JOHANNESBURG, Aug. 14, 2018 /CNW/ - Gold Fields Limited (Gold
Fields) (JSE: GFI) (NYSE: GFI) announces a restructuring at its
South Deep operation and provides a further trading statement
relating to its H1 2018 results, due for release on Thursday,
16 August 2018.
South Deep has had a number of operational challenges since Gold
Fields acquired it in 2006. The key challenge has been the
difficulty in transitioning the mine from one run with a
conventional mining mindset and practices to mining with a modern,
bulk, mechanised mining approach. South Deep is a complex and
unique mine, that has faced persistent issues that need to be
addressed in a holistic manner which include:
- Rising operating and overhead costs, which are not aligned with
the profile of a high-volume, medium-grade operation or with
current output levels;
- Consistent failure to meet mining and production targets;
- Unique and complex mining method, long hole stoping mining at
3,000m with attendant challenging
geotechnical and ground conditions requiring extensive
support;
- Extensive infrastructure and support services required to
underpin mining activities, which continue to operate sub-optimally
impacting backfill and stope turn over;
- Poor equipment reliability and productivity impacted by poor
maintenance practices and operational conditions;
- The operation is staffed and resourced for a much higher
production rate than is currently being achieved; and
- Overall labour productivity is significantly below industry
average.
For more information, please visit the company
website: http://www.goldfields.com
Gold Fields will release H1 2018 financial results on Thursday,
16 August 2018, at 12pm.
About Gold Fields
Gold Fields Limited is a globally diversified gold producer with
seven operating mines in Australia, Ghana, Peru
and South Africa, and a total
attributable annual gold-equivalent production of approximately 2.2
million ounces. It has attributable gold Mineral Reserves of around
49 million ounces and gold Mineral Resources of around 104 million
ounces. Attributable copper Mineral Reserves total 764 million
pounds and Mineral Resources 4,881 million pounds. Gold Fields has
a primary listing on the Johannesburg Stock Exchange (JSE) Limited,
with secondary listings on the New York Stock Exchange (NYSE) and
the Swiss Exchange (SIX).
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
SOURCE Gold Fields Limited