Related Articles
Top Stories
Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Johannesburg - Eskom has told Gold Fields, the world's fourth-largest gold producer, that it may not increase its electricity consumption to 90% of regular consumption and instead stick to 80%, which puts more of its shafts at risk.
"Gold Fields is disappointed to confirm that Eskom has informed the Company that authorisation to increase electricity load from 80% to 90% by this evening, has been temporarily withdrawn in order to 'protect further frequency decay and system instability'," Gold Fields said in a statement.
Gold Fields CEO Ian Cockerill said at a results presentation on Thursday that even at 90% power six of the company's 21 shafts were at risk and at 80% that number rose to nine.
Eskom told the mining sector on Tuesday power usage could be increased to 90% from Thursday evening, clearing the way to resume production, which was halted on 25 January when the monopolistic power utility declared force majeure on its power supply.
Gold Fields has said that with reduced power supplies, the shut down on Friday and the holidays during the three-month period to end-March, South African production would be down 20 to 25%, which translates to 164 250oz of lost output at the upper end of the estimate.
The lost ounces are worth more than R1bn at current gold prices.
- Fin24