JOHANNESBURG, December 1, 2010 /PRNewswire-FirstCall/ -- Gold
Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI)
yesterday announced an R8 million, three-year investment in the
mining engineering faculty of the University of Johannesburg.
The sponsorship aims to forge an alliance between Gold Fields
and the university to promote the study of mining engineering and
technology, core skills required to sustain not only the company
itself but the local mining industry as a collective.
The announcement comes amid a renewed sense of urgency amongst
industry and government to address the lack of high level, scarce
skills in the country. The slow supply of graduates is compounded
by the departure of established mining engineers and senior
technical staff due to emigration and retirement.
Nick Holland, Chief Executive
Officer of Gold Fields, said: "The industry is currently facing a
skills gap crisis. The partnership with the University of
Johannesburg will help ensure that
we create a pipeline of qualified graduates who can benefit Gold
Fields and the industry in general."
Professor Ihron Rensburg, Vice-Chancellor of the University of
Johannesburg added: "This
partnership provides a meaningful learning experience to the
nation's brightest young minds. It is encouraging to see Gold
Fields forge partnerships that contribute to the development of the
industry it operates in."
In terms of the sponsorship agreement, the university will
receive a once off capital injection of R2m followed by R2m a year
for three years. In return Gold Fields is afforded naming right
status for the infrastructure that it sponsors - including a new
mining laboratory - as well as participation in the mining
faculty's advisory committee.
The sponsorship is in addition to a range of other educational
initiatives undertaken by Gold Fields. Last year the company spent
around R165 million on education in South
Africa.
Notes to editors
About Gold Fields
Gold Fields is one of the world's largest unhedged producers of
gold with attributable production of 3.5 million gold equivalent
ounces per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth
pipeline with both greenfields and nearmine exploration projects at
various stages of development. Gold Fields has total attributable
gold equivalent Mineral Reserves of 78 million ounces and Mineral
Resources of 281 million ounces. Gold Fields is listed on JSE
Limited (primary listing), the New York Stock Exchange (NYSE), the
NASDAQ Dubai Limited, the Euronext in Brussels (NYX) and the Swiss Exchange
(SIX).
Sponsor: J.P. Morgan Equities Limited
SOURCE Gold Fields Limited