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Gold Fields has proudly operated in South Africa since 1887, when Cecil John Rhodes and Charles Rudd formed Gold Fields of South Africa. In 1932, the company began mining the mineral-rich West Rand, where it discovered high-yielding gold deposits. A merger between Gold Fields of South Africa and Gencor in 1998 led to the formation of Gold Fields Limited. Today, Gold Fields is a leading global gold mining company that has built on its South African reserves and resources to become a truly global miner, with eight leading mining operations across three continentsGold Fields achieves a notable turnaround in its financial performance as the wide-ranging restructuring of the past two years takes effect with a cash inflow of US$235 million – from an outflow of the same amount in 2013. Gold Fields’ new Australian portfolio achieves its one million ounce production target. The exploration and projects portfolio continues to be trimmed with the sale of Talas in Kyrgyzstan, Yanfolila in Mali and Chucapaca in Peru, amongst others, during the year. The exploration focus shifts to near-mine exploration at the Company’s Australian and Ghanaian mines. A further 1,300 workers are retrenched (mostly at Gold Fields’ Ghanaian mines) to ensure the long-term sustainability of the Company.

Group risks and opportunities

The overriding purpose of our Enterprise Risk Management (ERM) process is to assist Gold Fields to achieve its strategic and operational objectives and help the company to become as resilient as possible in the prevailing global business environment. The ERM process also supports our efforts to achieve the highest levels of corporate governance, as well as full compliance with the risk management requirements of South Africa’s King III Code.

The ERM process in Gold Fields is mature and fully aligned with the ISO 31 000 international risk management guideline. Strategic and operational risk management processes are integrated with the business and managed on a day-to-day basis by our executive and line management teams.

In 2011 our ERM process was independently reviewed by Rob Newsome, Director – Risk Management at PriceWaterhouseCoopers.

The key findings of the review revealed that the Gold Fields ERM process:

Incorporates all the principles of ISO 31000
Complies with all the risk management requirements of King III - Code on Corporate Governance
Is a leading risk management practice in the Non–Financial sector
As with any mature ERM process we are on the journey integrating strategy, risk, performance and sustainability.