Gold Fields is raising about R4bn to fund its new Salares Norte gold and silver mine in Chile after failing to find a partner to share the cost of the project.

The mine will cost $860m (R12.7bn) to build and add 450,000oz of gold a year for the first seven years of the operation, which will have an initial life of 11 years, but could be extended. Construction will start later this year and the first gold is expected early in 2023.

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