Gold Fields Limited
Gold Fields Limited
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Canadian international miner Yamana Gold continues to generate strong cashflows ahead of its planned $US6.7B acquisition by Gold Fields, lifting its cash balance to over $C328M at the end of the June qtr (Q2FY2022) from $298M three months earlier.
Yamana's Q2 production was 260,960oz gold equivalent (Q1: 238,617oz), comprising 232,542oz gold (210,533oz) and 2,356,853oz silver (2,198,6769oz). AISC is expected to be below $US1,090/oz.
Gold Road Resources has joined the list of West Australian gold companies boasting record June qtr production, with its 50-50 Gruyere JV with international miner Gold Fields delivering 85,676oz for the three months.
The NE Goldfields mine’s best performance since producing its first gold bars in 2019 compares with 71,135oz in the previous period. Total ore processed of 2.4Mt at a head grade of 1.22g/t are both also records.
Gruyere remains in line with the JV’s 300,000-340,000oz FY2022 guidance.
Global miner Gold Fields has launched a $US6.7B all shares takeover bid for fellow international Yamana Gold to create a top-4 global gold major with high end operations across South Africa, Ghana, Australia, Canada and South America.
Despite ore mined at the Gruyere Gold Mine in Western Australia falling to 2.63Mt in the Mar 2022 qtr (Q1 22) from Q4 21’s 3.16Mt, the operation has lifted production (100%) to 71,135oz from 67,813oz.
The mined grade rose to 1.08g/t from 1g/t and the head grade to 1.17g/t from 1.04g/t, albeit with cash costs up to $A968oz from $891oz, but AISC steady at $1,526oz.
Western Australia’s Gruyere gold mine is predicted to lift production rates through 2022 after lifting its March qtr output to 71,135oz, up from 67,813oz in the previous period despite two scheduled plant shutdowns for SAG and ball mill relines.
Gold Road Resources, 50-50 JV partner with international miner Gold Fields, says the NE Goldfields mine output is expected to grow in line with their 300,000-340,000oz full year guidance as process plant throughput and head grades improve.
A fall in gold sales/price from the 50% owned Gruyere Gold Mine in Western Australia has seen Gold Road Resources’ Dec 2021 year (FY/CY 21) consolidated net profit after tax plunge to $A36.8M from the previous year’s $80.8M, primarily impacted by mill performance issues in the June and Sept qtrs.
Increased plant availability at the Gruyere Gold Mine J/V in Western Australia, along with record processing throughput and improving head grades has lifted Dec 2021 qtr (Q2 22) production to 67,813oz from Sept 2021 qtr’s (Q1 22) 59,371oz.
A strong performance by its South Deep project in South Africa has enabled Gold Fields lift its Sept qtr (Q3FY2021) gold production to 606,000oz at AISC of $US1,016/oz, from 541,000oz at $1,107/oz in the previous period and keeping the international miner on track for FY guidance of 2.3-2.35Moz at $1,020-1,060/oz.
JV partners Gold Fields and Gold Road Resources are facing a 4% increase in mining costs as well as reduced production at their Gruyere mine in Western Australia after plant mechanical issues reduced output over the last six months.
Gruyere produced 59,371oz gold at AISC of $A1,697/oz in the Sept qtr (Q3), following its dip to 53,132oz at $1,659/oz in the previous period.
WA's Gruyere gold project is set to become one of the deepest openpit mines in Australia after Gold Road Resources, its 50% owner in partnership with Gold Fields, posted a 31% increase in openpit ore reserves to 4.54Moz (110.4Mt @ 1.28g/t).