Gold Fields Welcomes Additional Allocation of Power
March 07 2008 - 7:40AM
PR Newswire (US)
JOHANNESBURG, March 7 /PRNewswire-FirstCall/ -- Gold Fields Limited
("Gold Fields") (NYSE:GFI), (JSE:JFI), (DIFX: GFI) is pleased to
confirm that it received formal notification from the Department of
Minerals and Energy that, following representations by the Chamber
of Mines and consultation with all stakeholders, the mining
industry had been allocated an additional 260 MW of power which
will effectively allow mines to increase their power consumption
from the current level of 90% of average historical consumption.
This new allocation will be phased in over the next two weeks and
is aimed at minimizing the disruptive impact of power rationing on
the mining industry, job losses and mine safety. Terence Goodlace,
head of Gold Fields' South African operations, said today: "We
welcome the latest developments. The additional power supply to our
mines will help to limit job losses and will have a positive impact
not only on our company and its employees, but on the broader
economy. We will work closely with Eskom and our peers in the
industry to utilise this additional allocation of electricity to
the greatest benefit of all stakeholders and to ensure that safety
is prioritised. "As soon as the specific additional allocation for
each of our mines is confirmed, we will review our mine plans and
production profiles, with a view to increasing production near to
levels prior to those before the reduction in power supply. "Gold
Fields will continue to save power wherever possible as we
appreciate that, like everyone in the country, we have a duty to
play our part in energy saving." About Gold Fields Gold Fields
Limited is one of the world's largest unhedged producers of gold
with attributable production of more than four million ounces per
annum from eight operating mines in South Africa, Ghana and
Australia. A ninth mine, the Cerro Corona Gold/Copper mine in Peru,
is expected to commence production by mid 2008 at an initial rate
of approximately 400,000 gold equivalent ounces per annum. The
company has total attributable ore reserves of 92 million ounces
and mineral resources of 252 million ounces. Gold Fields employs
some 53,000 permanent employees across its operations and is listed
on the JSE Limited South Africa (primary listing), the New York
Stock Exchange (NYSE) and the Dubai International Financial
Exchange (DIFX). All of Gold Fields' operations are ISO14001
certified. For more information please visit the Gold Fields
website at http://www.goldfields.co.za/. DATASOURCE: Gold Fields
Limited CONTACT: Enquiries: Andrew Davidson, Tel: +27-11-644-2638,
Mobile: +27-82-667-7203
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