Nick Holland, CEO Gold Fields
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Gold Fields on track for Q2 output
I-Net Bridge
Posted: Tue, 23 Dec 2008

[miningmx.com] -- GOLD Fields, the world's fourth-largest gold producer, said on Tuesday that it was on track to produce 840,000 ounces in its second quarter 2009.

This represents an increase of 5% on the company's first quarter production of 798,000 ounces.

The company also expected its group cash costs and notional cash expenditure to come in lower than anticipated due to favourable exchange rate movements against the South African rand and the Australian dollar.

Gold Fields said in October when it announced its first quarter results that it expected notional cash expenditure to decrease from $909 per ounce in the September quarter to $890 per ounce in the December quarter, and total cash costs to reduce from $617 per ounce to $580 per ounce.

This guidance assumed an exchange rate of 8 rand to the US dollar, with an exchange rate of around 11 rand to the US dollar resulting in notional cash expenditure and total cash costs decreasing to $740 per ounce and $460 per ounce respectively.

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"We are pleased with the improved production and good cost control as well as the progress we are making in terms of delivering the various projects, which will make a significant difference to the future profile of Gold Fields," said Gold Fields CEO Nick Holland.

"We are well placed to restoring Gold Fields' production closer to historical levels, and in particular to achieving a run rate of 1 million ounces per quarter in the near term," he added.

The company said rehabilitation of the steel infrastructure at the Kloof Main Shaft as well as the expansion of the Tarkwa Carbon In Leach (CIL) plant have been substantially completed and are on track to full production build-up by early January 2009.

Detailed results for the second quarter of Gold Fields' financial year are scheduled to be published on January 29.

At 10:54 (SA time) shares in Gold Fields were trading 3.47% or R2.84 firmer at R84.76 on the JSE.