Gold Fields on Track to Achieve Guidance of 840koz for Q2 F2009admin
Gold Fields Limited updated its operational guidance for Q2 F2009. Group attributable production for Q2 F2009 is expected to be approximately 840,000 ounces, which is in line with the guidance published on 29 October 2008.
Group cash costs and Notional Cash Expenditure are expected to be lower than the guidance published on 29 October 2008 due to favourable exchange rate movements against the South African Rand and the Australian Dollar relative to those provided in the guidance. If stated at the exchange rates used in the guidance ($/R8.00 and A$/$0.85), Group cash costs and Notional Cash Expenditure would have been broadly in line with the guidance of R149,000/kg ($580/oz) and R229,000/kg ($890/oz), respectively.
Nick Holland, Chief Executive Officer of Gold Fields, said: “We are pleased with the improved production and good cost control as well as the progress we are making in terms of delivering the various projects, which will make a significant difference to the future profile of Gold Fields. We are well placed to restoring Gold Fields’ production closer to historical levels and in particular, to achieving a run rate of 1 million ounces per quarter in the near term. The rehabilitation of the steel infrastructure at the Kloof Main Shaft as well as the expansion of the Tarkwa Carbon In Leach (CIL) plant have been substantially completed and are on track to full production build-up by early January 2009.”
Detailed results for Q2 F2009 will be published on 29 January 2009, at 08:00am, South African time.