JOHANNESBURG, Feb 29, 2008 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd. (GFI), Africa's second-largest gold producer, has agreed not to hand out redundancy notices until it has discussed its plans to cut jobs with industry unions, a spokesman said Friday.
The Johannesburg-based company has warned it may cut 6,900 of its 53,000-strong workforce as it scales back certain operations to meet demands to reduce power consumption by 10%.
Andrew Davidson, spokesman for Gold Fields, said the company has undertaken not to give notice of job cuts until the matter has been fully discussed with unions, which isn't likely until some time next week.
Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI
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Teleconference
JOHANNESBURG, South Africa, February 25, 2008 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields will host a teleconference on Monday, February 25, at 16:30 Johannesburg time, to discuss the impact of the power rationing on its South African Operations. The details of the teleconference appears at the bottom of this press release.
Gold Fields Limited gold production for the current quarter (Q3 F08) is forecast to decline by between 20% and 25% against the December quarter (Q2 F08), as a result of the total suspension of production for one full week due to power constraints, continued power rationing, and the seasonal impact of the Christmas break.
It is further confirmed that, as a consequence of the 10% power reduction imposed by Eskom, sustainable production at Gold Fields' South African operations is likely to decline by between 15 and 20 percent from the June quarter (Q4 F08) onwards, as previously advised.
Eskom has indicated that the current quota of 90% of average historic electricity consumption will remain in force for at least five years, through to 2012.
To achieve the 10% reduction in electricity consumption imposed by Eskom the following actions are proposed:
- The Number 6 and 7 shafts as well as the 9 shaft Depth Extension Project at Driefontein, and the Number 3 and 8 shafts at Kloof Gold Mine, are to be mothballed, closed or scaled back, potentially affecting approximately 4,900 employees at these two mines.
- South Deep Gold Mine is to be restructured as a result of the depletion of the Ventersdorp Contact Reef horizon above 95-level and a new strategy implemented which focuses primarily on the completion of the twin shaft infrastructure and development capital programmes. This too is unfortunately compounded by the power rationing. The total number of South Deep employees potentially affected is approximately 2,000.
- Production at Beatrix Gold Mine is unlikely to be affected by the reduction in power supply.
The total number of employees and contractors potentially affected at all of Gold Fields' South African mines is 6,900 out of a total employee population of 53,000.
Engagement with all relevant stakeholders, including Unions and Associations, have commenced with a view to ameliorating the impact on affected employees. All alternatives will be considered to save jobs, including options such as early retirement, voluntary retrenchments, contractor replacement and redeployment elsewhere in the group. The National Union of Mineworkers however asked management to hold back on the issue of "section 189 letters" commencing formal retrenchment discussions, until the Union had completed a series of meetings with Government and the Chamber of Mines, scheduled for 26, 27 and 29 February 2008.
Terence Goodlace, Head of South African Operations for Gold Fields Limited, said: "The inability of Eskom to supply the mines their full power requirements, and to commit to additional electricity demand for new mining projects currently in development, has caused a significant crisis in the South African mining industry. It is paradoxical that we have to consider downscaling in the current record-high gold price environment. To ensure sustainability of production and the security of the associated jobs, albeit at reduced levels, all available electrical power will have to be directed to higher margin, revenue generating shafts, at the expense of lower margin shafts and the Driefontein 9 shaft development project."
The above proposals were determined only after extensive and thorough review, including the following:
- In order to optimise the use of available electricity, and to ameliorate the impact on production, a number of electricity savings and optimisation projects are at various stages of implementation on all mines. All non-essential electricity use has been stopped;
- Gold Fields operations have implemented a number of demand-side management projects, diverting approximately 50 MW of electricity consumption to off-peak periods. Projects to divert a further 100 MW is currently in progress or awaiting approval from Eskom;
- All operational plans and capital projects have been restated within the constraints of available electricity, and to divert available electricity to higher margin areas at the expense of lower margin areas and non-essential capital projects.
Gold Fields is currently controlling its average power usage to 540 MW, down from the historical average of 601 MW.
To provide some safeguard against future electricity cut-backs from the current 90% level, a number of opportunities for self-generation of electricity at the different mines are currently undergoing feasibility studies. Gold Fields is to spend some R200 million on additional emergency power to safeguard employees in the case of a total blackout. The health and safety of our employees remains our top priority. This programme is to be completed by calendar year end.
Operational Guidance
Driefontein Gold Mine: Nos. 6, 7 and 9 Shafts
At Driefontein it is proposed that a) Driefontein 6 shaft be placed in a phased closure with only cleaning and reclamation activities taking place until final closure by December 2008, and b) Driefontein 7 shaft be mothballed with immediate effect.
It is also proposed that the Driefontein 9 Shaft Depth Extension Project be suspended and deferred and the electrical power currently being utilised at 9 shaft will be re-directed to the number 3 plant. The 9 shaft project is a life extension project and includes shaft sinking; the construction of a sub vertical shaft complex; and the completion of infrastructure required to access 8.5 million ounces of gold reserves from depths of 3,500 metres to 4,120 metres below surface. This project would extend the life of the Driefontein Gold Mine from approximately 2025 to 2035. The suspension of the 9 shaft project ensures that Gold Fields can fund the capital programme at South Deep.
Specialist shaft sinking contractors were awarded the mining contract to develop the Depth Extension project and 930 people currently employed on the project would be affected by the suspension of work on the project. Capital expenditure of approximately R 5.4 billion over the next ten years was planned on the development of this project. This new mine would require an energy demand of approximately 110 MW and a guarantee from Eskom of their ability to supply this future energy to meet the planned production requirements.
In the March 2008 quarter production from Driefontein Gold Mine is expected to decline by 1,500kg to approximately 5,900kg and total cash costs is likely to increase from R94,390/kg to R116,250/kg. The bulk of this impact is attributable to the week long power shut down during the quarter, followed by lower production with the constraint of only 90% of power, with some contribution from the seasonal decline due to the Christmas break.
Steady state sustainable production from the June 2008 quarter and onwards should decline by approximately 608kg to approximately 6,800kg per quarter at cash costs of approximately R102,150/kg compared to the December 2007 quarter.
In total approximately 2,600 of Driefontein's 18,500 employees (including contractors) may be affected.
Kloof Gold Mine: Nos.3 and 8 Shafts
At Kloof it is proposed that Kloof 8 shaft be mothballed and production terminated with a loss of approximately 300 kg of gold per quarter. Pumping infrastructure in the shaft would be maintained. Kloof 3 shaft would be scaled back and production reduced by approximately 510 kg per quarter to 840 kg per quarter.
In the March 2008 quarter production from Kloof Gold Mine is likely to decline by 1,700kg to 5,450kg and total cash costs is likely to increase from R91,029/kg to R115,200/kg. The bulk of this impact is attributable to the week long power shut down during the quarter, followed by lower production with the constraint of only 90% of power with some contribution from the seasonal decline due to the Christmas break.
Steady state sustainable production from the June 2008 Quarter and onwards should decline by approximately 1,270kg to approximately 5,910kg per quarter at cash costs of approximately R104,061/kg compared to the December 2007 Quarter.
The mine has formally requested an additional 8MW from Eskom due to difficulties experienced in re-establishing safe production levels. Additional electricity is required to operate a recently commissioned refrigeration plant, a recently commissioned underground booster fan, and pumping requirements.
In total approximately 2,300 of Kloof's 17,200 employees (including contractors) may be affected.
South Deep Gold Mine
Since acquiring South Deep in January 2007 the mine has not achieved the planned increased ore production as proposed in the feasibility study compiled by the previous joint venture owners (the Joint Venture Feasibility Study). The mine has produced on average 108,000 tons per month of ore from underground, which is 71% of planned production, whilst incurring 105% of the full planned production costs.
A full strategic review of the existing mine plan has concluded that the current installed shaft infrastructure will not support the feasibility scope of mining activity which includes ore reserve development and the build-up of production to the envisaged 330,000 tonnes of ore per month. The South Deep Twin Shaft infrastructure is still under construction and has inadequate installed refrigeration, ventilation, water pumping and ore handling facilities.
The inability to reach previously planned levels of production has been compounded by recent structural geological changes, specifically in the conventional mining areas of the Ventersdorp Contact Reef (VCR). The conventional mining of the Ventersdorp Contact Reef (VCR) above 95-level intersected the Waterpan fault some 12 months earlier than predicted and this loss of mining face, in addition to the stopping of the two other VCR mining areas, which encountered poor ground and unsafe conditions, has resulted in no conventionally mineable areas being available to mine. As a consequence, all conventional VCR mining has been stopped.
To ensure that South Deep is optimally developed for the long-term benefit of all stakeholders, and to correct the constraints imposed by the incomplete shaft infrastructure and inadequate ore reserve development on the future viability of the mine, it is proposed to restructure the mine to address these constraints. The delivery of the capital infrastructure and the development of the ore body have to be the primary focus for the next 18 months.
During this period ore production will be constrained to between 80,000 and 100,000 tons per month (200,000 ounces of gold annualised) from only the mechanised trackless sections of the mine and, to a lesser extent, from the mechanised mining of the "de-stress cut".
The proposed restructuring is likely to affect 2,000 of the 6,000 people (including contractors) employed at the South Deep Gold Mine.
Earlier indications were that it may have been possible to redeploy up to 1,530 of the affected South Deep employees to other operations in the Gold Fields Group. However, the imposition of the power rationing to 90%, and the affect that this is having on employment levels at, in particular Driefontein and Kloof, mitigates against this as an option.
The national power crisis would have required South Deep, at 90% of average power usage, to have reduced from 66MW to 59MW. South Deep could not have sustained the conventional mining section in the VCR at 59MW. It is likely that this area would have been stopped on the basis of inadequate power, had the structural geological change not intervened.
In the March 2008 Quarter production from South Deep Gold Mine is likely to decline by 700kg to approximately 1,400kg and total cash costs is expected to increase from R147,719/kg to R237,200/kg. The bulk of this impact is attributable to the week long power shut down during the quarter, followed by lower production with the constraint of only 90% of power with some contribution from the seasonal decline due to the Christmas break. In addition the mine is still fully staffed for the now depleted conventional VCR mining section.
The production for the June 2008 quarter should decline by 860kg to approximately 1,200kg at cash costs of approximately R250,000/kg compared to the December 2007 quarter. Once restructuring is completed it is planned to operate the mine at unit costs of R160,000/kg with production at between 1,400kg and 1,500kg a quarter. Capital spend is planned at R1 billion for F2009.
Beatrix Gold Mine
Production at Beatrix Gold Mine will be unaffected by the electricity rationing as it is in a position to absorb the 10% reduction in electricity through a number of power savings and generation projects presently being implemented. This mine is less energy intensive than the deeper Driefontein and Kloof operations.
In the March 2008 Quarter, production from Beatrix Gold Mine is expected to decline by 1,004kg to approximately 2,644kg and total cash costs may increase from R108,058/kg to R150,908/kg. The bulk of this impact is attributable to the week long power shut down during the quarter, followed by lower production with the constraint of only 90% of power with some contribution from the seasonal decline due to the Christmas break.
Steady state sustainable production from the June 2008 quarter and onwards should increase by 35kg to approximately 3,733kg per quarter at cash costs of approximately R108,210/kg compared to the December 2007 Quarter.
The forecast information has not been reviewed and reported on by the Gold Fields auditors.
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable production of more than four million ounces per annum from eight operating mines in South Africa, Ghana and Australia.
A ninth mine, the Cerro Corona Gold/Copper mine in Peru, is expected to commence production by mid 2008 at an initial rate of approximately 400,000 gold equivalent ounces per annum.
The company has total attributable ore reserves of 92 million ounces and mineral resources of 252 million ounces.
Gold Fields employs some 53,000 permanent employees across its operations and is listed on the JSE Limited South Africa (primary listing), the New York Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX).
All of Gold Fields' operations are ISO14001 certified. For more information please visit the Gold Fields website at http://www.goldfields.co.za.Teleconference
Monday February 25, 2008For Johannesburg: 16:30
For United Kingdom: 14:30 hours GMT
For Europe: 15:30 hours, European time
For North America: 09:30 a.m., Eastern time
Gold Fields Limited will be hosting a teleconference to discuss the impact of the power rationing on its South African operations on Monday, February 25 at the times listed above. A set of slides for the teleconference will be available on the Gold Fields website http://www.goldfields.co.za, two hours before the start of the teleconference.
Dial in Numbers
South Africa Toll: 011-535-3600 Toll-free: 0800-200-648
USA Toll: 1-412-858-4600 Toll-free: 1-800-860-2442
Australia Toll-free: 1-800-350-100
United Kingdom Toll-free: 0800-917-7042
Canada Toll-free: 1-866-519-5086
Europe
and other Toll: +41-916-105-600 Toll-free +800-246-78-700Ask for Gold Fields call
Simultaneous Audio Webcast
Available at our website, http://www.goldfields.co.zaDigital Replay Available One-Hour After Call
Playback code: 2541
(Available for seven days)South Africa & Other: +27-11-305-2030
USA: 1-412-317-0088
United Kingdom: 0808-234-6771
Europe: +41-91-612-4330 (Switzerland)
Australia: 1-800-091-250Enquiries re teleconference:
Francie Whitley,
Phone: +27-11-644-2505,
Fax: +27-11-484-0639,
Franciew@goldfields.co.za.Enquiries:
Reidwaan Wookay,
Tel: +27(0)11-644-2665,
Mobile: +27(0)84-878-4566;Andrew Davidson,
Tel: +27(0)11-644-2638,
Mobile: +27(0)82-667-7203.SOURCE Gold Fields Limited
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JOHANNESBURG, Mar 03, 2008 (Dow Jones Commodities News via Comtex) -- Edited Press Release
Gold Fields Ltd. (GFI), Africa's second-largest gold producer, Monday said its Driefontein Gold Mine on South Africa's West Rand and Beatrix Gold Mine in the Free State province both have achieved one million fatality-free shifts.
"We will continue to strive to eliminate fatal accidents at all our operations. Driefontein and Beatrix have shown that it can be done," Terence Goodlace, head of Gold Fields' South African operations, said.Company Web site: http://www.goldfields.co.za
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LONDON, Mar 05, 2008 (Dow Jones Commodities News via Comtex) -- Johannesburg-based gold mining company Gold Fields Ltd. (GFI) said Wednesday that the industry is hoping for a 5% power increase to mines but that it is not expecting 100%, a company spokeswoman said.
On Friday the South African government is expected to announce if it's able to increase power to mines while still maintaining the stability of the country's electricity system.
"It is highly unlikely that we get the full 100%," the spokeswoman said, adding even before the cut down to 90% at the beginning of February when the country cut power forcing mines to shut for several days, the government was asking industry to reduce power usage by 10%.
"We will appreciate any increase of power," she added. -
JOHANNESBURG, Mar 07, 2008 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd. (GFI) Friday said any increase in power supply to its operations could ameliorate possible job losses recently unveiled.
Andrew Davidson, spokesman for the Johannesburg-based gold producer, said any easing of the power rationing to South African mines and smelters would be welcomed, Gold Fields hasn't heard officially that electricity supplies will be increased.
Gold Fields recently said it may cut as many as 6,900 of its 53,000-strong workforce and expects a reduction in gold production as a result of reduced electricity supplies.
The country's government late Thursday during the next two weeks an additional up to 260 megawatts of electricity would be allocated to mines, although the industry will still be restricted to about 95% of normal power use.
The increase would occur in a phased manner and on a case-by-case basis, the departments of minerals and energy and public enterprises said in a joint statement.
Company Web site: http://www.goldfields.co.za -
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JOHANNESBURG, Mar 07, 2008 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd. (GFI) Friday said additional power supply to its mines will help to limit job losses and have a positive impact on the company and the broader South African economy.
"As soon as the specific additional allocation for each of our mines is confirmed, we will review our mine plans and production profiles, with a view to increasing production near to levels prior to those before the reduction in power supply," Terence Goodlace, head of the Johannesburg-based company's South African operations, said.
The country's Department of Minerals and Energy has allocated an additional 260 Megawatts of power that will effectively allow mines to increase power consumption from the current level of 90% of average historical consumption.
This new allocation will be phased in over the next two weeks and is aimed at minimizing the disruptive impact of power rationing on the mining industry, job losses and mine safety.
Company Web site: http://www.goldfields.co.za -
JOHANNESBURG, March 3, 2008 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited ("Gold Fields") (GFI: gold fields ltd new sponsored adr) (JSE:GFI)(DIFX: GFI) is pleased to report that two of its operations - Driefontein Gold Mine on the West Rand and Beatrix Gold Mine in the Free State - have both achieved one million fatality-free shifts.
Terence Goodlace, head of Gold Fields South African operations, described the achievement as a "magnificent double in mine safety". He said: "Safety remains our top priority and we have refocused all our efforts to ensure that no harm comes to any of our employees while at work.
"We will continue to strive to eliminate fatal accidents at all our operations. Driefontein and Beatrix have shown that it can be done."
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable production of more than four million ounces per annum from eight operating mines in South Africa, Ghana and Australia.
A ninth mine, the Cerro Corona Gold/Copper mine in Peru, is expected to commence production by mid 2008 at an initial rate of approximately 400,000 gold equivalent ounces per annum.
The company has total attributable ore reserves of 92 million ounces and mineral resources of 252 million ounces.
Gold Fields employs some 53,000 permanent employees across its operations and is listed on the JSE Limited South Africa (primary listing), the New York Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX).
All of Gold Fields' operations are ISO14001 certified. For more information please visit the Gold Fields website at http://www.goldfields.co.za.
SOURCE Gold Fields Limited -
VANCOUVER, BRITISH COLUMBIA, Mar 05, 2008 (MARKET WIRE via COMTEX) -- GoldQuest Mining Corp. ("GoldQuest" or the "Company") (CA:GQC: news, chart, profile) (FRANKFURT: M1W) is pleased to present an update on the exploration activities with its partner Gold Fields Ltd. ("Gold Fields"). Gold Fields are currently earning a 60% interest in various projects in the Dominican Republic by expending US$5 million over a three year period.
JENGIBRE PROJECT
The Jengibre project was originally sampled by GoldQuest geologists during the regional stream sediment programme funded by Gold Fields. Follow-up of a highly anomalous stream sediment sample discovered outcropping mineralization exposed in a creek. Of fourteen rock samples taken during the original recon phase, seven returned values greater than 5.40% Zn (the highest four zinc values ranges from 23.10 to 30.00% the maximum analytical limit of the package used). Other maximum values from the samples included 5.12 g/t Au, 480 g/t Ag, 5.2% Cu and 260 ppm Mo.
Recent follow-up work by Gold Fields has defined several new areas of hydrothermal alteration and mineralization in the vicinity of the original discovery. Recent rock sampling has returned sample values up to 17.7 g/t and 14.1 g/t Au associated with zones of intense silica-pyrite alteration. Outcropping mineralization has now been identified in five principal zones, four of which are located over a horizontal distance of approximately 1,000 meters. The mineralized outcrops occur at a similar topographic level, suggesting possible lateral continuity of the zones in the form of a shallow dipping stratiform body cross-cut by several sub-vertical faults and possible feeder structures. The fifth zone is located approximately 500 meters further east, where preliminary rock samples grade up to 4.7 g/t Au from a zone of silica-pyrite alteration which trends approximately 450 meters east-west. The style of alteration and mineralization of the fifth zone is similar to that occurring in the other zones.
Gold Fields are currently sampling and geologically mapping the project in detail, intending to drill the mineralized targets as soon as possible. Additional assay results from soil and rock samples will be published as soon as they are received from the laboratory.
The Jengibre discovery is now the third zone of mineralization defined by GoldQuest and Gold Fields in a 35 km NNW-trending belt extending from the Las Tres Palmas and Loma Viejo Pedro properties in the northwest, to
Jengibre in the southeast.
PIEDRA IMAN PROJECT
Gold Fields have recently been focusing considerable work on the Piedra Iman target located approximately four kilometers northwest of the Pueblo Viejo mine currently under option from the Dominican government to a Barrick-Goldcorp joint venture. As announced by Barrick on February 27, 2008, the Pueblo Viejo mine contains reserves of 20.4 million ounces of gold, 423.6 billion pounds of copper, and 117.3 million ounces of silver. Barrick has submitted a feasibility study and notice to the Government of the Dominican Republic in order to proceed with project development.
At Piedra Iman Gold Fields have drilled thirteen holes for a total of 3,171 meters to test for blind high sulphidation mineralization beneath a silica lithocap as proposed in the new geological model(i) developed by the GoldQuest team with leading geological consultant Dr. Richard Sillitoe.
The most encouraging hole to date is PI-13, which cut approximately 60.4 m of favorable-looking multi-episodic silicification, crackle brecciation and hydrothermal breccias. Up to 20% pyrite occurs as disseminations and veinlets within this interval, which represents the most dynamic alteration observed in the Piedra Iman drill core to date.
Approximately two kilometers south of PI-13 additional encouraging alteration with sulphide mineralization has been intersected in hole PI-16 located near holes PI-1, -2, and -3, which were drilled earlier by GoldQuest. Those three holes contain intervals of highly anomalous values of trace metals characteristic of Pueblo Viejo mineralization but they lack significant gold. Results from the current Gold Fields drilling will be released as soon as all final results are received from the laboratory.
CERRO DORADO PROJECT
Gold Fields recently completed four diamond drill holes totaling 1,242 meters at the Cerro Dorado project, a porphyry gold target located 29 kilometers southwest of the Pueblo Viejo,. Drilling tested new geophysical targets defined by Gold Fields (News Release October 18, 2007), and the best intersections were two meters (from 58.00 m) grading 1.13 g/t Au in hole CD-16: and three meters (from 194.50 m) grading 1.10 g/t Au in CD-19. No further work is scheduled by Gold Fields on the Cerro Dorado project.
JOSEFINA PROJECT
At the Josefina porphyry target located 17 kilometers northwest of Piedra Iman, Gold Fields has commenced drilling on recently developed IP geophysical targets which are partially coincident with favorable geology, geochemistry and alteration. Gold Fields intend to complete up to 800 meters of exploration drilling at Josefina.
LOMA VIEJO PEDRO PROJECT
Exploration work is ongoing at the Loma Viejo Pedro project located between the Las Tres Palmas and Jengibre projects in the Western Cordillera of the Dominican Republic. Gold Fields are following up numerous targets identified by GoldQuest geologists during the regional geochemical exploration programme. At Loma Viejo Pedro, rocks of the Upper Cretaceous Tireo Formation host silicic, argillic and pyritic alteration with anomalous gold values. Fifteen of 153 outcrop and float rock samples returned values greater than 1 g/t Au, with a high of 8.8 g/t Au in outcrop. Additional sample results from Loma Viejo Pedro will be published as soon as all assays are received from the laboratory.
OTHER PROJECTS
Gold Fields are currently completing systematic follow-up exploration programmes on a number of other targets identified by the regional exploration programme.
About GoldQuest
GoldQuest is an Exploration company focused on the Dominican Republic. Through regional grass-roots generative exploration and new geological models the Company has built a portfolio of new gold and copper discoveries.
Mr Nathan Brewer, an employee of Gold Fields, is the Qualified Person as defined by National Instrument 43-101, responsible for the technical information noted in this news release and the design and management of the ongoing exploration programmes. David J. Hall, Vice Chairman and Director of the Company, is the qualified person as defined by National Instrument 43-101 and has reviewed the content of this press release. Preparation and geochemical analyses of all samples were carried out by ALS Chemex in Vancouver and Acme Labs in Santiago. Standards, blanks and duplicates are routinely inserted into all sample batches for quality assurance and quality control.
GoldQuest is traded on the TSX-V under the symbol GQC.V and in Frankfurt / Berlin with symbol M1W.
On behalf of the Board of Directors
Alistair Waddell
(i) Richard H. Sillitoe, David J. Hall, Stewart D. Redwood and Alistair H. Waddell, 2006 Economic Geology Vol. 101 pp. 1427 - 1435. "A New Model of Formation Beneath Barren Limestone Cover for the Giant High Sulphidation Gold-Silver Deposit at Pueblo Viejo, Dominican Republic". -
es in along with a PEST Framework Analysis
DUBLIN, Ireland, Mar 06, 2008 (BUSINESS WIRE) -- Research and Markets ( http://www.researchandmarkets.com/reports/c85072) has announced the addition of "Analysis of Gold Fields Ltd." to their offering.
We present Analysis of Gold Fields Ltd. A complete and comprehensive analysis of Gold Fields Ltd, includes an overview of the industry the company operates in, a PEST Framework Analysis of the industry, and then moves on to analyzing the company itself.
Company analysis includes a history of Gold Fields Ltd., a business segment analysis of the segments Gold Fields Ltd. operates through, a look at the organization structure of the company, a geographical operating segments analysis, an analysis of the company's major competitors.
A financial analysis of Gold Fields Ltd. is presented in the report which includes a ratio analysis, basic profit and loss analysis, presentation of the company balance sheet, and much more.
A SWOT Framework Analysis of Gold Fields Ltd. and its competitors completes this in-depth company analysis. -
JOHANNESBURG, March 7, 2008 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited ("Gold Fields") (GFI: gold fields ltd new sponsored adr) , (JSE: JFI), (DIFX: GFI) is pleased to confirm that it received formal notification from the Department of Minerals and Energy that, following representations by the Chamber of Mines and consultation with all stakeholders, the mining industry had been allocated an additional 260 MW of power which will effectively allow mines to increase their power consumption from the current level of 90% of average historical consumption.
This new allocation will be phased in over the next two weeks and is aimed at minimizing the disruptive impact of power rationing on the mining industry, job losses and mine safety.
Terence Goodlace, head of Gold Fields' South African operations, said today: "We welcome the latest developments. The additional power supply to our mines will help to limit job losses and will have a positive impact not only on our company and its employees, but on the broader economy. We will work closely with Eskom and our peers in the industry to utilise this additional allocation of electricity to the greatest benefit of all stakeholders and to ensure that safety is prioritised.
"As soon as the specific additional allocation for each of our mines is confirmed, we will review our mine plans and production profiles, with a view to increasing production near to levels prior to those before the reduction in power supply.
"Gold Fields will continue to save power wherever possible as we appreciate that, like everyone in the country, we have a duty to play our part in energy saving."
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable production of more than four million ounces per annum from eight operating mines in South Africa, Ghana and Australia.
A ninth mine, the Cerro Corona Gold/Copper mine in Peru, is expected to commence production by mid 2008 at an initial rate of approximately 400,000 gold equivalent ounces per annum.
The company has total attributable ore reserves of 92 million ounces and mineral resources of 252 million ounces.
Gold Fields employs some 53,000 permanent employees across its operations and is listed on the JSE Limited South Africa (primary listing), the New York Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX).
All of Gold Fields' operations are ISO14001 certified. For more information please visit the Gold Fields website at http://www.goldfields.co.za.
SOURCE Gold Fields Limited -
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JOHANNESBURG, Mar 14, 2008 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd. (GFI) is still receiving only 90% of its usual power supply at its South African operations, but has been invited by state utility Eskom Holdings Ltd. to apply for an increased electricity allocation, a spokesman said Friday.
The government last week said an additional 260 megawatts of electricity would be made available to mining companies, although on a case by case basis and where jobs were at risk.
Eskom this week said South Africa's power grid had stabilized, but remained vulnerable and so preemptive rolling blackouts would begin for the commercial and residential sectors from the end of the month.
Company Web site: http://www.goldfields.co.za -
JOHANNESBURG, Mar 17, 2008 (Dow Jones Commodities News via Comtex) -- Edited Press Release
Gold Fields Ltd. (GFI) Monday said Mvelaphanda Resources Ltd. (MVL.JO) will receive 50 million Gold Fields shares if and when Mvela's future stake of 15% in GFI Mining South Africa is exchanged at the instance of either Gold fields or Mvela Resources for shares in Gold Fields.
GFIMSA is the vehicle that owns and houses the South African assets of Gold Fields.
The exact number of shares, within the range of the floor and cap - 45 million and 55 million shares - that Mvela Resources would have received should the exchange have been implemented in terms of current agreements, was extremely volatile because of the input parameters for a discounted cash flow valuation, and the complex nature of the formula, and agreeing the number of shares now gives certainty on an equitable basis to both parties. -
JOHANNESBURG, Mar 17, 2008 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd. (GFI) Monday said its South African operations will receive an additional 26 megawatts of electricity, increasing available power to 95% of the normal average.
The additional power will go to the Johannesburg-based gold producer's Kloof and Driefontein mines. Gold Fields said its Beatrix and South Deep mines won't receive additional supplies of electricity.
"The granting of additional power to our mines will go a long way to help saving jobs at Driefontein and Kloof gold mines," Terence Goodlace, head of Gold Fields' South African operations, said.
Company Web site: http://www.goldfields.co.za -
JOHANNESBURG, March 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited (Gold Fields) (JSE, NYSE and DFIX: GFI) and Mvelaphanda Resources Limited (Mvela Resources) (JSE: MVL) are pleased to announce that the parties have agreed that Mvela Resources will receive 50 million Gold Fields shares if and when Mvela Resources' future stake of 15% in GFI Mining South Africa (Proprietary) Limited (GFIMSA) Limited is exchanged at the instance of either Gold fields or Mvela Resources, for shares in Gold Fields. GFIMSA is the vehicle that owns and houses the South African assets of Gold Fields.
The exact number of shares, within the range of the floor and cap (45 and 55 million shares respectively), which Mvela Resources would have received should the exchange have been implemented in terms of current agreements, was extremely volatile because of the input parameters for a Discounted Cash Flow valuation, and the complex nature of the formula, and agreeing the number of shares now gives certainty on an equitable basis to both parties.
Nick Holland, Chief Financial Officer of Gold Fields said: "We agreed on 50 million shares as it is the midway point between the floor and cap, and we believe represents a fair deal."
Pine Pienaar of Mvela Resources said: "This arrangement will bring certainty to the shareholders of Mvela Resources as to the size of our potential future stake in Gold Fields."
SOURCE Gold Fields Limited & Mvelaphanda Resources Limited -
JOHANNESBURG, South Africa, March 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) Gold Fields Limited is pleased to confirm that the national electricity utility, Eskom, on Friday, March 14, informed Gold Fields that the company had been granted an additional 26MW of power for use at its Kloof and Driefontein gold mines in South Africa.
This increases the total power available to Gold Fields' South African mines to 566 MW, or 95% of the historical average consumption profile.
Terence Goodlace, Head of Gold Fields' South African Operations, welcomed this as a very positive development and said:
"The granting of additional power to our mines will go a long way to help saving jobs at Driefontein and Kloof gold mines."
With the additional power, Gold Fields can now re-examine its mine planning and re-consider the future of Nos. 6 and 7 Shafts at Driefontein as well as Nos. 3 and 8 Shafts at Kloof. These shafts have been downscaled or had production stopped since the onset of the power constraints in January.
There is no additional supply of power to either Beatrix or South Deep gold mines, but Gold Fields believes these operations can function at current levels of electricity supply owing to the shallower depth at which Beatrix operates and the nature of the restructuring operations underway at South Deep.
It must be pointed out, however, that the additional power allocation will not prevent the forecast production losses of more than 20 % in the current quarter (Q3F08).
Goodlace added: "We thank all stakeholders who have recognized the strategic importance of the gold mining industry for South Africa. We will continue to use the power allocated to us strategically and sparingly, and will also continue, with the rest of South Africa, to seek ways to conserve power, while maximizing that which has been allocated to us to the widest benefit possible."
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable production of more than four million ounces per annum from eight operating mines in South Africa, Ghana and Australia.
A ninth mine, the Cerro Corona Gold/Copper mine in Peru, is expected to commence production by mid 2008 at an initial rate of approximately 400,000 gold equivalent ounces per annum.
The company has total attributable ore reserves of 92 million ounces and mineral resources of 252 million ounces.
Gold Fields employs some 53,000 permanent employees across its operations and is listed on the JSE Limited South Africa (primary listing), the New York Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX).All of Gold Fields' operations are ISO14001 certified. For more
information please visit the Gold Fields website at
http://www.goldfields.co.za.Investor Enquiries:
Willie Jacobsz
Tel: +27(0)11-644-2460
Mobile: +27(0)82-493-1377Media Enquiries:
Andrew Davidson
Tel: +27(0)11-644-2638
Mobile: +27(0)82-667-7203SOURCE Gold Fields Limited
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JOHANNESBURG, Mar 17, 2008 (Dow Jones Commodities News via Comtex) -- Edited Press Release
Harmony Gold Mining Co. (HMY) Monday said one person died at its Masimong Mine as a result of a fall of ground.
The accident occurred on level 1750 in a ledging stope, the Johannesburg-based company said. Indications are that it was caused by the collapse of a brow.
Safety shifts will be carried out Monday night and Tuesday to assess and eliminate all risks in the work places, Harmony said. -
Hallo zusammen!
Ich interessiere mich für Harmony Gold.
Allerdings gibt es ja zwei Papiere: ZAE000015228 und US4132163001
Welches ist Euerer Ansicht nach "aussichtsreicher"?
Und erfolgt die Dividendenzahlung bei beiden Papieren?
Danke! -
Willkommen im Forum, MegaGold !
Beide zahlen Dividende. Die US... ist ein ADR, eine US Erfindung früherer Zeiten, diese zahlt evtll. verzögert.
Als ich noch Südafrikaner im Depot hatte, habe ich IMMER die Aktien der Heimatbörse bevorzugt.
Oder umgekehrt, ADR weitestgehend vermieden, ein Kapitel, das hier zu weit führt.Nb. Warum HMY ? Es gibt doch weitaus interessantere Goldaktien, persönliche Meinnug...
Grüsse
Edel Man -
Hallo Edel Man!
Danke, dass ich so nett aufgenommen werde.Ich dachte bei Harmony Gold an ein Long-term-Investment.
Welche Nachteile hat es, wenn ich die Papiere direkt bei meiner Online-Bank ordere?
Bekomme ich sie dann irgendwann mal nicht so gut los?
Oder welche Nachteile hat das?Diese Goldaktien habe ich bisher beobachtet:
Paramount Gold and Silver
Orko Silver
US Gold
Eloro
Kinross
Rio AltoIrgendetwas sinnvolles dabei?
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ADR´s sind eine Art Verbriefung und dazu noch von den Weltbeherrschungskriegsabzockern.
Was mit Verbriefungen im Extremfall passiert ist seit Lehman bekannt,die Aktie hingegen im Eigenbesitz ist Sondervermögen im Depot des Kunden und von der Pleite irgendwelcher Bänkster nicht direkt betroffen.
Aber Achtung ,manche Banken betreiben das sogenannte Lending ,das heisst Sie verleihen,meistens ohne Wissen der Kunden Aktien aus dem Depot der Kunden,lasst euch von Eurer Depotbank schriftlich bestätigen dass soetwas mit eurem Eigentum nicht gemacht wird. -