Number-two African gold producer Gold Fields' total ore reserves had slipped by 2,2% to 91,6-million ounces as at June 30, compared with the figure six months before that, it said on Monday.

The updated ore reserves, which included copper as a gold equivalent, took account of increased costs and a higher gold price.

Attributable depletion accounted for 2,2-million ounces, while lower pay limits, limited remodelling and discoveries contributed an additional 0,3-million ounces, Gold Fields said in an emailed statement.

Ore reserves were calculated using gold prices of R120 000/kg in South Africa, A$715/oz in Australia, and $550/oz in Ghana, Venezuela and Peru.

Gold Fields is one of the world's biggest unhedged producers of the yellow metal, with attributable production of four-million ounces a year.

The biggest global producer is Barrick, with Newmont and AngloGold Ashanti following.

The world's gold producers had been struggling in a environment of increasing costs and shrinking reserves, offset by a significantly higher gold price.

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