Gold Fields Limited
Gold Fields Limited
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South African-based international miner Gold Fields expects to reach its 2Moz annual target this year after lifting attributable gold production to 542,000oz in the March qtr (Q3FY19) from 509,000oz in Q2. AISC also improved to $US963/oz ($1,016/oz).
CEO Nick Holland says 2019 will be its inflection point, with contributions starting to come from new projects Gruyere JV in Australia, a full year at its Asanko JV in Ghana and increasing input from Damang in Ghana.
Mining operations at the Gold Road-Gold Fields JV Gruyere gold project have scaled up to double shifts as the $A621M development 200km east of Laverton in Western Australia’s Yamarna Basin on schedule and budget for first gold production in the second half of the June qtr.
Gruyere has stockpiled 800,000t ore to reduce mining risk during the plant commissioning and ramp-up phases.
Gold Road says FY2019 forecast production remains 100,000-120,000oz.
The 50/50 Asanko Gold J/V with Gold Fields in Ghana, West Africa, has lifted Mar 2019 qtr (Q1 19) gold output from the Asanko mine to 60,425oz from Q4 18’s 59,823oz, nicely on track for FY/CY19 production of 225,000oz-245,000oz from FY18’s 223,152oz.
The increase at the Asanko Gold-operated mine was on ore mined up to 1.51Mt from 1.37Mt, but processed ore down to 1.22Mt from 1.24Mt and an average steady gold grade of 1.6g/t.
Australian gold production hit a record 317t for CY18, breaking the record set 21-years ago, with near future output looking good, Surbiton report
South African miner Gold Fields is setting its sights on a decade of annual international gold production exceeding 2Mozpa after completing the second year of its reinvestment program that sees its Damang project in Ghana nearing completion and 50%-owned Gruyere project in Australia commencing production.
Its newly acquired 50% interest in the Asanko project in Ghana will also contribute for a full year for the first time in 2019.
Despite increased Dec 2018 year (FY/CY18) gold production from the Asanko mine in Ghana, the J/V has posted a net loss of $US124.9M from a 12.6M profit the previous year, with an adjusted profit down to $2M from $12.6M after accounting for a $126.9M fair value adjustment associated with the JV.
Some 3 months ahead of its forecast first gold pour in the June qtr, operator Gold Road has set production guidance for CY2019 of 100,000-120,000oz for the Gruyere mine in Western Australia’s Yamarna Basin. Forecast AISC for CY2019 is $A1,050-1,150/oz.
Gruyere has mined 185,000t ore to date for stockpiling to support its ramp-up.
Once it reaches commercial production, expected in H2, the mine 200km E of Laverton is forecast to produce an average 300,000ozpa over 12 years at AISC of $1,025/oz.
First deliveries of material through the primary crusher to the coarse ore stockpile keeps 50-50 JV partners Gold Road and Gold Fields on track for first gold production in the June qtr at their Gruyere project, 200km E of Laverton in Western Australia.
Mining contractor Downer began ore production on schedule this month with the aim of de-risking the project start-up by creating significant stockpiles ready for production to begin.
The Asanko Gold Mine in Ghana has produced a record 223,152oz in the Dec 2018 year (FY/CY18) from 2017’s 205,047oz, exceeding guidance of 200,000oz-220,000oz and generating $US284.1M from sales up to 227,772oz from 206,079oz at an average realized $1,247oz.
A new mine plan has lifted upcoming LoM gold production from the Gruyere project in Western Australia to 300,000oz pa from the 2016 FS’ 270,000oz pa.
The increase comes with a 1-year LoM cut to 12-years, average AISC up 8% to $A1,025oz ($US738oz) and mill processing throughput up from 7.5Mtpa to 8.2Mtpa, with 1st gold production on target for the June 2019 qtr. All major equipment/materials are on site, 200kms E of Laverton, with EPC process plant and associated infrastructure construction 85% and 77% complete.