Africa's second-largest generator of gold announced it will increase production of the yellow metal this year.
Bloomberg reports Gold Fields of South Africa expects to produce 5.7 percent more gold this than it did for fiscal 2010, which ended in June. The company plans to generate as many as 3.7 million attributable equivalent ounces through the end of 2011 as compared to 3.5 million for fiscal year 2010.
"A potentially large gold prospect has been defined," according to the Johannesburg-based company. The increased production will be driven by the project known as "Incredible" in St. Ives of Western Australia.
Just after 9:15 a.m. on Friday, gold futures were up 0.08 percent, a $1.10 cent rise to $1,386.20 per troy ounce.
Gold's value will reach $1,500 per troy ounce in 2011, according to the prediction of AngloGold Ashanti, the African continent's largest gold producer.
Now coming off its 10th straight year of annual gains, gold notched its top value in five weeks on Thursday. The precious metal record high is $1,431.25 per troy ounce, which it notched on December 7, 2010.