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Wednesday, 31st August 2005 (4278 views)

Gold Fields has reached the monumental total of 100-million troy ounces of gold extracted from its Driefontein gold mine in South Africa.<br/><br/>A troy ounce differs from a standard ounce, as there are 12 ounces in a pound rather than 16, and it is commonly used to trade gold.<br/><br/>Since its commencement in 1952, Driefontein has proved itself a major player in the gold scene as it has produced more gold than any other gold mine in the world, according to Gold Fields' chief executive officer, Ian Cockerill.<br/><br/>"Driefontein is arguably the greatest gold mine in the world - producing 100-million ounces is a major achievement in anyone's language," he exclaimed.<br/><br/>Driefontein is located approximately 60km south of Johannesburg in the West Wits Line goldfield where gold mineralization occurs between 1,000m and 4,000m below surface.<br/><br/>Since it took over Driefontein in 1998 Gold Fields has used a combination of longwall and scattered mining methods.<br/><br/>Presently operating at a rate of 1.2 million ounces each year, Driefontein is expected to yield around 25 million ounces in the next two decades.<br/>

 

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