JOHANNESBURG (miningweekly.com) – Johannesburg-listed Gold Fields has declared overall managed gold mineral resources of 136.7-million ounces and mineral reserves of 52.6-million ounces for the 2013 financial year.

This was a decline on the mineral resources of 149.3-million ounces and mineral reserves of 59.4-million ounces declared by the group in December 2012, the company said in a statement on Monday.

“The decline in the group’s mineral reserves is mainly attributable to a $1 300/oz gold price used compared with the $1 500/oz gold price used in the December 2012 declaration.

“Other than price impacts, mining depletion of 2.3-million ounces was the main contributor to the change in mineral reserves,” the company outlined in a statement on Monday.

Gold Fields’ managed copper mineral resources also decreased from 15.237-million pounds in 2012 to 14.038-million pounds in 2013, while mineral reserves dropped from 1-billion pounds to 712-million pounds over the same period.

The company said the 2013 declaration was a reflection of its restructuring over the past 18 months, during which it had embarked on a “fundamental shift in strategy” away from an emphasis on ounces of production to a primary focus on driving margins and cash flow.

“To this end, Gold Fields engineered a structural shift in the group’s production and cost base, which included the elimination of marginal mining at a number of its operations as well as a significant reduction of its growth and exploration portfolio.

“In addition, the company has achieved greater regional production diversification with the unbundling of Sibanye Gold, in South Africa, in February last year and the acquisition of the Yilgarn South assets, in Australia, in October last year,” it noted. 

The “South Africa region”, consisting of the South Deep gold mine, comprised 56% of the group’s December 2013 managed gold mineral resources, while West Africa comprised 12%, Australasia 9%, the Americas 2% and the Arctic Platinum, Chucapaca, Yanfolila, Woodjam and Far Southeast growth projects comprising 21%.