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Australian Gold Fields

Australian Gold Fields delivers record earnings plus a 6% rise in production from the Australian mines to 169,000oz (159,000oz) - was more than enough to offset drops at Cerro Corona in Peru and, in particular, in South Africa.South African production fell to 428,300oz (497,000oz) because of wage-related industrial action, safety stoppages and a slight drop in grade.Particularly sharp drops in output took place at Beatrix and, more worringly, at South Deep. This is the mechanised, deep-level operation which is slowly ramping up production and on which Gold Fields’ long-term future in South Africa depends. 

On the exploration front, Gold Fields has moved to increase its exposure to the Philippines, making a second down-payment of $66m in terms of its agreement to take a 60% stake in the gold-copper FSE deposit.