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Daily Metal Prices & Market News
Tuesday 08th of July 2008
Thursday, February 28, 2008

Gold Fields forecasts substantial drop in South African production

Gold Fields forecasts substantial drop in South African production

Credit Suisse Standard Securities has confirmed that it will maintain an “outperform” rating for Gold Fields’ stocks but has reduced its price target from $21.49 to $18.28 per share.

According to the investment bank, Gold Fields’ South African operations could experience an “opportunity loss” in production that could amount to 3.6 million ounces over the next five years.

Earlier this week, the miner reported that sustainable production from South African operations was likely to decline by between 15% and 20% from the fourth-quarter of this year.

Furthermore, the company expects production in the country to fall around 20% in the three months to the end of March, as the result of power black-outs and rationing.

South African utilities company, Eskom, has advised Gold Fields that a reduced power supply could continue (at 90% of average power consumption) until 2012.

In addition, Gold Fields has downgraded its South Deep mine back to “project status” but says it will accelerate infrastructure development at the site.

 

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