JOHANNESBURG, May 10 /CNW/ - Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that the South African Department of Mineral Resources has approved - in terms of the requirements of the Mineral and Petroleum Resources Development Act 2002 (Act 28 of 2002) (the Act) - the conversion of the South Deep old order mining right into a new order mining right.
Included in this approval, as a new right, is an additional portion of ground known as Uncle Harry's, which is contiguous to South Deep. It contains a mineral resource of approximately 14.5 million ounces of gold*, which is largely above the existing South Deep infrastructure. In addition to gold the new order mining right covers silver, uranium, nickel and pyrite.
Gold Fields Chief Executive Officer, Nick Holland, said: "The cumulative effect of this approval, together with the previous conversions for Driefontein, Kloof and Beatrix granted in 2005, is that all of Gold Fields' South African operations have now been granted their new order mining right."
Recognising that it still has to meet additional Black Economic Empowerment equity ownership requirements by 2014, Gold Fields is in the early stages of developing two further empowerment transactions:
1. A broad-based Black Economic Empowerment transaction for a 9% holding
in South Deep, as well as an additional 1% of GFIMSA, the company
that owns Gold Fields' South African mines; and
2. An Employee Share Option Plan for Historically Disadvantaged South
African employees of GFMSA for ownership of 10% of GFIMSA. This plan
requires the approval of organised labour represented at our South
Holland said: "We believe that these two transactions will meet our commitment to achieving the 2014 target. It's integral to our commitment to expand opportunities for historically disadvantaged persons to enter the South African mineral industry and for them to benefit from the exploitation of the country's mineral resources by promoting employment and the advancement of social and economic welfare for all South Africans. This goes beyond simply ticking boxes."
*Approximately 78 million tons at 5.8g/t equating to 14.56 million
ounces of gold at a gold price of US$1,000/oz and a cut-off grade of
3.0g/t. The Inferred Mineral Resource estimate is reported in accordance
with the South African Code for the reporting of Exploration Results,
Mineral Resources and Mineral Reserves, 2007 edition (SAMREC Code).
Notes to Editors
About Gold Fields
Gold Fields is one of the world's largest unhedged producers of gold with attributable production of 3.6 million 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 near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 81 million ounces and Mineral Resources of 271 million ounces. Gold Fields is listed on JSE Limited (primary listing), the New York Stock Exchange (NYSE), the Dubai International Financial Exchange (DIFX), the Euronext in Brussels (NYX) and the Swiss Exchange (SWX).
For more information please visit the Gold Fields website at http://www.goldfields.co.za
SOURCE Gold Fields Limited
For further information: For further information: Enquiries: Investor Enquiries: Willie Jacobsz, Tel: +508-839-1188, Mobile: +857-241-7127, Email: Willie.Jacobsz@gfexpl.com; Nikki Catrakilis-Wagner, Tel: +27-11-562-9706, Mobile: +27(0)83-309-6720, Email: Nikki.Catrakilis-Wagner@goldfields.co.za; Media Enquiries: Sven Lunsche, Tel: +27-11-562-9763, Mobile: +27(0)83-260-9279, Email: Sven.Lunsche@goldfields.co.za