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.