Gold Fields Limited
Gold Fields Limited
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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).
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.