| Fri 10 Nov 2006, 9:35 | | South African Government Approves All Gold Fields |
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GFI
GOGOF
South African Government Approves All Gold Fields" Mining Licenses
MEDIA RELEASE
Gold Fields Limited
Share Code: GFI
ISIN: ZAE000018123
South African Government Approves All Gold Fields" Mining Licenses
Johannesburg, 10 November 2006: Gold Fields Limited (Gold Fields) (NYSE: GFI;
JSE: GFI; DIFX: GFI) is pleased to announce that the South African Department of
Minerals and Energy has formally approved the conversion of the company"s old-
order mining licenses into new order licenses. This applies to all three of the
Company"s operating mines in South Africa: the Driefontein, Kloof and Beatrix
gold mines.
Ian Cockerill, Chief Executive Officer of Gold Fields, said: "The conversion of
our mining licenses is a significant milestone for Gold Fields and is a
reflection of our commitment to South Africa and, in particular, to the
transformation of our company and industry. I thank all of our stakeholders who
have assisted us in this process, for their hard work and for sharing our vision
for the future."
"Now that we have secured our South African mining licenses for the life of our
mines, we can concentrate on growing and developing our company to the benefit
of all of our stakeholders. To this end we recently announced additional new
capital investments of more than R25 billion into South Africa, which will
ensure that we remain the premier gold producer in South Africa for at least the
next 30 years," added Cockerill.
In order to convert old order mining licenses into new order licenses, companies
must meet the requirements of the Mineral and Petroleum Resources Development
Act (MPRDA) 28 of 2002, which was enacted in May 2004, as well as the Broad
Based Socio-Economic Empowerment Charter for the South African Mining Industry
and the associated Scorecard for the Mining Industry.
The South African Minister of Minerals and Energy, Ms Buyelwa Sonjica, said:
"The government of South Africa welcomes the bold step taken by Gold Fields with
regards the conversion of their mining licences. This conversion was made
possible by the company"s response to the requirements of the MPRDA. The step
taken by Gold Fields also shows their commitment to government"s transformation
agenda, and the push for a better life for all the people of this country.
Their compliance with the requirements of the Social and Labour Plan will ensure
benefit for all, and we believe that there will be spin-offs that will further
ensure satisfaction on all fronts.
"It is my belief that, as more companies apply for and receive approval for the
conversion of their old order licences, they will be encouraged to apply for new
mining licences, which licences will lead to new investments. These new
investments will be a critical factor in the creation of new jobs which will
further enhance the lives of the people of South Africa," said Minister Sonjica.
Gold Fields is one of the world"s largest unhedged gold producers, with annual
gold production of approximately 4.1 million ounces from mines in South Africa,
Ghana, Australia and Venezuela, as well as a developing mine at Cerro Corona in
Peru. The Company has ore reserves of 65 million ounces and mineral resources of
179 million ounces. Gold Fields has its primary listing on the Johannesburg
Securities Exchange and secondary listings on the NYSE, LSE, Euronext in Paris
and Brussels, and on the Swiss Exchange. All of Gold Fields" operations are ISO
14001 certified.
- ends -
Enquiries
Gold Fields Limited
Willie Jacobsz
Tel: +27 11 644-2505
Mobile: 082 493-1377
E-mail: williej@goldfields.co.za
Department of Minerals and Energy
Ms. Bontle Mafuna
Tel.: +27 12 317 8086
Bontle.mafuna@dme.gov.za
Sputnik Ratau
Tel.: +27 12 317 8291
Cell: +27 82 521 9614
E-mail: sputnik.ratau@dme.gov.za
Date: 10/11/2006 09:36:04 AM Produced by the JSE SENS Department
