Gold Fields says it will end 2019 on a ‘strong footing’ and deliver to the upper end of its full-year guidance despite a tough third quarter
Nick Holland CEO of Gold Fields at the annual results presentation at the JSE offices in Sandton. Picture: FREDDY MAVUNDA
Gold Fields, which only has a single mine in SA that it is struggling to bring to account, has expanded its overseas footprint and is looking at bringing in a partner for its R11.6bn Salares Norte project in northern Chile.Gold Fields said the reason was there was a “lock up of gold” in two of its Australian processing plants, meaning the gold was not being recovered as quickly as it normally was.
Gold Fields may hedge, or set in place contracts to sell gold in the future, and gold production from Salares Norte as a way to secure the repayment of its investment in the project. “Gold Fields expects to end 2019 on a strong footing and we expect to achieve previous production and all-in cost guidance for the year,” the company said.
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