Gold Fields on track to meet 2-million-ounce target
As the company reaps the benefits of its $500m investment plan, it remains firmly on track to deliver 2-million ounces of gold in 2019
Gold Fields will reach its 2-million-ounce gold production target in 2019 as it reported a jump in first-quarter output and as new projects and partnerships delivered metal. Gold Fields, which is domiciled in SA but has just one mine in the country, has spent $500m over the past two years on its Damang mine in Ghana and Gruyere in Australia to reach the 2-million-ounce target and to lower group production costs. In the first quarter of 2019, Gold Fields lifted gold output to 542,000oz compared with 490,000oz in the same period a year earlier. Total all-in costs fell to $1,080/oz from $1,150/oz. The average received gold price was $1,298/oz, little changed from a year earlier. Gold Fields was on track to meet its forecast increase of between 4% and 7% in gold output for the year, targeting between 2.13-million and 2.18-million ounces at an all-in cost of up to $1,095/oz. “The year will, however, be one of two halves, with both production and cash flow being weighted to the second hal...
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