Gold Fields Ltd. is valued at just over $9-B, it is one of the world’s top Gold companies. The Gold giant said that production for the September 2012 Quarter is now projected to be 810,000 Gold equivalent ounces, down from 862,000 oz in the June Quarter (sequentially) and down from about 900,000 oz in the September Quarter of Y 2011.
Gold Fields said its international regions unit was solid at 424,000 oz, but this is still down from the 425,000 in the Q-2 of this year.
The company did note that there was a 2 wk closure of the heap leach facilities at the Tarkwa Gold Mine in Ghana. It is also talking up recovery at the Agnew Gold Mine in Australia as it added 48,000 oz of Gold versus the addition of 37,000 oz in Q-2 of this year.
The 386,000 oz in the South African operations in Q-3 fell from 437,000 oz in Q-3 of this year. The blame there was attributed to a loss of about 30,000 oz due to a fire at the YaRona Shaft of the KDC Gold Mine.
It also said that about 35,000 oz was knocked off due to the unprotected strike action at KDC and the Beatrix Gold Mine during the Quarter.
Gold Fields has said that the lower production will negatively impact its unit costs.
The Gold miner said: The ongoing unlawful strike action in South Africa is of concern and will, even if resolved in the near term, increase the likelihood of major restructuring in the South African gold mining industry, including at Gold Fields.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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