Strikes cut Gold Fields’ Q4 output
JOHANNESBURG (miningweekly.com) – Johannesburg- and New York-listed Gold Fields expected its attributable group production for the December 2012 quarter to be 753 000 gold-equivalent ounces, down from the 811 000 oz produced in the September quarter and the 883 000 oz produced in the 2011 fourth quarter.
The company’s South African operations contributed lower production of about 282 000 oz in the fourth quarter of 2012, compared with 386 000 oz in the third quarter of 2012, as a result of the loss of about 110 000 oz during the quarter owing to the ongoing impact of the prolonged unprotected strikes at the Kloof–Driefontein Complex (KDC), in Gauteng, and the Beatrix mine, in the Free State.
The 110 000 oz in lost production, along with the 35 000 oz lost during the third quarter, resulted in a total of 145 000 oz of lost production for 2012.
Unit costs in the South African region were also negatively impacted by the lower production.
However, contributions from Gold Fields’ international regions were significantly higher at 471 000 attributable gold-equivalent ounces in the fourth quarter, up from 424 000 oz in the third quarter of 2012 and 449 000 oz in the fourth quarter of 2011, with all the international operations achieving an improved performance quarter-on-quarter.
The Tarkwa gold mine, in Ghana, recorded a strong improvement in production during the reporting period with 187 800 oz of gold, an improvement from 169 400 oz in the third quarter.
Gold Fields’ full results for the 2012 fourth quarter would be released on February 14.
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