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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001205613-06-000053.txt : 20061117
<SEC-HEADER>0001205613-06-000053.hdr.sgml : 20061117
<ACCEPTANCE-DATETIME>20060405072754
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001205613-06-000053
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20060405

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOLD FIELDS LTD
		CENTRAL INDEX KEY:			0001172724
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		24 ST ANDREWS ROAD
		CITY:			PARKTOWN
		STATE:			T3
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		POST NET SUITE 252
		STREET 2:		PRIVATE BAG X30500
		CITY:			HOUGHTON 2041 SOUTH AFRICA
		STATE:			M3
		ZIP:			00000
</SEC-HEADER>
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<BODY style="margin:0" bgcolor="#A0A0A0" vlink="blue" link="blue"><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">
<FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:780;height:1009;">
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<DIV style="position:absolute;top:35;left:697"><font style="font-size:11.9pt;"> </font></DIV>
<DIV style="position: absolute; top: 935; left: 49; width: 731; height: 19"><font style="font-size:7.6pt;">Directors:</font><font style="font-size:6.5pt;"> A J Wright (Chairman), I D Cockerill</font></DIV>
<DIV style="position: absolute; top: 935; left: 248; width: 532; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 936; left: 258; width: 522; height: 19"><font style="font-size:6.5pt;"> (Chief Executive Officer),K Ansah</font></DIV>
<DIV style="position: absolute; top: 935; left: 405; width: 375; height: 19"><font style="font-size:6pt;">#</font></DIV>
<DIV style="position: absolute; top: 936; left: 411; width: 369; height: 19"><font style="font-size:6.5pt;">, G J Gerwel, A Grigorian&deg;, N J Holland</font></DIV>
<DIV style="position: absolute; top: 935; left: 576; width: 204; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 936; left: 584; width: 196; height: 19"><font style="font-size:6.5pt;"> (Chief Financial Officer), J M McMahon</font></DIV>
<DIV style="position: absolute; top: 935; left: 751; width: 29; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 936; left: 760; width: 20; height: 19"><font style="font-size:6.5pt;">, </font></DIV>
<DIV style="position: absolute; top: 946; left: 50; width: 705; height: 19"><font style="font-size:6.5pt;">J G Hopwood, D M J Ncube, R L Pennant-Rea</font></DIV>
<DIV style="position: absolute; top: 945; left: 245; width: 535; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 946; left: 253; width: 527; height: 19"><font style="font-size:6.5pt;">, P J Ryan, T M G Sexwale, C I von Christierson  </font></DIV>
<DIV style="position: absolute; top: 954; left: 49; width: 731; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 956; left: 59; width: 721; height: 19"><font style="font-size:6.5pt;">British, </font></DIV>
<DIV style="position: absolute; top: 954; left: 93; width: 687; height: 19"><font style="font-size:6pt;">#</font></DIV>
<DIV style="position: absolute; top: 956; left: 100; width: 680; height: 19"><font style="font-size:6.5pt;">Ghanaian, </font></DIV>
<DIV style="position: absolute; top: 956; left: 145; width: 635; height: 19"><font style="font-size:6.5pt;">&deg;</font></DIV>
<DIV style="position: absolute; top: 956; left: 156; width: 624; height: 19"><font style="font-size:6.5pt;">Russian</font></DIV>
<DIV style="position:absolute;top:954 ;left:194"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 965; left: 49; width: 731; height: 19"><font style="font-size:7.6pt;">Corporate Secretary:</font></DIV>
<DIV style="position:absolute;top:964 ;left:175"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 966; left: 148; width: 632; height: 19"><font style="font-size:6.5pt;">C Farrel </font></DIV>
<DIV style="position:absolute;top:187;left:586"><font style="font-size:9.4pt;">Gold Fields Limited </font></DIV>
<DIV style="position:absolute;top:200;left:586"><font style="font-size:8.5pt;line-height:14px;">Reg. 1968/004880/06 <br>24 St Andrews Road <br>Parktown, 2193 <br> <br>Postnet Suite 252 <br>Private Bag X30500 <br>Houghton, 2041 <br>South Africa <br> </font></DIV>
<DIV style="position:absolute;top:313;left:587"><font style="font-size:8.5pt;line-height:14px;">Tel  +27 11 644-2400 <br>Dir  +27 11 644-2502 <br>Fax  +27 11 484-0590 </font></DIV>
<DIV style="position:absolute;top:351;left:586"><font style="font-size:8.5pt;">www.goldfields.co.za </font></DIV>
<DIV style="position:absolute;top:156;left:612">EXECUTIVE</DIV>
<DIV style="position:absolute;top:203;left:85 "><b> </b></DIV>
<DIV style="position:absolute;top:218;left:85 "><font style="line-height:17px;">H. Roger Schwall <br>Assistant Director <br>United States Securities and Exchange <br>Commission <br>Division of Corporation Finance <br>100 F Street, N.E. <br>Washington, D.C. 20549-7010 <br>United States of America <br> </font></DIV>
<DIV style="position:absolute;top:387;left:85 "> </DIV>
<DIV style="position:absolute;top:417;left:85 "><b>By Facsimile and EDGAR</b> </DIV>
<DIV style="position:absolute;top:417;left:290"> </DIV>
<DIV style="position:absolute;top:417;left:626">4 April 2006 </DIV>
<DIV style="position:absolute;top:432;left:85 "> </DIV>
<DIV style="position:absolute;top:476;left:85 "><font style="line-height:17px;">Dear Mr. Schwall: <br><b>Re:  Gold Fields Limited <br> </b></font></DIV>
<DIV style="position:absolute;top:513;left:114"><b>Form 20-F for the year ended June 30, 2005 </b></DIV>
<DIV style="position:absolute;top:531;left:85 "><b> </b></DIV>
<DIV style="position:absolute;top:531;left:114"><b>Filed on December 22, 2005 </b></DIV>
<DIV style="position:absolute;top:549;left:85 "><b> </b></DIV>
<DIV style="position:absolute;top:549;left:114"><b>File No. 001-31318 </b></DIV>
<DIV style="position:absolute;top:576;left:85 "><font style="line-height:17px;">We refer to the comment letter (the &#8220;<b>Comment Letter</b>&#8221;) dated March 20, 2006 of the staff (&#8220;<b>Staff</b>&#8221;) of the <br>Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;<b>Commission</b>&#8221;) on the <br>above referenced Form 20-F, as amended (the &#8220;<b>2005</b> <b>Form 20-F</b>&#8221;), of Gold Fields Limited (&#8220;<b>Gold Fields</b>&#8221; <br>or the &#8220;<b>Company</b>&#8221;).  For your convenience, each comment is repeated below, prior to the response.  <br>Management has discussed the content of this letter with its auditors. </font></DIV>
<DIV style="position: absolute; top: 674; left: 85; width: 695; height: 21">Information on the Company, page 19 </DIV>
<DIV style="position:absolute;top:702;left:85 ">Gold Fields&#8217; Exploration Projects, page 54 </DIV>
<DIV style="position:absolute;top:730;left:85 ">1. </DIV>
<DIV style="position:absolute;top:730;left:125"><font style="line-height:17px;">In the paragraph below the exploration table you explain that equity investments and capitalized <br>exploration expenditures at APP and Cerro Corona totaled approximately $52.5 million during <br>fiscal 2005. Under U.S. GAAP, exploration expenditures are generally expensed as incurred. As <br>such, explain to us and revise your disclosure to explain why these exploration expenditures were <br>capitalized. Include any specific accounting literature you utilized in determining the classification <br>of the expenditures. </font></DIV>
<DIV style="position:absolute;top:848;left:125"><i><b> </b></i></DIV>
<DIV style="position:absolute;top:874 ;left:125"><i><b> </b></i></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:780;height:1009;page-break-before:always;">
<IMG style="position:absolute;top:-1009;clip:rect(1009,780,2018,0)" src="gf_corresp001n.gif" alt="background image">
<DIV style="position: absolute; top: 128; left: 126; width: 654; height: 20"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:155;left:85 "> </DIV>
<DIV style="position:absolute;top:155;left:125"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and confirms that, in preparation of its U.S. <br>GAAP financial statements, all exploration expenditure prior to the completion of a final bankable <br>feasibility study to establish proven and probable reserves are expensed as incurred.  </font></DIV>
<DIV style="position:absolute;top:219;left:85 "> </DIV>
<DIV style="position:absolute;top:219;left:125"><font style="line-height:17px;">On a supplemental basis, the Company wishes to advise the Staff that the reference to $52.5 <br>million was made in item 4 &#8211; discussing the Company&#8217;s exploration activities in the overall context <br>of its business activities  &#8211; and therefore intended to discuss exploration expenditures from an <br>operational perspective and not from the accounting perspective in terms of how the expenditures <br>were treated under U.S. GAAP in the Company&#8217;s financial statements. The $52.5 million consists <br>of approximately $23.2 million used to purchase marketable equity instruments of &#8220;exploration-<br>type&#8221; companies, $17.3 million exploration expenditures incurred at APP and $12.0 million of <br>project acquisition costs relating to Cerro Corona. In the Company&#8217;s U.S. GAAP financial <br>statements, the $23.2 million used to purchase marketable equity securities of &#8220;exploration-type&#8221; <b
r>companies were accounted for as available-for-sale securities at fair value, with unrealized <br>holding gains and losses excluded from earnings and reported as a separate component of <br>shareholders&#8217; equity. The $17.3 million of exploration expenditures incurred at APP was expensed <br>in accordance with the Company&#8217;s accounting policy for exploration expenditures. The project <br>acquisition costs relating to Cerro Corona represented costs incurred during fiscal 2005 that were <br>directly attributable to the acquisition of Cerro Corona. This acquisition was completed in fiscal <br>2006 and the amounts capitalized at June 30, 2005 transferred to investments. </font></DIV>
<DIV style="position:absolute;top:520;left:125"><font style="line-height:17px;">The Company will ensure that its disclosure in future filings distinguishes between expenditures <br>that are broadly associated with the Company&#8217;s exploration activities but that would not qualify as <br>&#8220;exploration expenditures&#8221; in the accounting sense, and those that represent exploration <br>expenditures that are expensed as incurred in the Company&#8217;s financial statements.  The <br>Company will also ensure that the appropriate level of disclosure is provided on the accounting <br>treatment for such costs under U.S. GAAP, when such disclosure would enhance the investors <br>understanding of the Company&#8217;s business.  </font></DIV>
<DIV style="position: absolute; top: 654; left: 85; width: 695; height: 22">Document on display, page 146 </DIV>
<DIV style="position:absolute;top:684;left:85 ">2. </DIV>
<DIV style="position:absolute;top:684;left:125"><font style="line-height:17px;">Please update to the current address of the Securities and Exchange Commission, which is 100 F <br>Street NE, Washington, DC 20549. The room number may be deleted.<b> </b></font></DIV>
<DIV style="position:absolute;top:702;left:560"><b> </b></DIV>
<DIV style="position: absolute; top: 727; left: 125; width: 655; height: 21"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:755;left:125"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and will revise its disclosure in future filings with <br>the Commission. </font></DIV>
<DIV style="position:absolute;top:800;left:85 "> </DIV>
<DIV style="position: absolute; top: 825; left: 85; width: 695; height: 21">Financial Statements, page F-1 </DIV>
<DIV style="position: absolute; top: 850; left: 86; width: 694; height: 23">Consolidated Statements of Cash Flows, page F-6 </DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:780;height:1009;page-break-before:always;">
<IMG style="position:absolute;top:-2018;clip:rect(2018,780,3027,0)" src="gf_corresp001n.gif" alt="background image">
<DIV style="position:absolute;top:129;left:85 ">3. </DIV>
<DIV style="position:absolute;top:129;left:125"><font style="line-height:17px;">We note you disclose Cash Flow from Operations Before Taxation and Working Capital Changes. <br>Such a measure is not defined in U.S. GAAP. Item 10(e) of Regulation S-K specifically prohibits <br>non-GAAP financial measures from being presented on the face of the financial statements or in <br>the accompanying footnotes. As such, please remove this measure from your consolidated <br>statements of cash flows. </font></DIV>
<DIV style="position:absolute;top:228;left:85 "><b> </b></DIV>
<DIV style="position:absolute;top:228;left:125"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:255;left:125"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and will revise its cash flow presentation in <br>future filings with the Commission to remove this non-GAAP financial measure from its <br>consolidated statements of cash flows. </font></DIV>
<DIV style="position:absolute;top:318;left:85 ">Note 13 Long-Term Loans, page F-26 </DIV>
<DIV style="position: absolute; top: 342; left: 86; width: 694; height: 22">(a) Mvelaphanda Loan Agreement, page F-26 </DIV>
<DIV style="position:absolute;top:372;left:85 ">4. </DIV>
<DIV style="position:absolute;top:372;left:125"><font style="line-height:17px;">We note from your disclosure that on the date the loan is repaid, Mvelaphanda Gold Limited <br>(Mvela) is obligated to use the entire proceeds to subscribe for new shares in GFIMSA, which at <br>the option of Mvela or you, can be exchanged into ordinary shares of Gold Fields. Please explain <br>to us what consideration you have given to including the shares issuable to Mvela in your <br>calculation of diluted earnings per share. Please include the specific accounting literature you <br>relied upon in reaching your conclusion. </font></DIV>
<DIV style="position:absolute;top:491;left:85 "> </DIV>
<DIV style="position: absolute; top: 489; left: 125; width: 655; height: 21"><i><b>Response</b></i> </DIV>
<DIV style="position:absolute;top:517;left:125"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and wishes to advise the Staff on a <br>supplemental basis that it has followed the provisions of FAS 128, &#8220;Earnings per Share&#8221; in its <br>computation of basic and diluted (loss) earnings per share.  </font></DIV>
<DIV style="position:absolute;top:580;left:125"><font style="line-height:17px;">For the purposes of computing diluted (loss) earnings per share for fiscal 2005 and 2004, Gold <br>Fields adjusted its (loss) income available to common shareholders used in the basic earnings <br>per share calculation to add back the after-tax amount of interest recognized on the Mvelaphanda <br>Loan Agreement. The after-tax amount of interest recognized on the Mvelaphanda Loan <br>Agreement amounted to $34.1 million in fiscal 2005 and $10.9 million in 2004. Similarly, the <br>Company adjusted the weighted average number of common shares outstanding (denominator) <br>to include the number of additional common shares that would have been outstanding, assuming <br>the most advantageous conversion rate or exercise price from the standpoint of the security <br>holders. The result of these adjustments increased the weighted average number of shares used <br>in the computation of basic (loss) earnings per share by 55,000,000 and 15,82
1,918 shares <br>during fiscal 2005 and 2004, respectively. The combined effect of these adjustments was to <br>decrease diluted loss per share in fiscal 2005 from 42 cents per share to a loss of 32 cents per <br>share, on a fully diluted basis.  Similarly, in fiscal 2004, the inclusion of the weighted average <br>incremental shares from the assumed conversion of Mvelaphanda Loan Agreement and add-back <br>of the related interest expense increased diluted earnings per share from 10 cents per share to 12 <br>cents per share, on a fully diluted basis.  </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:780;height:1009;page-break-before:always;">
<IMG style="position:absolute;top:-3027;clip:rect(3027,780,4036,0)" src="gf_corresp001n.gif" alt="background image">
<DIV style="position:absolute;top:129;left:125"><font style="line-height:17px;">Therefore, since the inclusion of these potential shares would have been antidilutive in both fiscal <br>2005 and 2004, they have been ignored in the computation of diluted (loss) earnings per share. <br>The Company will revise its future filings to disclose, in its earnings per share computations, a <br>description of securities that could potentially dilute basic (loss) earnings per share in future but <br>were not included in the computation of diluted (loss) earnings per share because to do so would <br>have been antidilutive for the periods presented. </font></DIV>
<DIV style="position:absolute;top:247;left:85 ">Engineering Comments </DIV>
<DIV style="position:absolute;top:273;left:85 ">General </DIV>
<DIV style="position:absolute;top:300;left:85 ">5. </DIV>
<DIV style="position:absolute;top:300;left:125"><font style="line-height:17px;">The safety record of your South African, Ghanaian, and Australian operations is stated to be <br>better than the national or regional averages. Briefly quantify this regional or national performance <br>in regard to injury and fatality rates and compare your actual performance. Agglomerate and <br>generally disclose the last three years regional or national averages to your operations for similar <br>operations in tabular form. </font></DIV>
<DIV style="position:absolute;top:400;left:85 "> </DIV>
<DIV style="position:absolute;top:400;left:125"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:427;left:125"><font style="line-height:17px;">In evaluating its safety record the Company looks at information from a variety of sources. These <br>sources include statistics published by the South African Department of Minerals and Energy (the <br>&#8220;<b>DME</b>&#8221;), by the Minerals Council of Australia and by the Mines and Aggregates Safety and Health <br>Association in Ontario, Canada  (which are used by many companies as an international <br>benchmark), as well as information published by other gold mining companies. In most instances <br>this information is not directly comparable to the Company&#8217;s own statistics, either because it is <br>prepared on a different basis or because it is not as current.  For example, the DME reports lost <br>day injury rates on the basis of injury rates per 1000 workers while the Company tracks injuries <br>per million man hours. The Company believes the information available is adequate to support its <br>general assertions re
garding its safety record as compared to the relevant national average but <br>that because of the lack of direct comparability, any presentation of industry information would not <br>assist a reader and could potentially be misleading. Notwithstanding its comfort regarding its <br>current disclosure, because of the difficulty in obtaining current, comparable industry information <br>about injury and fatality rates in the areas where it operates, in future filings the Company intends <br>to report only information relating to its own operations, without industry comparisons. </font></DIV>
<DIV style="position:absolute;top:710;left:85 ">6. </DIV>
<DIV style="position:absolute;top:710;left:125"><font style="line-height:17px;">As footnotes, or as part of your reserve tables, or text within the property description, disclose the <br>following: </font></DIV>
<DIV style="position:absolute;top:754;left:147">&#8226; </DIV>
<DIV style="position:absolute;top:756;left:169">The mine dilution factor for each mine. </DIV>
<DIV style="position:absolute;top:782;left:147">&#8226; </DIV>
<DIV style="position:absolute;top:783;left:169">The mining recovery factor for each mine. </DIV>
<DIV style="position:absolute;top:810;left:147">&#8226; </DIV>
<DIV style="position:absolute;top:811;left:169">The metallurgical recovery factor for each mine. </DIV>
<DIV style="position:absolute;top:838;left:147">&#8226; </DIV>
<DIV style="position:absolute;top:838;left:169">The cutoff grade or pay limit for each operation. </DIV>
<DIV style="position:absolute;top:866 ;left:85 "> </DIV>
<DIV style="position:absolute;top:866 ;left:125"> </DIV>
<DIV style="position:absolute;top:892 ;left:85 "> </DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:10pt;color:#000000;"><DIV style="position:relative;width:780;height:1009;page-break-before:always;">
<IMG style="position:absolute;top:-4036;clip:rect(4036,780,5045,0)" src="gf_corresp001n.gif" alt="background image">
<DIV style="position: absolute; top: 127; left: 125; width: 655; height: 21"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:155;left:125"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and respectfully submits that the metallurgical <br>recovery factor for each mine is already included in footnote (1) to its ore reserve table. The <br>Company believes that the additional requested information is not material, but will revise its <br>reserve table presentation in future filings with the Commission to include also the mine dilution <br>factor for each mine, the mining recovery factor for each mine and cutoff grade or pay limit for <br>each operation. </font></DIV>
<DIV style="position:absolute;top:273;left:85 ">Supplemental information </DIV>
<DIV style="position:absolute;top:300;left:85 "><font style="line-height:17px;">Pursuant to a request from the Staff, Gold Fields hereby acknowledges (i) it is responsible for the <br>adequacy and accuracy of the disclosure in the filing, (ii) Staff comments or changes to disclosure in <br>response to Staff comments do not foreclose the Commission from taking any action with respect to the <br>filing and (iii) it may not assert Staff comments as a defense in any proceeding initiated by the <br>Commission or any person under the federal securities laws of the United States. </font></DIV>
<DIV style="position:absolute;top:400;left:85 "> </DIV>
<DIV style="position:absolute;top:427;left:341"><b>*&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;
  *&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp; *</b> </DIV>
<DIV style="position:absolute;top:453;left:85 "><font style="line-height:17px;">Should you or the Staff have any questions or require any additional information, please contact the <br>undersigned at +27 11 644 2502 or via e-mail at nholland@goldfields.co.za.  </font></DIV>
<DIV style="position:absolute;top:498;left:85 "><font style="line-height:14px;"> <br>Yours sincerely, <br> <br> <br> <br> <br> <br>Nicholas J. Holland <br>Chief Financial Officer </font><font style="line-height:14px;"> &nbsp; </font><font style="line-height:14px;"><br>
  Gold Fields Limited <br> <br> </font></DIV>
<DIV style="position:absolute;top:672;left:344"> </DIV>
<DIV style="position:absolute;top:687;left:85 ">cc: </DIV>
<DIV style="position:absolute;top:687;left:129">Mark Wojciechowski, Securities and Exchange Commission </DIV>
<DIV style="position:absolute;top:702;left:85 "> </DIV>
<DIV style="position:absolute;top:702;left:129">George K. Schuler, Securities and Exchange Commission </DIV>
<DIV style="position:absolute;top:717;left:85 "> </DIV>
<DIV style="position:absolute;top:717;left:129">Paul Pretorius, Gold Fields Limited </DIV>
<DIV style="position: absolute; top: 732; left: 129; width: 651; height: 19">Paul Schmidt, Gold Fields Limited </DIV>
<DIV style="position: absolute; top: 748; left: 127; width: 653; height: 19">Jennifer Schneck, Linklaters </DIV>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
