Despite lower-than-expected production for the March quarter, Gold Fields is sticking to its full-year 2024 production guidance it set out in February.
The global gold giant revealed on Tuesday that unrest in South Africa, as well as weather events in Australia and Peru, had slowed production in the three months to March 31.
The South Africa-based miner said attributable gold equivalent production for the quarter (the 45%-owned Assanko operations in Ghana) is expected to be between 460,000 and 470,000 ounces.
The company said operations at South Africa’s South Deep mine were hit by a fatal twist of fate on Jan. 2 and reduced access. The organization expects the mine’s production to be between 57,400 and 58,000 ounces.
Production from its gold mines in Washington state was hit at least twice during the quarter by heavy rains last month. The Gruyère mine, of which it owns 50% (Gold Road Resources, 50%) was hit hard, and Gold Road revealed on Tuesday that the mine produced around 64,300 ounces in the quarter, down 22% from the 82,000 ounces produced in the first quarter of 2023.
Gold Road said on Tuesday in its same brief update at the start of the quarter that mining had been disrupted since early March due to the two rains of the month. While it was able to continue to generate low-grade ore inventories, it cautioned that it would have an impact on the quarter’s final figures, i. e. , costs.
“Final gold production and total sustaining prices (AISC) for the quarter will be included in Gold Road’s quarterly report at the end of April. Total sustaining prices are expected to be impacted by declining gold production and declining extraction volumes,” Gold said. Road said in Tuesday’s statement.
The latest event, on March 28, saw the closure of the Gruyère mining plant and complex maintenance (“to minimize the impact on annual production,” according to Gold Road), when roads were cut in the Laverton area. Limited mining activities will resume this week in Gruyère.
On its offshore exchanges, Gold Fields said that despite those issues, it maintains its 2024 gold equivalent production direction between 2. 33 million ounces and 2. 43 million ounces, and keeps total prices between $1,410 and $1,460 per ounce.
Gold Fields added that it has production at the $1 billion Salares Norte allocation in northern Chile with the delivery of the first gold on March 28.
It was only in mid-February, in the company’s 2023 financial results, that the company raised its guidance for 2024 due to the immediate increase in production at Salares Norte.
Construction of the mine began in 2020 and production was originally scheduled for early 2023. However, the mine failed to meet several targets due to delays caused by COVID-19 and poor weather conditions.
Salares Norte is key to Gold Fields’ long-term purpose of expanding production to approximately 2. 8 million consistently with the year, with production expected to be approximately 250,000 this year and more than double to 580,000 by 2025.
Gold Fields reported a 21% decline in overall earnings, to $837 million for the year ended December 2023, from $1. 06 billion a year earlier, due to lower production and higher costs.
Its attributable gold production of 2. 304 billion ounces is 4% lower than a year earlier, while total prices remain (an industry measure) 17% higher at $1,295 per ounce.
Gold Fields’ earnings for 2023 appeared to decline as its effects in 2022 were boosted by a $202 million separation payment it earned after its bid to acquire Canadian company Yamana Gold failed. Inferring this from the comparison with the effects of 2022 and 2023 is a little better. .
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