Gold Fields Lowers Production Forecast by 2.8%

12 January 2010 (Last Updated January 12th, 2010 18:30)

South Africa-based Gold Fields has decided to lower its production forecast for the second quarter financial year 2010 by 2.8% to 900koz. The company said production stoppages due to seismic-related problems in South Africa led to the decrease in the forecast, from 925koz. A m

South Africa-based Gold Fields has decided to lower its production forecast for the second quarter financial year 2010 by 2.8% to 900koz.

The company said production stoppages due to seismic-related problems in South Africa led to the decrease in the forecast, from 925koz.

A major seismic event at the Driefontein mine caused a production halt for one week, accounting for nearly 33% of production for December.

In accordance with the updated production guidance, the company's overall cash costs and notional cash expenditure are likely to be $615/oz and $900 respectively, nearly 4% and 3% more than the forecast.

On 4 February 2010 the company will publish its complete results.