The two big discoveries, La Colosa and Gramalote, together have estimated reserves of more than 12-million ounces. La Colosa lies in the department of Tolima, quite near the town of Ibague, some 150 km west of the capital city of Bogotá, and has an estimated inferred resource of 12,3-million ounces. Gramalote is located some 80 km north-east of the city of Medellin, in the department of Antioquia, and has an inferred resource of 2,39-million ounces of gold.

Crown Hill

Gold Fields is much newer to South America than either Anglo American or AngloGold Ashanti, and currently all its activities on the continent are concentrated in one country – Peru. Here, the South African gold-miner has both an operational mine and exploration projects. The mine, Cerro Corona (which translates into English as Crown Hill), is brand new, having completed construction in July 2008.

“The last year has been an important year for us in South America, specifically in Peru,” affirms Gold Fields spokesperson Julian Gwillim. “We completed the commissioning and ramp-up of the Cerro Corona mine, which went particularly smoothly, with the mine achieving steady-state production during the last financial year. This is a significant achievement when one considers that, prior to this project, Gold Fields had limited operating experience in South America, and that the Cerro Corona mine site is in a geographically challenging and remote location.”

Cerro Corona is actually owned by Gold Fields La Cima SA, a subsidiary of Gold Fields (the letters ‘SA’ are equivalent to (Pty) Ltd in South Africa), and lies in the north of Peru, near the village of Hualgayoc, some 80 km by road north of the city of Cajamarca, in the department of Cajamarca. To the parent group’s delight, Cerro Corona took second place in the openpit category in Peru’s National Mining Safety Contest (organised by the Peruvian Mining Safety Institute).

The mine cost $545-million to build. In its first nine months of operation, it produced 105 000 oz of gold. A bimetallic copper and gold mine, it also produced 23 947 t of copper.
Converting this copper production, at an average copper price of $4 115/t and an average gold price of $875/oz, into its equivalent in gold, gives a total equivalent gold production of 219 000 oz, of which 218 000 oz was sold.

In all, during these nine months, Cerro Corona mined 9,9-million tons, of which five-million tons was ore and 4,55-million tons was milled, resulting in an output of 119 000 t of concentrate. Revenue came to $184-million, costs – including gold-in-process movements – were $82-million and total cash costs were $369/oz (based on equivalent ounces).

The result was an operating profit of $102-million and an operating margin of 55%.

Now the company is looking for further opportunities in Peru, and its subsidiary, Minera Gold Fields Peru, is in partnership with local mining group Buenaventura (Peru’s largest listed mining company) in the Chucapaca exploration project, which lies in the far south of Peru, in the department of Puno, near Lake Titicaca. Chucapaca is an “advanced drilling exploration project”, explains Gwillim, “where recent drilling intersected significant gold with copper grades, which has resulted in an aggressive resource delineation programme on this discovery”. The importance of Chucapaca is highlighted by the fact that it is one of only three advanced drilling projects being conducted by Gold Fields worldwide at the moment.

Edited by: Martin Zhuwakinyu

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