<SEC-DOCUMENT>0001193125-16-680681.txt : 20160922
<SEC-HEADER>0001193125-16-680681.hdr.sgml : 20160922
<ACCEPTANCE-DATETIME>20160812153102
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-680681
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GOLD FIELDS LTD
		CENTRAL INDEX KEY:			0001172724
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		150 HELEN ROAD
		STREET 2:		SANDOWN
		CITY:			SANDTON
		STATE:			T3
		ZIP:			2196
		BUSINESS PHONE:		0027115629700

	MAIL ADDRESS:	
		STREET 1:		POST NET SUITE 252
		STREET 2:		PRIVATE BAG X30500
		CITY:			HOUGHTON 2041 SOUTH AFRICA
		STATE:			T3
		ZIP:			00000
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rufus Decker</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Accounting Branch
Chief</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Beverages, Apparel and Mining</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United&nbsp;States&nbsp;Securities&nbsp;and&nbsp;Exchange&nbsp;Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington D.C. 20549 &#150; 7010</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">United States of
America</P></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gold Fields Limited</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reg. 1968/004880/06</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">150&nbsp;Helen&nbsp;Road,&nbsp;Sandown,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sandton, 2196</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Postnet Suite 252</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Private Bag X30500</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Houghton, 2041</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">South Africa</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel &nbsp;+27 11 562-9796</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax +27 11&nbsp;562-9825</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.goldfields.co.za</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;12, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>By
EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Decker, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Gold Fields Limited </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Form 20-F for the year ended December&nbsp;31, 2015 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Filed on April&nbsp;13, 2016 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>File No. 001-31318 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We refer to your
comment letter (the &#147;<B>Comment Letter</B>&#148;) dated July&nbsp;27, 2016 setting forth the comments of the staff (the &#147;<B>Staff</B>&#148;) of the Division of Corporation Finance of the Securities and Exchange Commission (the
&#147;<B>Commission</B>&#148;) on the above referenced Form 20-F (the &#147;<B>2015 Form 20-F</B>&#148;) of Gold Fields Limited (the &#147;<B>Company</B>&#148;). For your convenience, we have set forth below the text of the Staff&#146;s comments,
followed in each case by our response. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form 20-F for the Year Ended December&nbsp;31, 2015 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;5: Operating and Financial Review and Prospects </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Critical Accounting Policies and Estimates </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Impairment
of Long-lived Assets, page 161 </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Impairment of Goodwill, page 162 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Directors: C A Carolus (Chair), N J Holland<SUP
STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-family:Times New Roman; font-size:6.5pt">&#134;</FONT></SUP>**(Chief Executive Officer), P A Schmidt**(Chief Financial Officer), A Andani
<SUP STYLE="font-size:85%; vertical-align:top">#</SUP>, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">K Ansah<SUP STYLE="font-size:85%; vertical-align:top">#</SUP>, T P Goodlace, A R Hill<SUP
STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-family:Times New Roman; font-size:6.5pt">&ne;</FONT></SUP>, R P Menell, D M J Ncube, S P Reid&#094;, G M Wilson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#094;Australian, &#134;British,
<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-family:Times New Roman; font-size:6.5pt">&ne;</FONT></SUP>Canadian, <SUP STYLE="font-size:85%; vertical-align:top">#</SUP>Ghanaian, ** Executive Director </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Company Secretary: MML Mokoka </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B>We note a history of operating losses and production results at South Deep for the three years ended December&nbsp;31, 2015 including revenue decreases and operating costs increases as a result of weakening of
the Rand. We also note on page 52 your all-in costs net of by-product revenues per ounce of gold sold ranged from $1,763 to $1,559 during this period while the future expected long-term gold price is $1,300 per ounce. Please provide the following
information on key estimates and assumptions used for impairment assessment: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the reason for increase in the life of the mine to 81 years; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">quantify the expected future operating costs and capital expenditures used and how they compare to the historical all-in costs during this period; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">provide some insight into the quality and variability in the expected cash flows associated with value beyond proven and probable reserves; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">discuss and quantify any long-lived assets related to this mine that may be at risk for impairment. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Response </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges the
Staff&#146;s Comment. The Company has outlined its response below by addressing the four key estimates and assumptions identified by the Staff individually. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The South Deep mine uses South African Rand (<B>&#147;Rand&#148;</B>) as its functional currency, and, as a result, the Company&#146;s life of mine model
(<B>&#147;LOM&#148;</B>) is prepared in Rand. All amounts are reported in Rand, unless otherwise stated. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Background </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The South Deep mine is in the ramp-up phase and has yet to reach steady-state production. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Due to poor production performance at South Deep in 2014, Gold Fields appointed a new management team at the mine. At the start of fiscal 2015, after the
introduction of the new management team, Gold Fields decided to focus on the basic operational requirements of South Deep in order to ensure a stronger foundation for sustainable growth in the future. The new management team has adopted a strategy
of embedding an improved safety and productivity culture at the mine. Among other things, South Deep: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Recruited an additional 146 skilled employees during fiscal 2015, mostly from the platinum sector, which has a similar mechanized mining skills set; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Procured an additional fleet of 24 new Category 1 machines and trucks (which include all types of drill rigs, bolters, load haul dumpers and dump trucks), with the new fleet including one high profile drill rig, three
long hole stope drill rigs, eight high profile load haul dump trucks and five dump trucks; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Took the strategic decision to convert the destress mining methodology at the mine from low profile (2.5m vertical height) to high profile (5.0m vertical height). </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I></I>In the second half of 2015, production at South Deep was 64% higher, at 123,000 oz. (3,828 kg), than in the first half of 2015, with total production
for fiscal 2015 of 198,000 oz. (6,160 kg) (2014: 200,500 oz. (6,237 kg)). In the fourth quarter of fiscal 2015, aided in part by the rising Rand gold price, the net cash outflow from South Deep was R57 million, down from R266 million in the third
quarter of fiscal 2015. This was due to increased production of 68,100 oz. (2,119 kg) in the fourth quarter of fiscal 2015.<I> (</I>See<I> Item&nbsp;4 (pg. 34) of the 2015 Form 20-F). </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on this improvement in performance in the second half of the year and the fourth quarter, management is of
the opinion that the ramp up in production as outlined in the 2015 LOM and used for impairment purposes is achievable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The reason for increase in the
life of the mine to 81 years </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The South Deep mine is being built in order to extract one of the largest undeveloped underground gold ore bodies in the
world. The ore body, encompassing a 37.3 Moz. (38.0 Moz. in 2014) mineral reserve (the reduction is due primarily to mining depletion and changes in regional geotechnical pillars), is well understood&nbsp;as a result of a combination of 3D seismic
(vibroseis, 2007) modelling, extensive surface drilling (2007-2013) and resource modelling that has provided information on the geological structure and gold distribution patterns at the mine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mineral Reserves are estimates of the amount of product that can be economically and legally extracted from the property. In order to calculate the reserves,
estimates and assumptions are required about a range of geological, technical and economic factors, including but not limited to quantities, grades, production techniques, recovery rates, production costs, capital expenditure, transport costs,
commodity demand, commodity prices and exchange rates. Estimates of Mineral Reserves, as well as annual production, may change from year to year due to the change in economic assumptions used to estimate ore reserves and due to additional geological
data becoming available during the course of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although there were no significant changes in the total mineral reserve from 2014 to 2015, the
primary reason for the extension of the South Deep life of mine in 2015 from 72 years to 81 years was the application of a reduced steady-state production level, reflective of current production capability modelling, which has reduced the previous
assumption of the average tonnes of gold milled per annum from 3.2&nbsp;million (equal to 15.8 tonnes (509 koz.)) in 2014, to 2.9&nbsp;million in 2015 (equal to 13.8 tonnes (444 koz.))<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Quantify the expected future operating costs and capital expenditures used and how they compare to the historical all-in costs during this period </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company wishes to advise the Staff that it has supplied the expected future operating costs and capital expenditures for South Deep and how they compare to
historical all-in costs, as well as a table containing further detail and the full LOM cash flows for South Deep (the &#147;<B>South Deep Nominal Cash Flows Information&#148;</B>) under separate cover. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Provide some insight into the quality and variability in the expected cash flows associated with value beyond proven and probable reserves </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As only reserves are included in the LOM, the value beyond proven and probable reserves relates to the fair value attributable to the resource ounces at the
South Deep mine. A market approach has been used for the resource valuation. A gold equivalent resource value of USD69.0 per ounce was used to value the 31.2 Moz. of resources for South Deep, resulting in a fair value of R32.485 million attributable
to the resource at December&nbsp;31, 2015, using the 2015 closing exchange rate of R/USD 15.10. This resource per ounce value represents the average gold equivalent resource value per ounce, with infrastructure, for emerging markets, calculated from
a list of 2015 emerging markets comparable gold transactions, obtained from SNL Financial (www.snl.com), a reputable global provider of business intelligence services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company wishes to advise the Staff that it has supplied the list of 2015 emerging markets comparable gold transactions and supporting calculations (the
&#147;<B>Resource Value Per Ounce Information&#148;</B>) under separate cover. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The total production over the life of mine of 35.9Moz (36.7Moz in 2014) is based on the reserve declared of 37.3Moz (38.0Moz in 2014) and applying a recovery factor of 96.5%. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Discuss and quantify any long-lived assets related to this mine that may be at risk for impairment. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company wishes to advise the Staff that it has supplied a detailed impairment calculation (the &#147;<B>South Deep LOM Information&#148;</B>) and fair
value sensitivities of the reserves at South Deep (the &#147;<B>South Deep Fair Value Sensitivities&#148;</B> and, together with the South Deep Nominal Cash Flows Information, Resource Value Per Ounce Information and the South Deep LOM Information,
the &#147;<B>Supplemental Information</B>&#148;) under separate cover. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The long-lived assets related to the South Deep mine reporting unit were tested
for impairment in fiscal 2015 and were not found to be impaired, as the fair value significantly exceeds the carrying value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on management&#146;s
impairment assessment of the South Deep reporting unit, management have concluded that no long-lived assets related to the mine may be at risk of impairment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If Mr.&nbsp;Decker or other members of the Staff have any questions regarding the Supplemental Information, they should feel free to contact the undersigned
at 011 27 11 562 9796 or via e-mail at pauls@goldfields.co.za. In the alternative, feel free to contact Thomas B. Shropshire Jr. (tel: 011 44 20 7456 3223; email: tom.shropshire@linklaters.com) or John Stone (tel: 011 44 20 7456 2677; email:
john.stone@linklaters.com) of Linklaters LLP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company hereby respectfully requests the return of the Supplemental Information provided to the Staff
pursuant to Rule 12b-4 of Regulation 12B. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Supplemental Information </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to a request from the Staff, Gold Fields hereby acknowledges (i)&nbsp;it is responsible for the adequacy and accuracy of the disclosure in the filing,
(ii)&nbsp;Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing and (iii)&nbsp;it may not assert Staff comments as a defence in any proceeding
initiated by the Commission or any person under the federal securities laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">***** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Should you or the Staff have any questions or require any additional information, please contact the undersigned at 011 27 11 562 9796 or via e-mail at
pauls@goldfields.co.za. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="98%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Paul A. Schmidt</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Paul Schmidt</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Chief Financial Officer</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Gold Fields Limited</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="96%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Blaise Rhodes, Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nasreen Mohammed, Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taryn
Harmse, Gold Fields Limited</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Thomas B. Shropshire, Jr., Linklaters LLP</P></TD></TR>
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