Gold Fields sees Q1 output at 906,000 oz

[] — Gold Fields, the world’s fourth-largest listed gold miner, said on Thursday it expects attributable gold output for the September quarter to increase compared to the previous quarter.

The company, which expected to report attributable gold production of around 906,000 ounces for the three months compared with 898,000 ounces in the previous quarter, also said it was on track to achieve its annual production guidance of 3.5-3.8 million ounces.

“We are pleased with the progress we have made during the September quarter and are on track to achieve our annual guidance for the 12 months to end-June 2011,” CEO Nick Holland said in a statement.

Production for the previous financial year to the end of June totalled 3.5 million ounces.

Shares in the company were 0.11% higher at R107.72 by 08:26 GMT, compared with a 0.15% drop on the JSE Top-40 blue chip index.

Gold Fields also forecast a rise in total cash cost for the quarter to around $715 per ounce, up from $688 an ounce the previous three months, as a result of higher capital expenditure and increased electricity tariffs during the winter period.

The forecast is based on an exchange rate of R7.35 to the US dollar.