 (Loss)/profit for the year (224.7 ) 40.1 (8.3 ) (1.1 ) 30.9 42.6 — 5 — 5 — 5 190.2 (3.0 ) (381.8 ) (345.9 ) (344.8 ) (Loss)/profit attributable to: – Owners of the parent (224.7 ) 36.1 (7.5 ) (1.1 ) 27.5 42.4 — 5 — 5 — 5 190.2 — 5 (381.8 ) (349.3 ) (348.2 ) – Non-controlling — 4.0 (0.8 ) — 3.2 0.2 — 5 — 5 — 5 — — 5 — 3.4 3.4 STATEMENT OF FINANCIAL POSITION at 31 December 2018 Total assets (excluding deferred taxation) 812.5 1,566.9 168.5 — 2 1,735.4 708.8 702.4 492.6 306.7 1,501.7 127.2 949.2 5,834.8 5,834.8 Total liabilities (excluding deferred taxation) 1,277.6 152.7 132.0 — 2 284.7 211.7 135.2 66.5 75.1 276.8 101.6 790.1 2,942.5 2,942.5 Net deferred taxation (assets)/liabilities (189.0 ) 261.7 (15.2 ) — 2 246.5 85.1 _ 5 _ 5 _ 5 71.4 30.5 (59.1 ) 185.4 185.4 Capital expenditure 6 58.3 156.1 138.5 12.8 307.4 33.2 127.2 72.8 78.8 278.7 134.3 15.1 827.0 814.2 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. Whilst 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 149. 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 29%. 2 For the purpose of the review of the segment by the CODM, Asanko is proportionately consolidated in the Ghana segment. Equity Accounted Joint Venture carried at US$85.8 million. 3 ”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 relating to the acquisition of South Deep. 4 Other costs “Corporate and other” comprise share of loss of equity accounted investees, net of taxation of US$13.1 million and the balance of US$31.4 million consists mainly of corporate-related costs. 5 The Australian operations are entitled to transfer and off-set 6 Capital expenditure for the year ended 31 December 2018. 7 Includes revenue from the sale of copper amounting to US$169.2 million. South Africa Ghana Peru Australia Corporate Figures in millions unless South 1 Tarkwa Damang Total Cerro St Agnew/ Granny Total Gruyere and 2 Continuing Darlot Discontinued Group INCOME STATEMENT for the year ended 31 December 2017 Revenue 354.1 710.8 180.3 891.1 392.9 6 457.3 302.6 363.8 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 ) (767.5 ) (1.3 ) (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 ) (499.3 ) (1.3 ) 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 ) (49.7 ) (1.8 ) (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 and reversal of impairment of investments and assets, net — (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 (27.8 ) — 4 — (62.0 ) (1.1 ) (1.1 ) (63.1 ) Mining and income tax 10.9 (58.6 ) 3.1 (55.5 ) (36.1 ) — 4 — 4 — 4 (89.5 ) — 4 (3.0 ) (173.2 ) (5.6 ) (5.6 ) (179.0 ) Current taxation — (58.0 ) — (58.0 ) (50.8 ) — 4 — 4 — 4 (91.7 ) — 4 (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 2.2 — 4 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 — 4 209.2 — 4 (404.9 ) (20.8 ) 13.1 13.1 (7.7 ) (Loss)/profit attributable to: – Owners of the parent (25.3 ) 76.9 18.4 95.3 96.9 — 4 — 4 — 4 209.2 — 4 (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 1,585.7 34.9 982.9 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 78.1 287.8 32.9 539.4 2,763.2 — — 2,763.2 Net deferred taxation (assets)/liabilities (47.6 ) 283.1 (3.1 ) 280.0 80.8 — 4 — 4 — 4 87.0 — 4 (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 87.0 316.9 81.1 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. Whilst 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 149. The Group’s discontinued operation is 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 after 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. 6 Includes revenue from the sale of copper amounting to US$177.8 million. Financial summary South Africa Ghana Peru Australia Figures in millions unless South 1 Tarkwa Damang Total Cerro St Agnew/ Granny Total Gruyere Corporate 2 Continuing Darlot Discontinued Group INCOME STATEMENT for the year ended 31 December 2016 Revenue 358.2 708.9 183.4 892.3 322.3 6 452.3 285.4 355.8 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 ) Operating costs (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 (27.3 ) — 4 — (78.4 ) (2.0 ) (2.0 ) (80.4 ) Mining and income taxation (6.0 ) (29.8 ) — (29.8 ) (47.4 ) — 4 — 4 — 4 (92.8 ) — 4 (13.5 ) (189.5 ) (0.6 ) (0.6 ) (190.1 ) Current taxation — (52.4 ) — (52.4 ) (45.9 ) — 4 — 4 — 4 (95.2 ) — 4 (10.7 ) (204.2 ) (0.5 ) (0.5 ) (204.7 ) Deferred taxation (6.0 ) 22.6 — 22.6 (1.5 ) — 4 — 4 — 4 2.4 — 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 — 4 213.6 — 4 (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 — 4 213.6 — 4 (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 1,318.2 272.5 964.9 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 63.1 265.7 272.4 446.3 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 80.1 — 4 (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. Whilst 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 149. The Group’s discontinued operation is 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 after 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. 6 Includes revenue from the sale of copper amounting to US$130.6 million. |
Major Group Investments - dir_2
Major Group Investments - direct and indirect (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text block [abstract] | |
Schedule of Major Group Investments - Direct and Indirect | Shares held Group Notes 2018 2017 2018 2017 Subsidiaries Unlisted Abosso Goldfields Ltd 6 – 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 Beatrix Mining Ventures Ltd 3 9,625,001 9,625,001 100.0 100.0 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 GFI Joint Venture Holdings (Pty) Ltd 3 311,668,564 311,668,564 100.0 100.0 GFL Mining Services Ltd 3 235,676,387 235,676,387 100.0 100.0 Gold Fields Ghana Ltd 7 1 900 900 90.0 90.0 Gold Fields Group Services (Pty) Ltd 3 1 1 100.0 100.0 Gold Fields Holdings Company (BVI) Ltd 5 4,084 4,084 100.0 100.0 Gold Fields La Cima S.A. 8 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 Gold Fields Orogen Holding (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 Newshelf 899 (Pty) Ltd 9 3 90,000,000 90,000,000 100.0 100.0 St Ives Gold Mining Company Pty Ltd 2 281,051,329 281,051,329 100.0 100.0 Total 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 Abosso Goldfields Ltd (“Abosso”) owns the Damang operation in Ghana. The accumulated non-controlling non-controlling 7 Gold Fields Ghana Ltd (“GFG”) owns the Tarkwa operation in Ghana. The accumulated non-controlling non-controlling 8 Gold Fields La Cima S.A. (“La Cima”) owns the Cerro Corona operation in Peru. The accumulated non-controlling non-controlling 9 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 2018 2017 2018 % 2017 % Other 1 Listed associates Maverix Metals Incorporated (“Maverix”) 42,850,000 42,850,000 19.9 2 27.9 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 Asanko Gold Ghana Limited 450,000,000 — 45.0 — Adansi Gold Company Limited 100,000 — 50.0 — Shika Group Finance Limited 10,000 — 50.0 — Listed equity investments Asanko Gold Inc. 22,354,657 — 9.9 — Bezant Resources PLC 17,945,922 17,945,922 1.8 2.9 Cardinal Resources Limited 42,818,182 42,818,182 11.3 11.5 Cardinal Resources Limited (Options) 38,220,051 38,220,051 25.8 3 33.0 2 Cascadero Copper Corporation — 2,025,000 — 1.1 Clancy Exploration Limited 17,764,783 17,764,783 0.5 0.6 Consolidated Woodjam Copper Corporation 16,115,740 12,848,016 19.9 3 4 17.2 Fjordland Exploration Incorporated — 363,636 — 0.8 Gold Road Resources Limited 87,117,909 87,117,909 9.9 9.9 Hummingbird Resources PLC 21,258,503 21,258,503 6.0 6.2 Lefroy Exploration Limited 14,764,535 — 18.2 — Magmatic Resources Limited 17,600,000 — 15.0 — Orsu Metals Corp 2,613,491 2,613,491 7.2 7.3 Radius Gold Incorporated — 3,625,124 — 4.2 Red 5 Limited 246,875,821 246,875,821 19.9 5 19.9 1 Only major investments are listed individually. 2 Gold Fields owns an additional 10.0 million common share purchase warrants (refer note 17) that are currently exercisable. After inclusion of the warrants, Gold Fields owns 20.5% in Maverix on a diluted basis. 3 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. 4 An assessment has been performed and the Group does not have significant influence over Consolidated Woodjam Copper Corporation. 5 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, 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. The lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. No significant changes have been included for lessors (the Group is not a lessor); • The Group has assessed the estimated impact that initial application of IFRS 16 will have on its consolidated financial statements which is described in more detail below; and • The actual impact of adopting the standard on 1 January 2019 may change because the new accounting policies are subject to change until the Group presents its first consolidated financial statements that include the date of initial application of IFRS 16. Lease in which the Group is a lessee • Management has compiled a list of all potential leases across the Group and reviewed all related contracts in order to identify and account for all leases in terms of IFRS 16 across the Group; • The Group will recognise right of use assets and lease labilities for its operating leases for the following material contracts: Australia • Power Purchase Agreements (PPAs); • Rental of gas pipelines; • Ore haulage and site services; • Mining equipment hire; and • Property rentals. Ghana • Power Purchase Agreements (PPAs); and • Transportation contracts. South Africa • Equipment hire. Peru • Property rentals; and • Equipment hire. Corporate and other • Property rentals; and • Equipment hire. • The nature of expenses related to these leases will now change because the Group will recognise an amortisation and depreciation charge for the right-of-use assets and finance expense in respect of the lease liabilities once the standard is implemented; • Previously, the Group recognised operating lease expenses on a straight-line basis over the term of the lease, and recognised assets and liabilities only to the extent that there was a timing difference between actual lease payments and the expense recognised; • Based on the information currently available, the Group estimates that it will recognise right of use assets and additional lease liabilities between US$190.0 million and US$230.0 million at 1 January 2019. The Group does not expect the adoption of IFRS 16 to impact its ability to comply with loan covenant requirements; • The Group plans to apply IFRS 16 initially on 1 January 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 will be recognised as an adjustment to the opening balance of retained earnings at 1 January 2019, with no restatement of comparative information; • The Group will elect to recognise the right of use assets at an amount equal to the lease liability at 1 January 2019; and • The Group plans to apply the following practical expedients for IFRS 16: • Leases for which the underlying asset is of low value; and • Short term leases. |
Effective Date | Jan. 1, 2019 |
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. |
Impact on financial position or performance | No impact |
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 have adopted IFRS 9 on 1 January 2018. |
Impact on financial position or performance | Refer to note 41 of the consolidated financial statements |
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; and • The Group have adopted IFRS 15 on 1 January 2018. |
Impact on financial position or performance | Refer to note 41 of the consolidated financial statements |
IAS 28 Investments in associates and joint ventures [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IAS 28 Investments in associates and joint ventures (early adopted) |
Nature of the Change | Amendment |
Salient features of the changes | • The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate and joint venture that forms part of the net investment in the associate or joint venture but to which the equity method is not applied; • The implementation of this amendment has a direct impact on the accounting treatment of the redeemable preference shares that forms part of the Group's net investment into Asanko Gold Ghana Limited; and • The amendments apply for annual period beginning on or after 1 January 2019. The Group has early adopted the standard as permitted by IAS 28. |
Impact on financial position or performance | Refer to note 15 and note 17 of the consolidated financial statements |
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; and • The interpretation will not have a material impact on the Group. |
Effective Date | Jan. 1, 2019 |
Various IFRS (2015/2017Cycle) [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | Various IFRS (2015/2017 Cycle) |
Salient features of the changes | • The annual improvements project is a collection of amendments to various IFRS standards and is the result of conclusions reached by the International Accounting Standards Board ("IASB") on proposals made at its annual improvement project; and • The interpretation will not have a material impact on the Group. |
Effective Date | Jan. 1, 2019 |
IFRS Three Business combinations [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IFRS 3 Business Combinations |
Nature of the change | Amendments |
Salient features of the changes | • These amendments make it easier for companies to decide whether activities and assets they acquire are a business or merely a group of assets. The amendments: • Confirm that a business must include inputs and a process, and clarified that: (i) the process must be substantive and (ii) the inputs and process must together significantly contribute to creating outputs; • Narrow the definitions of a business by focusing the definition of outputs on goods and services provided to customers and other income from ordinary activities, rather than on providing dividends or other economic benefits directly to investors or lowering costs; and • Add a test that makes it easier to conclude that a company has acquired a group of assets, rather than a business, if the value of the assets acquired is substantially all concentrated in a single asset or group of similar assets. • The amendments will not have a material impact on the Group. |
Effective Date | Jan. 1, 2020 |
Ias One Presentation of Financial Statements And Ias Eight Accounting Policies Changes in Accounting Estimates and Errors [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors |
Nature of the change | Amendments |
Salient features of the changes | • The IASB refined its definition of material to make it easier to understand. It is now aligned across IFRS Standards and the Conceptual Framework; • The revised definition of material is: • Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity. • The Board has also removed the definition of material omissions or misstatements from IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; and • The amendments will not have a material impact on the Group. |
Effective Date | Jan. 1, 2020 |
Ifrs Seventeen Insurance Contracts [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Standard(s) Amendment(s) Interpretation(s) | IFRS 17 Insurance Contracts |
Nature of the change | New Standard |
Salient features of the changes | • IFRS 17 supersedes IFRS 4 Insurance Contracts and aims to increase comparability and transparency about profitability. The new standard introduces a new comprehensive model ("general model") for the recognition and measurement of liabilities arising from insurance contracts; • In addition, it includes a simplified approach and modifications to the general measurement model that can be applied in certain circumstances and to specific contracts, such as: • Reinsurance contracts held; • Direct participating contracts; and • Investment contracts with discretionary participation features. • Under the new standard, investment components are excluded from insurance revenue and service expenses. Entities can also choose to present the effect of changes in discount rates and other financial risks in profit or loss or OCI; • The new standard includes various new disclosures and requires additional granularity in disclosures to assist users to assess the effects of insurance contracts on the entity's financial statements; and • The Group is in the process of determining the impact of IFRS 17 and will provide more detailed disclosure on the impact in future financial statements. |
Effective Date | Jan. 1, 2021 |
Accounting Policies - Summary_2
Accounting Policies - Summary of New and Revised Accounting Standards, Amendments to Standards and New Interpretations are Adopted by the Group (Parenthetical) (Parenthetical) (Detail) - Adoption Of IFRS 16 [member] $ in Millions | Jan. 01, 2019USD ($) |
Bottom of range [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated right-of-use assets | $ 190 |
Top of range [member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Estimated additional lease liabilities | $ 230 |
Accounting Policies - Summary_3
Accounting Policies - Summary of Significant Assumptions Used in the Group's Impairment Assessments (FVLCOD calculations) (Detail) | 12 Months Ended | |
Dec. 31, 2018$ / oz$ / ozR / ozT | Dec. 31, 2017$ / oz$ / ozR / ozExchange_RateT | |
Disclosure of changes in accounting estimates [line items] | ||
Nominal discount rate | 13.50% | 13.50% |
South deep [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Life of mine | 75 years | 78 years |
Tarkwa [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Life of mine | 14 years | 14 years |
Damang [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Life of mine | 7 years | 8 years |
Cerro Cerona [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Life of mine | 12 years | 13 years |
St Ives [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Life of mine | 7 years | 5 years |
Agnew Lawlers [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Life of mine | 4 years | 4 years |
Granny Smith [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Life of mine | 12 years | 11 years |
Gruyere [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Life of mine | 12 years | 13 years |
Rand [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Resource value per ounce | 17 | 17 |
Nominal discount rate | 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 | 28 | 293 |
Real discount rates | 3.40% | 3.80% |
Ghanaian cedi [Member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Resource value per ounce | 44 | 41 |
Real discount rates | 9.50% | 9.70% |
Peru, Nuevos Soles [Member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Resource value per ounce | 70 | 41 |
Real discount rates | 4.90% | 4.80% |
Year 1 [Member] | US Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,200 | 1,200 |
Copper price per tonne | T | 5,951 | 5,512 |
Year 1 [Member] | Rand [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | R / oz | 525,000 | 525,000 |
Long-term exchange rates | 13.61 | 13.61 |
Year 1 [Member] | Australia, Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,600 | 1,600 |
Long-term exchange rates | 0.75 | 0.75 |
Year 2 [Member] | US Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,300 | 1,300 |
Copper price per tonne | T | 6,612 | 6,171 |
Year 2 [Member] | Rand [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | R / oz | 550,000 | 525,000 |
Long-term exchange rates | 13.16 | 13.16 |
Year 2 [Member] | Australia, Dollars [member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Gold price | 1,700 | 1,700 |
Long-term exchange rates | 0.76 | 0.76 |
Accounting Policies - Summary_4
Accounting Policies - Summary of Significant Assumptions Used in the Group's Impairment Assessments (FVLCOD calculations) (Parenthetical) (Detail) | Dec. 31, 2017USD_per_Ounce |
Australia [member] | |
Disclosure of changes in accounting estimates [line items] | |
Resource value per ounce | 293 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Detail) R in Millions, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($) | Dec. 31, 2016ZAR (R) | Dec. 31, 2015USD ($) | ||||
Disclosure of changes in accounting estimates [line items] | ||||||||||
Carrying amount of property, plant and equipment | $ 4,259.2 | $ 4,892.9 | ||||||||
Carrying value of goodwill | 0 | 76.6 | $ 317.8 | |||||||
Impairment loss on goodwill | 71.7 | 277.8 | 0 | |||||||
Gold-in-process and stockpiles | 325 | 305.4 | ||||||||
Provision for environmental rehabilitation costs | 289.6 | 281.5 | 283.1 | |||||||
Silicosis settlement costs | 25.1 | 31.9 | ||||||||
Deferred taxation liability | 454.9 | 453.9 | ||||||||
Deferred taxation asset | 269.5 | 72 | ||||||||
Taxation payable | 5.2 | 77.5 | 107.9 | $ 59.3 | ||||||
Share-based payments | 37.5 | 26.8 | 14 | |||||||
Derivative financial assets | 9.3 | 5.5 | ||||||||
Derivative financial liabilities | 22.6 | 3.3 | ||||||||
Asanko redeemable preference shares | $ 132.9 | 0 | ||||||||
Dividends withholding tax percentage | 20.00% | 20.00% | ||||||||
South Deep Mine [member] | ||||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||||
Impairment loss | $ 481.5 | R 6,470,900 | 277.8 | R 3,495,000 | 0 | R 0 | ||||
South Deep Mine [member] | Goodwill [member] | ||||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||||
Impairment loss on goodwill | 71.7 | [1] | 963.9 | 277.8 | [1] | 3,495 | 0 | [1] | ||
South Deep Mine [member] | Other impaired assets [member] | ||||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||||
Impairment loss | $ 409.8 | [1] | R 5,507 | $ 0 | [1] | R 0 | $ 0 | [1] | ||
Rand [member] | ||||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||||
Closing exchange rate | 14.63 | 12.58 | ||||||||
Average exchange rate | 13.20 | 13.20 | 13.33 | 13.33 | 14.70 | 14.70 | ||||
US Dollars [member] | ||||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||||
Closing exchange rate | 0.70 | 0.77 | ||||||||
Average exchange rate | 0.75 | 0.75 | 0.77 | 0.77 | 0.75 | 0.75 | ||||
Trade And Other Receivable [member] | ||||||||||
Disclosure of changes in accounting estimates [line items] | ||||||||||
Derivative financial assets | $ 8.3 | $ 25 | ||||||||
[1] | For the year ended 31 December 2018, the Group recognised an impairment of R6,470.9 million (US$481.5 million) (2017: R3,495.0 billion (US$277.8 million) and 2016: Rnil (US$nil)) in respect of the South Deep cash-generating unit due to the deferral of production. |
Accounting Policies - Expected
Accounting Policies - Expected Useful Lives of Depreciation of Non-mining Assets (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
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 - Summary of Revenue fr
Revenue - Summary of Revenue from Contracts with Customers (Detail) - Impact of adopting IFRS 15 [member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | $ 2,577.8 | $ 2,761.8 | $ 2,666.4 | |
Gold [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | [1] | 2,408.6 | 2,584 | 2,535.8 |
Copper [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contracts with customers | [2] | $ 169.2 | $ 177.8 | $ 130.6 |
[1] | All regions. | |||
[2] | Only Peru region (Cerro Corona). |
Cost of Sale - Summary of Cost
Cost of Sale - Summary of Cost of Sale (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of cost of sales [abstract] | |||
Salaries and wages | $ (392.8) | $ (414.7) | $ (388.1) |
Consumable stores | (280) | (346.7) | (346.3) |
Utilities | (148.3) | (150.1) | (169.8) |
Mine contractors | (365.3) | (307.4) | (308.4) |
Other | (204.4) | (207.6) | (163.1) |
Cost of sales before gold inventory change and amortisation and depreciation | (1,390.8) | (1,426.5) | (1,375.7) |
Gold inventory change | 16.2 | 69.5 | 45.9 |
Cost of sales before amortisation and depreciation | (1,374.6) | (1,357) | (1,329.8) |
Amortisation and depreciation | (668.4) | (748.1) | (671.4) |
Total cost of sales | $ (2,043) | $ (2,105.1) | $ (2,001.2) |
Investment Income - Schedule of
Investment Income - Schedule of Investment Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Investment Income [abstract] | |||
Dividends received | $ 0.4 | $ 0 | $ 0 |
Interest received - environmental trust funds | 0.6 | 0.5 | 1 |
Interest received - cash balances | 6.8 | 5.1 | 7.3 |
Total investment income | $ 7.8 | $ 5.6 | $ 8.3 |
Finance Expense - Summary of Fi
Finance Expense - Summary of Finance Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance expense [abstract] | |||
Interest expense - environmental rehabilitation | $ (11.7) | $ (12.1) | $ (10.7) |
Unwinding of discount on silicosis settlement costs | (2) | (0.9) | 0 |
Interest expense - finance lease liability | (0.2) | 0 | 0 |
Interest expense - borrowings | (91.6) | (91.2) | (82.5) |
Borrowing costs capitalised | 17.5 | 22.9 | 15.1 |
Total finance expense | $ (88) | $ (81.3) | $ (78.1) |
Share-based Payments - Summary
Share-based Payments - Summary of Share-based Payment Arrangements Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||
Total included in profit or loss for the year | $ 37.5 | $ 26.8 | $ 14 |
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 | |
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 | 37.5 | 26.8 | 14 |
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 | |
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 2012 Share Plan [member] | Discontinued operations [member] | |||
Disclosure of Share-based payment expense recognised in profit or loss [Line items] | |||
Performance Shares | 0 | 0 | |
Bonus Shares | 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 | 0 | 1.9 |
Bonus Shares | 0 | 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 | |
Retention Shares | 0 | 0 | |
Restricted/Matching Shares | 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 | 34.7 | 24.5 | 12.1 |
Retention Shares | 2.5 | 2.1 | 0 |
Restricted/Matching Shares | $ 0.3 | $ 0.2 | $ 0 |
Share-based Payments - Summar_2
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, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Average Instrument Price [member] | |||
Movement during the year: | |||
Outstanding at beginning of the year | $ | $ 9.42 | $ 7.39 | $ 6.03 |
Forfeited | $ | 9.42 | 7.75 | 5.27 |
Outstanding at end of the year (vested) | $ | $ 0 | $ 9.42 | $ 7.39 |
Share Appreciation Rights [member] | |||
Disclosure of movements in share options [line items] | |||
Outstanding at beginning of the year | shares | 11,521 | 530,611 | 1,025,178 |
Movement during the year: | |||
Forfeited | shares | (11,521) | (519,090) | (494,567) |
Outstanding at end of the year | shares | 0 | 11,521 | 530,611 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
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 | 407,223 | 403,027 | 169,158 |
Maximum number of matching shares vesting period | Five years | ||
Gold Fields Limited 2012 Share Plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options | 0 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary Movement of Share Options Under the Gold Fields Limited 2012 Share Plan (Detail) | 12 Months Ended | ||
Dec. 31, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
Gold Fields Limited 2012 Share Plan [member] | |||
Disclosure of movements in share options [line items] | |||
Outstanding at end of the year | 0 | ||
Performance Shares [Member] | Gold Fields Limited 2012 Share Plan Amended [member] | |||
Disclosure of movements in share options [line items] | |||
Outstanding at beginning of the year | 0 | 393,178 | 2,446,922 |
Granted | 0 | 393,178 | |
Exercised and released | 0 | (2,428,904) | |
Forfeited | (393,178) | (18,018) | |
Outstanding at end of the year | 0 | 393,178 | |
Performance Shares [Member] | Gold Fields Limited 2012 Share Plan [member] | |||
Disclosure of movements in share options [line items] | |||
Outstanding at beginning of the year | 18,279,130 | 8,138,472 | |
Granted | 811,829 | 11,744,152 | 8,196,037 |
Exercised and released | 0 | (34,827) | |
Forfeited | (728,982) | (1,568,667) | (57,565) |
Outstanding at end of the year | 18,361,977 | 18,279,130 | 8,138,472 |
Share-Based Payments - Summar_4
Share-Based Payments - Summary of Share Based Payment Performance Condition (Detail) - Gold Fields Limited 2012 Share Plan Amended [member] | 12 Months Ended |
Dec. 31, 2018$ / oz | |
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 |
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 Total Shareholder Return ("TSR") [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% |
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 |
Free Cash Flow Margin [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
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% |
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 |
Vesting Target Threshold Top of Range [Member] | Absolute Total Shareholder Return ("TSR") [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 |
Share-Based Payments - Summar_5
Share-Based Payments - Summary of Vesting Profile (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Absolute Total Shareholder Return ("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 - Summar_6
Share-Based Payments - Summary of Share Based Payment Performance Condition (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Absolute Total Shareholder Return ("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 - Summar_7
Share-Based Payments - Summary Movement of Share Options Under the Gold Fields Limited 2012 Share Plan (Parenthetical) (Detail) | Dec. 31, 2018shares |
Disclosure of movements in share options [abstract] | |
Options vested | 18,361,977 |
Share-Based Payments - Summar_8
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 | ||
Jan. 12, 2018 | Jan. 12, 2017 | Jan. 12, 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) | 58.60% | 64.30% | 58.10% |
expected term (years) | 3 years | 3 years | 3 years |
dividend yield | n/a | n/a | n/a |
weighted average three-year risk-free interest rate (based on US interest rates) | 2.00% | 1.60% | 0.50% |
weighted average fair value (United States Dollar) | 5 | 4.2 | 2.6 |
Share-Based Payments - Summar_9
Share-Based Payments - Summary of Information Relating to the Options and Equity - Settled Instruments (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of fair value of equity instruments granted [line items] | |||
Number of instruments | 18,361,977 | 18,290,651 | 9,062,261 |
Weighted average share price during the year on the Johannesburg Stock Exchange (US$) | $ 3.46 | $ 3.76 | $ 4.29 |
4.28 - 6.06 [member] | |||
Disclosure of fair value of equity instruments granted [line items] | |||
Number of instruments | 0 | 0 | 0 |
Price (US$) | $ 0 | $ 0 | $ 0 |
Contractual life (years) | 0 years | 0 years | 0 years |
6.07 - 7.84 [member] | |||
Disclosure of fair value of equity instruments granted [line items] | |||
Number of instruments | 0 | 0 | 3,835 |
Price (US$) | $ 0 | $ 0 | $ 6.79 |
Contractual life (years) | 0 years | 0 years | 6 months |
7.85 - 9.62 [member] | |||
Disclosure of fair value of equity instruments granted [line items] | |||
Number of instruments | 0 | 0 | 515,255 |
Price (US$) | $ 0 | $ 0 | $ 7.37 |
Contractual life (years) | 0 years | 0 years | 4 months 2 days |
9.63 - 11.40 [member] | |||
Disclosure of fair value of equity instruments granted [line items] | |||
Number of instruments | 0 | 11,521 | 11,521 |
Price (US$) | $ 0 | $ 9.42 | $ 8.44 |
Contractual life (years) | 0 years | 0 years | 1 year |
Restricted Shares ("PVRS") awarded [Member] | |||
Disclosure of fair value of equity instruments granted [line items] | |||
Number of instruments | 18,361,977 | 18,279,130 | 8,531,650 |
Price (US$) | $ 0 | $ 0 | $ 0 |
Contractual life (years) | 0 years | 0 years | 0 years |
Share-Based Payments - Summa_10
Share-Based Payments - Summary of Options - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Compensation costs related to awards not yet recognised | $ 20.8 | $ 53 | $ 36.6 |
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 o_3
Impairment, Net of Reversal of Impairment of Investments and Assets - Summary of Impairment, Net of Reversal of Impairment of Investments and Assets (Detail) R in Millions, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($) | Dec. 31, 2016ZAR (R) | |||||
Disclosures of impairment of investments and assets [line items] | ||||||||||
Investments | $ (36.9) | $ (3.7) | $ (0.1) | |||||||
Property, plant and equipment | (411.7) | 81.3 | (76.4) | |||||||
Goodwill | (71.7) | (277.8) | 0 | |||||||
Impairment, net of reversal of impairment of investments and assets | (520.3) | (200.2) | (76.5) | |||||||
Other [member] | ||||||||||
Disclosures of impairment of investments and assets [line items] | ||||||||||
(Impairment)/reversal of impairment of property, plant and equipment | [1] | (1.9) | 42.3 | (76.4) | ||||||
Arctic Platinum Project [Member] | ||||||||||
Disclosures of impairment of investments and assets [line items] | ||||||||||
(Impairment)/reversal of impairment of property, plant and equipment | [2] | 0 | 39 | 0 | ||||||
South Deep Mine [member] | ||||||||||
Disclosures of impairment of investments and assets [line items] | ||||||||||
South Deep cash-generating unit | (481.5) | R (6,470,900) | (277.8) | R (3,495,000) | 0 | R 0 | ||||
South Deep Mine [member] | Other impaired assets [member] | ||||||||||
Disclosures of impairment of investments and assets [line items] | ||||||||||
South Deep cash-generating unit | (409.8) | [3] | (5,507) | 0 | [3] | 0 | 0 | [3] | ||
South Deep Mine [member] | Goodwill [member] | ||||||||||
Disclosures of impairment of investments and assets [line items] | ||||||||||
Goodwill | (71.7) | [3] | R (963.9) | (277.8) | [3] | R (3,495) | 0 | [3] | ||
Far Southeast Gold Resources Incorporated [member] | ||||||||||
Disclosures of impairment of investments and assets [line items] | ||||||||||
Investments | [4] | (36.9) | 0 | 0 | ||||||
Investments - listed [member] | ||||||||||
Disclosures of impairment of investments and assets [line items] | ||||||||||
Investments | 0 | (0.5) | (0.1) | |||||||
Investments - unlisted [member] | ||||||||||
Disclosures of impairment of investments and assets [line items] | ||||||||||
Investments | $ 0 | $ (3.2) | $ 0 | |||||||
[1] | (Impairment)/reversal of impairment of property, plant and equipment - other is made up as follows: | |||||||||
[2] | Refer note 12.2 for further details. The reversal of impairment was included in the "Corporate and other" segment. | |||||||||
[3] | For the year ended 31 December 2018, the Group recognised an impairment of R6,470.9 million (US$481.5 million) (2017: R3,495.0 billion (US$277.8 million) and 2016: Rnil (US$nil)) in respect of the South Deep cash-generating unit due to the deferral of production. | |||||||||
[4] | Following the identification of impairment indicators at 31 December 2018, FSE was valued at its recoverable amount which resulted in an impairment of US$36.9 million. The recoverable amount was based on the fair value less cost of disposal ("FVLCOD") of the investment (level 2 in the fair value hierarchy). The 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 o_4
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 | 12 Months Ended | ||||||||||||
Dec. 31, 2018USD ($)$ / ozR / kgExchange_Rateoz | Dec. 31, 2018ZAR (R)Exchange_Rateoz | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($) | Dec. 31, 2016ZAR (R) | Dec. 31, 2020R / kg | Dec. 31, 2019R / kg | Dec. 31, 2018ZAR (R)$ / ozR / kg | |||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
Investments | $ 36.9 | $ 3.7 | $ 0.1 | ||||||||||
Group impairment recognised | $ 71.7 | $ 277.8 | 0 | ||||||||||
Nominal discount rate | 13.50% | 13.50% | 13.50% | 13.50% | |||||||||
Far Southeast Gold Resources Incorporated [member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
Investments | [1] | $ 36.9 | $ 0 | 0 | |||||||||
Equity method investment ownership percentage | 60.00% | 60.00% | |||||||||||
South Deep Mine [member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
Group impairment recognised | $ 481.5 | R 6,470,900 | 277.8 | R 3,495,000 | 0 | R 0 | |||||||
Resource price | $ / oz | 17 | 17 | |||||||||||
Rand/Dollar exchange rate | Exchange_Rate | 14.63 | 14.63 | |||||||||||
Resource ounces | oz | 24.5 | 24.5 | |||||||||||
Life time of mine | 75 years | 75 years | |||||||||||
Nominal discount rate | 13.50% | 13.50% | |||||||||||
Gold price | R / kg | 525,000 | 550,000 | 525,000 | 525,000 | |||||||||
Impairment recoverable amount | $ 1,400 | R 21,200 | |||||||||||
South Deep Mine [member] | Thereafter [member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
Gold price | R / kg | 550,000 | 550,000 | |||||||||||
Other impaired assets [member] | South Deep Mine [member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
Group impairment recognised | $ 409.8 | [2] | R 5,507 | 0 | [2] | 0 | 0 | [2] | |||||
Goodwill [member] | South Deep Mine [member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
Group impairment recognised | 71.7 | [2] | R 963.9 | 277.8 | [2] | R 3,495 | 0 | [2] | |||||
Other Property, Pant and Equipment [Member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
(Impairment)/reversal of impairment of property, plant and equipment - other | 0 | 53.4 | (66.4) | ||||||||||
Other Property, Pant and Equipment [Member] | Redundant Assets at Cerro Corona [Member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
- Redundant assets at Cerro Corona | (1.9) | (0.8) | 0 | ||||||||||
Other Property, Pant and Equipment [Member] | Damang Asset Held For Sale [member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
Impairment loss recognised | 0 | 0 | (7.6) | ||||||||||
Other Property, Pant and Equipment [Member] | Assets Specific Impairment At Tarkwa [member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
Impairment loss recognised | 0 | (6.8) | 0 | ||||||||||
Other Property, Pant and Equipment [Member] | Assets Specific Impairment At Damang [member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
Impairment loss recognised | 0 | (3.5) | (2.4) | ||||||||||
Other [member] | |||||||||||||
Disclosures of impairment of investments and assets [line items] | |||||||||||||
(Impairment)/reversal of impairment of property, plant and equipment - other | [3] | $ (1.9) | $ 42.3 | $ (76.4) | |||||||||
[1] | Following the identification of impairment indicators at 31 December 2018, FSE was valued at its recoverable amount which resulted in an impairment of US$36.9 million. The recoverable amount was based on the fair value less cost of disposal ("FVLCOD") of the investment (level 2 in the fair value hierarchy). The 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. | ||||||||||||
[2] | For the year ended 31 December 2018, the Group recognised an impairment of R6,470.9 million (US$481.5 million) (2017: R3,495.0 billion (US$277.8 million) and 2016: Rnil (US$nil)) in respect of the South Deep cash-generating unit due to the deferral of production. | ||||||||||||
[3] | (Impairment)/reversal of impairment of property, plant and equipment - other is made up as follows: |
Included in (Loss)_Profit Bef_3
Included in (Loss)/Profit Before Royalties and Taxation - Schedule of Amounts Included in (Loss)/Profit Before Royalties and Taxation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of information about amounts included in profit before royalties and taxation [abstract] | |||
Operating lease charges | $ (2.3) | $ (2.4) | $ (2.8) |
Profit on buy-back of notes | 0 | 0 | 17.7 |
Social contributions and sponsorships | (15.1) | (19.6) | (19.3) |
Global compliance costs | 0 | 0 | (0.1) |
Loss on sale of inventory | (8.9) | 0 | 0 |
Rehabilitation income - continuing operations | 0.9 | 13.5 | 9.7 |
Rehabilitation income - discontinued operations | 0 | 0 | 0.2 |
Restructuring costs | $ (113.9) | $ (9.2) | $ (11.7) |
Royalties - Summary of Royaltie
Royalties - Summary of Royalties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of information about royalty arrangements [line items] | |||
Total royalties | $ (62.5) | $ (62) | $ (78.4) |
South Africa [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Total royalties | $ (1) | $ (1.8) | $ (1.8) |
Royalty percentage | 0.50% | 0.50% | 0.50% |
Foreign [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Total royalties | $ (61.5) | $ (60.2) | $ (76.6) |
Australia [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Total royalties | $ (27.9) | $ (27.8) | $ (27.3) |
Royalty percentage | 2.50% | 2.50% | 2.50% |
Ghana [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Total royalties | $ (31.3) | $ (27.1) | $ (44.6) |
Royalty percentage | 3.00% | 3.00% | 5.00% |
Peru [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Royalty percentage | 4.00% | 4.60% | 6.40% |
Included in (Loss)_Profit Bef_4
Included in (Loss)/Profit Before Royalties and Taxation - Schedule of Amounts Included in (Loss)/Profit Before Royalties and Taxation (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Line items represents amounts included in profit before royalties and taxation [line items] | |||
Restructuring costs | $ 113.9 | $ 9.2 | $ 11.7 |
South deep [member] | |||
Line items represents amounts included in profit before royalties and taxation [line items] | |||
Restructuring costs | 11.2 | 2.3 | 0 |
Damang [member] | |||
Line items represents amounts included in profit before royalties and taxation [line items] | |||
Restructuring costs | 13.9 | 2.2 | 9.9 |
Tarkwa [member] | |||
Line items represents amounts included in profit before royalties and taxation [line items] | |||
Restructuring costs | 88.8 | 4.7 | 0.2 |
Australia [member] | |||
Line items represents amounts included in profit before royalties and taxation [line items] | |||
Restructuring costs | $ 0 | $ 0 | $ 1.6 |
Royalties - Summary of Royalt_2
Royalties - Summary of Royalties (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Times | Dec. 31, 2017 | Dec. 31, 2016 | |
Range One [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 3.00% | ||
Range One [member] | Bottom of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 0 | ||
Range One [member] | Top of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 1,299.99 | ||
Range Two [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 3.50% | ||
Range Two [member] | Bottom of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 1,300 | ||
Range Two [member] | Top of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 1,449.99 | ||
Range Three [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 4.10% | ||
Range Three [member] | Bottom of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 1,450 | ||
Range Three [member] | Top of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Average gold price | $ 2,299.99 | ||
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 | ||
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% | ||
Royalty effective rate | 3.00% | 3.00% | 5.00% |
Peru [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Royalty effective rate | 4.00% | 4.60% | 6.40% |
Peru [member] | Bottom of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 1.00% | ||
Peru [member] | Top of range [member] | |||
Disclosure of information about royalty arrangements [line items] | |||
Gold royalty rate | 12.00% | ||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Components of Mining and Income Tax [Line Items] | |||
- dividend withholding tax | $ (15.5) | $ 0 | $ 0 |
Total mining and income taxation | 65.9 | (173.2) | (189.5) |
Major items causing the Group's income taxation to differ from the maximum South African statutory mining tax rate of 34.0% (2017: 34.0% and 2016: 34.0%) were: | |||
Taxation on profit before taxation at maximum South African statutory mining tax rate | 139.6 | (51.8) | (121.5) |
Rate adjustment to reflect the actual realised company tax rates in South Africa and offshore | (6.7) | 19.2 | 22.4 |
Non-deductible share-based payments | (12.8) | (9.1) | (4.8) |
Non-deductible exploration expense | (22.1) | (19.7) | (15.2) |
Deferred tax assets not recognised on impairment and reversal of impairment of investments | (12.5) | 13.3 | 0 |
Impairment of South Deep goodwill | (24.4) | (94.5) | 0 |
Non-deductible interest paid | (25.5) | (24.2) | (24.2) |
Non-taxable profit on disposal of investments | 0 | 0 | 0.8 |
Non-taxable profit on buy-back of notes | 0 | 0 | 6 |
Share of results of equity-accounted investees, net of taxation | (4.5) | (0.4) | (0.8) |
Non-taxable gain on acquisition of Asanko | 17.6 | 0 | 0 |
Non-taxable fair value gain on Maverix warrants | 1.3 | 0 | 0 |
Non-taxable profit on dilution of Gold Fields' interest in Maverix | 1.4 | 0 | 0 |
Dividend withholding tax | (15.5) | 0 | 0 |
Net non-deductible expenditure and non-taxable income | (7.6) | (5.3) | (9.7) |
Deferred tax raised on unremitted earnings at Tarkwa and Cerro Corona (2017: Tarkwa) | (1.1) | (9.5) | 0 |
Deferred taxation movement on Peruvian Nuevo Sol devaluation against US Dollar | (1.2) | 5.2 | (1.1) |
Various Peruvian non-deductible expenses | (7.5) | (5.3) | (8.3) |
Deferred tax assets not recognised at Cerro Corona (2017: Cerro Corona and Damang) | (14.9) | (12.9) | (34.9) |
Utilisation of tax losses not previously recognised at Damang | 0 | 7.1 | 0 |
Deferred tax assets recognised at Damang (2017: Cerro Corona and Damang) | 6.5 | 19.8 | 0 |
Additional capital allowances recognised at South Deep | 69.8 | 0 | 0 |
Deferred tax charge on change of tax rate at South Deep (2016: Peruvian and Ghanaian operations) | (10.9) | 0 | 8.6 |
Prior year adjustments | (3) | (2.6) | (6) |
Other | (0.1) | (2.5) | (0.8) |
Total mining and income taxation | 65.9 | (173.2) | (189.5) |
South African - Components of Mining and Income Tax [Member] | |||
Disclosure of Components of Mining and Income Tax [Line Items] | |||
- non-mining tax | 0 | (1.2) | (1) |
- Company and capital gains taxation | (1.1) | (1.1) | (3.9) |
- prior year adjustment - current taxation | 0.7 | 0.2 | 0.3 |
- deferred taxation | 208.5 | 12.1 | (9.5) |
Foreign Taxation - Components of Mining and Income Tax [Member] | |||
Disclosure of Components of Mining and Income Tax [Line Items] | |||
- prior year adjustment - current taxation | (3.7) | (2.8) | (6.3) |
- deferred taxation | 3.1 | 19.4 | 24.2 |
- current taxation | (127.9) | (199.8) | (193.3) |
- dividend withholding tax | (13.7) | 0 | 0 |
Major items causing the Group's income taxation to differ from the maximum South African statutory mining tax rate of 34.0% (2017: 34.0% and 2016: 34.0%) were: | |||
Dividend withholding tax | $ (13.7) | $ 0 | $ 0 |
Mining and Income Taxation - _2
Mining and Income Taxation - Summary of Components of Mining and Income Tax (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | May 30, 2018 | |
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
South African statutory mining tax rate | 34.00% | 34.00% | 34.00% | ||
South African Revenue Service [Member] | |||||
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
Gross recognised capital allowance disallowed | $ 182.2 | ||||
Legal settlement amount | $ 185.1 | ||||
Capital allowance recognized | $ 925.5 | $ 53.7 | |||
Deferred tax assets not recognized [member] | Cerro Cerona and Damang [member] | |||||
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
Deferred Tax assets at Cerro Cerona and Damang | $ 14.9 | $ 12.9 | $ 34.9 | ||
Deferred tax assets not recognized [member] | Cerro Cerona [member] | |||||
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
Deferred Tax assets at Cerro Cerona and Damang | 14.9 | 12.9 | 33.5 | ||
Deferred tax assets not recognized [member] | Damang [member] | |||||
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
Deferred Tax assets at Cerro Cerona and Damang | 0 | 0 | $ 1.4 | ||
Deferred tax assets recognized [member] | Cerro Cerona [member] | |||||
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
Deferred Tax assets at Cerro Cerona and Damang | 0 | 17.3 | |||
Deferred tax assets recognized [member] | Damang [member] | |||||
Disclosure of Components of Mining and Income Tax [Line Items] | |||||
Deferred Tax assets at Cerro Cerona and Damang | $ 6.5 | $ 2.5 |
Mining and Income Taxation - _3
Mining and Income Taxation - Summary of Domestic and Foreign Current Tax Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 29.00% | 30.00% | 30.00% |
Ghana Tax [member] | Non Mining Tax [member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 32.50% | 32.50% | 32.50% |
South African - Components of Mining and Income Tax [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 2018, 2017 and 2016 | South African mining tax on mining income is determined according to a formula Y=34-170/X in 2018, 2017 and 2016 | South African mining tax on mining income is determined according to a formula Y=34-170/X in 2018, 2017 and 2016 |
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] | Company Tax Rate [member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 28.00% | 28.00% | 28.00% |
Australia Tax [member] | Non Mining Tax [member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 30.00% | 30.00% | 30.00% |
Peru Tax [member] | Non Mining Tax [member] | |||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | |||
Current tax rates | 29.50% | 29.50% | 30.00% |
Mining and Income Taxation - _4
Mining and Income Taxation - Summary of Domestic and Foreign Current Tax Rates (Parenthetical) (Detail) | Mar. 17, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | ||||
Corporate tax rate | 29.00% | 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 | 29.00% | 30.00% | 30.00% | |
Top of range [member] | Ghana Tax [member] | ||||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | ||||
Corporate tax rate | 35.00% | |||
Bottom of range [member] | Ghana Tax [member] | ||||
Disclosure of Domestic and Foreign Current Tax Rate [Line Items] | ||||
Corporate tax rate | 32.50% |
Mining and Income Taxation - _5
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, 2018 | Dec. 31, 2017 | |
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 | $ 1,641.1 | $ 3,143.5 |
Gross tax losses | 248.7 | 192.5 |
Gross deferred tax asset not recognised | 0 | 1,501.6 |
International operations [member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure | 0 | 0 |
Gross tax losses | 510.9 | 647.3 |
Gross deferred tax asset not recognised | 430 | 509.4 |
Abosso Goldfields Limited [member] | International operations [member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure | 0 | 0 |
Gross tax losses | 80.9 | 201.4 |
Gross deferred tax asset not recognised | 0 | 63.5 |
Gold Fields Operations Limited [Member] | 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 | 638 | 716.4 |
Gross tax losses | 206.4 | 192.5 |
Gross deferred tax asset not recognised | 0 | 0 |
GFI Joint Venture Holdings (Proprietary) Limited [Member] | 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 | 1,003.1 | 2,427.1 |
Gross tax losses | 41 | 0 |
Gross deferred tax asset not recognised | 0 | 1,501.6 |
Gold Fields Group Services Pty Limited [member] | 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 | 0 | 0 |
Gross tax losses | 1.3 | 0 |
Gross deferred tax asset not recognised | 0 | 0 |
Exploration Entities [member] | International operations [member] | ||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||
Gross unredeemed capital expenditure | 0 | 0 |
Gross tax losses | 430 | 445.9 |
Gross deferred tax asset not recognised | $ 430 | $ 445.9 |
Mining and Income Taxation - _6
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, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | May 30, 2018 | |
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 | |||
Legal settlement amount | $ 185.1 | |||
Capital allowance recognized | $ 925.5 | $ 53.7 | ||
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 | $ 1,641.1 | $ 3,143.5 | ||
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 | ||
GFI Joint Venture Holdings (Proprietary) Limited [Member] | 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 | $ 1,003.1 | $ 2,427.1 | ||
Gross recognised capital allowance | 1,003.1 | 925.5 | ||
Gross unrecognised capital allowance | 0 | 1,501.6 | ||
Exploration Entities [member] | ||||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||||
Total tax losses | 430 | 445.9 | ||
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 | 19 | 44.5 | ||
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 | 2.9 | 19 | ||
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 | 31.5 | 91.7 | ||
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 | 27.5 | 46.2 | ||
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 | 18.6 | 22.9 | ||
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 | 27.6 | 57.6 | ||
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 | 20.3 | 30.4 | ||
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 | 42.3 | 43.2 | ||
No Expiry Date [member] | Exploration Entities [member] | ||||
Disclosure of Estimated Amount Available for Set Off Against Future Income Pretax [Line Items] | ||||
Total tax losses | $ 320.9 | $ 291.8 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | |||
Basic earnings/(loss) per share from continuing operations | $ (0.42) | $ (0.04) | $ 0.19 |
Basic earnings/(loss) per share from discontinued operation | 0 | 0.02 | 0 |
Diluted basic earnings/(loss) per share from continuing operations | $ (0.42) | $ (0.04) | $ 0.19 |
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 | 821,532,707 | 820,611,806 | 809,889,990 |
Share options in issue | 10,932,784 | 6,308,615 | 192,201 |
Diluted number of ordinary shares | 832,465,491 | 826,920,421 | 810,082,191 |
Diluted basic earnings/(loss) per share from discontinued operation | $ 0 | $ 0.02 | $ 0 |
Headline earnings/(loss) per share from continuing operations | $ 0.07 | $ 0.26 | $ 0.24 |
Long-form headline earnings reconciliation | |||
(Loss)/profit attributable to owners of the parent from continuing operations | $ (348.2) | $ (31.8) | $ 157 |
Profit on disposal of investments, net | 0 | 0 | (2.3) |
Gross | 0 | 0 | (2.3) |
Taxation effect | 0 | 0 | 0 |
Loss/(profit) on disposal of assets, net | 37 | (2.6) | (41) |
Gross | 51.6 | (4) | (48) |
Taxation effect | (12) | 1.2 | 7 |
Non-controlling interest effect | (2.6) | 0.2 | 0 |
Impairment, reversal of impairment and write-off of investments and assets and other, net | 371.8 | 246.7 | 84.6 |
Impairment, net of reversal of impairment of investments and assets | 520.3 | 200.2 | 76.5 |
Write-off of exploration and evaluation assets | 37.7 | 51.5 | 41.4 |
Profit on dilution of Gold Fields' interest in Maverix | (4) | 0 | 0 |
Gain on acquisition of Asanko | (51.8) | 0 | 0 |
Taxation effect | (130.4) | (4.3) | (32.1) |
Non-controlling interest effect | 0 | (0.7) | (1.2) |
Headline earnings | 60.6 | 212.3 | $ 198.3 |
Headline earnings/(loss) per share from discontinued operation | $ 0.01 | ||
Profit attributable to owners of the parent from discontinued operations | 0 | 13.1 | $ 1.2 |
Impairment and write-off of investments and assets and other, net | (15.5) | 4.3 | |
Gain on sale of discontinued operation | (23.5) | ||
Write-off of exploration and evaluation assets | $ 0 | 1.5 | 6.1 |
Taxation effect | 6.5 | (1.8) | |
Headline (loss)/earnings | $ (2.4) | $ 5.5 | |
Diluted headline earnings/(loss) per share from continuing operations | $ 0.07 | $ 0.26 | $ 0.24 |
Diluted headline (loss)/earnings per share from discontinued operations | $ 0.01 |
Earnings Per Share - Details _2
Earnings Per Share - Details of Earnings Per Share (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | |||
Earnings attributable to owners of the parent from continuing operations | $ (348.2) | $ (31.8) | $ 157 |
Weighted average number of shares issued continuing operations | 821,532,707 | 820,611,806 | 809,889,990 |
Profit from discontinued operations, net of taxation | $ 0 | $ 13.1 | $ 1.2 |
Weighted average number of ordinary shares in issue during period from discontinued operation | 821,532,707 | 820,611,806 | 809,889,990 |
Basic Earnings per share | |||
Weighted average number of ordinary shares, basic | 821,532,707 | 820,611,806 | 809,889,990 |
Headline earnings | $ 60.6 | $ 212.3 | $ 198.3 |
Adjusted net earnings attributable to owners of the parent, diluted discontinued operations | $ 0 | $ (2.4) | $ 5.5 |
Dividends - Summary of Dividend
Dividends - Summary of Dividends (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2018R / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2017R / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2016R / shares | Dec. 31, 2015R / shares | |
Disclosure of Dividends [line items] | |||||||
Total dividends | $ 45.5 | $ 62.8 | $ 39.2 | ||||
Dividends per share - cents | $ / shares | $ 0.06 | $ 0.08 | $ 0.05 | ||||
Final Dividend [Member] | |||||||
Disclosure of Dividends [line items] | |||||||
Dividends recognised as distribution to owners | $ 34.7 | $ 37.5 | $ 10.6 | ||||
Dividends per share - cents | R / shares | R 0.50 | R 0.60 | R 0.21 | ||||
Interim Dividend [Member] | |||||||
Disclosure of Dividends [line items] | |||||||
Dividends recognised as distribution to owners | $ 10.8 | $ 25.3 | $ 28.6 | ||||
Dividends per share - cents | R / shares | R 0.20 | R 0.40 | R 0.50 |
Dividends - Summary of Divide_2
Dividends - Summary of Dividends (Parenthetical) (Detail) | 12 Months Ended | ||||||
Dec. 31, 2018$ / shares | Dec. 31, 2018R / shares | Dec. 31, 2017$ / shares | Dec. 31, 2017R / shares | Dec. 31, 2016$ / shares | Dec. 31, 2016R / shares | Dec. 31, 2015R / shares | |
Disclosure of Dividends [line items] | |||||||
Dividends declared per share | $ / shares | $ 0.06 | $ 0.08 | $ 0.05 | ||||
Final Dividend [Member] | |||||||
Disclosure of Dividends [line items] | |||||||
Dividends declared per share | R 0.50 | R 0.60 | R 0.21 | ||||
Dividend declared date | Feb. 13, 2018 | Feb. 13, 2018 | |||||
Interim Dividend [Member] | |||||||
Disclosure of Dividends [line items] | |||||||
Dividends declared per share | R 0.20 | R 0.40 | R 0.50 | ||||
Approved dividend [member] | |||||||
Disclosure of Dividends [line items] | |||||||
Final dividend approved by the Board, Value | R 0.20 | ||||||
Dividend approved date | Feb. 13, 2019 | Feb. 13, 2019 |
Discontinued Operation - Additi
Discontinued Operation - Additional Information (Detail) $ in Millions, $ in Millions | Oct. 02, 2017USD ($) | Oct. 02, 2017AUD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2018AUD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 31, 2018AUD ($) |
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [line items] | |||||||
Profit on the sale assets | $ 0 | $ 0 | $ (2.3) | ||||
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 | $ 0 | $ 7 | $ 5.4 | $ 0 | |||
Cash consideration receivable | $ 5 | $ 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 |
Discontinued Operation - Summar
Discontinued Operation - Summary of Results of Discontinued Operation (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | |
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [line items] | ||||
Revenue | $ 2,577.8 | $ 2,761.8 | $ 2,666.4 | |
(Loss)/profit before taxation | (410.7) | 152.4 | 357.4 | |
(Loss)/profit for the year from operating activities | 0 | 13.1 | 1.2 | |
Profit attributable to owners of the parent from discontinued operations | $ 0 | 13.1 | 1.2 | |
Darlot [Member] | ||||
Disclosure Of Noncurrent Assets Held For Sale And Discontinued Operations [line items] | ||||
Revenue | 49 | 83.1 | ||
Cost of sales | (50.7) | (72.1) | ||
Cost of sales before gold inventory change and amortisation and depreciation | (46.3) | (57.3) | ||
Gold inventory change | (0.9) | (0.4) | ||
Amortisation and depreciation | (3.5) | (14.4) | ||
Other costs, net | (1.9) | (7.2) | ||
(Loss)/profit before royalties and taxation | (3.6) | 3.8 | ||
Royalties | (1.1) | (2) | ||
(Loss)/profit before taxation | (4.7) | 1.8 | ||
Mining and income taxation | 1.4 | (0.6) | ||
(Loss)/profit for the year from operating activities | (3.3) | 1.2 | ||
Gain on sale of discontinued operation | 23.5 | $ 30.8 | 0 | |
Income tax on gain on sale of discontinued operation | (7.1) | 0 | ||
Profit attributable to owners of the parent from discontinued operations | $ 13.1 | $ 1.2 |
Discontinued Operation - Summ_2
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 ($) | Dec. 31, 2017AUD ($) | |
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 |
Discontinued Operation - Summ_3
Discontinued Operation - Summary of Assets and Liabilities of Discontinued Operation (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018AUD ($) | |
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, 2018 | Dec. 31, 2017 |
Assets Held For Sale [line items] | ||
Total assets held for sale | $ 0 | $ 40 |
APP [Member] | ||
Assets Held For Sale [line items] | ||
Total assets held for sale | $ 0 | $ 40 |
Assets Held for Sale - Assets_2
Assets Held for Sale - Assets Held for Sale (Parenthetical) (Detail) - APP [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets Held For Sale [line items] | |||
Impairment loss | $ 39 | $ 3.2 | $ 89.7 |
Carrying value of assets held for sale | $ 1 | $ 40 |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Detail) - USD ($) $ in Millions | Jan. 24, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets Held For Sale [line items] | ||||
Carrying value | $ 4,259.2 | $ 4,892.9 | ||
APP [Member] | ||||
Assets Held For Sale [line items] | ||||
Carrying value | $ 1 | |||
Purchase offer, refiner royalty offered percentage | 2.00% | |||
Purchase offer, cash | $ 40 | |||
Purchase offer, refiner royalty offered percentage | 2.00% | |||
APP [Member] | Capped metals [member] | ||||
Assets Held For Sale [line items] | ||||
Purchase offer, refiner royalty offered percentage | 1.00% | |||
Purchase offer, cash | $ 20 | |||
Purchase offer, refiner royalty offered percentage | 1.00% | |||
APP [Member] | Uncapped metals [member] | ||||
Assets Held For Sale [line items] | ||||
Purchase offer, refiner royalty offered percentage | 1.00% | |||
Purchase offer, refiner royalty offered percentage | 1.00% |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Write-off of exploration and evaluation assets - continuing operations | $ 37.7 | $ 51.5 | $ 41.4 |
Write-off of exploration and evaluation assets - discontinued operations | 0 | 1.5 | 6.1 |
Borrowing costs capitalised | 17.5 | 22.9 | 15.1 |
Carrying value at end of the year | 4,259.2 | 4,892.9 | |
Cost Price Property Plant And Equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of the year | 10,560.7 | 9,566.2 | |
Reclassifications | 0 | (20.5) | |
Additions for continuing operations | 814.2 | 833.6 | |
Additions for discontinued operations | 0 | 6.8 | |
Finance leases capitalised (refer note 33) | 96.2 | 0 | |
Reclassification (to)/from assets held for sale | 0 | (43.2) | |
Borrowing costs capitalised | 17.5 | 22.9 | |
Disposals | (528.7) | (215.1) | |
Disposal of subsidiary | 0 | (79.1) | |
Changes in estimates of rehabilitation assets | 24.1 | 8.3 | |
Translation adjustment | (707.7) | 480.8 | |
Balance at end of the year | 10,276.3 | 10,560.7 | 9,566.2 |
Accumulated depreciation and impairment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of the year | 5,667.8 | 5,041.6 | |
Reclassifications | 0 | (20.5) | |
Charge for the year continuing operations | 668.4 | 748.1 | |
Charge for the year discontinued operations | 0 | 3.5 | |
Impairment and reversal of impairment, net | 411.7 | (81.3) | |
Write-off of exploration and evaluation assets - continuing operations | 37.7 | 51.5 | |
Write-off of exploration and evaluation assets - discontinued operations | 0 | 1.5 | |
Reclassification (to)/from assets held for sale | 0 | (3.2) | |
Disposals | (398.2) | (213.1) | |
Disposal of subsidiary | 0 | (75.8) | |
Translation adjustment | (370.3) | 215.5 | |
Balance at end of the year | 6,017.1 | 5,667.8 | 5,041.6 |
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 | 3,680.7 | 4,253.3 | |
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 | 9,886.4 | 8,929.4 | |
Reclassifications | 10.4 | 1.8 | |
Additions for continuing operations | 800.2 | 833.3 | |
Additions for discontinued operations | 0 | 6.8 | |
Finance leases capitalised (refer note 33) | 96.2 | 0 | |
Reclassification (to)/from assets held for sale | 0 | (43.2) | |
Borrowing costs capitalised | 17.5 | 22.9 | |
Disposals | (494.6) | (202.5) | |
Disposal of subsidiary | 0 | (77.7) | |
Changes in estimates of rehabilitation assets | 0 | 0 | |
Translation adjustment | (653.8) | 415.6 | |
Balance at end of the year | 9,662.3 | 9,886.4 | 8,929.4 |
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 | 5,633.1 | 5,014.8 | |
Reclassifications | 0 | (20.5) | |
Charge for the year continuing operations | 658.3 | 732.4 | |
Charge for the year discontinued operations | 0 | 3.3 | |
Impairment and reversal of impairment, net | 411.7 | (78.4) | |
Write-off of exploration and evaluation assets - continuing operations | 37.7 | 51.5 | |
Write-off of exploration and evaluation assets - discontinued operations | 0 | 1.5 | |
Reclassification (to)/from assets held for sale | 0 | (3.2) | |
Disposals | (391.6) | (200.9) | |
Disposal of subsidiary | 0 | (74.5) | |
Translation adjustment | (367.6) | 207.1 | |
Balance at end of the year | 5,981.6 | 5,633.1 | 5,014.8 |
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 | 578.5 | 639.6 | |
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 | 674.3 | 636.8 | |
Reclassifications | (10.4) | (22.3) | |
Additions for continuing operations | 14 | 0.3 | |
Additions for discontinued operations | 0 | 0 | |
Finance leases capitalised (refer note 33) | 0 | 0 | |
Reclassification (to)/from assets held for sale | 0 | 0 | |
Borrowing costs capitalised | 0 | 0 | |
Disposals | (34.1) | (12.6) | |
Disposal of subsidiary | 0 | (1.4) | |
Changes in estimates of rehabilitation assets | 24.1 | 8.3 | |
Translation adjustment | (53.9) | 65.2 | |
Balance at end of the year | 614 | 674.3 | 636.8 |
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 | 34.7 | 26.8 | |
Reclassifications | 0 | 0 | |
Charge for the year continuing operations | 10.1 | 15.7 | |
Charge for the year discontinued operations | 0 | 0.2 | |
Impairment and reversal of impairment, net | 0 | (2.9) | |
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 | |
Disposals | (6.6) | (12.2) | |
Disposal of subsidiary | 0 | (1.3) | |
Translation adjustment | (2.7) | 8.4 | |
Balance at end of the year | $ 35.5 | $ 34.7 | $ 26.8 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Detail) R in Millions, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($) | Dec. 31, 2016ZAR (R) | |||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Carrying value of asset | $ 4,259.2 | $ 4,892.9 | ||||||||
Borrowing costs | $ 17.5 | $ 22.9 | $ 15.1 | |||||||
Average interest capitalisation rate | 5.90% | 5.90% | 5.30% | 5.30% | ||||||
Write-off of exploration and evaluation assets - continuing operations | $ 37.7 | $ 51.5 | 41.4 | |||||||
Exploration expense | 104.2 | 109.8 | 86.1 | |||||||
Accumulated depreciation and impairment [Member] | ||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Impairment and reversal of impairment, net | 411.7 | (81.3) | ||||||||
Impairment | 1.9 | 11.1 | ||||||||
South Deep Mine [member] | ||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Impairment | 481.5 | R 6,470,900 | 277.8 | R 3,495,000 | 0 | R 0 | ||||
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 | |||||||||
Damang Mining Fleet and Related Spare [Member] | ||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Borrowing costs | 9.9 | 2.1 | ||||||||
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 | 7.6 | 1.4 | ||||||||
Damang Mining Fleet and Related Spare [Member] | South Deep Mine [member] | ||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Borrowing costs | 0 | 19.4 | ||||||||
Other impaired assets [member] | South Deep Mine [member] | ||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Impairment | 409.8 | [1] | R 5,507 | 0 | [1] | R 0 | 0 | [1] | ||
Fleet assets [member] | ||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Carrying value of asset | 0 | 183.6 | ||||||||
Mine development infrastructure and other assets [Member] | ||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Carrying value of asset | 3,680.7 | 4,253.3 | ||||||||
Mine development infrastructure and other assets [Member] | Exploration and evaluation assets [member] | ||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Carrying value of asset | 12.6 | 10.8 | ||||||||
Arctic Platinum Project [Member] | ||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||
Reversal of impairment | [2] | $ 0 | $ 39 | $ 0 | ||||||
[1] | For the year ended 31 December 2018, the Group recognised an impairment of R6,470.9 million (US$481.5 million) (2017: R3,495.0 billion (US$277.8 million) and 2016: Rnil (US$nil)) in respect of the South Deep cash-generating unit due to the deferral of production. | |||||||||
[2] | Refer note 12.2 for further details. The reversal of impairment was included in the "Corporate and other" segment. |
Goodwill - Changes in Goodwill
Goodwill - Changes in Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in goodwill [abstract] | |||
Balance at beginning of the year | $ 76.6 | $ 317.8 | |
Impairment | (71.7) | (277.8) | $ 0 |
Translation adjustment | (4.9) | 36.6 | |
Balance at end of the year | $ 0 | $ 76.6 | $ 317.8 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) oz in Millions, R in Millions, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)$ / ozR / kgoz | Dec. 31, 2018ZAR (R)$ / ozR / kgoz | Dec. 31, 2017USD ($)$ / ozR / kgoz | Dec. 31, 2017ZAR (R)$ / ozR / kgoz | Dec. 31, 2016USD ($) | Dec. 31, 2020R / kg | Dec. 31, 2019R / kg | ||||
Disclosure of information about Goodwill [line items] | ||||||||||
Impairment | $ | $ 71.7 | $ 277.8 | $ 0 | |||||||
Annual life of mine | 12 years | 12 years | ||||||||
Nominal discount rate | 13.50% | 13.50% | 13.50% | 13.50% | ||||||
Resource ounces | oz | 24.5 | 24.5 | 29 | 29 | ||||||
Rand [member] | ||||||||||
Disclosure of information about Goodwill [line items] | ||||||||||
Nominal discount rate | 13.50% | 13.50% | 13.50% | 13.50% | ||||||
Fair value of gold per resource ounce | 17 | 17 | 17 | 17 | ||||||
South Deep Mine [member] | ||||||||||
Disclosure of information about Goodwill [line items] | ||||||||||
Long-term gold price | R / kg | 525,000 | 525,000 | 550,000 | 525,000 | ||||||
Nominal discount rate | 13.50% | 13.50% | ||||||||
Fair value of gold per resource ounce | 17 | 17 | ||||||||
Within one year [member] | Rand [member] | ||||||||||
Disclosure of information about Goodwill [line items] | ||||||||||
Long-term gold price | R / kg | 525,000 | 525,000 | ||||||||
Within one year [member] | US Dollars [member] | ||||||||||
Disclosure of information about Goodwill [line items] | ||||||||||
Long-term gold price | 1,200 | 1,200 | ||||||||
Later than one year [member] | Rand [member] | ||||||||||
Disclosure of information about Goodwill [line items] | ||||||||||
Long-term gold price | R / kg | 550,000 | 550,000 | 525,000 | 525,000 | ||||||
Annual life of mine | 75 years | 75 years | 78 years | 78 years | ||||||
Later than one year [member] | US Dollars [member] | ||||||||||
Disclosure of information about Goodwill [line items] | ||||||||||
Long-term gold price | 1,300 | 1,300 | 1,300 | 1,300 | ||||||
Annual life of mine | 75 years | 75 years | 78 years | 78 years | ||||||
Goodwill [member] | South Deep Mine [member] | ||||||||||
Disclosure of information about Goodwill [line items] | ||||||||||
Impairment | $ 71.7 | [1] | R 963.9 | $ 277.8 | [1] | R 3,495 | $ 0 | [1] | ||
[1] | For the year ended 31 December 2018, the Group recognised an impairment of R6,470.9 million (US$481.5 million) (2017: R3,495.0 billion (US$277.8 million) and 2016: Rnil (US$nil)) in respect of the South Deep cash-generating unit due to the deferral of production. |
Acquisition of Asanko Gold - Ad
Acquisition of Asanko Gold - Additional Information (Detail) - USD ($) $ in Millions | Mar. 29, 2018 | Dec. 31, 2018 |
Disclosure of detailed information about business combination [line items] | ||
Key assumptions used to determine fair value of redeemable preference shares | $ 129.9 | |
Asanko Gold Ghana Limited [member] | ||
Disclosure of detailed information about business combination [line items] | ||
Interest in subsidiary | 45.00% | |
Government of Ghana ownership retained | 10.00% | |
Adansi Gold Company Ghana Limited [member] | ||
Disclosure of detailed information about business combination [line items] | ||
Interest in subsidiary | 50.00% | |
Shika Group Finance Limited [member] | ||
Disclosure of detailed information about business combination [line items] | ||
Interest in subsidiary | 50.00% |
Acquisition Of Asanko Gold - Su
Acquisition Of Asanko Gold - Summary of Acquisition Date Fair Value of Major Class of Consideration Transferred (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash - Asanko redeemable preference shares and equity | $ 216.8 |
Total consideration transferred | 165 |
Asanko [member] | |
Disclosure of detailed information about business combination [line items] | |
Cash - Asanko redeemable preference shares and equity | $ 165 |
Acquisition Of Asanko Gold - _2
Acquisition Of Asanko Gold - Summary of Gain on Acquisition (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about business combination [abstract] | |||
Total fair value of assets acquired | $ 216.8 | ||
Redeemable preference shares equity financial asset acquired | 129.9 | ||
Fair value of identifiable net assets acquired | 86.9 | ||
Consideration transferred | (165) | ||
Gain on acquisition | $ 51.8 | $ 0 | $ 0 |
Acquisition of Asanko Gold - _3
Acquisition of Asanko Gold - Summary of Key Assumptions Used to Determine Fair Value of Redeemable Preference Shares at Acquisition (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of detailed information about business combination [abstract] | |
Par value of the preference shares | $ 165 |
Market-related interest rate | 7.85% |
Expected redemption period - 2020 to 2023 | 5 years |
Acquisition of Asanko Gold - _4
Acquisition of Asanko Gold - Summary of Key Assumptions Used to Determine Fair Value of the Net Identifiable Assets Acquired (Detail) - $ / oz | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about business combination [line items] | ||
Discount rate | 10.27% | |
Life-of-mine - 2019 to 2030 | 12 years | |
Within one year [member] | US Dollars [member] | ||
Disclosure of detailed information about business combination [line items] | ||
US$ gold price | 1,200 | |
Later than one year [member] | US Dollars [member] | ||
Disclosure of detailed information about business combination [line items] | ||
US$ gold price | 1,300 | 1,300 |
Life-of-mine - 2019 to 2030 | 75 years | 78 years |
Equity-Accounted Investees - Su
Equity-Accounted Investees - Summary of Equity-Accounted Investees (Detail) - USD ($) $ in Millions | Mar. 29, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of equity-accounted investees [line items] | ||||
Non-current assets | $ 5,183.2 | $ 5,505.7 | ||
Current assets | 921.1 | 1,114.4 | ||
Non-current liabilities | (2,781.9) | (2,363.1) | ||
Current liabilities | (615.5) | (854) | ||
Less: Shika redeemable preference shares | (132.9) | |||
Cash consideration paid | 216.8 | |||
Consideration paid for equity portion | 165 | |||
Gain on acquisition | 51.8 | 0 | $ 0 | |
Carrying amount of interest in joint venture | 177.5 | 128.6 | 0 | |
Revenue | 2,577.8 | 2,761.8 | 2,666.4 | |
Total equity-accounted investees | 225.1 | 171.3 | 0 | |
Total share of results of equity-accounted investees after taxation | (13.1) | (1.3) | (2.3) | |
Depreciation and amortisation | (668.4) | (748.1) | (671.4) | |
Other expenses | (44.8) | (19) | (16.8) | |
Royalties | (62.5) | (62) | (78.4) | |
Income tax expense | 65.9 | (173.2) | (189.5) | |
(Loss)/profit for the year | (344.8) | (7.7) | 169.1 | |
Other comprehensive income | (330) | 279.2 | 121.4 | |
Total comprehensive income | (674.8) | 271.5 | 290.5 | |
Asanko Gold Ghana Limited [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Interest on joint venture | 45.00% | |||
Shika Group Finance Limited [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Interest on joint venture | 50.00% | |||
Adansi Gold Company Ghana Limited [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Interest on joint venture | 50.00% | |||
Far Southeast Gold Resources Incorporated [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Initial investment at cost | 91.7 | 128.6 | ||
Share of loss after taxation | 12.9 | 1.6 | ||
Carrying amount of interest in joint venture | $ 91.7 | $ 128.6 | $ 0 | |
Interest on joint venture | 40.00% | 40.00% | 40.00% | |
Total share of results of equity-accounted investees after taxation | $ (12.9) | $ (1.6) | $ (2.3) | |
Asanko Gold [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Non-current assets | 481.2 | |||
Initial investment at cost | 86.9 | |||
Current assets | 109.3 | |||
Non-current liabilities | (34.2) | |||
Current liabilities | (52.7) | |||
Net assets | 503.6 | |||
Less: Provisional purchase price allocation - fair value adjustment | (39.6) | |||
Less: Shika redeemable preference shares | (291.4) | |||
Net assets attributable to ordinary shareholders | 172.6 | |||
Group's share of net assets | 85.8 | |||
Cash consideration paid | 165 | |||
Less: consideration allocated to the redeemable preference shares (note 17) | (129.9) | |||
Consideration paid for equity portion | 35.1 | |||
Gain on acquisition | 51.8 | |||
Share of loss after taxation | (1.1) | |||
Carrying amount of interest in joint venture | 85.8 | 0 | 0 | |
Revenue | 122 | |||
Production costs | (79) | |||
Depreciation and amortisation | (34.3) | |||
Other expenses | (4.9) | |||
Royalties | (6.2) | |||
Income tax expense | 0 | |||
(Loss)/profit for the year | (2.4) | |||
Other comprehensive income | 0 | |||
Total comprehensive income | (2.4) | |||
Group's share of total comprehensive income | (1.1) | |||
Asanko Gold [member] | Asanko Gold Ghana Limited [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Carrying amount of interest in joint venture | $ 5.4 | |||
Interest on joint venture | 45.00% | |||
Asanko Gold [member] | Shika Group Finance Limited [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Carrying amount of interest in joint venture | $ 80.4 | |||
Interest on joint venture | 50.00% | |||
Asanko Gold [member] | Adansi Gold Company Ghana Limited [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Carrying amount of interest in joint venture | $ 0 | |||
Interest on joint venture | 50.00% | |||
Investment in associates [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Total equity-accounted investees | $ 47.6 | 42.7 | 0 | |
Marverix Metals Incorporated [Member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Total equity-accounted investees | 47.6 | 42.7 | 0 | |
Total share of results of equity-accounted investees after taxation | 0.9 | 0.3 | 0 | |
Other [Member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Total equity-accounted investees | 0 | 0 | 0 | |
Total share of results of equity-accounted investees after taxation | 0 | 0 | 0 | |
Asanko Gold Ghana Limited [member] | ||||
Disclosure of equity-accounted investees [line items] | ||||
Total share of results of equity-accounted investees after taxation | $ (1.1) | $ 0 | $ 0 |
Equity-Accounted Investees - _2
Equity-Accounted Investees - Summary of Equity-Accounted Investees (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 29, 2018 | Mar. 31, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2015 |
Disclosure of equity-accounted investees [line items] | ||||||||
cash and cash equivalents includes in cash and cash equivalents | $ 399.7 | $ 479 | $ 526.7 | $ 440 | ||||
Profit on disposal | (51.6) | 4 | 48 | |||||
Rusoro Mining Limited ("Rusoro") | 225.1 | 171.3 | $ 0 | |||||
Investment in associate | 0 | 0 | ||||||
Top of range [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Nominal value | 0.1 | |||||||
Asanko Gold Ghana Limited [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Interest on joint venture | 45.00% | |||||||
Government of Ghana ownership retained | 10.00% | |||||||
Shika Group Finance Limited [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Interest on joint venture | 50.00% | |||||||
Adansi Gold Company Ghana Limited [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Interest on joint venture | 50.00% | |||||||
Far Southeast Gold Resources Incorporated [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Option to acquire | 40.00% | 60.00% | ||||||
Non-refundable down payment | $ 110 | $ 66 | $ 44 | |||||
Remaining percentage of ownership not yet exercised | 20.00% | |||||||
Unlisted shares at cost | 230 | 230 | ||||||
Equity contribution | 92.2 | 79.3 | ||||||
Cumulative impairment | (138.3) | (101.4) | ||||||
Share of accumulated losses brought forward | (79.3) | (77.7) | ||||||
Share of loss after taxation | (12.9) | (1.6) | ||||||
Total investment in joint venture3 | $ 91.7 | $ 128.6 | ||||||
Option remains exercisable | 20.00% | |||||||
Option to acquire shares | 20.00% | |||||||
Interest on joint venture | 40.00% | 40.00% | 40.00% | |||||
Asanko Gold [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Share of loss after taxation | $ 1.1 | |||||||
Total investment in joint venture3 | 86.9 | |||||||
cash and cash equivalents includes in cash and cash equivalents | $ 21.6 | |||||||
Asanko Gold [member] | Asanko Gold Ghana Limited [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Interest on joint venture | 45.00% | |||||||
Government of Ghana ownership retained | 10.00% | |||||||
Asanko Gold [member] | Shika Group Finance Limited [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Interest on joint venture | 50.00% | |||||||
Asanko Gold [member] | Adansi Gold Company Ghana Limited [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Interest on joint venture | 50.00% | |||||||
Marverix Metals Incorporated [Member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Common Shares | 42,850,000 | |||||||
Common shares | 10,000,000 | 10,000,000 | ||||||
Percentage of ownership on diluted basis | 20.50% | |||||||
Common shares issued | 60,000,000 | |||||||
Common shares purchase warrants | 10,000,000 | |||||||
Interest on listed entity | 20.00% | 28.00% | ||||||
Profit on disposal | $ 4 | $ 48 | ||||||
Listed shares at cost | 42.1 | $ 42.1 | ||||||
Profit on dilution of Gold Fields' interest in Maverix | 4 | 0 | ||||||
Transaction costs capitalised | 0.3 | 0.3 | ||||||
Share of accumulated profits brought forward | 0.3 | 0 | ||||||
Share of profit after taxation | 0.9 | 0.3 | ||||||
Rusoro Mining Limited ("Rusoro") | 47.6 | 42.7 | $ 0 | |||||
Fair value of investment based on quoted market price | $ 74.7 | $ 57.2 | ||||||
Rusoro Mining Limited [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Percentage of remaining shares | 25.70% | 25.70% | ||||||
Rusoro Mining Limited ("Rusoro") | $ 0 | $ 0 | ||||||
Fair value of investment based on quoted market price | $ 13.4 | $ 7.7 | ||||||
Lepanto Consolidated Mining Company [member] | ||||||||
Disclosure of equity-accounted investees [line items] | ||||||||
Option fees | $ 10 | |||||||
Percentage of remaining shares | 60.00% |
Equity-Accounted Investees - Ad
Equity-Accounted Investees - Additional Information (Detail) - USD ($) | Dec. 06, 2017 | Aug. 22, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 19, 2018 | Dec. 31, 2010 |
Disclosure of equity-accounted investees [line items] | ||||||
Carrying value write down due to loss incurred by the entity | $ 225,100,000 | $ 171,300,000 | ||||
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 | 13,400,000 | 7,700,000 | ||||
Unrecognised share of profits | 2,600,000 | 2,000,000 | ||||
Cumulative unrecognised share of losses | $ 198,600,000 | $ 196,000,000 | ||||
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% | |||||
Total settlement agreement amount | $ 1,280,000,000 |
Interest in Joint Operation - A
Interest in Joint Operation - Additional Information (Detail) - Gruyere Gold project [member] oz in Millions, $ in Millions, $ in Millions | Dec. 13, 2016 | Dec. 31, 2018USD ($)oz | Dec. 31, 2018AUD ($)oz | Dec. 31, 2017AUD ($) | Dec. 31, 2016AUD ($) |
Disclosure of joint operations [line items] | |||||
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 | |||
Transaction costs paid | $ 15 | $ 78 | $ 7 |
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, 2018USD ($) | Dec. 31, 2018AUD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Non-current assets | ||||||
Property, plant and equipment | $ 4,259.2 | $ 4,892.9 | ||||
Current assets | 921.1 | 1,114.4 | ||||
Cash and cash equivalents | 399.7 | 479 | $ 526.7 | $ 440 | ||
Inventories | 368.2 | 393.5 | ||||
Prepayments | 43.3 | 51.5 | ||||
Total assets | 6,104.3 | 6,620.1 | ||||
Total equity | ||||||
Retained earnings | 1,073.9 | 1,471.1 | ||||
Non-current liabilities | 2,781.9 | 2,363.1 | ||||
Deferred taxation | 454.9 | 453.9 | ||||
Finance lease liability | 80.1 | 0 | ||||
Long-term incentive plan | 2.1 | 0 | ||||
Current liabilities | 615.5 | 854 | ||||
Trade and other payables | 503 | 548.5 | ||||
Current portion of finance lease liability | 8.5 | 0 | ||||
Total equity and liabilities | 6,104.3 | 6,620.1 | ||||
Joint operations [member] | ||||||
Non-current assets | ||||||
Property, plant and equipment | 554.6 | $ 788.6 | 374.9 | $ 485.7 | ||
Current assets | 11.7 | 16.5 | 7.2 | 9.3 | ||
Cash and cash equivalents | 2.1 | 3 | 5.3 | 6.8 | ||
Inventories | 0.8 | 1.1 | 0 | 0 | ||
Prepayments | 6.4 | 9.1 | 1.9 | 2.5 | ||
Other receivables | 2.4 | 3.3 | 0 | 0 | ||
Total assets | 566.3 | 805.1 | 382.1 | 495 | ||
Total equity | ||||||
Retained earnings | (4.7) | (6.7) | (2.3) | (2.9) | ||
Non-current liabilities | 119.7 | 170.3 | 11.8 | 15.2 | ||
Deferred taxation | 30.5 | 43.3 | 4.2 | 5.4 | ||
Finance lease liability | 76.5 | 108.8 | 0 | 0 | ||
Environmental rehabilitation costs | 12.7 | 18.2 | 0 | 0 | ||
Long-term incentive plan | 0 | 0 | 7.6 | 9.8 | ||
Current liabilities | 451.3 | 641.5 | 372.6 | 482.7 | ||
Related entity loans payable | 439 | 624.1 | 347.3 | 449.9 | ||
Trade and other payables | 7.7 | 10.9 | 14.1 | 18.3 | ||
Deferred consideration | 0 | 0 | 11.2 | 14.5 | ||
Current portion of finance lease liability | 4.6 | 6.5 | 0 | 0 | ||
Total equity and liabilities | $ 566.3 | $ 805.1 | $ 382.1 | $ 495 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Listed | ||
At fair value through OCI (2017: available for sale financial assets) | $ 93 | $ 99 |
Unlisted | ||
Asanko redeemable preference shares | 132.9 | 0 |
Other | 0.1 | 0.1 |
Derivative instruments | ||
Warrants | 9.3 | 5.5 |
Total investments | 235.3 | $ 104.6 |
Fair value at acquisition | 129.9 | |
Net change in fair value (recognised in OCI) | 3 | |
Fair value at end of the year | 132.9 | |
Par value of the preference shares | $ 165 | |
Market-related interest rate | 7.85% | |
Expected redemption period | 5 years |
Environmental Trust Funds - Sch
Environmental Trust Funds - Schedule of Environmental Trust Funds (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Environmental Trust Funds [abstract] | |||
Balance at beginning of the year | $ 55.5 | $ 44.5 | |
Contributions from continuing operations | 7.7 | 8.6 | |
Interest earned | 0.6 | 0.5 | $ 1 |
Translation adjustment | (3) | 1.9 | |
Balance at end of the year | $ 60.8 | $ 55.5 | $ 44.5 |
Environmental Trust Funds - Add
Environmental Trust Funds - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Environmental Trust Funds [abstract] | ||
Term deposit | $ 8.3 | $ 8.6 |
Equity-linked deposits | 6.5 | 7.5 |
Cash deposit | $ 46 | $ 39.6 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of inventories [abstract] | ||
Gold-in-process and stockpiles | $ 325 | $ 305.4 |
Consumable stores | 176.5 | 220.9 |
Total inventories | 501.5 | 526.3 |
Heap leach and stockpiles inventories included in non-current assets | (133.3) | (132.8) |
Total current inventories | $ 368.2 | $ 393.5 |
Investments - Summary of Inve_2
Investments - Summary of Investments (Parenthetical) (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Disclosure of detailed information about investment property [line items] | ||
Redeemable preference shares | 164,939,999 | |
Redeemable preference shares, par value | $ 164,939,999 | |
Marverix Metals Incorporated [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Common share purchase warrants | 10,000,000 | 10,000,000 |
Inventories - Schedule of Inv_2
Inventories - Schedule of Inventories (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of inventories [abstract] | |||
Consumable stores | $ 280 | $ 346.7 | $ 346.3 |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Trade and Other Receivables (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other receivables [abstract] | ||
Trade receivables - gold sales and copper concentrate | $ 23.4 | $ 46.6 |
Trade receivables - other | 23 | 15.6 |
Gold, copper and oil derivative contracts | 8.3 | 25 |
Receivables due from the sale of Tarkwa mining fleet | 26.5 | 0 |
Deposits | 0.2 | 0.1 |
Payroll receivables | 2.9 | 11.6 |
Prepayments | 43.3 | 51.5 |
Value added tax and import duties | 18.1 | 45.9 |
Diesel rebate | 1.1 | 1.4 |
Other | 6.4 | 4.2 |
Total trade and other receivables | $ 153.2 | $ 201.9 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents [abstract] | ||||
Cash at bank and on hand | $ 399.7 | $ 479 | ||
Total cash and cash equivalents | $ 399.7 | $ 479 | $ 526.7 | $ 440 |
Stated Capital - Schedule of St
Stated Capital - Schedule of Stated Capital (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | May 25, 2017 | May 24, 2017 | |
Disclosure of classes of share capital [line items] | ||||
Stated capital | $ 3,622.5 | $ 3,622.5 | ||
Stated capital | 3,622.5 | 3,622.5 | ||
Authorised | 1,000,000,000 | |||
Ordinary Shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Stated capital | 3,622.5 | 3,622.5 | ||
Stated capital | $ 3,622.5 | $ 3,622.5 | ||
In issue at 1 January | 821,532,707 | 821,525,435 | ||
Exercise of employee share options | 0 | 7,272 | ||
In issue at 31 December | 821,532,707 | 821,532,707 | ||
Authorised | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 1,000,000,000 |
Stated Capital - Additional Inf
Stated Capital - Additional Information (Detail) - $ / shares | May 22, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | May 25, 2017 | May 24, 2017 |
Disclosure of classes of share capital [line items] | |||||
Shares authorised | 1,000,000,000 | ||||
Par value per share | $ 0.5 | ||||
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 stated capital as percentage of issued stated capital | 5.00% | ||||
Ordinary Shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Shares authorised | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 1,000,000,000 | |
No par value per share | $ 0 | $ 0 |
Trade and Other Receivables -_2
Trade and Other Receivables - Schedule of Trade and Other Receivables (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Australian oil derivative contracts [member] | ||
Trade and Other Receivables [line items] | ||
Gold and oil derivative contracts | $ 1.7 | $ 5.1 |
Ghanaian oil derivative contracts [member] | ||
Trade and Other Receivables [line items] | ||
Gold and oil derivative contracts | 3 | 9 |
Ghanaian gold derivative contracts [member] | ||
Trade and Other Receivables [line items] | ||
Gold and oil derivative contracts | 2.4 | 0 |
Gold derivative contracts at south deep [member] | ||
Trade and Other Receivables [line items] | ||
Gold and oil derivative contracts | 0 | 10.9 |
Peruvian copper derivative contracts [member] | ||
Trade and Other Receivables [line items] | ||
Gold and oil derivative contracts | $ 1.2 | $ 0 |
Share Capital - Summary of Bene
Share Capital - Summary of Beneficial Shareholders (Detail) | 12 Months Ended |
Dec. 31, 2018shares | |
Government Employees Pension Fund [member] | |
Disclosure of beneficial ownership [line items] | |
Number of shares | 60,064,445 |
Percentage of issued ordinary shares | 7.31% |
VanEck Vectors Gold Miners ETF [member] | |
Disclosure of beneficial ownership [line items] | |
Number of shares | 58,229,560 |
Percentage of issued ordinary shares | 7.09% |
Market Vectors Junior Gold Mines ETF [member] | |
Disclosure of beneficial ownership [line items] | |
Number of shares | 47,680,319 |
Percentage of issued ordinary shares | 5.80% |
Deferred Taxation - Schedule of
Deferred Taxation - Schedule of Detailed Components of Net Deferred Taxation Liability (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Liabilities | ||
Liabilities | $ 864.7 | $ 1,051.3 |
Assets | ||
Assets | (679.3) | (669.4) |
Net deferred taxation liabilities | 185.4 | 381.9 |
Included in the statement of financial position as follows: | ||
Deferred taxation assets | (269.5) | (72) |
Deferred taxation liabilities | 454.9 | 453.9 |
Net deferred taxation liabilities | 185.4 | 381.9 |
Balance at beginning of the year | 381.9 | 409.9 |
Recognised in profit or loss - continuing operations | (211.6) | (31.5) |
Recognised in profit or loss - discontinued operations | 0 | 3.4 |
Recognised in OCI | (4) | 0 |
Translation adjustment | 19.1 | 0.1 |
Balance at end of the year | 185.4 | 381.9 |
Mining Assets [member] | ||
Liabilities | ||
Liabilities | 835.7 | 1,014.1 |
Environmental Trust Funds [member] | ||
Liabilities | ||
Liabilities | 3.2 | 3.4 |
Inventories [member] | ||
Liabilities | ||
Liabilities | 11.3 | 12.1 |
Unremitted earnings [member] | ||
Liabilities | ||
Liabilities | 9.3 | 9.1 |
Other [member] | ||
Liabilities | ||
Liabilities | 5.2 | 12.6 |
Provisions [member] | ||
Assets | ||
Assets | (95.8) | (108.4) |
Tax Losses [member] | ||
Assets | ||
Assets | (98.4) | (69.1) |
Unredeemed Capital Expenditure [member] | ||
Assets | ||
Assets | (475.9) | (491.9) |
Finance lease liability [member] | ||
Assets | ||
Assets | (2) | 0 |
Deferred Tax Assets Other [member] | ||
Assets | ||
Assets | $ (7.2) | $ 0 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 2,011.6 | $ 1,781.5 | |
Current borrowings | (86.3) | (193.6) | |
Non-current borrowings | 1,925.3 | 1,587.9 | |
US $1 Billion Notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 849.4 | 847.9 | $ 846.4 |
Name of borrower | Orogen | ||
Commitment fee | 0.00% | ||
Maturity date | 7 October 2020 | ||
US$150 million revolving senior secured credit facility - old [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 0 | 0 | |
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 - new [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 83.5 | 83.5 | 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$70 million revolving senior secured credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 0 | 0 | 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$100 million revolving senior secured credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 45 | 45 | 0 |
Name of borrower | Ghana | ||
Commitment fee | 1.40% | ||
Maturity date | 30 November 2021 | ||
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 3.50 | ||
A$500 million syndicated revolving credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 316.5 | 231.5 | |
Name of borrower | Gruyere | ||
Commitment fee | 0.94% | ||
Maturity date | 24 May 2021 | ||
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 | ||
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 2020 | ||
Facility A (US $380 Million) [member] | Fixed Interest Rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal interest rate | LIBOR plus 2.25 | ||
Facility B (US $360 Million) [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 203 | 0 | |
Name of borrower | Orogen | ||
Commitment fee | 0.77% | ||
Maturity date | 6 June 2021 | ||
Facility B (US $360 Million) [member] | Fixed Interest Rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal interest rate | LIBOR plus 1.95 | ||
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 2.20 | ||
R 1,500 Million Nedbank Revolving Credit Facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 0 | 79.5 | 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 - new [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 0 | 0 | |
Name of borrower | GFIJVH/GFO | ||
Commitment fee | 0.90% | ||
Maturity date | 8 May 2023 | ||
R 1,500 million Nedbank revolving credit facility - new [member] | Fixed Interest Rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal interest rate | JIBAR plus 2.80 | ||
R 500 million Standard Bank revolving credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 13.7 | 0 | |
Name of borrower | GFIJVH/GFO | ||
Commitment fee | 1.05% | ||
Maturity date | 31 March 2020 | ||
R 500 million Standard Bank revolving credit facility [member] | Fixed Interest Rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal interest rate | JIBAR plus 2.75 | ||
R 500 million Absa Bank revolving credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 34.2 | 0 | |
Name of borrower | GFIJVH/GFO | ||
Commitment fee | 0.893% | ||
Maturity date | 31 March 2020 | ||
R 500 million Absa Bank revolving credit facility [member] | Fixed Interest Rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal interest rate | JIBAR plus 2.55 | ||
Short-term Rand Uncommitted Credit Facilities [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 86.3 | 114.1 | 61 |
Commitment fee | 0.00% | ||
US$1,290 Million Term Loan and Revolving Credit Facilities [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total borrowings | $ 583 | $ 380 | $ 658.5 |
Borrowings - Schedule of Borr_2
Borrowings - Schedule of Borrowings (Parenthetical) (Detail) R in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018ZAR (R) | |
Disclosure of detailed information about borrowings [line items] | ||||
Face amount of borrowings | $ 1,290,000,000 | |||
Profit on buy back of notes | 0 | $ 0 | $ 17,700,000 | |
Carrying value of asset | 4,259,200,000 | 4,892,900,000 | ||
Fleet assets and CIL plant [member] | Ghana [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value of asset | 183,600,000 | |||
US $1 Billion Notes [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount of borrowings | 1,000,000,000 | |||
Unamortized transaction costs | 3,000,000 | 4,500,000 | ||
Profit on buy back of notes | $ 17,700,000 | |||
Term loan and revolving credit facility | 1,290,000,000 | |||
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 | |||
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 | |||
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 $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 | R | R 1,500 | |||
R 1,500 million Nedbank revolving credit facility - new [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount of borrowings | R | 1,500 | |||
R 500 million Standard Bank revolving credit facility [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount of borrowings | R | 500 | |||
R 500 million Absa Bank revolving credit facility [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount of borrowings | R | R 500 | |||
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 (these facilities were cancelled and refinanced through the US$1,290 million term loan and revolving credit facility on 6 June 2017). The Group recognised a profit of US$17.7 million on the buy back of the notes. |
Borrowings - Summary of Borrowi
Borrowings - Summary of Borrowings under Credit Facilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | $ 1,781.5 | ||
Loans advanced | 691.7 | $ 779.7 | $ 1,298.7 |
Repayments | (431.9) | (695.5) | (1,413.2) |
Balance at end of the year | 2,011.6 | 1,781.5 | |
Variable rate with exposure to repricing (six months or less) | 1,162.2 | 933.6 | |
Undrawn borrowing facilities committed | 986.7 | 1,305.1 | |
Uncommitted | 26.5 | 17.1 | |
Total undrawn borrowing facilities | 1,013.2 | 1,322.2 | |
Within one year [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Undrawn borrowing facilities committed | 0 | 39.7 | |
Later Than One Year And Not Later Than Two Years [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Undrawn borrowing facilities committed | 93 | 0 | |
Later Than Two Years And Not Later Than Three Years [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Undrawn borrowing facilities committed | 791.2 | 715.4 | |
Later Than Three Years and Not Later Than Five Years [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Undrawn borrowing facilities committed | 102.5 | 550 | |
US Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowing denominated in currencies | 1,560.9 | 1,356.4 | |
Australia, Dollars [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowing denominated in currencies | 316.5 | 231.5 | |
Rand [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowing denominated in currencies | 134.2 | 193.6 | |
US $150 Million Revolving Senior Secured Credit Facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 0 | 82 | |
Loans advanced | 0 | 0 | |
Repayments | 0 | (82) | |
Balance at end of the year | 0 | 0 | 82 |
US$150 million revolving senior secured credit facility - new [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 83.5 | 0 | |
Loans advanced | 0 | 83.5 | |
Balance at end of the year | 83.5 | 83.5 | 0 |
US$70 million revolving senior secured credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 0 | 45 | |
Repayments | 0 | (45) | |
Balance at end of the year | 0 | 0 | 45 |
US$100 million revolving senior secured credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 45 | 0 | |
Loans advanced | 0 | 45 | |
Balance at end of the year | 45 | 45 | 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 | 380 | 658.5 | |
Loans advanced | 382.6 | 73.5 | |
Repayments | (179.6) | (352) | |
Balance at end of the year | 583 | 380 | 658.5 |
R 1,500 Million Nedbank Revolving Credit Facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 79.5 | 0 | |
Loans advanced | 20.7 | 78.5 | |
Repayments | (107.7) | 0 | |
Translation adjustment | 7.5 | 1 | |
Balance at end of the year | 0 | 79.5 | 0 |
US $1 Billion Notes [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 847.9 | 846.4 | |
Unwinding of transaction costs | 1.5 | 1.5 | |
Balance at end of the year | 849.4 | 847.9 | 846.4 |
Fixed rate with no exposure to repricing (US$1 billion notes issue) | 849.4 | 847.9 | |
A $500 million syndicated revolving credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 231.5 | 0 | |
Loans advanced | 119.9 | 236.6 | |
Translation adjustment | (34.9) | (5.1) | |
Balance at end of the year | 316.5 | 231.5 | 0 |
Short-term Rand Uncommitted Credit Facilities [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 114.1 | 61 | |
Loans advanced | 118.7 | 262.6 | |
Repayments | (144.6) | (216.5) | |
Translation adjustment | (1.9) | 7 | |
Balance at end of the year | 86.3 | 114.1 | $ 61 |
R 500 million Standard Bank revolving credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 0 | ||
Loans advanced | (13.7) | 0 | |
Translation adjustment | 0 | 0 | |
Balance at end of the year | 13.7 | 0 | |
R 500 million Absa Bank revolving credit facility [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of the year | 0 | ||
Loans advanced | (36.1) | 0 | |
Translation adjustment | (1.9) | 0 | |
Balance at end of the year | $ 34.2 | $ 0 |
Provisions - Schedule of Provis
Provisions - Schedule of Provisions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Provisions [line items] | |||||
Environmental rehabilitation costs | $ 281.5 | $ 283.1 | $ 283.1 | $ 289.6 | $ 281.5 |
Silicosis settlement costs | 25.1 | 31.9 | |||
Other | 4.8 | 7.9 | |||
Total provisions | $ 319.5 | $ 321.3 | |||
Environmental rehabilitation costs Balance at beginning of the year | 281.5 | 283.1 | |||
Changes in estimates - continuing operations | 23.2 | (5.4) | |||
Changes in estimates - discontinued operations | 0 | 0 | |||
Interest expense - continuing operations | 11.7 | 12.1 | 10.7 | ||
Interest expense - discontinued operations | 0 | 0.2 | |||
Payments | (9.6) | (8.1) | |||
Disposal of subsidiary | 0 | (12.9) | |||
Translation adjustment | (17.2) | 12.5 | |||
Environmental rehabilitation costs balance at end of the year | 289.6 | 281.5 | $ 283.1 | ||
Total gross closure cost estimates | 399.9 | 381 | |||
South Africa [member] | |||||
Disclosure of Provisions [line items] | |||||
Total gross closure cost estimates | 41.8 | 41.8 | |||
Ghana [member] | |||||
Disclosure of Provisions [line items] | |||||
Total gross closure cost estimates | 100.4 | 98.1 | |||
Australia [member] | |||||
Disclosure of Provisions [line items] | |||||
Total gross closure cost estimates | 178.2 | 179.2 | |||
Peru [member] | |||||
Disclosure of Provisions [line items] | |||||
Total gross closure cost estimates | 79.1 | 61.9 | |||
CHILE | |||||
Disclosure of Provisions [line items] | |||||
Total gross closure cost estimates | $ 0.4 | $ 0 |
Provisions - Schedule of Assump
Provisions - Schedule of Assumption in Provision Calculation (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
South Africa [member] | ||
Disclosure of Provisions [line items] | ||
Inflation rate | 5.50% | 5.50% |
Discount rate | 10.00% | 9.80% |
Ghana [member] | ||
Disclosure of Provisions [line items] | ||
Inflation rate | 2.20% | 2.20% |
Discount rate | 10.30% | |
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 | 4.20% | 3.80% |
CHILE | ||
Disclosure of Provisions [line items] | ||
Inflation rate | 2.20% | |
Discount rate | 3.60% | |
Bottom of range [member] | Ghana [member] | ||
Disclosure of Provisions [line items] | ||
Discount rate | 9.20% | |
Bottom of range [member] | Australia [member] | ||
Disclosure of Provisions [line items] | ||
Discount rate | 2.30% | 2.60% |
Top of range [member] | Ghana [member] | ||
Disclosure of Provisions [line items] | ||
Discount rate | 9.30% | |
Top of range [member] | Australia [member] | ||
Disclosure of Provisions [line items] | ||
Discount rate | 2.50% | 2.90% |
Provisions - Summary of Silicos
Provisions - Summary of Silicosis Settlement Costs (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Provisions [abstract] | ||
Balance at beginning of the year | $ 31.9 | $ 0 |
Changes in estimates | (4.5) | 30.2 |
Unwinding of provision recognised as finance expense | 2 | 0.9 |
Translation | (4.3) | 0.8 |
Balance at end of the year | $ 25.1 | $ 31.9 |
Long-term Incentive Plan - Summ
Long-term Incentive Plan - Summary of Long-term Incentive Plan (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of long-term incentive plan [abstract] | ||
Opening balance | $ 18.1 | $ 23.6 |
Charge to income statement - continuing operations | 1.1 | 5 |
Charge to income statement - discontinued operations | 0 | 0.1 |
Payments | (17.8) | (11.5) |
Translation adjustment | 0.7 | 0.9 |
Balance at end of the year | 2.1 | 18.1 |
Current portion of long-term incentive plan | 0 | (18.1) |
Non-current portion of long-term incentive plan | $ 2.1 | $ 0 |
Provisions - Silicosis Settleme
Provisions - Silicosis Settlement Costs - Additional Information (Detail) R in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) |
Disclosure of Provisions [line items] | ||||
Provisions | $ 25.1 | $ 31.9 | ||
Silicosis [Member] | ||||
Disclosure of Provisions [line items] | ||||
Provisions | 25.1 | R 367.8 | $ 31.9 | R 401.6 |
Nominal amount of provision | $ 34.7 | R 507 | ||
Silicosis [Member] | Government bonds [member] | ||||
Disclosure of Provisions [line items] | ||||
Discount rate on government bonds | 8.74% | 8.74% | 8.24% | 8.24% |
Trade and Other Payables - Summ
Trade and Other Payables - Summary of Trade and Other Payables (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and other payables [abstract] | |||
Trade payables | $ 145.9 | $ 190.8 | $ 0 |
Accruals and other payables | 236.7 | 238.8 | 0 |
Payroll payables | 44.3 | 51.7 | 0 |
Gold, copper and foreign exchange derivative contracts1 | 22.6 | 3.3 | 0 |
Leave pay accrual | 43 | 42.5 | 0 |
Interest payable on loans | 10.5 | 10.2 | 0 |
Deferred consideration - refer note 16.2 | 0 | 11.2 | 0 |
Total trade and other payables | $ 503 | $ 548.5 | $ 0 |
Cash Generated by Operations -
Cash Generated by Operations - Summary of Cash Generated by Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash flows from (used in) operating activities [abstract] | ||||
(Loss)/profit from continuing operations | $ (344.8) | $ (20.8) | $ 167.9 | |
Mining and income taxation | (65.9) | 173.2 | 189.5 | |
Royalties | 62.5 | 62 | 78.4 | |
Interest expense | 91.8 | 91.2 | 82.5 | |
Interest received | (6.8) | (5.1) | (7.3) | |
Amortisation and depreciation | 668.4 | 748.1 | 671.4 | |
Interest expense - environmental rehabilitation | 11.7 | 12.1 | 10.7 | |
Non-cash rehabilitation income | (0.9) | (13.5) | (9.7) | |
Interest received - environmental trust funds | (0.6) | (0.5) | (1) | |
Impairment, net of reversal of impairment of investments and assets | 520.3 | 200.2 | 76.5 | |
Write-off of exploration and evaluation assets | 37.7 | 51.5 | 41.4 | |
Loss/(profit) on disposal of assets | 51.6 | (4) | (48) | |
Profit on disposal of investments | 0 | 0 | (2.3) | |
Gain on acquisition of Asanko | (51.8) | 0 | 0 | |
Unrealised loss/(gain) on derivative contracts2 | 36.6 | (20.7) | (14.4) | |
Fair value (gain)/loss on Maverix warrants2 | (3.8) | 0.4 | 0 | |
Profit on dilution of Gold Fields' interest in Maverix | (4) | 0 | 0 | |
Silicosis settlement costs2 | (4.5) | 30.2 | 0 | |
Share-based payments | 37.5 | 26.8 | 14 | |
Long-term incentive plan expense | 1.1 | 5 | 10.5 | |
Payment of long-term incentive plan | (17.8) | (11.5) | 0 | |
Borrowing costs capitalised | (17.5) | (22.9) | (15.1) | |
Share of results of equity accounted investees, net of taxation | 0.2 | (0.3) | 0 | |
Other | [1] | (3) | (14.9) | 0.4 |
Total cash generated by operations | $ 998 | $ 1,286.5 | $ 1,245.4 | |
[1] | The item "Other" in 2017 and 2016 has been disaggregated into unrealised gain on derivative contracts, fair value loss on Maverix warrants and silicosis settlement costs. |
Change in Working Capital - Sum
Change in Working Capital - Summary of Change in Working Capital (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Change In Working Capital [abstract] | |||
Inventories | $ 0.8 | $ (55.1) | $ (39.2) |
Trade and other receivables | 15 | (2.2) | 2.8 |
Trade and other payables | (32.1) | (12.1) | 34.1 |
Total change in working capital | $ (16.3) | $ (69.4) | $ (2.3) |
Royalties Paid - Summary of Roy
Royalties Paid - Summary of Royalties Paid (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Royalty Payment [abstract] | |||
Amount owing at beginning of the year - continuing operations | $ (16.3) | $ (19.8) | $ (17.8) |
Royalties | (62.5) | (62) | (78.4) |
Amount owing at end of the year - continuing operations | 12.5 | 16.3 | 19.8 |
Translation | 0.8 | (0.5) | 0 |
Total royalties paid - continuing operations | $ (65.5) | $ (66) | $ (76.4) |
Trade and Other Payables - Su_2
Trade and Other Payables - Summary of Trade and Other Payables (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of trade and other payables [line items] | |||
Gold, copper and foreign exchange derivative contracts | $ 22.6 | $ 3.3 | $ 0 |
Australian gold derivative contracts [member] | |||
Disclosure of trade and other payables [line items] | |||
Gold, copper and foreign exchange derivative contracts | 12.3 | 0 | |
Gold derivative contracts at south deep [member] | |||
Disclosure of trade and other payables [line items] | |||
Gold, copper and foreign exchange derivative contracts | 1.6 | 0 | |
Australian foreign exchange derivative contracts [member] | |||
Disclosure of trade and other payables [line items] | |||
Gold, copper and foreign exchange derivative contracts | 8.7 | 0 | |
Peruvian copper derivative contracts [member] | |||
Disclosure of trade and other payables [line items] | |||
Gold, copper and foreign exchange derivative contracts | $ 0 | $ 3.3 |
Taxation Paid - Detailed Inform
Taxation Paid - Detailed Information About Income Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income taxes paid (refund) [abstract] | |||
Amount owing at beginning of the year - continuing operations | $ (77.5) | $ (107.9) | $ (59.3) |
SA and foreign current taxation - continuing operations | (145.7) | (204.7) | (204.2) |
Amount owing at end of the year - continuing operations | 5.2 | 77.5 | 107.9 |
Translation | 0.8 | (4.4) | 0 |
Total taxation paid - continuing operations | $ (217.2) | $ (239.5) | $ (155.6) |
Retirement Benefits - Additiona
Retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Defined Contribution Plan [abstract] | |||
Retirement benefits | $ 32.8 | $ 33.7 | $ 30 |
Finance Lease Liabilities - Sum
Finance Lease Liabilities - Summary of Finance Lease Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease liabilities [line items] | |||
Interest expense | $ (0.2) | $ 0 | $ 0 |
Balance at the end of the year | 111.5 | ||
Current portion of finance lease liability | 8.5 | 0 | |
Non-current portion of finance lease liability | 80.1 | 0 | |
Gruyere power purchase agreement [member] | |||
Disclosure of finance lease liabilities [line items] | |||
Balance at the beginning of the year | 0 | 0 | |
Additions1 | 96.2 | 0 | |
Interest expense | 0.2 | 0 | |
Repayments | (2.5) | 0 | |
Translation adjustment | (5.3) | 0 | |
Balance at the end of the year | 88.6 | 0 | $ 0 |
Current portion of finance lease liability | (8.5) | 0 | |
Non-current portion of finance lease liability | 80.1 | 0 | |
Future minimum lease payments | 111.5 | 0 | |
Interest | 22.9 | 0 | |
Present value of minimum lease payments | 88.6 | 0 | |
Within one year [member] | |||
Disclosure of finance lease liabilities [line items] | |||
Balance at the end of the year | 11.6 | ||
Within one year [member] | Gruyere power purchase agreement [member] | |||
Disclosure of finance lease liabilities [line items] | |||
Future minimum lease payments | 11.6 | 0 | |
Interest | 3.1 | 0 | |
Present value of minimum lease payments | 8.5 | 0 | |
Later than one years and not later than five years [member] | Gruyere power purchase agreement [member] | |||
Disclosure of finance lease liabilities [line items] | |||
Future minimum lease payments | 41.5 | 0 | |
Interest | 11.5 | 0 | |
Present value of minimum lease payments | 30 | 0 | |
Later than five years [member] | |||
Disclosure of finance lease liabilities [line items] | |||
Balance at the end of the year | 58.4 | ||
Later than five years [member] | Gruyere power purchase agreement [member] | |||
Disclosure of finance lease liabilities [line items] | |||
Future minimum lease payments | 58.4 | 0 | |
Interest | 8.3 | 0 | |
Present value of minimum lease payments | $ 50.1 | $ 0 |
Commitments - Schedule of Commi
Commitments - Schedule of Commitments (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Capital expenditure | ||
Contracted for Operating leases | $ 50 | $ 44.5 |
Within one year [member] | ||
Capital expenditure | ||
Operating lease commitment | 76.7 | 66.6 |
Later than one and not later than five years [member] | ||
Capital expenditure | ||
Operating lease commitment | 256.5 | 257.9 |
Later than five years [member] | ||
Capital expenditure | ||
Operating lease commitment | $ 324.2 | $ 448 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
South African Peruvian and Ghanaian Operations [member] | |||
Disclosure of Information about Guarantees [Line Items] | |||
Environmental obligation guarantees amount | $ 207.6 | $ 112.1 | $ 100.1 |
Finance Lease Liabilities - S_2
Finance Lease Liabilities - Summary of Finance Lease Liabilities (Parenthetical) (Detail) - Gruyere power purchase agreement [member] | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of finance lease liabilities [line items] | |
Term of contract | 15 years |
Lease interest rate | 3.46% |
Contingent Liabilities - Additi
Contingent Liabilities - Additional Information (Detail) R in Millions, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2016 | Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) | May 30, 2018USD ($) | May 30, 2018ZAR (R) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017ZAR (R) | |
Disclosure of contingent liabilities [line items] | ||||||||
Provisions | $ | $ 319.5 | $ 321.3 | ||||||
GFI Joint Venture Holdings (Proprietary) Limited [Member] | South African Revenue Service [Member] | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Additional capital allowance recognised | $ 185.1 | R 2,708 | ||||||
Tax effect of additional capital allowance recognised | $ 53.7 | R 785.3 | ||||||
Silicosis [Member] | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Provisions | 25.1 | R 367.8 | $ 30.2 | R 400.2 | ||||
Nominal amount of provision | $ 34.7 | 507 | ||||||
Alleged thefts [Member] | Randgold and Exploration Summons [Member] | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Amount of summons claims computed pursuant to allegedly received | 43,700 | |||||||
South Deep Mine [member] | Gold Fields Operations Limited [Member] | ||||||||
Disclosure of contingent liabilities [line items] | ||||||||
Percentage of ownership interest in joint venture | 50.00% | |||||||
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 26,900 |
Events after the Reporting Da_2
Events after the Reporting Date - Additional Information (Detail) | 1 Months Ended |
Feb. 15, 2019R / shares | |
Dividends declared [member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Final dividend declared per share | R 0.20 |
Financial Instruments - Summary
Financial Instruments - Summary of Carrying Amounts and Fair Values of Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about financial instruments [line items] | ||||
- Borrowings | $ 2,011.6 | $ 1,781.5 | ||
- Trade and other payables | 393.1 | 451 | ||
- Finance lease liabilities | 111.5 | |||
- Environmental trust funds | 60.8 | 55.5 | $ 44.5 | |
- Trade and other receivables | 153.2 | 201.9 | ||
- Investments | 235.3 | 104.6 | ||
- Cash and cash equivalents | 399.7 | 479 | $ 526.7 | $ 440 |
- Warrants | 9.3 | 5.5 | ||
Fair Value [member] | Financial liabilities at fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Copper derivative contracts | 22.6 | 3.3 | ||
Total | 22.6 | 3.3 | ||
Fair Value [member] | Financial liabilities not measured at fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Borrowings | 2,001.8 | 1,805.1 | ||
- Trade and other payables | 393.1 | 451 | ||
- Finance lease liabilities | 88.6 | |||
Total | 2,483.5 | 2,256.1 | ||
Fair Value [member] | Financial assets at fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 6.5 | 7.3 | ||
- Trade receivables from provisional copper sales | 15.3 | 21.2 | ||
- Investments | 93.1 | 99.1 | ||
Asanko redeemable preference shares | 132.9 | |||
- Warrants | 9.3 | 5.5 | ||
- Gold and oil derivative contracts | 8.3 | 25 | ||
Total | 265.4 | 158.1 | ||
Fair Value [member] | Financial assets not measured at fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 54.3 | 48.2 | ||
- Trade and other receivables | 64.2 | 45.3 | ||
- Cash and cash equivalents | 399.7 | 479 | ||
Total | 518.2 | 572.5 | ||
Carrying amount [member] | Financial liabilities at fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Copper derivative contracts | 22.6 | 3.3 | ||
Total | 22.6 | 3.3 | ||
Carrying amount [member] | Financial liabilities at fair value [member] | Fair value through profit or loss [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Copper derivative contracts | 22.6 | 0 | ||
Total | 22.6 | 0 | ||
Carrying amount [member] | Financial liabilities at fair value [member] | Derivative instruments [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Copper derivative contracts | 3.3 | |||
Total | 3.3 | |||
Carrying amount [member] | Financial liabilities not measured at fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Borrowings | 2,011.6 | 1,781.5 | ||
- Trade and other payables | 393.1 | 451 | ||
- Finance lease liabilities | 88.6 | |||
Total | 2,493.3 | 2,232.5 | ||
Carrying amount [member] | Financial liabilities not measured at fair value [member] | Other financial liabilities measured at amortised cost, category [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Borrowings | 2,011.6 | |||
- Trade and other payables | 393.1 | |||
- Finance lease liabilities | 88.6 | |||
Total | 2,493.3 | |||
Carrying amount [member] | Financial liabilities not measured at fair value [member] | Other Financial Instruments [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Borrowings | 1,781.5 | |||
- Trade and other payables | 451 | |||
Total | 2,232.5 | |||
Carrying amount [member] | Financial assets at fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 6.5 | 7.3 | ||
- Trade receivables from provisional copper sales | 15.3 | 21.2 | ||
- Investments | 93.1 | 99.1 | ||
Asanko redeemable preference shares | 132.9 | |||
- Warrants | 9.3 | 5.5 | ||
- Gold and oil derivative contracts | 8.3 | 25 | ||
Total | 265.4 | 158.1 | ||
Carrying amount [member] | Financial assets at fair value [member] | Fair value through profit or loss [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 6.5 | 7.3 | ||
- Trade receivables from provisional copper sales | 15.3 | 21.2 | ||
- Investments | 0 | 0 | ||
Asanko redeemable preference shares | 0 | |||
- Warrants | 9.3 | 0 | ||
- Gold and oil derivative contracts | 8.3 | 0 | ||
Total | 39.4 | 28.5 | ||
Carrying amount [member] | Financial assets at fair value [member] | FVOCI [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 0 | |||
- Trade receivables from provisional copper sales | 0 | |||
- Investments | 93.1 | |||
Asanko redeemable preference shares | 132.9 | |||
- Warrants | 0 | |||
- Gold and oil derivative contracts | 0 | |||
Total | 226 | |||
Carrying amount [member] | Financial assets at fair value [member] | Available for sale [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 0 | |||
- Trade receivables from provisional copper sales | 0 | |||
- Investments | 99.1 | |||
- Warrants | 0 | |||
- Gold and oil derivative contracts | 0 | |||
Total | 99.1 | |||
Carrying amount [member] | Financial assets at fair value [member] | Derivative instruments [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 0 | |||
- Trade receivables from provisional copper sales | 0 | |||
- Investments | 0 | |||
- Warrants | 5.5 | |||
- Gold and oil derivative contracts | 25 | |||
Total | 30.5 | |||
Carrying amount [member] | Financial assets not measured at fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 54.3 | 48.2 | ||
- Trade and other receivables | 64.2 | 45.3 | ||
- Cash and cash equivalents | 399.7 | 479 | ||
Total | 518.2 | 572.5 | ||
Carrying amount [member] | Financial assets not measured at fair value [member] | Amortised cost [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 54.3 | |||
- Trade and other receivables | 64.2 | |||
- Cash and cash equivalents | 399.7 | |||
Total | $ 518.2 | |||
Carrying amount [member] | Financial assets not measured at fair value [member] | Loans and receivables [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
- Environmental trust funds | 48.2 | |||
- Trade and other receivables | 45.3 | |||
- Cash and cash equivalents | 479 | |||
Total | $ 572.5 |
Financial Instruments - Additio
Financial Instruments - Additional information (Detail) $ in Billions | Dec. 31, 2018USD ($) |
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 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of fair value measurement of assets and liability [line items] | |||
Environmental trust funds | $ 60.8 | $ 55.5 | $ 44.5 |
Trade receivables from provisional copper sales | 23.4 | 46.6 | |
Redeemable preference shares | 132.9 | ||
Derivative financial assets | 9.3 | 5.5 | |
Derivative financial liabilities | 22.6 | 3.3 | |
Environmental trust funds [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Environmental trust funds | 6.5 | 7.3 | |
Investments - listed [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Investments | 93 | 99 | |
Investments - unlisted [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Investments | 0.1 | 0.1 | |
Trade receivables from provisional copper concentrate sales [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Trade receivables from provisional copper sales | 15.3 | 21.2 | |
Warrants [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial assets | 9.3 | 5.5 | |
Oil derivative contracts [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial assets | 4.7 | 14.1 | |
Copper derivative contracts [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial assets | 1.2 | ||
Derivative financial liabilities | 0 | 3.3 | |
Gold derivative contracts [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial assets | 2.4 | 10.9 | |
Derivative financial liabilities | 13.9 | ||
Foreign exchange derivatives [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial liabilities | 8.7 | ||
Level 1 [member] | Investments - listed [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Investments | 93 | 99 | |
Level 2 [member] | Environmental trust funds [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Environmental trust funds | 6.5 | 7.3 | |
Level 2 [member] | Trade receivables from provisional copper concentrate sales [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Trade receivables from provisional copper sales | 15.3 | 21.2 | |
Level 2 [member] | Warrants [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial assets | 9.3 | 5.5 | |
Level 2 [member] | Oil derivative contracts [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial assets | 4.7 | 14.1 | |
Level 2 [member] | Copper derivative contracts [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial assets | 1.2 | ||
Derivative financial liabilities | 3.3 | ||
Level 2 [member] | Gold derivative contracts [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial assets | 2.4 | 10.9 | |
Derivative financial liabilities | 13.9 | ||
Level 2 [member] | Foreign exchange derivatives [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Derivative financial liabilities | 8.7 | ||
Level 3 [Member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Redeemable preference shares | 132.9 | ||
Level 3 [Member] | Investments - unlisted [member] | |||
Disclosure of fair value measurement of assets and liability [line items] | |||
Investments | $ 0.1 | $ 0.1 |
Risk Management Activities - Cr
Risk Management Activities - Credit Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Counter party exposure [member] | |
Disclosure Of Financial Risk Management [line items] | |
Percentage of maximum investment in financial institutions' equity | 2.50% |
Risk Management Activities - Sc
Risk Management Activities - Schedule of Combined Maximum Credit Risk Exposure (Detail) - Credit risk [member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Environmental trust funds [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 60.8 | $ 55.5 |
Trade and other receivable [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 79.5 | 66.5 |
Cash and cash equivalent [member] | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 399.7 | $ 479 |
Risk Management Activities - _2
Risk Management Activities - Schedule of Combined Maximum Credit Risk Exposure (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade and other receivable [member] | ||
Disclosure of credit risk exposure [line items] | ||
VAT, prepayments and diesel rebates | $ 73.7 | $ 135.4 |
Risk Management Activities - Su
Risk Management Activities - Summary of the Exposure to Credit Risk for Trade Receivables by Geographic Region (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Credit Risk Exposure For Trade Receivables [line items] | ||
Total trade receivables | $ 23.4 | $ 46.6 |
Credit risk [member] | ||
Disclosure Of Credit Risk Exposure For Trade Receivables [line items] | ||
Total trade receivables | 23.4 | 46.6 |
Credit risk [member] | South Africa [member] | ||
Disclosure Of Credit Risk Exposure For Trade Receivables [line items] | ||
Total trade receivables | 0 | 12.8 |
Credit risk [member] | Ghana [member] | ||
Disclosure Of Credit Risk Exposure For Trade Receivables [line items] | ||
Total trade receivables | 8.1 | 10.4 |
Credit risk [member] | Australia [member] | ||
Disclosure Of Credit Risk Exposure For Trade Receivables [line items] | ||
Total trade receivables | 0 | 2.2 |
Credit risk [member] | Peru [member] | ||
Disclosure Of Credit Risk Exposure For Trade Receivables [line items] | ||
Total trade receivables | $ 15.3 | $ 21.2 |
Risk Management Activities - _3
Risk Management Activities - Summary of the Exposure to Credit Risk for Trade Receivables by Geographic Region (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Credit Risk Exposure For Trade Receivables [line items] | ||||
Trade receivables pat due but not impaired | $ 0.1 | $ 0 | ||
Trade receivables impaired | 0.2 | 0.1 | ||
Cash and cash equivalents | 399.7 | 479 | $ 526.7 | $ 440 |
Environmental trust funds | 60.8 | 55.5 | $ 44.5 | |
Banks and financial institutions [member] | ||||
Disclosure Of Credit Risk Exposure For Trade Receivables [line items] | ||||
Environmental trust funds | $ 60.8 | $ 55.5 |
Risk Management Activities - _4
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 393.1 | $ 451 | |
Gold, copper and foreign exchange derivative contracts | 22.6 | 3.3 | $ 0 |
Environmental rehabilitation costs5 | 399.9 | 381 | |
Finance lease liabilities | 111.5 | ||
South Deep dividend | 9.6 | 12.7 | |
Total | 3,131.9 | 2,817.3 | |
US dollar borrowings [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Capital | 1,563.9 | 1,360.9 | |
Interest | 134.6 | 149.1 | |
Australian Dollar borrowings [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Capital | 316.5 | 231.5 | |
Interest | 33.2 | 23.4 | |
Rand borrowing [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Capital | 134.2 | 193.6 | |
Interest | 12.8 | 10.8 | |
Within one year [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | 393.1 | 451 | |
Gold, copper and foreign exchange derivative contracts | 22.6 | 3.3 | |
Environmental rehabilitation costs5 | 13 | 6.5 | |
Finance lease liabilities | 11.6 | ||
South Deep dividend | 1.4 | 1.6 | |
Total | 627.6 | 737.6 | |
Within one year [member] | US dollar borrowings [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Capital | 0 | 0 | |
Interest | 74.2 | 61.3 | |
Within one year [member] | Australian Dollar borrowings [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Capital | 0 | 0 | |
Interest | 13.8 | 9.5 | |
Within one year [member] | Rand borrowing [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Capital | 86.3 | 193.6 | |
Interest | 11.6 | 10.8 | |
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 | |
Gold, copper and foreign exchange derivative contracts | 0 | 0 | |
Environmental rehabilitation costs5 | 33.7 | 24.8 | |
Finance lease liabilities | 41.5 | ||
South Deep dividend | 4.1 | 5.3 | |
Total | 2,088.6 | 1,724.2 | |
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 | 1,563.9 | 1,360.9 | |
Interest | 60.4 | 87.8 | |
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 | 316.5 | 231.5 | |
Interest | 19.4 | 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 | 47.9 | 0 | |
Interest | 1.2 | 0 | |
Later than five years [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | 0 | 0 | |
Gold, copper and foreign exchange derivative contracts | 0 | 0 | |
Environmental rehabilitation costs5 | 353.2 | 349.7 | |
Finance lease liabilities | 58.4 | ||
South Deep dividend | 4.1 | 5.8 | |
Total | 415.7 | 355.5 | |
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 | 0 | |
Interest | 0 | 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 - _5
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, 2018USD ($)R / $ | Dec. 31, 2017USD ($)R / $ | Dec. 31, 2016USD ($)R / $ | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Funding from environmental trust funds | $ | $ 60.8 | $ 55.5 | $ 44.5 |
Closing foreign exchange rate [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Foreign exchange rate | R / $ | 14.63 | 12.58 | |
Liquidity Risk [Member] | South Africa and Ghana [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Funding from environmental trust funds | $ | $ 60.8 | $ 55.5 | |
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 2.50625% | Spot LIBOR (one month fix) rate adjusted by specific facility agreement 1.5638% | |
Borrowings adjustment to interest rate | 2.50625% | 1.5638% | |
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 2.02% | Spot Bank Bill Swap Bid Rate (BBSY) (one month fix) rate adjusted by specific facility agreement 1.76% | |
Borrowings adjustment to interest rate | 2.02% | 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 6.942% | Spot JIBAR (one month fix) rate adjusted by specific facility agreement 6.908% | |
Borrowings adjustment to interest rate | 6.942% | 6.908% | |
Average bank overnight borrowing rate on uncommitted credit facilities | 8.10% | 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 / $ | 14.63 | 12.58 | 14.03 |
Risk Management Activities - Ma
Risk Management Activities - Market Risk - Foreign Currency - Additional Information (Detail) | 1 Months Ended | ||||
Dec. 31, 2018USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | May 31, 2018USD ($) | |
Disclosure Of Financial Risk Management [line items] | |||||
Forwards notional value for the period January 2019 to December 2019 | $ 1,290,000,000 | ||||
Currency risk [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Exposure to risk relating to financial instruments | $ 0 | ||||
Average strike rate | 0.715 | 0.7075 | 0.7182 | 0.7330 | 0.7517 |
Currency risk [member] | Forward contract [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Forwards notional value for the period January 2019 to December 2019 | $ 50,000,000 | $ 60,000,000 | $ 100,000,000 | $ 60,000,000 | $ 96,000,000 |
Mark to Market value | $ 8,700,000 |
Risk Management Activities - _6
Risk Management Activities - Market Risk - Commodity Price - Gold and Copper - Additional Information (Detail) $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018USD ($)R / kgOunce_of_Goldoz | Nov. 30, 2018R / kgOunce_of_Gold | Oct. 31, 2018R / kgOunce_of_Gold | Apr. 01, 2018$ / ozoz | Mar. 31, 2018AUD ($)$ / oz$ / ozoz | Feb. 28, 2018USD ($)oz | Jan. 31, 2018$ / ozoz | Nov. 30, 2017R / kgOunce_of_Gold$ / TonneT | Dec. 31, 2019$ / ozoz | Dec. 31, 2018USD ($)$ / ozR / kgOunce_of_Goldoz | |
Asia [Member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Marked-to-market value of the hedge | $ 8.4 | $ 8.4 | ||||||||
Australia [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Total realized gain | $ 8.4 | $ 8.4 | ||||||||
Commodity price risk [member] | Fair value hedges [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Forwards notional value for the period January 2019 to December 2019 | oz | 173,000 | |||||||||
Commodity price risk [member] | Fair value hedges [member] | Floor rate [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | $ / oz | 1,789 | |||||||||
Commodity price risk [member] | Fair value hedges [member] | Interest rate caps [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | $ / oz | 1,720 | |||||||||
Commodity price risk [member] | Fair value hedges [member] | Peru [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Total realized gain | 4.8 | |||||||||
Marked-to-market value of the hedge | 1.2 | 1.2 | ||||||||
Number of tonnes committed under contract | T | 29,400 | |||||||||
Commodity price risk [member] | Fair value hedges [member] | Peru [member] | Floor rate [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of copper | $ / Tonne | 6,600 | |||||||||
Commodity price risk [member] | Fair value hedges [member] | Peru [member] | Interest rate caps [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of copper | $ / Tonne | 7,431 | |||||||||
Commodity price risk [member] | Fair value hedges [member] | Ghana [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Forwards notional value for the period January 2019 to December 2019 | oz | 488,900 | 488,900 | ||||||||
Total realized gain | 19.6 | |||||||||
Marked-to-market value of the hedge | $ 2.4 | $ 2.4 | ||||||||
Commodity price risk [member] | Fair value hedges [member] | Ghana [member] | Floor rate [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | $ / oz | 1,300 | 1,300 | ||||||||
Commodity price risk [member] | Fair value hedges [member] | Ghana [member] | Interest rate caps [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | $ / oz | 1,418 | 1,418 | ||||||||
Commodity price risk [member] | Fair value hedges [member] | Asia [Member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Forwards notional value for the period January 2019 to December 2019 | oz | 283,000 | 221,000 | 283,000 | |||||||
Strike price of gold | 1,714 | 1,751 | ||||||||
Average strike rate | 1,751 | |||||||||
Marked-to-market value of the hedge | $ (3.9) | $ (3.9) | ||||||||
Commodity price risk [member] | Fair value hedges [member] | Australia [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Forwards notional value for the period January 2019 to December 2019 | oz | 452,800 | 629,000 | ||||||||
Commodity price risk [member] | Fair value hedges [member] | Australia [member] | Floor rate [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | $ / oz | 1,703 | 1,778 | ||||||||
Commodity price risk [member] | Fair value hedges [member] | Australia [member] | Interest rate caps [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | 1,767 | 1,847 | ||||||||
Abnormally large changes in asset prices or foreign exchange rates [member] | Commodity price risk [member] | Fair value hedges [member] | Asia [Member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Forwards notional value for the period January 2019 to December 2019 | oz | 456,000 | |||||||||
Abnormally large changes in asset prices or foreign exchange rates [member] | Commodity price risk [member] | Fair value hedges [member] | Asia [Member] | Floor rate [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | $ / oz | 1,869 | |||||||||
Abnormally large changes in asset prices or foreign exchange rates [member] | Commodity price risk [member] | Fair value hedges [member] | Asia [Member] | Interest rate caps [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | $ / oz | 1,800 | |||||||||
South Africa [member] | Commodity price risk [member] | South deep [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Marked-to-market value of the hedge | (2) | $ (2) | ||||||||
South Africa [member] | Commodity price risk [member] | Fair value hedges [member] | South deep [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Total realized gain | 8.9 | |||||||||
Marked-to-market value of the hedge | $ 0.4 | $ 0.4 | ||||||||
Number of ounces committed under contract | Ounce_of_Gold | 99,615 | 69,543 | 69,543 | 63,996 | ||||||
Strike price of gold | R / kg | 616,581 | 615,103 | 615,103 | |||||||
South Africa [member] | Commodity price risk [member] | Fair value hedges [member] | Floor rate [member] | South deep [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | R / kg | 600,000 | |||||||||
South Africa [member] | Commodity price risk [member] | Fair value hedges [member] | Interest rate caps [member] | South deep [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Strike price of gold | R / kg | 665,621 | |||||||||
South Africa [member] | Abnormally large changes in asset prices or foreign exchange rates [member] | Commodity price risk [member] | Fair value hedges [member] | South deep [member] | ||||||||||
Disclosure Of Financial Risk Management [line items] | ||||||||||
Number of ounces committed under contract | Ounce_of_Gold | 30,072 | |||||||||
Strike price of gold | R / kg | 620,000 |
Risk Management Activities - _7
Risk Management Activities - Market Risk - Commodity Price - Oil - Additional Information (Detail) l in Millions, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2018AUD ($) | Feb. 28, 2018USD ($) | Jun. 30, 2017$ / Barrelppml | May 31, 2017$ / Barrelppml | Dec. 31, 2018USD ($) | |
Australia [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Total realized gain | $ 8.4 | $ 8.4 | |||
Australia [member] | Fair value hedges [member] | Cash settled swap transaction contracts [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Marked-to-market value of the hedge | $ 1.7 | ||||
Total realized gain | 4.6 | ||||
Australia [member] | Commodity price risk [member] | Fair value hedges [member] | Cash settled swap transaction contracts [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Risk hedging number | ppm | 10 | 10 | |||
Volume of diesel hedged | l | 77.5 | 77.5 | |||
Average swap price | $ / Barrel | 61.15 | 61.15 | |||
Australia [member] | Commodity price risk [member] | Fair value hedges [member] | Cash settled swap transaction contracts [member] | Brent crude [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Benchmark price per barrel at time transaction | $ / Barrel | 49.92 | 49.92 | |||
Ghana [member] | Fair value hedges [member] | Cash settled swap transaction contracts [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Marked-to-market value of the hedge | 3 | ||||
Total realized gain | 7.5 | ||||
Ghana [member] | Commodity price risk [member] | Fair value hedges [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Marked-to-market value of the hedge | 2.4 | ||||
Total realized gain | $ 19.6 | ||||
Ghana [member] | Commodity price risk [member] | Fair value hedges [member] | Cash settled swap transaction contracts [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Volume of diesel hedged | l | 125.8 | 125.8 | |||
Average swap price | $ / Barrel | 61.4 | 61.4 | |||
Average swap price | 457.2 | 457.2 | |||
Ghana [member] | Commodity price risk [member] | Fair value hedges [member] | Cash settled swap transaction contracts [member] | Brent crude [member] | |||||
Disclosure Of Financial Risk Management [line items] | |||||
Benchmark price per barrel at time transaction | $ / Barrel | 49.8 | 49.8 |
Risk Management Activities - _8
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, 2018 | Dec. 31, 2017 | |
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 | $ (15.9) | $ (14.1) |
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 | (9.8) | (11.3) |
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 | (4.9) | (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 | (1.2) | (2) |
Decrease of One Percentage [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase/(Decrease) in other comprehensive income | 3.4 | |
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 | (10.6) | (9.3) |
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 | (6.5) | (7.5) |
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 | (3.3) | (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 | (0.8) | (1.3) |
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 | (5.3) | (4.8) |
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 | (3.3) | (3.8) |
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 | (1.6) | (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 | (0.4) | (0.7) |
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 | 5.3 | 4.8 |
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 | 3.3 | 3.8 |
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 | 1.6 | 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 | 0.4 | 0.7 |
Increase of One Percentage [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase/(Decrease) in other comprehensive income | (3.4) | |
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 | 10.6 | 9.3 |
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 | 6.5 | 7.5 |
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 | 3.3 | 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 | 0.8 | 1.3 |
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 | 15.9 | 14.1 |
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 | 9.8 | 11.3 |
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 | 4.9 | 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 | 1.2 | 2 |
Decrease of Ten Percentage [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
(Decrease)/increase in other comprehensive income | (9.3) | (9.9) |
Decrease Of Five Percentage [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
(Decrease)/increase in other comprehensive income | (4.7) | (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 | 4.7 | 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 | 9.3 | $ 9.9 |
Decrease of Two Percentage [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase/(Decrease) in other comprehensive income | 6.8 | |
Increase of Two Percentage [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase/(Decrease) in other comprehensive income | (6.8) | |
One Year Earlier [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase/(Decrease) in other comprehensive income | 11.1 | |
One Year Later [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Increase/(Decrease) in other comprehensive income | $ (10.1) |
Risk Management Activities - _9
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, 2018R / $$ / $ | Dec. 31, 2017R / $$ / $ | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Foreign exchange rate | 14.63 | 12.58 |
Change in Bank Bill Swap Bid Rate [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Average rate | $ / $ | 0.75 | 0.77 |
Johannesburg Interbank Average Rate and Prime Interest Rates [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Average rate | 13.20 | 13.33 |
Risk Management Activities -_10
Risk Management Activities - Market Risk - Interest Rate - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Financial Risk Management [line items] | ||
Borrowings | $ 2,011.6 | $ 1,781.5 |
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 | 711.5 | 508.5 |
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 | 47.9 | 79.5 |
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 | 86.3 | 114.1 |
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 | 316.5 | 231.5 |
Sensitivity to interest rates [member] | Interest Bearing Borrowings [Member] | ||
Disclosure Of Financial Risk Management [line items] | ||
Borrowings exposed to interest rate fluctuations | $ 1,162.2 | $ 933.6 |
Capital Management - Additional
Capital Management - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
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, 2018USD ($)Times | Dec. 31, 2017USD ($)Times | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Borrowings | $ 2,011.6 | $ 1,781.5 | ||
Less: Cash and cash equivalents | 399.7 | 479 | $ 526.7 | $ 440 |
Net debt | 1,611.9 | 1,302.5 | ||
Adjusted EBITDA | $ 1,111.6 | $ 1,263.7 | ||
Net debt to adjusted EBITDA | Times | 1.45 | 1.03 | ||
Reconciliation of (loss)/profit for the year to adjusted EBITDA: | ||||
(Loss)/profit for the year | $ (344.8) | $ (7.7) | 169.1 | |
Mining and income taxation from continuing operations | (65.9) | 173.2 | 189.5 | |
Mining and income taxation from discontinued operations | 0 | (1.4) | ||
Royalties | 62.5 | 62 | 78.4 | |
Finance expense from continuing operations | 88 | 81.3 | 78.1 | |
Investment income from continuing operations | (7.8) | (5.6) | (8.3) | |
Gain on financial instruments from continuing operations | (21) | (34.4) | ||
Foreign exchange loss from continuing operations | (6.4) | 3.5 | 6.4 | |
Amortisation and depreciation | 668.4 | 748.1 | 671.4 | |
Share-based payments from continuing operations | 37.5 | 26.8 | 14 | |
Long-term incentive plan from continuing operations | 1.1 | 5 | 10.5 | |
Restructuring costs from continuing operations | 113.9 | 9.2 | 11.7 | |
Silicosis settlement costs from continuing operations | (4.5) | 30.2 | 0 | |
Impairment, net of reversal of impairment of investments and assets from continuing operations | 520.3 | 200.2 | 76.5 | |
Profit on disposal of assets from continuing operations | 51.6 | (4) | (48) | |
Gain on sale of discontinued operation, net of taxation | 0 | (16.4) | ||
Share of results of equity accounted investees, net of taxation | 13.1 | 1.3 | 2.3 | |
Rehabilitation income from continuing operations | (0.9) | (13.5) | (9.7) | |
Realised gain on derivative contracts | 53.8 | 0 | ||
Gain on acquisition of Asanko | (51.8) | 0 | 0 | |
Other | 4.5 | 1.3 | ||
Adjusted EBITDA | 1,111.6 | 1,263.7 | ||
Discontinued operations [member] | ||||
Reconciliation of (loss)/profit for the year to adjusted EBITDA: | ||||
Royalties | 0 | 1.1 | ||
Amortisation and depreciation | $ 0 | 3.5 | ||
Share-based payments from continuing operations | $ 0.6 | $ 0.4 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Key management remuneration | $ 17 | $ 17 |
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 | 0.10% | 0.20% |
Related parties - Summary of Re
Related parties - Summary of Remuneration to Related Parties (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Salary | $ 392,800,000 | $ 414,700,000 | $ 388,100,000 |
Share - based expense | 37,500,000 | 26,800,000 | $ 14,000,000 |
Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 912,600 | 878,100 | |
Committee fees | 341,300 | 349,800 | |
Total remuneration | 1,253,900 | 1,227,900 | |
Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 6,427,500 | 6,233,200 | |
Pension Fund Contribution | 557,400 | 511,900 | |
Cash Incentive | 3,368,700 | 4,280,000 | |
other | 580,800 | 669,800 | |
Share - based expense | 5,980,200 | 4,647,500 | |
LTIP expense | 129,400 | 744,200 | |
Total remuneration | 17,044,000 | 17,086,600 | |
C Carolus [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 231,300 | 216,000 | |
Committee fees | 0 | 0 | |
Total remuneration | 231,300 | 216,000 | |
R Menell [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 150,500 | 140,500 | |
Committee fees | 0 | 0 | |
Total remuneration | 150,500 | 140,500 | |
D Ncube [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 30,700 | 70,900 | |
Committee fees | 21,300 | 49,100 | |
Total remuneration | 52,000 | 120,000 | |
Y Suleman [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 75,900 | 70,900 | |
Committee fees | 72,400 | 53,300 | |
Total remuneration | 148,300 | 124,200 | |
P Bacchus [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 80,600 | 76,500 | |
Committee fees | 61,100 | 53,100 | |
Total remuneration | 141,700 | 129,600 | |
S Reid [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 80,600 | 76,500 | |
Committee fees | 55,400 | 54,100 | |
Total remuneration | 136,000 | 130,600 | |
T Goodlace [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 75,900 | 70,900 | |
Committee fees | 38,400 | 40,600 | |
Total remuneration | 114,300 | 111,500 | |
A Andani [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 80,600 | 76,500 | |
Committee fees | 40,200 | 53,300 | |
Total remuneration | 120,800 | 129,800 | |
C Letton [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 80,600 | 51,000 | |
Committee fees | 49,800 | 20,000 | |
Total remuneration | 130,400 | 71,000 | |
P Mahanyele Dabengwa [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 25,900 | ||
Committee fees | 2,700 | ||
Total remuneration | 28,600 | ||
G Wilson [Member] | Non Executive Directors [member] | |||
Disclosure of transactions between related parties [line items] | |||
Directors fees | 28,400 | ||
Committee fees | 26,300 | ||
Total remuneration | 54,700 | ||
N Holland [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 1,251,600 | 1,186,900 | |
Pension Fund Contribution | 26,500 | 26,300 | |
Cash Incentive | 661,500 | 1,002,200 | |
other | 0 | 0 | |
Share - based expense | 1,654,800 | 1,264,300 | |
LTIP expense | 25,500 | 158,800 | |
Total remuneration | 3,619,900 | 3,638,500 | |
P Schmidt [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 626,600 | 588,600 | |
Pension Fund Contribution | 48,200 | 48,200 | |
Cash Incentive | 306,200 | 542,700 | |
other | 2,100 | 4,000 | |
Share - based expense | 876,200 | 674,800 | |
LTIP expense | 25,300 | 141,800 | |
Total remuneration | 1,884,600 | 2,000,100 | |
Executive Directors [member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 1,878,200 | 1,775,500 | |
Pension Fund Contribution | 74,700 | 74,500 | |
Cash Incentive | 967,700 | 1,544,900 | |
other | 2,100 | 4,000 | |
Share - based expense | 2,531,000 | 1,939,100 | |
LTIP expense | 50,800 | 300,600 | |
Total remuneration | 5,504,500 | 5,638,600 | |
L Rivera [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 668,800 | 626,300 | |
Pension Fund Contribution | 72,800 | 48,400 | |
Cash Incentive | 132,900 | 270,400 | |
other | 386,800 | 253,300 | |
Share - based expense | 202,600 | 156,800 | |
LTIP expense | 0 | 0 | |
Total remuneration | 1,463,900 | 1,355,200 | |
A Baku [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 808,000 | 784,700 | |
Pension Fund Contribution | 185,800 | 180,500 | |
Cash Incentive | 634,800 | 719,800 | |
other | 68,000 | 150,200 | |
Share - based expense | 990,400 | 784,300 | |
LTIP expense | 25,500 | 146,800 | |
Total remuneration | 2,712,500 | 2,766,300 | |
R Butcher [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 384,500 | 353,000 | |
Pension Fund Contribution | 37,300 | 37,900 | |
Cash Incentive | 192,400 | 278,500 | |
other | 0 | 0 | |
Share - based expense | 238,500 | 178,900 | |
LTIP expense | 0 | 0 | |
Total remuneration | 852,700 | 848,300 | |
N Chohan [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 367,200 | 342,800 | |
Pension Fund Contribution | 26,500 | 26,300 | |
Cash Incentive | 213,900 | 288,300 | |
other | 1,800 | 3,300 | |
Share - based expense | 341,100 | 261,400 | |
LTIP expense | 6,900 | 40,300 | |
Total remuneration | 957,400 | 962,400 | |
B Mattison [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 453,600 | 426,700 | |
Pension Fund Contribution | 26,500 | 26,300 | |
Cash Incentive | 271,900 | 369,900 | |
other | 2,500 | 1,000 | |
Share - based expense | 545,100 | 426,900 | |
LTIP expense | 16,400 | 93,900 | |
Total remuneration | 1,316,000 | 1,344,700 | |
T Harmse [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 369,700 | 344,700 | |
Pension Fund Contribution | 26,500 | 26,300 | |
Cash Incentive | 215,300 | 290,100 | |
other | 7,800 | 6,800 | |
Share - based expense | 433,500 | 342,200 | |
LTIP expense | 13,900 | 78,200 | |
Total remuneration | 1,066,700 | 1,088,300 | |
A Nagaser [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 243,300 | 228,100 | |
Pension Fund Contribution | 27,000 | 25,300 | |
Cash Incentive | 131,100 | 192,000 | |
other | 400 | 700 | |
Share - based expense | 185,800 | 143,700 | |
LTIP expense | 5,000 | 24,900 | |
Total remuneration | 592,600 | 614,700 | |
S Mathews [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 438,200 | 397,500 | |
Pension Fund Contribution | 29,500 | 21,200 | |
Cash Incentive | 289,400 | 326,100 | |
other | 4,900 | 10,000 | |
Share - based expense | 399,200 | 316,400 | |
LTIP expense | 10,900 | 59,500 | |
Total remuneration | 1,172,100 | 1,130,700 | |
M Preece [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 541,700 | 338,200 | |
Pension Fund Contribution | 26,500 | 16,600 | |
Cash Incentive | 168,800 | 0 | |
other | 400 | 0 | |
Share - based expense | 113,000 | 63,500 | |
LTIP expense | 0 | 0 | |
Total remuneration | 850,400 | 418,300 | |
R Bardien [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 274,300 | ||
Pension Fund Contribution | 24,300 | ||
Cash Incentive | 150,500 | ||
other | 106,100 | ||
Share - based expense | 0 | ||
LTIP expense | 0 | ||
Total remuneration | 555,200 | ||
Prescribed Officers [member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 4,549,300 | 4,457,700 | |
Pension Fund Contribution | 482,700 | 437,400 | |
Cash Incentive | 2,401,000 | 2,735,100 | |
other | 578,700 | 665,800 | |
Share - based expense | 3,449,200 | 2,708,400 | |
LTIP expense | 78,600 | 443,600 | |
Total remuneration | $ 11,539,500 | 11,448,000 | |
L Samuel [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 384,300 | ||
Pension Fund Contribution | 17,500 | ||
Cash Incentive | 0 | ||
other | 198,900 | ||
Share - based expense | 0 | ||
LTIP expense | 0 | ||
Total remuneration | 600,700 | ||
R Weston [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 102,000 | ||
Pension Fund Contribution | 4,500 | ||
Cash Incentive | 0 | ||
other | 7,600 | ||
Share - based expense | 34,400 | ||
LTIP expense | 0 | ||
Total remuneration | 148,500 | ||
N Muller [Member] | Key management personnel of entity or parent [member] | |||
Disclosure of transactions between related parties [line items] | |||
Salary | 129,400 | ||
Pension Fund Contribution | 6,600 | ||
Cash Incentive | 0 | ||
other | 34,000 | ||
Share - based expense | 0 | ||
LTIP expense | 0 | ||
Total remuneration | $ 170,000 |
Related parties - Summary of _2
Related parties - Summary of Remuneration to Related Parties (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
N Holland [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Salary paid, executive directors and prescribed officers | $ 406,700 | $ 396,500 |
P Schmidt [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Salary paid, executive directors and prescribed officers | 124,150 | 121,000 |
B Mattison [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Salary paid, executive directors and prescribed officers | $ 88,217 | $ 86,000 |
Changes in Significant Accoun_3
Changes in Significant Accounting Policies - Summary of Net of tax, of Transition to IFRS 15 (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Changes In Sigificant Accounting Policies [line items] | ||||
Revenue | $ (2,577.8) | $ (2,761.8) | $ (2,666.4) | |
Cost of sales | $ 2,043 | $ 2,105.1 | $ 2,001.2 | |
Impact of adopting IFRS 15 [member] | ||||
Disclosure Of Changes In Sigificant Accounting Policies [line items] | ||||
Revenue | $ (15) | |||
Cost of sales | 11.5 | |||
Impact at 1 January 2018 | $ (3.5) |
Changes in Significant Accoun_4
Changes in Significant Accounting Policies - Summary of Impact on Consolidated Income Statement and Statement of Other Comprehensive Income and Cash flow Statement (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of initial application of standards or interpretations [line items] | |||
Revenue | $ 2,577.8 | $ 2,761.8 | $ 2,666.4 |
Cost of sales | (2,043) | (2,105.1) | (2,001.2) |
Others | (879.6) | ||
(Loss)/profit for the year | (344.8) | (7.7) | 169.1 |
Other comprehensive income, net of tax | (330) | 279.2 | 121.4 |
Total comprehensive income for the year | (674.8) | 271.5 | 290.5 |
Cash flows from operating activities | |||
Cash generated by operations | 998 | 1,286.5 | 1,245.4 |
Change in working capital | (16.3) | (69.4) | (2.3) |
Others | (423.9) | ||
Cash flows from operating activities | 557.8 | $ 762.4 | $ 917.5 |
Adjustment [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Revenue | (15) | ||
Cost of sales | 11.5 | ||
Others | 0 | ||
(Loss)/profit for the year | (3.5) | ||
Other comprehensive income, net of tax | 0 | ||
Total comprehensive income for the year | (3.5) | ||
Cash flows from operating activities | |||
Cash generated by operations | (3.5) | ||
Change in working capital | 3.5 | ||
Amounts without adoption of IFRS 15 [member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Revenue | 2,562.8 | ||
Cost of sales | (2,031.5) | ||
Others | (879.6) | ||
(Loss)/profit for the year | (348.3) | ||
Other comprehensive income, net of tax | (330) | ||
Total comprehensive income for the year | (678.3) | ||
Cash flows from operating activities | |||
Cash generated by operations | 994.5 | ||
Change in working capital | (12.8) | ||
Others | (423.9) | ||
Cash flows from operating activities | $ 557.8 |
Changes in Significant Accoun_5
Changes in Significant Accounting Policies - Summary of Impact of Transition to IFRS 9 on the Classification of Financial Assets and Financial Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets | |||||
Environmental trust funds | $ 60.8 | $ 55.5 | $ 44.5 | ||
Investments | 235.3 | 104.6 | |||
Warrants | 9.3 | 5.5 | |||
Trade and other receivables | 153.2 | 201.9 | |||
Cash and cash equivalents | 399.7 | 479 | $ 526.7 | $ 440 | |
Trade receivables from provisional copper and gold concentrate sales | 23.4 | 46.6 | |||
Financial liabilities | |||||
Borrowings | 2,011.6 | 1,781.5 | |||
Trade and other payables | 503 | $ 548.5 | |||
IFRS 9 [member] | |||||
Financial assets | |||||
Total financial assets | $ 730.6 | ||||
Financial liabilities | |||||
Borrowings | 1,781.5 | ||||
Trade and other payables | 451 | ||||
Copper derivative contracts | 3.3 | ||||
Total financial liabilities | 2,235.8 | ||||
IFRS 9 [member] | FVTPL [member] | |||||
Financial assets | |||||
Environmental trust funds | 7.3 | ||||
Warrants | 5.5 | ||||
Gold and oil derivative contracts | 25 | ||||
Trade receivables from provisional copper and gold concentrate sales | 21.2 | ||||
IFRS 9 [member] | Amortised cost [member] | |||||
Financial assets | |||||
Environmental trust funds | 48.2 | ||||
Trade and other receivables | 45.3 | ||||
Cash and cash equivalents | 479 | ||||
IFRS 9 [member] | FVOCI [member] | |||||
Financial assets | |||||
Investments | 99.1 | ||||
IAS 39 [member] | |||||
Financial assets | |||||
Cash and cash equivalents | 479 | ||||
Total financial assets | 730.6 | ||||
Financial liabilities | |||||
Borrowings | 1,781.5 | ||||
Trade and other payables | 451 | ||||
Copper derivative contracts | 3.3 | ||||
Total financial liabilities | $ 2,235.8 | ||||
IAS 39 [member] | FVTPL [member] | |||||
Financial assets | |||||
Environmental trust funds | 7.3 | ||||
Trade receivables from provisional copper and gold concentrate sales | 21.2 | ||||
IAS 39 [member] | Loans and receivables [member] | |||||
Financial assets | |||||
Environmental trust funds | 48.2 | ||||
Trade and other receivables | 45.3 | ||||
IAS 39 [member] | Available for sale [member] | |||||
Financial assets | |||||
Investments | 99.1 | ||||
IAS 39 [member] | Derivative instruments [member] | |||||
Financial assets | |||||
Warrants | 5.5 | ||||
Gold and oil derivative contracts | $ 25 |
Segment Report - Schedule of Se
Segment Report - Schedule of Segment Report (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 2,577.8 | $ 2,761.8 | $ 2,666.4 |
Cost of sales | (2,043) | (2,105.1) | (2,001.2) |
Cost of sales before gold inventory change and amortisation and depreciation | (1,390.8) | (1,426.5) | (1,375.7) |
Gold inventory change | 16.2 | 69.5 | 45.9 |
Amortisation and depreciation | (668.4) | (748.1) | (671.4) |
Share-based payments | (37.5) | (26.8) | (14) |
Long-term incentive plan | (1.1) | (5) | (10.5) |
Exploration expense | (104.2) | (109.8) | (86.1) |
Restructuring costs | (113.9) | (9.2) | (11.7) |
Silicosis settlement costs | (4.5) | 30.2 | 0 |
Profit/(loss) on disposal of assets | (51.6) | 4 | 48 |
Investment income | 7.8 | 5.6 | 8.3 |
Finance expense | (88) | (81.3) | (78.1) |
Gain on acquisition of Asanko | 51.8 | 0 | 0 |
Royalties | (62.5) | (62) | (78.4) |
Mining and income tax | (65.9) | 173.2 | 189.5 |
(Loss)/profit for the year | (344.8) | (7.7) | 169.1 |
Owners of the parent | (348.2) | (18.7) | 158.2 |
Non-controlling interest holders | 3.4 | 11 | 10.9 |
Total assets (excluding deferred taxation) | 6,104.3 | 6,620.1 | |
Total liabilities (excluding deferred taxation) | 3,397.4 | 3,217.1 | |
Continuing operations [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,761.8 | 2,666.4 | |
Cost of sales | (2,105.1) | (2,001.2) | |
Cost of sales before gold inventory change and amortisation and depreciation | (1,426.5) | ||
Gold inventory change | 69.5 | 45.9 | |
Amortisation and depreciation | (748.1) | (671.4) | |
Other income/(costs) | 10.6 | (8.8) | |
Share-based payments | (37.5) | (26.8) | (14) |
Long-term incentive plan | (5) | (10.5) | |
Exploration expense | (109.8) | (86.1) | |
Restructuring costs | (9.2) | (11.7) | |
Silicosis settlement costs | (30.2) | ||
Impairment and reversal of impairment of investments and assets, net | (200.2) | (76.5) | |
Profit/(loss) on disposal of assets | 4 | 48 | |
Investment income | 5.6 | 8.3 | |
Finance expense | (81.3) | (78.1) | |
Gain on acquisition of Asanko | 0 | ||
Royalties | (62) | (78.4) | |
Mining and income tax | (173.2) | (189.5) | |
Current taxation | (204.7) | (204.2) | |
Deferred taxation | 31.5 | 14.7 | |
(Loss)/profit for the year | (20.8) | 167.9 | |
Owners of the parent | (31.8) | 157 | |
Non-controlling interest holders | 11 | 10.9 | |
Total assets (excluding deferred taxation) | 6,548.1 | 6,252.8 | |
Total liabilities (excluding deferred taxation) | 2,763.2 | 2,657.1 | |
Net deferred taxation (assets)/liabilities | 381.9 | 409.9 | |
Capital expenditure | 833.6 | 628.5 | |
Operating costs | (1,375.7) | ||
Discontinuing operation [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 49 | 83.1 | |
Cost of sales | (50.7) | (72.1) | |
Cost of sales before gold inventory change and amortisation and depreciation | (46.3) | ||
Gold inventory change | (0.9) | (0.4) | |
Amortisation and depreciation | (3.5) | (14.4) | |
Other income/(costs) | (0.2) | 0 | |
Share-based payments | (0.6) | (0.4) | |
Long-term incentive plan | (0.1) | (0.5) | |
Exploration expense | (1.5) | (6.1) | |
Restructuring costs | 0 | 0 | |
Silicosis settlement costs | 0 | ||
Impairment and reversal of impairment of investments and assets, net | 0 | 0 | |
Profit/(loss) on disposal of assets | 0 | 0 | |
Investment income | 0.4 | 0 | |
Finance expense | 0 | (0.2) | |
Gain on acquisition of Asanko | 23.5 | ||
Royalties | (1.1) | (2) | |
Mining and income tax | (5.6) | (0.6) | |
Current taxation | (2.3) | (0.5) | |
Deferred taxation | (3.3) | (0.1) | |
(Loss)/profit for the year | 13.1 | 1.2 | |
Owners of the parent | 13.1 | 1.2 | |
Non-controlling interest holders | 0 | 0 | |
Total assets (excluding deferred taxation) | 0 | 10.1 | |
Total liabilities (excluding deferred taxation) | 0 | 22.5 | |
Net deferred taxation (assets)/liabilities | 0 | 0 | |
Capital expenditure | 6.8 | 21.4 | |
Operating costs | (57.3) | ||
Corporate and other [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Cost of sales | (3.1) | (1.8) | (7.5) |
Cost of sales before gold inventory change and amortisation and depreciation | 0.6 | 0.9 | |
Gold inventory change | 0 | 0 | 0 |
Amortisation and depreciation | (3.7) | (2.7) | (8.6) |
Other income/(costs) | (44.5) | (10.3) | (23.1) |
Share-based payments | (10.4) | (7.6) | (4) |
Long-term incentive plan | (1.6) | (1.3) | (2.6) |
Exploration expense | (65) | (57.8) | (44.8) |
Restructuring costs | 0 | 0 | (0.4) |
Silicosis settlement costs | 4.5 | (30.2) | |
Impairment and reversal of impairment of investments and assets, net | (272.2) | (242.5) | (0.1) |
Profit/(loss) on disposal of assets | (14.2) | (0.3) | 48.1 |
Investment income | (2.3) | (1) | 5.4 |
Finance expense | (54.5) | (49.1) | (55.8) |
Gain on acquisition of Asanko | 51.8 | 0 | |
Royalties | 0 | 0 | 0 |
Mining and income tax | 29.8 | (3) | (13.5) |
Current taxation | (13.9) | (4.2) | (10.7) |
Deferred taxation | 43.7 | 1.2 | (2.8) |
(Loss)/profit for the year | (381.8) | (404.9) | (98.3) |
Owners of the parent | (381.8) | (404.9) | (98.3) |
Non-controlling interest holders | 0 | 0 | 0 |
Total assets (excluding deferred taxation) | 949.2 | 982.9 | 964.9 |
Total liabilities (excluding deferred taxation) | 790.1 | 539.4 | 446.3 |
Net deferred taxation (assets)/liabilities | (59.1) | (18.3) | (15.7) |
Capital expenditure | 15.1 | 6.4 | 1.3 |
Operating costs | 1.1 | ||
Group [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,810.8 | 2,749.5 | |
Cost of sales | (2,155.8) | (2,073.4) | |
Cost of sales before gold inventory change and amortisation and depreciation | (1,472.8) | ||
Gold inventory change | 68.6 | 45.5 | |
Amortisation and depreciation | (751.6) | (685.9) | |
Other income/(costs) | 10.4 | (8.8) | |
Share-based payments | (27.4) | (14.4) | |
Long-term incentive plan | (5.1) | (11) | |
Exploration expense | (111.3) | (92.2) | |
Restructuring costs | (9.2) | (11.7) | |
Silicosis settlement costs | (30.2) | ||
Impairment and reversal of impairment of investments and assets, net | (200.2) | (76.5) | |
Profit/(loss) on disposal of assets | 4 | 48 | |
Investment income | 6 | 8.3 | |
Finance expense | (81.3) | (78.3) | |
Gain on acquisition of Asanko | 23.5 | ||
Royalties | (63.1) | (80.4) | |
Mining and income tax | (179) | (190.1) | |
Current taxation | (207) | (204.7) | |
Deferred taxation | 28 | 14.6 | |
(Loss)/profit for the year | (7.7) | 169.1 | |
Owners of the parent | (18.7) | 158.2 | |
Non-controlling interest holders | 11 | 10.9 | |
Total assets (excluding deferred taxation) | 6,548.1 | 6,262.8 | |
Total liabilities (excluding deferred taxation) | 2,763.2 | 2,679.6 | |
Net deferred taxation (assets)/liabilities | 381.9 | 409.9 | |
Capital expenditure | 840.4 | 649.9 | |
Operating costs | (1,433) | ||
Group including Asanko [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,632.7 | ||
Cost of sales | (2,095.9) | ||
Cost of sales before gold inventory change and amortisation and depreciation | (1,432.4) | ||
Gold inventory change | 20.4 | ||
Amortisation and depreciation | (683.9) | ||
Other income/(costs) | (30.8) | ||
Share-based payments | (37.5) | ||
Long-term incentive plan | (1.1) | ||
Exploration expense | (104.2) | ||
Restructuring costs | (113.9) | ||
Silicosis settlement costs | 4.5 | ||
Impairment and reversal of impairment of investments and assets, net | (520.3) | ||
Profit/(loss) on disposal of assets | (51.6) | ||
Investment income | 7.8 | ||
Finance expense | (88) | ||
Gain on acquisition of Asanko | 51.8 | ||
Royalties | (65.3) | ||
Mining and income tax | 65.9 | ||
Current taxation | (145.7) | ||
Deferred taxation | 211.6 | ||
(Loss)/profit for the year | (345.9) | ||
Owners of the parent | (349.3) | ||
Non-controlling interest holders | 3.4 | ||
Total assets (excluding deferred taxation) | 5,834.8 | ||
Total liabilities (excluding deferred taxation) | 2,942.5 | ||
Net deferred taxation (assets)/liabilities | 185.4 | ||
Capital expenditure | 827 | ||
Group excluding Asanko [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,577.8 | ||
Cost of sales | (2,043) | ||
Cost of sales before gold inventory change and amortisation and depreciation | (1,390.8) | ||
Gold inventory change | 16.2 | ||
Amortisation and depreciation | (668.4) | ||
Other income/(costs) | (30.5) | ||
Share-based payments | (37.5) | ||
Long-term incentive plan | (1.1) | ||
Exploration expense | (104.2) | ||
Restructuring costs | (113.9) | ||
Silicosis settlement costs | 4.5 | ||
Impairment and reversal of impairment of investments and assets, net | (520.3) | ||
Profit/(loss) on disposal of assets | (51.6) | ||
Investment income | 7.8 | ||
Finance expense | (88) | ||
Gain on acquisition of Asanko | 51.8 | ||
Royalties | (62.5) | ||
Mining and income tax | 65.9 | ||
Current taxation | (145.7) | ||
Deferred taxation | 211.6 | ||
(Loss)/profit for the year | (344.8) | ||
Owners of the parent | (348.2) | ||
Non-controlling interest holders | 3.4 | ||
Total assets (excluding deferred taxation) | 5,834.8 | ||
Total liabilities (excluding deferred taxation) | 2,942.5 | ||
Net deferred taxation (assets)/liabilities | 185.4 | ||
Capital expenditure | 814.2 | ||
South Africa [member] | |||
Disclosure of operating segments [line items] | |||
Royalties | (1) | (1.8) | (1.8) |
South Africa [member] | South deep [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 210.1 | 354.1 | 358.2 |
Cost of sales | (320.5) | (379) | (343.1) |
Cost of sales before gold inventory change and amortisation and depreciation | (262) | (306.3) | |
Gold inventory change | (9.6) | 1.5 | 0.7 |
Amortisation and depreciation | (48.9) | (74.2) | (71.5) |
Other income/(costs) | (6.3) | 7.6 | 13.4 |
Share-based payments | (4.7) | (3.5) | (2.3) |
Long-term incentive plan | 0.1 | 0 | (1) |
Exploration expense | 0 | 0 | 0 |
Restructuring costs | (11.2) | (2.3) | 0 |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | (246.2) | 0 | 0 |
Profit/(loss) on disposal of assets | 1 | 0.3 | 0.1 |
Investment income | 0.9 | 0.8 | 1.1 |
Finance expense | (9.6) | (12.4) | (5.5) |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | (1) | (1.8) | (1.8) |
Mining and income tax | 162.7 | 10.9 | (6) |
Current taxation | 0 | 0 | 0 |
Deferred taxation | 162.7 | 10.9 | (6) |
(Loss)/profit for the year | (224.7) | (25.3) | 13 |
Owners of the parent | (224.7) | (25.3) | 13 |
Non-controlling interest holders | 0 | 0 | 0 |
Total assets (excluding deferred taxation) | 812.5 | 1,220.5 | 1,075 |
Total liabilities (excluding deferred taxation) | 1,277.6 | 1,352.1 | 1,162 |
Net deferred taxation (assets)/liabilities | (189) | (47.6) | (32.4) |
Capital expenditure | 58.3 | 82.4 | 77.9 |
Operating costs | (272.3) | ||
Ghana [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 950.8 | 891.1 | 892.3 |
Cost of sales | (754.3) | (670.5) | (665.6) |
Cost of sales before gold inventory change and amortisation and depreciation | (483.8) | (469.3) | |
Gold inventory change | 13.2 | 41.1 | 17.8 |
Amortisation and depreciation | (283.7) | (242.3) | (202.2) |
Other income/(costs) | 7.2 | (3.7) | (8.4) |
Share-based payments | (8.9) | (6.1) | (2.8) |
Long-term incentive plan | 0.4 | (1.2) | (2.8) |
Exploration expense | (0.4) | 0 | 0 |
Restructuring costs | (102.7) | (6.9) | (10.1) |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | 0 | (10.3) | (10) |
Profit/(loss) on disposal of assets | (38) | 2.7 | 0 |
Investment income | 8.3 | 3.6 | 1.8 |
Finance expense | (14.1) | (10.3) | (7.4) |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | (31.3) | (27.1) | (44.6) |
Mining and income tax | 13.9 | (55.5) | (29.8) |
Current taxation | (19.6) | (58) | (52.4) |
Deferred taxation | 33.5 | 2.5 | 22.6 |
(Loss)/profit for the year | 30.9 | 105.8 | 112.5 |
Owners of the parent | 27.5 | 95.3 | 101.3 |
Non-controlling interest holders | 3.2 | 10.5 | 11.2 |
Total assets (excluding deferred taxation) | 1,735.4 | 1,950.1 | 1,799.6 |
Total liabilities (excluding deferred taxation) | 284.7 | 362.3 | 315.3 |
Net deferred taxation (assets)/liabilities | 246.5 | 280 | 282.4 |
Capital expenditure | 307.4 | 312.8 | 206.3 |
Operating costs | (481.2) | ||
Ghana [member] | Tarkwa [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 666.9 | 710.8 | 708.9 |
Cost of sales | (477.1) | (526) | (511.6) |
Cost of sales before gold inventory change and amortisation and depreciation | (298.7) | (348) | |
Gold inventory change | (10.1) | 42 | 17.5 |
Amortisation and depreciation | (168.3) | (220) | (184.4) |
Other income/(costs) | (0.9) | (3.1) | (7.8) |
Share-based payments | (6.8) | (4.8) | (2.5) |
Long-term incentive plan | 0.4 | (0.9) | (2.3) |
Exploration expense | 0 | 0 | 0 |
Restructuring costs | (88.8) | (4.7) | (0.2) |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | 0 | (6.8) | 0 |
Profit/(loss) on disposal of assets | (38) | 2.9 | 0 |
Investment income | 8.3 | 3.4 | 1.8 |
Finance expense | (4.3) | (5.2) | (3.9) |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | (21.2) | (21.7) | (35.4) |
Mining and income tax | 1.8 | (58.6) | (29.8) |
Current taxation | (19.6) | (58) | (52.4) |
Deferred taxation | 21.4 | (0.6) | 22.6 |
(Loss)/profit for the year | 40.1 | 85.4 | 116.9 |
Owners of the parent | 36.1 | 76.9 | 105.2 |
Non-controlling interest holders | 4 | 8.5 | 11.7 |
Total assets (excluding deferred taxation) | 1,566.9 | 1,765.2 | 1,667 |
Total liabilities (excluding deferred taxation) | 152.7 | 232.3 | 219 |
Net deferred taxation (assets)/liabilities | 261.7 | 283.1 | 282.4 |
Capital expenditure | 156.1 | 180.6 | 168.4 |
Operating costs | (344.7) | ||
Ghana [member] | Damang [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 229 | 180.3 | 183.4 |
Cost of sales | (224.3) | (144.5) | (153.8) |
Cost of sales before gold inventory change and amortisation and depreciation | (143.5) | (121.3) | |
Gold inventory change | 19.1 | (0.9) | 0.4 |
Amortisation and depreciation | (99.9) | (22.3) | (17.8) |
Other income/(costs) | 8.4 | (0.6) | (0.6) |
Share-based payments | (2.1) | (1.3) | (0.3) |
Long-term incentive plan | 0 | (0.3) | (0.5) |
Exploration expense | (0.4) | 0 | 0 |
Restructuring costs | (13.9) | (2.2) | (9.9) |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | 0 | (3.5) | (10) |
Profit/(loss) on disposal of assets | 0 | (0.2) | 0 |
Investment income | 0 | 0.2 | 0 |
Finance expense | (9.8) | (5.1) | (3.5) |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | (7.3) | (5.5) | (9.2) |
Mining and income tax | 12.1 | 3.1 | 0 |
Current taxation | 0 | 0 | 0 |
Deferred taxation | 12.1 | 3.1 | 0 |
(Loss)/profit for the year | (8.3) | 20.4 | (4.5) |
Owners of the parent | (7.5) | 18.4 | (4) |
Non-controlling interest holders | (0.8) | 2 | (0.5) |
Total assets (excluding deferred taxation) | 168.5 | 184.9 | 132.6 |
Total liabilities (excluding deferred taxation) | 132 | 130 | 96.3 |
Net deferred taxation (assets)/liabilities | (15.2) | (3.1) | 0 |
Capital expenditure | 138.5 | 132.1 | 37.9 |
Operating costs | (136.4) | ||
Ghana [member] | Asanko [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 54.9 | ||
Cost of sales | (52.9) | ||
Cost of sales before gold inventory change and amortisation and depreciation | (41.6) | ||
Gold inventory change | 4.2 | ||
Amortisation and depreciation | (15.5) | ||
Other income/(costs) | (0.3) | ||
Share-based payments | 0 | ||
Long-term incentive plan | 0 | ||
Exploration expense | 0 | ||
Restructuring costs | 0 | ||
Silicosis settlement costs | 0 | ||
Impairment and reversal of impairment of investments and assets, net | 0 | ||
Profit/(loss) on disposal of assets | 0 | ||
Investment income | 0 | ||
Finance expense | 0 | ||
Gain on acquisition of Asanko | 0 | ||
Royalties | (2.8) | ||
Mining and income tax | 0 | ||
Current taxation | 0 | ||
Deferred taxation | 0 | ||
(Loss)/profit for the year | (1.1) | ||
Owners of the parent | (1.1) | ||
Non-controlling interest holders | 0 | ||
Total assets (excluding deferred taxation) | 0 | ||
Total liabilities (excluding deferred taxation) | 0 | ||
Net deferred taxation (assets)/liabilities | 0 | ||
Capital expenditure | 12.8 | ||
Peru [member] | Cerro corona [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 351 | 392.9 | 322.3 |
Cost of sales | (236.6) | (285.2) | (255.5) |
Cost of sales before gold inventory change and amortisation and depreciation | (160.3) | (151.2) | |
Gold inventory change | 5.5 | (3.1) | 3.8 |
Amortisation and depreciation | (81.8) | (130.9) | (115.6) |
Other income/(costs) | 1.5 | (12.1) | (13) |
Share-based payments | (4.3) | (3.6) | (2) |
Long-term incentive plan | 0.4 | (0.7) | (1.8) |
Exploration expense | (1.1) | (0.5) | 0 |
Restructuring costs | 0 | 0 | 0 |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | (1.9) | 52.6 | (66.4) |
Profit/(loss) on disposal of assets | 0 | 0 | (0.1) |
Investment income | 0 | 0 | 0 |
Finance expense | (5) | (4.7) | (4.7) |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | (5.1) | (5.3) | (4.6) |
Mining and income tax | (56.4) | (36.1) | (47.4) |
Current taxation | (52.1) | (50.8) | (45.9) |
Deferred taxation | (4.3) | 14.7 | (1.5) |
(Loss)/profit for the year | 42.6 | 97.4 | (73.1) |
Owners of the parent | 42.4 | 96.9 | (72.8) |
Non-controlling interest holders | 0.2 | 0.5 | (0.3) |
Total assets (excluding deferred taxation) | 708.8 | 774 | 822.5 |
Total liabilities (excluding deferred taxation) | 211.7 | 188.7 | 195.4 |
Net deferred taxation (assets)/liabilities | 85.1 | 80.8 | 95.6 |
Capital expenditure | 33.2 | 34 | 42.8 |
Operating costs | (143.7) | ||
Australia [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,120.8 | 1,123.7 | 1,093.6 |
Cost of sales | (781.3) | (767.5) | (729.7) |
Cost of sales before gold inventory change and amortisation and depreciation | (526.9) | (499.3) | |
Gold inventory change | 11.4 | 29.9 | 23.5 |
Amortisation and depreciation | (265.8) | (298.1) | (273.6) |
Other income/(costs) | 14.8 | 29 | 22.3 |
Share-based payments | (9.2) | (6) | (2.9) |
Long-term incentive plan | (0.4) | (1.8) | (2.3) |
Exploration expense | (37.2) | (49.7) | (41.3) |
Restructuring costs | 0 | 0 | (1.2) |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | 0 | 0 | 0 |
Profit/(loss) on disposal of assets | (0.4) | 1.3 | (0.1) |
Investment income | 0.9 | 2.2 | 0 |
Finance expense | (4.6) | (4.8) | (4.7) |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | (27.9) | (27.8) | (27.3) |
Mining and income tax | (85.3) | (89.5) | (92.8) |
Current taxation | (89.6) | (91.7) | (95.2) |
Deferred taxation | 4.3 | 2.2 | 2.4 |
(Loss)/profit for the year | 190.2 | 209.2 | 213.6 |
Owners of the parent | 190.2 | 209.2 | 213.6 |
Non-controlling interest holders | 0 | 0 | 0 |
Total assets (excluding deferred taxation) | 1,501.7 | 1,585.7 | 1,318.2 |
Total liabilities (excluding deferred taxation) | 276.8 | 287.8 | 265.7 |
Net deferred taxation (assets)/liabilities | 71.4 | 87 | 80.1 |
Capital expenditure | 278.7 | 316.9 | 300.3 |
Operating costs | (479.6) | ||
Australia [member] | St Ives [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 464.7 | 457.3 | 452.3 |
Cost of sales | (332.2) | (330.9) | (335.8) |
Cost of sales before gold inventory change and amortisation and depreciation | (200.9) | (187.6) | |
Gold inventory change | 14.9 | 29 | 11 |
Amortisation and depreciation | (146.2) | (172.3) | (154) |
Other income/(costs) | 4.5 | 18 | 13.6 |
Share-based payments | (3.5) | (2.2) | (1.2) |
Long-term incentive plan | (0.2) | (0.7) | (0.8) |
Exploration expense | (18.2) | (23) | (21.1) |
Restructuring costs | 0 | 0 | 0 |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | 0 | 0 | 0 |
Profit/(loss) on disposal of assets | (0.3) | (0.2) | 0 |
Investment income | 0.4 | 0.9 | 0 |
Finance expense | (2.5) | (2.8) | (2.7) |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | 0 | 0 | 0 |
Mining and income tax | 0 | 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 interest holders | 0 | 0 | 0 |
Total assets (excluding deferred taxation) | 702.4 | 693.7 | 584.7 |
Total liabilities (excluding deferred taxation) | 135.2 | 138.2 | 136.3 |
Net deferred taxation (assets)/liabilities | 0 | 0 | 0 |
Capital expenditure | 127.2 | 156.2 | 140 |
Operating costs | (192.8) | ||
Australia [member] | Agnew Lawlers [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 301.1 | 302.6 | 285.4 |
Cost of sales | (236.4) | (232.7) | (215.2) |
Cost of sales before gold inventory change and amortisation and depreciation | (159.7) | (154.9) | |
Gold inventory change | (1.7) | 4.5 | 5.1 |
Amortisation and depreciation | (75) | (82.3) | (74.6) |
Other income/(costs) | 9.1 | 6.4 | 6.1 |
Share-based payments | (2.6) | (1.7) | (0.8) |
Long-term incentive plan | 0 | (0.5) | (0.7) |
Exploration expense | (8) | (15.9) | (9.6) |
Restructuring costs | 0 | 0 | 0 |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | 0 | 0 | 0 |
Profit/(loss) on disposal of assets | (0.1) | 1.5 | 0.2 |
Investment income | 0.2 | 0.6 | 0 |
Finance expense | (1) | (1) | (1) |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | 0 | 0 | 0 |
Mining and income tax | 0 | 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 interest holders | 0 | 0 | 0 |
Total assets (excluding deferred taxation) | 492.6 | 500 | 439.6 |
Total liabilities (excluding deferred taxation) | 66.5 | 71.5 | 66.3 |
Net deferred taxation (assets)/liabilities | 0 | 0 | 0 |
Capital expenditure | 72.8 | 73.7 | 70 |
Operating costs | (145.7) | ||
Australia [member] | Granny Smith [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 355 | 363.8 | 355.8 |
Cost of sales | (212.7) | (203.9) | (178.7) |
Cost of sales before gold inventory change and amortisation and depreciation | (166.3) | (156.8) | |
Gold inventory change | (1.8) | (3.6) | 7.4 |
Amortisation and depreciation | (44.6) | (43.5) | (45) |
Other income/(costs) | 1.1 | 4.6 | 2.6 |
Share-based payments | (3.1) | (2.1) | (0.9) |
Long-term incentive plan | (0.2) | (0.6) | (0.8) |
Exploration expense | (11) | (10.8) | (10.6) |
Restructuring costs | 0 | 0 | (1.2) |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | 0 | 0 | 0 |
Profit/(loss) on disposal of assets | 0 | 0 | (0.3) |
Investment income | 0.3 | 0.7 | 0 |
Finance expense | (1) | (1) | (1) |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | 0 | 0 | 0 |
Mining and income tax | 0 | 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 interest holders | 0 | 0 | 0 |
Total assets (excluding deferred taxation) | 306.7 | 392 | 293.9 |
Total liabilities (excluding deferred taxation) | 75.1 | 78.1 | 63.1 |
Net deferred taxation (assets)/liabilities | 0 | 0 | 0 |
Capital expenditure | 78.8 | 87 | 90.3 |
Operating costs | (141.1) | ||
Australia [member] | Gruyere Australia [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
Cost of sales | 0 | (1.3) | |
Cost of sales before gold inventory change and amortisation and depreciation | 0 | (1.3) | |
Gold inventory change | 0 | 0 | 0 |
Amortisation and depreciation | 0 | 0 | 0 |
Other income/(costs) | (3.5) | 0 | 0 |
Share-based payments | 0 | 0 | 0 |
Long-term incentive plan | 0 | 0 | 0 |
Exploration expense | (0.5) | (1.8) | 0 |
Restructuring costs | 0 | 0 | 0 |
Silicosis settlement costs | 0 | 0 | |
Impairment and reversal of impairment of investments and assets, net | 0 | 0 | 0 |
Profit/(loss) on disposal of assets | 0 | 0 | 0 |
Investment income | 0 | 0 | 0 |
Finance expense | (0.2) | 0 | 0 |
Gain on acquisition of Asanko | 0 | 0 | |
Royalties | 0 | 0 | 0 |
Mining and income tax | 1.2 | 0 | 0 |
Current taxation | 29.5 | 0 | 0 |
Deferred taxation | (28.3) | 0 | 0 |
(Loss)/profit for the year | (3) | 0 | 0 |
Owners of the parent | 0 | 0 | 0 |
Non-controlling interest holders | 0 | 0 | 0 |
Total assets (excluding deferred taxation) | 127.2 | 34.9 | 272.5 |
Total liabilities (excluding deferred taxation) | 101.6 | 32.9 | 272.4 |
Net deferred taxation (assets)/liabilities | 30.5 | 0 | 0 |
Capital expenditure | $ 134.3 | 81.1 | 0 |
Operating costs | 0 | ||
Darlot [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 49 | 83.1 | |
Cost of sales | (50.7) | (72.1) | |
Cost of sales before gold inventory change and amortisation and depreciation | (46.3) | ||
Gold inventory change | (0.9) | (0.4) | |
Amortisation and depreciation | (3.5) | (14.4) | |
Other income/(costs) | (0.2) | 0 | |
Share-based payments | (0.6) | (0.4) | |
Long-term incentive plan | (0.1) | (0.5) | |
Exploration expense | (1.5) | (6.1) | |
Restructuring costs | 0 | 0 | |
Silicosis settlement costs | 0 | ||
Impairment and reversal of impairment of investments and assets, net | 0 | 0 | |
Profit/(loss) on disposal of assets | 0 | 0 | |
Investment income | 0.4 | 0 | |
Finance expense | 0 | (0.2) | |
Gain on acquisition of Asanko | 23.5 | ||
Royalties | (1.1) | (2) | |
Mining and income tax | (5.6) | (0.6) | |
Current taxation | (2.3) | (0.5) | |
Deferred taxation | (3.3) | (0.1) | |
(Loss)/profit for the year | 13.1 | 1.2 | |
Owners of the parent | 13.1 | 1.2 | |
Non-controlling interest holders | 0 | 0 | |
Total assets (excluding deferred taxation) | 0 | 10.1 | |
Total liabilities (excluding deferred taxation) | 0 | 22.5 | |
Net deferred taxation (assets)/liabilities | 0 | 0 | |
Capital expenditure | $ 6.8 | 21.4 | |
Operating costs | $ (57.3) |
Segment Report - Schedule of _2
Segment Report - Schedule of Segment Report (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Tax rate included in South Deep | 29.00% | 30.00% | 30.00% |
Equity Accounted Joint Venture | $ 177.5 | $ 128.6 | $ 0 |
Share of loss of associates after taxation included in other income | (13.1) | (1.3) | (2.3) |
Revenue from the sale of copper | 169.2 | 177.8 | 130.6 |
Profit on disposal of investments | 0 | 0 | 2.3 |
Corporate and other [member] | Other income/cost [member] | |||
Disclosure of operating segments [line items] | |||
Share of loss of associates after taxation included in other income | (13.1) | (1.3) | (2.3) |
Corporate related costs | 31.4 | $ 9 | 23.1 |
Profit on disposal of investments | $ 2.3 | ||
Asanko [member] | |||
Disclosure of operating segments [line items] | |||
Equity Accounted Joint Venture | $ 85.8 |
Major Group Investments - Dir_3
Major Group Investments - Direct and Indirect - Schedule of Major Group Investments - Direct and Indirect (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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% |
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% |
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% |
Beatrix Mines Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 96,549,020 | 96,549,020 |
Group beneficial interest | 100.00% | 100.00% |
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% |
Darlot Mining Company Pty Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1 | 1 |
Group beneficial interest | 100.00% | 100.00% |
Driefontein Consolidated (Pty) Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1,000 | 1,000 |
Group beneficial interest | 100.00% | 100.00% |
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% |
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% |
Gold Fields Ghana Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 900 | 900 |
Group beneficial interest | 90.00% | 90.00% |
Gold Fields Group Services (Pty) Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1 | 1 |
Group beneficial interest | 100.00% | 100.00% |
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% |
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% |
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% |
Gold Fields Orogen Holdings (BVI) Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 356 | 356 |
Group beneficial interest | 100.00% | 100.00% |
Gruyere Mining Company Pty Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1 | 1 |
Group beneficial interest | 100.00% | 100.00% |
GSM Mining Company Pty Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Shares held | 1 | 1 |
Group beneficial interest | 100.00% | 100.00% |
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% |
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% |
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% |
Major Group Investments - Dir_4
Major Group Investments - Direct and Indirect - Schedule of Major Group Investments - Direct and Indirect (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of subsidiaries [line items] | |||
Dividends paid to non-controlling interests | $ 9.8 | $ 6.4 | $ 0.2 |
Accumulated non-controlling interest | 120.8 | 127.2 | |
Abosso Goldfields Limited [member] | |||
Disclosure of subsidiaries [line items] | |||
Accumulated non-controlling interest | 5.2 | 5.8 | |
Dividends paid to non-controlling interests | 0 | 0 | |
Gold Fields Ghana Limited [member] | |||
Disclosure of subsidiaries [line items] | |||
Dividends paid to non-controlling interests | 9.2 | 5.8 | |
Accumulated non-controlling interest | 115.3 | 119.2 | |
Gold Fields La Cima SA [member] | |||
Disclosure of subsidiaries [line items] | |||
Dividends paid to non-controlling interests | 0.6 | 0.6 | |
Accumulated non-controlling interest | $ 1.9 | $ 2.4 | |
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% |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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% | 40.00% |
Equity investments [member] | Asanko Gold Inc [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 22,354,657 | 0 | |
Group beneficial interest | 9.90% | 0.00% | |
Equity investments [member] | Bezant Resources PLC [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 17,945,922 | 17,945,922 | |
Group beneficial interest | 1.80% | 2.90% | |
Equity investments [member] | Cardinal Resources Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 42,818,182 | 42,818,182 | |
Group beneficial interest | 11.30% | 11.50% | |
Equity investments [member] | Cardinal Resources Limited Options [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 38,220,051 | 38,220,051 | |
Group beneficial interest | 25.80% | 33.00% | |
Equity investments [member] | Cascadero Copper Corporation [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 0 | 2,025,000 | |
Group beneficial interest | 0.00% | 1.10% | |
Equity investments [member] | Clancy Exploration Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 17,764,783 | 17,764,783 | |
Group beneficial interest | 0.50% | 0.60% | |
Equity investments [member] | Consolidated Woodjam Copper Corporation [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 16,115,740 | 12,848,016 | |
Group beneficial interest | 19.90% | 17.20% | |
Equity investments [member] | Fjordland Exploration Incorporated [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 0 | 363,636 | |
Group beneficial interest | 0.00% | 0.80% | |
Equity investments [member] | Gold Road Resources Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 87,117,909 | 87,117,909 | |
Group beneficial interest | 9.90% | 9.90% | |
Equity investments [member] | Hummingbird Resources Plc [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 21,258,503 | 21,258,503 | |
Group beneficial interest | 6.00% | 6.20% | |
Equity investments [member] | Lefroy Exploration Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 14,764,535 | 0 | |
Group beneficial interest | 18.20% | 0.00% | |
Equity investments [member] | Magmatic Resources Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 17,600,000 | 0 | |
Group beneficial interest | 15.00% | 0.00% | |
Equity investments [member] | Orsu Metals Corporation [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 2,613,491 | 2,613,491 | |
Group beneficial interest | 7.20% | 7.30% | |
Equity investments [member] | Radius Gold Incorporated [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 0 | 3,625,124 | |
Group beneficial interest | 0.00% | 4.20% | |
Equity investments [member] | Red 5 Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Asanko Gold Inc. | 246,875,821 | 246,875,821 | |
Group beneficial interest | 19.90% | 19.90% | |
Associates [member] | Maverix Metals Incorporated [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Maverix Metals Incorporated ("Maverix") | 42,850,000 | 42,850,000 | |
Group beneficial interest | 19.90% | 27.90% | |
Associates [member] | Rusoro Mining Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Maverix Metals Incorporated ("Maverix") | 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] | |||
Adansi Gold Company Limited | 1,737,699 | 1,737,699 | |
Group beneficial interest | 40.00% | 40.00% | |
Joint ventures [member] | Asanko Gold Ghana Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Adansi Gold Company Limited | 450,000,000 | 0 | |
Group beneficial interest | 45.00% | 0.00% | |
Joint ventures [member] | Adansi Gold Company Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Adansi Gold Company Limited | 100,000 | 0 | |
Group beneficial interest | 50.00% | 0.00% | |
Joint ventures [member] | Shika Group Finance Limited [member] | |||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | |||
Adansi Gold Company Limited | 10,000 | 0 | |
Group beneficial interest | 50.00% | 0.00% |
Major Group Investments Direc_2
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) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
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% | |
Marverix Metals Incorporated [Member] | ||
Disclosure of Investments in Associates Joint Venture and Other Equity Investments [line items] | ||
Common shares | 10,000,000 | 10,000,000 |
Percentage of ownership on diluted basis | 20.50% |