Wal-Mart worked well but we kept at it too long and it took too long to unwind. We're taking a more middle-of-the-road approach now.

The ability for Gold Fields to discover value in these markets we've got today ... is becoming increasingly difficult. Several opportunities have been identified across the globe.

Most established companies, like Gold Fields, are losing talented people in their droves as new platinum, nickel, copper and iron-ore mines are established all over the world.

The 20-year bear market in gold has turned around. The upward trend in price has been in place for the past five years, and for the chartists out there, I don't believe you've seen anything yet.

It's fair to say, at current prices, that running a gold company is a lot more fun than it was even six months ago.

We now have a foothold in a key area of future growth.