Gold Fields production down

Johannesburg, South Africa — MININGREVIEW.COM — 10 May 2010 – Gold Fields Limited “’ Africa’s second- largest producer of the metal “’ has revealed that its fiscal third-quarter output fell 12% because of safety stoppages and maintenance.

“Production fell to 793 000 ounces from 900 000 ounces the previous quarter,” the company said here in a stock exchange statement. “That compares with guidance of 800 000 ounces, given on March 26.”

The statement added that the decline in output had been due to the Christmas holiday, accelerated maintenance at the main shaft of the company’s Kloof mine in South Africa, and work stoppages. Net income for the period had declined to R316 million from R1.41 billion, it added.

Gold Fields said that fourth-quarter production would rise to between 875 000 and 900 000 ounces, helped by higher output from its South African operations. Cash costs in the quarter were seen at between US$675 and US$690 an ounce, compared with US$703 an ounce last quarter, it added.