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Gold Fields says production was 'flat' in March quarter

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(Kitco News) - Gold Fields (NYSE & JSE: GFI), one of the largest gold producers globally, reported today that the group’s attributable equivalent gold production was 541koz in March quarter 2021, largely flat compared to March quarter 2020 (537koz) and down 9% compared to December quarter 2020 (593koz).

The company said that the group’s producing mines remain on track to deliver the guidance provided in February 2021. For 2021, attributable gold equivalent production is expected to be between 2.30Moz and 2.35Moz.

All-in sustaining costs (AISC) for the quarter were US$1,078/oz, up 11% QoQ and YoY as capital expenditure at Salares Norte starts to ramp up. AISC is expected to be between US$1,020/oz and US$1,060/oz in 2021.

The company said that its net debt at the end of the quarter was US$1,224m, compared to US$1,069m at the end of December 2020, primarily driven by the payment of the final dividend of US$190m.

Gold Fields is a major globally diversified gold producer with nine operating mines in Australia, Peru, South Africa and West Africa (including the Asanko JV), as well as one project in Chile. The company has a total attributable annual gold-equivalent production of 2.2Moz, attributable gold-equivalent Mineral Reserves of 51.3Moz and Mineral Resources of 115.7Moz.

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