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Gold Fields revenue increases

Johannesburg - Gold Fields [JSE:GFI] reported a 3% increase in revenue in rand terms from R6.926m to R7.159m for its South African operations in the March 2012 quarter, it said on Friday.

Gold production at South Deep increased from 62,700 ounces (1 950 kilograms) to 63,000 ounces (1 959kg), it said in a statement.

Operating costs increased by 3%, from R658m in the December quarter, to R679m in the March quarter.

Total cash cost increased from R333 282 a kilogram to R339 969 a kg because of the marginal increase in production cost.

Operating profit decreased from R281m in the December quarter to R243m in the March quarter, as a result of lower revenue due to a lower gold price received and an increase in working costs.

Capital expenditure decreased from R654m in the December quarter, to R551m in the March quarter.

Group attributable equivalent gold production decreased by four percent from 498,000 ounces for the March 2012 quarter, to 477,000 ounces for the March 2013 quarter.

It was the first quarter in which the operations of Gold Fields and unbundled entity Sibanye Gold - which consists of Beatrix and KDC - were managed as separate entities.

The company reported a fatality free quarter.

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