LIMA -(Dow Jones)- South Africa's Gold Fields Ltd. (GFI, GFI.JO) has increased its mineral resource estimate for its 51%-owned Chucapaca gold project in southern Peru, according to a company presentation.
Gold Fields says that Chucapaca has an estimated resource of 7.6 million gold equivalent ounces, up from 5.6 million ounces reported in May 2010.
Gold Fields expects to submit the environmental impact study for Chucapaca and complete its feasibility study in the second quarter of 2012. Construction is slated to begin in 2013 with production starting in 2015.
Peruvian precious metals miner Compania de Minas Buenaventura SAA (BVN) has a 49% stake in the project.
Gold Fields only producing mine in Peru is Cerro Corona, located in Cajamarca region.
In South America, Gold Fields aims to have in development or production 1 million gold equivalent ounces by 2015.
Gold Fields is the world's fourth biggest gold producer.
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