[miningmx.com] – GOLD Fields reported a 5% increase in mineral
reserves to 80.6 million ounces (oz) as at December 31 which it said boded well for
its ambition to produce 5 million oz a year of gold equivalent ounces.
“The improved mineral reserve position bodes well for our growth ambition in line
with our long term target of 5 million gold-equivalent oz (including copper by-product
production) either in production or in development by 2015,” said Nick Holland, CEO of
Gold Fields.
Mineral resources fell 4%, however, to 217 million oz as of December 31 compared to
the same day in the previous calendar year. Gold Fields assumed a gold price of
$1,300/oz in its mineral reserves calculation and a gold price of $1,450/oz for its gold
resources calculation.
The gold price is currently trading at $1769,67/oz.
Total mineral reserves in Gold Fields’ South African operations increased 2% net of
depletion largely owing to a 5.2 million oz increase in South Deep’s mineral reserves,
and the inclusion of 2.9 million oz in reserves from its West Wits Tailings Treatment
Project.
However, mineral resources for the region fell 8% to 160.2 million oz. This was owing
to pay limit increases, resource clean-up and changes in geological models, said Gold
Fields.
