Proudly sponsored by

Gold Fields first-quarter output up 7%

‘While we expected the mining sector to be challenged by high inflation at the start of the year, the impact has been worse than initially expected,’ Griffith said.
Image: Supplied

Gold Fields on Thursday reported a 7% increase in first quarter production while flagging the impact of rising inflation on costs.

Output for the quarter ended March 31 rose to 580 000 ounces from 541 000 ounces a year earlier.

Its South African, Australian and Peruvian operations increased production with only its Ghana operations reporting a decline, down 5%.

Gold Fields’ all-in sustaining cost (AISC) – a metric used to measure overall production cost – was $1,150 per ounce, up 7% from a year earlier.

High commodity prices have driven inflation in energy costs, logistics and consumables, CEO Chris Griffith said in an operational update for the quarter.

“While we expected the mining sector to be challenged by high inflation at the start of the year, the impact has been worse than initially expected,” Griffith said.

Gold Fields said its Salares Norte project in Chile, which is behind schedule due to Covid-19-related absenteeism, is still on course to produce its first gold at the end of the first quarter of 2023.

COMMENTS   0

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

SEARCH COMPANIES
Enter company name or share code:

ECONOMIC DATA  

  CPIThe Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products Apr 2022 5.90%
  CPI ex OERThe Consumer Price Index excluding Owners’ Equivalent Rent (CPI ex OER) measures monthly changes in prices for a range of consumer products excluding Owners’ equivalent rent that measures changes in the cost of owner-occupied housing Apr 2022 6.40%
  RepoThe rate at which the Reserve Bank lends money to the country’s commercial banks and set by the Reserve Bank’s Monetary Policy Committee. May 2022 4.75%
  Prime lendingThe Prime Lending Rate is the rate of interest that commercial banks will charge their clients when issuing a loan (home loan or vehicle finance) May 2022 8.25%

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: