Gold Fields Guidance for March 2012 Quarter
16 Apr, 2012, 11:59 ET
JOHANNESBURG, April 17, 2012 /PRNewswire/ - Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today announced that attributable Group production for the March 2012 quarter (Q1 2012) is expected to be 827,000 gold equivalent ounces which is similar to the production from the corresponding quarter a year ago (Q1 2011: 830,000 gold equivalent ounces) and taking into account seasonal variances underpins the 2012 full year production guidance of 3.5Moz to 3.7Moz.
Total cash costs and notional cash expenditure (NCE) for the quarter are expected to be approximately US$875/oz (R218,000/kg) and US$1,285/oz (R320,000/kg) respectively. Gold Fields NCE for Q1 2012 compares favorably with the average NCE for the peer group of US$1,281/oz for CY 2011.
This guidance is based on exchange rates of ZAR/US$7.77 and A$/US$1.05 for Q1 2012.
Gold Fields will release full results for Q1 2012 on Thursday, 17 May 2012.
1) Source: J.P. Morgan estimates. The NCE average for the peer group is calculated as a simple average and is not production weighted. Note: NCE = Operating costs excluding royalties plus capital expenditure expressed per ounce of gold produced. Newmont does not report royalty costs separately. Royalty costs are J.P. Morgan estimates and actuals could differ. The peer group includes: AngloGold Ashanti, Gold Fields, Kinross; Newmont, Barrick Gold, Harmony; GoldCorp and Newcrest
About Gold Fields
Gold Fields is one of the world's largest unhedged producers of gold with attributable annualised production of 3.5 million gold equivalent ounces from eight operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects in resource development and feasibility, with construction decisions expected in the next 18 to 24 months. Gold Fields has total attributable gold equivalent Mineral Reserves of 80.6 million ounces and Mineral Resources of 217 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities Limited
SOURCE Gold Fields Limited
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