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Long-term Incentive Plan
 12 Months Ended
Dec. 31, 2023
Disclosure of long-term incentive plan [abstract]  
Long-term incentive plan Long-term incentive plan
United States Dollar
Figures in millions unless otherwise stated
2023
2022
Opening balance
53.0
56.6
Charge to income statement
55.8
29.0
Salares Norte project costs capitalised
2.3
1.7
Payments
(32.0)
(32.4)
Translation adjustment
(0.2)
(1.9)
Balance at end of the year1,2
78.9
53.0
Current portion of long-term incentive plan
(38.4)
(30.6)
Non-current portion of long-term incentive plan
40.5
22.4
1Senior and middle management receive awards under the LTIP. The performance conditions of the LTIP are approved annually by the
Remuneration Committee. Performance conditions are based on the same conditions as the share-based payments plan. The expected timing of
the cash outflows in respect of each grant is at the end of three years after the original award was made. The higher charge in 2023 was mainly
due to the improved vesting percentages on the absolute and relative Gold Fields share price performance.
2The value of instruments granted during the year ended 31 December 2023, 2022 and 2021 were valued using the Monte Carlo simulation model:
2023
2022
2021
The inputs to the model for instruments granted during the year
were as follows:
– weighted average historical volatility (based on a statistical
analysis of the share price on a weighted moving average
basis for the expected term of the option)
51.0%
51.0%
42.7%
– expected term (years)
3 years
3 years
3 years
– dividend yield*
n/a
n/a
n/a
– average three-year risk free interest rate (based on US interest rates)
2.6%
2.6%
2.6%
– weighted average fair value (United States dollars)
9.8
10.2
7.8
*There is no dividend yield applied to the Monte Carlo simulation model as the performance conditions follow a total shareholder return method.