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Gold Fields sees production rise

Gold Fields Ltd, Africa's second largest miner of the metal, said fourth-quarter production will rise about four per cent, ahead of an earlier forecast.

  • Bloomberg
  • Published: 23:13 June 28, 2009
  • Gulf News

Dubai: Gold Fields Ltd, Africa's second largest miner of the metal, said fourth-quarter production will rise about four per cent, ahead of an earlier forecast.

The company may produce about 905,000 ounces during the three months through June, with output from its local mines rising two per cent and its international operations climbing six per cent, Gold Fields said in a statement to Johannesburg's stock exchange.

Gold Fields on May 7 said it expected fourth-quarter output to reach 900,000 ounces, compared with the 871,000 ounces produced during the third quarter.

Gold mining companies are increasing output as prices climb because of investor demand for the metal as a store of value. Gold for immediate delivery in London has rallied for eight straight years.

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