Miner also increased its total capital estimate for Salares Norte gold project by $20 million to slightly over $1 billion.
the project was on schedule to kick off production at the beginning of this year’s fourth quarter, now expects it to happen by the end of the quarter.Total project capital estimate was increased by $20 million to slightly over $1 billion, while production targets were revised down as a result.
The miner attributed the flagged delay to the fact that certain plant components require commissioning from the equipment manufacturer and there has been challenges in securing the vendor’s representatives. The top-end of the production guidance range for 2024 will also fall as a result, to 400,000-430,000 ounces from the 500,000 ounces initially expected.
Planned production volumes for 2025 and 2026 at Salares del Norte were left unchanged at 600,000 gold-equivalent ounces, as Gold Fields expects steady state production by early 2025.The start of the Salares Norte, which is now 97% complete, is key to Gold Fields’ goal of increasing production to about 2.8 million ounces by 2025 from about 2.3 million ounces currently.
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