The Gold Report

Gold Fields Ltd. TICKER: GFI:NYSE Visit Company Website Gold Fields Limited is one of the world's largest gold mining companies with operations in South Africa, Australia, and Ghana. The company's unhedged position makes it a leading play for the gold and precious metals investor.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Tanya Jakusconek, Scotia Capital (1/24/12) "Gold Fields Ltd. and Gold One International Ltd. have entered into a memorandum of understanding to investigate the viability of concurrently reprocessing their combined surface tailings deposits (~700 Mt tailings material). . .a scoping study is expected to be completed by midyear, followed by a decision on whether to conduct a feasibility study. . .this joint venture would allow Gold Fields to incorporate a larger scope project and treat more tailings material; we do view this as positive for the company."

Mandy La Grange, Investec Securities (1/18/12) "We are taking an early view that Gold Fields Ltd.'s project development will be turned to focus on the Far South East (FSE) project in the Philippines and that this will allow the company to grow in value through 2012 . . .we maintain a Buy recommendation. . .FSE is illustrating very good potential to become a project to rival Harmony's Wafi/Golpu."

Tanya Jakusconek, Scotia Capital (12/8/11) "Gold Fields Ltd. held an analyst day in New York to provide an update on its views on the gold market, corporate strategy, operations and development and exploration projects. . .the company currently has 5 Moz gold in production and the development pipeline (coming into production by 2015). . .it is targeting a cost of $15/oz for exploration ounces discovered; it prefers to develop and build vs. making strategic acquisitions. . .its 51%-owned Chucapaca interest also has underground potential toward the west."

Kane Slutzkin, UBS Securities (12/5/11) "Gold Fields Ltd. maintains its 2015 target of 5 Moz in production or development; this will be driven by growth projects: South Deep in South Africa, Chucapaca in Peru, Yanfolila in Mali, the Far South East Project in the Philippines and the Arctic Platinum Project in Finland. The target also incorporates near-mine work in Australia, Ghana and Peru."

Kane Slutzkin, UBS Securities (11/23/11) "Proposal to raise [Ghana's] corporate tax rate to 35% (25%) and a 10% windfall tax. . .are still to be reviewed by a parliamentary subcommittee, prior to their ratification. Gold Fields' West African operations, Tarkwa and Damang, currently contribute 26% to managed gold production. . .We don't believe these potential changes will deter the Group's intention to invest in increased production via the Damang Super Pit. . .[we] retain our Buy rating."

• Q311 Conference Call Transcript (11/10/11)
• Investor Update Presentation (9/16/11)

(8/18/11) GFI Talks New Projects

(1/21/11) Gold Stock Trends

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