Gold Fields Posted Notable Dip in Q3 Gold Production

SEATTLE (Scrap Monster): Gold Fields reported operational update for the quarter ended 30th September, 2023. The company posted noticeable decline in gold production during the quarter.

The company’s Ghana operations reported most significant decline in gold production. The Damang mine’s gold production volumes declined, whereas the Tarkwa mine faced safety-related stoppages. Consequently, the mine production from Ghana recorded 14% year-on-year dip in production to 185 koz.

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The Australian gold output declined by 5% over the previous year and by 8% from the prior quarter. The reduced output was mainly on account of lower grades at Granny Smith, St Ives, and Agnew mines, coupled with skill shortages and ventilation issues.

The managed production from South Africa totalled 81 koz, down by 8% year-on-year, but higher than the prior quarter by 19%. The Cerro Corona mine in Peru produced 52 koz, down by 14% each from the prior quarter as well as the previous year quarter. The lower grades, along with diminished metallurgical recoveries led to the lower output.

Gold Fields recorded 542,000 ounces of attributable production, an all-in sustaining cost of $1,381 per ounce and an all-in cost of $1,622 per ounce during the quarter. The operating environment continued to remain challenged, said the company press release.