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GFI
GOGOF
Gold Fields to invest US$175million on expansion projects at Tarkwa
Gold Fields Limited
Share code: GFL
ISINS: ZAE000014270
MEDIA RELEASE
Gold Fields to invest US$175million on expansion projects at Tarkwa
Johannesburg, November 28, 2006. Gold Fields Limited (Gold Fields) (NYSE, JSE,
DIFX: GFI) and Gold Fields Ghana Ltd (GFGL) are pleased to announce two
significant expansion projects at their Tarkwa Gold Mine in Ghana.
The first relates to the expansion of the existing Carbon-in-Leach (`CIL")
process plant facility from a design tonnage throughput capacity of 4.2
million tonnes per annum (`Mtpa") to 12.0Mtpa. The capital cost for this
expansion is estimated at US$126 million (R900 million). Construction is
expected to start in the first quarter of calendar 2007, with commissioning
scheduled to be completed by the second half of calendar 2008. In addition to
the main process plant, this project also entails an expansion of the tailings
storage facilities and associated infrastructure.
The second project is an expansion of Tarkwa"s North Heap Leach facility by
adding an additional heap leach pad (Phase 5) to the North Heap Leach complex.
Phase 5 will add 39 million tonnes stacking capacity to the current area and
will enable continuation of stacking at the North facility until June 2011.
Budgeted capital expenditure for this project is US$ 49 million (R350
million), consisting of US$35 million to expand the leach pads, and US$14
million to build associated infrastructure and services required for Phase 5
and subsequent Phases 6 to 8 of the leach pad complex. Construction of the
Phase 5 facility is also expected to begin in the first quarter of calendar
2007, with commissioning scheduled to be completed by mid calendar 2008.
These expansion projects will maintain the total ore tonnage treated at
approximately 21.6Mtpa, comprising 9.6Mtpa of heap leach and 12.0Mtpa milled
ore. It will enable gold production to be maintained at a level in excess of
700,000 ounces per annum till 2021, minimise the sub-optimal processing of ore
by improving the overall recovery and decrease the processing unit operating
cost through economies of scale.
Terence Goodlace, Head of International Operations for Gold Fields said "Gold
Fields remains committed to Ghana and these exciting and robust projects will
leverage returns for Tarkwa and take advantage of increases in the gold
price."
-2-
"They will contribute to increasing future gold production and ultimately
result in an additional 1 million ounces of recovered gold over the life of
the mine. Total recovered gold for the mine is now 11.7 million ounces. This
investment in the expansion projects is in line with our strategy of
optimising our assets and will ensure that Tarkwa remains a world class asset
in the Gold Fields stable."
ends
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,
DIFX, Euronext in Paris and Brussels, and on the Swiss Exchange. All of Gold
Fields" operations are ISO 14001 certified.
Date: 28/11/2006 10:00:03 AM Produced by the JSE SENS Department
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