50NT Hsbc Bk. 25

RNS No 7573m
GOLD FIELDS LIMITED
28 October 1999



GOLD FIELDS REPORTS FIRST QUARTER F2000 RESULTS

* Hedge position repurchased
* Record production quarter at Beatrix and improved performances from Kloof
and Leeudoorn
* Disappointing results from Driefontein and Oryx


Johannesburg, 28 October 1999 - Gold Fields Limited  (JSE "GFI", Nasdaq
"GOLD") reports earnings as of 30 September 1999, before exceptional items, of
R20.5 million (US$3.4 million), or 5 cents per share (US$.01 per share).  This
compares to earnings of R105.7 million (US$17.2 million), or 24 cents per
share (US$.04 per share), for the most recent quarter ended 30 June 1999.  Net
of exceptional items, a loss of R88 million (US$14.5 million), or 20 cents per
share (US$.03 per share), was incurred during the September quarter, compared
to a loss after exceptional items of R1 898.8 million (US$309.8 million), or
424 cents per share (US$.69 per share), for the period ended 30 June. 
Exceptional items this quarter were made up of retrenchment costs, net of
taxation, of R60.0 million (US$9.8 million) and a net attributable cost, after
taxation, of R48.5 million (US$8 million) relating to the repurchase of
certain hedge positions.

Revenue for the quarter was R1 648.8 million (US$270.7 million), compared to
R1 604.3 million (US$261.7 million) in the June Quarter.  Operating cash flow
was R179.8 million (US$29.5 million), and cash net of debt at the end of the
quarter was R89.0 million (US$ 14.6 million). Because Gold Fields' gold
production is unhedged (with the exception of 200 000 ounces of forward sales
relating to Tarkwa and 50 000 put options relating to Oryx), the company is in
a position to benefit from the recent and anticipated increase in the price of
gold.  For every US$10 per ounce move up in the price of gold, Gold Fields
will realize a R240 million increase in annualized pre-tax earnings (US$40
million).
     
Attributable gold produced in the September quarter was 963,000 ounces at a
cash cost per ounce of $223, compared to the June 1999 quarter's production of
960,000 ounces at a cash cost per ounce of $210.  The average price of gold
received was 52 674 R/kg, or $269/ounce.

The decrease in earnings and increase in operating costs can be attributed,
primarily, to the disappointing performance of Driefontein, the inclusion of
Oryx as an operating mine for the first time where strike action adversely
affected results, the effect on costs of the wage increases implemented in
July, and a 3 per cent increase in development.

On the positive side, Beatrix had record production of 130 000 ounces and
higher gold production was achieved at the Kloof and Leeudoorn divisions due
to higher throughput.  The phase two extension of the Tarkwa surface project
in Ghana, successfully commissioned on time as well as on budget, is operating
in excess of the design capacity of 600 000 tons per month.  This has
contributed to an increase in gold production at Tarkwa in excess of 20
percent compared to the previous quarter.

Chris Thompson, Chairman and Chief Executive Officer, said, "Having recovered
its hedge position, Gold Fields is now well positioned to benefit from the
expected strengthening in the gold price. With Beatrix, Kloof, Leeudoorn and
Tarkwa performing better, our attention is firmly focused on improving the
performance of laggards Driefontein, Libanon and Oryx."

"There is undoubtedly scope for improvements at these operations, and this is
where I will be spending much of my time and energy during the coming months,"
added Ian Cockerill, recently appointed managing director.  

Gold Fields Limited is one of the world's largest gold producers with four
million ounces of gold production per annum, 145 million ounces of mineral
resources, and almost 73 million ounces of mineral reserves.  In addition to
being listed on the Johannesburg Stock Exchange (GFI) and on Nasdaq (GOLD),
the company is also listed on the London, Paris and Swiss Stock Exchanges and
trades on the Brussels Stock Exchange through an International Depository
Receipt programme.

Full results may be found at the company's website, www.goldfields.co.za

4 St Andrews Road
Parktown, 2193

Postnet Suite 252
Private Bag x 30500
Houghton, 2041
Telephone (27) (11) 644-2400
Fax (27) (11) 484-0639
 
Website
www.goldfields.co.za

Enquiries

South Africa
Willie Jacobsz
Telephone (+27 11) 644-2460
Fax (+27 11) 484-0639
E-mail investors@goldfields.co.za

North America
Cheryl A. Martin
Telephone (+1) 303-796-8683
Fax (+1) 303-796-8293
E-mail:  camartin@gfexpl.com

UK
Keith Irons, Bankside Consultants
Telephone (+44 171) 220 7477
Fax (+44 171) 220 7211
E-mail: keith@bankside.com


END


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