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Business News of Monday, 18 February 2013

Source: GNA

Tarkwa and Damang mines are largest contributors to Gold Fields

The Tarkwa and Damang mines, both Ghanaian operations, showed solid performance for the 2012 financial year, thus earning the reputation of being the largest contributors to the Gold Fields production profile.

Mr Peet Van Schalkwyk, Vice President and Managing Director of the Ghana Operations, announced this on Monday at a “Facts Behind the Figures” forum organized by the corporate entity.

“Ghana has always played a significant part in Gold Fields overall portfolio. Now that they are the largest contributor to the company, they will receive even more dedicated focus,” he added.

The Ghanaian operations also accounted for the second largest mineral reserve base for Gold Fields with 14 million ounces of gold of a total of 64 million ounces.

While gold production for the year was slightly lower at 885,000 ounces for the fourth quarter, it increased by 11 per cent to 208,600 ounces.

Mr Schalkwyk explained that the performance was largely due to the resumption of full operations at the heap leach operations at Tarkwa and an improved operational performance at Damang.

He said, “…the Ghanaian mines are still expected to be largest contributor with an estimated 35 per cent”.

Mr Pierre Coussey, Country Manager for Goldfields Ghana, expressed optimism that the company would build on sustainable local economic development programmes, enhance programmes focused on the procurement of local goods and services to promote responsible supply chain management as well as monitor and optimize stakeholder engagement.

He added that the Company would work with Government to ensure that community programmes were aligned and supported development strategies.

Mr Coussey said, “We will develop sustainable community infrastructure and other projects in collaboration with local communities, government and other key stakeholders”.

Gold Fields Ghana is said to be the largest single private sector employer in Ghana, providing direct work for 5,273 people whiles 83,167 others are employed indirectly.

It is also said to be the largest producer of gold in Ghana. The company had since mid-1990s to date invested 2.4 billion dollars in productive sectors of the economy. It has also spent 34 million dollars on community projects since 2002.

The projects are in the areas of education, health, infrastructure and sponsorships.