Gold Fields Unbundles GFIMSA (KDC and Beatrix) to Create a New South African Gold Mining Company Called Sibanye Gold

Gold Fields Unbundles GFIMSA (KDC and Beatrix) to Create a New South African 
Gold Mining Company Called Sibanye Gold 
JOHANNESBURG, Nov. 29, 2012 /CNW/ - Gold Fields Limited (Gold Fields) (JSE, 
NYSE, NASDAQ Dubai: GFI) today announces the creation of a new South African 
gold mining company through the proposed unbundling of its 100% owned 
subsidiary, Sibanye Gold Limited (Sibanye Gold), formerly known as GFI Mining 
South Africa Proprietary Limited (GFIMSA), which holds the KDC and Beatrix 
gold mines as well as various service companies. 
Subject to approval by the JSE and the NYSE, Sibanye Gold will be listed as a 
separate and independent company on both exchanges in February 2013. Sibanye 
Gold shares will then be distributed to existing Gold Fields shareholders 
(whether held in the form of ordinary shares or depository receipts). 
Both Gold Fields and Sibanye Gold will be domiciled in South Africa with their 
primary listing of shares on the JSE and a secondary listing of American 
depository receipts on the NYSE. The other existing secondary listings on the 
Swiss, Dubai and Brussels stock exchanges for Gold Fields will remain 
Following the unbundling, Gold Fields will retain the balance of its current 
portfolio of assets, including the developing South Deep Gold Mine located in 
South Africa. 
Matthews S Moloko, currently a non-executive director of Gold Fields and 
executive Chair and Founder of the Thesele Group, will become the 
non-executive Chair of Sibanye Gold and will step down from the Gold Fields 
board. Other non-executive directors will be Jerry Vilikazi, Chair of Palama 
and former CEO of Business Unity South Africa, Rick Menell, a non-executive 
director of Gold Fields, and Keith Rayner, CEO of KAR Presentations, who will 
also chair the Audit Committee. Two further HDSA directors will be appointed 
in due course. Cain Farrel, the current Company Secretary of Gold Fields, will 
become the new Company Secretary of Sibanye Gold. 
Neal Froneman, currently Chief Executive Officer of Gold One, will become 
Chief Executive Officer of Sibanye Gold and Charl Keyter, currently Head of 
Finance for Gold Fields' international operations, will become the Chief 
Financial Officer of Sibanye Gold. 
Peter Turner, the Executive Vice President for Gold Fields' South Africa 
Region as well as the rest of the executive team for the Region (excluding 
those dedicated to South Deep), and the senior operational management teams of 
the KDC and Beatrix gold mines, will remain with Sibanye Gold. 
Dr Mamphela Ramphele will continue to chair Gold Fields, Nick Holland will 
remain Chief Executive Officer and Paul Schmidt will remain Chief Financial 
The separation of Gold Fields and Sibanye Gold will enable the two 
independently governed and managed companies to focus on their respective 
strategic goals and to operate more effectively as separate entities, to the 
benefit of shareholders, employees and communities. 
Holland says: "While some parts of the GFIMSA operations have been in 
production for as long as 70 years, these assets still have inherent quality 
and extensive resource and reserve potential. The separation will liberate 
Sibanye Gold into a fit-for-purpose, sustainable gold mining company best 
positioned to maximise long-term value for stakeholders. 
"By unbundling the cash-generative KDC and Beatrix mines into Sibanye Gold, 
its cash flows can be utilised to extend the life of the mines and improve 
dividend payouts to shareholders. The first priority, however, will be to 
achieve stable and safe production," Holland says. 
Froneman says that the company will be committed to maintaining profitable, 
stable and low cost operations that provide a high degree of leverage to the 
gold price. "We will selectively pursue synergistic opportunities for 
consolidation in the South African gold industry and, as a separately listed 
entity, will be able to fully utilise our free cash flows for the benefit of 
the Company and its stakeholders," he says. 
There will be no job losses directly as a result of the creation and 
unbundling of Sibanye Gold. In addition all conditions of employment will 
remain unchanged. 
Sibanye Gold has committed itself to both continuing and enhancing Gold 
Fields' sustainable development, labour relations, transformation and other 
BEE policies. "The ability to preserve employment in deep level gold mining by 
extending the life of mines will depend on effective co-operation between 
management, trade unions and the workforce," Froneman comments. 
Sibanye Gold will therefore develop policies which will incentivise its 
workforce to benefit from the success of the business through a profit-sharing 
scheme as well as continued investments into improved living conditions that 
will improve the lives of employees. 
Foremost amongst these, Sibanye Gold will continue to invest significantly in 
the transformation of accommodation arrangements for its employees. More than 
R700 million has been committed to upgrading accommodation arrangements at the 
KDC and Beatrix gold mines between 2009 and 2014, of which approximately R500 
million has been spent to date on building 700 new homes and reducing hostel 
room density from an average of 8 persons per room in 2006 to an average of 
1.4 per room in September 2012. This work will continue. 
Sibanye Gold will continue to pursue sound environmental policies and 
practices and honour its obligations and commitments in this regard, all of 
which are funded through contributions to statutory and regulated 
environmental trust funds and associated guarantees for each operation. 
Following the unbundling, Gold Fields will focus on cash flow generation, more 
predictable dividend pay-outs and growth through the expansion and life 
extension of its existing mines in Ghana, Peru and Australia, as well as 
realising value from its world-class portfolio of development and exploration 
"The South Deep project is core to our expansion plans and we will continue to 
invest in this operation to secure the ramp-up to 700,000 ounces per year," 
Holland says. 
He adds: "Gold Fields' shareholders should continue to enjoy amongst the 
highest dividend yields in the sector, due to our policy of ensuring that 
dividends have the first call on cash flows and distributing between 25% and 
35% of normalised earnings to shareholders." 
Based on the results for the 12-month period ended December 2011 Sibanye 
Gold's gold production was 1.4 million ounces making it one of the largest 
domestic gold producer in South Africa. Sibanye Gold's unaudited revenue for 
the 2011 financial year amounted to R16.6 billion with unaudited earnings 
before interest, tax, depreciation and amortisation ("EBITDA") of R6.8 
billion, as extracted from the audited consolidated Gold Fields financial 
statements for the financial year ended 31 December 2011. 
Gold Fields' production (excluding Sibanye Gold) for the 12 months ended 
December 2011 was 2.2 million gold-equivalent ounces and its mineral reserves, 
as at 31 December 2011, were 64 million ounces, comprising 40 million ounces 
at South Deep and 24 million ounces at the international operations. Gold 
Fields' unaudited revenue for the 2011 financial year (excluding Sibanye Gold) 
amounted to US$3.5 billion with unaudited EBITDA of US$2.0 billion, as 
extracted from the audited consolidated Gold Fields financial statements for 
the financial year ended 31 December 2011. 
The mineral reserve positions at 31 December 2011 were 22 million ounces for 
Sibanye Gold and 64 million gold-equivalent ounces for Gold Fields, comprising 
40 million ounces at South Deep and 24 million ounces at the international 
Sibanye Gold will retain Gold Fields' South African net debt of approximately 
R4 billion, while approximately US$1.4 billion of offshore net debt will be 
retained by Gold Fields. 
The transaction will be effected through a 1:1 distribution of Sibanye Gold 
shares (in the form of shares or American depositary receipts ("ADRs") to 
existing Gold Fields' shareholders (whether held in the form of shares or 
depository receipts). 
The listing of Sibanye Gold is scheduled for mid-February 2013 and existing 
Gold Fields' shareholders will then hold two separate shares or ADRs, namely 
the newly distributed Sibanye Gold shares or ADRs as well as their original 
Gold Fields shares or depositary receipts (as the case may be). 
The transaction does not require shareholder approval and the listings have 
been approved by the South African Reserve Bank. 
A full pre-listing statement will be released in mid-January 2013. 
Certain statements included in this announcement, as well as oral statements 
that may be made by Gold Fields, or by officers, directors or employees acting 
on their behalf related to the subject matter hereof, constitute or are based 
on forward-looking statements. Forward-looking statements are preceded by, 
followed by or include the words "may", "will", "should", "expect", 
"envisage", "intend", "plan", "project", "estimate", "anticipate", "believe", 
"hope", "can", "is designed to" or similar phrases. These forward-looking 
statements involve a number of known and unknown risks, uncertainties and 
other factors, many of which are difficult to predict and generally beyond the 
control of Gold Fields or Sibanye Gold, that could cause Gold Fields' and/or 
Sibanye Gold's actual results and outcomes to be materially different from 
historical results or from any future results expressed or implied by such 
forward-looking statements. Such risks, uncertainties and other factors 
include, among others, Gold Fields' ability to successfully complete the 
unbundling, the effect of the Distribution on Gold Fields' and Sibanye Gold's 
operations, Gold Fields' and Sibanye Gold's ability to implement its strategy 
and any changes thereto, Gold Fields' and Sibanye Gold's future financial 
position and plans, strategies, objectives, capital expenditures, projected 
costs and anticipated cost savings and financing plans, as well as projected 
level of gold price and other risks. Gold Fields undertakes no obligation to 
update publicly or release any revisions to these forward-looking statements 
to reflect events or circumstances after the date of this announcement or to 
reflect any change in the Company's expectations with regard thereto. 
Notes to Editors 
About Gold Fields 
Gold Fields is one of the world's largest unhedged producers of gold with 
attributable annualised production of 3.6 million gold equivalent ounces from 
eight operating mines in Australia, Ghana, Peru and South Africa. Gold Fields 
also has an extensive and diverse global growth pipeline with four major 
projects in resource development and feasibility, with construction decisions 
expected in the next 18 to 24 months. Gold Fields has total attributable 
gold equivalent Mineral Reserves of 80.6 million ounces and Mineral Resources 
of 217.0 million ounces. Gold Fields is listed on the JSE Limited (primary 
listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext 
in Brussels (NYX) and the Swiss Exchange (SWX). 
Investor Enquiries 
Willie Jacobsz Tel: +27-11-562-9775 Mobile: +27-82-971-9238 (SA) Mobile: 
+1-857-241-7127 (USA)  Media 
Enquiries  Sven Lunsche Tel: +27-11-562-9763 Mobile: +27-83-260-9279 
SOURCE: Gold Fields Limited 
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CO: Gold Fields Limited
-0- Nov/29/2012 07:06 GMT
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