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Interest in Joint Operation (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of joint ventures [abstract]  
Summary of share of joint operation and includes inter-company transactions and balances The following summarises the consideration and the cost of the Windfall joint venture:
United
States Dollar
Canadian
Dollar
Figures in millions unless otherwise stated
Initial recognition
Cash considerations
Purchase of equity-accounted investee
247.1
333.8
(a)
C$300.0 million cash payment
221.5
300.0
(b)
Pre-closing paid amounts
– C$16.9 million
12.8
16.9
– C$16.9 million
12.8
16.9
Contingent and exploration considerations
(c)
C$300.0 million contingent consideration – initial fair value
190.8
258.4
(d)
C$75.0 million exploration consideration – initial present value
39.1
52.9
Subsequent measurement
Cash considerations
(e)
Capital contributions – C$93.0 million cash calls
69.1
93.0
Contingent and exploration considerations
(c)
C$300.0 million contingent consideration – net change in fair value1
7.3
9.9
(d)
C$75.0 million exploration consideration – unwinding of discount rate1
2.9
3.9
Share of loss
(28.4)
(38.3)
Translation adjustment
10.7
—
Carrying value at 31 December 2023
538.6
713.6
1The movements were recognised as part of the equity investment.
Subsequent
measurement
31 December
2023
(c)
C$300 million contingent consideration continued
Key assumptions of the contingent consideration:
– Fair value factor calculated using the Monte-Carlo valuation model using the
following inputs:
0.894
– Approval period
1.6 years
– Probability
98%
– Discount rate
7.0%
Figures in millions unless otherwise stated
United States
Dollar
Canadian
Dollar
Using the above inputs and valuation technique, the fair value of the
contingent consideration amounted to:
Fair value at 2 May 2023
190.8
258.4
Net change in fair value
7.3
9.9
Translation
4.4
—
Fair value at 31 December 2023
202.5
268.3
Below is a summary of Gold Fields’ share of the joint operation and includes inter-company transactions and
balances:
2023
2022
Figures in millions unless otherwise stated
US$
A$
US$
A$
Statement of financial position
Non-current assets
507.0
744.4
517.5
759.0
Property, plant and equipment
507.0
744.4
515.0
755.4
Environmental trust fund
—
—
2.5
3.6
Current assets
70.3
103.2
62.6
91.9
Cash and cash equivalents
19.8
29.1
10.8
15.9
Inventories
47.2
69.3
50.4
74.0
Other receivables
3.3
4.8
1.4
2.0
Total assets
577.3
847.6
580.1
850.9
Total equity
Retained earnings
168.5
247.4
116.9
171.5
Non-current liabilities
162.9
239.2
153.3
224.9
Deferred taxation
60.4
88.7
58.2
85.4
Finance lease liabilities
77.6
114.0
75.2
110.3
Environmental rehabilitation costs
22.2
32.6
18.1
26.6
Long-term incentive plan
2.7
3.9
1.8
2.6
Current liabilities
245.9
361.0
309.8
454.5
Related entity loans payable
209.6
307.6
278.7
408.9
Trade and other payables
27.2
40.0
23.0
33.7
Current portion of finance lease liabilities
9.1
13.4
8.1
11.9
Total equity and liabilities
577.3
847.6
580.1
850.9