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Gold Fields year-end production picks up

Gold Fields year-end production picks up

Photo by Bloomberg

21st January 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – JSE- and NYSE-listed Gold Fields on Tuesday said its gold output ticked up during the quarter to December, with full-year production expected to exceed its guidance.

Gold Fields expected production to increase 21% from 496 000 gold-equivalent ounces, achieved in the preceding quarter to September, to 598 000 oz for the three months to December.

The gold producer attributed the output to the newly acquired Yilgarn South assets, in Western Australia, which had delivered a maiden contribution of about 114 000 oz for the December quarter.

Attributable production for 2013 was expected to be about 2.02-million ounces, with total cash costs reaching $810/oz and notional cash expenditure (NCE) of $1 150/oz.

This was “significantly better” than the February guidance of between 1.83-million and 1.90-million ounces at cash costs of $860/oz and NCE of $ 1 360/oz, the company said in a statement.

Total cash costs for the fourth quarter were expected to be marginally higher than the third quarter at $780/oz, while NCE was expected to be 3% lower – at $1 030/oz – than the prior quarter.

Gold Fields said the results for the quarter and year ended December would be published on February 13.

Edited by Creamer Media Reporter

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