HomeGoldGold Fields aims for 60% foreign production

Gold Fields aims for 60% foreign production

South Deep Gold
Mine “’ one of Gold
Fields Limited’s
South African
Florida, USA — MININGREVIEW.COM — 04 March 2010 – Gold Fields Limited “’ the world’s fourth-biggest gold producer and Africa’s second-biggest producer of the metal “’ is aiming to produce some 60% of its gold from mines outside its home country within five years from now.

Revealing this at the BMO Capital Markets Global Metals and Mining conference here, Gold Fields CEO Nick Holland added that South Africa would remain an important platform and base for the company. “We believe in not having all of our eggs in the one basket,” Holland added.

South Africa currently accounts for about 58% of total Gold Fields production, compared with as much as 65% two years ago. The company’s other main operating regions are South America, West Africa and Australasia.

Holland dismissed the idea that Gold Fields wanted to reduce its South African exposure because of mounting cost pressures in the country. “Despite bad press over power supply and costs, labour, a strong currency and other issues, South Africa does not rank especially high on the global cost curve,” he asserted.