Gold News

Gold Fields increases precious metal resources

Major gold producer Gold Fields has announced an increase in its precious metal mineral resources of 40 per cent to 251.7 million ounces.

Total attributable ore reserves increased by an even more significant 44 per cent to 93.8 million ounces. Both these figures are net of 12 months' depletion, and also include the acquisition of South Deep gold mine.

"We are pleased to be able to announce such a strong resource and reserve statement that significantly increases our overall position, not only replacing the reserves that we have mined but also helping to grow Gold Fields and underpin our strategic focus on securing the future," said the company's chief executive, Ian Cockerill.

He added that the statement had been audited by an independent global mining consultancy.

Barrick Gold sold its indirectly held 50 per cent of the South Deep gold mine, located in South Africa's Witwatersrand basin, to Gold Fields in December last year.

Along with Newmont, Barrick and Gold Fields are two of the world's largest gold producers.


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