JOHANNESBURG, Feb. 16, 2017 /CNW/ - Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI) is pleased to announce the results of the South Deep Rebase Plan. The mine entered a critical stage of its evolution at the beginning of 2015 when Gold Fields made the decision to take a step back and fix the base at the mine before determining the new long-term steady state profile.
As part of this process, we removed the previous production and cost targets to afford the new South Deep management team the time to get the basics right and determine the way forward. However, in the absence of long-term production targets, we stated that it was our goal to get the mine to cash breakeven by the end of 2016, a goal that we are pleased to have achieved. For FY 2016, South Deep generated net cash flow of US$12m. Even after stripping out the benefit of the rand hedge, the mine achieved cash break-even for the year.
The full media release is available on the company website at http://www.goldfields.com
About Gold Fields
Gold Fields Limited is an unhedged, globally diversified producer of gold with eight operating mines in Australia, Ghana, Peru and South Africa with attributable annual gold production of approximately 2.0 million ounces. It has attributable Mineral Reserves of around 46 million ounces and Mineral Resources of around 102 million ounces. Attributable copper Mineral Reserves total 532 million pounds and Mineral Resources 5,912 million pounds. Gold Fields has a primary listing on the JSE Limited, with secondary listings on the New York Stock Exchange (NYSE) and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
SOURCE Gold Fields Limited
For further information: Investors: Avishkar Nagaser, Tel +27-11-562-9775, Mobile +27-82-312-8692, email Avishkar.Nagaser@goldfields.com; Thomas Mengel, Tel +27-11-562-9849, Mobile +27-72-493-5170, email Thomas.Mengel@goldfields.com; Media: Sven Lunsche, Tel +27-11-562-9763, Mobile +27-83-260-9279, email Sven.Lunsche@goldfields.com