PERTH (miningweekly.com) – Gold producer Gold Fields would spend around $1,1-billion over the next five years to reach 750 000 oz/y production at South Africa’s South Deep operation.

The company executive vice-president for exploration and business development Tommy McKeith said on Monday that production at South Deep had already increased from less than 30 000 oz a quarter to around 75 000 oz a quarter.

He said that the South Deep operation currently had a resource of around 30-million ounces, which would give the operation a life-of-mine of around 45 years, at 750 000 oz/y.

Speaking at the Paydirt Gold conference, McKeith said that Gold Fields was currently investigating the possibility of ramping up production at South Deep at a faster pace, by deepening and refurbishing the South Shaft.

By doing this, Gold Fields would be able to increase production from 330 000 t/m of ore to around 450 000 t/m of ore. However, McKeith noted that the deepening and refurbishing of the South Shaft had not been quantified at this stage, and did not make up part of the $1,1-billion spend.

ATHENA MOVES UNDERGROUND

Meanwhile, McKeith said that the Athena deposit at the Saint Ives project, in Western Australia, would go underground by December.

He said that moving to underground mining at Athena and ongoing exploration success could extend Saint Ives' mine life to ten years.

The new exploration at Saint Ives’ Athena deposit was confirming higher and wider grade mineralisation than had previously been mined.

“This has positioned Gold Fields to have Athena in full underground gold production for the first time by mid next year after an end of year start-up this year,” McKeith said.

Since Gold Fields took over the management of the Saint Ives project four or five years ago, it has produced around ten-million ounces of gold. Gold Fields has further added more than 3,65-million ounces in reserves since its acquisition of the project.