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Gold Fields expects 4% production increase

Reuters | Fri, 26 Jun 2009 12:52
[miningmx.com] -- Gold Fields, the world's No. 4 gold producer, said on Friday it expects output for the fourth quarter to end-June to rise by 4% to 905,000 ounces, exceeding an earlier forecast of a 3% rise.

The company said improved safety performance and ramp-up of its South African mines had led to the increase in production, but total cash costs and expenditure were seen rising slightly, due to a stronger rand versus the U.S. dollar.

Total cash cost and Notional Cash Expenditure for the group are expected to be about $525/ounces and $750/ounces.

Chief Executive Nick Holland said in a statement the company still plans to boost output to between 950,000 and 1 million ounces per quarter in the next 12 months.

He said this would be achieved by an improved safety record to prevent stoppages, a ramp-up of its Tarkwa mine in Ghana as well as a boost at its South Deep mine in South Africa, which is due to hit its target output of around 300,000 ounces in 2010.




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