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Wednesday, 24th December 2008 (1658 views)

Gold Fields has updated its operational guidance for the second quarter of the financial year and reported that group attributable production is expected to be approximately 840,000 ounces.

The Johannesburg-based gold mining company stated that production for the quarter is in line with guidance published on October 29th 2008.

Group cash costs and notional cash expenditure are forecast to be lower than previous guidance due to favourable currently movements.

Nick Holland, Gold Fields chief executive, said: "We are pleased with the improved production and good cost control as well as the progress we are making in terms of delivering the various projects, which will make a significant difference to the future profile of Gold Fields."

According to Mr Holland, the company is in a good position to restore production to historical levels and achieve a run rate of one million ounces per quarter in the near term.

Gold Fields is an unhedged gold firm with attributable production of 3.64 million ounces a year from its eight operating mines in South Africa, Ghana and Australia, while its Cerro Corona Gold/Copper mine in Peru started production in August this year.

 

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