Integrated Annual Review 2012 Annual Financial Report 2012 Mineral Resources and Mineral Reserves Regional overview  

6.3 Moving from exploration to production

During 2012, we completed a detailed review of our major growth projects to ensure their alignment with Group priorities – and the prioritisation of cash generation in particular. As a result of this process, we have adapted our development strategy, which has contributed to a reduction in our capital expenditure.

Key changes include the following:

  • Arctic Platinum Project: The pre-feasibility study is close to completion with initial findings demonstrating a viable project
  • Chucapaca: Recent feasibility work has not produced the required project returns. As a result, we are now focusing on further exploration to increase resource flexibility, re-engineering to reduce capital expenditure and optimise the business case (including pit optimisation and underground mining potential), and continued compliance with our existing social commitments
  • Far Southeast: We have reduced activity on our technical development programmes to allow additional time for securing land access, gaining community acceptance and the granting of a Financial or Technical Assistance Agreement (FTAA) that would allow us to gain a majority stake in the project
  • Yanfolila: The inferred Mineral Resource at Yanfolila was doubled during 2012. The project is currently in scoping study phase, but further de-risking and gap filling could enable the project to move through feasibility to a development decision by end 2013.
Mineral Resources and Mineral Reserves Overview 2012 - Gold Fields Exploration and Growth Projects