XML 476 R73.htm IDEA: XBRL DOCUMENT v3.24.1

Equity Accounted Investees (Tables)

12 Months Ended

Dec. 31, 2023

Investees in equity accounted [abstract]

Summary of equity accounted investees

			United States Dollar
		Figures in millions unless otherwise stated	2023		2022		2021
		Investment in joint ventures	538.6		72.5
	(a)	Far Southeast Gold Resources Incorporated (“FSE”)	—		—
	(b)	Asanko Gold	—		72.5
	(c)	Windfall Project	538.6		—
		Investment in associates	10.0		12.4
	(d)	Other associates	10.0		12.4
		Total equity accounted investees	548.6		84.9
		Share of results of equity accounted investees, net of taxation recognised in the consolidated income statement are made up as follows:
	(a)	Far Southeast Gold Resources Incorporated (“FSE”)	(1.3)		(1.0)		(1.6)
	(b)	Asanko Gold – earnings	28.0		13.0		23.4
	(b)	Asanko Gold – impairment	(46.9)		—		(52.8)
	(c)	Windfall Project	(28.4)		—		—
	(d)	Other associates	(2.9)		(1.9)		(1.0)
		Share of results of equity investees, net of taxation	(51.5)		10.1		(32.0)
		Asanko Gold – recognised as a discontinued operation	18.9		(13.0)		29.4
		Total share of results of equity investees, net of taxation	(32.6)		(2.9)		(2.6)

(a)

Summary of equity method investment in joint venture - Far Southeast Gold Resources Incorporated ("FSE")

Investment in joint venture consists of:

	United States Dollar
Figures in millions unless otherwise stated	2023	2022
Unlisted shares at cost	230.0	230.0
Equity contribution	99.1	97.8
Impairment – prior years	(230.0)	(116.4)
Impairment for the year1	—	(113.6)
Share of accumulated losses brought forward	(97.8)	(96.8)
Share of loss after taxation2	(1.3)	(1.0)
Total investment in joint venture3	—	—

1Refer to note 7 for details of impairment.

2Gold Fields’ share of loss after taxation represents exploration and other costs, including work completed on a scoping study, which is fully

funded by Gold Fields as part of their equity contribution.

3FSE has no revenues or significant assets or liabilities. Assets included in FSE represent the rights to explore and eventually mine the

FSE project.

Summary of financial information and carrying amount of the group interest in Asanko

The following table summarises the financial information and the carrying amount of the Group’s interest in

Asanko:

	United States Dollar
Figures in millions unless otherwise stated	2023		2022
Initial investment at cost	86.9		86.9
Share of accumulated profit brought forward	87.9		74.9
Share of profit after taxation before impairment	28.0		13.0
Cumulative impairment3	(149.2)		(102.3)
Recognised as an asset held for sale	(53.6)		—
Carrying value at 31 December	—		72.5

18.Equity accounted investees continued

(b)Asanko Gold continued

The Group’s interest in the summarised financial statements of Asanko on a combined basis after fair value

adjustments as determined at acquisition is as follows:

	United States Dollar
Figures in millions unless otherwise stated	2023		2022
Statement of financial position – Asanko
Non-current assets1	218.0		262.7
Current assets2	202.8		175.7
Non-current liabilities	(82.6)		(69.7)
Current liabilities	(37.7)		(29.0)
Net assets	300.5		339.7
Less: Shika redeemable preference shares	(186.4)		(186.4)
Net assets attributable to ordinary shareholders	114.1		153.3
Group's share of net assets	53.6		72.5
Reconciled as follows:
Cash consideration paid	165.0		165.0
Less: Consideration allocated to the redeemable preference shares (note 17)	(129.9)		(129.9)
Consideration paid for equity portion	35.1		35.1
Gain on acquisition	51.8		51.8
Share of accumulated losses brought forward	87.9		74.9
Share of profit after taxation before impairment	28.0		13.0
Impairment3	(149.2)		(102.3)
Carrying amount of interest in joint venture	53.6		72.5
Income statement – Asanko
Revenue	256.5		297.1
Production costs	(155.6)		(191.7)
Depreciation and amortisation	(13.7)		(30.8)
Other expenses	(10.4)		(30.8)
Royalties	(14.6)		(14.9)
Profit for the year before impairment	62.2		28.9
Group's share of profit before impairment	28.0		13.0
Group's share of impairment3	(46.9)		—
Group's share of total comprehensive income after impairment	(18.9)		13.0

1At 31 December 2023, includes impact of fair value adjustment, amounting to US$39.6 million (2022: US$39.6 million), to property, plant

and equipment of the Asanko Gold mine as determined at acquisition and impairment as discussed below.

2Current assets includes cash and cash equivalents amounting of US$138.6 million (2022: US$91.3 million).

3During 2021, the Asanko gold mine demonstrated negative grade reconciliations against the 2021 plan and as a result management

identified an impairment trigger and an impairment of US$52.8 million was recognised. Due to the re-evaluation of the geological modelling

by our JV partner, Galiano, which was not complete at 31 December 2021, Gold Fields was not in a position to provide a reserve and

resource estimate for Asanko as at 31 December 2021. Taking this into consideration, management modelled various scenarios for the

Asanko Life of Mine (“LoM”) in order to determine their best estimates of the future cash flows of the Asanko gold mine. The various LoM

scenario runs were undertaken in an attempt to model Asanko’s future cash flows in the absence of a revised Resource and Reserve at

31 December 2021. These scenarios were based on the pre-feasibility study completed in 2019, in order to declare a Reserve at

31 December 2019, but were modified where appropriate to reflect prevailing circumstances. Subsequent to 31 December 2021, Gold Fields

received additional information in respect of the Asanko gold mine. Gold Fields updated the valuation taking this information into

consideration and this did not have a material impact on the valuation of either the preference shares or the equity accounted investment.

During 2022, there were no changes in status with respect to the completion of the technical and economic work required to generate a

Reserve and Resources estimate based on a LoM. Taking this into consideration, management utilised the LoM developed for the 2022

impairment calculation and this resulted in no impairment for the year ended 31 December 2022. As a result of the sale transaction,  the

investment in Asanko has been classified as an asset held for sale at 31 December 2023 and the investment is required to be measured

at the lower of carrying value or fair value less costs to sell. Management determined the fair value less costs to sell based on the

consideration to be received per the sale agreement, which resulted in an impairment of US$46.9m for the year ended 31 December 2023.

Refer notes 14 and 15 for further details.

The following table summarises the financial information and the carrying amount of the Group’s interest in

the Partnership:

	Canadian Dollar			United States Dollar
Figures in millions unless otherwise stated	2023		2022	2023		2022
Cash considerations
C$300.0 million cash payment	300.0		—	221.5		—
C$33.8 million pre-closing paid amounts	33.8		—	25.6		—
C$93.0 million cash calls	93.0		—	69.1		—
Contingent and exploration considerations
C$300.0 million contingent consideration
– Initial fair value	258.4		—	190.8		—
– Net change in fair value	9.9		—	7.3		—
C$75.0 million exploration consideration
– Initial present value	52.9		—	39.1		—
– Unwinding of discount rate	3.9		—	2.9		—
Share of loss1	(38.3)		—	(28.4)		—
Translation adjustment	—		—	10.7		—
Carrying value at 31 December	713.6		—	538.6		—

1The Windfall Project share of loss for 2023 relates mainly to exploration expense.

The Group’s interest in the summarised financial statements of the Windfall Project on a combined basis after

fair value adjustments as determined at acquisition is as follows:

	Canadian Dollar			United States Dollar
Figures in millions unless otherwise stated	2023		2022	2023		2022
Statement of financial position – Windfall Project
Non-current assets1,2	1,277.1		—	963.8		—
Current assets3	187.1		—	141.2		—
Current liabilities	(36.9)		—	(27.8)		—
Net assets	1,427.3		—	1,077.2		—
Group’s share of net assets	713.6		—	538.6		—

1At 31 December 2023, includes impact of fair value adjustment to the exploration property as determined at acquisition.

2Non-current assets comprised mainly property, plant and equipment and exploration assets.

3Current assets include cash and cash equivalents amounting of US$20.4 million (C$27.0 million).

Summary of financial information and carrying amount of the group interest in Windfall

The following table summarises the financial information and the carrying amount of the Group’s interest in

Asanko:

	United States Dollar
Figures in millions unless otherwise stated	2023		2022
Initial investment at cost	86.9		86.9
Share of accumulated profit brought forward	87.9		74.9
Share of profit after taxation before impairment	28.0		13.0
Cumulative impairment3	(149.2)		(102.3)
Recognised as an asset held for sale	(53.6)		—
Carrying value at 31 December	—		72.5

18.Equity accounted investees continued

(b)Asanko Gold continued

The Group’s interest in the summarised financial statements of Asanko on a combined basis after fair value

adjustments as determined at acquisition is as follows:

	United States Dollar
Figures in millions unless otherwise stated	2023		2022
Statement of financial position – Asanko
Non-current assets1	218.0		262.7
Current assets2	202.8		175.7
Non-current liabilities	(82.6)		(69.7)
Current liabilities	(37.7)		(29.0)
Net assets	300.5		339.7
Less: Shika redeemable preference shares	(186.4)		(186.4)
Net assets attributable to ordinary shareholders	114.1		153.3
Group's share of net assets	53.6		72.5
Reconciled as follows:
Cash consideration paid	165.0		165.0
Less: Consideration allocated to the redeemable preference shares (note 17)	(129.9)		(129.9)
Consideration paid for equity portion	35.1		35.1
Gain on acquisition	51.8		51.8
Share of accumulated losses brought forward	87.9		74.9
Share of profit after taxation before impairment	28.0		13.0
Impairment3	(149.2)		(102.3)
Carrying amount of interest in joint venture	53.6		72.5
Income statement – Asanko
Revenue	256.5		297.1
Production costs	(155.6)		(191.7)
Depreciation and amortisation	(13.7)		(30.8)
Other expenses	(10.4)		(30.8)
Royalties	(14.6)		(14.9)
Profit for the year before impairment	62.2		28.9
Group's share of profit before impairment	28.0		13.0
Group's share of impairment3	(46.9)		—
Group's share of total comprehensive income after impairment	(18.9)		13.0

1At 31 December 2023, includes impact of fair value adjustment, amounting to US$39.6 million (2022: US$39.6 million), to property, plant

and equipment of the Asanko Gold mine as determined at acquisition and impairment as discussed below.

2Current assets includes cash and cash equivalents amounting of US$138.6 million (2022: US$91.3 million).

3During 2021, the Asanko gold mine demonstrated negative grade reconciliations against the 2021 plan and as a result management

identified an impairment trigger and an impairment of US$52.8 million was recognised. Due to the re-evaluation of the geological modelling

by our JV partner, Galiano, which was not complete at 31 December 2021, Gold Fields was not in a position to provide a reserve and

resource estimate for Asanko as at 31 December 2021. Taking this into consideration, management modelled various scenarios for the

Asanko Life of Mine (“LoM”) in order to determine their best estimates of the future cash flows of the Asanko gold mine. The various LoM

scenario runs were undertaken in an attempt to model Asanko’s future cash flows in the absence of a revised Resource and Reserve at

31 December 2021. These scenarios were based on the pre-feasibility study completed in 2019, in order to declare a Reserve at

31 December 2019, but were modified where appropriate to reflect prevailing circumstances. Subsequent to 31 December 2021, Gold Fields

received additional information in respect of the Asanko gold mine. Gold Fields updated the valuation taking this information into

consideration and this did not have a material impact on the valuation of either the preference shares or the equity accounted investment.

During 2022, there were no changes in status with respect to the completion of the technical and economic work required to generate a

Reserve and Resources estimate based on a LoM. Taking this into consideration, management utilised the LoM developed for the 2022

impairment calculation and this resulted in no impairment for the year ended 31 December 2022. As a result of the sale transaction,  the

investment in Asanko has been classified as an asset held for sale at 31 December 2023 and the investment is required to be measured

at the lower of carrying value or fair value less costs to sell. Management determined the fair value less costs to sell based on the

consideration to be received per the sale agreement, which resulted in an impairment of US$46.9m for the year ended 31 December 2023.

Refer notes 14 and 15 for further details.

The following table summarises the financial information and the carrying amount of the Group’s interest in

the Partnership:

	Canadian Dollar			United States Dollar
Figures in millions unless otherwise stated	2023		2022	2023		2022
Cash considerations
C$300.0 million cash payment	300.0		—	221.5		—
C$33.8 million pre-closing paid amounts	33.8		—	25.6		—
C$93.0 million cash calls	93.0		—	69.1		—
Contingent and exploration considerations
C$300.0 million contingent consideration
– Initial fair value	258.4		—	190.8		—
– Net change in fair value	9.9		—	7.3		—
C$75.0 million exploration consideration
– Initial present value	52.9		—	39.1		—
– Unwinding of discount rate	3.9		—	2.9		—
Share of loss1	(38.3)		—	(28.4)		—
Translation adjustment	—		—	10.7		—
Carrying value at 31 December	713.6		—	538.6		—

1The Windfall Project share of loss for 2023 relates mainly to exploration expense.

The Group’s interest in the summarised financial statements of the Windfall Project on a combined basis after

fair value adjustments as determined at acquisition is as follows:

	Canadian Dollar			United States Dollar
Figures in millions unless otherwise stated	2023		2022	2023		2022
Statement of financial position – Windfall Project
Non-current assets1,2	1,277.1		—	963.8		—
Current assets3	187.1		—	141.2		—
Current liabilities	(36.9)		—	(27.8)		—
Net assets	1,427.3		—	1,077.2		—
Group’s share of net assets	713.6		—	538.6		—

1At 31 December 2023, includes impact of fair value adjustment to the exploration property as determined at acquisition.

2Non-current assets comprised mainly property, plant and equipment and exploration assets.

3Current assets include cash and cash equivalents amounting of US$20.4 million (C$27.0 million).

Summary of other investments

			United States Dollar
		Figures in millions unless otherwise stated	2023		2022
	(d)	Other
		Investment in associate	10.0		12.4
		Lunnon Metals Limited (“Lunnon”)1	10.0		12.4
		Rusoro Mining Limited (“Rusoro”) – recognised as an asset held for sale2	—		—

1During 2023, Gold Fields recognised a share of loss for the year of U$2.9 million (2022: US$1.9 million). Gold Fields’ interest in Lunnon was

31.06% (2022: 33.96%) at 31 December 2023.

2Represented a holding of 24.4% (2022: 24.8%) in Rusoro.

The carrying value of Rusoro was written down to US$nil at 31 December 2023 due to losses incurred by the entity. The fair value, based on

the quoted market price of the investment, in Rusoro at 31 December 2023 is US$64.5 million (2022: US$5.2 million).The unrecognised

share of loss of Rusoro for the year amounted to US$7.1 million (2022: US$3.8 million). The cumulative unrecognised share of losses of

Rusoro at 31 December 2023 amounted to US$221.8 million (2022: US$214.7 million).

On 22 August 2016, the Arbitration Tribunal, operating under the Additional Facility Rules of the World Bank’s International Centre for the

Settlement of Investment Disputes, awarded Rusoro damages of US$967.8 million plus pre- and post-award interest which currently equates

to in excess of US$1.7 billion in the arbitration brought by Rusoro against the Bolivarian Republic of Venezuela (“Venezuela”).

Venezuela has not complied with the arbitration award terms, which were issued on 22 August 2016. On 6 December 2017, Rusoro obtained

a judgment against Venezuela in the Superior Court of Justice in Ontario, Canada, in excess of US$1.3 billion at the time. The judgment,

which was issued on default as a result of Venezuela’s failure to appear before the Ontario court, arose out of Rusoro’s ongoing dispute

with Venezuela over the South American nation’s seizure of its gold mining properties in the country. The Canadian judgment, which

confirmed an arbitration award issued in Rusoro’s favour in the same amount, was issued on 25 April 2017. Venezuela did not appeal or

seek to vacate the judgment, and its time to do so expired.

Rusoro further filed a suit in the Supreme Court of the State of New York, seeking recognition of the Canadian judgment. Rusoro brought the

New York lawsuit in addition to an action it filed in the U.S. District Court for the District of Columbia, which seeks recognition of and the entry

of judgment on the original arbitration award. A favourable ruling from either the New York or D.C. court will entitle Rusoro to use all legal

procedures – including broad discovery from both Venezuela and third parties – that U.S. law provides judgment creditors. Any judgment

issued in New York will also accrue interest at 9% per annum until the judgment is fully paid. On 19 October 2018, Rusoro announced that it

had reached a settlement agreement with Venezuela by which the Venezuela government agreed to pay Rusoro US$1.28 billion to acquire

the Company’s mining data and full release of the judgment issued in favour of the Company. In a decision dated 29 January 2019, the Paris

Court of Appeals partially annulled the arbitral award issued in favour of the Company in August 2016. This annulment was overturned by

the French Supreme Court in March 2021. On 7 June 2022, the Paris Court of Appeal rejected a second application of the Bolivarian

Republic of Venezuela to annul the award of 22 August 2016.

On 10 July 2023, the U.S. Court of Appeals for the Third Circuit, which is based in Philadelphia, affirmed that Venezuala's state-owned oil

company is the country's alter ego and that its property may be seized in satisfaction of the Republic's judgment debt. Although the Court

has not issued a final determination on the relative priority of the various judgements, based on the guidelines set forth by the Court on

27 July 2023, Rusoro is seventh in order of priority behind approximately US$3.5 billion in claims from other claimants.

Management have not recognised this amount due to the uncertainty over its recoverability.

On 9 January 2024, Gold Fields announced that it has entered into a share purchase agreement with Fulcrum Global Markets LLC, a

Delaware limited liability company (“Fulcrum”), to sell its 140,000,001 common shares (“Common Shares”) in the capital of Rusoro for an

aggregate initial cash purchase price of US$62.3 million and additional contingent consideration upon the occurrence of specified events.

Refer note 15 for further details.

The investment in Rusoro have been presented as an asset held for sale as Fulcrum was in advanced discussions with Gold Fields at

31 December 2023 to purchase the Rusoro shares from Gold Fields. Refer note 14 for further details.

X

- Definition

The disclosure of detailed information about other Investments.

+ References

No definition available.

+ Details

Name:	gfi_DisclosureOfDetailedInformationAboutOtherInvestmentsExplanatory
Namespace Prefix:	gfi_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of detailed information about Ownership Interest.

+ References

No definition available.

+ Details

Name:	gfi_DisclosureOfDetailedInformationAboutOwnershipInterestExplanatory
Namespace Prefix:	gfi_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of equity accounted investment in joint venture explanatory.

+ References

No definition available.

+ Details

Name:	gfi_DisclosureOfEquityAccountedInvestmentInJointVentureExplanatoryTableTextBlock
Namespace Prefix:	gfi_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The disclosure of investment accounted for using equity method

+ References

No definition available.

+ Details

Name:	gfi_DisclosureOfInvestmentAccountedForUsingEquityMethodTextBlock
Namespace Prefix:	gfi_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Investees in equity accounted.

+ References

No definition available.

+ Details

Name:	gfi_InvesteesInEquityAccountedAbstract
Namespace Prefix:	gfi_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration