Gold Fields welcomes additional allocation of power

Johannesburg, Friday.- Gold Fields Limited (“Gold Fields”) (NYSE, JSE, DIFX: GFI) is pleased to confirm that it received formal notification from the Department of Minerals and Energy that, following representations by the Chamber of Mines and consultation with all stakeholders, the mining industry had been allocated an additional 260 MW of power which will effectively allow mines to increase their power consumption from the current level of 90% of average historical consumption.

This new allocation will be phased in over the next two weeks and is aimed at minimizing the disruptive impact of power rationing on the mining industry, job losses and mine safety.

Terence Goodlace, head of Gold Fields’ South African operations, said today: “We welcome the latest developments. The additional power supply to our mines will help to limit job losses and will have a positive impact not only on our company and its employees, but on the broader economy. We will work closely with Eskom and our peers in the industry to utilise this additional allocation of electricity to the greatest benefit of all stakeholders and to ensure that safety is prioritised.

“As soon as the specific additional allocation for each of our mines is confirmed, we will review our mine plans and production profiles, with a view to increasing production near to levels prior to those before the reduction in power supply.

“Gold Fields will continue to save power wherever possible as we appreciate that, like everyone in the country, we have a duty to play our part in energy saving.”