GOLD Fields was deepening a shaft at its South Deep mine in Westonaria in a bid to mechanise the operation fully and boost production to about 800000oz of gold a year by 2014, the company said yesterday.
The project is part of a five- year R8,5bn capital expenditure programme on the mine Gold Fields bought three years ago from Western Areas, and puts the operation on track to become one of the world’s most productive, mechanised deep-level gold mines. The expenditure on South Deep comes as most gold miners are looking abroad for growth opportunities because of the great depth and declining grades of most of SA’s remaining gold reserves, among other reasons.
The ventilation shaft is the second of the two shafts that together form the twin-shaft complex of South Deep.
The first shaft was completed in 2004.
With the completion of the twin-shaft complex, South Deep will be able to hoist 370000 tons of ore and waste per month.
This will enable South Deep to produce between 750000oz and 800000oz of gold annually by the end of 2014.
Gold Fields produced 3,4-million ounces in its past financial year from operations in SA, Ghana, Australia and Peru.
CEO Nick Holland said the shaft would be extended to 3000m from a depth of 2760m. The deepening and equipping of the shaft, which included ore storage silos and conveyor belts at shaft bottom, a new rock winder and new headgear, was set to be completed by 2012.
“By beginning the deepening of the ventilation shaft we have reached another important milestone in the development of South Deep,” Holland said.
In addition to the deepening of the shaft, some of the projects that the R8,5bn will be spent on include the development of a new tailings facility and an upgraded metallurgical plant to increase the milling capacity from 220000 tons a month to 330000 tons a month, with an option to expand it further to 450000 tons a month by 2013.
The funds will also finance infrastructure for the shaft systems, additional backfill capacity, cooling, and the opening up of the ore body for mining.
“The South Deep capital programme is well resourced and tightly managed. We have made good progress nearing the end of the second year of our six-year programme and are confident we will achieve our production target by the end of 2014,” Holland said.
South Deep had 30-million ounces, one of the largest reserves of any gold mine, Gold Fields said. The mine has also been plagued by a spate of fatalities in recent years.
