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Going back to Safety of Gold.

Recs

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October 02, 2009 – Comments (3) | RELATED TICKERS: GFI

UPDATE 1-Gold Fields to boost output at South Africa mine

Fri Oct 2, 2009 8:38am

http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSL250429520091002?rpc=401&

* Company to spend $1.10 bln

* Output to rise to 5.8 tonnes per qtr by 2014

 

SOUTH DEEP MINE, South Africa, Oct 2 (Reuters) - Gold Fields (GFIJ.J), the world's No. 4 gold producer, said on Friday it plans to spend 8.5 billion rand ($1.10 billion) to develop its South Deep mine in South Africa by 2014.

The mine will produce 2 tonnes of gold per quarter this year, and 5.8 tonnes of gold per quarter in 2014, Vishnu Pillay, head of Gold Fields' South Africa operations said during a visit to the mine.

"We want to be the largest producer in the world," he said. (Reporting by Shapi Shacinda)

3 Comments – Post Your Own

#1) On October 02, 2009 at 11:19 AM, brickcityman (< 20) wrote:

You're kidding right?

 

I thought you were one who recently espoused a deep degree of belief in a near term recovery, and yet a measely few down days flip that?

 

If I might ask what was the "tipping point" for you, and was this tipping point a premeditated decision?  meaning was there some economic targets that you set in advance are now reacting to?

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#2) On October 05, 2009 at 11:34 AM, Deepfryer (27.78) wrote:

Brick:

I believe his idea is to invest money in a gold-mining company. This is very different from moving his money into gold. From what I can gather, he did not change his mind regarding the near-term recovery.

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#3) On October 05, 2009 at 11:39 AM, brickcityman (< 20) wrote:

Perhaps, and perhaps I'm just not sharp enough to "keep up with" him.. but either way alot of these sort of posts remind me of watching my dog chase its tail.

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