Gold Fields Limited
Gold Fields Limited
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Partners Gold Fields and Gold Road celebrate an ‘outstanding achievement’ in the first year of production as their Gruyere gold mine in Western Australia’s North-Eastern Goldfields achieves record June quarter production.
The Gruyere gold mine in Western Australia has marked its first year of production for 50-50 partners Gold Fields and Gold Road, producing a record 71,865oz in the June qtr (Q2) and on track for their 250,000-285,000oz guidance for FY2020.
The increase from Q1’s production of 59,595oz reflects increased mining rates on fresh rock ore at the mine 200km E of Laverton.
The Asanko Gold Mine J/V in Ghana, W Africa, has posted another record milling/production qtr with June 2020 qtr (Q2 20) gold production (100% basis) up to 69,772oz from Q1 20’s 66,333oz on the processing of a record 1.64Mt of ore from 1.4Mt.
Record Mar 2020 qtr (Q1 20) gold production from the Asanko Gold Mine in Ghana, West Africa, to 66,333oz from Q4 19’s 66,112oz has lifted 50% J/V partner Galiano Gold’s (formerly Asanko Gold) after tax profit for the qtr to $US21.8M from Q4 19’s $21.2M loss.
Adjusted net income jumped to $21.9M from $900,000 on revenue up to $104.8M from $97.1M, income from mine operations to $48.4M from $9.1M, albeit with cash from operations easing to $37M from $45.4M and adjusted EBITDA up to $21.9M from $12.6M.
Western Australia’s Gruyere gold project remains on track for its FY2020 guidance despite a decline in the March qtr (Q1) that resulted in production of 55,595oz at AISC of $A1,135/oz, compared to its Dec qtr outcome of 70,023oz at $1,102/oz.
Local company Gold Road Resources, 50% JV partner with Gold Fields, says Q1 production was impacted by several plant shutdowns for enhancements to improve reliability during the later ramp-up stages.
Record Dec 2019 qtr (Q4 19) gold production lifts Australian CY 2019 output 8t to 325t
International miner Gold Fields and 50-50 JV partner Gold Road have set FY2020 production guidance of 250,000-285,000oz at AISC of $A1,100-1,200/oz as their Gruyere gold mine in Western Australia ramps up from first production in mid-2019.
The mine 200km east of Laverton, which delivered 99,130oz in FY2019, faces a number of scheduled shutdowns in the March qtr for work to improve plant availability, operating efficiencies plus wear and maintenance programs.
Gruyere gold mine 50-50 partners Gold Road and Gold Fields are turning their focus to mature project issues including improving plant availability, maintenance and wear patterns after the West Australian mine reached the top end of FY2019 guidance with 99,130oz.
The mine 200km E of Laverton was at the top end of its 75,000-100,000oz guidance after achieving commercial production at end-Sept. AISC was within forecast at $A1,102/oz.
Asanko Gold’s 50/50 J/V Asanko Gold Mine in Ghana with Gold Fields has posted record Dec 2019 year (FY/CY19) gold production of 251,044oz from FY/CY18’s 223,152oz (100% basis), exceeding the upper end of 225,000oz-245,000oz guidance.
The output resulted in record proceeds of $US342.4M from gold sales up to 248,862oz from 227,772oz at an average realized price up to $1,376oz from $1,247oz. Preliminary AISC were 5% above guidance of $1,040-$1,060oz at $1,112oz.
South African-based international miner Gold Fields is aiming to reach a construction decision in the first half of 2020 on its 100%-owned Salares Norte gold-silver project in northern Chile after gaining approval from the Atacama Environmental Assessment Commission.
CEO Nick Holland says Gold Fields will now formulate a funding plan for the anticipated $US834M capital expenditure project.