JOHANNESBURG and LIMA, Peru, November
14, 2012 /PRNewswire/ --
Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI)
and Compañia de Minas Buenaventura S.A.A. (Buenaventura) (NYSE,
BVN; Lima Stock Exchange: BUE.LM) today announced an update on the
Chucapaca exploration project in the southern Peruvian region of
Moquegua. The project is a joint venture by Gold Fields (51%) and
Buenaventura (49%) and operated by Gold Fields.
The partners have studied the viability of a large open-pit
operation capable of sustaining a 30,000 tonnes per
day throughput. A first draft of the feasibility study has been
completed and as a result of relatively high capital and
operating costs this option would not have
delivered acceptable project returns.
Consequently, further study work will have to be performed by
the joint venture focusing on value engineering the project to
achieve the expected returns. Future work will mainly
include the following:
- Analysing different options for mine development,
including an underground or a combined open-pit underground
operation, and alternative throughput levels;
- Re-establishing exploration to add resource flexibility, once
the required permits are granted; and,
- Optimising capital and project operating costs.
The partners reiterate their commitment to unlocking the
potential of the Chucapaca project, which will need the
support of all stakeholders, particularly
the neighbouring communities. Gold Fields has built a
close relationship with them and expects to continue working
together through this phase of the project.
Enquiries: Gold Fields
Investor Relations
Willie Jacobsz
Tel +27-11-562-9775
Mobile +27(0)82-971-9238
Email Willie.Jacobsz@goldfields.co.za
Media
Sven Lunsche
Tel +27-11-562-9763
Mobile +27(0)83-260-9279
Email Sven.Lunsche@goldfields.co.za
Diego Ortega
Mobile +51(0)9963-70508
Email Diego.Ortega@gfexpl.com
Enquiries: Buenaventura
Carlos Galvez
Tel +51-1-419-2540
Email cegalvez@buenaventura.com.pe
Daniel Dominguez
Tel +51-1-419-2536
Email ddominguez@buenaventura.com.pe
Notes to editors
About Gold Fields
Gold Fields is one of the world's largest unhedged producers of
gold with attributable annualised production of 3.6 million gold
equivalent ounces from eight operating mines in Australia, Ghana, Peru
and South Africa. Gold Fields also
has an extensive and diverse global growth pipeline with four major
projects in resource development and feasibility, with construction
decisions expected in the next 18 to 24 months. Gold Fields
has total attributable gold equivalent Mineral Reserves of 76.7
million ounces and Mineral Resources of 225.4 million ounces. Gold
Fields is listed on the JSE Limited (primary listing), the New York
Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in
Brussels (NYX) and the Swiss
Exchange (SWX).
About Buenaventura
Compañía de Minas Buenaventura S.A.A. is Peru's largest, publicly traded, Precious
Metals Company and a major holder of mining rights in Peru. The Company is engaged in the mining,
processing, development and exploration of gold and silver and
other metals via wholly owned mines as well as through its
participation in joint exploration projects. Buenaventura
currently operates several mines in Peru (Orcopampa*, Poracota*, Uchucchacua*,
Antapite*, Julcani*, Recuperada*, El Brocal, La Zanja, Coimolache
and CEDIMIN*). The Company owns 43.65% of Minera Yanacocha S.R.L (a
partnership with Newmont Mining Corporation), an important precious
metal producer; 19.58% of Sociedad Minera Cerro Verde, an important
Peruvian copper producer, and 49% of Canteras del Hallazgo S.A,
owner the Chucapaca project.
SOURCE Gold Fields Limited and Compania de Minas Buenaventura
S.A.A.