| Fri 26 Jun 2009, 11:38 | | GFI - Gold Fields expected to beat guidance and increase production by 4% to |
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GFI
GOGOF
GFI - Gold Fields expected to beat guidance and increase production by 4% to
approximately 905koz during Q4 F2009
MEDIA RELEASE
Gold Fields Limited
(Reg. No. 1968/004880/06)
(Incorporated in the Republic of South Africa)
("Gold Fields" or "the Company")
JSE, NYSE, NASDAQ Dubai - Share Code: GFI
NYX Code: GFLB, and SWX Code: GOLI
ISIN: ZAE000018123
Gold Fields expected to beat guidance and increase production by 4% to
approximately 905koz during Q4 F2009
Johannesburg, 26 June 2009: Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ
Dubai: GFI) today updated its operational guidance for Q4 F2009. Attributable
production for Q4 F2009 is expected to increase by about 4% to approximately
905koz, which is better than the guidance provided on 7 May 2009. Total cash
cost and Notional Cash Expenditure (NCE) for the Group are expected to be
slightly higher than guidance at approximately US$525/oz and US$750/oz. This is
solely due to converting at a much stronger rand/US dollar exchange rate.
South African Region
Attributable Q4 F2009 production from the South African mines is expected to
increase by about 2% to approximately 16,400kg (520koz), compared with 16,088kg
(517koz) achieved in Q3 F2009, with the individual mines expected to perform as
follows:
- Driefontein is expected to produce approximately 6,600kg (212koz);
- Kloof is expected to produce approximately 4,990kg (160koz);
- South Deep is expected to produce approximately 1,600 (52koz) and
- Beatrix is expected to produce approximately 3,200kg (103koz).
During the quarter production at both Driefontein and Kloof was impacted by
increased levels of seismicity resulting in safety related production
interruptions. As expected, both South Deep and Beatrix showed improved
performances during the quarter, with South Deep now having positioned itself
well for increased production during F2010, and Beatrix starting to recover from
the mining quality issues that plagued it during Q2 F2009 and Q3 F2009.
International Regions
Attributable Q4 F2009 production from the international mines is expected to
increase by about 6% to approximately 377koz, compared with 354koz achieved in
Q3 F2009, with the individual mines expected to perform as follows:
- Tarkwa is expected to produce approximately 165koz;
- Damang is expected to produce approximately 53koz;
- St Ives is expected to produce approximately 109koz;
- Agnew is expected to produce approximately 45koz; and
- Cerro Corona is expected to produce 37,500 oz gold and 9,400 tons copper
which equates to approximately 84koz on a gold equivalent basis.
During the quarter all of the international operations performed broadly as
expected with Cerro Corona and Agnew outperforming. While marginally below
guidance, the build-up at Tarkwa is progressing to plan. The variance from
guidance was partially as a result of power interruptions caused by unplanned
maintenance on the national power supply grid.
Nick Holland, Chief Executive Officer of Gold Fields, said:
"The important feature of Q4 F2009 is that our operations have generally shown
greater consistency and predictability in their performance, enabling us to
achieve our overall operational guidance for the quarter."
"I am particularly pleased that, despite the seismic related safety incidents at
Kloof and Driefontein, our safety performance continued to improve. With F2009
almost complete, our fatal injuries have shown an improvement of approximately
57%, declining from 47 in F2008 to 20 in F2009, with no fatalities reported at
our international mines. All other safety measures have also shown significant
improvements. We are not yet happy with this performance and remain committed
not to mine if we cannot mine safely and to achieve zero harm to our employees."
"Gold Fields will in Q4 F2009, for the third consecutive quarter, maintain the
upward trend in its attributable production, and will be more than 100koz (13%)
above the production low-point of 798koz reported in Q1 F2009."
"We remain committed, during the next 12 months, to build up to our production
goal of 950koz to 1moz per quarter, as safety continues to improve at the South
African operations; Tarkwa achieves full production; Beatrix continues its
recovery; Kloof improves as a result of improved flexibility; and South Deep
builds up towards its target of approximately 300koz for F2010."
Detailed results for Q4 F2009 will be published on 6 August, 2009, at 08:00am
South African time.
1 NCE is operating costs plus all sustaining and project capital (brownfields
exploration is included in NCE).
ends
Enquiries:
Willie Jacobsz
Mobile: +857 241-7127
Nikki Catrakilis-Wagner
Mobile: +27 (0) 83 309 6720
About Gold Fields
Gold Fields Limited is one of the world`s largest unhedged producers of gold
with attributable steady state production of approximately 4 million ounces per
annum from nine operating mines in South Africa, Peru, Ghana and Australia. The
company has total attributable ore reserves of 83 million ounces and mineral
resources of 251 million ounces. Gold Fields is listed on the JSE Limited
(primary listing), New York Stock Exchange (NYSE), NASDAQ Dubai Limited (NASDAQ
Dubai), NYSE Euronext in Brussels (NYX) and Swiss Exchange (SWX). For more
information please visit the Gold Fields website at www.goldfields.co.za.
Date: 26/06/2009 11:38:05 Produced by the JSE SENS Department.
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