April 18, 2012 / 10:07 PM / 7 years ago

Gold Fields increases investment in Peru project

SANTIAGO, April 18 (Reuters) - South African miner Gold Fields, the world’s No. 4 gold producer, increased the initial investment for its Peruvian Chucapaca project to $1.2 billion, the company’s vice president for South America told Reuters on Wednesday.

Initial investment at the Chucapaca gold project, which Gold Fields is developing with Peruvian top precious metals miner Buenaventura , was previously reported at $750 million.

Gold Fields expects to hand in the environmental impact study for the gold project and to complete Chucapaca’s feasibility study during the second half of 2012, company VP Juan Luis Kruger said.

Mineral resources at Chucapaca have increased to 7.6 million ounces of gold equivalent, from a prior estimate of 5.6 million ounces of gold equivalent.

Gold Fields is optimistic Chucapaca can kick off operations by the end of 2015, Kruger said.

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