HomeGoldGold Fields production poised for significant improvement

Gold Fields production poised for significant improvement

The Twin Towers
at Goldfields’ South
Deep Gold Mine
Johannesburg, South Africa — MININGREVIEW.COM — 29 March 2010 – Gold Fields Limited “’ Africa’s second biggest gold producer and the world’s number 4 producer “’ says it expects its third quarter output to be in line with its guidance, with a significant improvement in production predicted for the fourth quarter.

The company said in a statement issued here that it expected output for the third quarter “’ which is the three months ending 31 March 2010 “’ to be about 800 000 oz, which is in line with its revised guidance of about 5% below an initial forecast of 850 000 oz. It added that total cash cost and notional cash expenditure for the quarter were expected to be approximately US$695/oz and US$995/oz respectively.

The statement pointed out that output at the company’s South African operations fell to 396 000 ounces in Q3 from 523 000 ounces the previous quarter, due to an extended Christmas break and maintenance of the water column at its Kloof mine. The company’s West Africa, South America and Australasia operations, however, boosted their combined output by 7% quarter-on-quarter to 404 000 oz.

But CEO Nick Holland emphasised that the company expected "a significant improvement" in production during the fourth quarter ending on 30 June 2010.

The Gold Fields results are to be published on May 7.