Gold Fields Releases Production Guidance for Quarter Ended 30 September 2005
October 03 2005 - 7:06AM
PR Newswire (US)
JOHANNESBURG, South Africa, October 3 /PRNewswire-FirstCall/ --
Gold Fields Limited (NYSE:GFINYSE:JSE:NYSE:GFI) today issued
revised production guidance for the quarter ended 30 September
2005. Gold production has declined by approximately 8% to 993,000
ounces for the quarter. Between 3 and 4% of the decline is
attributable to the strike experienced at the South African
operations during the quarter. The balance is attributable to the
international operations, reflecting comparison against out
performance in the June quarter and short-term operational issues.
Production at the South African operations declined by
approximately 40,000 ounces to 647,000 ounces. Driefontein and
Kloof performed largely as expected with both operations impacted
by the strike and Kloof experiencing continuing grade problems. As
expected Beatrix experienced haulage constraints at 20 level, 4
shaft, due to smectite problems flagged during the previous
quarter. These problems were corrected within the eight-week period
previously indicated. Production from the affected areas returned
to normal during the month of September. In addition, the impact of
the strike was exacerbated at both Beatrix and Kloof due to a
slower than expected start-up after the strike. Production at the
international operations declined by approximately 45,000 ounces to
346,000 ounces. The main contributors to the decline were Tarkwa
and St Ives. Tarkwa declined by approximately 18,000 ounces to
124,000 ounces (attributable). Approximately one third of the
decline was as a result of a Gold in Process (GIP) release in the
June quarter which changed to a GIP increase during the September
quarter. The balance is owed to reduced volumes to the mill; mill
feed mix issues; and an out performance of the leach pads during
the June quarter, which was highlighted previously. St Ives
declined by approximately 23,000 ounces to 120,000 ounces. Roughly
one third of the reduction is attributable to a planned mill
shutdown and the inclusion of clean up from the old mill in the
June quarter, offset by GIP moves in the mill. The other two thirds
is largely attributable to a short-term reduction in the volume of
high-grade ores from the underground mines, which was flagged in
the previous quarter. Damang experienced a 2.4% decline in
production and Agnew a 4.6% decline, both of which were planned
declines off unusually high bases during the June quarter, and were
indicated during the previous guidance. By the end of September
operations had returned to normal and indications are that
production is on track for a good December quarter.
http://www.goldfields.co.za/ DATASOURCE: Gold Fields Limited
CONTACT: South Africa, Willie Jacobsz, Tel. +27-11-644-2630, Fax
+27-11-484-0639; Nerina Bodasing, Tel. +27-11-644-2460, Fax
+27-11-484-0639. North America: Cheryl A Martin, Tel.
+1-303-796-8683, Fax +1-303-796-8293
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