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Gold Fields expected to report production of 535,000oz for June quarter - BDlive

Monday, 13 July 2015

GOLD Fields expects to report production of 535,000oz of gold at an all-in cost of $1,060/oz for the June quarter when it reports results on 20 August.

Gold Fields produced 548,000oz of gold in the June quarter a year ago at an all-in cost of $1,093/oz.

In the March quarter of this year, Gold Fields produced 501,000oz — a 10% fall from output in the December quarter — at an all-in cost of $1,164/oz, with a poor performance from its South Deep mine in SA.

Gold Fields has struggled to reach production targets at its South Deep mine and has had a number of revisions to the timelines and production targets at the mine, which is in development. In the March quarter, output at the mine fell by 25% to 36,300oz because of the year-end holidays and the "knock-on effects" of a four-month shut down in the second half of 2014.

Operations in West Africa, Peru and Australia also reported reduced production in the March quarter but not on the scale of South Deep.

Gold Fields maintained its full-year production target at about 2.2-million oz at an all-in cost of $1.075/oz.

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