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Gold Fields reports gold equivalent production of 577koz in March quarter, flat y-o-y

Kitco Media
By Vladimir Basov
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(Kitco News) - Gold Fields (NYSE: GFI), one of the world's largest gold producers, announced today that its attributable gold equivalent production was 577koz in the March quarter of 2023, unchanged y-o-y (March quarter 2022: 580koz).

Group all-in sustaining cost (AISC) for the quarter was US$1,152/oz, largely flat y-o-y. All-in cost (AIC) for the group was US$1,343/oz, 2% higher y-o-y due to higher capital expenditure at the Salares Norte project.

Importantly, the company noted that the Salares Norte project continued to make positive progress during the March quarter, with total project progress of 90.4% as at the end of March 2023 compared to 86.7% at the end of December 2022.

As guided in February 2023, first production at Salares Norte is expected during Q4 2023, with a quick ramp-up in 2024. The project capex remains on track to meet revised guidance of US$1,020M, Gold Fields added.

The company pointed out that its production remains on track to deliver the FY 2023 guidance provided in February 2023.

Attributable gold equivalent production (excluding Asanko) is expected to be between 2.25Moz - 2.30Moz (2022 comparable was 2.32Moz). AISC is expected to be between US$1,300/oz - US$1,340/oz, with AIC expected to be US$1,480/oz - US$1,520/oz.

According to a press release, net debt at the end of the quarter was US$875M, compared to US$704M at the end of December 2022, primarily driven by the payment of the final dividend of US$215M and a non-controlling interest holders dividend of US$3M.

Gold Fields also reported that the group generated free cash flow of US$83M in Q1 2023.

Gold Fields is a globally diversified gold producer with nine operating mines and one project in Australia, Chile, Ghana (including its Asanko joint venture), Peru and South Africa.

Gold producer Endeavour Mining reports adjusted net earnings of $70M in Q1; reiterates 2023 guidance
Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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