JOHANNESBURG, March 31 /CNW/ -
Gold Fields will host a teleconference on Monday, March 31, at 16:30
Johannesburg time, regarding this announcement. Details of the teleconference
appears at the bottom of this press release.
The Board of Gold Fields Limited ("Gold Fields") (NYSE: GFI), (JSE: GFI),
(DIFX: GFI) wishes to announce that, after a distinguished nine years with
Gold Fields, the last six as Chief Executive Officer, Ian Cockerill has
decided to step down. He will be joining a company outside of the gold
industry, the name of which will be announced later in the week.
Ian will be succeeded by Nick Holland who has been the Chief Financial
Officer of Gold Fields since its inception in 1998. In a complimentary move,
Terence Goodlace, Executive Vice President and Head of South African
Operations, will be 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.
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 will be assumed by
Jimmy Dowsley, Senior Vice President for Business Development. In a supporting
move, Juan Luis Kruger, Senior Vice President and Head of Operations in Peru,
will be appointed to the Gold Fields Executive Committee, to head up South
Alan Wright, Chairman of Gold Fields, said: "In his nine years with Gold
Fields, Ian has made a tremendous contribution to the Company. He very
effectively established Gold Fields as a global player with world-class
operations in Africa, South America and Australia, as well as a large
portfolio of exploration projects in all of the major gold provinces of the
world. Particularly valuable, especially at this time, is the excellent
succession strategy that Ian has put in place. Gold Fields' depth of
management is unrivalled in the industry, and made it relatively easy for the
Board to decide on his successor."
"While we are sad to see Ian leave so soon before Gold Fields will start
reaping the rewards of the Cerro Corona project in Peru, which will come into
production by the middle of the year, and the South Deep Project in South
Africa, we respect his decision to move on. We thank Ian for the outstanding
contribution that he has made to Gold Fields, and wish him well in the next
phase of his career. Both Nick Holland and Terence Goodlace are veterans of
the gold mining industry and their depth of knowledge of Gold Fields
specifically and the industry generally, is unrivalled. With the
Holland/Goodlace team at the helm during an exciting growth phase, the future
remains bright for Gold Fields," Wright added.
Ian Cockerill said: "The decision to leave Gold Fields was not an easy
one but I have always believed that a CEO has a shelf life of about six to
seven years. As Gold Fields enters the next and very exciting phase of its
growth and development, with Cerro Corona and South Deep, as well as the
expansion at Tarkwa, being brought to account, it is time for a fresh hand at
the rudder. As a substantial shareholder I am very comfortable with the new
leadership appointed by the Board."
Nick Holland, CEO Designate of Gold Fields said: "I am both humbled and
energized by my appointment as Chief Executive Officer, at a time when Gold
Fields and its shareholders are poised to reap the benefits of a number of new
gold projects against the backdrop of a higher gold price environment. I
intend to build on the solid foundation which Ian has laid over the past six
years, and to lead Gold Fields to new heights."
Terence Goodlace, COO Designate said: "Gold Fields has in its portfolio
some of the best and most exciting gold assets in the world. My new role is to
re-energize the operational teams so as to ensure that we deliver on our
undertakings to shareholders. In addition to ensuring that the existing
operations perform to their potential, our priorities in the short term are to
deliver the new Cerro Corona mine on time, to complete the Tarkwa expansion,
and to turn the South Deep project to account."
Alan Wright also thanked John Munro for the significant contribution that
he has made to Gold Fields over the years: "On his watch Gold Fields acquired
the St Ives and Agnew mines in Australia as well as the Teberebie and Damang
mines in Ghana. John was also involved in the acquisition of the Arctic
Platinum Project in Finland and the Cerro Corona project in Peru, as well as
the disposal of the Choco 10 mine in Venezuela. He has made a significant
contribution to the shaping of Gold Fields Limited as it is today, for which
we thank him. While we are sorry to see John leave, we also wish him the best
of luck in his new career."
John Munro said: "Gold Fields has been at the centre of my professional
life for the past 21 years. Whilst I have not taken this decision lightly, I
feel it is the right time in my career to take on a new challenge. I wish Nick
and Terence and the rest of the team every success in the future."
All of these changes will be effective as from 1 May 2008.
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of
gold with attributable production of more than four million ounces per annum
from eight operating mines in South Africa, Ghana and Australia.
A ninth mine, the Cerro Corona Gold/Copper mine in Peru, is expected to
commence production by mid 2008 at an initial rate of approximately 400,000
gold equivalent ounces per annum.
The company has total attributable ore reserves of 92 million ounces and
mineral resources of 252 million ounces.
Gold Fields employs some 53,000 permanent employees across its operations
and is listed on the JSE Limited South Africa (primary listing), the New York
Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX).
All of Gold Fields' operations are ISO14001 certified. For more
information please visit the Gold Fields website at
Monday February 25, 2008
For Johannesburg: 16:30
For United Kingdom: 15:30 hours BST
For North America: 10:30 a.m., Eastern time
Gold Fields Limited will be hosting a teleconference to discuss the change
in leadership on Monday, 31 March 2008 at the times listed above.
Dial In Numbers
South Africa Toll: 011-535-3600 Toll-free 0800-200-648
USA Toll: +1-412-858-4600 Toll-free +1-800-860-2442
Australia Toll-free 1-800-350-100
United Kingdom Toll-free 0800-917-7042
Canada Toll-free +1-866-519-5086
Ask for Gold Fields call
Simultaneous Audio Webcast
Available at our website, http://www.goldfields.co.za
Digital Replay Available One-Hour After Call
Playback code: 2541 followed by the number sign
(Available for seven days)
South Africa & Other: +27-11-305-2030
United Kingdom: 0808-234-6771
Europe: +41-91-612-4330 (Switzerland)
For further information:
For further information: Enquiries: Gold Fields Limited, Willie Jacobsz,
Office: (508) 358-0188, Mobile: (857) 241-7127; Gold Fields Limited, Andrew
Davidson, Office: +27-11-644-2638, Mobile: +27-82-667-7203; Brunswick: Rob
Pinker/Roderick Cameron, Office: +27-11-502-7300, Mobile:
+27-83-326-7794/+27-82-887-4593; Enquiries re teleconference: Francie Whitley,
Phone: +27-11-644-2505, Fax: +27-11-484-0639, Franciew@goldfields.co.za