Middle East, North Africa and Eurasia region
West Africa
Ghana
Tarkwa
|
|
|
Sept
2012 |
|
June
2012 |
|
|
Gold produced |
- 000’oz |
169.4 |
|
176.3 |
|
|
Yield - heap leach |
- g/t |
0.6 |
|
0.4 |
|
|
- CIL plant |
- g/t |
1.4 |
|
1.4 |
|
|
- combined |
- g/t |
1.0 |
|
0.9 |
|
|
Total cash cost |
- US$/oz |
705 |
|
663 |
|
|
Notional cash expenditure |
- US$/oz |
1,122 |
|
1,033 |
|
|
NCE margin |
- % |
32 |
|
36 |
|
Gold production decreased by 4 per cent from 176,300
ounces in the June quarter to 169,400 ounces in the
September quarter due to the temporary suspension of the
heap leach operations. Gold Fields received a directive from
the Environmental Protection Agency to stop discharging
water from the heap leach facilities and treat all water
discharges through water treatment facilities to reduce
conductivity levels. After agreeing to the construction of two
water treatment plants, the temporary suspension was lifted
on 9 August. The loss of production during the September
quarter is estimated at 15,000 ounces.
Total tonnes mined, including capital stripping, increased from
33.6 million tonnes in the June quarter to 35.9 million tonnes
in the September quarter. Ore mined decreased from 5.8
million tonnes to 5.2 million tonnes. Mined grade increased
from 1.23 grams per tonne to 1.29 grams per tonne largely
due to scheduling. The strip ratio, including capital stripping,
increased from 4.8 to 5.9.
The CIL plant throughput increased from 2.81 million tonnes
in the June quarter to 2.97 million tonnes in the September
quarter due to improved mill availability and overall utilisation.
Ramp-up of the secondary crusher also resulted in increased
throughput rates. Yield decreased from 1.45 grams per tonne
to 1.36 grams per tonne. The CIL plant produced 130,300
ounces in the September quarter compared with 131,400
ounces in the June quarter.
Total feed to the North and South heap leach sections
decreased from 3.08 million tonnes to 2.19 million tonnes.
Yield increased from 0.45 grams per tonne in the June quarter
to 0.56 grams per tonne in the September quarter. The heap
leach operation produced 39,100 ounces in the September
quarter compared with 44,900 ounces in the June quarter.
The decrease was attributable to the temporary suspension of
operations, for the reasons described above.
Net operating costs, including gold-in-process movements,
increased from US$114 million (R917 million) in the June
quarter to US$117 million (R961 million) in the September
quarter due to a lower build-up of gold-in-process in the
September quarter. Total cash cost increased from US$663
per ounce in the June quarter to US$705 per ounce in the
September quarter due to the reduced production.
Operating profit decreased from US$171 million (R1,382
million) in the June quarter to US$164 million (R1,357 million)
in the September quarter as a result of the lower revenue and
the increase in net operating costs.
Capital expenditure increased from US$60 million (R480
million) in the June quarter to US$71 million (R582 million) in
the September quarter, with expenditure on pre-stripping,
water treatment facilities and additional mining fleet being the
major items.
Notional cash expenditure increased from US$1,033 per
ounce in the June quarter to US$1,122 per ounce in the
September quarter due to the decrease in production and
increase in capital expenditure. The NCE margin decreased
from 36 per cent to 32 per cent due to the higher NCE in the
September quarter partly offset by the higher gold price.
Damang
|
|
|
Sept
2012 |
|
June
2012 |
|
|
Gold produced |
- 000’oz |
39.9 |
|
38.2 |
|
|
Yield |
- g/t |
1.0 |
|
1.3 |
|
|
Total cash cost |
- US$/oz |
964 |
|
995 |
|
|
Notional cash expenditure |
- US$/oz |
1,709 |
|
1,799 |
|
|
NCE margin |
- % |
(4) |
|
(11) |
|
Gold production increased by 4 per cent from 38,200 ounces
in the June quarter to 39,900 ounces in the September
quarter due to the improved operational performance at the
process plant. Safety concerns in the southern interface
between the Juno and Damang pit cutback (DPCB) together
with deteriorating conditions on the East wall remain a
constraint to mining volumes, thereby impacting gold
production. It is expected that these constraints will remain till
mid-2013.
Total tonnes mined, including capital stripping, decreased
from 8.9 million tonnes in the June quarter to 8.5 million
tonnes in the September quarter. This decrease was
because of the curtailment of mining operations at the DPCB
during heavy rainfall due to an increase in rockfall incidents
during the rainy season, reducing the utilisation of the mining
fleet. Ore mined decreased from 1.15 million tonnes to 0.95
million tonnes. The strip ratio increased from 6.8 to 7.9.
Tonnes processed increased from 0.93 million tonnes in the
June quarter to 1.09 million tonnes in the September quarter.
Despite this increase, the plant is processing below its
capacity of 5 million tonnes per annum and will only increase
its run rate once maintenance and upgrades to improve the
mill feed size and crushing rate, aimed at eliminating
constraints, are fully commissioned. Commissioning is
expected by the end of the September quarter 2013. As a
result, the milling rate was restricted to 4.4 million tonnes per
annum to ensure plant reliability. The grind size of the ore
was optimised in the September quarter which had the effect
of improving gold recovery from 90 per cent to 92 per cent
quarter on quarter. Once fully commissioned it is expected
that the plant will maintain a throughput rate of approximately
4.9 million tonnes per annum at a recovery of 91 per cent,
slightly lower than currently being achieved due to the harder
blend of ore anticipated per the mining schedule.
Net operating costs, including gold-in-process movements,
were constant at US$38 million (R313 million). Total cash cost
decreased from US$995 per ounce to US$964 per ounce as a
result of the higher production.
Operating profit increased from US$23 million (R189 million)
in the June quarter to US$28 million (R231 million) in the
September quarter due to increased revenue.
Capital expenditure increased from US$29 million (R234
million) to US$30 million (R248 million) with the majority of
expenditure on pre-stripping, exploration and the acquisition
of mining fleet.
Notional cash expenditure decreased from US$1,799 per
ounce in the June quarter to US$1,709 per ounce in the
September quarter due to the higher production in this
quarter. The NCE margin improved from a negative 11 per
cent to a negative 4 per cent due to the lower NCE and higher
gold price.
The pre-leach thickener which assists the circuit’s water
balance and the in-line leach reactor which maximises gravity
gold recovery are planned for commissioning during the
December 2012 quarter. These projects are expected to
improve recoveries by around 0.3 per cent and reduce the
utlisation of reagents, specifically cyanide. The revised
production guidance for 2012 is estimated at approximately
165,000 ounces at a total cash cost of US$930 per ounce and
an NCE of US$1,650 per ounce.
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