Gold Fields Cuts Quarterly Production Target
By Michael Susin
Gold Fields said production for the first quarter is expected to be lower than expected due to the impact of operational challenges at the South Deep mine in South Africa and weather-related events in Australia and Peru.
The South African gold-mining company on Tuesday said that attributable gold equivalent production for the quarter--excluding Asanko operations--is expected to be between 460,000 ounces and 470,000 ounces.
The company said operations at South Deep were impacted by a fatal accident on Jan. 2, and reduced access. The group expects production in the mine to be between 57,400 ounces and 58,000 ounces.
However, the group backed its 2024 guidance as it sees gold equivalent production of between 2.33 million ounces and 2.43 million ounces, and all-in sustaining costs between $1,410 and $1,460 per ounce.
Gold Fields added that it has started production at the Salares Norte project in northern Chile with the delivery of the first gold on March 28.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
April 02, 2024 03:13 ET (07:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: AI Leaders Excel In Earnings Season So Far
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
SoFi Earnings: Revenue Growth Slows on Lower Loan Growth and Higher Credit Costs
-
Tesla: Full Self-Driving Approval In China Supports Our View for Deliveries Growth In 2024
-
Philips Earnings: Firm Reaches $1.1 Billion Settlement Agreement
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast