Gold Fields Ltd. Mining News

Buyers could line up for Harmony’s massive Papua New Guinea find

The takeover rumour mill is working overtime as speculation about the size of Harmony Gold’s Wafi-Golpu deposit increases. Harmony has already been forced to share the planet’s potentially third largest gold and copper mine with Australia’s Newcrest Mining, selling 50% of the project for $525m three years ago. Now, as the value of Wafi-Golpu climbs - Deutsche Bank recently put it at $9.9bn – and predictions of development cost reach $5bn, other suitors may be lining up for the assets. M&A activity in the gold sector is at a 10-year high and top takeover candidates are Harmony’s South African peer Gold Fields, Canada's Barrick Gold, Newmont Mining and partner Newcrest itself.

BusinessDay: Producers warn on prices even as gold demand rockets

Gold demand surged in the first quarter of this year as purchases of the precious metal for investment climbed 11% to 981.3 tons in the first three months according to the latest World Gold Council report. Much of the increase was as a result of buying of the physical metal – purchases of gold bars and coins shot up 52% year on year to 366 tons, representing a virtual doubling in value to $16bn. The report from the association of gold producers comes as the biggest producers sound warnings on Monday that any major pullback in the metal’s price below $1,000 could jeopardize the primary supply of gold.

Gold Fields ups stake in La Cima to boost gold output

Tier 1 gold miner Gold Fields has bought nearly all the shares in a Peruvian subsidiary for $382 million to increase its attributable gold production from Cerro Corona mine.

IAMGOLD sells minority stakes in Ghana mines to Gold Fields, faces uncertainty in Burkina Faso

IAMGOLD (TSX: IMG) agreed to sell its 18.9-percent interests in two Ghanaian gold mines, Tarkwa and Damang, to Gold Fields (NYSE: GFI), the majority stakeholder, for $667 million. The company reasoned it hasn't been getting fair value by investors as minority players in mines in which Gold Fields owns the majority stakes. "Our strategy is to invest in mines that we own and operate, as they represent the best return on investment for our shareholders," Steve Letwin, IAMGOLD president and CEO said in a statement.

Gold Fields says March quarterly production is expected to decline

Gold Fields GFIJ. said on Friday that its attributable group production for the March quarter was expected to decline from the previous quarter to about 830,000 ounces. "As expected production is lower than that achieved in the previous quarter (900,000 ounces), almost entirely due to the customary Christmas break in South Africa, when all mines close for two weeks," it said in a brief guidance for investors.

Rising commodity prices applying cost pressure for gold miners – Gold Fields

Gold Fields (GFIJ.J), the world's fourth-largest listed gold miner, said on Tuesday rising commodity prices were putting cost pressures on gold miners even as the price of the precious metal itself climbed. "We are concerned about what we've seen on the commodities front," Chief Executive Nick Holland told the Reuters mining summit, citing oil's recent rally but also other rising costs for key things such as timber and steel.

Gold Fields to buy out Peruvian unit

Gold Fields (GFIJ.J: Quote), the world's fourth-largest listed gold miner, said on Tuesday it had offered to buy out the remaining shares of its Peruvian unit to boost the group's total production of the precious metal.

Gold Fields December quarter guidance in line with expectations

Johannesburg: Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) has announced that attributable Group production for the December quarter 2010 is expected to be approximately 900,000 oz, which is similar to last quarter and in line with

Gold Fields CEO says Philippines "definitely opening up" to major mining companies

As Gold Fields announced this week it would invest $120 million to determine if the company should acquire a 60% interest in the Far Southeast gold-copper deposit, Gold Fields CEO Nick Holland noted "the Philippines […]

Consolidating information into one program

Gold-mining major Gold Fields has turned to information technology solutions provider Integr8 to move 7,000 users across the globe onto a consolidated Microsoft Active Directory and Exchange environment, in one of the most complex coexistence […]

Gold Fields awards Tarkwa gold plant studies to MDM

Gold Fields Ghana has awarded MDM Engineering Group a study contract for optimising the reclamation and re-processing of one of its leach pads and of its crushing plant at Tarkwa. Read more

Gold Fields and Buenaventura Announce Major Gold Discovery in Southern Peru

Chucapaca's joint venture partners, Gold Fields Limited (51%) (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) and Compania de Minas Buenaventura S.A.A. (49%) (Buenaventura, NYSE: BVN), are pleased to announce the discovery of a major gold-copper-silver […]

Gold Fields' Driefontein tailings project awarded to MDM

South Africa's MDM Engineering Group has announced that it has been appointed as the metallurgical engineering consultant for the phased Bankable Feasibility Study (BFS) at Gold Fields' Driefontein mine's Tailings Retreatment project.

Gold Fields to up output at South Deep mine

Gold Fields (GFIJ.J), the world's No. 4 gold producer, has started deepening a shaft at its South Deep mine in South Africa, one of the world's largest gold mines, in a bid to boost output. […]

Gold Fields obtains cyanide code accreditation for all eligible operations

Gold Fields has become the first mining group, registered as a signatory with the International Cyanide Management Institute (ICMI), to obtain accreditation for all its eligible operations with the International Cyanide Management Code. This follows both the Kloof and Driefontein mines, located in South Africa, attaining the standard. Gold Fields’ CEO, Nick Holland, commented: “We have [...]

Acquisition of the Biox Group

Bateman Engineering is pleased to announce that it has entered into a conditional agreement to acquire the Biox technology business (“Biox Business”) from the Gold Fields Group for a net cash consideration of USD 8.84 […]

Gold Fields to sell BIOX technology business

Gold Fields has entered into an agreement with Bateman Engineering to sell its BIOX business to Bateman Engineering for a net cash consideration of $8.84 million. The BIOX business is the owner of a proprietary and patented technology, […]

Kloof Gold Mine achieves a million fatality-free shifts

In a stark reminder of the dangerous nature of deep level gold mining in South Africa. Gold Fields is rightly proud of its Kloof gold mine, near Westonaria on the West Rand, which today achieved […]

Kloof Gold Mine achieves a million fatality-free shifts

In a stark reminder of the dangerous nature of deep level gold mining in South Africa. Gold Fields is rightly proud of its Kloof gold mine, near Westonaria on the West Rand, which today achieved one million fatality-free shifts. However, put in context, that is just 50 days without a fatality. Many mines in other parts [...]

Gold Fields says strike ends

Gold Fields , the world's fourth-largest gold producer, on Friday confirmed that the illegal strike at its Beatrix mine near Welkom in the Free State had been called off and that all 1,300 mineworkers had been ...

Illegal strike traps mineworkers

Trade Union Solidarity said 100 of its members were trapped 900 metres underground at Gold Fields' Beatrix mine outside of Welkom in the Free State as 1,200 other mineworkers embarked on an illegal strike at ...