Production at Driefontein increased 1 per cent to 289,000 ounces. This was due to an increase in underground tonnage at a constant yield of 8.1 grams per ton compared to the previous quarter. Underground tonnage increased to 994,000 tons from 964,000 tons, while overall tonnage decreased to 1,603,000 tons from 1,624,000 tons due to a reduction in the lower grade surface material. The decreased proportion of surface to underground ore treated resulted in the combined yield increasing from 5.5 grams per ton last quarter to 5.6 grams per ton this quarter.

Total cash costs increased by 6 per cent in rand terms to R67,835 per kilogram from R63,784 per kilogram last quarter. This was due to an increase in development and underground volumes milled, as well as the effect of the increased labour costs due to the wage increases. In US dollar terms total cash costs increased from US$256 per ounce to US$284 per ounce quarter on quarter as a result of the stronger rand, allied with the increased operating costs. Operating profit thus declined from R174 million (US$25 million) in the June quarter to R133 million (US$18 million) in the current quarter. Capital expenditure was significantly lower at R88 million (US$12 million) for the quarter compared to R193 million (US$34 million) in the previous quarter mainly due to timing and a conscious effort to defer lower priority capital given the current rand price environment.

Despite some teething problems on commissioning, the Driefontein 1 plant mill installation should achieve design capacities towards the end of the December quarter. The commissioning and stabilising process will impact on the tons milled during the December quarter. As a consequence there will be a temporary build up of ore stockpiles. All efforts are being expended to catch up the backlog but overall gold production for the December quarter is likely to be lower. The old comminution section has been shut down and preparations for demolition are underway.

KLOOF

Gold production at Kloof was 262,400 ounces, which like Driefontein, was 1 per cent higher than the previous quarter. This was due to marginally higher underground grades, which offset the slightly lower underground and surface mill tonnage. Underground and surface tonnage was 969,000 tons and 278,000 tons respectively. As surface grades remained constant, the combined yield increased quarter on quarter from 6.4 grams per ton to 6.5 grams per ton. As a result of continued losses experienced at the 9 shaft marginal mining and development project due to the strong rand, the decision has been made to put this shaft and project on care and maintenance.

Total cash costs increased by 9 per cent in rand terms to R76,614 per kilogram and by 13 per cent in US dollar terms, from US$283 to US$320 per ounce. The increase in gold output was offset by the lower gold price and higher costs due to the increase in labour costs. This resulted in operating profit decreasing to R55 million (US$7 million) this quarter from R106 million (US$17 million) last quarter. Capital expenditure was R124 million (US$17 million) for the quarter compared to R114 million (US$22 million) in the previous quarter. The Kloof 3 plant pumpcell installation has been commissioned and is operating at design capacity and extraction efficiency.

Marginal areas are being closed across the mine as a result of the rand strengthening. Old gold programmes and high grade VCR pillar mining will be accelerated to offset some of this production loss. Overall gold production in the December quarter is expected to be similar to the September quarter.

BEATRIX

Gold production at Beatrix decreased by 7 per cent to 159,200 ounces from 171,100 ounces achieved in the previous quarter. This decrease was due to significantly lower underground and surface yields. Underground yields decreased from 5.1 grams per ton to 4.4 grams per ton due to the mining mix achieved during the quarter.

Mining mixes were adversely affected at 2 and 4 shafts during the quarter. The constraints at these shafts mainly relate to limited flexibility in stoping operations. At 2 shaft an increased amount of ledging and equipping on new raises and stoping areas had to be done during the quarter. The process has established a number of higher grade panels for the remainder of the year.

Beatrix 4 shaft incurred operating losses of R27 million (US$4 million) during the quarter arising from the issues referred to below. An increase in production to historic levels would assist in ameliorating this loss. At 4 shaft there were delays in a number of raise holings due to the intersection of geological structures. A number of panels in the high grade section at 4 shaft also experienced temporary grade declines during the quarter. Increased ledging and equipping was done to counteract the effects of these grade declines and also to improve flexibility. These initiatives should result in an improvement in grades over the balance of the year.

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Surface yields decreased from 1.1 grams per ton to 0.8 grams per ton. Management focus in this area has resulted in improved underground yields since quarter end. Interventions made should improve underground yields towards the reserve grade of 5 grams per ton. The lower yields were partly offset by increased tonnage. Underground ore milled increased to 1,054,000 tons this quarter from 1,002,000 tons, while surface tons increased 81 per cent from 182,000 tons to 329,000 tons this quarter. This increase was due to 189,000 tons sent to the neighbouring Joel mine for toll processing, an increase of 156,000 tons when compared to the June quarter.

Total cash costs increased 15 per cent in rand terms to R78,509 per kilogram and increased to US$328 per ounce from US$275 per ounce last quarter. The increase is due to a lower yield as well as the stronger rand, increased volumes and higher labour costs. Operating profit therefore declined from R81 million (US$11 million) to R28 million (US$4 million) quarter on quarter. Capital expenditure decreased from R117 million (US$21 million) last quarter to R77 million (US$11 million) this quarter.

In the short term production at this quarter’s level should be maintained.

International Operations

Ghana

TARKWA

Heap leach throughput realised record levels at just over 4 million tons for the quarter while gold production increased to 147,700 ounces compared to 129,100 ounces in the June quarter. This increase in gold production is mainly due to a 10 per cent increase in the volume of ores treated and a 4 per cent increase in head grade. Gold in process release contributed some 10,000 ounces in this period compared to some

7,000 ounces in the June quarter. The ongoing recovery in gold from the heaps reflects the continuing upgrade of the solution management systems on the leach pads and the move to lower lifts on the north leach pads, following the expansion of those facilities.

For the September quarter operating costs increased by 15 per cent to US$30 million (R220 million) in line with the increase in mining volumes. Unit operating costs decreased marginally from US$7.06 per ton to US$6.95 per ton. Total cash costs decreased similarly to US$210 per ounce. Tarkwa contributed US$22 million (R165 million) to operating profit, an increase of 29 per cent quarter on quarter.

The Tarkwa plant construction is underway and on schedule and is the main reason for the small increase in capital expenditure this quarter to US$11 million.

Tarkwa should maintain gold production achieved this quarter for the remainder of this year, noting however the uncertainty in predicting gold recovery from gold in process on the leach pads.

DAMANG

At Damang, production decreased 10 per cent to 70,100 ounces because of a decrease in mill throughput, from 1,309,000 tons to 1,186,000 tons. This was as a result of a planned maintenance shut down in July. Yield was marginally down at 1.8 grams per ton. Total cash costs increased from US$223 per ounce to US$232 per ounce quarter on quarter. The increase in unit cash costs occurred despite a decrease in unit operating costs from US$14.2 per ton to US$13.5 per ton treated, due to the inclusion of a US$1.6 million gold in process credit in the June quarter compared to a US$0.07 million gold in process charge in this quarter, reflecting the ongoing movement in high value ores through the stockpiles. The net result was a decrease in operating profit of 6 per cent to US$9 million (R69 million).

Exploration to increase the current ore reserve continues and R5 million (US$1 million) was included in costs during the quarter. Capital expenditure once again was negligible.

Production should be marginally higher next quarter as compared to the September quarter as there are no planned mill stoppages.

Australia

ST IVES

Gold production at St Ives was 127,000 ounces, a decrease of 10 per cent when compared to the June quarter’s production of 141,000 ounces. This decrease was due to a 15 per cent decline in average head grades treated, partially offset by a 13 per cent increase in ore treated from 1,495,000 tons last quarter to 1,688,000 tons this quarter. This increase in treatment volumes was due to a doubling of the toll treatment program to 173,000 tons, producing 12,000 ounces, and a 113,000 ton increase in heap leach volumes to 715,000 tons for the quarter, on the back of ongoing optimisation of that circuit and the treatment of softer ores there. The decline in average head grade was largely due to a decline in availability of high grade ores from the Junction mine, following mining difficulties there in the high grade stopes, and a reduction in volumes of high grade open pit ores from the Argo and Temeraire pits. Argo reflects its position in the mining cycle while Temeraire has been depleted.

As noted above the mix of ores treated also changed quarter on quarter with a larger contribution from low grade heap leach ores. Since the acquisition of this mine in December 2001, the mining mix between underground and surface has varied considerably. Initially open pits provided some two thirds of gold treated, but with the current commissioning of the new Argo and Leviathan underground mines, this mix will move to around 50/50 from each source by financial year-end. As previously reported the concurrent commissioning of these mines in this year will put pressure on margins, but in 2005 the benefits of these additional sources of high grade will start to be seen.

Operating costs at A$51 million (R249 million, US$33 million) were 5 per cent above the previous quarter due to costs associated with toll treatment and an increase in ore treated from underground. Total cash costs were thus A$412 per ounce (US$271 per ounce) for the September quarter compared to A$347 per ounce (US$221 per ounce) in the June quarter. The significant increase in total cash costs was expected and will remain a feature of this financial year with the commissioning of the new underground mines referred to earlier and the build up in tonnage from the new Mars open pit on Lake Lefroy. Operating costs per ton reduced from A$33 to A$30 quarter on quarter. This decrease resulted from the higher cost being more than offset by the increased tonnage, especially the increase in toll milling. St Ives contributed A$16 million (R79 million, US$11 million) to operating profit compared to A$30 million (R148 million, US$19 million) in the previous quarter. The gold price achieved of A$553 per ounce was similar to the June quarter. Capital expenditure reduced to A$26 million (R126 million,

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US$18 million) in the September quarter from A$29 million (R144 million, US$26 million) in the June quarter.

The mining mix over the remaining quarters is planned to return yields to recent historic levels and supported by an expansion of open pit mining volumes and an associated expansion of the toll treatment program, gold production should improve accordingly.

AGNEW

Gold production at Agnew increased 28 per cent to 45,900 ounces quarter on quarter. Production from the Kim and Crusader underground operations were both above forecast. At Kim (Waroonga underground) volumes increased from 18,000 tons to 47,000 tons quarter on quarter at a head grade of 17.3 grams per ton or 34 per cent above the June quarter. At Crusader volumes were maintained and as a consequence less low grade surface stockpile was required. This was the main reason for the increase in reported yield from 3.3 grams per ton last quarter to 4.6 grams per ton this quarter.

The mine reported a decrease in total cash costs in Australian dollars from A$449 per ounce (US$286 per ounce) last quarter, to this quarter’s A$372 per ounce (US$245 per ounce) as a result of the production increase and higher grades. Operating costs increased from A$13 million (R63 million, US$8 million) in the June quarter to A$14 million (R69 million, US$9 million) in the current quarter in line with the increased production. The contribution to operating profit from Agnew was A$8 million (R41 million, US$5 million) compared to a negative A$0.9 million (R4 million negative and US$nil) last quarter. Capital expenditure was little changed at just below A$7 million (R33 million, US$5 million) as exploration and development of the underground operations at Waroonga continued.

Despite Agnew performing above expectations this quarter it is anticipated that this level of production can be maintained in the December quarter.

Capital and development projects

TARKWA

During the quarter design and construction activities on the new mill/ CIL plant at Tarkwa continued. Detailed engineering and design activities are now more than half completed. In terms of procurement, the majority of major items of equipment have been ordered and commitments representing nearly 50 per cent of the planned expenditure have been made. Construction activities during the quarter included clearing and preparation of the plant site, excavation of foundations and commencement of the construction of the primary crusher foundation. Clearing of the tailings dam site, along with construction of the haul road to this site, which is required during the construction phase, were also commenced. The project remains on schedule for commissioning in the second quarter of the 2005 financial year.

In respect of the conversion to owner mining, the final fleet configuration was selected in this quarter and negotiations with haul truck, support equipment and excavator suppliers were also concluded. The first of three phases of the fleet build up will commence in the fourth quarter of this financial year.

DAMANG

By the end of the quarter the first pass exploration program, which has been underway for some 18 months, testing the conglomerate hosted gold potential across the Damang license area was largely completed. While drilling is still occurring in some limited areas of Tomento and Bonsa, the broad scale potential is now largely understood. While gold hosting stacked conglomerates were encountered through much of the 27 kilometre strike length, significant proportions are unlikely to be pursued further as they offer poor economic potential due to limited thicknesses and geometries that would make them unsuitable for open pit mining. In the areas of Tomento north, Tomento east and Lima South reasonable continuity and geometry were encountered. Further evaluation is occurring in these areas although they are likely to represent incremental mill feed rather than a significant stand alone project. Drilling at Tomento, Bonsa south and Rex is continuing.

ST IVES

The optimisation and expansion project feasibility study, examining the viability of installing a new and expanded mill/CIP plant, was largely completed during the quarter and an investment decision will be considered during the second quarter of this year. While the exploration program to support the feasibility study was completed in the June quarter, these activities on the site have continued, with particular focus on the Greater Revenge Area and the Argo and Leviathan complexes.

Exploration

New ventures that were concluded during the quarter include a private placement, joint venture option with Bolivar Gold Corporation on the El Callao district in Venezuela. The investment in Bolivar amounted to R88 million (US$12 million) for the purchase of 12.34 million shares giving an interest of 15 per cent. These types of equity placement/joint venture option agreements have been a winning strategy for Gold Fields. The company has invested over US$30 million in equity placements that are valued at over US$70 million at current market prices. Over US$20 million of these gains have been realised. Aside from these gains, Gold Fields experiences exposure to a variety of high quality exploration projects without the country set-up cost of entering a new jurisdiction. These increased exploration and acquisition activities are part of Gold Fields’ response to a more favourable US dollar gold price environment and outlook.

During the quarter, Gold Fields completed exploration drilling activities on Arctic Platinum in Finland, the Radius joint venture in Guatemala, the Committee Bay joint venture in Nunavut, Canada, the St Barbara joint venture in Western Australia and the Higginsville project in Western Australia.

ARCTIC PLATINUM PROJECT

As previously reported, on 11 July 2003 Outokumpu Oyj announced that it had concluded a transaction with South Atlantic Resources Ltd., a Canadian junior mining company, to dispose of its 49 per cent interest in the Arctic Platinum Project, for a total consideration of US$31 million. In terms of the Arctic Platinum Partnership Agreement, this disposal was subject to a pre-emptive right in favour of Gold Fields. On 8 August 2003, it was announced that Gold Fields would exercise this right. In terms of the agreement Gold Fields paid US$31 million to acquire the remaining 49 per cent interest, made up of US$23 million in cash with the balance in the issue of 564,841 new Gold Fields shares. This transaction was closed out during the quarter.

The Arctic Platinum Project is an advanced stage PGM exploration project in Northern Finland. To date approximately 12 million ounces of PGM resources have been delineated on the site.

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Corporate matters

Black economic empowerment transaction

On 10 June 2003, Gold Fields and Mvelaphanda Resources Limited, or Mvela Resources, issued a joint cautionary announcement to shareholders, stating they had reached agreement in principle for a broad based black economic empowerment consortium, led by Mvela Resources, to acquire a beneficial interest of 15 per cent in the South African gold mining assets of Gold Fields for a consideration of R4.1 billion to be paid on completion of the transaction. On 8 October 2003, Gold Fields and Mvela Resources issued a further joint cautionary announcement to shareholders stating that it had been agreed to extend the period of exclusivity provided for by the agreement in principle until 28 February 2004, for the purpose of completing the conditions precedent to the transaction.

The transaction relates to Gold Fields’ current South African gold mining assets, which include the Beatrix, Driefontein and Kloof mines and ancillary service companies. Detailed life of mine valuations have shown that the assets represent approximately 70 per cent of Gold Fields’ total value. As such, the purchase consideration of the empowerment interest has been determined with reference to this percentage of Gold Fields’ market capitalisation, based on the weighted average traded price of shares in Gold Fields over the 30 business days prior to the date of the initial announcement.

The funding required by the empowerment consortium will be sourced through a significant equity capital raising by Mvela Resources, the provision by Gold Fields of vendor financing on commercial terms and the raising of debt by Mvela Resources for the balance of the purchase consideration.

Mvela is in the process of undergoing a debt raising exercise. A detailed terms announcement will be made once funding commitments are finalised.

This transaction represents a significant milestone towards meeting the requirements of the Mining Charter.

Sale of Driefontein’s 1C11 block

On 18 September 2003, it was announced that Driefontein sold the mining Block 1C11 and associated assets to AngloGold, for a cash consideration of R315 million. This block is situated on Driefontein’s western boundary adjacent to AngloGold’s TauTona mining operation. The profit net of taxation amounted to R240 million. The sale is subject to the suspensive condition that, to the extent necessary, the transaction be approved by the Competition Commission.

The Block, only accessible in 10 years time by Driefontein, has an estimated 576,000 ounces of recoverable gold. The value brought forward by this deal will be used to invest in the current South African operations.

Awards

Gold Fields Limited has received the Squirrel award from the Investment Analysts Society of Southern Africa (IASA) for “best reporting and communication” in the resources, diamonds, precious metals and minerals category for the 2002 calendar year. Gold Fields also received the Samrec/IASA award for best reporting of mineral resources and mineral reserves according to the Samrec code for calendar 2002. Samrec is the South African Mineral Resources Committee. Gold Fields will continue to improve communication to all stakeholders and other interested parties setting industry standards even higher than those achieved in the past.

Legal

There have been no further developments to our earlier report in respect of the law suit filed by Zalumzi Singleton Mtwesi (“Mtwesi”) against Gold Fields Limited in the Supreme Court of the State of New York County of New York on 6 May 2003. In summary, Mtwesi and the plaintiffs class demand an order certifying the plaintiffs class and compensatory damages from Gold Fields Limited. The suit has not been served on Gold Fields Limited. If and when service of the suit takes place it will be vigorously contested. Gold Fields Limited will keep shareholders appraised of any future developments in this matter.

Mineral resources and reserves

On 2 October 2003, it was announced that both Gold Fields’ attributable mineral resources and reserves for the fiscal year ended 30 June 2003 have increased. Attributable resources have increased from 186.0 to 195.3 million ounces and attributable reserves have increased by 3.0 million ounces to 81.5 million ounces despite depletion of 4.7 million ounces (attributable gold produced 4.3 million ounces) during fiscal 2003. This net increase in reserves reflects on the focus of organic growth and exploration within Gold Fields.

Annual Report

The financial statements for the year ended 30 June 2003 were approved by the directors on 8 September 2003. A copy of the Annual Report was subsequently forwarded to all shareholders, together with the first ever Sustainable Development Report for the year ended 30 June 2003. This report has been compiled utilising the Global Reporting Initiative guidelines as well as those of the Global Mining Initiative. Our social development and fulfilling the requirements of the Mining Charter are key corporate priorities going forward.

Outlook

Gold production is not expected to be materially different in the December 2003 quarter. Should the rand gold price remain at current levels, revenue and operating margins will continue to be under pressure. The lower operating margins currently experienced at the South African operations have necessitated a change in mining strategy at the South African operations resulting in a reduction in marginal tonnage and a review of paylimits. In the short term, notwithstanding the review of paylimits, efforts are being made to increase production through increased quality volumes and focus on the recovery of old gold. In the longer term efforts are being made to increase productivity.

At current exchange rates there should not be a significant gain on the Australian dollar currency financial instruments in the December quarter. No significant asset sales, which boosted profits in the last two quarters, are contemplated during the December quarter.

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 September 2003 quarter are submitted in this report.

These consolidated quarterly statements are prepared in accordance with IFRS 34, Interim Financial Reporting. The accounting policies are consistent with those applied at the previous year-end.

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Income Statement

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Income Statement

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Balance Sheets

Condensed Statements of Changes in Equity

Reconciliation of Headline Earnings with Net Earnings