WEST AFRICA EXPLORATION POTENTIAL. ALFRED BAKU EVP and Head of West Africa, Gold Fields October 2015

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1 WEST AFRICA EXPLORATION POTENTIAL ALFRED BAKU EVP and Head of West Africa, Gold Fields October 2015

2 Key Themes Geographical Spread and Footprint Doing Business in West Africa Type and Quality of Deposits West Africa s Gold Mining Portfolio Exploration Spend Tax Rates of African Mining Countries How Africa Compares SWOT Analysis 2

3 TOGO West Africa Spread and Footprint 15 countries under the Economic Community of West African States M A L I NIGER SENEGAL GUINEA-B GUINEA BURKINA BENIN SIERRA LEONE COTE D IVOIRE GHANA NIGERIA Same currency (FCFA) in 8 states through West Africa Economic and Monetary Union (WAEMU) 3

4 Doing Business in West Africa Regional Regulatory framework ECOWAS guidelines serves as guidelines for drafting or updating all regulation pertinent to doing Business in WA. 8 West Africa countries have subscribed to the Organisation for the Harmonisation of Legal Business in Africa (OHADA). Investment Regime The Mining Codes of most countries make provisions for the granting of stability agreements, after completing PFS. Fiscal and custom regimes are included in the stability agreement and are binding for the duration of the agreement. Fiscal Incentives Write-off of exploration and development costs Corporate tax: % Royalty: 3-5%; Tax holiday for certain jurisdiction 4

5 West Africa Type and Quality of Deposits High grade & large deposits Large deposits, but low grade (Heap Leach?) Cluster of high grade modest size deposits Vein like Senegal Kenieba Burkina Faso Niger Fekola Mali Hounde Belt Sebba belt SE Burkina Siguiri basin Yanfolila Syama Natougou Tengrela Guinea Sierra Leone King George District Cote D Ivoire Hire Belt Ghana Ashanti & C. Ghana Asankrangwa Liberia 5

6 West Africa - Producing Gold Assets As at the end of 2014: 44 mines in 8 countries produced 7.2mOz 81.4Moz at 2.34g/t reserves and 255Moz Resources at 2.87 g/t. Senegal Sabodala-5.6mOz Yatela-3.2mOz Sadiola-13.3mOz Mali Loulo-6.3mOz Tabakoto-4.8mOz Gounkoto-6mOz Morila-6.2mOz Siguiri-5.2mOz Inata-6.3mOz Kalsaka-1.0mOz Mana-6.3mOz Bissia-5.1mOz Burkina Faso Essakan-9mOz Samira-1mOz Lefa-8.2mOz Youga-2.5mOz Kiniero-1.2mOz Sierra Leone Guinea Tongo-6.5mOz Cote D Ivoire Ghana Ahafo-23mOz New Liberty- 2.4mOz Liberia Ity-1.3mOz Bonikro-4.3mOz Agbaou-2.1mOz Nzema-3.2mOz 17 New mines from 2007 to date Chirano-2.1mO Ayanfuri (8.1mOz) Obuasi (60mOz) Damang-8.4mOz Tarkwa-14.6mOz Akyem-7.7mOz 9 world class operations >200Koz pa 6 6

7 West Africa Exploration Spend Greenfields, Late Stage and Mine Site Gold Exploration Spent ( ). USA Gold Exploration spent US$4.4B spent on gold exploration in USA Africa - Gold Exploration spent Similar amount spent by all of Africa over same period. West Africa accounting for 62% of Africa s exploration spend Source: SNL Metals

8 West Africa - Upside Low maturity exploration terrain that underwent 2 cycles of modern exploration Archean terrain poorly explored and represents a new search space Sadiola Inata Essakan Loulo Mana Bissa Youga Kalana Tongon Ahafo Bonikro Tarkwa 8

9 Tax Rates of African Mining Countries Fiscal Payment Burkina Faso Tanzania Cote d Ivoire DRC Senegal South Africa Mauritania Liberia Zambia * Sierra Leone Mali Niger Ghana Guinea Corporate Tax Rate (%) 20% 30% 25% 30% 25% 34% 25% 30% 30% 30% 30% 30% 35% 35% Royalty Rate (%) 5% 4% 3% 2.50% 3% 1.50% 5% 3% 9% 5% 6% 5.50% 5% 5% Govt. free carried (%) 10% - 10% 5% 10% - 10% 10% 0% 10% 10% 10% 10% 15% Effective Tax Rate (%) 34% 35% 36% 36% 36% 36% 38% 40% 41% 42% 43% 43% 47% 49% Source: Ghana Chamber of Mines * Zambia recently announced changes to its mining tax regime, effective 1 July 2015: Flat 9% royalty rate CIT for mining operations 30% From Jan 2015, Zambia introduced a mineral royalty tax of 20% for open cast mining and 6% for underground mining and the rate for CIT was reduced to zero. Following public outcry, this has now been reversed 9

10 Germany Canada Chile Kazakhstan Russian Federation Burkina Faso Ukraine Cote D'Ivoire Ghana - Up to 2012 China Indonesia Brazil UK South Africa Mali Australia Mexico Peru Philippines Tanzania Zambia * Congo - Rep Argentina Ghana - post 2012 USA India Corporate Income Tax Rates How Africa Compares Top Rate of Corporate Income Tax Germany 15% Canada 16% Chile 19% Kazakhstan 20% Russian Federation 20% Burkina Faso 20% Ukraine 21% Brazil 25% Cote D'Ivoire 25% Ghana - Up to % China 25% Indonesia 25% UK 26% South Africa 28% Mali 30% Australia 30% Mexico 30% Peru 30% Philippines 30% Tanzania 30% Zambia * 30% Congo - Rep 34% Argentina 35% Ghana - post % USA 35% India 42% Average 27% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% With an average of 29%, Africa has the highest Corporate Income Tax (CIT ) regime compared to all the other regions. Source: PwC, Ghana Chamber of Mines 10

11 Royalty Rates How Africa Compares Mineral Royalty Rates (Gold) Comment Levied on revenue less i)taxes levied on revenue, ii)insurance and iii)freight Brazil 1.0% costs India 2.0% Australia 2.5% Argentina 3.0% Ghana - Up to % Indonesia 3.8% China 4.0% Tanzania 4.0% Congo - Rep 5.0% Ghana - post % Kazakhstan 5.0% Philippines 5.0% South Africa 5.0% USA 5.0% Russian Federation 6.0% Lower CIT rate of up to 20% Zambia 9.0% Flat rate Sliding Scale based on operating profit. Peru Max13.1% Lowest rate is 1% Chile 14.0% lower CIT rate of up to 19% Canada 16.0% lower CIT rate of up to 16% Germany N/A Mexico N/A UK N/A Ukraine Tonnage 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Africa has an average royalty rate of 5.6%, against Asia s average royalty rate of 4.3%. Chile and Canada, who have significantly higher royalty rates (14% and 16% respectively), also have significantly lower CIT rates (19% and 16% respectively) Source: PwC 11

12 West Africa - SWOT STRENGTH Integrated business environment Attractive regulatory framework Negotiable stability agreement Open pittable gold deposits Free digging from 0-60 m vertical depth WEAKNESS Restricted to French speaking countries Integrated regulatory framework under implementation Unlikely to enjoy new favorable terms Attract potential artisanal miners Strong bureaucracy from past history Simple metallurgical feature Limited Infrastructures: power, road etc. OPPORTUNITY THREAT Last frontier and search space, worldwide Administrative bureaucracy Large scale deposits yet to be discovered Low cost discovery rate Tap into regional set-up & expertise Mining agreement at exploration stage Community, social and environmental issues In-country limited mining skills force Strong state controls on exchange 12

13 THANK YOU

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