JOHANNESBURG, December 1, 2010 /PRNewswire-FirstCall/ -- Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) yesterday announced an R8 million, three-year investment in the mining engineering faculty of the University of Johannesburg.
The sponsorship aims to forge an alliance between Gold Fields and the university to promote the study of mining engineering and technology, core skills required to sustain not only the company itself but the local mining industry as a collective.
The announcement comes amid a renewed sense of urgency amongst industry and government to address the lack of high level, scarce skills in the country. The slow supply of graduates is compounded by the departure of established mining engineers and senior technical staff due to emigration and retirement.
Nick Holland, Chief Executive Officer of Gold Fields, said: "The industry is currently facing a skills gap crisis. The partnership with the University of Johannesburg will help ensure that we create a pipeline of qualified graduates who can benefit Gold Fields and the industry in general."
Professor Ihron Rensburg, Vice-Chancellor of the University of Johannesburg added: "This partnership provides a meaningful learning experience to the nation's brightest young minds. It is encouraging to see Gold Fields forge partnerships that contribute to the development of the industry it operates in."
In terms of the sponsorship agreement, the university will receive a once off capital injection of R2m followed by R2m a year for three years. In return Gold Fields is afforded naming right status for the infrastructure that it sponsors - including a new mining laboratory - as well as participation in the mining faculty's advisory committee.
The sponsorship is in addition to a range of other educational initiatives undertaken by Gold Fields. Last year the company spent around R165 million on education in South Africa.
Notes to editors
About Gold Fields
Gold Fields is one of the world's largest unhedged producers of gold with attributable production of 3.5 million gold equivalent ounces per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and nearmine exploration projects at various stages of development. Gold Fields has total attributable gold equivalent Mineral Reserves of 78 million ounces and Mineral Resources of 281 million ounces. Gold Fields is listed on JSE Limited (primary listing), the New York Stock Exchange (NYSE), the NASDAQ Dubai Limited, the Euronext in Brussels (NYX) and the Swiss Exchange (SIX).
Sponsor: J.P. Morgan Equities Limited
SOURCE Gold Fields Limited