JOHANNESBURG, July 11, 2013 /CNW/ - Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today announced that attributable Group production for the June 2013 quarter (Q2 2013) is expected to be 451,000 gold-equivalent ounces, with cash costs and notional cash expenditure (NCE) of approximately US$860/oz and US$1,250/oz respectively.
Despite the 5% decline in production from Q1 2013 to Q2 2013, Gold Fields remains on track to achieve its production guidance for 2013 of between 1,825,000 and 1,900,000 ounces and cash cost and NCE of US$860/oz and US$1,360/oz respectively.
The main cause of the approximately 25,000 ounce decline in production during Q2 was the illegal strike at the Tarkwa and Damang mines in Ghana which was previously reported and subsequently resolved.
Gold Fields will release its results for Q2 2013 on Thursday, 22 August 2013. With these results Gold Fields will start to report its costs in accordance with the World Gold Council's Guidance Note on new metrics for reporting on 'all-in sustaining costs' (AISC) and 'all-in costs' (AIC), designed to offer greater clarity around the costs associated with gold production. As a consequence the reporting of cash costs and NCE will be phased out by the end of 2013.Notes to editors About Gold Fields Gold Fields is a significant unhedged producer of gold with attributable annualised production of approximately 2.0 million gold equivalent ounces from six operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects at resource development or feasibility level. Gold Fields has total managed gold-equivalent Mineral Reserves of 64 million ounces and Mineral Resources of 155 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX). In February 2013, Gold Fields unbundled its KDC and Beatrix mines in South Africa into an independent and separately listed company, Sibanye Gold. Sponsor: J.P. Morgan Equities Limited
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV