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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001205613-07-000076.txt : 20071214
<SEC-HEADER>0001205613-07-000076.hdr.sgml : 20071214
<ACCEPTANCE-DATETIME>20070612150505
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001205613-07-000076
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20070612

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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<FONT style="font-family:arial;font-size:9pt;color:#000000;"><DIV style="position:relative;width:758;height:1073;">
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<DIV style="position:absolute;top:35;left:667"><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position: absolute; top: 993; left: 81; width: 677; 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:138"><font style="font-size:6.8pt;">A J Wright (Chairman), I D Cockerill</font></DIV>
<DIV style="position: absolute; top: 993; left: 294; width: 464; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 995; left: 301; width: 457; height: 19"><font style="font-size:6.8pt;"> (Chief Executive Officer), K Ansah</font></DIV>
<DIV style="position: absolute; top: 993; left: 455; width: 295; height: 19"><font style="font-size:6pt;">#</font></DIV>
<DIV style="position: absolute; top: 995; left: 466; width: 292; height: 19"><font style="font-size:6.8pt;">, A Grigorian&deg;, N J Holland</font></DIV>
<DIV style="position: absolute; top: 993; left: 583; width: 175; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 995; left: 589; width: 169; height: 19"><font style="font-size:6.8pt;"> (Chief Financial Officer), J G </font></DIV>
<DIV style="position: absolute; top: 1005; left: 80; width: 678; 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: 187; width: 571; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position:absolute;top:1015;left:194"><font style="font-size:6.8pt;">, D M J Ncube, R L Pennant-Rea</font></DIV>
<DIV style="position: absolute; top: 1014; left: 334; width: 424; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 337; width: 421; 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: 543; width: 215; height: 19"><font style="font-size:6pt;">&#8224;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 552; width: 206; height: 19"><font style="font-size:6.8pt;">British, </font></DIV>
<DIV style="position: absolute; top: 1014; left: 584; width: 174; height: 19"><font style="font-size:6pt;">#</font></DIV>
<DIV style="position: absolute; top: 1015; left: 592; width: 166; height: 19"><font style="font-size:6.8pt;">Ghanaian, </font></DIV>
<DIV style="position: absolute; top: 1015; left: 643; width: 115; height: 19"><font style="font-size:6.8pt;">&deg;</font></DIV>
<DIV style="position: absolute; top: 1015; left: 651; width: 107; height: 19"><font style="font-size:6.8pt;">Russian </font></DIV>
<DIV style="position: absolute; top: 1025; left: 80; width: 678; 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: 181; width: 577; height: 19"><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: 623; width: 135; height: 19"><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>12 June 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 EDGAR <br> <br></b>Dear Mr. Hiller: </font></DIV>
<DIV style="position:absolute;top:432;left:91 "><font style="font-size:11pt;line-height:23px;"><b>Re:  Gold Fields Limited <br> </b></font></DIV>
<DIV style="position:absolute;top:453;left:123"><font style="font-size:11pt;"><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:11pt;"><b> </b></font></DIV>
<DIV style="position:absolute;top:473;left:123"><font style="font-size:11pt;"><b>Filed on November 24, 2006 </b></font></DIV>
<DIV style="position:absolute;top:493;left:91 "><font style="font-size:11pt;"><b> </b></font></DIV>
<DIV style="position:absolute;top:493;left:123"><font style="font-size:11pt;"><b>File No. 001-31318 </b></font></DIV>
<DIV style="position: absolute; top: 523; left: 91; width: 648; height: 112"><font style="line-height:17px;">We refer to the comment letter (the &#8220;<b>Comment Letter</b>&#8221;) dated May 17, 2007 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 <br>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 the <br>&#8220;<b>Company</b>&#8221;). We also refer to the response letter filed by the Company on June 8, 2007 in response <br>to comments 1, 3 and 4 of the Comment Letter. This letter is being filed to respond to comment 2 of <br>the Comment Letter. For your convenience, that 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: 653; left: 91; width: 667; height: 22">Results of Operations &#8211; Years Ended June 30, 2006 and 2005, page 145 </DIV>
<DIV style="position: absolute; top: 682; left: 91; width: 667; height: 20">Depreciation and Amortization, page 150 </DIV>
<DIV style="position:absolute;top:709;left:91 ">2. </DIV>
<DIV style="position: absolute; top: 709; left: 127; width: 609; height: 160"><font style="line-height:17px;">We have read your response to prior comment 2, explaining that you changed your method of <br>calculating amortization to apply an amortization rate that will based on reserve estimates <br>prepared as of the end of the second quarter of the preceding fiscal year (December 31) to <br>production for the first nine months of the current fiscal year, and an amortization rate that will <br>be based on reserve estimates as of the end of the second quarter of the current fiscal year to <br>production for the last quarter of the current fiscal year.  We understand that you previously <br>utilized a single amortization rate of the entire fiscal year, based on your reserve estimates as <br>of the end of the preceding fiscal year (June 30). You describe this change as having been <br>implemented in connection with your decision to no longer report mineral reserve information <br>that is current as of the end o
f the fiscal year covered by your annual report on Form 20-F.<b>   </b></font></DIV>
<DIV style="position:absolute;top:895 ;left:127"><i>Amortization Policy </i></DIV>
<DIV style="position:absolute;top:922 ;left:127"><font style="line-height:17px;">While we understand that you may have established conventions which facilitate the process of <br>calculating periodic units-of-production amortization, under U.S. GAAP you need to update the </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:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<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:127"><font style="line-height:17px;">reserve estimates  utilized in your formulas to reflect material information arising during the <br>period, of which you become aware, including significant changes in your reserves, such as <br>those resulting from acquisitions, dispositions or discoveries; and material changes in  the <br>assumptions underlying your reserve estimates, such as changes in your mine plan, actual <br>yields that are inconsistent with prior assumptions, or changes in commodity prices or <br>production costs, as indicated in the guidance on estimates in APB 20 and SFAS 154. You <br>would also need to update your reserve information as of your current fiscal year-end to <br>appropriately conduct impairment testing, following the guidance in paragraphs 16 through 21 <br>of SFAS 144. </font></DIV>
<DIV style="position:absolute;top:300;left:127"><font style="line-height:17px;">Please implement procedures for monitoring changes in these and other factors underlying <br>your reserve estimates; assessing the implications of such changes on your reserve estimates, <br>amortization computations and views on recoverability; and adjusting your amortization <br>formulas and property account balances as necessary to take into account all changes having <br>material effects in the period that such changes occur and in which you become aware of the <br>information. Please submit an analysis showing haw the amortization expense you recorded <br>each period would  need to change to properly reflect material revisions in reserves and the <br>related assumptions based on new information arising during the period, in advance of your <br>scheduled reserve updates. Similarly, advise us of your views on asset recoverability, after <br>taking into consideration all information that was known about your reserves on the bal
ance <br>sheet dates. Additionally, expand your accounting policy disclosure to discuss the procedures <br>you implement. </font></DIV>
<DIV style="position:absolute;top:521;left:127"><i>Mineral Reserves </i></DIV>
<DIV style="position:absolute;top:549;left:127"><font style="line-height:17px;">With regard to your preference for reporting non-current information about reserves in the Form <br>20-F, we ask that you read the guidance in General Instruction C(b), stating that &#8220;Unless an <br>item directs you to provide information as of a specific date or for a specific period, &#8230;give the <br>information in an annual report as of the latest practicable date.&#8221; In addition, you may find the <br>following guidance within Industry Guide 7, applicable by way of the Instruction to Item 4 of <br>Form 20-F, helpful in understanding the reporting requirement for reserve information: </font></DIV>
<DIV style="position:absolute;top:663;left:171"><font style="line-height:17px;">Paragraph (b)(4)(i) of Industry Guide 7 requires a &#8220;&#8230;description of the present condition <br>of the property, the work completed by the registrant on the property, the registrant&#8217;s <br>proposed program of exploration and development, and the current state of exploration <br>and/or development of the property.&#8221; </font></DIV>
<DIV style="position:absolute;top:743;left:171"><font style="line-height:17px;">Paragraph (b)(5)  of Industry Guide 7 requires a description of the &#8220;&#8230;existing or <br>potential economic significance on the property, including the identity of the principal <br>metallic or other constituents insofar as known,&#8221; also stating that if reserves have been <br>established, disclose &#8220;&#8230;the estimated tonnages and grades (or quality, where <br>appropriate) of such classes of reserves....&#8221; </font></DIV>
<DIV style="position:absolute;top:841;left:127"><font style="line-height:17px;">Please also read Instruction 1(a) to Item 4.D of Form 20-F, requiring disclosure of &#8220;&#8230;material <br>information about production, reserves, locations, developments and the nature of interest. If <br>individual properties are of major significance to you, provide more detailed information about <br>those properties....&#8221; </font></DIV>
<DIV style="position:absolute;top:921 ;left:127"><font style="line-height:17px;">We do not believe that General Instruction C(b), or the Industry Guide 7 references to &#8220;present&#8221; <br>condition and &#8220;existing&#8221; economic significance accommodate a practice of not disclosing </font></DIV>
</DIV>
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<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<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:127"><font style="line-height:17px;">information that is current as of the end of the period covered by your report; and we do not see <br>support for a view that reserves as of the end of the period, and changes in reserves during the <br>period, would not constitute material information requiring disclosure pursuant to Item 4.D. <br>Given the interrelatedness of accounting and mineral  reserve measurements necessary to <br>comply with U.S. GAAP, coupled with the specific disclosure requirements cited above, we <br>again ask that you amend your filing to update your reserve information through June 30, 2006, <br>the end of your fiscal year. </font></DIV>
<DIV style="position:absolute;top:265;left:127"><i><b>Response </b></i></DIV>
<DIV style="position:absolute;top:292;left:127"><i>Amortization Policy </i></DIV>
<DIV style="position:absolute;top:318;left:127"><font style="line-height:17px;">The Company acknowledges the Staff&#8217;s guidance and wishes to confirm that, in calculating <br>depreciation, depletion and amortization for the periods presented, the Company already <br>followed the approach suggested by the SEC by monitoring and assessing the implications of <br>significant changes in the Company&#8217;s reserves that it became aware of during the relevant <br>period, such as those resulting from acquisitions, dispositions or discoveries; and material <br>changes in the assumptions underlying its reserve estimates, such as changes in mine plans, <br>actual yields that are inconsistent with prior assumptions, or changes in commodity prices or <br>production costs, as indicated in the guidance on estimates in APB 20 and SFAS 154. This is <br>particularly relevant at the Company&#8217;s shorter-lived mines, such as those in Australia, where the <br>Company&#8217;s depreciation, depletion and amortization calcu
lations are adjusted half-yearly <br>particularly where there is a material change between the actual mine performance relative to <br>the latest reserve estimates or where a mine is approaching end of mine life. At the Company&#8217;s <br>longer-lived, South African operations, material changes have generally been limited, as <br>discussed further below  in response to the Staff&#8217;s comments on &#8220;Mineral Reserves&#8221;. The <br>Company also confirms that whenever there is a material change in the reserve estimate as of <br>a fiscal year end, it updates its reserve information as of that fiscal year-end in order to <br>appropriately conduct impairment testing, following the guidance in paragraphs 16 to 21 of <br>SFAS 144.  </font></DIV>
<DIV style="position:absolute;top:646;left:127"><font style="line-height:17px;">The Company proposes to clarify its accounting policy for the calculation of depreciation and <br>amortization of mining assets by adding the following text: </font></DIV>
<DIV style="position:absolute;top:691;left:127"><font style="line-height:17px;">&#8220;In calculating amortization and depreciation, account is taken of any major changes in the <br>proven and probable reserves between formal reserve estimations resulting from acquisitions, <br>dispositions or discoveries or changes in assumptions that have a material impact on the <br>reserves that the Company becomes aware of. Such changes are accounted for on a <br>prospective basis<i>.</i> </font></DIV>
<DIV style="position:absolute;top:787;left:127"><i>Mineral Reserves </i></DIV>
<DIV style="position:absolute;top:815;left:127"><font style="line-height:17px;">The Company&#8217;s financial year-end was and remains June 30. The process as outlined below <br>explains how the Company&#8217;s  mineral reserves have been historically declared  in its  Annual <br>Reports on Form 20-F (&#8220;<b>Forms 20-F</b>&#8221;), and outlines the proposed declaration dates going <br>forward. The Company notes that the 2006 Form 20-F was the first one for which its mineral <br>reserve declaration was not made on the same date as its financial year-end. As part of what <br>the Company believes  to be an  overall  high-quality corporate  control process, the Company <br>regularly commissions independent mineral reserve audits of all of its producing and developing <br>operations.  </font></DIV>
</DIV>
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<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<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:127"><i>Prior to the year ended June 30, 2005 (&#8220;<b>FY2005</b>&#8221;) </i></DIV>
<DIV style="position:absolute;top:158;left:127"><font style="line-height:17px;">Prior to FY2005 Gold Fields followed a comparatively onerous reporting regimen that involved <br>three key phases:  </font></DIV>
<DIV style="position:absolute;top:203;left:127"><font style="line-height:17px;">First, a strategic plan (&#8220;<b>SP1&#8221;</b>) was prepared in October/November to model, test and rank a <br>number of potential production plan scenarios;   </font></DIV>
<DIV style="position:absolute;top:247;left:127"><font style="line-height:17px;">Secondly, a detailed two-year operations plan (&#8220;<b>OP</b>&#8221;) was then prepared by the mining <br>operations&#8217; management teams and the mineral resource management department during <br>February/March in the following year based on findings of the SP1; and  </font></DIV>
<DIV style="position:absolute;top:309;left:127"><font style="line-height:17px;">Finally, a second strategic plan (&#8220;<b>SP2</b>&#8221;) was prepared during April/May, which provided the final <br>technical and economic basis for the annual mineral reserve estimate as at June 30.   </font></DIV>
<DIV style="position:absolute;top:354;left:127"><font style="line-height:17px;">The SP2 comprised the life of mine production plan (&#8220;<b>LoM</b>&#8221;) and associated economic/financial <br>model per mining asset, and was underpinned by the generation of a comprehensive <br>Competent Person&#8217;s Report (&#8220;<b>CPR</b>&#8221;) detailing the techno-economic inputs and processes <br>inherent to the declaration. The estimated  mineral  reserve as at June 30  was audited by the <br>Company&#8217;s  Corporate Mineral Resource Management team, and was consolidated and <br>presented to the Company&#8217;s Executive team, followed by the Board of Directors for final <br>approval during August.  The timing of the approval process in accordance with the Company&#8217;s <br>decision framework policy resulted in the final mineral reserve numbers only being available to <br>the Gold Fields financial department at least two months after the closure of that year&#8217;s financial <br>year-end and thus into the n
ew financial year. Consequently, the financial year-end amortization <br>and impairment calculations were conducted using the previous financial year&#8217;s mineral reserve <br>figures. However, these  figures  were adjusted during the year for any significant changes <br>noted, either through the process steps described in phases 1 to 3 above, or from operational <br>data received directly from the mine operations meetings held on a monthly basis throughout <br>the year. In this respect, the Company wishes to advise the Staff that its longer-life South <br>African operations (with a typical life of mine of between 13 and 35 years) are less sensitive to <br>short-term changes than its shorter-life operations, such as those in Australia (with a typical life <br>of mine of between  2 and  5  years). At these shorter life operations the Company updates its <br>reserve estimations and depreciation, depletion and amortization calculations more frequently. </font></DIV>
<DIV style="position:absolute;top:699;left:127"><i>Process from FY2005 onward </i></DIV>
<DIV style="position:absolute;top:726;left:127"><font style="line-height:17px;">Operationally,  the Company undertook  a review of the pre-FY2005  strategic and  business <br>planning process in calendar 2005, and the conclusion was that operationally, a revision  was <br>clearly warranted  to reduce what was effectively a duplication of the Strategic/LoM planning <br>process either side of the operations plan,  as well as to rectify  the delayed availability of the <br>mineral reserves post the financial year-end date.   </font></DIV>
<DIV style="position:absolute;top:823;left:127"><font style="line-height:17px;">In order to remedy this duplication, for the first time, Gold Fields reported its Mineral Reserves <br>as at 31 December 2005, only  six  months after the  prior declaration, to provide for only one <br>strategic LoM plan that logically leads into the operations plan; the first two years of the <br>strategic LoM plan are typically closely aligned to the two-year operations plan.  The financial <br>year-end amortization and impairment calculations  for the year ended June 30, 2006 <br>(&#8220;<b>FY2006</b>&#8221;)  were conducted using the approved  mineral  reserves from June 30, 2005  for the <br>first nine months of the financial year (i.e., through March 31, 2006) and the approved mineral <br>reserves from December 31, 2005 adjusted for three months depletion to  April 1, 2006 for the </font></DIV>
</DIV>
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<DIV style="position:absolute;top:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<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:127"><font style="line-height:17px;">last three months of the financial year.  Consistent with prior years, any material issues arising <br>during the final 3-month period or during the previous 9-month period were taken cognizance of <br>in calculating depreciation, depletion and amortisation.  This same process is currently being <br>followed for  the financial  year-end amortization calculations to be made for the year ending <br>June 30, 2007 (&#8220;<b>FY2007</b>&#8221;).  </font></DIV>
<DIV style="position:absolute;top:229;left:127"><font style="line-height:17px;">As outlined during the conference call with the Staff on the May 29, 2007, the Company views <br>this operational reporting process as representing a significant improvement to the relevance, <br>transparency and materiality of its reporting of its  mineral  reserve figures as well as aligning <br>financial reporting at fiscal year-end to the most recent mineral reserve statement. </font></DIV>
<DIV style="position: absolute; top: 308; left: 127; width: 631; height: 31"><font style="line-height:17px;"><i>Recognition of the Staff&#8217;s requirements and the way forward from the financial year ending June <br>30, 2008 (&#8220;FY2008&#8221;) </i></font></DIV>
<DIV style="position:absolute;top:354;left:127"><font style="line-height:17px;">The Company, however, fully recognizes the Staff&#8217;s point of view and  fully  appreciates  the <br>preference for maintaining industry standard procedures. The Company is therefore proposing <br>to revert back to financial year-end aligned  reserve declarations for  FY2008 onwards.  In <br>addition to this proposed change, the  Company proposes the  following to address  the non-<br>alignment of the mineral reserve declaration and the financial year-end for  FY2006 and <br>FY2007:  </font></DIV>
<DIV style="position:absolute;top:469;left:127"><font style="line-height:17px;">The Company will  amend its FY2006 Form 20-F to  provide a relevant  mineral  reserve <br>statement as at June  30,  2006, which will be in alignment with the FY2006 year-end.  This <br>statement will be sourced from the CPR generated by Snowden Mining Industry Consultants in <br>connection with Gold Fields&#8217; recent acquisition of Western Areas Limited.  This comprehensive <br>techno-economic review of the Company and statement of its compliant mineral reserves as at <br>June 30, 2006 was derived by applying mined depletion to the December 31, 2005 figures and <br>taking cognizance of any material changes to technical and financial input parameters.  The <br>Company will also revise its description of the methodology applied for calculating its mineral <br>reserves to explain the foregoing approach. </font></DIV>
<DIV style="position:absolute;top:637;left:127"><font style="line-height:17px;">For the FY2007 Form 20-F, the Company will provide for a relevant mineral reserve statement <br>as at June  30,  2007.  The December  31,  2006 statement will be referenced and, where <br>warranted, account will be taken of all material changes to technical and economic factors, <br>including mined depletion to June 2007. Again, the description of the methodology applied for <br>calculating mineral reserves will explain the approach used. </font></DIV>
<DIV style="position:absolute;top:735;left:127"><font style="line-height:17px;">The Company, however, would like to advise the Staff of the status of the South Deep mining <br>operation in South Africa which was acquired by Gold Fields in January 2007.   </font></DIV>
<DIV style="position:absolute;top:779;left:127"><font style="line-height:17px;">South Deep is a very large, complex and long life operation that the Company must subject to a <br>comprehensive review using embedded Company processes and protocols before an updated <br>mineral reserve can be established.  Until the review is complete, the Company notes that it is <br>reporting the acquisition mineral reserve figures as generated by the operation&#8217;s previous <br>owners.  An independent review panel (&#8220;<b>IRP</b>&#8221;) provided advice and assistance to South Deep&#8217;s <br>prior owners  during the preparation of the reserve statement for  the  2005 calendar year-end <br>regulatory disclosure by South Deep&#8217;s prior owners.  The IRP considered this 2005 statement <br>to be compliant with the SAMREC Code and the South Deep reserves, reported by the <br>Company as at 31 December 2006, reflect minor modifications<b> </b>to the IRP statement relating to <br>changes to the layout of the mine and min
ed depletion.   </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:35;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<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:132;left:127"><font style="line-height:17px;">The Company will endeavor to complete its own internal reserving process for South Deep as <br>soon as is practically possible.   Once the process is completed, Gold Fields will include the <br>updated reserve statement for the South Deep operation under Gold Fields management.   In <br>respect of South Deep, Gold Fields expects that its June  30,  2007 reserve statement will <br>therefore reflect only an adjustment for mined depletion for the six months from December 31, <br>2006 to June 30, 2007.  </font></DIV>
<DIV style="position:absolute;top:247;left:127"><font style="line-height:17px;">Going forward, starting with the FY2008 financial year-end and the associated Form 20-F, the <br>Company will re-align its  mineral  reserve declaration date to that of the financial year-end <br>(presently June 30).  Starting in FY2008, the strategic LoM will reflect the reserve position as <br>from the beginning of the new financial year.   </font></DIV>
<DIV style="position:absolute;top:327;left:91 ">Supplemental information </DIV>
<DIV style="position:absolute;top:354;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:451;left:331"><b>*     *     *     *     *</b> </DIV>
<DIV style="position:absolute;top:478;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 +27 11 644 2502 or via e-mail at nholland@goldfields.co.za.  </font></DIV>
<DIV style="position:absolute;top:522;left:91 "><font style="line-height:17px;"> <br>Yours sincerely, </font></DIV>
<DIV style="position:absolute;top:557;left:91 "><font style="font-size:13.6pt;line-height:20px;"> <br> <br> </font></DIV>
<DIV style="position:absolute;top:611;left:91 "><font style="line-height:14px;">/s/ Nicholas Holland <br> <br>Nicholas J. Holland <br>Chief Financial Officer </font></DIV>
<DIV style="position:absolute;top:654;left:367"> </DIV>
<DIV style="position:absolute;top:669;left:91 "><font style="line-height:14px;">Gold Fields Limited <br> </font></DIV>
<DIV style="position:absolute;top:684;left:367"> </DIV>
<DIV style="position:absolute;top:698;left:91 ">cc: </DIV>
<DIV style="position:absolute;top:698;left:137">Lily Dang, Securities and Exchange Commission </DIV>
<DIV style="position:absolute;top:713;left:135"><font style="line-height:14px;">Jenifer Gallagher, Securities and Exchange Commission <br>Ken Schuler, Securities and Exchange Commission <br>Michael Fleischer, Gold Fields Limited <br>Paul Schmidt, Gold Fields Limited <br>Jennifer Schneck, Linklaters </font></DIV>
<DIV style="position:absolute;top:787;left:91 "><font style="font-size:13.6pt;"> </font></DIV>
<DIV style="position:absolute;top:804;left:91 "> </DIV>
</DIV>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
