Wednesday, 25th June 2008 (495 views)

Africa's second biggest gold producer has announced estimates for the fiscal fourth quarter, according to Bloomberg.

Gold Fields said the quarter will climb 4.5 per cent from the third quarter. This is an increase from the original estimate of two to four per cent.

Growing output from the Beatrix mine will raise South African production by 6.6 per cent.

State restrictions of electricity have affected mining in South Africa as most mines had to shut down for five days in January this year. In the third quarter, the output from Gold Fields was reduced by 14 per cent as a result.

Restrictions on electricity are expected to continue until 2012.

The company's biggest mines, Kloof and Driefontein, are operating at 95 per cent of power levels, Andrew Davidson, spokesman for Gold Fields, told Bloomberg.

He said: "We are managing to deal with this power situation much better."

 

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