Gold Fields’ Yearly Production

by Ina King (Potgieter)

South African gold-mining giant, Gold Fields, recently reported that it still expects to meet it is yearly production guidance, despite a 10% production decrease at its South Deep gold mine.

As one of the top mining companies in Africa, Gold Fields announced that it still expects to meet its full-year production guidance of 2.10-million to 2.15-million ounces.

The company recently reported its production results for the third quarter and noted that while South Deep’s production had increased quarter-on-quarter in the second and third quarters, the improvements were not enough to offset the weak first quarter. South Deep produced 81 000 ounces of gold in the third quarter, a 10% quarter-on-quarter and 17% year-on-year improvement.

Gold Fields’ latest production results:

• Group production increased by 3% quarter-on-quarter and by 6% year-on-year to 567 000 ounces in the third quarter, a positive result for gold Mining in South Africa.

• Gold Fields’ Australian operations produced 237 000 ounces in the third quarter, a 3% quarter-on-quarter decrease

• Managed production in Ghana was, however, 4% lower quarter-on-quarter and 5% lower year-on-year, at 177 000 ounces.

Nick Holland, Gold Fields CEO, commented that the group had generated net cash flow of $85-million in the third quarter, compared with an outflow of $67-million in the second quarter.

Noting further mining opportunities in Africa, the group invested $34-million in growth capital expenditure at the Damang mine (Ghana), $21-million at Gruyere (Australia), $12-million at Salares Norte (Chile), and R55-million at South Deep.

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