Gold Fields Limited
Gold Fields Limited
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275 per year (1-10 users)
(GST included in Australia)
Direct debit/cheque/credit card:
Click here
Subscription inquiries, email subscribe@miningbusiness.net or call 61+413 772 044.
Related Content
A new mine plan has lifted upcoming LoM gold production from the Gruyere project in Western Australia to 300,000oz pa from the 2016 FS’ 270,000oz pa.
The increase comes with a 1-year LoM cut to 12-years, average AISC up 8% to $A1,025oz ($US738oz) and mill processing throughput up from 7.5Mtpa to 8.2Mtpa, with 1st gold production on target for the June 2019 qtr. All major equipment/materials are on site, 200kms E of Laverton, with EPC process plant and associated infrastructure construction 85% and 77% complete.
Despite Australian gold production easing a few thousand ounces in Q3 CY18, output remains at record levels and set to top 300t in CY18
Another strong operating performance by Gold Fields’ international assets offset continuing negative impacts of the restructuring of its South Deep mine in South Africa to lift Sept qtr (Q3) attributable gold production to 533,000oz, from 504,000oz in the June qtr.
AISC was $US977/oz (Q2: $973/oz).
South Deep’s decline have led Gold Fields to again lower its FY2018 production guidance to 2Moz, while its AISC forecast remains $990-1,010/oz.
South African major Gold Fields faces a likely shutdown of its South Deep mine 45km SW of Johannesburg due to a strike by National Union of Mineworkers members who make up about 80% of the mine’s workforce.
The NUM has given Gold Fields 48 hours’ notice of the strike, due to begin on the afternoon of Nov 2.
It follows the issuing of retrenchment letters this week to about 1,100 employees as part of the company’s attempts to restructure South Deep to stem its continuing losses on one of the world’s largest gold mines.
Global hard-rock underground mining services contractor Barminco has won 2 4-year contracts at Gold Fields’ Agnew Gold Mine in Western Australia worth $A335M.
The contracts, effectively extend each of its existing underground mining services and diamond drilling contracts through to 2022, with options for a further 12-month extension. They cover underground mining services at the Agnew mine, associated services at the Waroonga mine and diamond drilling at both Waroonga and New Holland.
The resumption of steady-state operations at Nkran has seen Asanko Gold lift Sept 18 qtr (Q3 18) gold production from its namesake, 50%-owned mine in Ghana to a record 61,599oz (100% basis) from Q2 18’s 53,501oz and tracking the high-end of H2 18 guidance of 110,000oz-120,000oz and FY18 200,000oz-220,000oz.
Gold Road says its Gruyere gold project remains on track for first gold production in the June 2019 qtr after benign weather conditions enabled good progress on the planned 270,000ozpa development 200km E of Laverton in Western Australia over the last 3 months.
Gruyere, a 50-50 JV with Gold Fields, is mobilising its fleet and operations team for mining to begin in Nov.
At end-Sept, overall project engineering was 96% complete and construction was 71% complete, with EPC 57% complete.
START THE WEEK: WHAT YOU NEED TO KNOW
Last week’s announcement by Gold Fields of plans to cut worker numbers (employees and contractors) at its South Deep mine by over 1,500 is yet another blow to President Cyril Ramaphosa’s hopes that the mining sector would be a key contributor to a revival of the South African economy.
The Gold Fields restructure plan for one of the nation’s largest gold mines lifts total announced employment reductions across the sector in recent months to over 27,500.
(PRODUCTIVITY) Gold Fields is making another attempt to stem the cash burn at its South Deep mine in South Africa, announcing restructure plans that will see it cut workforce numbers by 28% while it seeks to transform it into a modern, mechanised operation.
South African major Gold Fields is making another attempt to stem the losses at its South Deep mine 45km SW of Johannesburg, announcing restructure plans that will see it cut workforce numbers by 1,560 or 28%.
A s189 consultation process under South Africa’s Labour Relations Act has begun with unions and stakeholders.
The company says the new round of changes will have a significant impact on South Deep's gold production, but it will take several months of detailed mine planning to come up with an estimate.