Gold Fields offers to increase production by 20% at mines in Chile and South Africa – Mining Report

Gold Fields offers to increase production by 20% at mines in Chile and South Africa – Mining Report
Gold Fields offers to increase production by 20% at mines in Chile and South Africa – Mining Report

Production from Gold Fields’ eight operating mines, from Australia and Ghana to Peru, fell slightly to 2.3 million ounces last year.

Gold Fields Ltd. aims to increase production by a fifth over the next two yearsas a major project in Chile finally gets underway and the company’s latest asset in South Africa ramps up production.

North Salt Flatsa US$1.2 billion open pit mine at altitudes up to 4,900 meters (16,000 feet) in Chile, will begin produce gold in April after a series of delays, Gold Fields said. The miner has also improved performance at its South Deep operation in South Africa, he said.

According to Bloomberg, the company has diversified away from its base in South Africa, where producers are struggling with the challenges of extracting gold from the deepest mines in the world. Production from Gold Fields’ eight operating mines, from Australia and Ghana to Peru, decreased slightly to 2.3 million ounces last year.

Gold Fields fell to a 6.8% in Johannesburg operations, after its 2023 earnings of $703.3 million missed the average estimate of analysts in a Bloomberg survey. Still, the mining company’s shares have gained a 56% from November 2022when it ended its efforts to buy Yamana Gold Inc., affecting an expansion plan in the Americas.

The miner will only consider “small mergers and acquisitions,” Mike Fraser, who took over as CEO last month, said in an interview.

The company, which divested all but one of its South African assets a decade ago, is developing a Canadian joint venture that could enter production in 2026. It is also seeking government permission to merge one of its Ghana mines with a neighboring project run by AngloGold. Ashanti Ltd.

Gold Fields is considering options for its Damang mine in Ghana, which has two years of reserves left to process. While the investment could extend the useful life of the asset, “it’s probably not for us,” Fraser said. Last year, the company sold its stake in another mine in the West African country.

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