Gold Fields Cuts Production Forecast for Chile's Salares Norte Project After Delays
By Michael Susin
Gold Fields slashed its forecast for 2024 output at the Salares Norte project in northern Chile after saying it expects first gold production to be delayed by four months.
The South African gold-mining company said Thursday that production volumes for 2024 are expected to be in the range of 220,000 to 250,000 gold equivalent ounces, compared with an earlier forecast of 400,000 to 430,000 gold equivalent ounces.
First gold production is now expected in April due to delays in precommissioning and commissioning activities. The group had said in November that it expected first gold production to begin this month.
Forecasts for production volumes for 2025 and 2026 remain unchanged at 600,000 gold equivalent ounces, it said.
Shares at 0950 GMT were down 3.9% at 291.5 South African rand.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
December 28, 2023 04:37 ET (09:37 GMT)
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