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Royalties (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of information about royalty arrangements [abstract]  
Summary of royalties
United States Dollar
Figures in millions unless otherwise stated202220212020
South Africa(2.9)(2.6)(2.0)
Peru(5.9)(8.0)(5.6)
Ghana(54.8)(55.8)(53.2)
Australia(46.8)(46.0)(44.2)
Total royalties(110.4)(112.4)(105.0)
Royalty rates
South Africa (effective rate)1
0.5 %0.5 %0.5 %
Australia2
2.5 %2.5 %2.5 %
Ghana3
4.1 %4.1 %4.1 %
Peru4
4.2 %4.4 %3.9 %
1    The Mineral and Petroleum Resource Royalty Act 2008 (“Royalty Act”) was promulgated on 24 November 2008 and became effective from 1 March 2010. The Royalty Act imposes a royalty on refined (mineral resources that have undergone a comprehensive level of beneficiation such as smelting and refining as defined in Schedule 1 of the Royalty Act) and unrefined (mineral resources that have undergone limited beneficiation as defined in Schedule 2 of the Royalty Act) minerals payable to the state. The royalty in respect of refined minerals (which include gold refined to 99.5% and above and platinum) is calculated by dividing earnings before interest and taxes (“EBIT”) by the product of 12.5 times gross revenue calculated as a percentage, plus an additional 0.5%. EBIT refers to taxable mining income (with certain exceptions such as no deduction for interest payable and foreign exchange losses) before assessed losses but after capital expenditure. A maximum royalty of 5% has been introduced on refined minerals. The effective rate of royalty tax payable for the year ended 31 December 2022 was 0.5% of mining revenue (2021: 0.5% and 2020: 0.5%) equalling the minimum charge per the formula.
2    The Australian operations are subject to a 2.5% (2021: 2.5% and 2020: 2.5%) gold royalty on revenue as the mineral rights are owned by the state.
3    Minerals are owned by the Republic of Ghana and held in trust by the President. During 2016, Gold Fields signed a Development Agreement (“DA”) with the government of Ghana for both the Tarkwa and Damang mines. This agreement stated that the Ghanaian operations will be subject to a sliding scale for royalty rates, linked to the prevailing gold price (effective 1 January 2017). The sliding scale is as follows:
Average gold price
Low valueHigh valueRoyalty rate
US$0.00–US$1,299.993.0 %
US$1,300.00–US$1,449.993.5 %
US$1,450.00–US$2,299.994.1 %
US$2,300.00–Unlimited5.0 %
1    The Peruvian operations are subject to a mining royalty calculated on a sliding scale with rates ranging from 1% to 12% of the value of operating profit.