Arequipa, Peru — MININGREVIEW.COM — 16 September 2011 – Gold Fields “’ the world’s fourth-largest gold producer with annual production of 3.6Moz “’ aims to produce one million ounces of the precious metal per year in South America by 2015.
“We have committed to a very ambitious goal for 2015, to put 1 million ounces of gold in production,” said general manager of South American operations, Juan Luis Kruger, at the Perumin convention here.
Currently, just 10% of Gold Fields’ output comes from South America, but it is moving ahead with key projects in the region.
“We are actively exploring other parts of Peru, especially in the south, and in Chile we see quite optimistic results,” Kruger revealed.
Gold Fields’ key Chucapaca mine in the region “’ a US$750 million joint venture with Peru’s Buenaventura “’ is on track to start construction by the second quarter of 2013 and initiate operations in 2015, he added.
The mine has estimated reserves of 5.6Moz of gold and is expected to produce 500,000ozpa starting in the second quarter of 2015.