Gold Fields Limited: Q1 2011 Production in Line With Guidanceadmin
Gold Fields Limited (Gold Fields) today announced that attributable Group production for the March quarter (Q1 2011) is expected to be approximately 830,000oz, which is 5% higher than for the corresponding quarter a year ago (793,000oz). As expected
production is lower than that achieved in the previous quarter (900,000 ounces), almost entirely due to the customary Christmas break in South Africa, when all mines close for two weeks.
The guidance of between 3.5 and 3.7 million ounces for the full year 2011, provided on 18 February 2011, takes account of the seasonal decline in production in South Africa which typically affects the March quarter.
The higher year-on-year quarterly production is due to improvements at both the South African and international operations.
Total cash costs and notional cash expenditure (NCE) are expected to be approximately US$750/oz and US$1,090/oz respectively, and the NCE margin for the Group is expected to be approximately 21%.
This guidance is based on exchange rates of ZAR/US$6.98 and A$/US$0.99 for Q1 2011.
The full results for Q1 2011 will be published on Thursday, 19 May 2011.