Gold Fields Limited
Gold Fields Limited
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Gold production from the Asanko Gold Mine in Ghana, West Africa, eased to 49,543oz in the Sept 2021 qtr (Q3 21) from Q2 21’s 50,421oz, generating revenue of $US85.2M from the sale of 48,435oz at an average realized price of $1,758oz.
Ore tonnes mined from Asanko, a 50/50 J/V between Galiano Gold and Gold Fields, was up to 1.46Mt from 1.33Mt, with an average grade mined of 1.3g/t from 1.2g/t, ore processed up to 1.54Mt from 1.47Mt and gold recovery easing to 90% from 94%.
Gold Fields and Gold Road Resources, partners in Western Australia’s Gruyere gold mine, have reduced forecast FY2021 production guidance to 250,000-260,000oz - from 260,000-300,000oz - due to plant mechanical issues that impacted output in the June and Sept quarters. The companies are not yet ready to forecast Gruyere’s AISC for the year.
Ball mill operations resumed on Sept 30 at Gruyere, 200km east of Laverton, after a two-day shutdown triggered by the failure of a trunnion bearing.
The Gruyere gold mine, originally billed by JV owners Gold Fields and Gold Road Resources as one of Australia’s largest and lowest-cost producers, is travelling well short of its full year guidance after the latest in a series of mechanical failures.
Mechanical issues are continuing to disrupt operations at the Gruyere gold mine, the 50-50 joint venture project of international miner Gold Fields and local Gold Road Resources in Western Australia’s Yamarna greenstone belt 200km E of Laverton.
Gold Road says the failure of a trunnion bearing forced the shutdown of the Gruyere ball mill on Sept 28, leaving the process plant operating at reduced throughput and processing recovery using only the SAG mill.
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West Australian miner Gold Road Resources predicts FY2021 production for the Gruyere gold mine, its 50-50 JV project with Gold Fields, will be in the lower half of its 260,000-300,000oz at AISC of $A1,325-1,475/oz after its June qtr outcome of 53,132oz at $1,659/oz.
The Q2 result, down from its 66,213oz at $1,386/oz in the March qtr, follows production delays resulting from the repair of a torn conveyor belt and difficulties restarting the ball mill.
A series of disruptions to processing plant operations have slashed June qtr (Q2FY2021) production at the Gruyere gold mine in Western Australia to 52,000-55,000oz, down from 66,213oz in the previous period. AISC is also anticipated to be $A1,675-1,800/oz (Q3: $1,386/oz).
Gold Road Resources, 50% owner with Gold Fields, now anticipates CY2021 gold production to come in at the lower half of its 260,000-300,000oz guidance with AISC rising to $1,325-1,475/oz from its previous $1,225-1,350/oz forecast.
A three-year wage agreement for workers at Gold Fields’ South Deep mechanised underground gold mine, 45km SW of Johannesburg, could be a benchmark for the South African mining sector.
The agreement negotiated with the National Union of Mineworkers and UASA delivers average increases of 6.5%pa comprising improved wages and CPI-related rises in housing allowances, plus non-wage related issues such as leave and shift configurations and standardised conditions.
Newly appointed CEO Chris Griffith has credited the deliberate strategy of focusing on mechanised openpit and underground mining has set South African international miner Gold Fields on the path to global leadership in sustainable gold mining.
Together with its reinvestment program over the last 4 years, the switch from labour-intensive conventional mining equips Gold Fields to maintain and even grow production over the next decade.