Gold Fields’s vastly improved quarter eases pressure on Fraser

GOLD Fields turned in a vastly improved production report for its third quarter registerting strong recoveries at all its assets, especially at South Deep in South Africa.The group also announced the resumption of ramp up at its Salares Norte project in Chile. The project is now expected to hit the straps in 2026 but will start to meaningfully contribute to Gold Fields’s production next year.The only major negative for the quarter was a year-on-year escalation in unit and all-in sustaining costs (AISC), the latter – which came in at $1,694/oz – was 23% higher.All in all, third quarter production totalled 510,000 oz, a 12% quarter-on-quarter improvement (6% lower y-o-y), and a 5% decrease in all-in sustaining costs which came in at $1,909/oz.This performance eases the pressure on Mike Fraser, Gold Fields CEO who saw a major drop off in company performance shortly after taking the reins almost a year ago, and at a time when the gold price shot the lights out.He promised further gains in the current quarter. “We expect a further step up in production in Q4 2024,” he said in comments to the published numbers. Revised guidance for the year was unchanged at 2.05 to 2.15 million oz at $1,580 to $1,670/oz AISC.St Ives, a mine in Australia was set to record the largest quarter-on-quarter increase in the fourth quarter as it accessed new open-pit reserves.The post Gold Fields’s vastly improved quarter to ease pressure on Fraser appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com