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(Bloomberg) -- Gold Fields Ltd. fell the most since February after saying the early onset of winter in Chile has curbed the ramp-up of its key expansion project, forcing the miner to cut its output guidance for this year.
The gold producer’s stock slumped as much as 8.6%, the biggest drop on Johannesburg’s 122-member All-Share index. Gold Fields trimmed its production guidance to a range of 2.2 million to 2.3 million ounces.
Icy weather froze piping at the Salares Norte process plant, before it was restarted, Gold Fields said in a statement on Thursday. “Commissioning and ramp-up during the winter period are expected to continue to be challenging, creating uncertainty on production levels during the winter months,” it said.
Gold Fields started production at Salares Norte — a $1.2 billion open-pit mine in Chile that experienced delays caused by severe weather and labor shortages — in March. The project — about 4,000 meters (13,000 feet) above sea level in the Andes mountains — is the main driver of the company’s plan to increase output.
Given the weather impact, the Chilean operation will likely produce 90,000 to 180,000 ounces this year, less than the 220,000 to 240,000 ounces the company previously guided.
Gold Fields, with operations in Australia, Ghana, Peru and South Africa, raised its forecast for 2024 all-in sustaining costs to a range of $1,470 to $1,530 per ounce from prior guidance of $1,410 to $1,460.
