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<SEC-DOCUMENT>0001205613-07-000056.txt : 20071214
<SEC-HEADER>0001205613-07-000056.hdr.sgml : 20071214
<ACCEPTANCE-DATETIME>20070426120349
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001205613-07-000056
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070426

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>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

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<TITLE>Page 1</TITLE>




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<FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;">
<IMG style="position:absolute;clip:rect(0,758,1073,0)" src="goldfields_comment001n.gif" alt="background image">
<DIV style="position:absolute;top:35;left:667"><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position: absolute; top: 993; left: 85; width: 673; height: 19"><font style="font-size:8.5pt;">Directors:</font></DIV>
<DIV style="position:absolute;top:992 ;left:135"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 995; left: 133; width: 625; height: 19"><font style="font-size:6.8pt;">A J Wright (Chairman), I D Cockerill</font></DIV>
<DIV style="position: absolute; top: 993; left: 284; width: 474; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 995; left: 290; width: 468; height: 19"><font style="font-size:6.8pt;"> (Chief Executive Officer), K Ansah</font></DIV>
<DIV style="position: absolute; top: 993; left: 436; width: 322; height: 19"><font style="font-size:5.1pt;">#</font></DIV>
<DIV style="position: absolute; top: 995; left: 441; width: 317; height: 19"><font style="font-size:6.8pt;">, A Grigorian&deg;, N J Holland</font></DIV>
<DIV style="position: absolute; top: 993; left: 554; width: 204; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 995; left: 560; width: 198; height: 19"><font style="font-size:6.8pt;"> (Chief Financial Officer), J G </font></DIV>
<DIV style="position: absolute; top: 1005; left: 84; width: 674; height: 20"><font style="font-size:6.8pt;line-height:12px;">Hopwood,  <br>G Marcus, J M McMahon</font></DIV>
<DIV style="position: absolute; top: 1014; left: 185; width: 573; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 191; width: 567; height: 19"><font style="font-size:6.8pt;">, D M J Ncube, R L Pennant-Rea</font></DIV>
<DIV style="position: absolute; top: 1014; left: 332; width: 426; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 332; width: 426; height: 19"><font style="font-size:6.8pt;">, P J Ryan, T M G Sexwale, C I von Christierson </font></DIV>
<DIV style="position: absolute; top: 1014; left: 539; width: 219; height: 19"><font style="font-size:5.1pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 543; width: 215; height: 19"><font style="font-size:6.8pt;">British, </font></DIV>
<DIV style="position: absolute; top: 1014; left: 575; width: 183; height: 19"><font style="font-size:5.1pt;">#</font></DIV>
<DIV style="position: absolute; top: 1015; left: 581; width: 177; height: 19"><font style="font-size:6.8pt;">Ghanaian, </font></DIV>
<DIV style="position: absolute; top: 1015; left: 627; width: 131; height: 19"><font style="font-size:6.8pt;">&deg;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 632; width: 126; height: 19"><font style="font-size:6.8pt;">Russian </font></DIV>
<DIV style="position: absolute; top: 1025; left: 84; width: 674; height: 19"><font style="font-size:8.5pt;">Corporate Secretary:</font></DIV>
<DIV style="position:absolute;top:1025;left:187"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:189"><font style="font-size:6.8pt;">C Farrel </font></DIV>
<DIV style="position:absolute;top:197;left:587">Gold Fields Limited </DIV>
<DIV style="position:absolute;top:211;left:587"><font style="font-size:8.5pt;line-height:15px;">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:332;left:588"><font style="font-size:8.5pt;line-height:15px;">Tel  +27 11 644-2400 <br>Dir  +27 11 644-2502 <br>Fax  +27 11 484-0590 </font></DIV>
<DIV style="position:absolute;top:372;left:587"><font style="font-size:8.5pt;">www.goldfields.co.za </font></DIV>
<DIV style="position:absolute;top:176;left:614"><font style="font-size:11.9pt;">EXECUTIVE</font></DIV>
<DIV style="position:absolute;top:215;left:91 "><font style="line-height:14px;">Karl Hiller <br>Branch Chief <br>United States Securities and Exchange Commission <br>Division of Corporation Finance <br>100 F Street, N.E. <br>Washington, D.C. 20549-7010 <br>United States of America <br> <br>26 April 2007 </font></DIV>
<DIV style="position:absolute;top:368;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:385;left:91 "><font style="line-height:14px;"><b>By Facsimile and EDGAR <br> <br></b>Dear Mr. Hiller: </font></DIV>
<DIV style="position:absolute;top:432;left:91 "><font style="font-size:12.8pt;line-height:23px;"><b>Re:  Gold Fields Limited <br> </b></font></DIV>
<DIV style="position:absolute;top:453;left:123"><font style="font-size:12.8pt;"><b>Form 20-F for the year ended June 30, 2006 </b></font></DIV>
<DIV style="position:absolute;top:473;left:91 "><font style="font-size:12.8pt;"><b> </b></font></DIV>
<DIV style="position:absolute;top:473;left:123"><font style="font-size:12.8pt;"><b>Filed on November 24, 2006 </b></font></DIV>
<DIV style="position:absolute;top:493;left:91 "><font style="font-size:12.8pt;"><b> </b></font></DIV>
<DIV style="position:absolute;top:493;left:123"><font style="font-size:12.8pt;"><b>File No. 001-31318 </b></font></DIV>
<DIV style="position:absolute;top:523;left:91 "><font style="line-height:17px;">We refer to the comment letter (the &#8220;<b>Comment Letter</b>&#8221;) dated March 19, 2007 of the staff (&#8220;<b>Staff</b>&#8221;) of <br>the Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;<b>Commission</b>&#8221;) <br>on the above referenced Form 20-F (the &#8220;<b>2006</b> <b>Form 20-F</b>&#8221;) of Gold Fields Limited (&#8220;<b>Gold Fields</b>&#8221; or <br>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 (the &#8220;<b>Response Letter</b>&#8221;) with its auditors. </font></DIV>
<DIV style="position: absolute; top: 617; left: 91; width: 667; height: 23">Operating and Financial Review and Prospects, page 126 </DIV>
<DIV style="position: absolute; top: 644; left: 91; width: 667; height: 35"><font style="line-height:17px;">Capitalization of Costs Relating to Ore Reserve Development at the South African Operations, page <br>140 </font></DIV>
<DIV style="position:absolute;top:691;left:91 ">1. </DIV>
<DIV style="position:absolute;top:691;left:135"><font style="line-height:17px;">We note that you disclose that on July 1, 2006 you changed your accounting policy on ore <br>reserve development costs. You further disclose that from July 1, 2006 these costs, which <br>were previously expensed, will be capitalized and amortized over their economic benefit <br>period. Tell us  whether your new policy only pertains to development costs incurred on <br>properties for which you have reported reserves as defined by Industry Guide 7. If so, explain <br>why the nature of these costs had not previously aligned with the characteristics of assets as <br>defined in paragraphs 25 through 31 of CON 6. It should be clear how you determined the <br>circumstances outlined in the first sentence of paragraph 5 of SFAS 154 where not descriptive <br>of your situation. </font></DIV>
<DIV style="position: absolute; top: 857; left: 135; width: 623; height: 22"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:887 ;left:135"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and confirms that the new policy, which will <br>be applied for the first time in the Company&#8217;s financial statements for the fiscal year ending <br>June 30, 2007, only pertains to properties  that are underground mines and for which the <br>Company has reported reserves as defined by Industry Guide 7.  </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-1073;clip:rect(1073,758,2146,0)" src="goldfields_comment001n.gif" alt="background image">
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">2</font></DIV>
<DIV style="position:absolute;top:132;left:135"><font style="line-height:17px;">Previously, at the Company&#8217;s underground mines, costs incurred to develop the property were <br>capitalized only until the reef horizons were intersected and more than de minimus saleable <br>minerals were extracted from the mine. Subsequent mine development costs to access other <br>specific ore blocks or areas of the mine were treated as variable production costs (2006 Form <br>20-F, page F-8). This accounting policy, which was also applied by other SEC Registrants in <br>South Africa  prior to 2005, was based on the premise that an underground mining complex <br>represented a &#8220;single unit of account&#8221;.  </font></DIV>
<DIV style="position:absolute;top:265;left:135"><font style="line-height:17px;">Effective July 1, 2006, the Company reconsidered its accounting policy for underground <br>development costs for both IFRS and US GAAP purposes, mainly as a result of the practices <br>followed by the Company&#8217;s global mining industry peers, recent changes by other SEC <br>Registrants in South Africa, and recent accounting pronouncements such as Emerging Issues <br>Task Force Issue No. 04-6 &#8220;Accounting for Stripping Costs during Production in the Mining <br>Industry&#8221; (&#8220;<b>EITF 04-6</b>&#8221;), where the EITF reached a consensus that stripping costs incurred <br>during the production phase of the Company&#8217;s surface operations are variable production <br>costs that should be included in the costs of the inventory produced (that is, extracted) during <br>the period the stripping costs are incurred, and International Accounting Standard No. 16 <br>&#8220;Property, Plant and Equipment&#8221; (&#8220;<b>IAS
 16</b>&#8221;), which provided additional guidance on the <br>&#8220;componentization&#8221; of assets.  </font></DIV>
<DIV style="position:absolute;top:469;left:135"><font style="line-height:17px;">The Company decided to change its accounting policy to capitalize all underground <br>development costs to access specific ore blocks or other areas of the mine where such costs <br>are expected to  provide future economic benefits as a result of establishing proven and <br>probable reserves associated with a specific block or area of operations, even after the reef <br>horizon may have been intersected with the development of the first specific ore block or area <br>of the mine. Under this revised accounting policy, all costs associated with the development of <br>a specific underground block or area are capitalized until saleable minerals are extracted from <br>that specific block or area. At the Company&#8217;s underground mines, these costs include the cost <br>of shaft sinking and access and the costs of building access ways, lateral development, drift <br>development, ramps, box cuts and other infrastructure development.  <
/font></DIV>
<DIV style="position:absolute;top:655;left:135"><font style="line-height:17px;">In determining  the appropriate accounting for the change, the Company considered the <br>characteristics of a change in accounting principle, which primarily concern a choice from two <br>or more generally accepted accounting principles that apply, or when the accounting principle <br>formerly used is no longer generally accepted (SFAS 154, par. 2(c)). The Company&#8217;s previous <br>policy to expense costs once the reef horizons are intersected was generally accepted by <br>SEC Registrants in South Africa under both IFRS and US GAAP and based on the premise <br>that an individual underground mine represented a &#8220;single unit of account&#8221;. The  Company <br>therefore believes that the removal of the requirement to expense costs once the reef horizons <br>are intersected would represent a change in accounting principle, since the Company is now <br>choosing to capitalize these costs, as opposed to expensing them under th
eir previous policy. <br>In addition, the Company does not believe that the change is related to events or transactions <br>occurring for the first time, that previously were immaterial in their effect, or that are clearly <br>different in substance from those previously occurring (SFAS 154, par. 5). </font></DIV>
<DIV style="position:absolute;top:894 ;left:135"><font style="line-height:17px;">The Company believes that the newly adopted accounting principle is preferable because: (i) it <br>aligns its policy with those of its global gold mining company industry peers internationally and <br>in South Africa; (ii) allows for a more direct link between revenue and associated expenditures; <br>(iii) each block of ore can be described as a commencement of a new area of operations, </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
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<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">3</font></DIV>
<DIV style="position:absolute;top:132;left:135"><font style="line-height:17px;">separate and distinct from other existing operations and with the choice to mine based on an <br>approved life-of-mine plan for that particular block of ore, rather than the entire underground <br>mine; and (iv) the additional costs capitalized under the revised policy meet the definition of an <br>asset.  </font></DIV>
<DIV style="position:absolute;top:212;left:135"><font style="line-height:17px;">Under the Company&#8217;s revised method of accounting for underground development costs, the <br>costs incurred to access specific ore blocks or areas of the mine, which only provide an <br>economic benefit over the period  during which that ore block or area is being mined, are <br>attributed to earnings using the units-of-production method where the denominator is <br>estimated recoverable ounces of gold contained in proven and probable reserves within that <br>ore block or area. Capitalized costs that provide an economic benefit over the entire mine life, <br>such as the initial primary shaft in an underground complex, will continue to be attributed to <br>earnings using the units-of-production method, where the denominator is the estimated <br>recoverable ounces of gold contained in total accessible proven and probable reserves. The <br>proposed disclosures which the Company expects to include in the Company&#8217;s annual r
eport <br>on Form 20-F for the fiscal year ending June 30, 2007, subject to completion of the audit of <br>the Company&#8217;s financial statements for that fiscal year, has been included as an Appendix to <br>this Response Letter. </font></DIV>
<DIV style="position: absolute; top: 449; left: 91; width: 667; height: 21">Results of Operations &#8211; Years Ended June 30, 2006 and 2005, page 145 </DIV>
<DIV style="position: absolute; top: 475; left: 91; width: 667; height: 22">Depreciation and Amortization, page 150 </DIV>
<DIV style="position:absolute;top:504;left:91 ">2. </DIV>
<DIV style="position:absolute;top:504;left:135"><font style="line-height:17px;">We note you disclose on page 151 that during fiscal 2006, you decided to align determination <br>of your reserves with your planning cycle. As a result, you changed your reserve calculation <br>from a June fiscal year cycle to a preceding December year cycle, which in turn changed your <br>amortization effective April 1, 2006. Tell us how the amortization expense you recorded for the <br>fiscal year ended June 30, 2006, apparently giving effect only to reserve changes through <br>December 31, 2005, compares to the amortization expense you would have recorded if you <br>had given effect to reserve changes for the entire fiscal year. Additionally, since you had a <br>June 30 fiscal year end, we believe you will need to amend your filing to report reserves as of <br>June 30, 2006.<b>   </b></font></DIV>
<DIV style="position: absolute; top: 670; left: 135; width: 623; height: 22"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:699;left:135"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and wishes to clarify that the Company <br>performs its reserve calculations on at least an annual basis. In particular, the Company <br>wishes to clarify that it performed reserve calculations on each of June 30, 2005, December <br>31, 2005 and December 31, 2006. In accordance with the Company&#8217;s past practice and also <br>consistent with treatment by the Company&#8217;s global mining industry peers, these reserve <br>calculations are applied for financial accounting purposes on a prospective basis to the <br>Company&#8217;s depreciation and amortization calculations, consistent with a change in accounting <br>estimate. The Company&#8217;s depreciation and amortization expense for the year ended June 30, <br>2006  was therefore based on: (i) the first nine months (July 1, 2005  &#8211; March 31, 2006) of <br>production using the units-of-production method where the denomina
tor was estimated <br>recoverable ounces of gold contained in proven and probable reserves as of June 30, 2005; <br>and (ii) the last three months (April 1, 2006 &#8211; June 30, 2006) of production using the units-of-<br>production method where the denominator was estimated recoverable ounces of gold <br>contained in proven and probable reserves as of December 31, 2005. The Company&#8217;s <br>estimates were only revised on April 1, 2006 because the reserve calculation as of December </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
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<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">4</font></DIV>
<DIV style="position:absolute;top:132;left:135"><font style="line-height:17px;">31, 2005 was finally approved by the board of directors  only on May 16, 2006. In contrast, <br>depreciation and amortization expense for the fiscal year ended June 30, 2005 was based <br>entirely on production for that  year and estimated recoverable ounces of gold contained in <br>proven and probable reserves as of June 30, 2004. This is also consistent with the treatment <br>of the Company&#8217;s global mining industry peers.  </font></DIV>
<DIV style="position:absolute;top:229;left:135"><font style="line-height:17px;">The Company&#8217;s depreciation and amortization expense for the year ending June 30, 2007 will <br>be based on: (i) nine months (July 1, 2006 &#8211; March 31, 2007) of production using the units-of-<br>production method where the denominator is estimated recoverable ounces of gold contained <br>in proven and probable reserves as of  December 31, 2005; and (ii) three months (April 1, <br>2007  &#8211; June 30, 2007) of production using the units-of-production method where the <br>denominator  is estimated recoverable ounces of gold contained in proven and probable <br>reserves as of December 31, 2006. </font></DIV>
<DIV style="position:absolute;top:362;left:135"><font style="line-height:17px;">The Company is not aware of any requirement within Form 20-F or Industry Guide 7 to report <br>reserves as of a company&#8217;s year end. The Company decided to change its reserve calculation <br>from a fiscal year cycle ending in June to a calendar year cycle primarily because it believes <br>that, from an operations standpoint, a calendar year cycle more appropriately coincides with <br>the Company&#8217;s annual mine planning and budgeting process, thus producing more consistent <br>financial and operational data for management reporting purposes.  </font></DIV>
<DIV style="position: absolute; top: 476; left: 91; width: 667; height: 21">Financial Statements </DIV>
<DIV style="position: absolute; top: 502; left: 91; width: 667; height: 21">Consolidated Statements of Operations, page F-2 </DIV>
<DIV style="position:absolute;top:531;left:91 ">3. </DIV>
<DIV style="position:absolute;top:531;left:135"><font style="line-height:17px;">Since you present a subtotal that appears to be income from operations, please revise your <br>Statements of Operations to reclassify your write down and profit on disposal of operating <br>assets to reflect such items in your measure of income from operations, pursuant to <br>paragraphs 25 and 45 of SFAS 144. </font></DIV>
<DIV style="position:absolute;top:611;left:91 "><b> </b></DIV>
<DIV style="position: absolute; top: 608; left: 135; width: 623; height: 22"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:637;left:135"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and will revise its future filings to present <br>the Company&#8217;s write-down and profit on disposal of operating assets within &#8220;Costs and <br>Expenses&#8221; for all periods presented.  </font></DIV>
<DIV style="position: absolute; top: 698; left: 91; width: 667; height: 21">Consolidated Statements of Comprehensive Income, page F-6 </DIV>
<DIV style="position:absolute;top:726;left:91 ">4. </DIV>
<DIV style="position:absolute;top:726;left:135"><font style="line-height:17px;">Please expand your disclosure to include the accumulated balances for each classification <br>within your accumulated other comprehensive income to comply with paragraph 26 of SFAS <br>130. </font></DIV>
<DIV style="position:absolute;top:788;left:91 "> </DIV>
<DIV style="position: absolute; top: 785; left: 135; width: 623; height: 22"><i><b>Response</b></i> </DIV>
<DIV style="position:absolute;top:815;left:135"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and wishes to advise the Staff on a <br>supplemental basis of the following accumulated balances for each classification within <br>accumulated other comprehensive loss that appears in the Company&#8217;s Consolidated <br>Statements of Changes in Shareholders&#8217; Equity, appearing on page F-4 of its 2006 Form 20-F, <br>as follows: </font></DIV>
<DIV style="position:absolute;top:912 ;left:91 "> </DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-4292;clip:rect(4292,758,5365,0)" src="goldfields_comment001n.gif" alt="background image">
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">5</font></DIV>
<DIV style="position:absolute;top:132;left:91 "> </DIV>
<DIV style="position:absolute;top:159;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 187; left: 326; width: 432; height: 19"><font style="font-size:8.5pt;"><b>Mark-to-market of </b></font></DIV>
<DIV style="position: absolute; top: 201; left: 328; width: 430; height: 19"><font style="font-size:8.5pt;"><b>listed investments </b></font></DIV>
<DIV style="position: absolute; top: 187; left: 446; width: 312; height: 19"><font style="font-size:8.5pt;"><b>Foreign exchange </b></font></DIV>
<DIV style="position: absolute; top: 201; left: 464; width: 294; height: 19"><font style="font-size:8.5pt;"><b>translation </b></font></DIV>
<DIV style="position: absolute; top: 164; left: 561; width: 197; height: 14"><font style="font-size:8.5pt;"><b>Accumulated </b></font></DIV>
<DIV style="position: absolute; top: 179; left: 588; width: 170; height: 14"><font style="font-size:8.5pt;"><b>other </b></font></DIV>
<DIV style="position: absolute; top: 193; left: 560; width: 198; height: 14"><font style="font-size:8.5pt;"><b>comprehensive </b></font></DIV>
<DIV style="position: absolute; top: 207; left: 592; width: 166; height: 13"><font style="font-size:8.5pt;"><b>loss </b></font></DIV>
<DIV style="position:absolute;top:226;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:225;left:461"><font style="font-size:8.5pt;"><b>($ millions) </b></font></DIV>
<DIV style="position:absolute;top:249;left:91 "><font style="font-size:8.5pt;"><b>BALANCE &#8211; JUNE 30, 2003 </b></font></DIV>
<DIV style="position:absolute;top:249;left:409"><font style="font-size:8.5pt;"><b>17.8 </b></font></DIV>
<DIV style="position:absolute;top:249;left:511"><font style="font-size:8.5pt;"><b>(261.2) </b></font></DIV>
<DIV style="position:absolute;top:249;left:616"><font style="font-size:8.5pt;"><b>(243.4) </b></font></DIV>
<DIV style="position:absolute;top:272;left:91 "><font style="font-size:8.5pt;">Mark-to-market of listed investments </font></DIV>
<DIV style="position:absolute;top:272;left:408"><font style="font-size:8.5pt;">(5.1) </font></DIV>
<DIV style="position:absolute;top:272;left:540"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:272;left:627"><font style="font-size:8.5pt;">(5.1) </font></DIV>
<DIV style="position:absolute;top:296;left:91 "><font style="font-size:8.5pt;">Realized gain on disposal of listed investments </font></DIV>
<DIV style="position:absolute;top:296;left:402"><font style="font-size:8.5pt;">(12.3) </font></DIV>
<DIV style="position:absolute;top:296;left:540"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:296;left:622"><font style="font-size:8.5pt;">(12.3) </font></DIV>
<DIV style="position:absolute;top:320;left:91 "><font style="font-size:8.5pt;">Foreign exchange translation </font></DIV>
<DIV style="position:absolute;top:320;left:425"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:320;left:518"><font style="font-size:8.5pt;">230.4 </font></DIV>
<DIV style="position:absolute;top:320;left:623"><font style="font-size:8.5pt;">230.4 </font></DIV>
<DIV style="position:absolute;top:344;left:91 "><font style="font-size:8.5pt;"><b>BALANCE &#8211; June 30, 2004 </b></font></DIV>
<DIV style="position:absolute;top:344;left:414"><font style="font-size:8.5pt;"><b>0.4 </b></font></DIV>
<DIV style="position:absolute;top:344;left:517"><font style="font-size:8.5pt;"><b>(30.8) </b></font></DIV>
<DIV style="position:absolute;top:344;left:622"><font style="font-size:8.5pt;"><b>(30.4) </b></font></DIV>
<DIV style="position:absolute;top:368;left:91 "><font style="font-size:8.5pt;">Write down of investments </font></DIV>
<DIV style="position:absolute;top:368;left:414"><font style="font-size:8.5pt;">7.7 </font></DIV>
<DIV style="position:absolute;top:368;left:540"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:368;left:634"><font style="font-size:8.5pt;">7.7 </font></DIV>
<DIV style="position:absolute;top:391;left:91 "><font style="font-size:8.5pt;">Mark-to-market of listed investments </font></DIV>
<DIV style="position:absolute;top:391;left:414"><font style="font-size:8.5pt;">9.0 </font></DIV>
<DIV style="position:absolute;top:391;left:540"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:391;left:634"><font style="font-size:8.5pt;">9.0 </font></DIV>
<DIV style="position:absolute;top:415;left:91 "><font style="font-size:8.5pt;">Realized loss on disposal of listed investments </font></DIV>
<DIV style="position:absolute;top:415;left:414"><font style="font-size:8.5pt;">1.5 </font></DIV>
<DIV style="position:absolute;top:415;left:540"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:415;left:634"><font style="font-size:8.5pt;">1.5 </font></DIV>
<DIV style="position:absolute;top:439;left:91 "><font style="font-size:8.5pt;">Foreign exchange translation </font></DIV>
<DIV style="position:absolute;top:439;left:425"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:439;left:529"><font style="font-size:8.5pt;">8.8 </font></DIV>
<DIV style="position:absolute;top:439;left:634"><font style="font-size:8.5pt;">8.8 </font></DIV>
<DIV style="position:absolute;top:463;left:91 "><font style="font-size:8.5pt;"><b>BALANCE &#8211; JUNE 30, 2005 </b></font></DIV>
<DIV style="position:absolute;top:463;left:409"><font style="font-size:8.5pt;"><b>18.6 </b></font></DIV>
<DIV style="position:absolute;top:463;left:517"><font style="font-size:8.5pt;"><b>(22.0) </b></font></DIV>
<DIV style="position:absolute;top:463;left:627"><font style="font-size:8.5pt;"><b>(3.4) </b></font></DIV>
<DIV style="position:absolute;top:487;left:91 "><font style="font-size:8.5pt;">Mark-to-market of listed investments </font></DIV>
<DIV style="position:absolute;top:487;left:409"><font style="font-size:8.5pt;">67.9 </font></DIV>
<DIV style="position:absolute;top:487;left:540"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:487;left:628"><font style="font-size:8.5pt;">67.9 </font></DIV>
<DIV style="position:absolute;top:510;left:91 "><font style="font-size:8.5pt;">Realized gain on disposal of listed investments </font></DIV>
<DIV style="position:absolute;top:510;left:408"><font style="font-size:8.5pt;">(0.5) </font></DIV>
<DIV style="position:absolute;top:510;left:540"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:510;left:627"><font style="font-size:8.5pt;">(0.5) </font></DIV>
<DIV style="position:absolute;top:534;left:91 "><font style="font-size:8.5pt;">Foreign exchange translation </font></DIV>
<DIV style="position:absolute;top:534;left:425"><font style="font-size:8.5pt;">- </font></DIV>
<DIV style="position:absolute;top:534;left:511"><font style="font-size:8.5pt;">(107.3) </font></DIV>
<DIV style="position:absolute;top:534;left:616"><font style="font-size:8.5pt;">(107.3) </font></DIV>
<DIV style="position:absolute;top:557;left:91 "><font style="font-size:8.5pt;"><b>BALANCE &#8211; JUNE 30, 2006 </b></font></DIV>
<DIV style="position:absolute;top:557;left:409"><font style="font-size:8.5pt;"><b>86.0 </b></font></DIV>
<DIV style="position:absolute;top:557;left:511"><font style="font-size:8.5pt;"><b>(129.3) </b></font></DIV>
<DIV style="position:absolute;top:557;left:622"><font style="font-size:8.5pt;"><b>(43.3) </b></font></DIV>
<DIV style="position:absolute;top:582;left:91 "> </DIV>
<DIV style="position:absolute;top:608;left:135"><font style="line-height:17px;">The Company will revise its future filings to ensure the accumulated balances for each <br>classification within accumulated other comprehensive income are presented in its Statement <br>of Changes in Shareholders&#8217; Equity. </font></DIV>
<DIV style="position: absolute; top: 668; left: 91; width: 667; height: 21">Long Term Loans, page F-26 </DIV>
<DIV style="position:absolute;top:697;left:91 ">5. </DIV>
<DIV style="position:absolute;top:697;left:135"><font style="line-height:17px;">Please expand your disclosure to indicate whether you were in compliance with all your debt <br>covenant ratios and restrictions as of June 30, 2006. </font></DIV>
<DIV style="position:absolute;top:742;left:91 "> </DIV>
<DIV style="position: absolute; top: 739; left: 135; width: 623; height: 22"><i><b>Response</b></i> </DIV>
<DIV style="position:absolute;top:768;left:135"><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 was in compliance with all of its debt covenant rations and <br>restrictions as of June 30, 2006. The Company will revise its future filings to incorporate these <br>disclosures.  </font></DIV>
<DIV style="position: absolute; top: 844; left: 91; width: 667; height: 23">Engineering Comment </DIV>
<DIV style="position: absolute; top: 873; left: 91; width: 667; height: 20">Information on the Company, page 32 </DIV>
<DIV style="position:absolute;top:901 ;left:91 ">Reserves of Gold Fields as of December 31, 2005, page 39 </DIV>
<DIV style="position:absolute;top:928 ;left:91 ">6. </DIV>
<DIV style="position:absolute;top:928 ;left:135"><font style="line-height:17px;">Concerning the proven and probable reserves you disclose in your filing, please forward to our <br>engineer as supplemental information: </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-5365;clip:rect(5365,758,6438,0)" src="goldfields_comment001n.gif" alt="background image">
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">6</font></DIV>
<DIV style="position:absolute;top:131;left:158">&#8226; </DIV>
<DIV style="position:absolute;top:133;left:181"><font style="line-height:17px;">Your most recent reserve reviews or &#8220;audits&#8221; for the Kloof, Beatrix, Tarkwa, and <br>Driefontein mines. </font></DIV>
<DIV style="position:absolute;top:177;left:158">&#8226; </DIV>
<DIV style="position:absolute;top:178;left:181">Your basis for the below infrastructure reserves at Driefontein. </DIV>
<DIV style="position:absolute;top:204;left:158">&#8226; </DIV>
<DIV style="position:absolute;top:205;left:181"><font style="line-height:17px;">A summary analysis of the reasons for the 2005 downward revision of your estimates <br>of the below infrastructure reserves at the Kloof mine, also comparing and contrasting <br>the below infrastructure reserve situation at the Kloof mine with the below <br>infrastructure situation at Driefontein. </font></DIV>
<DIV style="position:absolute;top:285;left:135"><font style="line-height:17px;">Please place the information on a CD-ROM with an Adobe PDF format. Provide the name and <br>phone number for a technical person our engineer may call, if he has technical questions <br>about your reserves. In the event you desire return of the supplemental material, please make <br>a written request with the letter of transmittal; it would be helpful to include a pre-addressed <br>shipping label and envelop to facilitate its return. You may refer to Rule 418(b) of Regulation C <br>for further guidance.  </font></DIV>
<DIV style="position:absolute;top:401;left:91 "> </DIV>
<DIV style="position: absolute; top: 398; left: 135; width: 623; height: 22"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:427;left:91 "> </DIV>
<DIV style="position:absolute;top:427;left:135"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s comment and wishes to advise the Staff that it has <br>supplied the requested supplemental information in the requested format to Roger Baer, <br>Mining Engineer, under separate cover. If Mr. Baer or other members of the Staff have any <br>questions regarding our reserves, they should feel free to contact Tim Rowland at 011 27 11 <br>644 2476.  </font></DIV>
<DIV style="position: absolute; top: 522; left: 91; width: 667; height: 22">Supplemental information </DIV>
<DIV style="position:absolute;top:551;left:91 "><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 disclosures 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 <br>the 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:649;left:331"><b>*     *     *     *     *</b> </DIV>
<DIV style="position:absolute;top:675;left:91 "><font style="line-height:17px;">Should you or the Staff have any questions or require any additional information, please contact the <br>undersigned at 011 27 11 644 2502 or via e-mail at nholland@goldfields.co.za.  </font></DIV>
<DIV style="position:absolute;top:719;left:91 "><font style="line-height:17px;"> <br>Yours sincerely, </font></DIV>
<DIV style="position:absolute;top:755;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position: absolute; top: 773; left: 91; width: 667; height: 60"><font style="line-height:14px;">/s/ Nicholas Holland <br> <br>Nicholas J. Holland <br>Chief Financial Officer </font></DIV>
<DIV style="position:absolute;top:817;left:367"> </DIV>
<DIV style="position:absolute;top:832;left:91 ">Gold Fields Limited </DIV>
<DIV style="position:absolute;top:846;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:846;left:367"><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:864 ;left:91 ">cc: </DIV>
<DIV style="position:absolute;top:864 ;left:137">Lily Dang, Securities and Exchange Commission </DIV>
<DIV style="position:absolute;top:878 ;left:91 "> </DIV>
<DIV style="position: absolute; top: 878; left: 135; width: 623; height: 19">Jenifer Gallagher, Securities and Exchange Commission </DIV>
<DIV style="position:absolute;top:893 ;left:135"><font style="line-height:14px;">Roger Baer, Securities and Exchange Commission <br>Michael Fleischer, Gold Fields Limited <br>Paul Schmidt, Gold Fields Limited <br>Jennifer Schneck, Linklaters </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-6438;clip:rect(6438,758,7511,0)" src="goldfields_comment001n.gif" alt="background image">
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">7</font></DIV>
<DIV style="position:absolute;top:132;left:135"><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:149;left:91 "><font style="font-size:13.6pt;line-height:20px;"><b>APPENDIX <br></b> </font></DIV>
<DIV style="position:absolute;top:185;left:91 "><font style="line-height:17px;"><b>Capitalization of Costs Relating to Ore Reserve Development at the South African Operations, <br>page 140 </b></font></DIV>
<DIV style="position:absolute;top:229;left:91 "><font style="line-height:17px;">At the Company&#8217;s surface mines, when it has been determined that a mineral property can be <br>economically developed as a result of establishing proven and probable reserves, costs incurred to <br>develop the property are capitalized as incurred until saleable minerals are extracted from the mine <br>and are amortized using the units-of-production method over the estimated life of the ore body based <br>on estimated recoverable ounces or pounds mined from proven and probable reserves. These costs <br>include costs to further delineate the ore body and remove overburden to initially expose the ore body. <br>Subsequent mine development costs are treated as variable production costs.  </font></DIV>
<DIV style="position:absolute;top:362;left:91 "><font style="line-height:17px;">Previously, at the Company&#8217;s underground mines, costs incurred to develop the property were <br>capitalized only until the reef horizons were intersected. Subsequent mine development costs to <br>access other specific ore blocks or areas of the mine were treated as variable production costs. <br>During the year ended June 30, 2007, the Company changed its policy to capitalize all underground <br>development costs to access specific ore blocks or other areas of the mine where such costs will <br>provide future economic benefits as a result of establishing proven and probable reserves associated <br>with a specific block or area of operations, even after the reef horizon may have been intersected with <br>the development of the first specific ore block or area of the mine. Under this revised policy, all costs <br>associated with the development of a specific underground block or area are capitalized until saleable <br>mineral
s are extracted from that specific block or area. At the Company&#8217;s underground mines, these <br>costs include the cost of shaft sinking and access, the costs of building access ways, lateral <br>development, drift development, ramps, box cuts and other infrastructure development.  </font></DIV>
<DIV style="position:absolute;top:583;left:91 "><font style="line-height:17px;">The Company believes that the newly adopted principle is preferable because: (i) it aligns its policy <br>with those of its global gold mining company industry peers; (ii) allows for a more direct link between <br>revenue and associated expenditures; (iii) each block of ore can be described as a commencement of <br>a new area of operations, separate and distinct from other existing operations  - with the choice to <br>mine based on an approved life-of-mine plan for that particular block of ore; and (iv) the additional <br>costs capitalized under the revised policy meet the definition of an asset. </font></DIV>
<DIV style="position:absolute;top:699;left:91 "><font style="line-height:17px;">The change in accounting for underground development costs has been applied retrospectively and <br>the comparative statements for the years ended June 30, 2006 and 2005 have been restated. The <br>effect of the change on the years ended June 30, 2006 and 2005 is set out below. Opening <br>accumulated retained earnings at July 1, 2004 have been increased by $52.7 million (net of deferred <br>tax of $37.0 million), which is the adjustment relating to periods prior to June 30, 2004. </font></DIV>
</DIV>
</FONT><FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;page-break-before:always;">
<IMG style="position:absolute;top:-7511;clip:rect(7511,758,8584,0)" src="goldfields_comment001n.gif" alt="background image">
<DIV style="position:absolute;top:1027;left:91 "><font style="font-size:6.8pt;"> </font></DIV>
<DIV style="position:absolute;top:1027;left:662"><font style="font-size:6.8pt;">8</font></DIV>
<DIV style="position:absolute;top:132;left:91 "> </DIV>
<DIV style="position:absolute;top:159;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:158;left:519"><font style="font-size:8.5pt;"><b>Year ended June 30, </b></font></DIV>
<DIV style="position:absolute;top:182;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:182;left:516"><font style="font-size:8.5pt;"><b>2006 </b></font></DIV>
<DIV style="position:absolute;top:182;left:603"><font style="font-size:8.5pt;"><b>2005 </b></font></DIV>
<DIV style="position:absolute;top:207;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 210; left: 495; width: 263; height: 15"><font style="font-size:8.5pt;"><b>($ millions, except per share </b></font></DIV>
<DIV style="position: absolute; top: 225; left: 545; width: 213; height: 15"><font style="font-size:8.5pt;"><b>amounts) </b></font></DIV>
<DIV style="position:absolute;top:244;left:91 "><font style="font-size:8.5pt;">Decrease in production costs (exclusive of depreciation and amortization)  </font></DIV>
<DIV style="position:absolute;top:244;left:459"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:244;left:541"><font style="font-size:8.5pt;">121.5 </font></DIV>
<DIV style="position:absolute;top:244;left:623"><font style="font-size:8.5pt;">128.3 </font></DIV>
<DIV style="position:absolute;top:268;left:91 "><font style="font-size:8.5pt;">Increase in depreciation and amortization  </font></DIV>
<DIV style="position:absolute;top:268;left:321"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 268; left: 534; width: 224; height: 19"><font style="font-size:8.5pt;">             (102.6) </font></DIV>
<DIV style="position: absolute; top: 268; left: 615; width: 143; height: 19"><font style="font-size:8.5pt;">           (103.3) </font></DIV>
<DIV style="position:absolute;top:292;left:91 "><font style="font-size:8.5pt;">Effect on production costs (inclusive of depreciation and amortization)    </font></DIV>
<DIV style="position:absolute;top:293;left:547"><font style="font-size:8.5pt;">18.9 </font></DIV>
<DIV style="position: absolute; top: 293; left: 628; width: 130; height: 19"><font style="font-size:8.5pt;">25.0 </font></DIV>
<DIV style="position:absolute;top:317;left:91 "><font style="font-size:8.5pt;">Effect on deferred income tax expense   </font></DIV>
<DIV style="position: absolute; top: 317; left: 546; width: 212; height: 19"><font style="font-size:8.5pt;">               (6.1) </font></DIV>
<DIV style="position: absolute; top: 317; left: 628; width: 130; height: 19"><font style="font-size:8.5pt;">             (8.8) </font></DIV>
<DIV style="position:absolute;top:340;left:91 "><font style="font-size:8.5pt;">Effect on net (loss)/income </font></DIV>
<DIV style="position:absolute;top:340;left:229"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 340; left: 547; width: 211; height: 19"><font style="font-size:8.5pt;">             12.8 </font></DIV>
<DIV style="position: absolute; top: 340; left: 629; width: 129; height: 19"><font style="font-size:8.5pt;">             16.2 </font></DIV>
<DIV style="position:absolute;top:363;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:387;left:91 "><font style="font-size:8.5pt;">Effect on per share amounts:  </font></DIV>
<DIV style="position:absolute;top:387;left:488"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:387;left:580"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:411;left:91 "><font style="font-size:8.5pt;">Basic (loss) earnings per share ($) </font></DIV>
<DIV style="position:absolute;top:411;left:275"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 411; left: 546; width: 212; height: 19"><font style="font-size:8.5pt;">                 0.03 </font></DIV>
<DIV style="position: absolute; top: 411; left: 629; width: 129; height: 19"><font style="font-size:8.5pt;">               0.03 </font></DIV>
<DIV style="position:absolute;top:435;left:91 "><font style="font-size:8.5pt;">Fully diluted (loss) earnings per share ($) </font></DIV>
<DIV style="position:absolute;top:435;left:321"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 435; left: 545; width: 213; height: 19"><font style="font-size:8.5pt;">                 0.03 </font></DIV>
<DIV style="position: absolute; top: 435; left: 628; width: 130; height: 19"><font style="font-size:8.5pt;">               0.03 </font></DIV>
<DIV style="position:absolute;top:459;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:482;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:482;left:519"><font style="font-size:8.5pt;"><b>Year ended June 30, </b></font></DIV>
<DIV style="position:absolute;top:506;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:506;left:516"><font style="font-size:8.5pt;"><b>2006 </b></font></DIV>
<DIV style="position:absolute;top:506;left:603"><font style="font-size:8.5pt;"><b>2005 </b></font></DIV>
<DIV style="position:absolute;top:530;left:91 "><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position:absolute;top:530;left:541"><font style="font-size:8.5pt;"><b>($ millions) </b></font></DIV>
<DIV style="position:absolute;top:554;left:91 "><font style="font-size:8.5pt;">Effect on property, plant and equipment, net </font></DIV>
<DIV style="position:absolute;top:554;left:321"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 554; left: 538; width: 220; height: 19"><font style="font-size:8.5pt;">               120.5 </font></DIV>
<DIV style="position: absolute; top: 554; left: 620; width: 138; height: 19"><font style="font-size:8.5pt;">             115.5 </font></DIV>
<DIV style="position:absolute;top:578;left:91 "><font style="font-size:8.5pt;">Effect on deferred income taxes  </font></DIV>
<DIV style="position:absolute;top:578;left:275"><font style="font-size:8.5pt;"> </font></DIV>
<DIV style="position: absolute; top: 578; left: 543; width: 215; height: 19"><font style="font-size:8.5pt;">                 47.0 </font></DIV>
<DIV style="position: absolute; top: 578; left: 626; width: 132; height: 19"><font style="font-size:8.5pt;">               46.3 </font></DIV>
<DIV style="position:absolute;top:601;left:135"> </DIV>
<DIV style="position:absolute;top:628;left:91 "><font style="line-height:17px;">Under the Company&#8217;s revised method of accounting for underground development costs, the costs <br>incurred to access specific ore blocks or areas of the mine, which only provide an economic benefit <br>over the period during which that ore block or area is being mined, are attributed to earnings using the <br>units-of-production method where the denominator is estimated recoverable ounces of gold contained <br>in proven and probable reserves within that ore block or area. Capitalized costs that provide an <br>economic benefit over the entire mine life, such as the initial primary shaft in an underground <br>complex, will continue to be attributed to earnings using the units-of-production method, where the <br>denominator is the estimated recoverable ounces of gold contained in total accessible proven and <br>probable reserves. </font></DIV>
<DIV style="position:absolute;top:796;left:91 "><font style="line-height:17px;">Interest on borrowings incurred in respect of assets requiring a substantial period of time to prepare <br>for their intended use are capitalized to the date on which the assets are substantially completed and <br>ready for their intended use. </font></DIV>
<DIV style="position:absolute;top:859 ;left:135"> </DIV>
</DIV>
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#`@`[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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