[miningmx.com] – GOLD Fields’ gold reserves were cut 11% to 52.6 million ounces in December compared with 59.4 million ounces a year earlier, said Bloomberg News citing a company announcement today.
The gold price it used to calculate economically viable reserves dropped to $1,300 an ounce from $1,500, said Bloomberg News. This contrasts with a 46% increase in reserves at Sibanye Gold, the company created when Gold Fields spun off three South African mines last year, said the newswire service.
“The 2013 declaration is a reflection of Gold Fields’ restructuring over the past 18 months, during which the group embarked on a fundamental shift in strategy away from an emphasis on ounces of production to a primary focus on driving margins and cash flow,’ the company said.
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