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 May 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- ________

MINE TRAGEDIES

OVERSHADOW GROUP RESULTS

JOHANNESBURG. 9 May 2008, Gold Fields Limited (NYSE & JSE: GFI) today announced
headline earnings for the March 2008 quarter of R1,246 million, compared with headline earnings
of R456 million and R228 million for the December 2007 and the March 2007 quarters respectively.
In US dollar terms headline earnings for the March 2008 quarter were US$176 million, compared
with earnings of US$67 million and US$32 million for the December 2007 and the March 2007
quarters respectively.

March 2008 quarter salient features:

· Attributable gold production decreased 14 per cent to 827,000 ounces largely due to power
disruptions in South Africa;

· Total cash costs increased 21 per cent from R101,532 per kilogram (US$467 per ounce) to
R122,920 per kilogram (US$513 per ounce) mainly due to the loss of production at the South
African operations;

· Agreement was reached with Mvela whereby the number of GFL shares to be exchanged for
15 per cent of GFIMSA will be fixed at 50 million shares;

· Cerro Corona on track for production of concentrate during the September 2008 quarter;

· Nick Holland takes over as the new Chief Executive Officer from Ian Cockerill and Terence
Goodlace appointed Chief Operating Officer, effective from 1 May 2008.

An interim dividend declared of 65 SA cents per share payable on 2 June 2008.

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

“It is with deep regret that subsequent to quarter
end three separate accidents resulted in the
death of 14 of our colleagues. On 28 April a
seismic event at Driefontein’s 10 shaft resulted in
the death of four colleagues and at South Deep
one colleague lost his life in a fall of ground
accident on 29 April. On 1 May at South Deep
nine colleagues died when a winder rope
apparently broke and a conveyance fell 59
metres to the bottom of the 215 metre long
ancillary ventilation raise hole between 100 and
110A levels. In all instances full investigations
are currently underway. Gold Fields also intends
to commission an external, full safety review at
all its operations.

From an operational perspective the March
quarter was characterised by two important
developments.

The first was the power disruptions in South
Africa which had a significantly negative impact
on Group production and costs.

The second was the 29 per cent increase in the
average rand/gold price received from R170,488
to R220,612 per kilogram as a result of a 17 per
cent increase in the US dollar price of gold,

combined with a 10 per cent weakening of the
South African rand quarter on quarter.

Despite the negative impact of the power
disruptions in South Africa, the Group margin
increased from 38 per cent in the December
2007 quarter to 42 per cent in the March 2008
quarter. This demonstrates the benefits of a
higher gold price combined with the shielding
effect of the weakening currency on Gold Fields’
earnings which, combined with cost leadership in
a very challenging inflationary environment
globally, should enable Gold Fields to capture
some of the higher price received for the benefit
of shareholders going forward.

The Group should benefit over the next three
quarters as production in South Africa normalises
at stable power supply levels and, in particular,
as production increases from the international
operations with the commissioning of the Cerro
Corona mine in the September 2008 quarter and
the completion of the Tarkwa CIL plant
expansion during the December 2008 quarter.
This, combined with the reduction in capital
expenditure as these projects are completed, is
expected to bolster free cash flow and earnings.”

Stock data

JSE Limited – (GFI)

Number of shares in issue

Range - Quarter

ZAR99.00 – ZAR135.00

- at end March 2008

653,023,547

Average Volume - Quarter

3,450,315 shares / day

- average for the quarter

652,691,549

NYSE – (GFI)

Free Float

100%

Range - Quarter US$13.22 – US$17.61

ADR Ratio

1:1

Average Volume - Quarter

8,938,220 shares / day

Bloomberg / Reuters

GFISJ / GFLJ.J

1 I GOLD FIELDS RESULTS Q3F2008

Health and safety

We deeply regret to report that five fatal accidents occurred in the
quarter at the South African operations. Kloof and Beatrix had two
accidents each and Driefontein had one. Three of the fatal accidents
related to fall-of-rock related accidents, while the other two included a
heat stroke incident and a ventilation door accident. The fatal injury
frequency rate for the March quarter improved to 0.13 per million hours
worked, compared with the previous quarter’s 0.32. The lost time
injury frequency rate improved from 6.9 to 6.4, the serious injury
frequency rate improved from 4.0 to 3.1, and the days lost injury
frequency rate improved from 248 to 241. In addition, Beatrix and
Driefontein achieved 1,000,000 fatality free shifts in the month of
January 2008. A full explanation of the safety terms used in this report
is available on our web site.

Following the March quarter, it is with regret that we report on three
separate incidents in which 14 colleagues lost their lives. A seismic
event at Driefontein resulted in the death of four colleagues and at
South Deep one colleague lost his life in a fall of ground accident. The
tragedy at South Deep cost the lives of nine of our colleagues. As a
result of the recent spate of accidents Gold Fields is to commission an
external, full safety review at all of its operations.

The Presidential Audit initiative continued during this quarter. Beatrix,
Kloof and Driefontein have been audited. South Deep will be audited
at the beginning of the June quarter.

Gold Fields remains committed to pursuing the Mine Health and Safety
Council milestones in South Africa. These milestones are based on
rate improvements for fatalities, noise induced hearing losses and
silicosis with the objective of aligning with international norms.

Financial review

Quarter ended 31 March 2008 compared with
quarter ended 31 December 2007

Discontinued operations

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

Revenue

Attributable gold production for the March 2008 quarter amounted to
827,000 ounces, compared with 960,000 ounces in the December
quarter, a decrease of 14 per cent. Production at the South African
operations decreased from 657,000 ounces to 520,000 ounces largely
due to power disruptions. Attributable production at the international
operations increased from 303,000 ounces to 307,000 ounces.

At the South African operations gold production was adversely affected
by reduced power supply from Eskom which resulted in almost a
week’s lost production at the end of January and reduced production
over the remaining period – more detail is provided under the South
African operations section below. As a result of the loss of production,
a press release on 25 February 2008 gave an updated guidance which
forecast a decrease in production at the South African operations of
between 20 and 25 per cent for the March quarter and between 15 and
20 per cent for the June quarter, when compared with the December
quarter. The actual decrease for the March quarter was 21 per cent.
Kloof, Beatrix and South Deep’s gold production was more or less in
line with the guidance given on 25 February, while Driefontein
achieved 10 per cent above guidance, mainly due to increased surface
production and higher underground grades fed to the mill.

At the international operations, gold production at Tarkwa increased 4
per cent due to higher processed volumes. At Damang, gold
production increased by 19 per cent due to increased processed
volumes at a higher grade. Gold production at St Ives decreased by 6
per cent due to a decrease in underground volumes at a lower grade.
At Agnew, gold production was similar to the December quarter, with
the increase in high grade underground ore mined and delivered to the
mill offset by lower average grades from the Songvang stockpile. At
Songvang the high grade stockpile was depleted mid-quarter and the
low grade stockpile is now being processed.

The average quarterly US dollar gold price achieved increased from
US$784 per ounce in the December quarter to US$921 per ounce in
the March quarter, a 17 per cent increase. The average rand/US
dollar exchange rate averaged R7.45, compared with the R6.76
achieved in the December quarter. As a result of the above factors,
the rand gold price improved from R170,488 per kilogram to R220,612
per kilogram, a 29 per cent increase. The Australian dollar gold price
increased quarter on quarter from A$886 per ounce to A$1,008 per
ounce.

The increase in the rand gold price achieved more than offset the
decrease in production. Revenue in rand terms amounted to R6,109
million (US$820 million), compared with the previous quarter’s R5,430
million (US$801 million), an increase of 13 per cent.

Operating costs

Operating costs increased by 5 per cent from R3,341 million (US$494
million) in the December quarter to R3,503 million (US$470 million) in
the March quarter. Total cash costs increased by 21 per cent from
R101,532 per kilogram (US$467 per ounce) in the December quarter
to R122,920 per kilogram (US$513 per ounce) in the March quarter.
This increase was mostly due to the loss of production as a result of
the power disruptions in South Africa.

At the South African operations, operating costs decreased from
R2,174 million (US$321 million) to R2,126 million (US$285 million), a
decrease of 2 per cent. This decrease was mainly due to the lower

South African Rand

Salient features

United States Dollars

Nine months to

Quarter

Nine months to

March

2007

March

2008

March

2007

Dec

2007

March

2008

March

2008

Dec

2007

March

2007

March

2008

March

2007

93,592

86,258

30,530 29,861 25,736 kg Gold

produced*

(000)

827

960 981 2,773

2,967

84,987

106,902

92,172 101,532 122,920 R/kg

Total cash costs

$/oz

513

467 398 468

366

38,495

37,356

13,191 12,630 12,376 000 Tons milled 000

12,376

12,630 13,191 37,356

38,495

145,936

180,270

151,175 170,488 220,612 R/kg Revenue $/oz

921

784 652 789

628

226

271

235 265 283 R/ton Operating costs $/ton

39 33 38

5,771

6,320

1,846 2,037 2,566 Rm Operating profit $m

347

300 256 886

798

37 38 42 % Operating margin %

38 37 38

1,835

3,615

370 1,938 1,248 Rm

Net earnings

167

281 52 508

254

337

554

60 297 191 SA c.p.s.

US c.p.s.

43 8 78

1,682

2,112

228 456

1,246 Rm

Headline earnings

176

67 32 301

233

309

324

37 70 191 SA c.p.s.

US c.p.s.

10 5 46

1,810

2,019

512 603

1,009 Rm

Net earnings

excluding gains and

losses on foreign

exchange, financial

instruments,

exceptional items

and discontinued

operations

138

88 71 284

250

333

309

83 93 155 SA c.p.s.

US c.p.s.

13 11 44

* 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 Q3F2008

I 2

volumes mined and processed because of the one week closure and
constrained production flowing from the power disruptions during the
quarter. In the short term mining costs are mostly of a fixed nature,
resulting in an increase in unit costs as a consequence of the lost
production. As a result total cash costs at the South African operations
increased from R101,170 per kilogram (US$465 per ounce) to
R125,181 per kilogram (US$523 per ounce).

Operating costs at the international operations, including gold-in-
process movements, amounted to R1,417 million (US$190 million),
compared with R1,219 million (US$180 million) in the December
quarter, an increase of 16 per cent, of which 10 per cent is due to the
weaker rand. Approximately half of the total dollar increase at the
international operations occurred at Tarkwa, which reflected an
increase in costs of US$5 million or 7 per cent due to the increase in
production, together with fuel and power tariff increases. At Damang,
costs increased by US$2 million or 9 per cent as a consequence of
increased volumes mined from the Damang pit cutback and an
increase in on-mine exploration. At St Ives, operating costs in
Australian dollar terms, including gold-in-process movements,
increased by A$5 million or 8 per cent, mainly as a result of increased
maintenance costs associated with a planned mill shutdown and an
increase in royalty charges due to the higher gold price. At Agnew,
operating costs decreased by A$2 million or 8 per cent mainly due to
the decrease in processed ore from Songvang. Total cash costs at the
international operations increased from US$470 per ounce to US$500
per ounce quarter on quarter.

Operating margin

The net effect of the changes in revenue and costs, after taking into
account gold-in-process movements, was an operating profit of R2,566
million (US$344 million). This represented a 26 per cent increase
when compared with the R2,037 million (US$300 million) achieved in
the December quarter. The Group operating margin increased from 38
per cent to 42 per cent. The margin at the South African operations
increased from 37 per cent to 41 per cent, and the margin at the
international operations increased from 38 per cent to 44 per cent.

Amortisation

Amortisation decreased from R763 million (US$113 million) in the
December quarter to R714 million (US$95 million) in the March
quarter. This decrease was mainly due to the lower amortisation
charge at the South African operations which reduced from R463
million (US$68 million) to R376 million (US$50 million) because of the
loss of production. This was partially offset by an increase at the
international operations in line with the increased production.

Other

Net interest paid was similar at R88 million (US$12 million) when
compared with the December quarter.

The gain on foreign exchange of R38 million (US$6 million), compares
with a loss of R5 million (US$1 million) in the December 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 R262 million
(US$38 million) compares with a loss of R188 million (US$27 million)
for the December quarter. The gain of R262 million (US$38 million) in
the March quarter mainly comprises R136 million (US$18 million) due
to the reversal of previous marked to market unrealised losses on the
Mvela floor and cap. The reversal was as a result of the Mvela floor
and cap falling away and being replaced by a fixed number of 50
million shares. The 50 million shares is accounted for as an equity
instrument and does not need to be marked to market through the
income statement. 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 – refer
hedging/derivatives on page 15. The loss of R188 million (US$27
million) in the December quarter comprises a R168 million (US$24
million) mark to market unrealised loss arising from the derivative
instrument created as a result of the agreement with Mvela Resources.
Also included is a R30 million (US$4 million) unrealised mark to market
loss on share warrants as mentioned above, partly offset by a R10
million (US$1 million) gain on a diesel hedge in Ghana, which has
since expired.

Exploration

Exploration expenditure, decreased from R79 million (US$12 million) in
the December quarter to R58 million (US$8 million) in the March
quarter. The main reason for this decline was expenditure at
Essakane, sold in the December quarter, no longer being incurred.
Please refer to the Exploration and Corporate Development section for
more detail.

Exceptional items

The exceptional loss in the March quarter amounted to R42 million
(US$11 million) compared with a gain of R1,417 million (US$205
million) in the December quarter. The loss in the March quarter mainly
relates to a provision for costs at Driefontein with respect to the
suspension of the 9 shaft project of R45 million (US$6 million). This
project was suspended due to the lack of power supply. The gain in
the December quarter mainly comprised, profit on the sale of
Essakane of R1,389 million (US$201 million), and profit on the sale of
investments of R26 million (US$4 million).

Taxation

Taxation for the quarter amounted to R567 million (US$77 million)
compared with R418 million (US$61 million) in the December quarter.
This increase reflects the increase in profit before taxation and
exceptional items for the quarter. The tax provision includes normal
and deferred taxation on all operations together with government
royalties at the international operations.

Discontinued operations

During the December quarter the assets in Venezuela, which included
the mine Choco 10, were sold, and its results, including those of prior
periods were accounted for as discontinued operations. As the sale
was concluded in the December quarter no amount is reported in the
March quarter. In the December quarter the gross proceeds from the
sale of the Venezuelan assets amounted to R2,799 million (US$413
million) and comprised cash of R1,219 million (US$180 million) and
shares in Rusoro Mining Limited of R1,580 million (US$233 million).
This sale has necessitated the restatement of prior period’s salient
features and financial results as required by IFRS 5. Salient features
and financial results of continued and discontinued operations are
detailed in the operating and financial results from page 16.

The net profit from the sale of the Venezuelan assets in the December
quarter amounted to R74 million (US$11 million). Income from Choco
10 for the two months ended November 2007, the effective date of
sale, of R45 million (US$6 million) was also accounted for in the
December quarter.

Earnings

Net profit attributable to ordinary shareholders amounted to R1,248
million (US$167 million) or 191 SA cents per share (US$0.26 per
share), compared with R1,938 million (US$281 million) or 297 SA
cents per share (US$0.43 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
R1,246 million (US$176 million) or 191 SA cents per share (US$0.27
per share), compared with earnings of R456 million (US$67 million) or
70 SA cents per share (US$0.10 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 R1,009 million (US$138 million) or 155 SA
cents per share (US$0.21 per share), compared with earnings of R603
million (US$88 million) or 93 SA cents per share (US$0.13 per share)
reported last quarter.

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 and the 140.0 million shares
valued at R1,580 million (US$233 million) received from Rusoro Mining
Limited as part payment for the Venezuelan disposal. Added to this
are marked to market gains on listed investments.

Cash flow

Cash inflow from operating activities for the quarter was R3,039 million
(US$408 million), compared with R1,148 million (US$175 million) in

3 I GOLD FIELDS RESULTS Q3F2008

the December quarter. This quarter on quarter increase of R1,891
million (US$233 million) is mostly due to the increase in operating
profit and a working capital inflow of R794 million (US$115 million) in
the March quarter compared with an outflow of R571 million (US$83
million) in the December quarter due to timing of gold sales and the
payment of creditors.

Capital expenditure decreased from R2,476 million (US$364 million) in
the December quarter to R2,086 million (US$277 million) in the March
quarter. The majority of this decrease is due to two factors; firstly, the
payment in the December quarter of R400 million (US$60 million) in
return for various parties agreeing to relinquish their rights to the Uncle
Harry’s ground adjoining Kloof and South Deep and secondly, a
reduction of capital expenditure at Cerro Corona as this project
approaches completion. Approximately half of the capital expenditure
during the March quarter was spent on growth projects.

At the South African operations capital expenditure decreased from
R839 million (US$124 million) in the December quarter to R785 million
(US$105 million) in the March quarter. This decrease of R54 million
includes R32 million for Driefontein’s 9 shaft project, due to the
suspension of this project, and R23 million at Kloof, mainly on reduced
expenditure on mining equipment and the suspension of the KEA
project. Expenditure on ore reserve development at Driefontein, Kloof,
and Beatrix accounted for R100 million (US$13 million), R136 million
(US$18 million), and R70 million (US$9 million) respectively.
Expenditure on the 9 shaft project at Driefontein and expenditure on
the new mine development project at South Deep amounted to R61
million and R89 million respectively.

At the international operations capital expenditure increased from
R597 million (US$88 million) to R708 million (US$95 million). In
Ghana the increase was mainly at Tarkwa as a result of increased
expenditure on the CIL plant from US$20 million to US$28 million. In
Australia capital expenditure was similar at A$38 million (US$34
million), mainly on development and exploration drilling.

Capital expenditure at the Cerro Corona mine in Peru amounted to
R576 million (US$77 million) in the March quarter compared with R649
million (US$96 million) in the December quarter. Refer to the Capital
and Development Project section for more detail.

In the December quarter cash proceeds from the sale of Essakane
amounted to R1,042 million (US$150 million) and cash proceeds from
the sale of the Venezuelan assets is reflected in the cash flow as
discontinued operations and amounts to R1,219 million (US$176
million) less capital expenditure of R26 million (US$4 million), giving a
net inflow of R1,193 million (US$172 million).

Purchase of investments of R258 million (US$36 million) includes the
purchase of 4.7 million Sino 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 outflow from financing activities amounted to R214 million
(US$29 million). Loans received amounted to R1,535 million (US$210
million), which includes 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) includes 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 outflow from financing activities in the December
quarter amounted to R1,069 million (US$152 million). Loan
repayments of R1,808 million (US$262 million) include the repayment
of an offshore loan of R1,394 million (US$200 million) and the
repayment of a local loan of R414 million (US$62 million). Loans
received in the December quarter amounted to R727 million (US$108
million) and include a local loan facility draw down of R514 million
(US$76 million) and the draw down on an offshore finance facility of
R213 million (US$32 million).

Net cash inflow for the quarter was R470 million (US$55 million)
compared with a net cash outflow of R143 million (US$15 million) in
the December quarter. After accounting for a translation gain of R154
million (loss of US$1 million), the cash balance at the end of March
was R1,944 million (US$243 million). The cash balance at the end of
December was R1,321 million (US$189 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)
as detailed below.

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 32 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 March quarter. A
further 18 projects are underway, with at least 5 of them due to provide
savings during this financial year. The estimated savings for financial
2008 will exceed R10 million, growing to R20 million in financial 2009.

The conversion from diesel to battery power for underground
locomotives is progressing as planned. The delivery of locomotives
and the preparation of battery charging bays, together with the training
of personnel, is underway. The project will deliver long term cost
savings from the higher efficiency of battery locomotives, and has the
added benefit of improving underground environmental conditions. An
underground rail-track upgrade project, which will improve tramming
efficiency underground, is progressing to plan.

The pump efficiency monitoring project is in the monitoring phase,
allowing maintenance practices to be modified to initiate maintenance
based on pump efficiency. The first pump station monitored indicates
that the anticipated efficiency improvement of 5 per cent can be
expected. This project will deliver R10 million per annum savings from
reduced electricity consumption due to improved efficiency, and from a
reduction in pump repair costs.

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 is in the process of being
established for the West Wits area. The intent is 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.

The cost reporting and management benchmark module is progressing
well. In addition, we have re-introduced a budget control system to
enhance our control and accountability of commodity costs.

GOLD FIELDS RESULTS Q3F2008

I 4

Project Beyond: Group Integrated Supply chain and
Strategic Sourcing Optimisation

SA Project Beyond Strategic Sourcing and Supply
Initiatives

The March quarter started with the power crisis late in January,
followed by the rapid devaluation of the rand against all major
currencies. We also saw the beginning of a series of unprecedented
steel price increases. From January monthly steel price adjustments
were announced with increases in excess of 60 per cent up to and
including May. Record levels of inflation were experienced in the
March quarter due to these steel price increases impacting a large
number of our supply contracts and spend value. Added inflation
pressure also came from areas such as timber, fuel/diesel, transport,
food, chemicals and grinding balls.

The year to date inflation impact on contracted supply and services is
estimated at around 10 per cent. This is largely due to the steel and
timber price increases. To put the steel increases in context, the
projected fiscal year 2009 impact of steel alone on the total supply and
service spend is in excess of 10 per cent. The increase on the total
basket of supply and service spend in fiscal 2009 is estimated at
between 20 and 30 per cent.

Supply chain strategy has had to focus on guaranteeing supply, with
potential shortages across certain commodities being identified
because of the impact of power supply shortages on the SA economy.
Appropriate strategies were adopted, such as additional storage and
stocking up on critical items.

Despite the magnitude of issues presented this quarter there were
some highlights. Project Beyond initiatives delivered savings through
competitive tendering and negotiations in cables, paper, fittings and
spares, resulting in around R5 million annualised savings for the
quarter. Cumulative contracted benefits for the financial year to date
are standing at R21 million. In addition, inflation cost avoidance was
also achieved during the quarter across areas such as oils and lubes,
piping, backfill slagment, explosives and cement, estimated around R9
million. Cumulative annualised cost avoidance for fiscal year 2008 to
date is estimated at around R30 million.

The June quarter will have a continued strong focus on mitigating risk
and guaranteed supply strategies. Cost savings initiatives will
continue to optimise the total cost baseline, quality and efficiencies.

International Operations Strategic Sourcing and
Integrated Supply Chain Initiatives

During the March quarter continued global inflation pressures were
experienced across our Australian and Ghanaian operations in areas
such as diesel, grinding balls, cyanide, cement and chemicals.
Continued global demand growth has also resulted in double digit
inflation during fiscal year 2008 for the International operations,
including capital projects supply. Fiscal year 2009 is expected to
reflect the full compounded price increase impact of the global double
digit commodity inflation boom from the 2008 base.

Integrated strategic sourcing and supply initiatives in Australia
delivered around US$2 million in new and multi-year carry-over
contracted benefits. New cost reduction benefits were achieved over
and above the US$2 million in categories such as crusher feed and
pastefil haulage scope consolidations, together with tendering of steel
sections and ventilation bags. Cumulative contracted total cost and
carry over benefits for fiscal year to date stand at around US$5 million.

Some cost avoidance in Ghana was achieved in keeping in-land
logistics costs down in spite of high general inflation. Ghana also
managed formally to secure a base supply of tyres in a long-term
Group arrangement for between 60 and 70 per cent of supply over the
next 5 years and increased focus was given on guaranteed supply in
critical stock areas. Furthermore increased focus on fuel consumption
and quality management has started showing results in the form of
reduced truck stoppages.

For the June quarter, in Ghana, continued focus will be on fuel depot
and quality management, guaranteed supply and finalising the case
and contract for an emulsion production facility at the Tarkwa
operations. Australia will continue with cost optimization initiatives and
Peru will continue to focus on contract transition planning and staff

recruitment. Also in Peru, we will finalise shipping line strategy and
negotiations for outbound concentrate.

South African Operations

Royalty bill

On 6 December 2007 the National Treasury released the third draft of
the Mineral and Petroleum Resources Royalty Bill, for a final round of
public comment and parliamentary review. This draft of the Bill
confirms gross sales as the tax base, but takes into account the
process of beneficiation which in the case of gold mines is a deduction
of 0.4 per cent. The new royalty rate structure will be based on a
formula that takes into account profitability. The application of the new
formula on this quarter would result in an effective royalty rate of
approximately 3.3 per cent for the South African operations on a pro-
forma basis using this quarter’s rand gold price of R220,000 per
kilogram. This compares with a fixed rate of 1.5 per cent applied in the
previous draft. The gold industry has made submissions to the
National Treasury on this matter.

Power shortages

As a result of the Eskom power crisis which commenced end January
2008 Gold Fields issued a statement on 25

February 2008 indicating

the impact of these disruptions on the South African operations.
Based upon the information at the time the following guidance was
given and this has been updated to include the latest guidance for the
June quarter:

Description

Guidance

given on 25

Feb for

March

quarter

Actual for

March

quarter

Guidance

given on 25

Feb for June

quarter

Latest

guidance for

June quarter

Driefontein:

Gold production (kg)

5,900

6,530

6,800

Total cash costs (R/kg)

116,250

104,870

102,150

104,000

Power consumption (Average
% of historical)

90 84 90

available

Shafts affected (numbers)

6, 7 & 9

People affected (No)

2,600

Recruiting

to fill

vacancies

Kloof

Gold production (kg)

5,450

5,458

5,910

5,600

Total cash costs (R/kg)

115,200

112,514

104,061

115,000

Power consumption (Average
% of historical)

90 88 90

available

Shafts affected (numbers)

3 & 8

People affected (No)

2,300

Recruiting

to fill

vacancies

Beatrix:

Gold production (kg)

2,644

2,542

3,733

3,300

Total cash costs (R/kg)

150,908

160,071

108,210

125,000

Power consumption (Average
% of historical)

90 90 90

available

Shafts affected (numbers)

There were no people or shafts affected and the mine

would and has worked within the power allocation

constraint.

People affected (No)

South Deep:

Gold production (kg)

1,400

1,637

1,200

Total cash costs (R/kg)

237,200

194,258

250,000

Power consumption (Average
% of historical)

90 95 90

available

Shafts affected (numbers)

There were no people or shafts directly affected and

the mine would and has worked within the power

allocation constraint. Downscaling is necessary as a

result of the depletion of the VCR reef horizon above 95

level. This affects some 2,000 people. There is an

opportunity for redeployment of many of these

employees to other mines.

People affected (No)

# At the South African operations, the aggregate March quarter usage amounted to

approximately 88 per cent of average historic power consumption.

On the 7

March 2008 the Department of Minerals and Energy

announced that following representations by the Chamber of Mines
and consultations with all stakeholders, the mining industry had been
allocated an additional 260 Mw in electrical power. On the evening of
the 14

March 2008 Gold Fields was informed that it could consume

an additional 26 Mw, split between Driefontein and Kloof. This power
was to be used to minimise job losses and resume operations on the
shafts indicated in the table above. There were no additional power
allocations given to Beatrix and South Deep. Power remains a critical
issue for South Africa as it enters the winter months and Gold Fields
operations will continue with a strategy to reduce consumption through
power conservation initiatives.

5 I GOLD FIELDS RESULTS Q3F2008

The latest guidance for the June quarter given above assumes
continuous production and incorporates, along with the affected shafts
as mentioned above, the following:

Driefontein Production is expected to be impacted by safety related

stoppages at 10 shaft and a review of pillar mining
across the operation.

Kloof

Production is expected to be impacted by lower grades
at 7 shaft and a review of pillar mining across the
operation.

Beatrix

Production is forecast lower than the 25 February
guidance due to a poor labour turnout over the two long
weekends in April.

South Deep Production is expected to be impacted by the DME

Section 54 stoppage due to the ancillary ventilation raise
hole accident and the slow build-up thereafter, as well as
potential disruptions arising from the mine restructuring.

Power supply costs

Eskom announced that power costs will increase by 14.2 per cent
effective from 1 April 2008, with 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 from 1 July 2008.
Eskom has requested an additional increase which could be as much
as 53 per cent over the next year. 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. This will have no effect on the
June quarter as any penalties are only expected to be applicable after
1 July 2008.

Driefontein

March

2008

December

2007

Gold produced

- kg

6,530

7,451

- 000’ozs

209.9

239.6

Yield - underground

- g/t

8.6

7.7

- combined

- g/t

4.6

5.0

Total cash costs

- R/kg

104,870

94,390

- US$/oz

438

434

Gold production decreased 12 per cent from 239,600 ounces in the
December quarter to 209,900 ounces in the March quarter. The slow
start-up after the traditional extended Christmas break and the power
rationing, as described earlier, had a detrimental impact on mining
operations. Increased seismicity also impacted negatively during the
quarter. The shortfall in production was directly attributable to the
inability to utilise the full capacity of infrastructure due to the Eskom
power crisis. The restricted power supply resulted in the stopping of
the lower grade 6 and 7 shafts, with the result that the underground
yield increased from 7.7 grams per ton to 8.6 grams per ton for the
quarter. Underground tonnage reduced from 920,000 tons in the
December quarter to 669,000 tons in the March quarter, offset by an
increase in surface tonnage from 558,000 tons to 757,000 tons in an
effort to ameliorate the effect of the reduction in underground ore
caused by the power rationing. Surface yield improved from 0.7 grams
per ton in the December quarter to 1.1 grams per ton in the March
quarter. The Eskom power restrictions resulted in approximately
46,000 ounces of lost production during the quarter.

Main development decreased by 23 per cent for the quarter and on-
reef development decreased 32 per cent as a result of the power
rationing and also due to increased seismicity. Development values
increased 150 per cent mainly due to higher values intersected in the
Multi Band Carbon Leader Reef at 5 shaft, in the Single Band Carbon
Leader Reef at 1 shaft and in the Ventersdorp Contact Reef in the
shaft pillar area at 4 shaft.

Operating costs decreased by 3 per cent from R744 million (US$110
million) to R723 million (US$97 million) mainly due to a decrease in

consumables, incentive payments and electricity costs. Total cash
costs which were negatively affected by the lower production,
increased 11 per cent in rand terms and 1 per cent in US dollar terms,
from R94,390 per kilogram to R104,870 per kilogram and from
US$434 per ounce to US$438 per ounce respectively. The increase in
unit costs was due to the 4-day mine wide stoppage and the
subsequent power rationing. A corresponding reduction in costs was
not realised due to the fixed nature of costs, particularly labour costs.

Operating profit increased from R523 million (US$77 million) in the
December quarter to R736 million (US$99 million) in the March quarter
as a result of the higher gold price, which more than offset the
decrease in production.

Capital expenditure decreased from R267 million (US$39 million) to
R227 million (US$30 million) quarter on quarter. This decrease was
mainly due to the suspension of the 9 sub-vertical shaft deepening
project.

Gold production for the June quarter is forecast to increase by around
4 per cent to 218,000 ounces due to the partial restoration of power.
This is similar to the guidance given on 25 February 2008. Production
at 6 and 7 shafts is still expected to be adversely impacted due to the
shortage of labour, which is in the process of being employed. The
original labour at 6 and 7 shafts, before the reduction of power, has
replaced the contractors terminated during the quarter. Once steady
state is achieved and production fully restored at 6 and 7 shafts
Driefontein should revert back to around 225,000 ounces per quarter.
The quarter will also be affected by a safety related stoppage at 10
shaft and a review of pillar mining. Total cash costs should be similar
in the June quarter as the higher anticipated production will be offset
by higher electricity costs due to price increases and higher commodity
price increases. Capital expenditure is planned to increase to
approximately R300 million (US$38 million) mainly due to additional
spend on safety and other sustaining projects.

Kloof

March

2008

December

2007

Gold produced

- kg

5,458

7,179

- 000’ozs

175.5

230.8

Yield - underground

- g/t

9.9

8.4

- combined

- g/t

6.8

7.1

Total cash costs

- R/kg

112,514

91,029

- US$/oz

470

419

All mining activity during the March quarter was adversely affected by
Eskom’s power rationing, the slow start-up in January after the
traditional Christmas break, which accounted for approximately 2,000
ounces, and other business interruptions, which included safety related
production stoppages at 2 sub-vertical shaft following a fatality and a
subsequent fire at the same shaft, which, together, accounted for a
further 8,000 ounces. The Eskom power restrictions resulted in
approximately 45,000 ounces of lost production during the quarter.

Gold production decreased by 24 per cent from 230,800 ounces in the
December quarter to 175,500 ounces in the March quarter. This was
due to a 38 per cent decrease in underground tonnage from 839,000
tons to 521,000 tons due to the business interruptions noted above.
The underground yield improved 18 per cent from 8.4 grams per ton to
9.9 grams per ton due to cessation of mining in low grade areas as a
result of the reduced power supply and improved sweepings and
vampings, which resulted in a higher than normal mine call factor.
Surface tons partially replaced the lost underground tonnage,
increasing from 169,000 tons to 287,000 tons. This included an
increase in toll milling at South Deep to make use of spare plant
capacity. The surface grade of waste tons treated was 1.1 grams per
ton due to selective screening compared with 0.9 grams per ton in the
previous quarter.

Main development decreased by 29 per cent quarter on quarter, with
on-reef development decreasing by 20 per cent due to the reduced
mining activity. Average grades were in line with historic levels.

Operating costs decreased from R689 million (US$102 million) in the
December quarter to R647 million (US$87 million) in the March
quarter. This was mainly due to the impact of Eskom’s power rationing

GOLD FIELDS RESULTS Q3F2008

I 6

that resulted in a decrease in consumables and incentive payments
due to lower mining activity. As a consequence of the lower gold
production, total cash cost increased 24 per cent from R91,029 per
kilogram to R112,514 per kilogram. In US dollar terms, total cash
costs increased 12 per cent from US$419 to US$470 per ounce. A
corresponding reduction in costs was not realized due to the fixed
nature of costs, particularly labour costs.

Operating profit increased from R528 million (US$78 million) in the
December quarter to R555 million (US$75 million) in the March quarter
as a result of the higher gold price and reduction in operating costs,
notwithstanding the lower production.

Capital expenditure at R212 million (US$28 million) decreased by 6
per cent compared with the previous quarter’s expenditure of R226
million (US$33 million) mainly due to lower spend on the 1 shaft pillar
extraction and the terminated KEA project.

Gold production for the June quarter is forecast 3 per cent higher than
that achieved in the March quarter to around 180,000 ounces, due to
the partial restoration of power. This is 5 per cent below the 25
February 2008 guidance as Kloof is still constrained at 3 and 8 shafts
due to a decision not to mine remnant pillars for safety reasons, lower
planned grades being experienced at 7 shaft and a labour shortfall
similar to that at Driefontein. Total cash cost will increase in the June
quarter as result of the higher electricity costs due to price increases
and higher commodity price increases. Capital expenditure is planned
to increase to around R240 million (US$30 million) mainly due to
additional spend on safety and other sustaining projects.

Beatrix

March

2007

December

2007

Gold produced

- kg

2,542

3,698

- 000’ozs

81.7

118.9

Yield - underground

- g/t

3.9

4.3

Total cash costs

- R/kg

160,071

108,031

- US$/oz

668

497

Gold production at Beatrix decreased from 118,900 ounces in the
December quarter to 81,700 ounces in the March quarter. Tons milled
decreased from 868,000 tons to 656,000 tons and yield decreased
from 4.3 grams per ton to 3.9 grams per ton for the March quarter.
The overall reduction in gold and tonnage throughput is primarily as a
result of the impacts of the Eskom electricity supply disruptions, and
the lower volumes in the January month arising from the traditional
Christmas break. Production volumes at the West section, the
deepest and highest energy user, were the most affected. The Eskom
power restriction resulted in approximately 14,500 ounces of lost
production in this quarter with the balance due to a poor mine call
factor and the traditionally slow start up in January. The drop in yield
was adversely impacted by the low mine call factor due to increased
blasting fragmentation. Implementation of external mine call factor
review recommendations to convert explosives type and review drilling
and blasting practices continued. This issue still remains a technical
challenge at the Beatrix North section.

The energy crisis also impacted on the development volumes, with
total main development down by 13 per cent, quarter on quarter and
main on-reef development decreasing by 22 per cent in the March
quarter. Main development values declined by 8 per cent to 1,040
cm.g/t as a result of raises traversing and opening-up varying grade
areas as anticipated by local geological models.

Operating costs quarter on quarter increased by 2 per cent from R420
million (US$62 million) to R429 million (US$59 million). The increase
in costs was mainly due to the longer March working quarter, annual
salary increases, increased maintenance over the Christmas break
and higher than inflationary commodity prices offset by savings on
overtime, production incentives and consumables. Total cash costs
increased 48 per cent (34 per cent in US dollar terms) from R108,031
per kilogram (US$497 per ounce) in the December quarter to
R160,071 per kilogram in (US$668 per ounce) the March quarter,
mainly due to the lower gold output.

Operating profit in the March quarter at R146 million (US$20 million)
was lower than the R209 million (US$31 million) in the December

quarter, as the higher gold price was more than offset by lower gold
production.

Capital expenditure increased by 6 per cent from R142 million (US$21
million) in the December quarter to R150 million (US$20 million) in the
March quarter mainly due to higher expenditure on the 3 shaft project
and high density residential upgrades.

Gold production for the June quarter is forecast to increase by
approximately 30 per cent compared with the March quarter to around
106,000 ounces. However, this is 12 per cent below the guidance
given on 25 February 2008 mainly due to a poor turnout for voluntary
shifts over the two long weekends in April. Total cash cost compared
with the February guidance will increase in the June quarter as a result
of the lower anticipated production and the higher electricity costs due
to price increases and higher commodity price increases. Capital
expenditure in the June quarter should be approximately R170 million
(US$21 million).

South Deep

March

2008

December

2007

Gold produced

- kg

1,637

2,104

- 000’ozs

52.6

67.6

Yield - underground

- g/t

6.4

6.2

- combined

- g/t

5.9

5.1

Total cash costs

- R/kg

194,258

147,719

- US$/oz

811

680

Gold production at South Deep decreased by 22 per cent from 67,600
ounces in the December quarter to 52,600 ounces in the March
quarter. The decrease in gold production was mainly due to the
stopping of VCR mining above 95 level which has gradually reduced
production since the December 2007 quarter to final depletion in the
March 2008 quarter. Underground tons reduced from 330,000 tons to
250,000 tons quarter on quarter. The traditional Christmas break and
the interruptions to the Eskom power supply also contributed to the
lower gold production. The Eskom power restrictions resulted in
approximately 4,500 ounces of lost production during the quarter.
Surface ore processed decreased from 83,000 tons to 26,000 tons in
the March quarter and is essentially depleted. The increased yield is
due to a higher mine call factor and is unlikely to be sustainable.

Development decreased 37 per cent for the March quarter mainly due
to the cessation of conventional VCR mining and reduced trackless
mining due to seismicity. Capital metres were similar but will increase
over the next two quarters as the mobilisation of the mechanised
crews to develop the below 95 level infrastructure starts to build
momentum.

Operating costs at R327 million (US$54 million) increased by 2 per
cent compared with the December quarter’s cost of R320 million
(US$47 million). This was mainly due to the cessation of capital
development for the VCR mining and the consequent expenditure of
the underlying costs, and the effects of inflationary increases in
commodity prices. The operation is now overstaffed by approximately
2,000 employees due to the cessation of the conventional VCR mining.
As a result of the decreased gold production the total cash cost
increased by 32 per cent (19 per cent in US dollar terms) from
R147,719 per kilogram (US$680 per ounce) in the December quarter
to R194,258 per kilogram (US$811 per ounce) in the March quarter.

Operating profit in the March quarter at R37 million (US$5 million) was
similar to the December quarter, as the increased gold price was offset
by the lower gold production.

Capital expenditure decreased from R204 million (US$30 million) in
the December quarter to R196 million (US$26 million) in the March
quarter, mainly due to scheduled delays on the ventilation shaft and
exploration and drilling projects offset by spending on the trackless
fleet.

Gold production for the June quarter is forecast to be in line with the
guidance given on 25 February 2008, at approximately 40,000 ounces.
The lower guidance compared with the March quarter is mainly due to
the stopping of the VCR and operational restructuring. Post the
restructuring of South Deep the operation will not pursue conventional

7 I GOLD FIELDS RESULTS Q3F2008

mining and will be fully mechanised in its stoping and development.
The focus into the future will be on speeding up development of the
ore body, completing the Twin shaft infrastructure and increasing the
rate of de-stress mining. Until finalisation of the above activities,
production is expected to be maintained at approximately 50,000
ounces per quarter. Total cash costs per ounce will increase on the
assumption that restructuring initiatives are not yet completed by the
end of the quarter, as a consequence of the stopping of the VCR as
well as increases in electricity and commodity prices. The mine is in
consultation with the trade unions to restructure South Deep to reduce
this over complement. Capital expenditure in the June quarter is
forecast to increase to approximately R220 million (US$28 million) with
the delivery of the equipment for the mechanised development above
95 level and also the equipment for the mechanisation of the de-stress
mining areas.

As a result of the fatal accident on 1 May it has been decided that no
capital shaft development work be undertaken below 95 level until
such time as a second means of egress can be re-established.
Planning is being advanced to replace the winder in the ancillary
ventilation raise hole where the accident occurred and the
redeployment of Murray and Roberts crews above 95 level. This is
expected to take approximately three months to install after which
capital development can resume.

International Operations

Ghana

Tarkwa

March

2008

December

2007

Gold produced

- 000’ozs

165.1

158.3

Yield - heap leach

- g/t

0.7

0.7

- CIL plant

- g/t

1.5

1.4

- combined

- g/t

0.9

0.9

Total cash costs

- US$/oz

436

413

Gold production increased by 4 per cent from 158,300 ounces in the
December quarter to 165,100 ounces in the March quarter. Plant
throughput (CIL and HL) increased by 3 per cent from 5.59 million tons
to 5.77 million tons. Yield at the CIL improved from 1.40 gram per ton
to 1.48 gram per ton contributing significantly to the higher quarterly
production.

Total tons mined, including capital stripping, reduced from 30.5 million
tons to 29.2 million tons. Ore mined decreased from 5.5 million tons to
4.9 million tons in the March quarter mainly due to increased fleet
standing times due to poor tyre quality together with reduced
availability of mining equipment as a result of scheduled equipment
maintenance, exacerbated by unplanned breakdowns. The mined
grade of 1.24 gram per ton was unchanged quarter on quarter. The
overall strip ratio for the quarter was 4.96 compared with 4.59 in the
December quarter.

Total feed to the heap leach section was 4.32 million tons compared
with 4.17 million tons for the December quarter. Heap leach yield for
the quarter was 0.68 grams per ton compared with 0.70 for the
December quarter. The heap leach section produced 94,700 ounces,
compared with 94,000 ounces in the December quarter. The total feed
to the CIL plant was 1.45 million tons compared with 1.42 million tons
in the December quarter. The increased throughput, coupled with the
improved yield, resulted in gold production of 70,400 ounces in the
March quarter compared with 64,300 ounces in the December quarter.
There was a net gold-in-process build-up of 5,800 ounces for the
quarter (CIL released 3,500 ounces offset by a build-up at the Heap
leach of 9,300 ounces, mainly due to slow leaching at the South heap,
which moved to its sixth lift during the quarter.)

Operating costs, including gold-in-process movements, increased from
US$67 million (R453 million) in the December quarter to US$72 million
(R533 million) in the March quarter. The increase in operating costs
was markedly influenced by a higher fuel price, higher explosives costs
and increased maintenance costs during the quarter. Total cash costs
increased from US$413 per ounce to US$436 per ounce.
Operating profit increased 29 per cent from US$61 million (R414
million) in the December quarter to US$78 million (R582 million) in the
March quarter.

Capital expenditure increased from US$46 million (R314 million) in the
December quarter to US$54 million (R397 million) in the current
quarter, with expenditure on the Phase 5 heap leach project and the
CIL expansion project at US$8 million and US$28 million respectively.
The CIL expansion project construction continues and remains on
track for first rock into the mill during the September quarter. The
Heap Leach project is ahead of schedule on construction and the total
project cost is expected to be slightly below the approved US$49
million. Expenditure on the pre-stripping at the Teberebie cutback
(US$12 million) continued.

Gold production for the June quarter is forecast to be similar to the
March quarter. Total cash costs are expected to increase marginally in
the June quarter as a result of increases in the fuel price and
increased power tariffs.

Damang

March

2008

December

2007

Gold produced

- 000’ozs

52.6

44.2

Yield

- g/t

1.3

1.2

Total cash costs

- US$/oz

546

605

Gold production exceeded expectation for the March quarter with an
increase of 19 per cent from 44,200 ounces in the December quarter
to 52,600 ounces. This increase is attributable to a 12 per cent
increase in throughput and an increase in yield to 1.3 grams per ton,
compared with 1.2 grams per ton in the December quarter. The
increase in yield was due to higher grade ore from the Damang pit
cutback.

Total tons mined, including capital stripping, increased by 14 per cent
from 8.0 million tons in the December quarter to 9.1 million tons in the
March quarter. This increase was mainly as a result of pre-strip
activity at Huni pit. Ore mined increased from 978,000 tons to
1,081,000 tons in the March quarter. The resultant strip ratio was 7.46
compared with the 7.20 in December quarter.

The mill throughput increased from 1.10 million tons in the December
quarter to 1.23 million tons in the March quarter. This increase was
due to improved fragmentation and crusher availability, coupled with a
slightly longer quarter.

Operating costs, including gold-in-process movements, increased from
US$27 million (R183 million) in the December quarter to US$29 million
(R232 million) in the March quarter. The main factors contributing to
the increase in operating costs were the increased mining volume, a
higher diesel price and increased brownfields exploration drilling
activities. Total cash costs reduced from US$605 per ounce to
US$546 per ounce reflecting the increase in production.

Operating profit for the quarter at US$19 million (R138 million) was
significantly higher than the US$9 million (R58 million) achieved in the
December quarter.

Capital expenditure at US$8 million (R56 million) was similar to that
spent in the previous quarter, with the majority of this expenditure on
Huni pit pre-waste mining.

Gold production in the June quarter is expected to be similar to the
March quarter. Total cash costs will increase slightly due to the
increasing fuel price and mining contractor cost.

Australia

St Ives

March

2008

December

2007

Gold produced

- 000’ozs

103.9

110.0

Yield - heap leach

- g/t

0.6

0.7

- milling

- g/t

2.4

2.6

- combined

- g/t

1.7

1.8

Total cash costs

- A$/oz

655

584

- US$/oz

592

521

GOLD FIELDS RESULTS Q3F2008

I 8

Gold produced decreased from 110,000 ounces in the December
quarter to 103,900 ounces in the March quarter. This was mainly due
to a decrease in yield from 1.8 grams per ton to 1.7 grams per ton.
Processed tons and plant recovery were marginally higher quarter on
quarter.

Gold produced from the Lefroy mill decreased from 95,200 ounces to
91,300 ounces. Tons milled increased slightly from 1.15 million tons to
1.19 million tons. However, this was offset by a decrease in yield from
2.6 grams per ton to 2.4 grams per ton due to the reduction of
available higher grade underground ore. This resulted in the
processing of additional lower grade open pit material.

Gold produced from heap leach decreased from 14,800 ounces in the
December quarter to 12,600 ounces in the March quarter. Tons
treated from heap leach decreased from 708,200 tons to 698,000 tons
and recoveries decreased from 72 per cent to 69 per cent as a result
of a decrease in the proportion of oxide ore mined from the Leviathan
pit cutback as depths increase.

Open pit operations mined 1.4 million tons of ore for the quarter, the
same as the December quarter. Grade decreased from 1.7 grams per
ton to 1.5 grams per ton. Ore volumes increased from the Leviathan
cutback, Cave Rocks and North Revenge pits, while less ore was
produced from the NRK pit and the Bahama pit, which is nearing
completion. The average strip ratio including capital waste was 5.4 in
the March quarter, compared with 5.7 in the December quarter.

Underground operations mined 217,000 tons of ore at 5.0 grams per
ton for the quarter, compared with 254,000 tons at 5.4 grams per ton in
the December quarter. At Argo, ore production was negatively
impacted by delays in paste filling. The paste fill issues have
subsequently 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$65 million (R394 million) in the December quarter to A$70 million
(R472 million) in the March quarter. This increase was mainly due to
processing higher cost stockpiled ore which replaced production from
underground operations and increased third party royalty charges due
to the higher gold price. Total cash costs increased from A$584 per
ounce (US$521 per ounce) in the December quarter to A$655 per
ounce (US$592 per ounce) in the March quarter.

Operating profit increased from A$32 million (R192 million) to A$34
million (R231 million) due to the higher gold price.

Capital expenditure was similar at A$30 million (R175 million) quarter
on quarter. Mine development capital of A$20 million (R135 million)
included increased development activity at the Cave Rocks
underground mine, the continuation of development of the Argo and
Belleisle underground mines and waste stripping at the future
Agamemnon South pit. Infrastructure development continued at Cave
Rocks and Belleisle. Exploration expenditure was marginally lower.

Gold production for the June quarter is expected to be similar to the
March quarter, while total cash costs are expected to increase as a
result of St Ives achieving the cumulative 3.3 million ounces of
production required to trigger the volume based royalties included as
part of the St Ives acquisition. Development of the new underground
mines at Cave Rocks and Belleisle remains a focus to return
production to an average of 110,000 ounces to 120,000 ounces per
quarter for F2009.

Agnew

March

2008

December

2007

Gold produced

- 000’ozs

49.0

49.2

Yield - g/t 4.6

4.9

Total cash costs

- A$/oz

523

470

- US$/oz

473

419

Gold production was similar to the December quarter at 49,000
ounces. The 5 per cent increase in processing volumes from 313,000
tons in the December quarter to 329,000 tons in the March quarter,
was offset by a 6 per cent decrease in yield, from 4.9 grams per ton to
4.6 grams per ton. The lower yield was due to the depletion of the

high grade Songvang open pit stockpiles and the consequent
substitution with low grade Songvang open pit stockpiles from
February.

Ore mined from underground increased 48 per cent from 89,000 tons
at 9.1 grams per ton in the December quarter to 132,000 tons at a
grade of 8.2 grams per ton in the March quarter. Difficulties in
opening-up new stopes due to poor underground conditions at
Waroonga’s Kim South continued in January and February. However,
by March consistent stope production resulted in record ore tons being
achieved and production from Waroonga’s Main Lode continued to
improve. Total capital and ore reserve development increased 36 per
cent compared with the December quarter.

Operating costs, including gold-in-process, decreased from A$31
million (R188 million) in the December quarter to A$29 million (R194
million) in the March quarter. Mining costs increased by A$5 million
(R48 million) due to higher underground volumes, with a
commensurate increase in ore production of 48 per cent. This was
offset by a reduction in gold-in-process charges, from A$14 million
(R82 million) to A$6 million (R40 million) as a result of a reduction in
the draw-down of Songvang stockpiles which were replaced with
underground ore mined during the quarter. As expected, total cash
costs increased from A$470 per ounce (US$419 per ounce) to A$523
per ounce (US$473 per ounce). The increase in total cash costs was
attributable to the completion of processing the Songvang high grade
ore stockpile and its substitution with higher cost Songvang low grade
ore stockpiles midway through the quarter.

Operating profit increased from A$13 million (R76 million) for the
December quarter to A$21 million (R141 million) in the March quarter.
This was due primarily to the higher gold price received.

Capital expenditure for the March quarter was A$8 million (R56
million), which was marginally lower than the December quarter. This
was mainly due to lower underground capital development.

Gold production for the June quarter is expected to be at similar levels
when compared with the March quarter. Total cash costs per ounce
are expected to increase by approximately 10 per cent due to the
replacement of Songvang high grade stockpiles depleted in February
2008, with higher cost Songvang low grade stockpiles and the effect of
this on a full quarter.

Quarter ended 31 March 2008 compared
with quarter ended 31 March 2007

Group attributable gold production decreased from 981,000 ounces for
the quarter ended March 2007 to 827,000 ounces in the March 2008
quarter.

At the South African operations gold production decreased from
657,000 to 519,800 ounces. Kloof’s production decreased from
220,000 ounces to 175,500 ounces. Driefontein’s production
decreased from 251,200 ounces to 209,900 ounces and Beatrix from
119,200 ounces to 81,700 ounces. The majority of these decreases
were due to the stoppages and reduced production emanating from
the power shortage in the March 2008 quarter. At South Deep
production decreased from 66,700 ounces to 52,600 ounces due to the
power constraints and the closure of the VCR section due to the
intersection of the major fault.

At the international operations total gold production decreased from
388,800 ounces in March quarter 2007 to 370,500 ounces in March
quarter 2008. In Ghana, Tarkwa’s gold production decreased from
174,300 ounces to 165,100 due to a reduction in high grade ore
tonnages. At Damang, gold production increased from 48,500 ounces
to 52,600 ounces due to an increase in ore from the high grade
Damang pit cutback. In Australia, St Ives’ gold production decreased
from 119,400 ounces to 103,900 ounces due to lower underground
high grade volumes, partly offset by increased surface tonnages at
lower grades. At Agnew, gold produced increased from 46,600
ounces to 49,000 ounces due to high volumes mined from the high
grade Kim mine.

Revenue increased by 23 per cent in rand terms from R4,955 million
(US$687 million) to R6,109 million (US$820 million). The higher
average gold price of R220,612 per kilogram (US$921 per ounce)
compared with R151,175 per kilogram (US$652 per ounce) achieved

9 I GOLD FIELDS RESULTS Q3F2008

in 2007 more than offset the lower production. The rand/US dollar
exchange rate weakened 3 per cent from an average of R/US$7.21 to
R/US$7.45 quarter on quarter.

Operating costs, including gold-in-process movements, increased from
R3,109 million (US$431 million) to R3,543 million (US$476 million), an
increase of R434 million (US$45 million) or 14 per cent.

At the South African operations, operating costs increased by 4 per
cent from R2,047 million (US$284 million) in the quarter ended March
2007 to R2,126 million (US$285 million) in the quarter ended March
2008. This well below inflation increase is due to the lower production
reported this quarter because of the power rationing experienced from
late January 2008. Total cash costs increased from R94,644 per
kilogram (US$408 per ounce) to R125,181 per kilogram (US$523 per
ounce) an increase of 32 per cent due to the lower production and the
fixed nature of operating costs.

At the international operations net operating costs increased from
R1,062 million (US$147 million) to R1,417 million (US$190 million).
Total cash costs increased by 32 per cent from US$379 per ounce to
US$500 per ounce, mainly due to higher power costs in Ghana due to
tariff increases, increased maintenance costs of the mining fleet at
Tarkwa, and the combined effect of higher stripping ratios and lower
grades, together with the increased cost of inputs driven by the
commodities boom. This was exacerbated by the 5 per cent decrease
in gold output from the international operations.

Operating profit increased from R1,846 million (US$256 million) to
R2,566 million (US$344 million), with the benefit of the higher gold
price partially offset by the lower production and the increase in costs.

After accounting for taxation, sundry items and the gain on financial
instruments reported this quarter, net earnings increased from R370
million (US$52 million) in the March 2007 quarter to R1,248 million
(US$167 million) in the March 2008 quarter.

Earnings excluding gains and losses on foreign exchange, financial
instruments, exceptional items and discontinued operations increased
from R512 million (US$71 million) in March quarter 2007 to R1,009
million (US$138 million) in the March 2008 quarter.

Capital and development projects

Cerro Corona

During the March quarter, 2.71 million man hours were worked with
four Lost Time Accidents and eight Medically Treated Incidents, all
involving construction personnel. Management has installed several
programmes, including significant contractor cost penalties to reverse
this adverse trend. Project staffing levels have remained at over 3,000
per day throughout the period, but are expected to drop in the June
quarter as construction completion is achieved. There were no
reportable environmental incidents during the period.

Final operational permitting activities advanced during the quarter
which included approval of the 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.

As Cerro Corona prepares to transition from permitting and
construction phases, a plan for broader participation in district and
regional issues is being developed and implemented. Similarly, public
interest and integration of community/desires into Cerro Corona
operational plans are being actively undertaken. The initial steps
involve a focused discussion into ways of maximising positive
operational impacts within the affected communities as well as
resolution of long standing societal deficiencies for the long term
District benefit as well as that of Peru.

Mining activities focused on generating construction material for the
Las Gordas tailing dam and in further oxide and waste mining to
enable sulphide ore mining in the June quarter. A total of 3.4 million
tons were mined and at the end of the March quarter, accumulated
oxide ore in stockpiles was 3.4 million tons with an average gold grade
of 1.47 grams per ton. Accumulated mixed ore in stockpile is 0.84
million tons with average gold and copper grades of 1.35 grams per
ton and 0.53 per cent, respectively. This material represents seven
weeks of plant production at full capacity.

Cumulative construction progress through to the end of the March
quarter was 81.0 per cent. The Las Gordas Stage I Starter Dam
embankment construction productivity improved significantly due to
changes implemented in construction materials, placement methods
and Tailings Management Facility (TMF) organisational structure. A
staged water filling plan has been implemented which allows the water
level in the TMF reservoir to be increased at regular intervals as the
embankment reaches pre-determined elevation milestones. This is
important to progressively capture rainfall from the remainder of the
current wet season. Approximately 150,000 cubic metres of water is
currently stored in the reservoir and it is anticipated that an adequate
supply of water (500,000 cubic metres) will be stored in the reservoir to
support planned process plant start-up and continued plant operations
during the coming dry season with little or no pumping from the mine
dewatering wells. The TMF return water system is now advancing well
following a slow start; various contractor changes were made to
ensure progress. Tailing pipeline construction is also advancing well
with piping corridors being completed, installation of difficult drop-pipe
structures and HDPE piping systems commenced. The quarterly
Internal Geotechnical and Tailing Review Board (IGTRB) review
sessions were held and have provided valuable input and
recommendations from independent industry experts.

Several major project milestones were achieved during the quarter,
including:

·     Energisation of the 220kV power line and Cerro Corona
      Substation;
·     Mechanical completion of Crusher (pending minor punch list and
      unit substation energisation);
·     Mechanical Completion of Concentrate Filtration and Storage
      Areas (pending minor punch list and unit substation energisation);
·     Established camp operations on line power;
      Initiated stage water storage behind TMF embankment;
      Completion of detail Plant Operation and Commissioning
      Procedures;
·     Contracting of a Commissioning Manager and key commissioning
      leads through a third party engineering firm;
·     Establishment of Project-Operational transition teams for all
      aspects of Cerro Corona on a go forward basis.

Pre-commissioning activities have commenced on an area-by-area
basis as mechanical, piping and electrical equipment and systems are
completed. Commissioning activities will commence in late-April and
the project is expected to commence ore treatment in June 2008, with
shipment of concentrates in the September quarter. The greatest
schedule risk is completion of the Reclaim Water System installations.

Total cumulative capital expenditure through the end of the quarter
reached US$390 million which is US$10 million less than the project
cash flow on the basis of the revised project value of US$421 million
(November 2007). Cumulative project commitments reached
~US$420 million. Project forecast cost at completion increased during
the period to ~US$450 million, including ~US$20 million for contractor
claims and contingencies due to extensions in time for completion of
construction activities.

Exploration and corporate development

Greenfields Exploration

At the Sankarani joint venture project in south-western Mali, operated
by partner Glencar Mining plc (AIM: “GEX”), litho-geochemical
sampling by means of air core drilling has been completed on the
Bokoro and Sanioumale A & B targets. A high resolution airborne
magnetics and radiometric survey was flown over the three exploration
licenses. With the completion of this programme, Gold Fields has
earned a 51 per cent interest in the joint venture.

At the 80 per cent owned Kisenge project in the southern DRC, the
third phase of drilling was completed at the Kajimba, Mpokoto,
Lungenda, Weji and Katompe targets. A reconnaissance stream
sediment and soil sampling survey was completed over a majority of
the exploration licenses. The Kisenge Mining Convention is subject to
the country-wide review by the Ministry of Mines. The joint venture
partners have responded to all the questions raised in a Notification
Letter received 21 February 2008.

In Kyrgyzstan, Lero Gold Corp (TSX-V: “LER”) has informed Gold
Fields that it’s portion of equity funding has been expended and that it
now has a 3-month option to joint venture the Talas Project. The

GOLD FIELDS RESULTS Q3F2008

I 10

possibility of a US$8 million equity injection is under review, of which
$5 million is pending as an aggressive programme of additional
induced-polarisation geophysics followed by additional diamond drilling
is planned at Talas.

At the Gobondery joint venture in New South Wales, where Gold
Fields is earning an 80 per cent stake from joint venture partner Clancy
Exploration Limited (ASX: “CLY”), initial diamond drilling was
completed on two blind porphyry targets and target definition work is in
progress on eight other priority target areas.

In South Australia at the Delamarian project, aircore drilling to sample
the basement regolith continued and initial target definition will be
completed by June 2008.

In Northern Queensland at the Mt Carton joint venture with Conquest
Mining Limited (ASX: “CQT”), where Gold Fields is earning a 51 per
cent stake in eight exploration tenements surrounding Conquest’s
Silver Hill discovery, results of the airborne geophysics, soil
geochemistry surveys and initial diamond drilling completed to date
have been very encouraging. Diamond drilling will be accelerated as
new targets are defined in the June quarter. Post quarter end an
additional 25.9 million shares in Conquest Mining Limited were
purchased for A$9 million. Gold Fields has thus increased its holding
from 25.8 million shares or 9.5 per cent to a total of 51.7 million shares
or 19.1 per cent of the share capital of the Company.

At the Dominican Republic joint venture where Gold Fields is earning a
60 per cent initial interest in a portfolio of properties with partner
GoldQuest Mining Corp (TSX-V: “GQC”), scout drilling was completed
at the Piedra Iman and Josefina targets and results are currently being
compiled and interpreted. Target identification field work consisting of
mapping, sampling and geophysical surveys is in progress on the Los
Jengibres and Loma Viejo Pedro epithermal targets.

In Peru at the Consolidada de Hualgayoc joint venture with Compania
de Minas Buenaventura SA (NYSE: “BVN”), scout drilling is in
progress on the Quijote target.

Near Mine Exploration

In Australia, Gold Fields is aggressively exploring at its Agnew and St
Ives operations. Ongoing drilling programmes at the Athena and
Nelson’s Fleet discoveries at St. Ives are continuing to deliver
promising results.

In Ghana, the near-mine exploration team is being strengthened and
will focus on Damang and other promising targets in the general
vicinity of the Tarkwa and Damang operations.

Corporate

Mvela Resources and Gold Fields Agrees on 50 million
shares should “flip-up” proceed

On 17 March 2008 Gold Fields Limited and Mvelaphanda Resources
Limited (Mvela) decided that Mvela will receive a fixed 50 million Gold
Fields shares if and when Mvela’s future stake of 15 per cent in GFI
Mining South Africa (Proprietary) Limited (GFIMSA) is exchanged at
the instance of either Gold Fields or Mvela, for shares in Gold Fields.
GFIMSA is the vehicle that owns and houses the South African assets
of Gold Fields.

The exact number of shares, within the range of the floor and cap (45
and 55 million shares respectively), which Mvela would have received
was highly variable because of the volatility of the changes in the input
parameters for a Discounted Cash Flow valuation, and the complex
nature of the formula, and agreeing the number of shares now gives
certainty on an equitable basis to both parties.

Leadership changes at Gold Fields

On 31 March 2008, the Board of Gold Fields Limited announced that,
after a distinguished nine years with Gold Fields, the last six as Chief
Executive Officer, Ian Cockerill had decided to step down. He will be
heading-up Anglo American’s coal division.

Ian is succeeded by Nick Holland who has been the Chief Financial
Officer of Gold Fields since its inception in 1998. In a complementary
move, Terence Goodlace, Executive Vice President and Head of
South African Operations, was appointed to the new position of Chief
Operating Officer, and as a member of the Gold Fields Board. A new

Chief Financial Officer will be recruited to replace Nick. Paul Schmidt,
Senior Manager Finance, will act as Chief Financial Officer in the
interim. Vishnu Pillay, currently Vice President and Head of
Operations at Driefontein has been appointed in Terence’s position as
Executive Vice President and Head of South African operations.
Glenn Baldwin, Head of West Africa and Australia and Juan Luis
Kruger, Head of South American Operations as well as Vishnu, will
report to Terence Goodlace.

To fill the position vacated by Vishnu, Peter Turner, currently Vice
President and Head of Operations of Kloof Gold Mine has moved to
Driefontein Gold Mine in the same position. To fill Peter’s position at
Kloof Gold Mine, Rodney Hart, currently, Senior Manager: Operations
at that mine, is promoted to the position of Vice President and Head of
Operations of Kloof Gold Mine. Phillip Tobias was promoted to Vice
President and Head of Operations of Beatrix Gold Mine to fill the
position of Phillip Schoeman who assumed the position of Vice
President of Technology at Corporate office.

The Board also wishes to announce that, unrelated to Ian’s
resignation, John Munro, Executive Vice President of Corporate
Development, has resigned to take up the position of Chief Executive
Officer of a new uranium company. John’s executive responsibilities
for Corporate Development are assumed by Jimmy Dowsley, Senior
Vice President for Business Development.

All of these changes are effective as from 1 May 2008.

Dividend

No interim dividend was declared at the end of the December 2007
quarter as a result of the uncertainty pertaining to the supply of power
to the South African operations. As a result of a stable power supply
and the gold price being maintained at about R220,000 per kilogram, it
has been decided to declare an interim dividend this quarter relating to
the six month period ended 31 December 2007. The final dividend
declared at year end will depend on the continued supply of power in
the June quarter.

- interim dividend number 68:

65 SA cents per share

- last date to trade cum-dividend:

Friday

23 May 2008

- sterling and US dollar conversion date:

Monday

26 May 2008

- trading commences ex-dividend:

Monday

26 May 2008

- record date:

Friday

30 May 2008

- payment date:

Monday

2 June 2008

Share certificates may not be dematerialised or rematerialised
between Monday, 26 May 2008 and Friday, 30 May 2008, both dates
inclusive.

Outlook

At the South African operations, subject to the sustainable supply of
power, and our ability to man the operations at the required level,
production for the June quarter is likely to be between 2 and 4 per cent
higher than the March quarter. Cash costs should be slightly lower
with the higher production partially offset by increases in power and
commodities. At the international operations gold production is
forecast to be similar to the March quarter, with costs slightly higher
due to increases in power and diesel input costs and an increased
royalty charge at St Ives.

Basis of accounting

The unaudited results for the quarter have been prepared on the
International Financial Reporting Standards (IFRS) basis. The detailed
financial, operational and development results for the March 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.

N.J. Holland
Chief Executive Officer
9 May 2008

11 I GOLD FIELDS RESULTS Q3F2008

Income statement

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

South African Rand

Quarter

Nine months to

March

2008

December

2007

March

2007

March

2008

March

2007

Revenue

6,109.2

5,429.7 4,955.2 16,557.1

14,366.8

Operating costs, net

3,543.3

3,392.4 3,109.3 10,237.6

8,596.0

- Operating costs

3,502.6

3,341.2 3,100.6 10,135.7

8,690.9

- Gold inventory change

40.7

51.2 8.7

101.9

(94.9)

Operating profit

2,565.9

2,037.3 1,845.9 6,319.5

5,770.8

Amortisation and depreciation

713.9

762.7 697.3

2,247.7

2,096.5

Net operating profit

1,852.0

1,274.6 1,148.6 4,071.8

3,674.3

Net interest paid

(88.4)

(92.2) (111.9) (275.7)

(121.8)

Gain/(loss) on foreign exchange

38.4

(5.1) (379.7)

21.0

(119.0)

Gain/(loss) on financial instruments

262.3

(187.6) (35.2) 83.6

(63.8)

Other

(32.3)

(10.2) (25.8) (53.8)

(126.3)

Exploration

(57.5)

(78.7) (75.6) (220.8)

(206.1)

Profit before tax and exceptional items

1,974.5

900.8 520.4

3,626.1

3,037.3

Exceptional (loss)/gain

(41.6)

1,416.6 192.0

1,404.3

208.5

Profit before taxation

1,932.9

2,317.4 712.4

5,030.4

3,245.8

Mining and income taxation

566.5

418.4 268.9

1,274.0

1,181.7

- Normal taxation

349.4

284.5 232.5 857.7

743.6

- Deferred taxation

217.1

133.9 36.4 416.3

438.1

Net profit from continued operations

1,366.4

1,899.0 443.5

3,756.4

2,064.1

Income from discontinued operations

45.2 (6.8) 37.0

(26.0)

Profit on sale of Venezuelan assets

74.2

74.2

Net profit

1,366.4

2,018.4 436.7

3,867.6

2,038.1

Attributable to:

- Ordinary shareholders

1,248.0

1,938.0 370.4

3,614.6

1,835.0

- Minority shareholders

118.4

80.4 66.3 253.0

203.1

Exceptional items:

Profit on sale of investments

1,414.7 182.3

1,414.7

187.4

Profit on sale of assets

3.2

1.9 10.0 34.4

21.1

Driefontein 9 shaft closure costs

(44.8)

- -

(44.8)

Other

- (0.3)

Total exceptional items

(41.6)

1,416.6 192.0

1,404.3

208.5

Taxation

18.7

(8.3) (49.2) (0.8)

(55.0)

Net exceptional items after tax and minorities

(22.9)

1,408.3 142.8

1,403.5

153.5

Net earnings

1,248.0

1,938.0 370.4

3,614.6

1,835.0

Net earnings per share (cents)

191

297 60 554

337

Diluted earnings per share (cents)

178

277 57 517

314

Headline earnings

1,245.7

455.5 227.6

2,111.7

1,681.5

Headline earnings per share (cents)

191

70 37 324

309

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

1,008.6

602.9 512.0

2,019.2

1,810.0

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

155

93 83 309

333

Gold sold – managed

27,692

31,848 32,778 91,846

98,446

Gold price received

R/kg

220,612

170,488 151,175 180,270

145,936

Total cash costs

R/kg

122,920

101,532 92,172 106,902

84,987

GOLD FIELDS RESULTS Q3F2008

I 12

Income statement

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

United States Dollars

Quarter

Nine months to

March

2008

December

2007

March

2007

March

2008

March

2007

Revenue

821.1

800.8 687.3

2,328.7

1,987.1

Operating costs, net

473.9

500.9 431.2

1,439.9

1,189.0

- Operating costs

468.4

493.5 430.0

1,425.6

1,202.1

- Gold inventory change

5.5

7.4 1.2 14.3

(13.1)

Operating profit

347.2

299.9 256.1 888.8

798.1

Amortisation and depreciation

94.8

112.7 96.7 316.1

290.0

Net operating profit

252.4

187.2 159.4 572.7

508.1

Net interest paid

(11.8)

(13.6) (15.5) (38.8)

(16.8)

Gain/(loss) on foreign exchange

5.5

(0.8) (52.7)

3.0

(16.5)

Gain/(loss) on financial instruments

37.6

(27.1) (4.9) 11.8

(8.8)

Other

(4.5)

(1.5) (3.4) (7.6)

(17.3)

Exploration

(7.5)

(11.7) (10.5) (31.1)

(28.5)

Profit before tax and exceptional items

271.7

132.5 72.4 510.0

420.2

Exceptional (loss)/gain

(11.1)

204.5 26.5 197.5

28.8

Profit before taxation

260.6

337.0 98.9 707.5

449.0

Mining and income taxation

77.2

61.3 37.2 179.2

163.4

- Normal taxation

47.3

41.8 32.2 120.6

102.8

- Deferred taxation

29.9

19.5 5.0 58.6

60.6

Net profit from continued operations

183.4

275.7 61.7 528.3

285.6

Income from discontinued operations

(0.1)

6.5 (0.9) 5.2

(3.6)

Profit on sale of Venezuelan assets

(0.3)

10.7 -

10.4

Net profit

183.0

292.9 60.8 543.9

282.0

Attributable to:

- Ordinary shareholders

166.8

281.1 51.6 508.3

253.9

- Minority shareholders

16.2

11.8 9.2 35.6

28.1

Exceptional items:

Profit on sale of investments

(5.1)

204.1 25.2 199.0

25.9

Profit on sale of assets

0.3

0.4 1.4 4.8

2.9

Driefontein 9 shaft closure costs

(6.3)

- -

(6.3)

Other

- (0.1)

Total exceptional items

(11.1)

204.5 26.5 197.5

28.8

Taxation

2.7

(1.2) (6.8) (0.1)

(7.6)

Net exceptional items after tax and minorities

(8.4)

203.3 19.7 197.4

21.2

Net earnings

166.8

281.1 51.6 508.3

253.9

Net earnings per share (cents)

43 8 78

Diluted earnings per share (cents)

40 7 73

Headline earnings

175.5

67.1 31.9 300.5

232.7

Headline earnings per share (cents)

10 5 46

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

138.2

88.4 71.0 284.0

250.3

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

13 11 44

South African rand/United States dollar conversion rate

7.45

6.76 7.21 7.11

7.23

South African rand/Australian dollar conversion rate

6.73

6.03 5.66 6.26

5.52

Gold sold – managed

ozs (000)

890

1,024 1,054 2,953

3,165

Gold price received

$/oz

921

784 652 789

628

Total cash costs

$/oz

513

467 398 468

366

13 I GOLD FIELDS RESULTS Q3F2008

Balance sheet

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

South African Rand

United States Dollars

March

2008

June

2007

March

2008

June

2007

Property, plant and equipment

43,173.3

37,312.8

5,389.9

5,218.6

Goodwill

4,458.9

4,458.9

556.7

623.6

Non-current assets

672.6

627.7

84.0

87.8

Investments

5,272.2

2,272.4

658.2

317.8

Discontinued operations

3,352.3

468.9

Current assets

5,996.5

5,877.0

748.6

822.0

- Other current assets

4,052.4

3,566.9

505.9

498.9

- Cash and deposits

1,944.1

2,310.1

242.7

323.1

Total assets

59,573.5

53,901.1

7,437.4

7,538.7

Shareholders’ equity

41,966.8

37,106.3

5,239.3

5,189.7

Deferred taxation

5,299.4

4,651.4

661.6

650.5

Long-term loans

5,951.0

6,170.5

742.9

863.0

Environmental rehabilitation provisions

1,545.1

1,380.5

192.9

193.1

Post-retirement health care provisions

21.0

21.0

2.6

2.9

Current liabilities

4,790.2

4,571.4

598.1

639.5

- Other current liabilities

4,106.0

3,852.8

512.7

539.0

- Current portion of long-term loans

684.2

718.6

85.4

100.5

Total equity and liabilities

59,573.5

53,901.1

7,437.4

7,538.7

South African rand/US dollar conversion rate

8.01

7.15

South African rand/Australian dollar conversion rate

7.38

6.06

Condensed changes in equity

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

South African Rand

United States Dollars

March

2008

March

2007

March

2008

March

2007

Balance at the beginning of the financial year

37,106.3

19,851.5

5,189.7

2,671.8

Issue of share capital

0.4

77.8

0.1

10.8

Increase in share premium

59.8

18,196.3

8.4

2,527.3

Marked to market valuation of listed investments

729.3

184.4

102.6

25.6

Dividends paid

(619.9)

(1,130.9)

(87.2)

(157.1)

Increase in share-based payment reserve

77.9

60.0

11.0

8.3

Profit attributable to ordinary shareholders

3,614.6

1,835.0

508.3

253.9

Profit attributable to minority shareholders

253.0

203.1

35.6

28.1

Decrease in minority interests

(441.2)

(100.6)

(62.1)

(11.6)

Loss on transacting with minorities

(74.7)

(10.5)

Currency translation adjustment and other

1,715.4

34.7

(392.7)

88.9

Reserves released on sale of Venezuelan assets

(454.1)

(63.9)

Balance as at the end of March

41,966.8

39,211.3

5,239.3

5,446.0

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

March

2008

December

2007

March

2007

March

2008

December

2007

March

2007

Net earnings

1,248.0

1,938.0 370.4 166.8

281.1 51.6

Profit on sale of investments

(1,414.7) (182.3)

(204.1) (25.2)

Taxation effect of profit on sale of investments

- 47.3

- 6.5

Profit on sale of assets

(3.2)

(1.9) (10.0)

(0.3)

(0.4) (1.4)

Taxation effect of profit on sale of assets

0.9

8.3 1.9 0.1

1.2 0.3

Profit on sale of Venezuelan assets

- (74.2)

- (10.7)

Other exceptional items

- -

0.3

8.9

- 0.1

Headline earnings

1,245.7

455.5 227.6 175.5

67.1 31.9

Headline earnings per share – cents

191

70 37 27

10 5

Based on headline earnings as given above divided by
652,691,549 for March 2008 (December 2007- 652,412,191 and
March 2007 – 620,105,799) being the weighted average number of
ordinary shares in issue.

GOLD FIELDS RESULTS Q3F2008

I 14

Cash flow statement

International Financial Reporting Standards Basis

Figures are in millions unless otherwise stated

South African Rand

Quarter

Nine months to

March

2008

December

2007

March

2007

March

2008

March

2007

Cash flows from operating activities

3,038.5

1,147.8 (2,615.1) 5,171.6

375.4

Profit before tax and exceptional items

1,974.5

900.8 520.4

3,626.1

3,037.3

Exceptional items

(41.6)

1,416.6 192.0

1,404.3

208.5

Amortisation and depreciation

713.9

762.7 697.3

2,247.7

2,096.5

Change in working capital

794.2

(570.6) (131.9) (0.2)

(442.8)

Taxation paid

(238.0)

(129.7) (177.6) (728.8)

(578.0)

Settlement of Western Areas hedge

- (3,893.8)

(3,893.8)

Other non-cash items

(164.5)

(1,352.1) 185.2

(1,503.9)

(84.5)

Discontinued operations

120.1 (6.7) 126.4

32.2

Dividends paid

- (585.5) (619.9)

(1,141.4)

Ordinary shareholders

- (585.5) (619.9)

(1,130.9)

Minority shareholders in subsidiaries

- - -

(10.5)

Cash flows from investing activities

(2,355.3)

(222.2) (1,419.8) (4,510.3)

(12,862.8)

Capital expenditure – additions

(2,085.7)

(2,475.5) (1,339.1) (6,489.1)

(3,773.5)

Capital expenditure – proceeds on disposal

3.1

1.8 11.0 35.7

22.3

Sale/(purchase) of subsidiaries

1,042.1 (30.9)

1,042.1

(8,707.7)

Purchase of investments

(258.1)

(9.6) (349.6) (270.1)

(548.5)

Proceeds on the disposal of investments

1.9

32.5 305.7 34.4

314.8

Environmental and post-retirement health care payments

(16.5)

(6.5) (14.6) (27.9)

(38.3)

Discontinued operations

1,193.0 (2.3)

1,164.6

(131.9)

Cash flows from financing activities

(213.7)

(1,068.5) 5,500.4 (538.0)

14,347.9

Loans received

1,535.3

727.4 4,439.9 3,171.3

13,497.8

Loans repaid

(1,788.3)

(1,808.2) (9,035.6) (3,769.5)

(9,191.2)

Minority shareholders loans repaid

- - -

(90.1)

Shares issued

39.3

12.3 10,096.1

60.2

10,131.4

Net cash inflow/(outflow)

469.5

(142.9) 880.0

(496.6)

719.1

Translation adjustment

154.0

(6.4) 35.3

130.6

(8.8)

Cash at beginning of period

1,320.6

1,469.9 1,412.5 2,310.1

1,617.5

Cash at end of period

1,944.1

1,320.6 2,327.8 1,944.1

2,327.8

United States Dollars

Quarter

Nine months to

March

2008

December

2007

March

2007

March

2008

March

2007

Cash flows from operating activities

407.9

175.1 (358.9) 714.1

57.6

Profit before tax and exceptional items

271.7

132.5 72.4

510.0

420.2

Exceptional items

(11.1)

204.5 26.5

197.5

28.8

Amortisation and depreciation

94.8

112.7 96.7

316.1

290.0

Change in working capital

114.6

(83.1) (18.2)

(61.2)

Taxation paid

(43.5)

(13.7) (26.6)

(115.8)

(78.3)

Settlement of Western Areas hedge

- (534.6)

(534.6)

Other non-cash items

(18.2)

(195.1) 25.6

(211.5)

(11.7)

Discontinued operations

(0.4)

17.3 (0.7) 17.8

4.4

Dividends paid

- (81.4) (88.6)

(159.7)

Ordinary shareholders

- (81.4) (88.6)

(158.2)

Minority shareholders in subsidiaries

- - -

(1.5)

Cash flows from investing activities

(323.6)

(38.6) (198.7) (634.4)

(1,779.2)

Capital expenditure – additions

(277.3)

(363.9) (185.7) (912.7)

(521.2)

Capital expenditure – proceeds on disposal

0.3

0.4 1.5 5.0

3.1

Sale/(purchase) of subsidiaries

(3.8)

150.4 (5.9) 146.6

(1,204.4)

Purchase of investments

(36.3)

(1.4) (48.4) (38.0)

(75.9)

Proceeds on the disposal of investments

0.1

4.7 42.2 4.8

43.5

Environmental and post-retirement health care payments

(2.3)

(0.9) (2.0) (3.9)

(5.3)

Discontinued operations

(4.3)

172.1 (0.4) 163.8

(19.0)

Cash flows from financing activities

(28.9)

(151.6) 756.0 (75.7)

1,993.6

Loans received

209.9

108.1 609.4 446.0

1,875.1

Loans repaid

(244.3)

(261.5) (1,249.8) (530.2)

(1,271.3)

Minority shareholders loans repaid

(11.5)

Shares issued

5.5

1.8 1,396.4

8.5

1,401.3

Net cash inflow/(outflow)

55.4

(15.1) 117.0 (84.6)

112.3

Translation adjustment

(1.4)

(6.2) 3.9 4.2

(6.7)

Cash at beginning of period

188.7

210.0 202.4 323.1

217.7

Cash at end of period

242.7

188.7 323.3 242.7

323.3

15 I GOLD FIELDS RESULTS Q3F2008

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 March 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. 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 March 2008 the mark to market value of the US$318.0 million forward cover was positive by R54.7 million (US$6.8 million). The quarter on
quarter marked to market movement was positive R271.4 million of which R309.4 million was offset against the R309.4 million foreign exchange loss on
the revaluation of the underlying loan being hedged. The balance of R38.0 million represents the forward cover cost which has been included in interest
paid in the income statement.

On 27 July 2007 US dollars/rand forward cover of US$40 million was purchased to hedge future investments in Orogen, a 100 per cent owned
subsidiary, with maturity on 30 October 2007. On 30 October 2007 the forward cover was extended to 30 November 2007 at a rate of R6.5399, based
on a spot rate of R6.5091. On 30 November 2007 the forward cover was extended to 31 January 2008 at a rate of R7.0743, based on a spot of
R7.0000. On 31 January 2008 the forward cover of US$40 million was extended to 30 April 2008 at a rate of R7.3101 based on a spot of R7.1650. For
accounting purposes this forward cover has been designated as a hedging instrument and the valuation thereof is included in shareholder equity.

On 4 October 2007 US dollars/rand forward cover of US$50 million was purchased to hedge future investments in Orogen, a 100 per cent owned
subsidiary. The forward cover rate was R6.9949, based on a spot rate of R6.9474, with maturity on 21 November 2007. On 21 November 2007 the
forward cover was extended to 22 January 2008 at a rate of R6.7900, based on a spot rate of R6.7200. On 22 January 2008 the forward cover was
extended to 22 April 2008 at a rate of R7.1543 based on spot of R7.0200. For accounting purposes this forward cover has been designated as a
hedging instrument and the valuation thereof is included in shareholder equity.

In January 2008, the Board approved the funding of the balance of the Cerro Corona Capital Project from available offshore facilities. As a result of this
decision, the forward cover of US$40 million and US$50 million was cancelled for the respective dates of 30 April 2008 and 22 April 2008. For
accounting purposes, a cash inflow of R82.9 million was accounted for in the March quarter end.

Diesel Hedge

On 28 June 2007, Gold Fields Ghana Holdings (BVI) Ltd purchased a three month Asian style option in respect of 15 million litres of diesel, starting 1
July 2007. The call option resulted in a premium of US$0.3 million, paid upfront, at a strike rate of US$0.5572 per litre. The marked to market value at
the end of September 2007 was positive by US$0.1 million. On 20 August 2007, Gold Fields Ghana Holdings (BVI) Ltd purchased a further three month
Asian style option in respect of 15 million litres of diesel, starting 1 October 2007. The call option resulted in a premium of US$0.4 million, paid upfront,
at a strike rate of US$0.5572 per litre. The marked to market value at the end of December 2007 was positive by US$0.6million.

At the March 2008 quarter end, no Diesel Hedges were in place.

Amended Mvela Subscription and Exchange Agreement Election

Gold Fields, Mvela Gold, Mvela Resources and GFIMSA entered into an agreement on 17 March 2008 to provide that the number of Gold Fields shares
that Mvela Resources will acquire, should it elect to exchange it’s equity interest in GFIMSA, shall be 50 million. The previous Collar agreement falls
away. The floor and cap derivative is therefore derecognised. The marked to market valuation of the floor and cap derivative was a negative of R136
million at the end of the December quarter. The 50 million shares are now accounted for as an equity instrument and not a standalone derivative.

GOLD FIELDS RESULTS Q3F2008

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)

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

December

2007 3,341.2 2,173.5

744.2

688.7

420.2

320.4

1,167.7

465.8

200.9 394.6 106.4

92.0

Financial year to date

10,135.7 6,413.8

2,191.0 1,995.8

1,265.1

961.9

3,721.9

1,460.3

603.2 1,248.5 409.9

191.3

Gold-in-process and

March 2008

16.5

(0.8)

(12.8) 15.2 14.9

inventory change*

December 2007

5.7

(9.4)

(17.6) 0.3

32.4

22.1

Financial year to date

18.9

(12.3)

(47.0) 23.6 54.6

8.6

Less:

March 2008

14.6

10.6

4.4

3.3

2.2

0.7

4.0

1.2

- 2.3 0.5

Rehabilitation costs

December 2007

14.8

10.7

4.4

3.3

2.3

0.7

4.1

1.1

- 2.4 0.6

Financial year to date

43.9

31.8

13.2

9.9

6.6

2.1

12.1

3.5

- 6.9 1.7

Production taxes

March 2008

10.3

4.1

2.8

1.9

1.5

December

2007

10.4

4.2

2.7

2.1

1.4

Financial year to date

29.7

11.2

8.2

5.9

4.4

General and admin

March 2008

153.6

91.9

34.1

29.1

20.3

8.4

61.7

36.0

5.4 16.1 4.2

December

2007

144.3

95.7

36.5

31.9

18.4

8.9

48.6

26.7

3.8 13.3 4.8

9.2

Financial year to date

428.1 270.8

100.9

86.9

57.7

25.3

157.3

85.3

13.5 44.0 14.5

30.0

Exploration costs

March 2008

17.8

9.4 7.5 0.9

December 2007

9.4

2.0 6.8 0.6

Financial year to date

36.3

14.2 19.9 2.2

Cash operating costs

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

December

2007 3,168.0 2,056.7

699.1

650.8

397.4

309.4

1,111.3

428.6

177.5 372.4 132.8

104.9

Financial year to date

9,616.6 6,081.5

2,065.7 1,890.8

1,194.9

930.1

3,535.1

1,359.2

528.5 1,201.3 446.1

169.9

Plus:

March 2008

10.3

4.1

2.8

1.9

1.5

Production taxes

December 2007

10.4

4.2

2.7

2.1

1.4

Financial year to date

29.7

11.2

8.2

5.9

4.4

Royalties

March 2008

70.8

33.4

11.1 1 7.2 9.1

December

2007

55.2

26.1

7.4 15.1 6.6

3.4

Financial year to date

172.2

81.1

24.9 44.7 21.5

6.0

TOTAL CASH COSTS

(2)

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

December

2007

3,233.6 2,067.1

703.3

653.5

399.5

310.8

1,166.5

454.7

184.9 387.5 139.4

108.3

Financial year to date

9,818.5 6,111.2

2,076.9 1,899.0

1,200.8

934.5

3,707.3

1,440.3

553.4 1,246.0 467.6

175.9

Plus:

March 2008

689.2 375.5

118.0

127.4

63.0

67.1

313.7

81.2

25.9 206.6

Amortisation*

December 2007

775.1 462.6

141.0

160.4

76.0

85.2

312.5

72.7

20.3 219.5

5.6

Financial year to date

2,213.7 1,274.6

403.9

446.9

202.9

220.9

939.1

228.6

60.3 650.2

14.8

Rehabilitation

March 2008

14.6

10.6

4.4

3.3

2.2

0.7

4.0

1.2

- 2.8

December

2007

14.8

10.7

4.4

3.3

2.3

0.7

4.1

1.1

- 3.0

Financial year to date

43.9

31.8

13.2

9.9

6.6

2.1

12.1

3.5

- 8.6

TOTAL PRODUCTION
COSTS

(3)

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

December 2007

4,023.5 2,540.4

848.7

817.2

477.8

396.7

1,483.1

528.5

205.2 749.4

113.9

Financial year to date

12,076.1 7,417.6

2,494.0 2,355.8

1,410.3

1,157.5

4,658.5

1,672.4

613.7 2,372.4

190.7

Gold sold

March 2008

890.3 519.8

209.9

175.5

81.7

52.6

370.5

165.1

52.6 103.9 49.0

- thousand ounces December

2007

1,023.9 656.9

239.6

230.8

118.9

67.6

367.0

162.7

45.2 110.0 49.2

19.3

Financial year to date

2,952.9 1,865.9

709.9

641.6

319.8

194.6

1,087.0

477.4

144.2 316.2 149.1

33.2

TOTAL CASH COSTS

March 2008

513

523

438

470

668

811

500

436

546 592 473

- US$/oz December 2007

467

465

434

419

497

680

470

413

605 521 419

830

Financial year to date

468

461

412

416

528

675

480

424

540 554 441

745

TOTAL CASH COSTS

March 2008

122,920 125,181

104,870 112,514

160,071

194,258

119,748

104,323

130,887 141,721 113,189

- R/kg December 2007

101,532 101,170

94,390

91,029

108,031

147,719

102,181

89,844

131,508 113,304 91,171

180,500

Financial year to date

106,902 105,302

94,067

95,159

120,720

154,386

109,648

96,990

123,362 126,678 100,798

170,281

TOTAL PRODUCTION

March 2008

619

622

516

570

775

984

615

503

613 737

COSTS December 2007

581

572

524

594

868

598

480

672 697

873

- US$/oz

Financial year to date

575

559

494

516

620

837

603

493

599 717

807

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 = R7.45 and US$1 = R6.76 for the March 2008 and December 2007 quarters respectively.

17 I GOLD FIELDS RESULTS Q3F2008

Operating and financial results

South African Rand

Total Mine

Operations

South African Operations

Total Driefontein

Kloof Beatrix South Deep

Operating Results

Ore milled/treated (000 tons) March 2008

12,376

3,166 1,426 808 656

276

December 2007

12,630

3,767 1,478 1,008 868

413

Financial year to date

37,356

10,855 4,436 2,810 2,437 1,172

Yield (grams per ton)

March 2008

2.2

5.1 4.6 6.8 3.9 5.9

December 2007

2.5

5.4 5.0 7.1 4.3 5.1

Financial year to date

2.5

5.4 5.0 7.1 4.1 5.2

Gold produced (kilograms)

March 2008

27,692

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

December 2007

31,682

20,432 7,451 7,179 3,698 2,104

Financial year to date

91,846

58,035 22,079 19,956 9,947

6,053

Gold sold (kilograms)

March 2008

27,692

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

December 2007

31,848

20,432 7,451 7,179 3,698 2,104

Financial year to date

91,846

58,035 22,079 19,956 9,947

6,053

Gold price received (Rand per kilogram)

March 2008

220,612

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

December 2007

170,488

169,846 170,031 169,508 170,254 169,629

Financial year to date

180,270

179,047 180,058 178,007 179,310 178,358

Total cash costs (Rand per kilogram)

March 2008

122,920

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

December 2007

101,532

101,170 94,390 91,029

108,031 147,719

Financial year to date

106,902

105,302 94,067 95,159

120,720 154,386

Total production costs (Rand per kilogram)

March 2008

148,339

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

December 2007

126,361

124,384 113,904 113,832 129,205 188,546

Financial year to date

131,483

127,813 112,958 118,050 141,781 191,227

Operating costs (Rand per ton)

March 2008

283

672 507 800 655 1,185

December 2007

265

577 504 683 484 776

Financial year to date

271

591 494 710 519 821

Financial Results (Rand million)

Revenue March 2008

6,109.2

3,599.7 1,458.8 1,201.5 575.8

363.6

December 2007

5,429.7

3,470.3 1,266.9 1,216.9 629.6

356.9

Financial year to date

16,557.1 10,391.0 3,975.5 3,552.3 1,783.6 1,079.6

Operating costs, net

March 2008

3,543.3

2,126.3 723.3 646.5 429.4 327.1

December 2007

3,392.4

2,173.5 744.2 688.7 420.2 320.4

Financial year to date

10,237.6

6,413.8 2,191.0 1,995.8 1,265.1

961.9

- Operating costs

March 2008

3,502.6

2,126.3 723.3 646.5 429.4 327.1

December 2007

3,341.2

2,173.5 744.2 688.7 420.2 320.4

Financial year to date

10,135.7

6,413.8 2,191.0 1,995.8 1,265.1

961.9

- Gold inventory change

March 2008

40.7

- - - - -

December 2007

51.2

- - - - -

Financial year to date

101.9

- - - - -

Operating profit

March 2008

2,565.9

1,473.4 735.5 555.0 146.4

36.5

December 2007

2,037.3

1,296.8 522.7 528.2 209.4

36.5

Financial year to date

6,319.5

3,977.2 1,784.5 1,556.5 518.5

117.7

Amortisation of mining assets

March 2008

665.0

375.5 118.0 127.4 63.0

67.1

December 2007

729.6

462.6 141.0 160.4 76.0

85.2

Financial year to date

2,130.7

1,274.6 403.9 446.9 202.9 220.9

Net operating profit

March 2008

1,900.9

1,097.9 617.5 427.6 83.4 (30.6)

December 2007

1,307.7

834.2 381.7 367.8 133.4 (48.7)

Financial year to date

4,188.8

2,702.6 1,380.6 1,109.6 315.6 (103.2)

Other income/(expense)

March 2008

(107.6)

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

(3.9)

December 2007

1.0

(35.9) (17.5) (9.6) (7.7)

(1.1)

Financial year to date

(134.7)

(221.4) (81.2) (68.1) (55.9) (16.2)

Profit before taxation

March 2008

1,793.3

965.7 573.4 380.6 46.2 (34.5)

December 2007

1,308.7

798.3 364.2 358.2 125.7 (49.8)

Financial year to date

4,054.1

2,481.2 1,299.4 1,041.5 259.7 (119.4)

Mining and income taxation March 2008

580.0

312.9 182.3 126.8 17.5 (13.7)

December 2007

439.2

281.2 127.1 126.1 47.6 (19.6)

Financial year to date

1,354.7

859.2 448.8 356.9 98.2 (44.7)

- Normal taxation

March 2008

320.0

217.5 135.4 81.9 0.2

December 2007

259.7

174.7 87.1 87.3 0.3

Financial year to date

798.6

549.7 320.1 228.8 0.8

- Deferred taxation

March 2008

260.0

95.4 46.9 44.9 17.3 (13.7)

December 2007

179.5

106.5 40.0 38.8 47.3 (19.6)

Financial year to date

556.1

309.5 128.7 128.1 97.4 (44.7)

Profit before exceptional items

March 2008

1.213.3

652.8 391.1 253.8 28.7 (20.8)

December 2007

869.5

517.1 237.1 232.1 78.1 (30.2)

Financial year to date

2,699.4

1,622.0 850.6 684.6 161.5 (74.7)

Exceptional items

March 2008

(41.5)

(41.9) (44.7)

2.7

0.1

December 2007

1.9

1.9 - 0.5 0.5 0.9

Financial year to date

(10.3)

(10.9)

(23.0) 0.9 3.5 7.7

Net profit

March 2008

1,171.8

610.9 346.4 253.8 31.4 (20.7)

December 2007

871.4

519.0 237.1 232.6 78.6 (29.3)

Financial year to date

2,689.1

1,611.1 827.6 685.5 165.0 (67.0)

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

March 2008

1,202.6

636.3 374.2 253.7 29.7 (21.3)

December 2007

858.6

517.9 237.1 232.3 78.3 (29.3)

Financial year to date

2,698.5

1,624.6 841.9 684.9 162.8 (65.0)

Capital expenditure

March 2008

1,492.5

784.5 226.9 212.0 149.8 195.8

December 2007

1,435.4

838.5 267.3 225.8 141.7 203.7

Financial year to date

4,215.8

2,362.8 713.5 655.3 425.3 568.7

Planned for next six months to September 2008

3,954.2

1,965.1 540.4 536.4 372.6 515.7

GOLD FIELDS RESULTS Q3F2008

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)

March 2008

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

December

2007

8,863 5,588 1,103 1,859 313 360

Financial year to date

26,501 16,566 3,459 5,500

976

761

Yield (grams per ton)

March 2008

1.3 0.9 1.3 1.7 4.6

December 2007

1.3 0.9 1.2 1.8 4.9 1.6

Financial year to date

1.3 0.9 1.3 1.8 4.8 1.4

Gold produced (kilograms)

March 2008

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

December

2007

11,250 4,925 1,376 3,420 1,529 563

Financial year to date

33,811 14,850 4,486 9,836 4,639 1,052

Gold sold (kilograms)

March 2008

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

December

2007

11,416 5,061 1,406 3,420 1,529 600

Financial year to date

33,811 14,850 4,486 9,836 4,639 1,033

Gold price received (Rand per kilogram)

March 2008

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

December

2007

171,636 171,369 171,906 171,404 172,793 331,500

Financial year to date

182,370 182,108 183,170 181,751 183,746 290,029

Total cash costs (Rand per kilogram)

March 2008

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

December

2007

102,181 89,844 131,508

113,304 91,171 180,500

Financial year to date

109,648 96,990 123,362

126,678 100,798 170,281

Total production costs (Rand per kilogram)

March 2008

147,323 120,370 146,789

176,614

December

2007

129,914 104,426 145,946

151,425

189,833

Financial year to date

137,784 112,620 136,826

163,896

184,608

Operating costs (Rand per ton)

March 2008

149 94 187

240 468 -

December

2007

132 83 182

212 340 256

Financial year to date

140 88 174

227 420 251

Financial Results (Rand million)

Revenue

March 2008

2,509.5 1,115.5 356.1 702.7 335.2

December

2007

1,959.4 867.3 241.7 586.2 264.2 198.9

Financial year to date

6,166.1 2,704.3 821.7 1,787.7 852.4 299.6

Operating costs, net

March 2008

1,417.0 533.4 217.8 471.9 193.9

December

2007

1,218.9 453.3 183.4 393.8 188.4 114.1

Financial year to date

3,823.8 1,438.0 556.4 1,278.9 550.5 199.9

- Operating costs

March 2008

1,376.3 540.3 230.5 451.4 154.1

December

2007

1,167.7 465.8 200.9 394.6 106.4 92.0

Financial year to date

3,721.9 1,460.3 603.2 1,248.5 409.9 191.3

- Gold inventory change

March 2008

40.7 (6.9) (12.7) 20.5 39.8

December

2007

51.2 (12.5) (17.5) (0.8) 82.0 22.1

Financial year to date

101.9 (22.3) (46.8) 30.4 140.6

8.6

Operating profit

March 2008

1,092.5 582.1 138.3 230.8 141.3

December

2007

740.5 414.0 58.3 192.4 75.8 84.8

Financial year to date

2,342.3 1,266.3 265.3 508.8 301.9

99.7

Amortisation of mining assets

March 2008

289.5 87.3 25.8

176.4

December

2007

267.0 75.8 20.2

171.0

5.6

Financial year to date

856.1 238.6 60.1

557.4

14.8

Net operating profit

March 2008

803.0 494.8 112.5

195.7

December

2007

473.5 338.2 38.1

97.2

79.2

Financial year to date

1,486.2 1,027.7 205.2

253.3

84.9

Other income/(expense)

March 2008

24.6 (7.6) (0.7)

32.9

December 2007

36.9 10.0 (0.4)

27.3

(27.8)

Financial year to date

86.7 3.4

(0.9)

84.2

(29.6)

Profit before taxation

March 2008

827.6 487.2 111.8

228.6

December

2007

510.4 348.2 37.7

124.5

51.4

Financial year to date

1,572.9 1,031.1 204.3

337.5

55.3

Mining and income taxation March

2008

267.1 144.6 35.9

86.6

December 2007

158.0 102.7 14.9

40.4

3.2

Financial year to date

495.5 293.3 67.1

135.1

6.8

- Normal taxation

March 2008

102.5 55.9 20.2

26.4

December

2007

85.0 56.2 7.2

21.6

3.2

Financial year to date

248.9 148.6 34.1

66.2

5.9

- Deferred taxation

March 2008

164.6 88.7 15.7

60.2

December

2007

73.0 46.5 7.7

18.8

Financial year to date

246.6 144.7 33.0

68.9

0.9

Profit before exceptional items

March 2008

560.5 342.6 75.9

142.0

December 2007

352.4 245.5 22.8

84.1

48.2

Financial year to date

1,077.4 737.8 137.2

202.4

48.5

Exceptional items

March 2008

0.4 - -

0.4

December

2007

- - -

Financial year to date

0.6 - -

0.6

Net profit

March 2008

560.9 342.6 75.9

142.4

December

2007

352.4 245.5 22.8

84.1

48.2

Financial year to date

1,078.0 737.8 137.2

203.0

48.5

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

March 2008

566.3 348.7 74.0

143.6

December 2007

340.7 234.6 22.3

83.8

43.6

Financial year to date

1,073.9 732.3 134.5

207.1

47.4

Capital expenditure

March 2008

708.0 397.1 56.0 198.5 56.4

December 2007

596.9 314.3 51.4 175.1 56.1 30.2

Financial year to date

1,853.0 1,018.1 159.5 525.1 150.3

70.0

Planned for next six months to September 2008

1,989.1 1,120.6 185.8 509.7 173.0

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 Q3F2008

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)

March 2008

12,376

3,166 1,426 808 656 276

December 2007

12,630

3,767 1,478 1,008 868 413

Financial year to date

37,356

10,846 4,436 2,810 2,437 1,172

Yield (ounces per ton)

March 2008

0.072

0.164 0.147 0.217 0.125 0.191

December 2007

0.081

0.174 0.162 0.229 0.137 0.164

Financial year to date

0.079

0.172 0.160 0.228 0.131 0.166

Gold produced (000 ounces)

March 2008

890.3

519.8 209.9 175.5 81.7 52.6

December 2007

1,018.6

656.9 239.6 230.8 118.9 67.6

Financial year to date

2,952.9

1,865.9 709.9 641.6 319.8 194.6

Gold sold (000 ounces)

March 2008

890.3

519.8 209.9 175.5 81.7 52.6

December 2007

1,023.9

656.9 239.6 230.8 118.9 67.6

Financial year to date

2,952.9

1,865.9 709.9 641.6 319.8 194.6

Gold price received (dollars per ounce)

March 2008

921

930 933 919 946 927

December 2007

784

781 782 780 783 780

Financial year to date

789

783 788 779 784 780

Total cash costs (dollars per ounce)

March 2008

513

523 438 470 668 811

December 2007

467

465 434 419 497 680

Financial year to date

468

461 412 416 528 675

Total production costs (dollars per ounce)

March 2008

619

622 516 570 775 984

December 2007

581

572 524 524 594 868

Financial year to date

575

559 494 516 620 837

Operating costs (dollars per ton)

March 2008

90 68

107 88

159

December 2007

85 74

101 72

115

Financial year to date

83 69

100 73

115

Financial Results ($ million)

Revenue

March 2008

821.1

481.5 195.8 160.4 76.6 48.5

December 2007

800.8

512.3 187.2 179.5 92.9 52.7

Financial year to date

2,328.7

1,461.5 559.1 499.6 250.9 151.8

Operating costs, net

March 2008

473.9

283.4 96.4 86.0 57.3 43.7

December 2007

500.9

321.0 109.9 101.7 62.1 47.3

Financial year to date

1,439.9

902.1 308.2 280.7 177.9 135.3

- Operating costs

March 2008

468.4

283.4 96.4 86.0 57.3 43.7

December 2007

493.5

321.0 109.9 101.7 62.1 47.3

Financial year to date

1,425.6

902.1 308.2 280.7 177.9 135.3

- Gold inventory change

March 2008

5.5

- - - - -

December 2007

7.4

- - - - -

Financial year to date

14.3

- - - - -

Operating profit

March 2008

347.2

198.1 99.6 74.4 19.2 4.9

December 2007

299.9

191.3 77.3 77.7 30.8 5.4

Financial year to date

888.8

559.4 251.0 218.9 72.9 16.6

Amortisation of mining assets

March 2008

88.1

49.5 15.5 16.8 8.3 8.9

December 2007

107.8

68.2 20.9 23.7 11.2 12.5

Financial year to date

299.7

179.3 56.8 62.9 28.5 31.1

Net operating profit

March 2008

259.0

148.6 84.1 57.7 10.9 (4.0)

December 2007

192.2

123.1 56.4 54.0 19.6 (7.1)

Financial year to date

589.1

380.1 194.2 156.1 44.4 (14.5)

Other income/(expenses)

March 2008

(14.9)

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

December 2007

(5.4) (2.6) (1.4) (1.2) (0.2)

Financial year to date

(18.9)

(31.1) (11.4) (9.6) (7.9) (2.3)

Profit before taxation

March 2008

244.1

130.4 78.1 51.1 5.7 (4.5)

December 2007

192.2

117.7 53.7 52.7 18.4 (7.3)

Financial year to date

570.2

349.0 182.8 146.5 36.5 (16.8)

Mining and income taxation

March 2008

78.7

41.9 24.6 17.0 2.1 (1.8)

December 2007

64.5

41.4 18.9 18.6 6.9 (2.9)

Financial year to date

190.5

120.8 63.1 50.2 13.8 (6.3)

- Normal taxation

March 2008

43.2

29.3 18.3 11.0

December 2007

38.3

25.7 13.0 12.8

Financial year to date

112.3

77.3 45.0 32.2 0.1

- Deferred taxation

March 2008

35.5

12.6 6.3 6.0 2.1

(1.8)

December 2007

26.2

15.7 5.9 5.7 7.0

(2.9)

Financial year to date

78.2

43.5 18.1 18.0 13.7 (6.3)

Profit before exceptional items

March 2008

165.5

88.4 53.4 34.1 3.6 (2.7)

December 2007

127.7

76.1 35.0 34.1 11.4 (4.3)

Financial year to date

379.7

228.0 119.5 96.3 22.7 (10.5)

Exceptional items

March 2008

(5.7)

(5.9) (6.3)

- 0.4

December 2007

0.4

0.4 - -

0.1

0.2

Financial year to date

(1.4)

(1.5) (3.2) 0.1 0.5 1.1

Net profit

March 2008

159.6

82.5 47.1 34.1 4.0 (2.7)

December 2007

128.1

76.5 35.0 34.1 11.5 (4.1)

Financial year to date

378.3

226.5 116.3 96.4 23.2 (9.4)

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

exceptional items

March 2008

163.8

86.0 50.9 34.1 3.7 (2.7)

December 2007

126.1

76.3 35.0 34.2 11.5 (4.4)

Financial year to date

379.5

228.5 118.4 96.3 22.9 (9.1)

Capital expenditure

March 2008

200.0

104.5 30.2 28.2 20.0 26.2

December 2007

211.8

123.6 39.3 33.4 21.0 30.0

Financial year to date

593.0

332.3 100.4 92.2 59.8 80.0

Planned for next six months to September 2008

493.7

245.3 67.5 67.0 46.5 64.4

Average exchange rates were US$1 = R7.45 and US$1 = R6.76 for the March 2008 and December 2007 quarters respectively. The Australian dollar exchange rates were A$1 = R6.73 and A$1 = R6.03 for the March 2008 and December 2007 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 Q3F2008

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)

March 2008

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

1,884 329

December

2007

8.863 5,588 1,103 1,859 313

1,859 313

360

Financial year to date

26,501 16,566 3,459 5,500

976

5,500

976

761

Yield (ounces per ton)

March 2008

0.040 0.029 0.043 0.055 0.149

0.055 0.149

December 2007

0.041 0.028 0.040 0.059 0.157

0.059 0.157

0.050

Financial year to date

0.041 0.029 0.042 0.057 0.153

0.057 0.153

0.044

Gold produced(000 ounces)

March 2008

370.5 165.1 52.6 103.9 49.0

103.9 49.0

December

2007

361.7 158.3 44.2 110.0 49.2

110.0 49.2

18.1

Financial year to date

1,087.0 477.4 144.2 316.2 149.1

316.2 149.1

33.8

Gold sold (000 ounces)

March 2008

370.5 165.1 52.6 103.9 49.0

103.9 49.0

December

2007

367.0 162.7 45.2 110.0 49.2

110.0 49.2

19.3

Financial year to date

1,087.0 477.4 144.2 316.2 149.1

316.2 149.1

33.2

Gold price received

March 2008

909 907 909 908 918 1,005

1,017

(dollars per ounce)

December 2007

790 788 791 789 795

884 891 1,525

Financial year to date

798 797 801 795 804

903 913 1,269

Total cash costs

March 2008

500 436 546 592 473

655 523

(dollars per ounce)

December 2007

470 413 605 521 419

584 470

830

Financial year to date

480 424 540 554 441

629 501

745

Total production costs

March 2008

615 503 613

737

816

(dollars per ounce)

December 2007

598 480 672

697

781

873

Financial year to date

603 493 599

717

814

807

Operating costs

March 2008

20 13 25 32 63

36 70

(dollars per ton)

December 2007

19 12 27 31 50

35 56

Financial year to date

20 12 25 32 59

36 67

Financial Results ($ million)

Revenue

March 2008

339.6 151.1 48.4 94.8 45.3

105.6 50.4

December

2007

288.7 127.7 35.7 86.3 39.0

97.1 43.8

29.0

Financial year to date

867.2 380.4 115.6 251.4 119.9

285.6 136.2

42.1

Operating costs, net

March 2008

190.5 71.7 29.4 63.4 26.0

70.4 28.8

December 2007

180.1 67.0 27.0 58.4 27.8

65.1 31.2

16.7

Financial year to date

537.6 202.3 78.3 180.0 77.4

204.3 87.9

28.1

- Operating costs

March 2008

185.0 72.6 31.0 60.6 20.8

67.2 23.1

December 2007

172.6 68.8 29.6 58.4 15.9

65.3 17.6

13.6

Financial year to date

523.6 205.4 84.8 175.7 57.7

199.4 65.5

26.9

- Gold inventory change

March 2008

5.5 (0.9) (1.7) 2.8 5.3

3.2 5.8

December

2007

7.5

(1.8)

(2.6)

11.9

(0.1)

13.6

3.1

Financial year to date

14.3 (3.1) (6.6) 4.3 19.8

4.9 22.5

1.2

Operating profit

March 2008

149.1 79.4 19.0 31.5 19.3

35.2 21.5

December

2007

108.5 60.6 8.7 27. 9 11.2

31.9 12.5

12.3

Financial year to date

329.4 178.1 37.3 71.6 42.5

81.3 48.2

14.0

Amortisation of mining assets

March 2008

38.6 11.8 3.6

23.4

25.8

December

2007

39.6 11.2 2.9

25.4

28.3

0.8

Financial year to date

120.4 33.6 8.5

78.4

89.0

2.1

Net operating profit

March 2008

110.4 67.6 15.5

27.3

30.9

December

2007

69.1 49.5 5.7

13.8

16.2

11.5

Financial year to date

209.0 144.5 28.8

35.6

40.5

11.9

Other income/(expenses)

March 2008

3.3 (1.1)

4.4

5.0

December

2007

5.4 1.5

(0.1)

4.0

4.5

(4.0)

Financial year to date

12.2 0.5

(0.1)

11.8

13.5

(4.2)

Profit before taxation

March 2008

113.8 66.5 15.5

31.8

35.8

December

2007

74.4 51.0 5.6

17.8

20.7

7.5

Financial year to date

221.3 145.0 28.8

47.5

53.9

7.8

Mining and income taxation March 2008

36.7 19.8 4.9

12.0

13.6

December

2007

23.1 15.1 2.2

5.8

6.7

0.5

Financial year to date

69.7 41.3 9.4

19.0

21.6

1.0

- Normal taxation

March 2008

13.9 7.5 2.8

3.6

4.0

December

2007

12.5 8.3 1.1

3.1

3.6

0.5

Financial year to date

35.0 20.9 4.8

9.3

10.6

0.8

- Deferred taxation

March 2008

22.9 12.3 2.1

8.4

9.6

December

2007

10.5 6.8 1.1

2.7

3.1

Financial year to date

34.7 20.4 4.7

9.7

11.0

0.1

Profit before exceptional items

March 2008

77.1 46.8 10.5

19.8

22.2

December 2007

51.3 35.9 3.4

12.0

13.9

7.0

Financial year to date

151.6 103.8 19.3

28.5

32.3

6.8

Exceptional items

March 2008

0.1 - - 0.1

0.1 -

December 2007

- - -

Financial year to date

0.1 - - 0.1

0.1

Net profit

March 2008

77.1 46.8 10.5

19.9

22.3

December 2007

51.3 35.9 3.4

12.0

13.9

7.0

Financial year to date

151.7 103.8 19.3

28.6

32.4

7.0

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

March 2008

77.8 47.6 10.2

19.9

22.6

December 2007

49.7 34.4 3.3

12.1

13.9

6.6

Financial year to date

151.0 103.0 18.9

29.1

33.1

6.7

Capital expenditure

March 2008

95.4 53.6 7.5 26.8 7.6

29.7 8.4

December 2007

88.1 46.4 7.6 25.8 8.2

29.0 9.3

4.5

Financial year to date

260.6 143.2 22.4 73.9 21.2

83.9 24.0

9.8

Planned for next six months to September 2008

248.3 139.9 23.2 63.6 21.6

69.1 23.4

21 I GOLD FIELDS RESULTS Q3F2008

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

March 2008

2,468

2,096 669 521 656 250 372 - -

234

138

December

2007

3,349

2,957 920 839 868 330 392 - -

302

Financial year to date

9,268

8,116 2,513 2,253 2,437 913 1,152 - -

809

343

- surface

March 2008

9,908

1,070 757 287

- 26

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

December 2007

9,281

810 558 169

- 83

8,471 5,588 1,103 1,557 223

360

Financial year to date

28,088

2,739 1,923 557

- 259 25,349 16,566 3,459 4,691 633

761

- total

March 2008

12,376

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

December 2007

12,630

3,767 1,478 1,008 868 413 8,863 5,588 1,103 1,859 313

360

Financial year to date

37,356

10,855 4,436 2,810 2,437 1,172 26,501 16,566 3,459 5,500 976

761

Yield (grams per ton)

- underground

March 2008

6.9

7.2 8.6 9.9 3.9 6.4 5.6 - -

4.5

7.4

December

2007

6.5

6.7 7.7 8.4 4.3 6.2 5.4 - -

4.4

8.6

Financial year to date

6.7

6.8 8.1 8.6 4.1 6.4 5.5 - -

4.4

8.1

- surface

March 2008

1.1

1.1 1.1 1.1 - 1.2 1.1 0.9 1.3 1.3 2.6

December

2007

1.1

0.8 0.7 0.9 - 0.8 1.1 0.9 1.2 1.3 3.4

1.6

Financial year to date

1.1

0.9 0.9 1.0 - 0.8 1.1 0.9 1.3 1.3 2.9

1.4

- combined

March 2008

2.2

5.1 4.6 6.8 3.9 5.9 1.3 0.9 1.3 1.7 4.6

December 2007

2.5

5.4 5.0 7.1 4.3 5.1 1.3 0.9 1.2 1.8 4.9

1.6

Financial year to date

2.5

5.4 5.0 7.1 4.1 5.2 1.3 0.9 1.3 1.8 4.8

1.4

Gold produced (kilograms)

- underground

March 2008

17,094

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

1,056

1,025

December

2007

21,916

19,806 7,050 7,024 3,698 2,034 2,110 - -

1,336

774

Financial year to date

61,896

55,582 20,380 19,419 9,94 7 5,836 6,314 - -

3,520

2.794

- surface

March 2008

10,598

1,154 809 313

- 32

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

December

2007

9,766

626 401 155

- 70

9,140 4,925 1,376 2,084 755

563

Financial year to date

29,950

2,453 1,699 537

- 217 27,497 14,850 4,486 9,836 4,639

1,052

- total

March 2008

27,692

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

December 2007

31,682

20,432 7,451 7,179 3,698 2,104 11,250 4,925 1,376 3,420 1,529

563

Financial year to date

91,846

58,035 22,079 19,956 9,947 6,053 33,811 14,850 4,486 9,836 4,639

1,052

Operating costs (Rand per ton)

- underground

March 2008

941

974 984

1,206 655

1,303 753 - -

725

801

December

2007

696

715 760 808 484 958 554 - -

501

730

Financial year to date

748

765 811 870 519

1,038 626 - -

584

724

- surface

March 2008

119

79 86 63 - 50 124 94 187 171 228

December

2007

109

74 80 64 - 52 112 83 182 156 182

256

Financial year to date

114

75 80 65 - 55 118 88 174 166 255

251

- total

March 2008

283

672 507 800 655

1,185 149 94 187 240 468

December 2007

265

577 504 683 484 776 132 83 182 212 340

256

Financial year to date

271

591 494 710 519 821 140 88 174 227 420

251

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

GOLD FIELDS RESULTS Q3F2008

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

March 2008 quarter

December 2007 quarter

9 months year to date F2008

Reef

Carbon

Leader

Main

VCR

Carbon

Leader

Main VCR

Carbon

Leader

Main VCR

Advanced (m)

3,622

674

1,533 4,619 958 1,993

12,800 3,021 5,100

Advanced on reef

(m)

566

342

202 748 590 286

2,106

1,504 802

Sampled (m)

462

309

138 741 588 192

1,947

1,263 585

Channel width

(cm)

89 56 37 87 57 40

Average value

(g/t)

46.3

6.3

40.2 17.2 14.0 15.1 24.6 11.5

25.0

(cm.g/t)

2,570

354

3,571 957

521

1,314

1,396 463 1,816

Kloof

March 2008 quarter

December 2007 quarter

9 months year to date F2008

Reef Cobble

Kloof

Main

VCR

Cobble Kloof Main VCR

Advanced (m)

271

1,284

4,859 73 216

1,556

7,232 120 847

4,557

20,276

Advanced on reef

(m)

357

712 73 17 367 974 105 96

1,068

2,661

Sampled (m)

336

753 84 21 333 795 105 78 939

2,353

Channel width

(cm)

121

103 158 121 124 99 175 121 97 100

Average value

(g/t)

1.3

16.3

18.2 6.1 2.4 10.6 20.6 5.5 1.5 12.2 21.0

(cm.g/t)

152

1,103

1,872 959 285

1,319

2,045 956 188

1,187

2,096

Beatrix

March 2008 quarter

December 2007 quarter

9 months year to date F2008

Reef

Beatrix

Kalkoenkrans Beatrix

Kalkoenkrans

Advanced (m)

7,183

2,058 8,372 2,281 23,947 7,198

Advanced on reef

(m)

1,525

421 2,273 222 5,568 810

Sampled (m)

1,668

387 2,079 204 5,481 759

Channel width

(cm)

103

124 103 129 97 119

Average value

(g/t)

8.6

13.9 9.4 21.5 9.0 16.6

(cm.g/t)

881

1,726 974

2,778 873

1,970

South Deep

March 2008 quarter

December 2007 quarter

9 months year to date F2008

Reef

VCR

Elsburg VCR

Elsburg

Advanced (m)

534

697 907 1,039 2,071 2,790

Advanced on reef

(m)

537 67 942 221

2,164

Sampled (m)

- 84 - 201 -

Channel width

(cm)

Average value

(g/t)

3.8

6.5 33.2 5.2 18.7 5.9

(cm.g/t)

2,241

1,319

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

Q3F2008

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

REIDWAAN WOOKAY
Tel: (+27)(11)

644

2665

Fax: (+27)(11)

484

0639

e-mail: reidwaan.wookay@goldfields.co.za

ANDREW DAVIDSON
Tel: (+27)(11)

644

2638

Fax: (+27)(11)

484

0639

e-mail: adavidson@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
Bourne House
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.bony.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

J M McMahon *
D N Murray
D M J Ncube

R L Pennant-Rea *
P J Ryan
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: 9 May 2008

GOLD FIELDS LIMITED

By:

Name: Mr W J Jacobsz
Title: Senior Vice President: Investor

Relations and Corporate Affairs