Wednesday, 31st August 2005 (3148 views)

Gold Fields has reached the monumental total of 100-million troy ounces of gold extracted from its Driefontein gold mine in South Africa.

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.

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.

"Driefontein is arguably the greatest gold mine in the world - producing 100-million ounces is a major achievement in anyone's language," he exclaimed.

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.

Since it took over Driefontein in 1998 Gold Fields has used a combination of longwall and scattered mining methods.

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.

 

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