Wrap Text
GFI - Gold Fields Limited - Gold Fields Limited and Gold One International
Limited to investigate a joint venture for retreatment of West Rand Surface
Tailings Deposits
Gold Fields Limited
(Reg. No. 1968/004880/06)
(Incorporated in the Republic of South Africa)
("Gold Fields" or "the Company")
JSE, NYSE, DIFX Share Code: GFI
ISIN Code: ZAE000018123
MEDIA RELEASE
GOLD FIELDS LIMITED AND GOLD ONE INTERNATIONAL LIMITED TO INVESTIGATE A JOINT
VENTURE FOR RETREATMENT OF WEST RAND SURFACE TAILINGS DEPOSITS
JOHANNESBURG - 24 January, 2012. Gold Fields Limited (JSE, NYSE, NASDAQ Dubai:
GFI) ("Gold Fields") and Gold One International Limited (ASX and JSE: GDO) are
pleased to announce that they have entered into a Memorandum of Understanding
("MOU") to investigate the viability of concurrently reprocessing their
combined surface tailings deposits, located on the West Rand region of South
Africa`s Witwatersrand Basin. Gold One and Gold Fields currently operate mines
on the West Rand, a region with a long history of gold and uranium mining.
In terms of the MOU, Gold Fields and Gold One (collectively, the "parties")
will jointly investigate the feasibility of establishing a Joint Venture into
which both parties will contribute surface assets for retreatment. These
assets are expected to comprise in excess of 700 million tonnes and represent
over 60% of the total tailings material in the region. The parties aim to
complete a detailed scoping study by the middle of this year, following which
a decision will be taken on whether to progress the study to a feasibility
level.
Should the Joint Venture proceed, the intention is to reclaim and retreat the
historical tailings material and current tailings to recover residual gold,
uranium and sulphur. A key objective of the project will be to address the re-
deposition of the residues in accordance with modern sustainable deposition
practices, ultimately supporting mine closure in an environmentally
sustainable manner.
In 2010, Gold Fields completed extensive economic studies on its Tailings
Treatment Project ("TTP"), which is a low-grade gold and uranium recovery
project focusing on the existing tailings storage facilities and the current
underground mining horizons of Gold Fields` West Rand operations, Kloof
Driefontein Complex ("KDC") and South Deep. As at December 2010, Gold Fields
declared a mineral resource of 475.6 million tonnes at its tailings storage
facilities, which includes gold mineral resources of 4.5 million ounces and
uranium mineral resources of 53.6 million pounds.
Gold One advised Gold Fields that on 9 January, 2012, it completed the
acquisition of Rand Uranium (Pty) Limited ("Rand Uranium"). Furthermore, as
part of the Rand Uranium transaction, Gold One established the Randfontein
Surface Operations, which are currently processing approximately 300,000
tonnes of tailings material per month through the Cooke Gold Plant. Gold One
also advised that it had commenced with a review of its Cooke Uranium Project.
Rand Uranium had earlier completed a comprehensive definitive feasibility
study on the processing of the Cooke Tailings Deposit for the extraction of
both gold and uranium (including 70% of detailed and already completed
engineering design). The primary focus of the feasibility study is the
construction of a uranium metallurgical plant to treat the Cooke Tailings
Deposit. In addition, during the December 2011 quarter, Gold One stated that
it commenced assessing the potential treatment of several other surface
tailings deposits that exist on the mining and prospecting licenses acquired
from Rand Uranium.
The combined consideration of the Gold One, Rand Uranium and Gold Fields
studies, as well as the possibility of utilising existing and planned
metallurgical plant infrastructure, will allow the companies to significantly
fast-track a joint economic assessment of the reprocessing of the combined
tailings deposits.
Gold One President and Chief Executive Officer Neal Froneman comments: "I am
excited about the opportunity of forging a strategic relationship with Gold
Fields. Economic recovery of gold and uranium from historical tailings
deposits has been successfully demonstrated in other districts of the
Witwatersrand Goldfields. The combination of our extensive technical studies
and the quality of assets that would be pooled into the partnership presents
an exciting prospect for the Joint Venture and growth of Gold One`s surface
business. Importantly, the economically sustainable retreatment of the
existing tailings deposits will also have a positive environmental impact,
benefiting all stakeholders in the district in which we operate."
Gold Fields Chief Executive Officer Nick Holland comments: "This is an
exciting opportunity to investigate the feasibility of extracting value from
our substantial surface resources on the West Rand. Gold Fields already has
projects in place to retreat our tailings and the MOU with Gold One allows us
to further explore a relatively low risk opportunity to extract value from
Gold Fields` surface resources that is not inherent in our share price."
Notes to editors
About Gold Fields
Gold Fields is one of the world`s largest unhedged producers of gold with
attributable annualised production of 3.5 million gold equivalent ounces from
eight operating mines in Australia, Ghana, Peru and South Africa. Gold Fields
also has an extensive and diverse global growth pipeline with four major
projects in resource development and feasibility, with construction decisions
expected in the next 18 to 24 months. Gold Fields has total attributable gold
equivalent Mineral Reserves of 76.7 million ounces and Mineral Resources of
225.4 million ounces. Gold Fields is listed on the JSE Limited (primary
listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext
in Brussels (NYX) and the Swiss Exchange (SWX).
Sponsor:
J.P. Morgan Equities Limited
Gold Fields Limited
Reg. 1968/004880/06
150 Helen Road,
Sandown, Sandton,
2196
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel +27 11 562-9700
Fax +27 11 562-9838
www.goldfields.co.za
Enquiries
Investor Enquiries
Zakira Amra
Tel +27 11 562-9775
Mobile +27 79 694-0267
email Zakira.Amra@goldfields.co.za
Willie Jacobsz
Tel +1 508 839-1188
Mobile +1 857 241-7127
email Willie.Jacobsz@gfexpl.com
Media Enquiries
Sven Lunsche
Tel +27 11 562-9763
Mobile +27 83 260-9279
email Sven.Lunsche@goldfields.co.za
Date: 24/01/2012 07:06:46 Supplied by www.sharenet.co.za
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