Gold Fields expects low gold output

Gold Fields says it is expecting a low gold output for the Group in the last quarter of 2012.

In a guidance statement issued January 21, 2013, the miner announced that attributable Group production for the fourth quarter 2012 is expected to be 753,000 gold equivalent ounces compared to 811,000 ounces in the third quarter.

For the corresponding year in 2011, Gold Fields produced 883,000 ounces.

South Africa, as expected, contributed lower production of approximately 282,000 ounces compared to 386,000 ounces in Q3 2012 and the miner indicated it was “due to the on-going impact of the prolonged and unprotected strikes at KDC and Beatrix.”

Meanwhile, Gold Fields’ international regions had an excellent quarter contributing 471,000 attributable gold equivalent ounces.

In particular, Gold Fields mentioned that the Tarkwa Gold mine in Ghana recorded a strong improvement from the prior quarter with production of 187,800 ounces of gold during the quarter compared to 169,400 ounces in the third quarter of 2012.

By Ekow Quandzie