Gold Fields Production Decreased due to Strong Rand

Major Miners Gold Fields Reduced Sth Africa Production Early 2010

4th Feb Thursday 2010

Gold Fields, one of the world’s leading gold producers have predicted that there may be a slowing down of Gold production during the first quarter of this year unlike the previous adjusted reported rise in the previous years 2nd quarter. According to the Gold mining Company Gold Field said on Thursday that adjusted EPS for the quarter ending last December 2009 rose to 145 cents from the previous quarters rise of 89.

Gold Fields, which has Gold producing operations and mines all over the major Gold producing countries of Africa, South America and Australia said that the estimated Gold production was at 900,000 ounces, down slightly from the previous quarter of 906,000 ounces. Gold Fields expect that they will experience further drops in production to around 850,000 ounces due to a slow production recovery in the New Year of South African mines. During this quarter Gold Fields witnessed approximately a 5% increase in production costs due to the stronger Rand in South Africa to $613 ounce and expect a further raise in production costs for an ounce to about $650 per ounce by the end of March 2010.

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