JOHANNESBURG (Business Day) -- Gold Fields, one of the world's largest gold mining companies, was releasing its resources and reserves statement, as at June 30, 2008.
Resources totalled 251 million ounces and reserves were put at 83 million ounces.
"Gold Fields' 83-million-ounce reserve base remains one of the strongest in the industry and provides Gold Fields with a robust base from which to pursue its aggressive growth strategy," said CEO Nick Holland.
Central to the company's growth strategy was the 251-million-ounces of resources which represented "significant organic growth potential" at each of Gold Fields' existing mines, he said.
According to the statement, the company's total attributable precious metal resources had remained flat at 251 million ounces from 252 million ounces as at December 31, 2006.
Furthermore, Gold Fields' total attributable precious metal reserves had decreased by 12% to 83 million ounces from 94 million ounces as at December 31, 2006.
The reserves were calculated using approximate historical three-year average commodity prices as required by the United States Securities and Exchange Commission guidelines.
However, if the reserves were calculated using gold prices which approximate the spot price of gold (around $810/ounce), Gold Fields' reserves were "robust" at approximately 91 million ounces, the company said.
