Gold Fields expects lower production than planned
Group production for Q1 2024 is expected to be lower than planned, impacted by operational challenges at the South Deep mine and by weather-related events in Australia and Peru.
Operational momentum at South Deep was impacted by the fatality on 2 January 2024. This was compounded by reduced stope access, due to increased backfill rehandling, and slower stope turnaround in current destress cuts. Actions being taken to address these constraints are starting to yield results, with Q1 2024 production expected to be between 57.4koz and 58.0koz (1 784kg – 1 804kg).
Although all the Australian operations were impacted by the recent severe weather conditions, Gruyere has been particularly hard hit.
Rainfall in the region resulted in the damage and closure of the Laverton Shire roads, which provide access to the mine. Mining operations at Gruyere were suspended on 5 March 2024 while the plant continued to process lower grade stockpiles until 28 March 2024.
Production at Cerro Corona was also affected by inclement weather during the quarter which impacted the north wall of the pit, resulting in a resequencing of mining to the lower-grade areas. Q1 2024 production for Cerro Corona is therefore expected to be 40koz eq – 42koz eq.
Group attributable gold equivalent production for Q1 2024 is expected to be between 460koz and 470koz (excluding Asanko). All- in sustaining costs (AISC) and AIC for the quarter are expected to be impacted by the lower production and will be reported in the Company’s Q1 2024 update on 23 May 2024.
2024 annual group guidance unchanged
Annual group production and cost guidance for 2024 remains unchanged in line with that announced on 22 February 2024 at attributable gold equivalent production (excluding Asanko) of between 2.33Moz and 2.43Moz. 2024 AISC is expected to be between US$1,410/oz and US$1,460/oz, and AIC is expected to be between US$1,600/oz and US$1,650/oz.
