Gold News

Gold Fields forecasts lower output

Mining firm Gold Fields has said that it expects total production to be down by about 3.5 per cent during the second quarter of the 2008 financial year.

The company stated that South African mine production is expected to fall by seven per cent compared with the same period last year, primarily due to disruption caused by accidents and other unforeseen events.

Total cash costs for the group look set to rise by eight per cent in US dollar terms, it added, with attributable production from global mines, excluding the recently sold Venezualan Choco 10 mine, predicted to see a 1.5 per cent rise.

Gold Fields' latest interim ore reserve statement revealed that its total attributable ore reserves fell two per cent to 91.6 million ounces in the six months to June this year.

The firm has mining operations throughout South Africa, Ghana and Australia.


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