SA Gold Fields sees Q1 output at 476,000 ounces

By bne IntelliNews April 4, 2013

South Africa-based gold miner Gold Fields said its attributable group production for the first quarter of 2012, excluding any contribution from unbundled Sibanye Gold, is expected to be 476,000 gold-equivalent ounces. The company forecast its cash costs to be approximately USD 830/oz and NCE to be about USD 1,290/oz. The projected performance is in line with Gold Fields’ 2013 production guidance of between 1.8 million and 1.9 million ounces and the cash cost and NCE guidance of USD 860/oz and USD 1,360/oz, respectively.

Gold Fields listed Sibanye Gold, which contains most of its domestic assets, on the Johannesburg Stock Exchange (JSE) in February 2013. Gold Fields said its Q1 report would include, for accounting reasons, two months of production (January and February 2013) from Sibanye Gold. On that basis, production is expected to be at around 662,000 gold-equivalent ounces, while total cash costs are seen at USD 915/oz and NCE is seen at USD 1,325/oz. Gold Fields plans to release its Q1 report on May 10, 2013.

After the spin off of Sibanye Gold, Gold Fields’ mining operations now comprise open-pit or shallow underground operations in Ghana, Peru and Australia, the South Deep project in South Africa - a deep-level, bulk underground mechanised operation, as well as international exploration and development projects.

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