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19

Gold Fields: Output to Beat Earlier Forecasting

Gold Fields Ltd., Africa's second- biggest gold producer, said fiscal fourth-quarter output will climb 4.5 percent...

Gold Fields Ltd., Africa's second- biggest gold producer, said fiscal fourth-quarter output will climb 4.5 percent from the previous quarter, more than previously forecast.

South African production will rise 6.6 percent in the three months to June 30 as output climbs at its Beatrix mine, the Johannesburg-based company said today in an e-mailed statement. Gold Fields previously predicted its mines in the country would post an improvement of between 2 and 4 percent, it said.

Most South African mines were shut for five days in January because of a lack of electricity. State-run power utility Eskom Holdings Ltd. restricted supplies to major industrial users to between 90 and 95 percent of normal levels. Curbs will probably stay in place until at least 2012.

Production from mines outside South Africa will be flat in the quarter, in line with previous guidance, Gold Fields said. Development of the company's Cerro Corona project in Peru is on track and the first shipment of concentrate, an intermediate product delivered to processors, is due in the first quarter of 2009, Gold Fields said.

Gold Fields gained 1.95 rand, or 2.2 percent, to close at 89 rand yesterday, valuing the company at 58.1 billion rand ($7.27 billion).