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(Kitco-News) - Gold Fields (NYSE, JSE: GFI), one of the world's major gold producers, announced today that its attributable gold equivalent production in Q3 2023 was 542koz, 9% lower compared to Q3 2022 (597koz).
The company said the largest decline in production was recorded in the Ghana region, which in line with the mine plan is reducing production volumes at Damang, adding that production at Tarkwa was negatively impacted by lower yields and safety-related stoppages.
Group all-in cost (AIC) for the quarter was US$1,622/oz, 27% higher year-over-year (Q3 2022: US$1,279/oz) due to lower gold sold and above-inflation increases in costs across all operations compounded by initial spending of pre-production capital at the Windfall project.
All-in sustaining cost (AISC) for Q3 2023 of US$1,381/oz was 30% higher year-over-year (Q3 2022: US$1,061/oz). According to Gold Fields, AISC was also impacted by lower gold sales volumes and inflationary cost pressures.
"The operating environment remained challenging as above-inflation cost increases and the shortage of key skills, particularly in the Australia and South Africa regions, persisted," Gold Fields said in a media release.
Importantly, the company noted that total construction progress of the Salares Norte project stood at 97% at the end of September 2023 compared to 94% at the end of June 2023. Commissioning is progressing in line with the revised plan announced on 15 September 2023.
Gold Fields said that first gold at Salares Norte is expected in December 2023 with production volumes of 1koz gold-eq oz forecasted for 2023 while 2024 production is expected to fall in the range of 400koz gold-eq ounces at an AIC of US$900/oz-eq to 430koz gold-eq ounces at AIC of US$860/oz-eq.
The project capital remains on track to meet the revised total project capital estimate of US$1,040 million, it added.
Gold Fields also said it remains on track to meet the original production and cost guidance provided in February 2023, both at guided and forecast exchange rates. Attributable gold-equivalent production (excluding Asanko) is expected to be between 2.25Moz – 2.30Moz (2022 comparable was 2.32Moz). AIC is expected to be US$1,480/oz – US$1,520/oz.
According to the company, its net debt increased by US$113 million to US$1,141 million at the end of September 2023, mainly due to the payment of the interim dividend of US$154 million (June 2023: US$1,028 million).
Gold Fields is a globally diversified gold producer with nine operating mines and two projects in Australia, Chile, Ghana (including its Asanko joint venture), Peru, Canada and South Africa.
