Gold Fields Cuts Production Forecast for Salares Norte Gold Project in Chile

Gold Fields, a South African mining company, has announced a reduction in its production forecast for the years 2023 and 2024 at its Salares Norte gold project in Chile. The delay in first gold production has necessitated this adjustment.

According to the company, the anticipated first gold production is still expected to occur in the fourth quarter of 2023; however, it has been pushed back to the latter part of the quarter.

If first gold is produced on December 1st, the projected production for 2023 at the Salares Norte project will be 1,000 gold-equivalent ounces. This is a decrease from the previously estimated range of 15,000 to 20,000 ounces.

In addition, the upper end of the production guidance range for 2024 has also been revised downward to 400,000 to 430,000 ounces from the previous estimate of 500,000 ounces.

In the event that the delay pushes first gold production to the end of December, the projected production for 2024 will be 350,000 ounces.

Despite the adjustment in production for 2023 and 2024, the planned production volumes for 2025 and 2026 at the Salares Norte project will remain unchanged at 600,000 gold-equivalent ounces. The company still expects steady state production to be achieved by the beginning of 2025.

Construction on the Salares Norte project commenced in February 2021 and is currently reported to be 97% complete.