PRECIOUS METALS

Gold Fields bets on South Deep

Johannesburg-listed Gold Fields said its South Deep asset was key to future production growth.

Steven Swindells
Gold Fields bets on South Deep

 Gold Fields was aiming to increase gold production at South Deep to 350,000-380,000 ounces per year in 2025, which would be up from 282,000oz last year.

"We will be increasing by 20-30% from 2021 production levels over the next four years," Gold Fields chief executive Chris Griffith said at the BMO Global Metals and Mining Conference.

Operations at South Deep were made more challenging last year by the COVID-19 pandemic.

Griffith reiterated that start-up of the $860 million Salares Norte mine in Chile was scheduled for the first quarter of 2023. The production target was 550,000oz/y from 2024.

Construction at the mine started in January 2021.

The firm expected its total gold production to be 2.25-2.30 million ounces this year, which was up from 2.245Moz in 2021.

Output was forecast to rise to 2.375-2.425Moz in 2023 and 2.72-2.77Moz in 2024.

Shares in Gold Fields closed in New York 6% higher at $14.02, a gain of $0.81.

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