Johannesburg, South Africa — MININGREVIEW.COM — 13 November 2008 – Gold Fields Limited – Africa’s second- largest producer of the metal – is planning to produce a minimum of 1 million ounces in the quarter ending 31 March 2009, which would be a slight improvement on expected output for the current quarter.
Quoting chairman Alan Wright as making this prediction at the company’s annual general meeting here , Bloomberg News reports that he expressed the view that the quarter through to December would be better, though not much better, than the previous three months. “The company aims to produce 4 million ounces of gold a year,” he added.
Gold Fields shares have fallen 51% from a March 17 record in Johannesburg, while gold has fallen 26% from its peak on the same day, on slowing world economic growth.
“We are concerned about where the share price is sitting,” Wright said. “Currently, the Gold Fields share price only values our offshore assets,” he added, meaning the company’s South African assets are for free, according to Bloomberg.’