JOHANNESBURG, South Africa, March 17 /CNW/ - Gold Fields Limited ("Gold
Fields") (NYSE, JSE, DIFX: GFI) Gold Fields Limited is pleased to confirm that
the national electricity utility, Eskom, on Friday, March 14, informed Gold
Fields that the company had been granted an additional 26MW of power for use
at its Kloof and Driefontein gold mines in South Africa.
This increases the total power available to Gold Fields' South African
mines to 566 MW, or 95% of the historical average consumption profile.
Terence Goodlace, Head of Gold Fields' South African Operations, welcomed
this as a very positive development and said:
"The granting of additional power to our mines will go a long way to help
saving jobs at Driefontein and Kloof gold mines."
With the additional power, Gold Fields can now re-examine its mine
planning and re-consider the future of Nos. 6 and 7 Shafts at Driefontein as
well as Nos. 3 and 8 Shafts at Kloof. These shafts have been downscaled or had
production stopped since the onset of the power constraints in January.
There is no additional supply of power to either Beatrix or South Deep
gold mines, but Gold Fields believes these operations can function at current
levels of electricity supply owing to the shallower depth at which Beatrix
operates and the nature of the restructuring operations underway at South
It must be pointed out, however, that the additional power allocation
will not prevent the forecast production losses of more than 20 % in the
current quarter (Q3F08).
Goodlace added: "We thank all stakeholders who have recognized the
strategic importance of the gold mining industry for South Africa. We will
continue to use the power allocated to us strategically and sparingly, and
will also continue, with the rest of South Africa, to seek ways to conserve
power, while maximizing that which has been allocated to us to the widest
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of
gold with attributable production of more than four million ounces per annum
from eight operating mines in South Africa, Ghana and Australia.
A ninth mine, the Cerro Corona Gold/Copper mine in Peru, is expected to
commence production by mid 2008 at an initial rate of approximately
400,000 gold equivalent ounces per annum.
The company has total attributable ore reserves of 92 million ounces and
mineral resources of 252 million ounces.
Gold Fields employs some 53,000 permanent employees across its operations
and is listed on the JSE Limited South Africa (primary listing), the New York
Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX).
All of Gold Fields' operations are ISO14001 certified. For more
information please visit the Gold Fields website at
For further information:
For further information: Investor Enquiries: Willie Jacobsz, Tel:
+27(0)11-644-2460, Mobile: +27(0)82-493-1377; Media Enquiries: Andrew
Davidson, Tel: +27(0)11-644-2638, Mobile: +27(0)82-667-7203