Gold Fields' South African Operations Receive Additional Power
March 17 2008 - 1:07PM
PR Newswire (US)
JOHANNESBURG, South Africa, March 17 /PRNewswire-FirstCall/ -- Gold
Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) Gold Fields
Limited is pleased to confirm that the national electricity
utility, Eskom, on Friday, March 14, informed Gold Fields that the
company had been granted an additional 26MW of power for use at its
Kloof and Driefontein gold mines in South Africa. This increases
the total power available to Gold Fields' South African mines to
566 MW, or 95% of the historical average consumption profile.
Terence Goodlace, Head of Gold Fields' South African Operations,
welcomed this as a very positive development and said: "The
granting of additional power to our mines will go a long way to
help saving jobs at Driefontein and Kloof gold mines." With the
additional power, Gold Fields can now re-examine its mine planning
and re-consider the future of Nos. 6 and 7 Shafts at Driefontein as
well as Nos. 3 and 8 Shafts at Kloof. These shafts have been
downscaled or had production stopped since the onset of the power
constraints in January. There is no additional supply of power to
either Beatrix or South Deep gold mines, but Gold Fields believes
these operations can function at current levels of electricity
supply owing to the shallower depth at which Beatrix operates and
the nature of the restructuring operations underway at South Deep.
It must be pointed out, however, that the additional power
allocation will not prevent the forecast production losses of more
than 20 % in the current quarter (Q3F08). Goodlace added: "We thank
all stakeholders who have recognized the strategic importance of
the gold mining industry for South Africa. We will continue to use
the power allocated to us strategically and sparingly, and will
also continue, with the rest of South Africa, to seek ways to
conserve power, while maximizing that which has been allocated to
us to the widest benefit possible." 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/. Investor Enquiries: Willie
Jacobsz Tel: +27(0)11-644-2460 Mobile: +27(0)82-493-1377 Media
Enquiries: Andrew Davidson Tel: +27(0)11-644-2638 Mobile:
+27(0)82-667-7203 DATASOURCE: Gold Fields Limited CONTACT: Investor
Enquiries: Willie Jacobsz, Tel: +27(0)11-644-2460, Mobile:
+27(0)82-493-1377; Media Enquiries: Andrew Davidson, Tel:
+27(0)11-644-2638, Mobile: +27(0)82-667-7203
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