Edgar Filing: GOLD FIELDS LTD

Page 1

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of July 2008
Commission File Number 1-31318

Gold Fields Limited

(Translation of registrant's name into English)

24 St. Andrews Rd.

Parktown, 2193

South Africa

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.

Form 20-F..x... Form 40-F.....

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ________

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): ________

Indicate by check mark whether by furnishing the information contained in this Form,
the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ..... No ..x...

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________

Gold Fields improves operational performance due to stabilization of power supplies in South Africa

JOHANNESBURG. 1 August 2008, Gold Fields Limited (NYSE & JSE: GFI) today announced net earnings for
the June 2008 quarter of R843 million, compared with earnings of R1,248 million and R528 million for the March
2008 and the June 2007 quarters respectively. In US dollar terms net earnings for the June 2008 quarter were
US$105 million, compared with earnings of US$167 million and US$74 million for the March 2008 and the June
2007 quarters respectively.

June 2008 quarter salient features:

· Attributable gold production increased by 5 per cent to 865,000 ounces;
· Total cash costs steady at R125,359 per kilogram (US$502 per ounce);
· Notional Cash Expenditure (operating cost plus capital expenditure) at R217,065 per kilogram (US$869 per
ounce) due to high inward investment in growth projects;
· Operating profit increased 6 per cent to R2.72 billion and normalised earnings of R911 million generated;
· Commissioning underway at Cerro Corona and Tarkwa’s CIL expansion due for completion in the December
quarter.

Financial year salient features:

· Attributable gold production of 3.64 million ounces compared with 3.97 million ounces in the previous year;
· Total cash costs increased from R86,623 per kilogram (US$374 per ounce) to R111,315 per kilogram
(US$476 per ounce) due to the lower production and cost pressures driven by the resource boom;
· Essakane and Venezuelan assets sold in the December quarter 2007, releasing R4.2 billion (US$615
million) in value;
· US$438 million invested in growth projects in Peru and Ghana;
· US$121 million invested in increasing our ownership in Sino Gold and Conquest Mining to 19.9 per cent and
19.1 per cent respectively.

Final dividend number 69 of 120 SA cents per share is payable on 25 August 2008, giving a total dividend for
financial 2008 of 185 SA cents per share.

Statement by Nick Holland, Chief Executive Officer of Gold Fields:

“After a particularly difficult start to the quarter, with
the accident at the South Deep Gold Mine in which
nine of our colleagues tragically lost their lives, the
people of Gold Fields rallied together to show their
mettle. Galvanized by my statement that “we will not
mine if we cannot mine safely”, they took control of
the safety situation on all of our mines, where a new
safety culture is rapidly taking root.

Against this backdrop, Gold Fields staged a welcome
recovery with production increasing by 5 per cent from
Q3 which was negatively impacted by power
interruptions, while maintaining a tight control on
costs, despite the continued inflationary pressures
world-wide. Notional Cash Expenditure (operating
cost and capital expenditure) for the quarter increased
from US$843 per ounce in Q3 to US$869 per ounce,
largely on the back of increased capital expenditure at
the international operations. The Group’s NCE is
expected to decline significantly early in calendar
2009 as capital expenditure on the Cerro Corona
project is completed and the mine becomes
operational along with the Tarkwa expansion.

A comprehensive review of infrastructure across our
operations, following from the heightened safety
awareness across the Group since my appointment,
has resulted in urgent rehabilitation being necessary
at the Main shaft infrastructure at Kloof and in
particular replacement of a significant portion of the
steelwork below 17 level. As a consequence, the

operation of this shaft is to be suspended for
approximately six months while the necessary
maintenance is carried out. Kloof’s production over
this period is expected to reduce by between 25 and
35 per cent. Operations will continue at this shaft on a
1 day a week basis to maintain integrity of faces and
ore passes. Driefontein’s production will also decline
in the September quarter by approximately 400
kilograms due to a need to catch up safety critical
secondary support and South Deep is already in the
process of reinstalling primary support at its 95 2 West
and 95 3 West ramps. Production at Driefontein and
South Deep should return to approximately 6,800
kilograms per quarter and 1,500 kilograms per quarter
respectively by the December quarter and Kloof’s
production should be restored to 2,000 kilograms per
month by February 2009.

Notwithstanding the short term safety related actions
to be initiated in South Africa as referred to in the
preceding paragraph, long awaited growth projects
will be commenced and brought to full production over
the next two quarters. In particular, the completion of
the new Cave Rocks and Belleisle underground mines
at St Ives; the addition of Cerro Corona and the
completion of the Tarkwa CIL plant expansion during
Q2, position Gold Fields well to achieve its short term
target of a production rate of approximately 4 million
ounces of gold per annum at an NCE of US$700 per
ounce to US$725 per ounce at R/US$8.00, early in
calendar 2009.

”

Stock data

JSE Limited – (GFI)

Number of shares in issue

Range - Quarter

ZAR87.01 – ZAR118.50

- at end June 2008

653,200,682

Average Volume - Quarter

2,751,270 shares / day

- average for the quarter

653,156,356

NYSE – (GFI)

Free Float

100%

Range - Quarter US$10.88 – US$15.11

ADR Ratio

1:1

Average Volume - Quarter

5,867,684 shares / day

Bloomberg / Reuters

GFISJ / GFLJ.J

1 I GOLD FIELDS RESULTS Q4F2008

Health and safety

We deeply regret to report a further two fatal accidents during the June
quarter in addition to that reported in the March quarter. The investigation
into the South Deep accident by the Department of Minerals and Energy
Affairs has commenced. There were no fatal accidents reported at Beatrix
nor at the international operations during the quarter and Kloof achieved one
million fatality free shifts during the quarter. The fatal injury frequency rate for
the June quarter regressed from 0.13 to 0.46 per million hours worked. The
lost time injury frequency rate improved from 6.4 to 6.1, the serious injury
frequency rate remained unchanged at 3.1 and the days lost injury frequency
rate improved from 241 to 238. The international operations halved their lost
time injury frequency rate in financial 2008, with Agnew achieving zero lost
time injuries for the year and Damang for the last six months.

The Full Compliance Health and Safety Management System will be revised
taking into consideration lessons learned from the investigations and the
outcomes of the audits conducted on the recent multiple fatal accidents. The
Masiphephe (“Let’s be Safe”) initiative, that has proved to be successful at
Driefontein, is being implemented as Sawubona Kusasa (“See you
tomorrow”) at Kloof and Khuseulela (“Be protected”) at Beatrix to improve
safety performance at the rest of the South African operations. Accordingly,
more than 14,300 people went through these programmes during the quarter.

Du Pont has been tasked to assess the existing health and safety
management systems and benchmark them against the international best
practices on the following: Leadership, Organization, Operations and Risk
Assessment. Current behaviours, attitudes, practices and procedures will be
analysed and a gap analysis will be conducted for each operation. It is
planned to complete this audit by the end of October 2008 in South Africa.

In the drive towards improved safety, pillar extraction risk assessments are
ongoing and to date, pillar mining activity has been reduced at the Driefontein
and Kloof operations. Ongoing monitoring of risk parameters are being
conducted to improve the overall assessment of pillar mining, seismicity and
associated geological features.

The net result of the above is that pillar mining activity has reduced by 24 per
cent at Driefontein and 51 per cent at Kloof and affects production by 1,200
kilograms per quarter which is already included in our forecast.

The Group remains committed to a philosophy of zero harm, and
benchmarks itself against the Ontario benchmark, as well as pursuing the
Mine Health and Safety Council milestones in South Africa. With the
exception of South Deep and Cerro Corona, the operations have been
audited and achieved OHSAS 18001 certification. The operations not
currently certified are implementing the requirements of OHSAS 18001, with
certification planned by the end of the calendar year.

Financial review

Quarter ended 30 June 2008 compared with quarter
ended 31 March 2008

Revenue

Attributable gold production for the June 2008 quarter amounted to 865,000
ounces, compared with 827,000 ounces in the March quarter, an increase of
5 per cent. This was slightly higher than the guidance given on 25 June.
Production at the South African operations increased from 520,000 ounces to
553,000 ounces or 6 per cent, as production in the March quarter was
negatively affected by the power disruptions and the slow start-up after the
Christmas break. Attributable production at the international operations
increased 2 per cent from 307,000 ounces to 312,000 ounces.

At the South African operations the increase in gold production in the June
quarter was directly attributable to the lost production in the March quarter
due to the reduced power supply from Eskom. As a result of the curtailed
power supply, a press release on 25 February 2008 gave an updated
guidance for the March quarter which forecast a decrease in production at
the South African operations compared with the December quarter of
between 20 and 25 per cent and a reduction of between 15 and 20 per cent
for the June quarter. The actual decrease for the March and June quarters
was 21 per cent and 16 per cent respectively, both in line with forecast.
Driefontein, Kloof and South Deep’s gold production was more or less in line
with the guidance given in the March quarterly report, while Beatrix achieved
11 per cent above guidance, mainly due to an improved mine call factor
(MCF).

At the international operations, managed gold production at Tarkwa
increased 2 per cent due to an improved recovery from heap leach
operations. At Damang, gold production decreased by 5 per cent due to an
increase in grade offset by crusher down time and, like all the international
operations, a slightly shorter milling quarter. Total gold production from
Ghana was similar quarter on quarter. Gold production in Australia increased
by 2 per cent with Agnew increasing by 11 per cent due to higher grades
from Waroonga underground. At St Ives, gold production decreased due to
lower processed volumes and lower recoveries at the heap leach facility.

The average quarterly US dollar gold price achieved decreased 3 per cent
from US$921 per ounce in the March quarter to US$895 per ounce in the
June quarter. The average rand/US dollar exchange rate weakened by 4 per
cent to R7.77, compared with the R7.45 achieved in the March quarter. As a
result of the above factors, the rand gold price improved from R220,612 per
kilogram to R223,568 per kilogram, slightly more than a 1 per cent increase.
The Australian dollar gold price decreased quarter on quarter from A$1,008
per ounce to A$949 per ounce, compounded by a weakening US dollar
against the Australian dollar which moved from 0.9032 in the March quarter
to 0.9434 in the June quarter.

The increase in the rand gold price achieved together with the increase in
production, resulted in revenue of R6,452 million (US$836 million) an
increase in rand terms of 6 per cent compared with the R6,109 million
(US$821 million) achieved in the March quarter.

South African Rand

Salient features

United States Dollars

Year ended

Quarter

Quarter Year ended

June

2007

June

2008

June

2007

March

2008

June

2008

June

2008

March

2008

June

2007

June

2008

June

2007

123,534

113,154

31,337 25,736

26,896 kg

Gold produced*

oz (000)

865

827 1,007 3,638

3,972

86,623

111,315

91,473 122,920

125,359 R/kg

Total cash costs

$/oz

502

513 401 476

374

135,666

186,088

161,485 201,181

217,065 R/kg Notional cash expenditure

$/oz

869

843 708 796

585

51,165

49,615

12,670 12,376

12,259 000 Tons

milled 000

12,259

12,376 1 2,670 49,615

51,165

147,595

190,623

152,510 220,612

223,568 R/kg Revenue $/oz

895

921 669 816

638

233

280

254 283

306 R/ton Operating costs $/ton

38 36 38

7,740

9,041

1,969 2,566

2,721 Rm Operating profit $m

355

347 278 1,244

1,075

39 42

42 % Operating margin %

42 39 39

2,363

4,458

528 1,248

843 Rm

Net earnings

105

167 74 613

328

414

683

81 191

129 SA c.p.s.

US c.p.s.

26 11 94

2,188

2,992

506 1,246

881 Rm

Headline earnings

111

176 71 412

304

392

459

78 191

135 SA c.p.s.

US c.p.s.

27 11 63

2,298

2,930

488 1,009

911 Rm

Net earnings excluding

gains and losses on foreign

exchange, financial

instruments, exceptional

items and discontinued

operations

119

138 69 403

319

412

449

75 155

140 SA c.p.s.

US c.p.s.

21 11 62

* Attributable – All companies wholly owned except for Ghana (71.1%).

Prior period operational results have been restated to exclude the discontinued assets sold during the December 2007 quarter i.e. the Venezuelan assets (Choco 10).

GOLD FIELDS RESULTS

Q4F2008

I 2

Operating costs

Operating costs increased from R3,503 million (US$468 million) in the March
quarter to R3,748 million (US$484 million) in the June quarter. The increase
of 7 per cent was driven by the increase in production at the South African
operations and translating costs at the international operations into South
African rand at the weaker rand. Total cash costs in rand terms increased by
less than 2 per cent (and decreased 2 per cent in US dollar terms) from
R122,920 per kilogram (US$513 per ounce) in the March quarter to
R125,359 per kilogram (US$502 per ounce) in the June quarter.

At the South African operations, operating costs increased from R2,126
million (US$283 million) to R2,197 million (US$282 million), an increase of 3
per cent. This increase was mainly due to the higher volumes mined and
processed in the June quarter compared with the March quarter were the
power disruptions significantly constrained production. Total cash costs at
the South African operations decreased 3 per cent from R125,181 per
kilogram (US$523 per ounce) to R121,984 per kilogram (US$488 per ounce)
in line with the increase in gold production. The decrease in US dollar terms
of 7 per cent is due to translating costs at the weaker rand.

Operating costs at the international operations, including gold-in-process
movements, increased from R1,417 million (US$191 million), to R1,534
million (US$199 million) in the June quarter, an increase of 8 per cent in rand
terms and 4 per cent in US dollar terms. Approximately half of the total dollar
increase at the international operations occurred at Tarkwa, which reflected
an increase in costs of US$4 million, or 6 per cent, due to price increases in
commodities such as fuel, explosives and tyres together with increased
mining fleet maintenance costs. The balance of the increase in costs was
due to the 4 per cent stronger Australian dollar, as costs in Australia were
virtually unchanged quarter on quarter at A$99 million. St Ives increased by
A$2 million quarter on quarter due to higher open pit waste charges, while
Agnew was A$2 million lower compared with the March quarter due to a
decrease in ounces produced from the low grade Songvang stockpile. Total
cash costs at the international operations increased by 4 per cent from
US$500 per ounce in the March quarter to US$522 per ounce in the June
quarter.

Notional cash expenditure (NCE)

Notional cash expenditure is defined as operating costs plus capital
expenditure and is reported on a per kilogram and per ounce basis – refer the
detailed table on page 16 of this report. The objective is to provide the all in
costs for the Group and for each operation before greenfields exploration
expenditure. The NCE per ounce is an important measure as it determines
how much free cash flow is generated before taxation. One of Gold Fields’
objectives is to reduce its NCE per ounce and increase its free cash flow.

The NCE for the Group for the June quarter amounted to R217,065 per
kilogram (US$869 per ounce) compared with R201,181 per kilogram
(US$843 per ounce) in the March quarter. These figures include project
expenditure at Cerro Corona.

At the South African operations the NCE was R180,712 per kilogram
(US$723 per ounce) which was similar to the March quarter. At the
international operations (excluding Cerro Corona) the increase was 12 per
cent from US$755 per ounce to US$848 per ounce due to the increase in
capital expenditure at Tarkwa and in Australia.

Operating margin

The net effect of the changes in revenue and costs, after taking into account
gold-in-process movements, was an increase in operating profit of 6 per cent
from R2,566 million (US$347 million) to R2,721 million (US$355 million). The
Group operating margin was maintained at a credible 42 per cent. The
margin at the South African operations increased from 41 per cent to 43 per
cent, while the margin at the international operations decreased from 44 per
cent to 41 per cent.

Amortisation

Amortisation increased from R714 million (US$95 million) in the March
quarter to R778 million (US$100 million) in the June quarter. This increase
was mainly at the international operations which increased from R290 million
(US$39 million) to R352 million (US$46 million) because of an increase in
production from the Damang pit cutback and increased production at Agnew
and St Ives’ underground mines. Despite the increase in production at the
South African operations amortisation only increased from R376 million
(US$50 million) to R390 million (US$50 million) as a result of a R50 million
credit in the June quarter at South Deep to reverse over provisions
accumulated during the year.

Other

Net interest paid amounted to R46 million (US$6 million) for the June quarter
compared with R88 million (US$12 million) in the March quarter. This
movement includes a cost of R43 million (US$6 million) relating to the equity
accounted results of our share of Rusoro’s losses which was more than offset
by a R58 million (US$7 million) correction of interest paid, as a result of

capitalizing qualifying interest expensed earlier in the year, and an increase
in interest received.

The loss on foreign exchange of R7 million (US$1 million), compares with a
gain of R38 million (US$6 million) in the March quarter. Both result from the
conversion of offshore cash holdings into the functional currency i.e. rands.

The gain on financial instruments for the quarter at R2 million (US$ nil million)
compares with a gain of R262 million (US$38 million) in the March quarter.
The gain in the June quarter is due to year to date exchange adjustments of
prior quarter’s gains. The gain of R262 million (US$38 million) in the March
quarter mainly comprises R136 million (US$18 million) on reversal of
previous marked to market unrealised losses on the Mvela floor and cap.
Also included in the R262 million (US$38 million) was a R45 million (US$6
million) marked to market gain on the share warrants included in the Group’s
investment portfolio. Added to this was a gain of R83 million (US$11 million)
on US$90 million of South African rands/US dollar currency hedges closed
out.

Other costs increased from R32 million (US$5 million) to R76 million (US$10
million) mainly due to the increase in employee and non-executive directors
share based payments as a result of a change in the index used and an
additional allocation in June. The index previously used was the Philadelphia
XAU which was not considered representative of Gold Fields peers and as
such was replaced by an index of only six peer gold mining companies.

Exploration

Exploration expenditure, increased from R58 million (US$8 million) in the
March quarter to R107 million (US$14 million) in the June quarter. This
increase was due to increased expenditure in Australia, mainly at Mt Carlton
and costs of closing the Oxford office. Please refer to the Exploration and
Corporate Development section for more detail.

Exceptional items

The exceptional loss in the June quarter amounted to R95 million (US$17
million) compared with a loss of R42 million (US$11 million) in the March
quarter. The loss in the June quarter mainly comprised a R65 million (US$8
million) provision for restructuring costs at South Deep and impairment of
assets of R51 million (US$7 million) in Australia. At St Ives, Junction mine
and the original Leviathan pit are depleted and at Agnew, impairment of
rehabilitation assets relating to old slimes dams. The loss was partially offset
by an over provision of R21 million (US$3 million) on the 9 shaft project at
Driefontein raised in the March quarter. The loss in the March quarter mainly
relates to the provision of R45 million (US$6 million) for costs at Driefontein
regarding the suspension of the 9 shaft project.

Taxation

Taxation for the quarter amounted to R664 million (US$87 million) compared
with R567 million (US$77 million) in the March quarter. This increase is
despite the decrease in profit before taxation and exceptional items for the
quarter. The net increase is due to the increase in non-deductable charges
during the quarter such as exploration and employee and non-executive
directors share scheme costs. The tax provision includes normal and
deferred taxation on all operations together with government royalties at the
international operations.

Earnings

Net profit attributable to ordinary shareholders amounted to R843 million
(US$105 million) or 129 SA cents per share (US$0.16 per share), compared
with R1,248 million (US$167 million) or 191 SA cents per share (US$0.26 per
share) in the previous quarter.

Headline earnings i.e. earnings less the after tax effect of asset sales,
impairments, the sale of investments and discontinued operations, was R881
million (US$111 million) or 135 SA cents per share (US$0.17 per share),
compared with earnings of R1,246 million (US$176 million) or 191 SA cents
per share (US$0.27 per share) last quarter.

Earnings excluding exceptional items as well as net gains and losses on
foreign exchange, financial instruments and discontinued operations,
amounted to R911 million (US$119 million) or 140 SA cents per share
(US$0.18 per share), compared with earnings of R1,009 million (US$138
million) or 155 SA cents per share (US$0.21 per share) reported last quarter.

The decrease in earnings is mainly due to the after tax increase in net
operating profit being offset by an increase in other costs and exploration
costs, the provision for the South Deep restructuring and the gain on financial
instruments of R262 million in the March quarter, not repeated in the June
quarter.

3 I GOLD FIELDS RESULTS Q4F2008

Balance sheet

The increase in investments compared with the June 2007 balance sheet is
mainly due to the 41.7 million shares valued at R333 million (US$49 million)
received from Orezone Resources Incorporated as part payment for the
Essakane disposal, the 140 million shares valued at R1,580 million (US$233
million) received from Rusoro Mining Limited as part payment for the
Venezuelan disposal and further investment in Sino of R795 million (US$109
million). Added to this are marked to market gains on listed investments.

Investments at year end amounted to R5.7 billion (US$713 million) and
include the following:

Investment

Interest

Value

Sino Gold Ltd

19.9%

R2,290m (US$286m)

Rusoro Mining Ltd

36.2%

R1,850m (US$231m)

Mvela’ Resources Ltd

4.0%

R500m (US$63m)

Orezone Resources Inc

11.7%

R362m (US$45m)

Conquest Mining Ltd

19.1%

R171m (US$21m)

Orsu Metals Corp.

7.6%

R90m (US$11m)

The above investments are valued at market prices, except for Rusoro which
is equity accounted and therefore shown at cost less equity accounted losses
since acquisition.

Cash flow

Cash inflow from operating activities for the quarter was R2,568 million
(US$334 million), compared with R3,039 million (US$408 million) in the
March quarter. This quarter on quarter decrease of R471 million (US$74
million) is due to the decrease in profit before tax and the decrease in the
working capital inflow from R794 million (US$115 million) in the March
quarter to R263 million (US$36 million) in the June quarter, partly offset by an
increase in non-cash items from a negative R165 million (US$18 million) to a
positive R108 million (US$20 million).

Capital expenditure increased from R2,086 million (US$277 million) in the
March quarter to R2,525 million (US$327 million) in the June quarter.
Approximately half of the capital expenditure during the June quarter was
spent on growth projects.

At the South African operations capital expenditure increased from R785
million (US$105 million) in the March quarter to R913 million (US$118 million)
in the June quarter. This increase of R128 million was made up of increased
expenditure on our battery loco projects, emergency power projects and
safety related projects such as additional loco guard cars, centralized blasting
systems as well as hopper and rail track upgrades. Expenditure on ore
reserve development at Driefontein, Kloof, and Beatrix accounted for R97
million (US$12 million), R139 million (US$18 million), and R79 million (US$10
million) respectively. Expenditure on the 9 shaft project at Driefontein
amounted to R71 million. Expenditure on the new mine development and
equipment for mechanized development at South Deep amounted to R112
million.

At the international operations capital expenditure increased from R708
million (US$95 million) to R918 million (US$121 million). In Ghana the
increase at Tarkwa was R126 million (US$15 million) as a result of increased
expenditure on the CIL plant (US$3 million), sundry mining and metallurgical
equipment (US$7 million) and the relocation of the Atuabo power station
(US$5 million). In Australia, capital expenditure increased by R95 million
(A$11 million) with increased expenditure on exploration of R7 million (A$1
million) and mine development R36 million (A$5 million) at St Ives, and R47
million (A$6 million) at Agnew on increased accommodation costs.

Capital expenditure at the Cerro Corona mine in Peru amounted to R687
million (US$88 million) in the June quarter compared with R576 million
(US$77 million) in the March quarter. Cumulative expenditure to date on the
project amounts to US$501 million and is estimated at between US$540
million to US$550 million at project completion. Refer to the Capital and
Development Project section for more detail.

Purchase of investments in the June quarter amounted to R708 million
(US$97 million) and included acquisition of shares in Sino Gold Ltd,
Conquest Mining Ltd and Orsu Metals Corp. (formerly Lero Gold Company)
increasing our holding to 19.9 per cent, 19.1 per cent and 7.6 per cent
respectively. Refer the Corporate Development section for more detail.
Purchase of investments in the March quarter amounted to R258 million
(US$36 million) and included the purchase of 4.7 million Sino Gold Ltd
shares, at a cost of R185 million (US$27 million) and R75 million (US$10
million) expenditure on the exercise of 2,292,172 Mvela options granted to
Gold Fields as part of an agreement with Mvelaphanda Resources.

Net cash inflow from financing activities in the June quarter amounted to
R1,095 million (US$143 million). Loans received in the June quarter
amounted to R1,165 million (US$150 million) to fund the purchase of offshore
investments and capital funding for Cerro Corona. Loan repayments of
South African rand loans amounted to R850 million (US$105 million). A
rights issue at Cerro Corona amounting to US$96 million (R768 million) was
accounted for during the quarter all of this money having been raised from
the minority shareholders in this project following the capitalisation of
cumulative shareholder loan funding into equity. Net cash outflow from
financing activities in the March quarter amounted to R214 million (US$29
million). Loans received amounted to R1,535 million (US$210 million), which
included US$43 million (R314 million) drawn down on an offshore finance
facility, and preference shares issued amounting to R1,200 million (US$173
million). Loans repaid of R1,788 million (US$244 million) included the
repayment of an offshore loan of R1,194 million (US$172 million) and local
loans repaid of R585 million (US$73 million).

Net cash inflow for the quarter was R19 million (US$6 million outflow)
compared with a net cash inflow of R470 million (US$55 million) in the March
quarter. After accounting for a translation gain of R45 million (US$14 million),
the cash balance at the end of June was R2,007 million (US$251 million).
The cash balance at the end of March was R1,944 million (US$243 million).

Detailed and operational review

Cost and revenue optimisation initiatives

Project 500

Project 500 was initiated at the South African operations in September 2003
to increase revenue and reduce costs through two sub-projects i.e. Project
400 (increase in revenue) and Project 100 (reduction in costs). These
projects have proved successful and led to additional projects, Project 100+
(new projects to further reduce costs) and Project Beyond (strategic supply
chain management and procurement).

The June quarter and financial year 2008 reporting will represent the last time
that these projects will be reporting as a separate project area. The new
Gold Fields South African operations strategy for cost leadership and
efficiencies will be driven through integrated teams as part of project 1M
(quality and safe underground mining), project 2M (new technology and
innovation) and project 3M (power, people and surface optimization including
stores control and procurement).

Project 400

Project 400 was aimed at improving revenue such that an additional R400
million (US$55 million) per annum could be generated on a sustainable basis.
This was to be achieved through a basket of productivity initiatives; by
eliminating non-contributing production and replacing low-grade surface
material with higher margin underground material - all aimed at improved
quality volumes. Operational Excellence, a change programme, was initiated
in April 2005 to create the required skills, behaviour and environment to
improve efficiencies.

Due to the skills shortage, The Mining School of Excellence was initiated at
the Gold Fields Academy to train core skills such as miners, operators, rock
drill operators and production supervisors. The “Jurasic to Joystick”
challenge initiative was launched with the focus on a greater use of
technology to improve safety and productivity. The theory of constraints
initiative (to identify bottlenecks and to improve the flow of resources and
material) has been rolled out at all the South African shafts and there is an
increased focus on improving the flow of men, material, equipment and ore.
The objective of these initiatives is to increase mining volumes whilst
maintaining yields as close as possible to life of mine reserve yields. All
these initiatives have been implemented and are ongoing.

Project 100+

Project 100+ consists of a number of discrete projects focused on ongoing
cost reduction through eliminating inefficiencies and inward investments.
Examples of these are:

The Eskom demand side management (DSM) project, which consists of 39
sub-projects, is progressing well. Ten operating sub-projects have shifted
more than 60MW of load out of the daily peak tariff period, delivering savings
of approximately R2 million in the June quarter. Eskom temporarily put new
DSM projects on hold in May 2008 pending the outcome of the revised
National Energy Regulator of South Africa (NERSA) tariff increase application
by Eskom, which resulted in a lower increase being approved. Despite the
deferment of some of these DSM projects, a further eighteen projects are
underway, with at least eight of them due to provide savings during the
September 2009 quarter. The savings for financial 2008 were R10 million,
which is expected to grow to R20 million in financial 2009.

The conversion from diesel to battery power for underground locomotives is
progressing as planned. The project will deliver long term cost savings of

GOLD FIELDS RESULTS

Q4F2008

I 4

R24 million per annum once the project is fully completed from the higher
efficiency of battery locomotives, and has the added benefit of improving
underground environmental conditions.

On the labour management front, the roll-out of a module which sets
standards and norms for effective labour management continues. A human
resource shared services centre has been established for the West Wits area
with the intent to reduce shifts lost as a result of inefficient practices around
engagement, medical examinations and training, as well as improving upon
the administration processes currently practiced.

An energy consumption saving project aimed at reducing consumption by 10
per cent at all Group operations by 2010 has been initiated. The reduction in
consumption at the South African operations will be delivered through air and
water conservation programmes, identifying and eliminating compressed air
leaks, efficient lighting systems, thermal and performance monitoring of
refrigeration and cooling plants, amongst other various power conservation
programmes. The pump efficiency monitoring project is ongoing and will
deliver R10 million per annum savings from reduced electricity consumption.
At the international operations various initiatives are currently being
investigated in order to achieve this objective.

In addition to the above, cost savings for financial 2008 were achieved on
Health Services (R30 million), Shared Services (R38 million) and
accommodation and feeding (R9 million).

The cost reporting and management benchmark module to improve reporting
and cost control continues.

Project Beyond: Group Integrated Supply chain and
Strategic Sourcing Optimisation

SA Project Beyond Strategic Sourcing and Supply
Initiatives

The extreme inflationary push which spiked in the March quarter continued
during the June quarter, with little relief on the horizon. Steel producers
announced a seventh consecutive price increase this calendar year, effective
from August, with certain steel products almost doubling for the calendar year
to date. This general inflationary scenario is unprecedented, with raw
material price increases reaching an all time high, compounded over this
period by added currency instability. Apart from the continued major impact
of steel inflation and related products across the board during this past
quarter, other areas which also showed major cost increases were timber
support, fuels and diesel, copper cables, mill liner spares and labour hire.
Strong focus remained on securing supply and related safety stock levels for
critical and strategic commodities.

Despite the inflationary environment, continued focus on total cost
optimisation initiatives delivered around R10 million estimated annual
contracted savings through forward buying contracts on steel input costs for
locomotives and through re-negotiating hoses and fittings contracts.

Cumulative contracted benefits for the 2008 financial year are estimated at
around R31 million. In addition, inflation cost avoidance was also achieved
during the quarter across areas such as steel support products, pulleys,
catering, lubes, gas and instrumentation, estimated at R4 million. Cumulative
annual cost avoidance for financial year 2008 is estimated to be around R34
million. Combined total cost savings and cost avoidance delivery during
financial year 2008 is thus around R65 million.

The focus for financial 2009 will be to partially offset the inflationary
influences seen in the last few quarters, which will significantly affect future
costs. Savings initiatives will be geared towards increased salvage,
improved quality and product substitution as well as consumption
optimisation initiatives.

International Operations Strategic Sourcing and
Integrated Supply Chain Initiatives

During the June quarter continued global inflation pressures were
experienced across our Australian and Ghanaian operations in areas such as
power, diesel, grinding balls, explosives, lime, repairs and maintenance
contracts. Peru has largely been focusing on the transition from project to
operational, and preparing to align with shipping charters on the anticipated
first shipment of concentrate during the later part of the September quarter.

Gold Fields operations have been shielded from the direct impact of the
recent Western Australian gas explosion on the Apache gas line which had a
major impact on available natural gas in the region, being the main source of
power supply to the region. The impact on Gold Fields was mitigated by the
existing long term partnership and power purchasing arrangement for the
supply of power, with the main impact of this power disruption on Gold Fields
being its indirect effect on the price of commodities sourced from this region.
In this regard the Gold Fields Australia procurement team is working closely

with impacted suppliers to overcome this short term period of natural gas
supply interruption to the region.

New contracted benefits through an accommodation efficiencies project in
Australia delivered around US$1 million and an added US$2 million multi-
year carry over benefit was also realized. This brings the cumulative
contracted total cost benefits for the financial year for International operations
to around US$8 million.

For the September quarter, initiatives in Ghana will continue focusing on
critical supply optimisation and finalizing plans for an on-site emulsion plant
facility. In Australia, contractor mining alliance optimization will continue and
Peru will finalize the charter arrangements for the first shipments of
concentrate.

South African Operations

Royalty bill

On 3 June 2008 National Treasury released the Fourth Draft of the Mineral
and Petroleum Resources Royalty Bill for final comments. The Bill was
subsequently introduced by the Minister of Finance into Parliament on 26
June 2008. The Bill takes into account numerous comments and workshops
held between the industry and National Treasury resulting in certain changes.
The previous formula has been amended to take into account the capital
intensive nature of certain of the mining operations, especially the Gold, Oil
and Gas sectors, resulting in the formula being changed from the previous
EBITDA to “EBIT” (with 100 per cent capital expenditure taken into account in
the calculation of EBIT). A cap has also been introduced of 5 per cent with a
surcharge add-on in the formula of 0.5 per cent. As before the Royalty
percentage determined is applied to Gross revenue less certain deductions.
Based on this formula Gold Fields’ rate for financial 2008 would have been
2.1 per cent.

Power supply cost

Power costs increased by 14.2 per cent effective from 1 April 2008. An
additional increase of 2 cents per kilowatt hour announced in the Minister of
Finance budget speech, which equates to a further 12 per cent increase has
yet to be implemented. Eskom also requested an additional increase of up to
53 per cent with effect from 1 July 2008. On 18 June 2008, approval was
given by NERSA to increase rates by an effective 20 per cent from 1 July
2008, with a potential 25 per cent increase effective from 1 April 2009. When
added to the recent above inflation price increases in steel, fuel, timber and
food, and the effect the weakening rand is having on imported goods, these
Eskom increases will have a significant detrimental effect on future cash
costs.

Clarity still needs to be given on the pricing mechanism as it relates to the
power conservation programmes and the 2 cents per kilowatt hour charge
detailed above by NERSA and the Department of Trade and Industry
respectively.

Driefontein

June

2008

March

2008

Gold produced

- kg

6,786

6,530

000’ozs

218.2

209.9

Yield - underground

- g/t

8.2

8.6

- combined

- g/t

4.4

4.6

Total cash costs

- R/kg

103,537

104,870

US$/oz

414

438

Notional cash expenditure - R/kg

153,905

145,513

US$/oz

616

608

Gold production increased by 4 per cent from 6,530 kilograms (209,900
ounces) in the March quarter to 6,786 kilograms (218,200 ounces) in the
June quarter in line with the previous guidance. The increase in production
was directly attributable to more shifts available in the June quarter as
measured against the March quarter. The March quarter was negatively
affected by the Eskom power disruptions. Production was negatively affected
during the quarter due to public holidays and the shortage of labour at 6 shaft
(which was stopped during the Eskom power interruption), which is in the
process of being recruited. The June quarter was also negatively affected by
stoppages resulting from the previously reported accident arising from a
seismic related fall of ground at 10 shaft. Underground yield decreased from
8.6 grams per ton to 8.2 grams per ton for the quarter due to lower grades
mined at 1, 4 and 8 shafts. Surface yield returned to the year to date
average, decreasing from 1.1 grams per ton in the March quarter to 0.7
grams per ton in the June quarter. The negative impact of the drop in grade
on production was offset by underground tonnage which increased from

5 I GOLD FIELDS RESULTS Q4F2008

669,000 tons in the March quarter to 760,000 tons in the June quarter,
together with an increase in surface tonnage from 757,000 tons to 785,000
tons.

Main development increased by 12 per cent for the quarter and on-reef
development increased by 19 per cent, mainly as a result of more shifts being
available for mining. Main development values decreased by 24 per cent to
more historic levels, mainly due to lower values intersected in the Carbon
Leader Reef at 1 and 5 shaft, and a drop in value at the Ventersdorp Contact
Reef in the 4 shaft pillar.

Operating costs increased 3 per cent, in line with production, from R723
million (US$96 million) to R742 million (US$95 million). Total cash costs
decreased 1 per cent in rand terms and 5 per cent in US dollar terms, from
R104,870 per kilogram to R103,537 per kilogram and from US$438 per
ounce to US$414 per ounce respectively.

Operating profit increased from R736 million (US$100 million) in the March
quarter to R785 million (US$103 million) in the June quarter as a result of the
increase in production and the marginally higher gold price received.

Capital expenditure increased from R227 million (US$30 million) to R303
million (US$39 million), as forecast. This increase was mainly due to
increased expenditure on safety equipment (R32 million), battery loco project
(R13 million), increased costs on the mothballed 9 shaft project (R9 million),
emergency power generation (R6 million) and other sustaining projects.

Notional cash expenditure increased from R145,513/kg (US$608 per ounce)
to R153,905/kg (US$616 per ounce) mainly due to the increased investment
in capital expenditure.

The forecast for the September quarter is as follows:

· Gold produced - 6,400 kilograms (205,800 ounces)
· Total cash costs* - R129,000 per kilogram (US$500 per ounce)
· Capital expenditure* - R200 million (US$25 million)
· Notional cash expenditure* - R166,000 per kilogram (US$645 per ounce)
* Based on an exchange rate of US$1 = R8.00.

The decrease in gold production is mainly due to the drop in yield arising
from the decision to address backlog secondary support at the higher grade
1, 4 and 5 shafts and mining at other low grade shafts to compensate. The
continued stoppage at 10 shaft due to the recent high incidence of seismic
activity as well as a safety review of pillar mining also impacts negatively.
The increase in total cash costs is due to the anticipated lower production
and higher costs arising from the annual wage increases effective from 1
July, electricity increases, higher commodity price increases and reduced off
reef development capitalised. The decrease in capital expenditure is due to
the suspension of the 9 shaft deepening project and lower development costs
due to focus on secondary support.

Kloof

June

2008

March

2008

Gold produced

- kg

5,577

5,458

000’ozs

179.3

175.5

Yield - underground

- g/t

7.5

9.9

- combined

- g/t

4.9

6.8

Total cash costs

- R/kg

119,240

112,514

US$/oz

477

470

Notional cash expenditure - R/kg

167,940

157,292

US$/oz

672

657

Gold production increased by 2 per cent from 5,458 kilograms (175,500
ounces) in the March quarter to 5,577 kilograms (179,300 ounces) in the
June quarter. This is in line with the previous guidance despite business
interruptions which included safety related production stoppages and an
illegal miners stay-away. Underground tonnage increased from 521,000 tons
to 688,000 tons and surface tons milled increased from 287,000 to 455,000
tons, as the March quarter’s production was affected by the Eskom power
disruptions and the slow start up after the Christmas break. Surface tonnage
toll milled at South Deep accounted for 201,000 tons of the total surface tons.
The average yield from underground decreased from 9.9 grams per ton to 7.5
grams per ton due to the normalization of the previous quarter’s high mine
call factor. The increase in the gold contribution from surface sources helped
optimize milling capacity but resulted in the combined yield decreasing from
6.8 grams per ton to 4.9 grams per ton.

Total main development increased by 21 per cent quarter on quarter from
6,429 metres to 7,782 metres whilst main on-reef development metres
decreased by 9 per cent during the same period from 1,149 to 1,040 metres.

The lower on-reef development can be attributed to a large extent to the
lower off-reef development in the previous quarter not providing access to
sufficient on reef development. Additionally, four shaft’s finger raises were
replaced by lower advance rate wide raises during the quarter and this also
contributed to the lower on-reef development. However the higher off-reef
development achieved during the last quarter bodes well for the coming
quarter’s on-reef development profile. Values intersected in the Middelvlei
reef decreased from 1,103 cm.g/t to 633 cm.g/t as a result of traversing lower
grade zones. Total mine development values declined by 9 per cent.

Operating costs increased from R647 million (US$86 million) in the March
quarter to R694 million (US$89 million) in the June quarter. This was mainly
due to the impact of Eskom’s power rationing that resulted in lower mining
activity in the March quarter. June quarter costs include higher incentive and
overtime payments, increased costs for the additional surface volumes
processed at South Deep and increased commodity, steel and fuel costs
which have been impacted by price increases. Additionally, increased
support related costs were incurred. As a consequence of the higher costs
and the normalization of the mine call factor, the total cash cost increased 6
per cent from R112,514 per kilogram to R119,240 per kilogram. In US dollar
terms, total cash costs increased marginally from US$470 per ounce to
US$477 per ounce.

Operating profit was similar quarter on quarter at R558 million (US$72
million) as result of the increased production and marginally higher gold price.

Capital expenditure at R242 million (US$31 million) increased by 14 per cent
compared with the previous quarter’s expenditure of R212 million (US$28
million). This was mainly due to emergency power generation costs and
additional mining equipment.

Notional cash expenditure increased from R157,292 per kilogram (US$657
per ounce) to R167,940 per kilogram (US$672 per ounce).

The forecast for the September quarter is as follows:

· Gold produced - 3,910 kilograms (125,700 ounces)
· Total cash costs* - R190,000 per kilograms (US$740 per ounce)
· Capital expenditure* - R245 million (US$31 million)
· Notional cash expenditure* - R261,000 per kilogram (US$1,015 per
ounce)
* Based on an exchange rate of US$1 = R8.00.

The decrease in gold production is due to the rehabilitation of the steelwork
on Main shaft which should be concluded by the end of the December
quarter. The increase in total cash cost arises due to the above as well as
the increase in electricity and increased labour costs due to the annual wage
increase effective 1 July.

Beatrix

June

2008

March

2007

Gold produced

- kg

3,678

2,542

000’ozs

118.3

81.7

Yield -

g/t 4.7

3.9

Total cash costs

- R/kg

119,467

160,071

US$/oz

478

668

Notional cash expenditure - R/kg

166,096

227,852

US$/oz

665

951

Gold production at Beatrix increased by 45 per cent from 2,542 kilograms
(81,700 ounces) in the March quarter to 3,678 kilograms (118,300 ounces) in
the June quarter. This is higher than the previous guidance due to improved
quality mining. Tons milled increased from 656,000 tons to 778,000 tons and
the yield increased from 3.9 grams per ton in the March quarter to 4.7 grams
per ton for the June quarter.

The overall increase in gold and tonnage throughput is as a result of the
national power availability returning to more favourable levels and the slow
start-up after the Christmas break in the March quarter. An improved mine
call factor (MCF) also contributed to the increased gold output. The impacts
of the additional holidays at the end of April and beginning of May 2008 were
well managed with little effect on production. However, volumes at the West
section have been affected by ongoing industrial unrest at that operation.

The initiation of a focused MCF campaign coupled with education, training
and a mine clean-up to recover gold from previous underground process
inefficiencies resulted in significant benefits during the June quarter. The
overall MCF improved quarter on quarter from 68 per cent to 93 per cent
resulting in a 20 per cent improved yield. The benefits of the project
associated with implementing appropriate changes to drilling, blasting and

GOLD FIELDS RESULTS

Q4F2008

I 6

explosives usages, coupled with the ongoing clean-up strategy will continue
into the future.

The development volumes also showed a positive turnaround quarter on
quarter, with total main development increasing by 4 per cent to 9,653 metres
and main on-reef development at 1,959 metres, which is consistent with the
previous quarter. Main development values were 22 per cent lower at 810
cm.g/t as a result of the majority of raises traversing lower grade areas as
anticipated by local geological models.

Operating costs quarter on quarter increased by 7 per cent, from R429 million
(US$57 million) to R460 million (US$59 million). The increase in costs was
mainly due to higher employee incentives as a result of the higher production
in the June quarter, increased material usage and higher electricity costs.
Total cash costs decreased by 25 per cent from R160,071 per kilogram in the
March quarter to R119,467 per kilogram in the June quarter, mainly due to
higher gold output. In US dollar terms total cash costs decreased by 28 per
cent from US$668 per ounce to US$478 per ounce.

Beatrix posted an operating profit of R372 million (US$50 million) for the
quarter compared with R146 million (US$19 million) in the March quarter.

Capital expenditure was similar quarter on quarter at R151 million (US$20
million) and includes mainly ore reserve development (R79 million), progress
on the 3 shaft project (R27 million), capital development at the West and
South sections (R7 million) and residential upgrades (R12 million).

Notional cash expenditure improved from R227,852 per kilogram (US$951
per ounce) to R166,096 per kilogram (US$665 per ounce).

The forecast for the September quarter is as follows:

· Gold produced - 3,650 kilograms (117,300 ounces)
· Total cash costs* - R130,200 per kilograms (US$505 per ounce)
· Capital expenditure* - R168 million (US$21 million)
· Notional cash expenditure* - R181,600 per kilogram (US$705 per ounce)

* Based on an exchange rate of US$1 = R8.00.

The increase in total cash cost is mainly as a result of the annual wage
increases, the additional electricity price increase and the slight decrease in
production.

International Operations

Ghana

Tarkwa

June

2008

March

2008

Gold produced

- 000’ozs

168.6

165.1

Yield - heap leach

- g/t

0.8

0.7

- CIL plant

- g/t

1.6

1.5

- combined

- g/t

1.0

0.9

Total cash costs

- US$/oz

443

436

Notional cash expenditure - US$/oz

856

762

Gold production for the June quarter increased by 2 per cent from 165,100
ounces to 168,700 ounces. The increase in production was mainly due to an
increase in recovery from the Heap leach facilities.

Total tons mined, excluding capital stripping, reduced marginally from 20.7
million tons to 20.6 million tons. Ore mined was similar at 4.9 million tons.
The mined grade at 1.29 grams per ton was an improvement on last quarter’s
1.24 grams per ton due to increased tons mined from the higher grade
southern portion of Teberebie pit. The overall strip ratio for the quarter was
lower at 4.37 compared with 4.96 in the March quarter, as lower volumes of
capital waste strip were mined as a result of lower haulage efficiency, due to
the impact of radial tyre shortages.

Total tons processed were down by 296,000 tons to 5.47 million tons mainly
due to four less processing days in the quarter and national power outages.
Tons processed at the heap leach facilities decreased to 4.07 million tons
compared with 4.32 million tons for the March quarter. Heap Leach yield for
the quarter was 0.75 grams per ton compared with 0.68 for the March quarter
mainly due to improved recoveries from the South heap due to moving to first
lift. The heap leach sections produced 97,700 ounces, 3 per cent higher than
the March quarter.

The total feed to the CIL plant was 1.40 million tons compared with 1.45
million tons in the March quarter. The CIL yield was 1.6 grams per ton
against 1.5 for the March quarter mainly due to the higher head grade mined.

The CIL plant produced 70,900 ounces in the June quarter compared with
70,400 ounces in the previous.
Operating costs, including gold-in-process movement, increased from US$72
million (R533 million) in the March quarter to US$76 million (R585 million) for
the June quarter. The operating costs increase was mainly attributable to
price increases on fuel, explosives, MARC service contract, tyres purchased
on the spot market and increased contractor hire due to a decrease in mining
efficiencies as a result of radial tyre shortages. Consequently total cash
costs increased marginally from US$436 per ounce to US$443 per ounce.

Operating profit was 5 per cent lower at US$75 million (R575 million)
compared with US$79 million (R582 million) in the March quarter.

Capital expenditure increased from US$54 million (R397 million) to US$69
million (R523 million) for the quarter, with expenditure on the Phase 5 heap
leach project and the CIL expansion project at US$8 million and US$31
million respectively. Expenditure on the pre-stripping at the Teberebie
cutback (US$11 million) continued.

The CIL expansion continues on schedule to meet full production by the end
of December 2008. Both the September and December quarters production
will be affected by construction works on the new mill, specifically tie-in
activities between the existing complex and the expansion steel and piping.
It may be further affected by overburden haulage difficulties experienced
during the rainy season.

Notional cash expenditure increased from US$762 per ounce to US$856 per
ounce due to the increase in costs and capital expenditure.

The forecast for the September quarter is as follows:

· Gold produced - 159,000 ounces
· Total cash costs - US$550 per ounce
· Capital expenditure - US$68 million
· Notional cash expenditure - US$970 per ounce

The decrease in gold production is due to lower grade areas scheduled to be
mined and the CIL expansion work that will constrain CIL availability. Total
cash costs and notional cash expenditure is forecast to increase due to the
lower production along with increases in power tariff rates, diesel price and
other commodities.

Damang

June

2008

March

2008

Gold produced

- 000’ozs

50.0

52.6

Yield

- g/t

1.5

1.3

Total cash costs

- US$/oz

578

546

Notional cash expenditure - US$/oz

773

732

Gold production for the June quarter at 50,000 ounces was 5 per cent lower
than the March quarter’s 52,600 ounces. This was attributable to lower mill
throughput which decreased from 1.23 million tons to 1.06 million tons. This
was partly offset by an increase in head grade for the quarter from 1.4 grams
per ton to 1.6 grams per ton due to more higher grade ore mined from the
Damang pit cutback.

Total tons mined, excluding capital stripping, was 6.53 million tons, slightly
less than the previous quarter’s 6.55 million tons. Ore mined increased 15
per cent, from 1.08 million tons to 1.24 million tons with a resultant decrease
in the strip ratio from 5.04 in March quarter to 4.29 in the June quarter.

The decrease in the mill throughput was mainly as a result of a major rebuild
of the pebble crusher and a change in the plant feed blend - more hard, fresh
material was treated at a higher grade.

Operating cost, including gold-in-process adjustments was US$29 million
(R225 million), similar to the March quarter. Total cash cost increased from
US$546 per ounce to US$578 per ounce reflecting the reduction in gold
produced and the increased costs associated with mining the higher grade
Damang pit cutback material.

Operating profit for the June quarter at US$16 million (R120 million) is slightly
lower than the US$19 million (R138 million) achieved in the March quarter
due to the lower gold price.

Capital expenditure at US$6 million (R45 million) is similar to the previous
quarter. The majority of this expenditure was invested in a tailings facility and
mill sundries.

7 I GOLD FIELDS RESULTS Q4F2008

Notional cash expenditure increased from US$732 per ounce to US$773 per
ounce due to the lower production.

The forecast for the September quarter is as follows:

· Gold produced - 50,000 ounces
· Total cash costs - US$670 per ounce
· Capital expenditure - US$6 million
· Notional cash expenditure - US$800 per ounce

Total cash costs and notional cash expenditure is forecasted to increase due
to increases in power tariff rates, diesel price and other commodities.

Australia

St Ives

June

2008

March

2008

Gold produced

- 000’ozs

101.5

103.9

Yield - heap leach

- g/t

0.5

0.6

- milling

- g/t

2.5

2.4

- combined

- g/t

1.8

1.7

Total cash costs

- A$/oz

702

655

US$/oz

663

592

Notional cash expenditure - US$/oz

971

840

Gold produced decreased from 103,900 ounces in the March quarter to
101,500 ounces in the June quarter. This was mainly due to lower
throughput and recoveries at the heap leach.

Gold produced from the Lefroy mill increased from 91,300 ounces to 92,600
ounces. Tons milled decreased slightly from 1.19 million tons to 1.17 million
tons. However, this was offset by an increase in yield from 2.4 grams per ton
to 2.5 grams per ton due to the higher grade from Belleisle and Cave Rocks
first stope production.

Gold produced from heap leach decreased from 12,600 ounces in the March
quarter to 8,900 ounces in the June quarter. Tons treated from heap leach
decreased from 698,000 tons to 567,000 tons and recoveries decreased from
69 per cent to 52 per cent. Yield decreased from 0.6 grams per ton to 0.5
grams per ton due to a reduction in the proportion of oxide ore mined from
the Leviathan pit cutback as depth increases.

At the open pit operations 1.2 million tons of ore were mined for the quarter,
compared with 1.4 million tons in the March quarter. Ore volumes increased
from the Cave Rocks, Pluton, Revenge and Blue Lode pits, while less ore
was mined from the Leviathan and NRK pits. The Bahama pit was
completed. Grade increased from 1.5 grams per ton to 1.9 grams per ton.
The average strip ratio including capital waste was 5.8 in the June quarter,
compared with 5.4 in the March quarter.

At the underground operations 183,000 tons of ore were mined at 5.2 grams
per ton for the quarter, compared with 217,000 tons at 5.0 grams per ton in
the March quarter. The reduction in volume was due to mechanized remnant
mining at East Repulse and Britannia being completed, partially offset by the
new underground operations at Belleisle and Cave Rocks which commenced
with stoping during June 2008. At Argo, the paste fill delays reported in the
prior quarter have been resolved but the full benefit of this will only be seen in
the September quarter.

Operating costs, including gold-in-process movements, increased from A$70
million (R472 million) in the March quarter to A$73 million (R527 million) in
the June quarter. This increase was mainly due to higher open pit waste
charges due to mining more open pit ounces quarter on quarter. Total cash
costs increased from A$655 per ounce (US$592 per ounce) to A$702 per
ounce (US$663 per ounce).

Operating profit decreased from A$35 million (R231 million) to A$23 million
(R173 million) mainly due to the lower production together with the lower gold
price.

Capital expenditure increased from A$30 million (R199 million) in the March
quarter to A$36 million (R259 million) in the June quarter. Mine development
capital of A$25 million (R183 million) included increased development activity
at the Cave Rocks and Belleisle underground mines, the continuation of
development of the Argo mine and waste stripping at the future Agamemnon
South and Grinder pits. Infrastructure development continued at Cave Rocks
and Belleisle. Exploration expenditure was marginally higher at A$7 million
(R51 million).

Notional cash expenditure increased from US$840 per ounce to US$971 per
ounce due to the increase in capital expenditure and the lower production.

The forecast for the September quarter is as follows:

· Gold produced - 108,000 ounces
· Total cash costs - US$700 per ounce
· Capital expenditure - US$35 million
· Notional cash expenditure - US$1,020 per ounce

The gold production increase is in line with increased production from the
new underground mines at Cave Rocks and Belleisle. Development of these
new underground mines will continue to remain a focus area to return
production to between 115,000 ounces and 120,000 ounces per quarter from
the December quarter. Total cash costs and notional cash expenditure is
forecast to increase as a result of St Ives achieving the cumulative 3.3 million
ounces of production which triggers the volume based royalty included as
part of the St Ives acquisition. The royalty is payable at a rate of 4 per cent of
“revenue less refining costs”.

Agnew

June

2008

March

2008

Gold produced

- 000’ozs

54.6

49.0

Yield -

g/t 5.0

4.6

Total cash costs

- A$/oz

479

523

US$/oz

452

473

Notional cash expenditure - US$/oz

662

577

Gold production increased 11 per cent from 49,000 ounces in the March
quarter to 54,600 ounces in the June quarter. The 3 per cent increase in
processing volumes from 329,000 tons in the March quarter to 339,000 tons
in the June quarter, was complemented by an 9 per cent increase in yield,
from 4.6 grams per ton to 5.0 grams per ton. The higher yield was due to an
improved performance from Waroonga underground which replaced low
grade Songvang stockpiled ore.

Ore mined from underground increased 25 per cent from 132,000 tons at 8.1
grams per ton in the March quarter to 165,000 tons at a grade of 10.6 grams
per ton in the June quarter. Increased emphasis was placed on stope
production from the high grade Kim South orebody, whilst ore reserve
development was increased at the moderate grade Main Lode. Ore reserve
development was recommenced at Kim South to establish a new stoping
block. Waroonga produced in excess of 60,000 tons in the month of June,
setting a new production record. Total capital and ore reserve development
increased 33 per cent compared with the March quarter.

Operating costs, including gold-in-process movements, decreased 7 per cent
from A$29 million (R194 million) in the March quarter to A$27 million (R197
million) in the June quarter. Mining costs increased by 21 per cent or A$3
million (R20 million) due to the 25 per cent increase in ore production. This
was offset by a reduction in gold-in-process charges, from A$6 million (R40
million) to less than A$1 million (R7 million) as a result of a reduction in the
draw-down of Songvang stockpiles, which were replaced with the increased
underground ore mined. Total cash costs decreased by 8 per cent from
A$523 per ounce (US$473 per ounce) in the March quarter to A$479 per
ounce (US$452 per ounce) in the June quarter.

Operating profit increased from A$22 million (R141 million) in the March
quarter to A$26 million (R179 million) in the June quarter due to the increase
in gold production.

Capital expenditure for the June quarter was A$13 million (R91 million),
compared with A$8 million (R56 million) in the March quarter. This increase
was due to the payment of A$7 million under the terms of the new
accommodation agreement for the single persons quarters (SPQ) and for the
construction of an additional 20 SPQ rooms to meet operational
requirements. The sum total of underground capital development,
extensional and additional exploration was marginally lower at A$5 million
(R37 million).

Notional cash expenditure increased from US$577 per ounce to US$662 per
ounce mainly due to the increase in capital expenditure.

The forecast for the September quarter is as follows:

· Gold produced - 50,000 ounces
· Total cash costs - US$510 per ounce
· Capital expenditure - US$11 million
· Notional cash expenditure - US$720 per ounce

GOLD FIELDS RESULTS

Q4F2008

I 8

The reduction in gold production is due to the completion of high grade
stopes at Kim South, replaced by a combination of lower grade Kim South
and Main Lode ore. Total cash costs and notional cash expenditure is
forecast to increase by around 10 per cent due to the lower gold production.

Year ended 30 June 2008 compared with
year ended 30 June 2007

The Venezuelan assets (including Choco 10) which were sold during the
December quarter are classed as discontinued operations for accounting
purposes, and as such figures in this report have been restated to exclude
results from this operation.

Group attributable gold production decreased 8 per cent from 3.97 million
ounces for the year ended June 2007 to 3.64 million ounces produced in
financial 2008. These production results and the results below exclude all
discontinued operations.

At the South African operations gold production decreased from 2.65 to 2.42
million ounces as all operations were affected by the power disruptions
during the second half of the financial year which reduced gold output by
around 0.2 million ounces when compared with the previous year.

Driefontein decreased by 9 per cent to 0.93 million ounces mainly due to
lower volumes mined and processed. Kloof decreased by 11 per cent to 0.82
million ounces, also due to lower volumes mined. Gold production at Beatrix
decreased by 19 per cent to 0.44 million ounces due to lower volumes and a
low MCF. Part of this shortfall was offset by South Deep, control of which
was acquired on 1 December 2006, which produced 0.23 million ounces in
financial 2008 compared with 0.17 million ounces for the 7 months to end
June 2007.

At the international operations total managed gold production decreased from
1.58 million ounces in financial 2007 to 1.46 million ounces in financial 2008.
In Ghana, Damang’s gold production increased 3 per cent to 0.19 million
ounces due to an increase of available high grade fresh ore tonnages mined
and processed from the Damang pit cutback. Tarkwa was 7 per cent lower at
0.65 million ounces mainly due to exceptionally high seasonal rainfall during
the year and lower grades. In Australia, St Ives decreased by about 14 per
cent year on year to 0.42 million ounces. The decrease at St Ives was due to
a reduction of high grade underground ore from Conqueror, closed at the end
of financial 2007, and scheduled replacement ore from Cave Rocks and
Belleisle not coming into production during the year as planned. At Agnew,
the decrease was 4 per cent to 0.20 million ounces due to lower grades at
Waroongas, Kim South and Main Lode.

Revenue increased by 18 per cent in rand terms (increased 17 per cent in US
dollar terms) from R19,434 million (US$2,699 million) to R23,010 million
(US$3,165 million). The higher average gold price of R190,623 per kilogram
(US$816 per ounce) compared with R147,595 per kilogram (US$638 per
ounce) achieved in financial 2007 more than offset the lower production.
Exchange rates had little effect on the gold price in rand terms against the US
dollar weakening from an average of US$1 = R7.20 to US$1 = R7.27, or 1
per cent.

Operating costs, including gold-in-process movements, increased from
R11,694 million (US$1,624 million) to R13,969 million (US$1,922 million), an
increase of R2,275 million (US$298 million) or 19 per cent. This increase
was partly due to the acquisition of South Deep which was owned for the full
2008 financial year compared with seven months for financial 2007, and
added R530 million (US$74 million) to costs. The increase in costs excluding
the increase in South Deep amounted to 15 per cent, with the majority due to
above inflation wage increases, significant price increases of important inputs
– in particular fuel, steel and cyanide at all the operations and increased
power costs in Ghana. Added to this was the increase in volumes required to
partially offset the values mined as grades on average decreased from a
combined average of 2.6 grams per ton to 2.4 grams per ton year on year for
the Group. Total cash costs for the Group in rand terms, increased from
R86,623 per kilogram (US$374 per ounce) to R111,315 per kilogram
(US$476 per ounce) due to the above factors.

At the South African operations operating costs increased by 15 per cent
from R7,478 million to R8,611 million for the year. The increase excluding
South Deep was 9 per cent. This was due to the above inflation wage
increases, an increase in mine maintenance and the increase in certain input
costs such as steel, timber, chemicals and food, partially offset by the cost
saving initiatives implemented over the year. Unit cash costs at the South
African operations increased by 26 per cent from R86,908 to R109,117 per
kilogram (US$375 to US$467 per ounce) due to the inclusion of South Deep,
which averaged R169,889 per kilogram (US$727 per ounce) for the year, the
cost increases at the other South African operations and the lower
production. Excluding South Deep cash costs increased from R83,511 to
R102,667 per kilogram (US$361 to US$439 per ounce) an increase of 23 per
cent.

At the international operations, unit cash costs increased from US$372 per
ounce to US$492 per ounce, mainly due to the 8 per cent lower production
together with higher power costs in Ghana, increased maintenance costs of
the mining fleet at Tarkwa, increased costs at Agnew due to increased
processing of the Songvang stockpile and the combined effect of higher
stripping ratios at Tarkwa (from 4.0 to 4.7) and increased cost of inputs driven
by the commodities boom.

Operating profit increased from R7,740 million (US$1,075 million) to R9,041
million (US$1,244 million), with the Group benefiting from the higher gold
price in all currencies.

After accounting for taxation, sundry costs, exceptional items which included
the sale of Essakane and Choco 10, and restructuring costs at South Deep,
net earnings were R4,458 million (US$613 million) for financial 2008,
compared with R2,363 million (US$328 million) in the previous year.

Earnings excluding gains and losses on foreign exchange, financial
instruments, exceptional items and discontinued operations amounted to
R2,930 million (US$403 million) this year compared with R2,298 million
(US$319 million) in financial 2007.

Capital and development projects

Cerro Corona

During the June quarter, two million man hours were worked with three lost
time accidents and eight medically treated incidents, all involving construction
personnel. Management has installed several programmes, including
significant contractor cost penalties to reverse the above trend. Project
staffing levels peaked during the quarter at 3,100 per day but have now
declined to 1,700 reflecting completion of significant portions of the work.
There were no reportable environmental incidents during the period.

First rock was put through the mill during the last week in July. First
concentrate will be produced by the middle of August and the first shipment
of concentrate is scheduled for early September.

Final operational permitting activities advanced during the quarter including
approval of the third party contractor’s EIA for storage, transport, and ship
loading of concentrate at the Port of Salaverry, Project EIA general revision,
as well as the mine Closure Plan. Regulatory agencies were also notified in
late May that process facility construction was essentially complete and the
requisite inspection for issuing the Beneficiation Concession was arranged
for late July.

Mining activities focused on generating construction material for the Las
Gordas tailing dam (1.46 million tons) and in further oxide (0.63 million tons)
and waste mining (0.73 million tons) to enable additional sulphide ore mining
(0.14 million tons) by quarter’s end. The accumulated oxide ore in stockpiles
was 4.06 million tons with an average gold grade of 1.45 grams per ton.
Accumulated mixed sulphide ore in stockpile is 0.97 million tons with average
gold and copper grades of 1.32 grams per ton and 0.52 per cent,
respectively. This material represents eight weeks of plant production at full
capacity. Total quarter unit mining costs were US$2.18 per ton which is 4 per
cent lower than the previous quarter despite 12 per cent less tons being
mined quarter on quarter.

Cumulative construction progress at June quarter end was 90.5 per cent.
The Las Gordas Stage I Starter Dam embankment construction productivity
continued to improve, leveraging prior period experience as well as
diminishing rainfall. The Las Gordas starter dam completion is now forecast
for mid-first quarter financial 2009. In accordance with the water storage
plan, approximately 380,000 cubic metres of water is currently stored in the
reservoir to support the plant start-up and continued operations during the dry
season. The TMF return water system and tailing pipeline construction are
essentially complete and are entering commissioning.

The projects completed during the quarter, include:

· Installation of a capacitor bank at Trujillo Norte Substation. This unit will
require addition of a harmonic filter to reach full design specifications;
· Mechanical completion of grinding and flotation circuits;
· Mechanical completion of concentrate filtration and storage areas;
· Mechanical completion of all port facilities;
· Establishment of project-operational transition teams for all aspects of
Cerro Corona on a go forward basis.

Commissioning activities have encountered some delays due to late
completion of outstanding construction and pre-commissioning activities, the
need for significant revisions to the control logic design related to the mills
and the late arrival of vendor representatives to support construction and
commissioning activities.

9 I GOLD FIELDS RESULTS Q4F2008

Cumulative project commitments reached US$501 million. Project forecast
cost at completion increased during the period to a value of between US$540
to US$550 million, for the following reasons:

· The extension of time required for construction completion including
time-dependent activities, such as owner’s team, engineering consultant
labour and support costs,
· Additional costs due to the under estimation of project quarry required for
the tailings management facility
· Late identification of significant numbers of minor works for correction of
design errors and omissions, construction deficiencies, or modifications
required to preclude safety hazard issues,
· Contractor claims for extensions in time for factors beyond their control
including increase in contractual scope and impacts for loss of
productivity, related to late design changes and materials shortages.

Essentially all construction activities since February 2007 have been
performed on a “time and material” or “day rate basis” in a way to accelerate
the construction completion date.

The forecast for the September quarter is as follows:

· Gold produced - 42,000 equivalent ounces
· Total cash costs - US$270 per ounce
· Capital expenditure - US$79 million
· Notional cash expenditure - US$2,240 per ounce

Pre-production costs associated with the start-up leading into commercial
levels of production are capitalized.

South Deep Project

June

2008

March

2008

Gold produced

- kg

1,167

1,637

000’ozs

37.5

52.6

Yield - underground

- g/t

7.4

6.4

- combined

- g/t

6.0

5.9

Total cash costs

- R/kg

250,300

194,258

US$/oz

1,002

811

Notional cash expenditure - R/kg

443,702

319,426

US$/oz

1,776

1,334

Gold production at South Deep decreased by 29 per cent from 1,637
kilograms (52,600 ounces) in the March quarter to 1,167 kilograms (37,500
ounces) in the June quarter, in line with the previous guidance. The
decrease in gold production was mainly due to the stopping of all VCR mining
above 95 level, safety related stoppages due to three fatal accidents as well
as the decision taken to suspend mining at 95 2 West and 95 3 West to
support the access ramp. As a result of the above, underground tons milled
decreased from 250,000 tons in the March quarter to 153,000 tons in the
June quarter, the effect of the lower tonnage on gold production was partially
offset by an increase in underground yield from 6.4 grams per ton to 7.4
grams per ton. Surface ore processed increased from 26,000 tons to 42,000
tons in the June quarter but at a lower grade as surface stockpiles are now
mostly depleted.

Development decreased by 20 per cent for the June quarter from 1,231
metres to 989 metres. Development in phase 1 sub 95 level remained
constant at 236 metres for the June quarter, whilst the current mine
decreased from 275 metres to 64 metres. This drop in metres in current
mine development was due to the stopping of development on 87, 90 and 95
levels, concurrent with the stoppage of the VCR. Trackless on-reef metres
increased for the quarter by 27 per cent whilst the trackless off-reef metres
reduced from 160 metres to 9 metres.

Operating costs at R302 million (US$39 million) decreased by 8 per cent
compared with the March quarter’s cost of R327 million (US$44 million). This
was mainly due to the lower production levels and labour cost reductions.
However, as a result of the decrease in gold production the total cash cost
increased by 29 per cent from R194,258 per kilogram (US$811 per ounce) in
the March quarter to R250,300 per kilogram (US$1,002 per ounce) in the
June quarter.

An operating loss of R39 million (US$6 million) was realised in the June
quarter compared with the March quarter’s operating profit of R37 million
(US$5 million). The lower operating cost was more than offset by the
decrease in revenue.

Capital expenditure increased from R196 million (US$26 million) to R216
million (US$28 million) due to the increase in equipment for mechanised
development and the emergency power generation project.

Notional cash expenditure increased by 39 per cent from R319,426 per
kilogram (US$1,334 per ounce) to R443,702 per kilogram (US$1,776 per
ounce) due to the reduced production.

The forecast for the September quarter is as follows:

· Gold produced - 980 kilograms (31,500 ounces)
· Total cash costs* - R309,000 per kilograms (US$1,200 per ounce)
· Capital expenditure* - R245 million (US$31 million)
· Notional cash expenditure* - R571,000 per kilogram (US$2,220 per
ounce)
* Based on an exchange rate of US$1 = R8.00.

The decrease in gold production is due to the loss of production while
completing the rehabilitation of the primary support on the access ramps on
the suspended 95 2 West and 95 3 West. South Deep will focus on speeding
up development of the ore body, completion of the Twin shaft infrastructure
and increasing the rate of de-stress mining, with the aim of increasing
production by the December quarter to approximately 1,500 kilograms
(48,200 ounces) per quarter from current mechanised production areas. The
increase in total cash costs is due to the lower production, annual wage
increases and electricity price increases.

Exploration and corporate development

Greenfields Exploration

Greenfields exploration continues on a portfolio of nine projects in seven
countries (Australia, DRC, Mali, Peru, Chile, Dominican Republic and the
USA). In addition, Gold Fields initiated generative exploration in Canada and
Ghana in the June quarter. The company also has exploration interests in
China through an alliance with Sino Gold Mining Ltd. (ASX: “SGX”), in
Indonesia through the Nabire Bakti joint venture operated by Freeport
McMoran and Rio Tinto, and in Kyrgyzstan, Gold Fields is in the process of
finalising an earn-in joint venture agreement with Orsu Metals Corporation
(TSX: “OSU” and AIM: “OSU”) formerly Lero Gold Corp. on Orsu’s Talas
copper-gold project. A total of 70,400 metres of drilling was completed on
eighteen high quality targets within six projects during the financial year.

In Australia, target definition and initial exploration drilling continued on three
early stage projects (Mt Carlton joint venture, Gobondery joint venture and
Delamarian). The primary focus is the Mt Carlton joint venture in Northeast
Queensland, where Gold Fields is earning a 51 per cent stake in eight
exploration tenements totaling 1,200 square kilometers owned by Conquest
Mining Limited (ASX: “CQT”), surrounding Conquest’s Silver Hill discovery.
Exploration completed this quarter on Mt Carlton includes airborne
electromagnetic (EM) geophysical surveys and a ground gravity survey over
most of the property, grid soil geochemical sampling, and IP-Resistivity
surveys on selected target areas. Drilling consists of fifteen pre-collared
diamond holes (3,924 metre including 1,157 metre reverse circulation (RC)).
Diamond drilling of the EM chargeability at the Capsize Target immediately
east of Silver Hill has been completed with two encouraging drill intersections
with anomalous Au and Cu values, suggesting that the Silver Hill mineralised
system continues to the east. Assays are awaited for most of the holes
completed at Capsize. Significant progress was achieved on the induced
polarization (IP) surveys at the Powerline Target with a strong chargeability-
resistivity high coincident with a zoned copper to copper-zinc to zinc-lead soil
geochemical anomaly which was identified in earlier work. This anomaly is
also coincident with a sub-circular topographic depression, a discrete gravity
high and surface alteration suggesting a buried porphyry or high sulphidation
epithermal body at shallow depth. Initial drill testing of the Powerline Target
is scheduled during the September quarter 2008. The upcoming work
programme also includes follow-up drilling at the Capsize Target, completion
of the grid soil sampling programme over all remaining targets and
completion of a property-wide target generation exercise based on all
regional data sets.

In the southern DRC, fieldwork resumed in early June at the 80 per cent
owned Kisenge Project with the completion of an airborne magnetics
geophysical survey and regional stream sediment sampling over the project’s
18,330 square kilometres of exploration licenses. Soil geochemical results
have defined additional anomalism in the Kajimba-Mpokoto basin area.
Based on positive correlation between IP chargeability anomalism with gold
mineralisation encountered in previous drilling at the Mpokoto prospect (best
intersection: 50 metre at 2.0 grams per ton Au), additional IP surveys are
planned to cover the south extension of the Mpokoto mineralised trend. Two
new target areas have also been defined by recent assays of historical
termite mound samples. Drilling will be carried out on these targets during
the next two quarters. Discussions are ongoing with the DRC Government
regarding their review of the mining convention.

GOLD FIELDS RESULTS

Q4F2008

I 10

At the Sankarani joint venture in south-western Mali, where Gold Fields is
earning-in to an initial 51 per cent interest in a project currently operated by
partner Glencar Mining plc (AIM: “GEX”), seventeen targets were prioritised
for follow-up work following the completion of a high resolution airborne
geophysical survey in March 2008. A total of 18,486 metres of rotary air blast
(RAB) drilling has been completed to date on five Priority 1 targets to test a
cumulative prospective strike length of 55 kilometers. Assay results from
drilling the Sindo target outlined gold-in-bedrock anomalism coinciding with a
northeast-southwest shear-zone. Visible gold was reported in pan
concentrates recovered from the Fingouana and Kabaya South RAB holes,
with intercepts of up to 9 metres at 6.5 grams per ton Au. The upcoming
work programme will include trenching and 18,000 metres of RAB/RC and
diamond drilling to further test the five priority targets. An additional 20,000
metres of RAB drilling is planned for target definition over the twelve other
Priority 2 and 3 areas not yet tested. The above should be completed by the
December quarter.

Gold Fields and Orsu Metals Coporation (TSX: “OSU” and AIM: “OSU”)
previously Lero Gold Corp, are in the process of finalising a joint venture
agreement on the Talas Copper-Gold Porphyry Project in Kyrgyzstan which
will grant Gold Fields the right to earn-in up to a 70 per cent interest. The
partners have also agreed to an aggressive exploration programme and
budget. The work programme will include additional deep penetrating IP
geophysical surveys which have been successful in tracing the extensions of
the Taldy Central porphyry prospect under cover to the east and west, some
17,000 metres of infill and step-out diamond drilling at the Taldy Central
prospect and initial drilling on several other promising targets in the district.

Near Mine Exploration

In Australia, Gold Fields continues to aggressively explore near mine targets
at its Agnew and St Ives operations. At Agnew, new targets identified by IP
geophysical surveys have highlighted untested potential and at St Ives, three
drill rigs are currently drilling out a potential underground resource.

In Ghana, a new targeting exercise assisted by regional geophysical surveys
has produced a number of targets in areas surrounding the Damang mining
lease. Resource to reserve conversion will be the focus of near mine
exploration within the lease.

In Peru, at the Consolidada de Hualgayoc joint venture with Compania de
Minas Buenaventura SA (NYSE: “BVN”), near mine exploration continues in
the well-endowed Hualgayoc District surrounding the new Cerro Corona
operation. During the March quarter, initial drilling was completed on the
Quijote porphyry copper-gold target but results were disappointing. The
Titan-Arabe copper-gold target will be the next prospect to be drill-tested
once community access agreements are signed. District-wide geophysical
surveys including airborne magnetic, radiometrics and EM surveys and
ground-based gravity surveys have been budgeted to acquire regional data
sets for targeting.

Corporate Development

Gold Fields subscribed for a private placement of 11 million shares in Sino
Gold Limited (ASX: “SGX”) during the June quarter and subsequent to year
end placement of a further 2.6 million shares resulting in a net placement for
the year of 13,586,378 shares at an average price of A$5.02/share, for a total
consideration of A$68,261,890. This acquisition increased Gold Fields’
ownership in Sino Gold to 19.9 per cent. Gold Fields and Sino Gold agreed
to reduce the project entry hurdle in its China-wide exploration alliance to
3Moz, substantially broadening the scope of the alliance. Gold Fields also
followed its rights in the Accelerated Renounceable Entitlements Offer
acquiring another 6,515,488 shares at a price of A$4.00 per share for a
further consideration of A$26,061,952.

In April 2008, Gold Fields acquired 25,887,491 Conquest Mining Limited
(ASX: “CQT”) shares at an average price of A$0.35 per share, which
increased its holding to 19.1 per cent of Conquest.

Gold Fields also finalised a C$5 million placement in Lero Gold Corp, now
Orsu Metals Corporation (TSX: “OSU” and AIM: “OSU”), acquiring 5,882,355
shares at C$0.8 per share, which brings its interest to around 7.6 per cent.

Dividend

In line with the company’s policy of paying out 50 per cent of its earnings,
subject to investment opportunities, a final dividend has been declared
payable to shareholders as follows:

- final dividend number 69:

120 SA cents per share

- last date to trade cum-dividend:

Friday

15 August 2008

- sterling and US dollar conversion date:

Monday 18 August 2008

- trading commences ex-dividend:

Monday 18 August 2008

- record date:

Friday

22 August 2008

- payment date:

Monday 25 August 2008

Share certificates may not be dematerialised or rematerialised between
Monday, 18 August 2008 and Friday, 22 August 2008, both dates inclusive.

Outlook

In the September quarter attributable gold production is forecast to decrease
by around 5 per cent. Notional cash expenditure is forecast at R245,000 per
kilogram (US$950 per ounce) and total cash costs at R152,000 per kilogram
(US$590 per ounce) at an exchange rate of US$1 = R8.00.

At the South African operations gold production is forecast to decrease by 13
per cent due to the safety intervention at Kloof and the rehabilitation at South
Deep explained earlier. Accordingly, cash costs and notional cash
expenditure is forecast at US$610 per ounce and US$860 per ounce
respectively. At the international operations production should increase by 9
per cent mainly due to the first production from Cerro Corona. Cash costs
and notional cash expenditure are forecast at US$570 per ounce and
US$1,060 per ounce respectively.

It is anticipated that production will be at around an annualized 4 million
attributable ounces by early in calendar 2009. South Africa will contribute
approximately 2.30 million ounces, dependant on the outcome of the Kloof
Main shaft rehabilitation, with the balance coming from the international
operations. Ghana will contribute 0.72 million attributable ounces, Austrialian
0.60 million ounces and approximately 0.38 million attributable equivalent
ounces from Cerro Corona. Notional cash expenditure at this time is forecast
at US$725 per ounce at an exchange rate of US$1 = R8.00.

Basis of accounting

The unaudited results for the quarter and year have been prepared on the
International Financial Reporting Standards (IFRS) basis. The detailed
financial, operational and development results for the June 2008 quarter are
submitted in this report.

These consolidated quarterly statements are prepared in accordance with
IAS 34, Interim Financial Reporting. The accounting policies used in the
preparation of this report are consistent with those applied in the previous
financial year except for the adoption of applicable revised and/or new
standards issued by the International Accounting Standards Board.

Audit review

The year-end results have been reviewed in terms of Rule 3.23 of the listing
requirements of JSE Limited by the Company’s auditors,
PricewaterhouseCoopers Inc. Their unqualified review opinion is available
upon request from the Company Secretary and on the web site.

N.J. Holland
Chief Executive Officer
1 August 2008

11 I GOLD FIELDS RESULTS Q4F2008

Income statement

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

South African Rand

Quarter Year ended

June

2008

March

2008

June

2007

June

2008

June

2007

Revenue

6,452.4

6,109.2 5,067.1 23,009.5

19,433.8

Operating costs, net

3,731.1

3,543.3 3,098.3 13,968.7

11,694.3

- Operating costs

3,747.5

3,502.6 3,213.7 13,883.2

11,904.6

- Gold inventory change

(16.4)

40.7 (115.4)

85.5

(210.3)

Operating profit

2,721.3

2,565.9 1,968.8 9,040.8

7,739.5

Amortisation and depreciation

777.9

713.9 866.1

3,025.6

2,962.7

Net operating profit

1,943.4

1,852.0 1,102.7 6,015.2

4,776.8

Net interest paid

(46.4)

(88.4) (59.2) (322.1)

(181.0)

(Loss)/gain on foreign exchange

(7.4)

38.4 (42.6) 13.6

(151.1)

Gain/(loss) on financial instruments

1.9

262.3 39.3 85.5

(42.7)

Other

(75.8)

(32.3) (9.8)

(129.6)

(128.3)

Exploration

(107.0)

(57.5) (89.1) (327.8)

(295.2)

Profit before tax and exceptional items

1,708.7

1,974.5 941.3

5,334.8

3,978.5

Exceptional (loss)/gain

(94.8)

(41.6) 36.5

1,309.5

245.0

Profit before taxation

1,613.9

1,932.9 977.8

6,644.3

4,223.5

Mining and income taxation

663.7

566.5 371.0

1,937.7

1,552.7

- Normal taxation

555.4

349.4 155.8

1,413.1

871.9

- Deferred taxation

108.3

217.1 215.2 524.6

680.8

Net profit from continued operations

950.2

1,366.4 606.8

4,706.6 2,670.8

Income from discontinued operations

- (10.9) 37.0 (36.8)

Profit on sale of Venezuelan assets

74.2 -

Net profit

950.2

1,366.4 595.9

4,817.8

2,634.0

Attributable to:

- Ordinary shareholders

842.9

1,248.0 527.5

4,457.5

2,362.5

- Minority shareholders

107.3

118.4 68.4 360.3

271.5

Exceptional items:

Profit on sale of investments

1.5

- 5.6

1,416.2

193.0

Profit on sale of assets

(0.8)

3.2 32.4 33.6

53.5

South Deep restructuring

(65.2)

- -

(65.2)

Driefontein 9 shaft closure costs

20.8

(44.8)

(24.0)

Impairment of assets

(51.2)

- (1.5) (51.2)

(1.5)

Other

0.1

- -

0.1

Total exceptional items

(94.8)

(41.6) 36.5

1,309.5

245.0

Taxation

31.0

18.7 (13.6) 30.2

(68.6)

Net exceptional items after tax and minorities

(63.8)

(22.9) 22.9

1,339.7

176.4

Net earnings

842.9

1,248.0 527.5

4,457.5

2,362.5

Net earnings per share (cents)

129

191 81 683

414

Diluted earnings per share (cents)

120

178 77 637

398

Headline earnings

880.6

1,245.7 506.3

2,992.3

2,187.8

Headline earnings per share (cents)

135

191 78 459

392

Net earnings excluding gains and losses on foreign exchange,
financial instruments, exceptional items and discontinued operations

911.1

1,008.6 488.4

2,930.3

2,298.4

Net earnings per share excluding gains and losses on foreign
exchange, financial instruments, exceptional items and discontinued
operations (cents)

140

155 75 449

412

Gold sold – managed

28,861

27,692 33,224 120,707

131,670

Gold price received

R/kg

223,568

220,612 152,510 190,623

147,595

Total cash costs

R/kg

125,359

122,920 91,473 111,315

86,823

GOLD FIELDS RESULTS

Q4F2008

I 12

Income statement

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

United States Dollars

Quarter

Year ended

June

2008

March

2008

June

2007

June

2008

June

2007

Revenue

836.3

821.1 714.7

3,165.0

2,699.1

Operating costs, net

481.6

473.9 437.0

1,921.5

1,624.1

- Operating costs

484.1

468.4 453.3

1,909.7

1,653.4

- Gold inventory change

(2.5)

5.5 (16.3) 11.8

(29.2)

Operating profit

354.7

347.2 277.7

1,243.5

1,074.9

Amortisation and depreciation

100.1

94.8 122.2 416.2

411.5

Net operating profit

254.6

252.4 155.5 827.3

663.4

Net interest paid

(5.5)

(11.8) (8.3) (44.3)

(25.1)

Gain/(loss) on foreign exchange

(1.1)

5.5 (6.0) 1.9

(21.0)

Gain/(loss) on financial instruments

37.6 5.5 11.8

(5.9)

Other

(10.2)

(4.5) (1.5) (17.8)

(17.7)

Exploration

(14.0)

(7.5) (12.6) (45.1)

(41.0)

Profit before tax and exceptional items

223.8

271.7 132.6 733.8

552.7

Exceptional (loss)/gain

(17.4)

(11.1) 5.0

180.1

33.8

Profit before taxation

206.4

260.6 137.6 913.9

586.5

Mining and income taxation

87.4

77.2 52.4 266.6

215.7

- Normal taxation

73.8

47.3 22.0 194.4

121.1

- Deferred taxation

13.6

29.9 30.4 72.2

94.6

Net profit from continued operations

119.0

183.4 85.2 647.3

370.8

Income from discontinued operations

(0.1)

(0.1) (1.5) 5.1

(5.1)

Profit on sale of Venezuelan assets

(0.2)

(0.3) -

10.2

Net profit

118.7

183.0 83.7 662.6

365.7

Attributable to:

- Ordinary shareholders

104.7

166.8 74.1 613.0

328.0

- Minority shareholders

14.0

16.2 9.6 49.6

37.7

Exceptional items:

Profit on sale of investments

(4.2)

(5.1) 0.9

194.8

26.8

Profit on sale of assets

(0.2)

0.3 4.5 4.6

7.4

South Deep restructuring

(9.0)

- -

(9.0)

Driefontein 9 shaft closure costs

3.0

(6.3) -

(3.3)

Impairment of assets

(7.0)

- (0.4) (7.0)

(0.4)

Other

- - -

Total exceptional items

(17.4)

(11.1) 5.0

180.1

33.8

Taxation

4.3

2.7 (2.0) 4.2

(9.6)

Net exceptional items after tax and minorities

(13.1)

(8.4) 3.0

184.3

24.2

Net earnings

104.7

166.8 74.1 613.0

328.0

Net earnings per share (cents)

26 11 94

Diluted earnings per share (cents)

24 11 82

Headline earnings

111.1

175.5

71.1

411.6

303.8

Headline earnings per share (cents)

Net earnings excluding gains and losses on foreign exchange,
financial instruments, exceptional items and discontinued operations

119.1

138.2

68.9

403.1

319.2

Net earnings per share excluding gains and losses on foreign
exchange, financial instruments, exceptional items and discontinued
operations (cents)

21 11 62

South African rand/United States dollar conversion rate

7.77

7.45 7.09 7.27

7.20

South African rand/Australian dollar conversion rate

7.33

6.73 5.89 6.52

5.65

Gold sold – managed

ozs (000)

928

890 1,068 3,881

4,233

Gold price received

$/oz

895

921 669 816

638

Total cash costs

$/oz

502

513 401 476

374

13 I GOLD FIELDS RESULTS Q4F2008

Balance sheet

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

South African Rand

United States Dollars

June

2008

June

2007

June

2008

June

2007

Property, plant and equipment

45,533.3

37,312.8

5,691.7

5,218.6

Goodwill

4,458.9

4,458.9

557.4

623.6

Non-current assets

746.7

627.7

93.3

87.8

Investments

5,704.2

2,272.4

713.0

317.8

Discontinued operations

3,352.3

468.9

Current assets

6,450.5

5,877.0

806.3

822.0

- Other current assets

4,443.2

3,566.9

555.4

498.9

- Cash and deposits

2,007.3

2,310.1

250.9

323.1

Total assets

62,893.6

53,901.1

7,861.7

7,538.7

Shareholders’ equity

42,561.2

37,106.3

5,320.1

5,189.7

Deferred taxation

5,421.9

4,651.4

677.7

650.5

Long-term loans

6,513.9

6,170.5

814.2

863.0

Environmental rehabilitation provisions

2,015.5

1,380.5

251.9

193.1

Post-retirement health care provisions

21.0

21.0

2.6

2.9

Current liabilities

6,360.1

4,571.4

795.2

639.5

- Other current liabilities

5,875.9

3,852.8

734.7

539.0

- Current portion of long-term loans

484.2

718.6

60.5

100.5

Total equity and liabilities

62,893.6

53,901.1

7,861.7

7,538.7

South African rand/US dollar conversion rate

8.00

7.15

South African rand/Australian dollar conversion rate

7.66

6.06

Condensed changes in equity

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

South African Rand

United States Dollars

June

2008

June

2007

June

2008

June

2007

Balance at the beginning of the financial year

37,106.3

20,001.5

5,189.7

2,692.0

Issue of share capital

0.5

78.7

0.1

10.9

Increase in share premium

72.2

18,398.2

9.9

2,561.5

Marked to market valuation of listed investments

320.0

205.7

44.0

28.6

Dividends paid

(1,044.8)

(1,141.4)

(143.7)

(159.7)

Increase in share-based payment reserve

153.3

90.0

21.1

12.5

Profit attributable to ordinary shareholders

4,457.5

2,362.5

613.1

328.0

Profit attributable to minority shareholders

360.3

271.5

49.6

37.7

Decrease in minority interests

(439.8)

253.7

(60.5)

(13.0)

Loss on transacting subsidiaries

(74.7)

(3,559.9)

(10.3)

(495.9)

Currency translation adjustment and other

2,104.5

145.8

(330.4)

187.1

Reserves released on sale of Venezuelan assets

(454.1)

(62.5)

Balance as at the end of June

42,561.2

37,106.3

5,320.1

5,189.7

Reconciliation of headline earnings with net earnings

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

South African Rand

United States Dollars

June

2008

June

2007

June

2008

June

2007

Net earnings

4,457.5

2,362.5

613.0

328.0

Profit on sale of investments

(1,416.2)

(193.0)

(199.9)

(26.8)

Taxation effect of profit on sale of investments

2.2

48.6

0.3

6.8

Profit on sale of assets

(33.6)

(53.5)

(4.6)

(7.4)

Taxation effect of profit on sale of assets

20.8

20.4

2.3

2.8

Profit on sale of Venezuelan assets

(74.2)

2.8

(4.4)

0.4

Impairment of assets

51.2

7.0

Taxation effect on impairment of assets

(15.4)

(2.1)

Headline earnings

2,992.3

2,187.8

411.6

303.8

Headline earnings per share – cents

459

392

Based on headline earnings as given above divided by
653,156,884 for June 2008 (March 2008- 652,691,549 and June
2007 – 558,259,686) being the weighted average number of
ordinary shares in issue.

GOLD FIELDS RESULTS

Q4F2008

I 14

Cash flow statement

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

South African Rand

Quarter

Year ended

June

2008

March

2008

June

2007

June

2008

June

2007

Cash flows from operating activities

2,567.9

3,038.5 1,969.3 7,739.5

2,344.7

Profit before tax and exceptional items

1,708.7

1,974.5 941.3

5,334.8

3,978.5

Exceptional items

(94.8)

(41.6) 36.5

1,309.5

245.0

Amortisation and depreciation

777.9

713.9 866.1

3,025.6

3,962.7

Change in working capital

262.5

794.2 274.0 262.3

(168.8)

Taxation paid

(194.6)

(238.0) (136.7) (923.4)

(714.7)

Settlement of Western Areas hedge

- - -

(3,893.8)

Other non-cash items

108.2

(164.5) (1.3)

(1,395.7)

(85.8)

Discontinued operations

- (10.6) 126.4

21.6

Dividends paid

(424.9)

- -

(1,044.8)

(1,141.4)

Ordinary shareholders

(424.9)

- -

(1,044.8)

(1,130.9)

Minority shareholders in subsidiaries

- - -

(10.5)

Cash flows from investing activities

(3,219.5)

(2,355.3) (2,331.8) (7,729.8)

(15,194.6)

Capital expenditure – additions

(2,524.8)

(2,085.7) (2,157.3) (9,013.9)

(5,930.8)

Capital expenditure – proceeds on disposal

6.5

3.1 41.1 42.2

63.4

Sale/(purchase) of subsidiaries

- (25.0)

1,042.1

(8,732.7)

Purchase of investments

(707.5)

(258.1) (99.9)

(977.6)

(648.4)

Proceeds on the disposal of investments

65.4

1.9 11.3 99.8

326.1

Environmental and post-retirement health care payments

(59.1)

(16.5) (68.9) (87.0)

(107.2)

Discontinued operations

- (33.1)

1,164.6

(165.0)

Cash flows from financing activities

1,095.1

(213.7) 336.8 557.1

14,684.7

Loans received

1,164.6

1,535.3 5,324.1 4,335.9

18,821.9

Loans repaid

(850.0)

(1,788.3) (5,003.0) (4,619.5)

(14,194.2)

Rights offer – Cerro Corona

768.0

- -

768.0

Minority shareholders loans repaid

- - -

(90.1)

Shares issued

12.5

39.3 15.7 72.7

10,147.1

Net cash inflow/(outflow)

18.6

469.5 (25.7)

(478.0)

693.4

Translation adjustment

44.6

154.0 8.0

175.2

(0.8)

Cash at beginning of period

1,944.1

1,320.6 2,327.8 2,310.1

1,617.5

Cash at end of period

2,007.3

1,944.1 2,310.1 2,007.3

2,310.1

United States Dollars

Quarter

Year ended

June

2008

March

2008

June

2007

June

2008

June

2007

Cash flows from operating activities

334.0

407.9 276.1

1,048.1

333.7

Profit before tax and exceptional items

223.8

271.7 132.6 733.8

552.7

Exceptional items

(17.4)

(11.1) 5.0

180.1

33.8

Amortisation and depreciation

100.1

94.8 122.2 416.2

411.5

Change in working capital

36.1

114.6 37.8 36.1

(23.4)

Taxation paid

(27.7)

(43.5) (19.1)

(143.5)

(97.4)

Settlement of Western Areas hedge

- - -

(534.6)

Other non-cash items

19.5

(18.2) (0.2)

(192.0)

(11.9)

Discontinued operations

(0.4)

(0.4) (2.2) 17.4

3.0

Dividends paid

(53.9)

- -

(142.5)

(159.7)

Ordinary shareholders

(53.9)

- -

(142.5)

(158.2)

Minority shareholders in subsidiaries

- - -

(1.5)

Cash flows from investing activities

(429.0)

(323.6) (331.2)

(1,063.4)

(2,110.4)

Capital expenditure – additions

(327.2)

(277.3) (301.7)

(1,239.9)

(824.2)

Capital expenditure – proceeds on disposal

0.8

0.3 5.7 5.8

8.8

Sale/(purchase) of subsidiaries

(3.3)

(3.8) (8.5) 143.3

(1,212.9)

Purchase of investments

(96.5)

(36.3) (14.2)

(134.5)

(90.1)

Proceeds on the disposal of investments

8.9

0.1 1.8

13.7

45.3

Environmental and post-retirement health care payments

(8.1)

(2.3) (9.6)

(12.0)

(14.9)

Discontinued operations

(3.6)

(4.3) (4.7) 160.2

(22.4)

Cash flows from financing activities

142.7

(28.9) 17.9 67.0

2,011.5

Loans received

150.4

209.9 718.0 596.4

2,593.1

Loans repaid

(105.2)

(244.3) (708.1) (635.4)

(1,979.4)

Rights issue – Cerro Corona

96.0

- -

96.0

Minority shareholders loans repaid

- - -

(11.5)

Shares issued

1.5

5.5 8.0

10.0

1,409.3

Net cash (outflow)/inflow

(6.2)

55.4 (37.2) (90.8)

75.1

Translation adjustment

14.4

(1.4) 37.0 18.6

30.3

Cash at beginning of period

242.7

188.7 323.3 323.1

217.7

Cash at end of period

250.9

242.7 323.1 250.9

323.1

15 I GOLD FIELDS RESULTS Q4F2008

Hedging / Derivatives

The Group’s policy is to remain unhedged to the gold price. However, hedges are sometimes undertaken on a project specific basis as follows:

· to protect cash flows at times of significant expenditure,
· for specific debt servicing requirements, and
· to safeguard the viability of higher cost operations.

Gold Fields may from time to time establish currency financial instruments to protect underlying cash flows.
Gold Fields has various currency financial instruments - those remaining are described in the schedule.

Position at end of June 2008

US Dollars / Rand forward purchases

As a result of the draw down under a bridge loan facility to settle the close-out of the Western Areas gold derivative structure, US dollars/rand forward
cover was purchased during the March 2007 quarter for the amount of US$550.8 million for settlement on 6 August 2007. On 6 August 2007, this US
dollars/rand forward cover was extended to 6 November 2007. On 6 November 2007 the forward cover was extended to 6 December 2007 at an
average rate of R6.6315, based on a spot of R6.6000. On 6 December 2007 a partial repayment of US$60.8 million was made against the loan and
subsequently the balance of US$490 million forward cover was extended to 6 March 2008 at a rate of R6.9118, based on a spot rate of R6.8000.

On 31 December 2007 a further repayment of US$172 million was made against the loan which resulted in an early drawdown of the same amount
under the forward cover. On 6 March 2008 the balance of US$318 million was extended to 6 June 2008 at a rate of R7.9752, based on a spot of
R7.8052. On 6 June 2008 this forward cover was extended to 7 July 2008 at a rate of R7.8479, based on a spot of R7.7799.
For accounting purposes, this forward cover has been designated as a hedging instrument. The forward cover points have been accounted for as part
of interest.

At the end of June 2008 the mark to market value of the US$318.0 million forward cover was positive by R55.5 million (US$6.9 million). The quarter on
quarter marked to market movement was negative R61.2 million of which R3.2 million was offset against the R3.2 million foreign exchange gain on the
revaluation of the underlying loan being hedged. The balance of R58.1 million represents the forward cover cost which has been included in interest
paid in the income statement.

Diesel Hedge

Ghana
Subsequent to year end Gold Fields Ghana Holdings (BVI) Ltd purchased Asian style ICE Gasoil call options in respect of a total of 30 million litres of
diesel exposure (2.5 million litres per month), for the period 1 July 2008 – 30 June 2009 at a strike price of US$1.09 per litre. A premium of US$2.5
million was paid.

A further Asian style ICE Gasoil call options was purchased in respect of a 30 million litres of diesel exposure (2,5m litres per month) for the period 1
July 2008 – 30 June 2009 at a strike price of US$1.11 per litre. A premium of US$3.3 million was paid.

Australia
On 21 July 2008 Gold Fields Australia purchased Asian style Singapore 0.5 Gasoil call options in respect of a total of 30 million litres of diesel exposure
(2.5 million litres per month) for the period 1 August 2008 – 31 July 2009 at a strike price of US$1.0950 per litre. A premium of US$2.85 million was
paid.

GOLD FIELDS RESULTS

Q4F2008

I 16

Total cash costs

Gold Industry Standards Basis

Figures are in millions unless otherwise stated

Total Mine

Operations

South African Operations

International Operations

Discontinued

Operations

Total Driefontein

Kloof Beatrix

South
Deep

Total

Ghana Australia

Venezuela

Tarkwa

Damang

St Ives

Agnew

Choco 10

Operating costs

(1)

June

2008

3,747.5 2,197.1

741.5

694.2

459.6

301.8

1,550.4

598.4

255.4 506.5 190.1

March

2008

3,502.6 2,126.3

723.3

646.5

429.4

327.1

1,376.3

540.3

230.5 451.4 154.1

Financial year ended

13,883.2 8,610.9

2,932.5 2,690.0

1,724.7

1,263.7

5,272.3

2,058.7

858.6 1,755.0 600.0

191.3

Gold-in-process and

June 2008

(25.5)

(12.7)

(30.0) 14.3 2.9

inventory change*

March 2008

16.5

(0.8)

(12.8) 1 5.2 14.9

Financial year ended

(6.6)

(25.0)

(77.0) 37.9 57.5

8.6

Less:

June 2008

15.2

10.6

4.4

3.2

2.3

0.7

4.6

1.2

- 2.7 0.7

Rehabilitation costs

March 2008

14.6

10.6

4.4

3.3

2.2

0.7

4.0

1.2

- 2.3 0.5

Financial year ended

59.1

42.4

17.6

13.1

8.9

2.8

16.7

4.7

- 9.6 2.4

Production taxes

June 2008

(29.1) (29.1)

(16.2)

(11.3)

(2.8)

1.2

March

2008

10.3

4.1

2.8

1.9

1.5

Financial year ended

0.6

(5.0)

(3.1)

3.1

5.6

General and admin

June 2008

158.2

87.4

34.5

26.0

17.9

9.0

70.8

39.0

4.7 20.1 7.0

March

2008

153.6

91.9

34.1

29.1

20.3

8.4

61.7

36.0

5.4 16.1 4.2

Financial year ended

586.3 358.2

135.4

112.9

75.6

34.3

228.1

124.3

18.2 64.1 21.5

30.0

Exploration costs

June 2008

1.6

6.2 (7.0) 2.4

March 2008

17.8

9.4 7.5 0.9

Financial year ended

37.9

20.4 12.9 4.6

Cash operating costs

June 2008

3,576.1 2,128.2

718.8

676.3

442.2

290.9

1,447.9

545.5

214.5 505.0 182.9

March

2008

3,322.8 2,013.5

680.7

611.3

405.0

316.5

1,309.3

502.3

202.9 440.7 163.4

Financial year ended

13,192.7 8,209.7

2,784.5 2,567.1

1,637.1

1,221.0

4,983.0

1,904.7

743.0 1,706.3 629.0

169.9

Plus:

June 2008

(29.1) (29.1)

(16.2)

(11.3)

(2.8)

1.2

Production taxes

March 2008

10.3

4.1

2.8

1.9

1.5

Financial year ended

0.6

(5.0)

(3.1)

3.1

5.6

Royalties

June 2008

71.0

34.8

10.0 17.5 8.7

March

2008

70.8

33.4

11.1 17.2 9.1

Financial year ended

243.2

115.9

34.9 62.2 30.2

6.0

TOTAL CASH COSTS

(2)

June 2008

3,618.0 2,099.1

702.6

665.0

439.4

292.1

1,518.9

580.3

224.5 522.5 191.6

March

2008

3,403.9 2,023.8

684.8

614.1

406.9

318.0

1,380.1

535.7

214.0 457.9 172.5

Financial year ended

13,436.5 8,210.3

2,779.5 2,564.0

1,640.2

1,226.6

5,226.2

2,020.6

777.9 1,768.5 659.2

175.9

Plus:

June 2008

750.9 389.5

144.4

144.5

89.7

10.9

361.4

92.4

40.8 228.2

Amortisation*

March 2008

689.2 375.5

118.0

127.4

63.0

67.1

313.7

81.2

25.9 206.6

Financial year ended

2,964.6 1,664.1

548.3

591.4

292.6

231.8

1,300.5

321.0

101.1 878.4

14.8

Rehabilitation

June 2008

15.2

10.6

4.4

3.2

2.3

0.7

4.6

1.2

- 3.4

March

2008

14.6

10.6

4.4

3.3

2.2

0.7

4.0

1.2

- 2.8

Financial year ended

59.1

42.4

17.6

13.1

8.9

2.8

16.7

4.7

- 12.0

TOTAL PRODUCTION
COSTS

(3)

June 2008

4,384.1 2,499.2

851.4

812.7

531.4

303.7

1,884.9

673.9

265.3 945.7

March 2008

4,107.7 2,409.9

807.2

744.8

472.1

385.8

1,697.8

618.1

239.9 839.8

Financial year ended

16,460.2 9,916.8

3,345.4 3,168.5

1,941.7

1,461.2

6,543.4

2,346.3

879.0 3,318.1

190.7

Gold sold - thousand ounces June 2008

927.9 553.2

218.2

179.3

118.3

37.5

374.7

168.6

50.0 101.5 54.6

March

2008

890.3 519.8

209.9

175.5

81.7

52.6

370.5

165.1

52.6 103.9 49.0

Financial year ended

3,880.8 2,419.1

928.0

820.9

438.1

232.1

1,461.7

646.1

194.2 417.7 203.7

33.2

TOTAL CASH COSTS - US$/oz June 2008

502

488

414

477

478

1,002

522

443

578 663 452

March

2008

513

523

438

470

668

811

500

436

546 592 473

Financial year ended

476

467

412

430

515

727

492

430

551 582 445

729

TOTAL CASH COSTS - R/kg June 2008

125,359 121,984

103,537 119,240

119,467

250,300

130,344

110,639

144,373 165,558 112,905

March

2008

122,920 125,181

104,870 112,514

160,071

194,258

119,748

104,323

130,887 141,721 113,189

Financial year ended

111,315 109,117

96,293 100,419

120,382

169,889

114,952

100,552

128,770 136,122 104,040

170,281

TOTAL PRODUCTION COSTS June 2008

608

581

502

583

578

1,042

647

514

683 780

March

2008

619

622

516

570

775

984

615

503

613 737

- US$/oz

Financial year ended

583

564

496

531

610

866

616

500

623 734

789

DEFINITIONS
Total cash costs and Total production costs are calculated in accordance with the Gold Institute Industry standard.

(1)

Operating costs – All gold mining related costs before amortisation/depreciation, changes in gold inventory, taxation and exceptional items.

(2)

Total cash costs – Operating costs less off-mine costs, which include general and administration costs, as detailed in the table above.

(3)

Total production costs – Total cash costs plus amortisation/depreciation and rehabilitation provisions, as detailed in the table above.

Adjusted for amortisation/depreciation (non-cash item) excluded from gold-in-process change.

As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew based on endowment ounces and also as these two Australian operations are
entitled to transfer and then off-set tax losses from one company to another, it is not meaningful to split the income statement below operating profit.

## Discontinued operations are excluded from Total International and Total Mine Operations.
Average exchange rates are US$1 = R7.77 and US$1 = R7.45 for the June 2008 and March 2008 quarters respectively and US$1 = R7.27 for F2008.

Notional cash expenditure

Total Mines

South African Operations

International Operations

Peru

Total Driefontein

Kloof Beatrix

South

Deep

Total

Ghana Australia

Total

Tarkwa Damang St

Ives Agnew

Cerro

Corona

Operating costs - R’m

June 2008

3,747.5 2,197.1

741.5

694.2

459.6

301.8

1,550.4

598.4 255.4 506.5 190.1

March

2008

3,502.6 2,126.3

723.3

646.5

429.4

327.1

1,376.3

540.3 230.5 451.4 154.1

Financial year ended

13,883.2 8,610.9

2,932.5

2,690.0

1,724.7

1,263.7

5,272.3

2,058.7 858.6 1,755.0 600.0

Capital expenditure

June 2008

2,517.2

912.6

302.9

242.4

151.3

216.0

917.7

522.9 44.7 259.4 90.7

686.9

March

2008

2,068.5 784.5

226.9

212.0

149.8

195.8

708.0

397.1 56.0 198.5 56.4

576.0

Financial year ended

8,579.0

3,275.4

1,016.4

897.7

576.6

784.7

2,770.7

1,541.0 204.2 784.5 241.0

2,532.9

Notional cash expenditure – R/kg June 2008

217,065 180,712

153,905

167,940

166,096

443,702

211,800

213,785 192,990 242,681 165,468

March

2008

201,181 180,046

145,513

157,292

227,852

319,426

180,850

182,551 175,229 201,145 1 38,123

Financial year ended

186,088 157,972

136,806

140,512

168,903

283,712

176,909

179,134 175,927 195,466 132,734

Notional cash expenditure - $/oz June 2008

869

723

616

672

665

1,776

848

856 773 97 1 662

March

2008

843

752

608

657

951

1,334

755

762 732 840 577

Financial year ended

796

676

585

601

723

1,214

757

766 753 836 568

Notional cash expenditure (NCE) per kilogram (ounce) = Operating costs plus capital expenditure divided by gold produced.

17 I GOLD FIELDS RESULTS Q4F2008

Operating and financial results

South African Rand

Total Mine

Operations

South African Operations

Total Driefontein

Kloof Beatrix South Deep

Operating Results

June 2008

12,259

3,661 1,545 1,143 778

195

Ore milled/treated (000 tons)

March 2008

12,376

3,166 1,426 808 656

276

Financial year ended

49,615

14,516 5,981 3,953 3,215 1,367

Yield (grams per ton)

June 2008

2.4

4.7 4.4 4.9 4.7 6.0

March

2008

2.2

5.1 4.6 6.8 3.9 5.9

Financial year ended

2.4

5.2 4.8 6.5 4.2 5.3

Gold produced (kilograms)

June 2008

28,861

17,208 6,786 5,577 3,678 1,167

March

2008

27,692

16,167 6,530 5,458 2,542 1,637

Financial year ended

120,707

75,243 28,865 25,533 13,625

7,220

Gold sold (kilograms)

June 2008

28,861

17,208 6,786 5,577 3,678 1,167

March

2008

27,692

16,167 6,530 5,458 2,542 1,637

Financial year ended

120,707

75,243 28,865 25,533 13,625

7,220

Gold price received (Rand per kilogram)

June 2008

223,568

225,070 224,934 224,583 226,101 224,936

March

2008

220,612

222,657 223,400 220,136 226,515 222,114

Financial year ended

190,623

189,572 190,608 188,180 191,941 185,886

Total cash costs (Rand per kilogram)

June 2008

125,359

121,984 103,537 119,240 119,467 250,300

March

2008

122,920

125,181 104,870 112,514 160,071 194,258

Financial year ended

111,315

109,117 96,293 100,419 120,382 169,889

Total production costs (Rand per kilogram)

June 2008

151,904

145,235 125,464 145,724 144,481 260,240

March

2008

148,339

149,063 123,614 136,460 185,720 235,675

Financial year ended

136,365

131,797 115,898 124,094 142,510 202,382

Operating costs (Rand per ton)

June 2008

306

600 480 607 591 1,548

March

2008

283

672 507 800 655 1,185

Financial year ended

280

593 490 680 536 924

Financial Results (Rand million)

Revenue June

2008

6,452.4

3,873.0 1,526.4 1,252.5 831.6

262.5

March

2008

6,109.2

3,599.7 1,458.8 1,201.5 575.8

363.6

Financial year ended

23,009.5 14,264.0 5,501.9 4,804.8 2,615.2 1,342.1

Operating costs, net

June 2008

3,731.1

2,197.1 741.5 694.2 459.6 301.8

March

2008

3,543.3

2,126.3 723.3 646.5 429.4 327.1

Financial year ended

13,968.7

8,610.9 2,932.5 2,690.0 1,724.7 1,263.7

- Operating costs

June 2008

3,747.5

2,197.1 741.5 694.2 459.6 301.8

March

2008

3,502.6

2,126.3 723.3 646.5 429.4 327.1

Financial year ended

13,883.2

8,610.9 2,932.5 2,690.0 1,724.7 1,263.7

- Gold inventory change

June 2008

(16.4)

- - - - -

March

2008

40.7

- - - - -

Financial year ended

85.5

- - - - -

Operating profit

June 2008

2,721.3

1,675.9 784.9 558.3 372.0 (39.3)

March

2008

2,565.9

1,473.4 735.5 555.0 146.4

36.5

Financial year ended

9,040.8

5,563.1 2,569.4 2,114.8 890.5

78.4

Amortisation of mining assets

June 2008

741.8

389.5 144.4 144.5 89.7

10.9

March

2008

665.0

375.5 118.0 127.4 63.0

67.1

Financial year ended

2,872.5

1,664.1 548.3 591.4 292.6 231.8

Net operating profit

June 2008

1,979.5

1,286.4 640.5 413.8 282.3 (50.2)

March

2008

1,900.9

1,097.9 617.5 427.6 83.4 (30.6)

Financial year ended

6,168.3

3,989.0 2,021.1 1,523.4 597.9 (153.4)

Other income/(expense)

June 2008

(11.6)

(45.6) (18.9) (8.0) (7.2) (11.5)

March

2008

(107.6)

(132.2) (44.1) (47.0) (37.2)

(3.9)

Financial year ended

(146.3)

(267.0) (100.1) (76.1) (63.1) (27.7)

Profit before taxation

June 2008

1,967.9

1,240.8 621.6 405.8 275.1 (61.7)

March

2008

1,793.3

965.7 573.4 380.6 46.2 (34.5)

Financial year ended

6,022.0

3,722.0 1,921.0 1,447.3 534.8 (181.1)

Mining and income taxation June

2008

659.8

437.6 237.1 143.1 108.1 (50.7)

March 2008

580.0

312.9 182.3 126.8 17.5 (13.7)

Financial year ended

2,014.5

1,296.8 685.9 500.0 206.3 (95.4)

- Normal taxation

June 2008

505.2

276.1 180.7 94.9 0.5

March

2008

320.0

217.5 135.4 81.9 0.2

Financial year ended

1,303.8

825.8 500.8 323.7 1.3

- Deferred taxation

June 2008

154.6

161.5 56.4 48.2

107.6 (50.7)

March

2008

260.0

95.4 46.9 44.9 17.3 (13.7)

Financial year ended

710.7

471.0 185.1 176.3 205.0 (95.4)

Profit before exceptional items

June 2008

1,308.1

803.2 384.5 262.7 167.0 (11.0)

March 2008

1,213.3

652.8 391.1 253.8 28.7 (20.8)

Financial year ended

4,007.5

2,425.2

1,235.1 947.3 328.5 (85.7)

Exceptional items

June 2008

(96.4)

(43.8) 21.2 (0.3) 0.4 (65.1)

March

2008

(41.5)

(41.9) (44.7)

2.7

0.1

Financial year ended

(106.7)

(54.7)

(1.8) 0.6 3.9 (57.4)

Net profit

June 2008

1,211.7

759.4 405.7 262.4 167.4 (76.1)

March

2008

1,171.8

610.9 346.4 253.8 31.4 (20.7)

Financial year ended

3,900.8

2,370.5

1,233.3 947.9 332.4 (143.1)

Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items

June 2008

1,275.9

785.3 392.5 262.7 167.1 (37.0)

March 2008

1,202.6

636.3 374.2 253.7 29.7 (21.3)

Financial year ended

3,974.4

2,409.9

1,234.4 947.6 329.9 (102.0)

Capital expenditure

June 2008

1,830.3

912.6 302.9 242.4 151.3 216.0

March 2008

1,492.5

784.5 226.9 212.0 149.8 195.8

Financial year ended

6,046.1

3,275.4

1,016.4 897.7 576.6 784.7

Planned for next six months to December 2008

3,797.1

1,887.5 481.5 565.0 337.0 504.0

GOLD FIELDS RESULTS

Q4F2008

I 18

Operating and financial results

South African Rand

International Operations

Discontinued

Operations

Total

Ghana

Australia

Venezuela

Tarkwa

Damang

St Ives

Agnew

Choco 10

Operating Results

Ore milled/treated (000 tons)

June 2008

8,598 5,469 1,057 1,733 339

March

2008

9,210 5,765 1,232 1,884 329

Financial year ended

35,099 22,035 4,516 7,233 1,315

761

Yield (grams per ton)

June 2008

1.4 1.0 1.5 1.8 5.0

March 2008

1.3 0.9 1.3 1.7 4.6

Financial year ended

1.3 0.9 1.3 1.8 4.8 1.4

Gold produced (kilograms)

June 2008

11,653 5,245 1,555 3,156 1,697

March

2008

11,525 5,135 1,635 3,231 1,524

Financial year ended

45,464 20,095 6,041 12,992 6,336 1,052

Gold sold (kilograms)

June 2008

11,653 5,245 1,555 3,156 1,697

March

2008

11,525 5,135 1,635 3,231 1,524

Financial year ended

45,464 20,095 6,041 12,992 6,336 1,033

Gold price received (Rand per kilogram)

June 2008

221,351 221,049 221,672 221,578 221,567

March

2008

217,744 217,235 217,798 217,487 219,948

Financial year ended

192,361 192,272 193,081 191,425 193,876 290,029

Total cash costs (Rand per kilogram)

June 2008

130,344 110,639 144,373 165,558 112,905

March

2008

119,748 104,323 130,887 141,721 113,189

Financial year ended

114,952 100,552 128,770 136,122 104,040 170,281

Total production costs (Rand per kilogram)

June 2008

161,752 128,484 170,611

194,869

March

2008

147,323 120,370 146,789

176,614

Financial year ended

143,925 116,760 145,506

171,673

184,608

Operating costs (Rand per ton)

June 2008

180 109 242 292 561

March

2008

149 94 187

240 468 -

Financial year ended

150 93 190

243 456 251

Financial Results (Rand million)

Revenue

June 2008

2,579.4 1,159.4 344.7 699.3 376.0

March

2008

2,509.5 1,115.5 356.1 702.7 335.2

Financial year ended

8,745.5 3,863.7 1,166.4 2,487.0 1,228.4 299.6

Operating costs, net

June 2008

1,534.0 584.9 225.2 526.5 197.4

March

2008

1,417.0 533.4 217.8 471.9 193.9

Financial year ended

5,357.8 2,022.9 781.6 1,805.4 747.9 199.9

- Operating costs

June 2008

1,550.4 598.4 255.4 506.5 190.1

March

2008

1,376.3 540.3 230.5 451.4 154.1

Financial year ended

5,272.3 2,058.7 858.6 1,755.0 600.0 191.3

- Gold inventory change

June 2008

(16.4) (13.5) (30.2) 20.0

7.3

March

2008

40.7 (6.9) (12.7) 20.5 39.8

Financial year ended

85.5 (35.8) (77.0) 50.4 147.9

8.6

Operating profit

June 2008

1,045.4 574.5 119.5 172.8 178.6

March

2008

1,092.5 582.1 138.3 230.8 141.3

Financial year ended

3,387.7 1,840.8 384.8 681.9 480.5

99.7

Amortisation of mining assets

June 2008

352.3 93.2 41.0

218.1

March

2008

289.5 87.3 25.8

176.4

Financial year ended

1,208.4 331.8 101.1

775.5

14.8

Net operating profit

June 2008

693.1 481.3 78.5

133.3

March

2008

803.0 494.8 112.5

195.7

Financial year ended

2,179.3 1,509.0 283.7

386.6

84.9

Other income/(expense)

June 2008

34.0 (2.3) (0.7)

37.0

March 2008

24.6 (7.6) (0.7)

32.9

Financial year ended

120.7 1.1

(1.6)

121.2

(29.6)

Profit before taxation

June 2008

727.1 479.0 77.8

170.3

March

2008

827.6 487.2 111.8

228.6

Financial year ended

2,300.0 1,510.1 282.1

507.8

55.3

Mining and income taxation June

2008

222.2 142.2 27.6

52.4

March 2008

267.1 144.6 35.9

86.6

Financial year ended

717.7 435.5 94.7

187.5

6.8

- Normal taxation

June 2008

229.1 182.7 20.2

26.2

March

2008

102.5 55.9 20.2

26.4

Financial year ended

478.0 331.3 54.3

92.4

5.9

- Deferred taxation

June 2008

(6.9) (40.5)

7.4

26.2

March

2008

164.6 88.7 15.7

60.2

Financial year ended

239.7 104.2 40.4

95.1

0.9

Profit before exceptional items

June 2008

504.9 336.8 50.2

117.9

March 2008

560.5 342.6 75.9

142.0

Financial year ended

1,582.3 1,074.6 187.4

320.3

48.5

Exceptional items

June 2008

(52.6) - - (52.6)

March

2008

0.4 - -

0.4

Financial year ended

(52.0) - - (52.0)

Net profit

June 2008

452.3 336.8 50.2

65.3

March

2008

560.9 342.6 75.9

142.4

Financial year ended

1,530.3 1,074.6 187.4

268.3

48.5

Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items

June 2008

490.6 336.7 50.2

103.7

March 2008

566.3 348.7 74.0

143.6

Financial year ended

1,564.5 1,069.0 184.7

310.8

47.4

Capital expenditure

June 2008

917.7 522.9 44.7 259.4 90.7

March 2008

708.0 397.1 56.0 198.5 56.4

Financial year ended

2,770.7 1,541.0 204.2 784.5 241.0

70.0

Planned for next six months to December 2008

1,909.6 1,105.6 107.2 521.6 175.2

As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew based on endowment ounces and also as these two Australian operations are entitled to
transfer and then off-set tax losses from one company to another, it is not meaningful to split the income statement below operating profit.

## Discontinued operations are excluded from Total International Operations.

19 I GOLD FIELDS RESULTS Q4F2008

Operating and financial results

United States Dollars

Total Mine

Operations

South African Operations

Total Driefontein Kloof Beatrix

South

Deep

Operating Results

Ore milled/treated (000 tons)

June 2008

12,259

3,661 1,545 1,143 778 195

March

2008

12,376

3,166 1,426 808 656 276

Financial year ended

49,615

14,516 5,981 3,953 3,215 1,367

Yield (ounces per ton)

June 2008

0.076

0.151 0.141 0.157 0.152 0.192

March 2008

0.072

0.164 0.147 0.217 0.125 0.191

Financial year ended

0.078

0.167 0.155 0.208 0.136 0.170

Gold produced (000 ounces)

June 2008

927.9

553.2 218.2 179.3 118.3 37.5

March

2008

890.3

519.8 209.9 175.5 81.7 52.6

Financial year ended

3,880.8

2,419.1 928.0 820.9 438.1 232.1

Gold sold (000 ounces)

June 2008

927.9

553.2 218.2 179.3 118.3 37.5

March

2008

890.3

519.8 209.9 175.5 81.7 52.6

Financial year ended

3,880.8

2,419.1 928.0 820.9 438.1 232.1

Gold price received (dollars per ounce)

June 2008

895

901 900 899 905 900

March

2008

921

930 933 919 946 927

Financial year ended

816

811 815 805 821 795

Total cash costs (dollars per ounce)

June 2008

502

488 414 477 478

1,002

March

2008

513

523 438 470 668 811

Financial year ended

476

467 412 430 515 727

Total production costs (dollars per ounce)

June 2008

608

581 502 583 578

1,042

March

2008

619

622 516 570 775 984

Financial year ended

583

564 496 531 610 866

Operating costs (dollars per ton)

June 2008

77 62 78 76

199

March

2008

90 68

107 88

159

Financial year ended

82 67 94 74

127

Financial Results ($ million)

Revenue

June 2008

836.3

500.7 197.8 161.3 108.8 32.8

March

2008

821.1

481.5 195.8 160.4 76.6 48.5

Financial year ended

3,165.0

1,962.0 756.8 660.9 359.7 184.6

Operating costs, net

June 2008

481.6

282.3 95.2 89.3 59.3 38.5

March

2008

473.9

283.4 96.4 86.0 57.3 43.7

Financial year ended

1,921.5

1,184.4 403.4 370.0 237.2 173.8

- Operating costs

June 2008

484.1

282.3 95.2 89.3 59.3 38.5

March

2008

468.4

283.4 96.4 86.0 57.3 43.7

Financial year ended

1,909.7

1,184.4 403.4 370.0 237.2 173.8

- Gold inventory change

June 2008

(2.5)

- - - - -

March

2008

5.5

- - - - -

Financial year ended

11.8

- - - - -

Operating profit

June 2008

354.7

218.4 102.6 72.0 49.5 (5.7)

March

2008

347.2

198.1 99.6 74.4 19.2 4.9

Financial year ended

1,243.5

777.6 353.4 290.9 122.5 10.8

Amortisation of mining assets

June 2008

95.3

49.6 18.6 18.4 11.7 0.8

March 2008

88.1

49.5 15.5 16.8 8.3 8.9

Financial year ended

395.1

228.9 75.4 81.3 40.2 31.9

Net operating profit

June 2008

259.5

168.8 84.0 53.5 37.7 (6.5)

March

2008

259.0

148.6 84.1 57.7 10.9 (4.0)

Financial year ended

848.4

548.7 278.0 209.5 82.2 (21.1)

Other income/(expenses)

June 2008

(1.0)

(5.5) (2.4) (0.9) (0.8) (1.5)

March 2008

(14.9)

(18.2) (6.0) (6.6) (5.2) (0.5)

Financial year ended

(20.0)

(36.7) (13.8) (10.5) (8.7) (3.8)

Profit before taxation

June 2008

258.5

163.3 81.6 52.7 37.0 (8.0)

March

2008

244.1

130.4 78.1 51.1 5.7 (4.5)

Financial year ended

828.4

512.0 264.2 199.1 73.6 (24.9)

Mining and income taxation

June 2008

86.6

57.6 31.2 18.6 14.6 (6.8)

March

2008

78.7

41.9 24.6 17.0 2.1 (1.8)

Financial year ended

277.1

178.4 94.3 68.8 28.4

(13.1)

- Normal taxation

June 2008

67.0

36.3 23.9 12.3 0.1

March

2008

43.2

29.3 18.3 11.0

Financial year ended

179.3

113.6 68.9 44.5 0.2

- Deferred taxation

June 2008

19.6

21.3 7.4 6.3 14.5

(6.8)

March

2008

35.5

12.6 6.3 6.0 2.1

(1.8)

Financial year ended

97.8

64.8 25.5 24.3 28.2

(13.1)

Profit before exceptional items

June 2008

171.9

105.7 50.4 34.1 22.4 (1.2)

March

2008

165.5

88.4 53.4 34.1 3.6 (2.7)

Financial year ended

551.3

333.5 169.8 130.3 45.2 (11.8)

Exceptional items

June 2008

(13.3)

(6.0) 3.0 -

(9.0)

March

2008

(5.7)

(5.9) (6.3)

- 0.4

Financial year ended

(14.7)

(7.5) (0.2) 0.1 0.5 (7.9)

Net profit

June 2008

158.6

99.7 53.3 34.1 22.4

(10.2)

March 2008

159.6

82.5 47.1 34.1 4.0 (2.7)

Financial year ended

536.7

326.0 169.5 130.4 45.7 (19.7)

Net profit excluding gains and losses on
foreign exchange, financial instruments and
exceptional items

June 2008

167.2

103.0 51.4 34.0 22.5 (4.9)

March 2008

163.8

86.0 50.9 34.1 3.7 (2.7)

Financial year ended

546.7

331.5 169.8 130.3 45.4 (14.0)

Capital expenditure

June 2008

238.6

118.1 39.4 31.3 19.5 27.9

March 2008

200.0

104.5 30.2 28.2 20.0 26.2

Financial year ended

831.6

450.5 139.8 123.5 79.3 107.9

Planned for next six months to December 2008

474.6

235.9 60.2 70.6 42.1 63.0

Average exchange rates were US$1 = R7.77 and US$1 = R7.45 for the June 2008 and March 2008 quarters respectively. The Australian dollar exchange rates were A$1 = R7.33 and A$1 = R6.73 for the June 2008 and March 2008 quarters respectively. # As a significant portion of the acquisition price was allocated to tenements of St Ives and Agnew on endowment ounces and also as these two Australian operations are entitled to transfer and then off-set tax losses from one company to another, it is not meaningful to split the income statement below operating profit. Figures may not add as they are rounded independently. ##
Discontinued operations are excluded from Total International and Total Mine Operations.

GOLD FIELDS RESULTS

Q4F2008

I 20

Operating and financial results

United States Dollars

International Operations

Australian Dollars

Discontinued

operations

Total

Ghana

Australia

Venezuela

Tarkwa

Damang

St Ives

Agnew

St Ives

Agnew

Choco 10

Operating Results

Ore milled/treated (000 tons)

June 2008

8,598 5,469 1,057 1,733 339

1,733 339

March

2008

9,210 5,765 1,232 1,884 329

1,884 329

Financial year ended

35,099 22,035 4,516 7,233 1,315

7,233 1,315

761

Yield (ounces per ton)

June 2008

0.044 0.031 0.047 0.059 0.161

0.059 0.161

March 2008

0.040 0.029 0.043 0.055 0.149

0.055 0.149

Financial year ended

0.042 0.029 0.043 0.058 0.155

0.058 0.155

0.044

Gold produced(000 ounces)

June 2008

374.7 168.6 50.0 101.5 54.6

101.5 54.6

March

2008

370.5 165.1 52.6 103.9 49.0

103.9 49.0

Financial year ended

1,461.7 646.1 194.2 417.7 203.7

417.7 203.7

33.8

Gold sold (000 ounces)

June 2008

374.7 168.6 50.0 101.5 54.6

101.5 54.6

March

2008

370.5 165.1 52.6 103.9 49.0

103.9 49.0

Financial year ended

1,461.7 646.1 194.2 417.7 203.7

417.7 203.7

33.2

Gold price received

June 2008

886 885 887 887 887

949 949

(dollars per ounce)

March 2008

909 907 909 908 918 1,005

1,017

Financial year ended

823 823 826 819 829

913 925 1,241

Total cash costs

June 2008

522 443 578 663 452

702 479

(dollars per ounce)

March 2008

500 436 546 592 473

655 523

Financial year ended

492 430 551 582 445

649 496

729

Total production costs

June 2008

647 514 683

780

827

(dollars per ounce)

March 2008

615 503 613

737

816

Financial year ended

616 500 623

734

819

789

Operating costs

June 2008

23 14 31 38 72

40 77

(dollars per ton)

March 2008

20 13 25 32 63

36 70

Financial year ended

21 13 26 33 63

37 70

Financial Results ($ million)

Revenue

June 2008

335.6 151.1 44.8 90.6 49.1

95.8 52.2

March

2008

339.6 151.1 48.4 94.8 45.3

105.6 50.4

Financial year ended

1,203.0 531.5 160.4 342.1 169.0

381.4 188.4

41.2

Operating costs, net

June 2008

199.2 76.0 29.3 68.5 25.4

72.6 26.7

March 2008

190.5 71.7 29.4 63.4 26.0

70.4 28.8

Financial year ended

737.1 278.3 107.5 248.4 102.9

276.9 114.7

27.5

- Operating costs

June 2008

201.7 77.8 33.3 65.8 24.8

69.8 26.5

March 2008

185.0 72.6 31.0 60.6 20.8

67.2 23.1

Financial year ended

725.3 283.2 118.1 241.5 82.5

269.2 92.0

26.3

- Gold inventory change

June 2008

(2.5) (1.8) (4.0) 2.7 0.5

2.8 0.2

March

2008

5.5 (0.9) (1.7) 2.8 5.3

3.2 5.8

Financial year ended

11.8 (4.9) (10.6) 6.9 20.3

7.7 22.7

1.2

Operating profit

June 2008

136.4 75.1 15.5 22.1 23.7

23.2 25.5

March

2008

149.1 79.4 19.0 31.5 19.3

35.2 21.5

Financial year ended

465.9 253.2 52.9 93.7 66.1

104.5 73.7

13.7

Amortisation of mining assets

June 2008

45.7 12.0 5.4

28.3

29.9

March

2008

38.6 11.8 3.6

23.4

25.8

Financial year ended

166.2 45.6 13.9

106.7

118.9

2.0

Net operating profit

June 2008

90.7 63.1 10.1

17.5

18.8

March

2008

110.4 67.6 15.5

27.3

30.9

Financial year ended

299.7 207.6 39.0

53.1

59.3

11.7

Other income/(expenses)

June 2008

4.5 (0.3)

4.9

5.1

March

2008

3.3 (1.1)

4.4

5.0

Financial year ended

16.7 0.2

(0.1)

16.7

18.6

(4.1)

Profit before taxation

June 2008

95.2 62.7 10.1

22.3

23.9

March

2008

113.8 66.5 15.5

31.8

35.8

Financial year ended

316.4 207.7 38.9

69.7

77.9

7.6

Mining and income taxation June

2008

29.0 18.6 3.6

6.8

7.2

March

2008

36.7 19.8 4.9

12.0

13.6

Financial year ended

98.7 59.9 13.0

25.8

28.8

0.9

- Normal taxation

June 2008

30.7 24.7 2.7

3.4

3.6

March

2008

13.9 7.5 2.8

3.6

4.0

Financial year ended

65.7 45.6 7.5

12.7

14.2

0.8

- Deferred taxation

June 2008

(1.7) (6.1) 1.0

3.4

3.6

March

2008

22.9 12.3 2.1

8.4

9.6

Financial year ended

33.0 14.3 5.6

13.1

14.6

0.1

Profit before exceptional items

June 2008

66.2 44.1 6.5

15.6

16.7

March 2008

77.1 46.8 10.5

19.8

22.2

Financial year ended

217.7 147.8 25.9

44.0

49.1

6.7

Exceptional items

June 2008

(7.3) - - (7.3)

(8.1) -

March 2008

0.1 - - 0.1

0.1

Financial year ended

(7.2) - - (7.2)

(8.0)

Net profit

June 2008

58.9 44.1 6.5

8.3

8.7

March 2008

77.1 46.8 10.5

19.9

22.3

Financial year ended

210.6 147.8 25.9

36.8

41.2

6.7

Net profit excluding gains and losses
on foreign exchange, financial
instruments and exceptional items

June 2008

64.2 44.0 6.5

13.7

14.6

March 2008

77.8 47.6 10.2

19.9

22.6

Financial year ended

215.2 147.0 25.4

42.8

47.7

6.5

Capital expenditure

June 2008

120.5 68.8 5.7 34.0 12.0

36.4 13.0

March 2008

95.4 53.6 7.5 26.8 7.6

29.7 8.4

Financial year ended

381.1 212.0 28.1 107.9 33.1

120.3 37.0

9.6

Planned for next six months to December 2008

238.7 138.2 13.4 65.2 21.9

68.1 22.9

21 I GOLD FIELDS RESULTS Q4F2008

Underground and surface

South African rand and metric units

Operating Results

Total Mine

Operations

South African Operations

International Operations

Discontinued

Operations

Total Driefontein

Kloof Beatrix

South

Deep

Total

Ghana Australia

Venezuela

Tarkwa

Damang

St Ives

Agnew

Choco 10

Ore milled / treated (000 ton)

- underground

June 2008

2,749

2,379 760 688 778 153 370 - -

184

186

March

2008

2,468

2,096 669 521 656 250 372 - -

234

138

Financial year ended

12,017

10,495 3,273 2,941 3,215 1,066 1,522 - -

993

529

- surface

June 2008

9,510

1,282 785 455

- 42

8,228 5,469 1,057 1,549 153

March 2008

9,908

1,070 757 287

- 26

8,838 5,765 1,232 1,650 191

Financial year ended

37,598

4,021 2,708 1,012

- 301 33,577 22,035 4,516 6,240 786

761

- total

June 2008

12,259

3,661 1,545 1,143 778 195 8,598 5,469 1,057 1,733 339

March 2008

12,376

3,166 1,426 808 656 276 9,210 5,765 1,232 1,884 329

Financial year ended

49,615

14,516 5,981 3,953 3,215 1,367 35,099 22,035 4,516 7,233 1,315

761

Yield (grams per ton)

- underground

June 2008

6.7

6.8 8.2 7.5 4.7 7.4 6.3 - -

4.5

8.1

March

2008

6.9

7.2 8.6 9.9 3.9 6.4 5.6 - -

4.5

7.4

Financial year ended

6.7

6.8 8.1 8.4 4.2 6.5 5.7 - -

4.4

8.1

- surface

June 2008

1.1

0.8 0.7 0.9 - 0.9 1.1 1.0 1.5 1.5 1.3

March

2008

1.1

1.1 1.1 1.1 - 1.2 1.1 0.9 1.3 1.3 2.6

Financial year ended

1.1

0.9 0.8 0.9 - 0.8 1.1 0.9 1.3 1.4 2.6

1.4

- combined

June 2008

2.4

4.7 4.4 4.9 4.7 6.0 1.4 1.0 1.5 1.8 5.0

March 2008

2.2

5.1 4.6 6.8 3.9 5.9 1.3 0.9 1.3 1.7 4.6

Financial year ended

2.4

5.2 4.8 6.5 4.2 5.3 1.3 0.9 1.3 1.8 4.8

1.4

Gold produced (kilograms)

- underground

June 2008

18,517

16,188 6,211 5,168 3,678 1,131 2,329 - -

831

1,498

March

2008

17,094

15,013 5,721 5,145 2,542 1,605 2,081 - -

1,056

1,025

Financial year ended

80,413

71,770 26,591 24,587 13,625 6,967 8,643 - -

4,351

4,292

- surface

June 2008

10,344

1,020 575 409

- 36

9,324 5,245 1,555 2,325 199

March

2008

10,598

1,154 809 313

- 32

9,444 5,135 1,635 2,175 499

Financial year ended

40,294

3,473 2,274 946

- 253 36,821 20,095 6,041 8,641 2,044

1,052

- total

June 2008

28,861

17,208 6,786 5,577 3,678 1,167 11,653 5,245 1,555 3,156 1,697

March 2008

27,692

16,167 6,530 5,458 2,542 1,637 11,525 5,135 1,635 3,231 1,524

Financial year ended

120,707

75,243 28,865 25,533 13,625 7,220 45,464 20,095 6,041 12,992 6,336

1,052

Operating costs (Rand per ton)

- underground

June 2008

887

886 896 970 591

1,958 897 - -

874

919

March

2008

941

974 984

1,206 655

1,303 753 - -

725

801

Financial year ended

780

792 830 893 536

1,170 691 - -

637

793

- surface

June 2008

138

70 78 59 - 52 148 109 242 223 125

March

2008

119

79 86 63 - 50 124 94 187 171 228

Financial year ended

120

73 79 62 - 54 126 93 190 180 230

251

- total

June 2008

306

600 480 607 591

1,548 180 109 242 292 561

March 2008

283

672 507 800 655

1,185 149 94 187 240 468

Financial year ended

280

593 490 680 536 924 150 93 190 243 456

251

## Discontinued operations are excluded from Total International and Total Mine Operations.

GOLD FIELDS RESULTS

Q4F2008

I 22

Development results

Development values represent the actual results of sampling and no allowance has been made for any adjustments which may be necessary when estimating ore
reserves. All figures below exclude shaft sinking metres.

Driefontein

June 2008 quarter

March 2008 quarter

Year ended F2008

Reef

Carbon

Leader

Main

VCR

Carbon

Leader

Main VCR

Carbon

Leader

Main VCR

Advanced (m)

4,066

846

1,625 3,622 674 1,533 16,867 3,867 6,725

Advanced on reef

(m)

836

364

149 566 342 202 2,942 1,868 951

Sampled (m)

912

300

108 462 309 138 2,859 1,563 693

Channel width

(cm)

123 56 56 89 62 42 80

Average value

(g/t)

24.5

11.5

22.0 46.3 6.3 40.2 24.6 11.5 24.3

(cm.g/t)

1,792

590

2,700

2,570 354 3,571 1,522

487 1,954

Kloof

June 2008 quarter

March 2008 quarter

Year ended F2008

Reef Cobble

Kloof

Main

VCR

Cobble Kloof Main VCR

Advanced (m)

170

1,273

6,339 17 271

1,284

4,859 120

1,017

5,830

26,615

Advanced on reef

(m)

228

770 1 79

357

712

105

137

1,296

3,432

Sampled (m)

294

693 -

336

753

105

138

1,233

3,046

Channel width

(cm)

135

105 -

121

103

175

127

101

Average value

(g/t)

2.1

17.0

17.6 -

1.3

16.3

18.2

5.5

1.8

12.8

20.2

(cm.g/t)

290

633

1,849 -

152

1,103

1,872

956

232

1,055

2,040

Beatrix

June 2008 quarter

March 2008 quarter

Year ended F2008

Reef

Beatrix

Kalkoenkrans Beatrix

Kalkoenkrans

Advanced (m)

7,301

2,352 7,183 2,058 31,248 9,551

Advanced on reef

(m)

1,490

469 1,525 421 7,058 1,279

Sampled (m)

1,014

417 1,668 387 6,495 1,176

Channel width

(cm)

108 103 124 92 115

Average value

(g/t)

9.1

11.6 8.6 13.9 9.0 14.9

(cm.g/t)

628

1,253

881

1,726 835

1,716

South Deep

June 2008 quarter

March 2008 quarter

Year ended F2008

Reef

VCR

Elsburg VCR

Elsburg

Advanced (m)

300

689 534 697 2,371 3,479

Advanced on reef

(m)

680 25 537 221

2,844

Sampled (m)

- 15 - 201 -

Channel width

(cm)

24 -

70 -

Average value

(g/t)

6.7 3.8 6.5 18.7 6.1

(cm.g/t)

91 -

1,319

A decrease in value at the VCR in the 4 shaft pillar.

MVR traversing lower grade zones.

Traversing lower grade areas as anticipated by local geological models.

Full channel width not fully exposed in development, hence not reported.

Trackless development in the Elsburg reefs is evaluated by means of the block model.

23 I GOLD FIELDS RESULTS Q4F2008

Administration and corporate information

Corporate Secretary

CAIN FARREL
Tel: (+27)(11) 644 2525

Fax: (+27)(11) 484 0626

e-mail: cain.farrel@goldfields.co.za

Investor Enquiries

WILLIE JACOBSZ
Tel:

(+508) 358 0188

Mobile: (+857) 241 7127
e-mail: wjacobsz@gfexpl.com

Media Enquiries

DANIEL THOLE
Tel: (+27)(11) 644 2638

Fax: (+27)(11) 484 0639

e-mail:

dthole@goldfields.co.za

Transfer Secretaries

South Africa
Computershare Investor Services
(Proprietary) Limited
Ground Floor
70 Marshall Street
Johannesburg, 2001
P O Box 61051
Marshalltown, 2107
Tel: (+27)(11) 370 5000
Fax: (+27)(11) 370 5271

United Kingdom
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
England

Tel:

(+44)(20) 8639 3399

Fax:

(+44)(20) 8658 3430

WEBSITE
http://www.goldfields.co.za

Forward Looking Statements

Certain statements in this document constitute “forward
looking statements” within the meaning of Section 27A of
the US Securities Act of 1933 and Section 21E of the US
Securities Exchange Act of 1934.

Such forward looking statements involve known and
unknown risks, uncertainties and other important factors
that could cause the actual results, performance or
achievements of the company to be materially different
from the future results, performance or achievements
expressed or implied by such forward looking statements.
Such risks, uncertainties and other important factors
include among others: economic, business and political
conditions in South Africa; decreases in the market price of
gold; hazards associated with underground and surface
gold mining; labour disruptions; changes in government
regulations, particularly environmental regulations; changes
in exchange rates; currency devaluations; inflation and
other macro-economic factors; and the impact of the AIDS
crisis in South Africa. These forward looking statements
speak only as of the date of this document.

The company undertakes no obligation to update publicly
or release any revisions to these forward looking
statements to reflect events or circumstances after the date
of this document or to reflect the occurrence of
unanticipated events.

Registered Offices

JOHANNESBURG
Gold Fields Limited
24 St Andrews Road
Parktown
Johannesburg
2193
Postnet Suite 252
Private Bag X30500
Houghton 2041
Tel: (+27)(11) 644 2400
Fax: (+27)(11) 484 0626

LONDON
St James’s Corporate Services Limited
6 St James’s Place
London SW1A 1NP
United Kingdom
Tel: (+44)(20) 7499 3916
Fax: (+44)(20) 7491 1989

American Depository
Receipts Transfer Agent

Bank of New York
Shareholder Relations
P O Box 11258
New York, NY20286 –1258

US toll-free telephone: (1)(888) 269 2377
e-mail: shareowner-svcs@mail.bnymellon.com

Gold Fields Limited

Incorporated in the Republic of South Africa
Registration number 1968/004880/06
Share code: GFI
Issuer code: GOGOF
ISIN – ZAE 000018123

Directors

A J Wright (Chairman)
N J Holland * (Chief Executive Officer)
T P Goodlace (Chief Operating Officer)

K Ansah

J G Hopwood
G Marcus

D N Murray
D M J Ncube

R L Pennant-Rea *
C I von Christierson

* British

Ghanaian

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

Date: 30 July 2008

GOLD FIELDS LIMITED

By:

Name: Mr W J Jacobsz
Title: Senior Vice President: Investor
Relations and Corporate Affairs