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Gold Fields starts Salares Norte build

Gold Fields has formally started construction of mining infrastructure at its US$860 million Salares Norte project in Chile. Pre-stripping of the mine and construction of the process plant commenced this month.
Gold Fields starts Salares Norte build Gold Fields starts Salares Norte build Gold Fields starts Salares Norte build Gold Fields starts Salares Norte build Gold Fields starts Salares Norte build

Gold Fields' Salares Norte project in Chile

Staff reporter

The project is about 15% built and is scheduled to be completed in late 2022, with first gold production in early 2023.

Salares Norte is planned to produce an average of 450,000 ounces a year of gold-equivalent over its first seven years and 355,000oz/y gold-equivalent over its first 10 years, at an estimated all-in sustaining cost of $552/oz, with an 11.5-year mine life.

Salares Norte will enable the company to maintain annual production of 2-2.5Moz/y for the next 10 years.

Salares Norte will be GoldFields' second mine in Latin America, joining Cerro Corona in Peru which produces about 291,000oz/y gold-equivalent.

Shares in Gold Fields are trading at $9.57, valuing the company at US$8.5 billion.