Goldfields: Cerro Corona to produce by mid 2008

Gold Fields (GFI) announced that production at its Cerro Corona project in Peru is forecast to commence by the middle of 2008 as previously announced. This project will add more than 400,000 high margin ounces per year to their production profile.

During the past quarter mining activities remain focused on generating construction materials for various site structures, in particular the tailing dam, haul roads and run of mine stockpile. Unit mining cost performance, at USD1.72 per ton, was in line with expectations.

During December 2007, Gold Fields announced an increase in the forecast construction capital cost to USD421 million and extension of the completion date, to the middle of the fourth quarter of financial 2008. On the construction front, certain construction contracts and work programs were restructured and re-resourced. So far progress against this program has been satisfactory. Work in two main substations was also significantly advanced. Engineering is now complete, save for field changes.

Publication: Euclid Infotech - Utilities News
Provider: Euclid Infotech
Date: February 3, 2008

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