Gold Fields Production Expected to Increase by Between 5% and 6% in December Quarter
November 18 2004 - 9:59AM
PR Newswire (US)
Gold Fields Production Expected to Increase by Between 5% and 6% in
December Quarter JOHANNESBURG, November 18 /PRNewswire-FirstCall/
-- Shareholders of Gold Fields Limited (JSE:GFI)(NYSE:GFI) are
advised that production for the December 2004 quarter (Q2 F2005) is
expected to increase by between 5% and 6% over that reported in the
September 2004 quarter (Q1 F2005), with the South African
operations expected to improve by approximately 3%. Rand per
kilogram unit costs are expected to improve by approximately 2%,
and total rand per ton costs by more than 5%, on a group-wide
basis, despite continuing inflation pressures. The Group margin is
expected to increase from 17% to between 20%-23% while the margin
for the South African operations is expected to be restored to
double digits. These expected improvement are largely due to the
flow-through of benefits from sustainable revenue enhancement and
cost reduction projects implemented specifically at Gold Fields'
South African operations over the past year. Commenting on the
improved operating performance expected for the December quarter,
Ian Cockerill, Chief Executive Officer of Gold Fields said, "The
performance from our South African operations has been excellent .
We are now benefiting from the positive effects of the strategic
repositioning of our high quality South African assets over the
past year. The commitment of our people to our revenue enhancement
and cost management initiatives are bearing fruit, and we will
continue to deliver value to our shareholders." Gold Fields
shareholders are advised that the information described above has
not been reviewed and reported on by Gold Fields auditors as
referred to in either paragraph 3.4(B)(vi)(1)(aa) or (bb) of the
JSE listing requirements In the United States, Gold Fields Limited
("Gold Fields") has filed a Solicitation/Recommendation Statement
with the US Securities and Exchange Commission (the "SEC") on
Schedule 14D-9 and holders of the Gold Fields Ordinary Shares and
American Depositary Shares are advised to read it as it contains
important information. Copies of the Schedule 14D-9 and other
related documents filed by Gold Fields are available free of charge
on the SEC's website at http://www.sec.gov/. Any documents filed by
Harmony Gold Mining Company Limited, including any registration
statement on Form F-4 (including any prospectus contained therein)
and related exchange offer materials as well as its Tender Offer
Statement on Schedule TO, will also be available free of charge on
the SEC's website. The directors of Gold Fields accept
responsibility for the information contained in this document. To
the best of their knowledge and belief (having taken all reasonable
care to ensure that such is the case) the information contained in
this document is in accordance with the facts and does not omit
anything likely to affect the import of such information. Copies of
this document are not being made available, and must not be mailed,
forwarded, transmitted or otherwise distributed or sent in or into
Australia, Canada, Japan, the Republic of Ireland or any other
jurisdiction in which it is illegal to make this document available
and persons receiving this document (including custodians, nominees
and trustees) must not distribute, forward, mail, transmit or send
it in or into or from Australia, Canada, Japan, the Republic of
Ireland or any such other jurisdiction.
http://www.goldfields.co.za/ DATASOURCE: Gold Fields Limited
CONTACT: Enquires South Africa Willie Jacobsz, 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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