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Shares in Gold Fields fell almost 6% on Friday after it flagged a delay in production and higher costs for its Salares Norte project in Chile.
The project, which commenced construction in February 2021, is currently 97% complete, the group said, but certain components of the plant require commissioning from the manufacturer of the equipment, and there has been challenges in securing the vendor's representatives.
First gold from the project is still expected in the fourth quarter of 2023, but this has moved from the beginning to the latter part of the quarter, the group said, while the total project capital estimate has increased by $20 million to (R380 million) due to this expected delay.
The group said, however, that ramp-up of the project has been significantly de-risked, with mining activities having continued throughout the construction and commissioning phase resulting in 1.6 million ore tonnes and 380 000 ounces of gold stockpiled to date. Operational staff complements have been filled, with operational staff an integral part of the commissioning process as sections of the project are handed over.
Valued at about R198 billion on the JSE Gold Fields has operating mines in SA, Australia, Ghana, and Peru, as well as project interests in Canada and Chile.
At the end of June, the Salares Norte project was 94% complete, and 2024 production is expected to fall in a range of 400 000 to 430 000 ounces, previously 500 000. In 2022, the group produced almost 2.4 million ounces, 44% of this in Australia, 32% in Ghana, and 13% in SA.
Gold Fields' shares were down 5.8% on Friday morning but are still up more than a fifth in the year to date.
