Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3,64 million ounces per annum from eight operating mines in South Africa, Ghana and Australia.
A ninth mine, Cerro Corona Gold/Copper mine in Peru, commenced production in 2008 at an initial rate of approximately 375,000 gold equivalent ounces per annum.
The company has total attributable ore reserves of 83 million oz and mineral resources of 251 million ounces.
Gold Fields cuts second quarter production guidance by 25,000 ounces
7th Jan 2010, 2:15 pm
Gold Fields (JSE, NYSE, NASDAQ Dubai: GFI) cut its gold production guidance for its second quarter by 2.8% to 900,000 ounces. The previous guidance, released on 29 October 2009 was for 925,000 ounces.
Gold Fields said the lower production was related primarily down to seven days of lost production at the company’s Driefontein Mine in South Africa, which was hit by a seismic event in December and required an extended search and rescue operation.
“In line with the lower production, total cash costs and notional cash expenditure (NCE) for the Group are expected to be approximately US$615/oz and US$900 respectively, which is approximately 4% and 3% higher than guidance.”
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