[miningmx.com] — GOLD Fields said on Wednesday its attributable production for the 2011 financial year was expected to be 3.49 million ounces.
Cash cost was expected to be around $800/oz and notional cash expenditure (NCE) approximately $1,180/oz, both of which were lower than guidance given in November ($810/oz and $1,200/oz respectively).
Gold Fields said production for the December quarter was expected to be 883,000 gold equivalent ounces, which is 1.9% lower than the previous quarter.
The lower production for Q4 2011 iwas as a result of production disruptions in Ghana due to power outages and a slower milling rate at Tarkwa, due to harder material associated with a change in the blend of material fed to the plant.
In South Africa, production was impacted by stop and fix interventions at Beatrix and a lower underground grade at South Deep due to changes in the mining mix needed to increase flexibility.
Gold equivalent production at Cerro Corona, in Peru, was adversely impacted by the lower copper price relative to the gold price in Q4 2011.
“Costs during the quarter were well contained with total cash cost expected to be approximately $770/oz and NCE approximately $1,210/oz,” Gold Fields said.
Gold Fields said its quarterly and financial results would be released on February 17.
