Gold Fields Raises Production Forecast Ahead of New Chile Mine Launch

Credit: Reuters

Gold Fields Limited (NYSE: GFI, GFI:SJ), a South African mining company and one of the largest gold mining firm in the world, has adjusted its 2024 gold production forecast to between 2.33 million and 2.4 million ounces.

This adjustment comes ahead of the launch of its new Salares Norte mine in Chile, scheduled for April. The company experienced production declines last year due to decreases in operations in Ghana and South Africa. Salares Norte is crucial for Gold Fields' goal of increasing output to around 2.8 million ounces annually and is expected to produce 250,000 ounces of gold in 2024, rising to 580,000 ounces by 2025.

Despite a 21% decline in headline earnings to $837 million in 2023, attributed to lower output and increased costs, the company remains focused on ramping up production at Salares Norte.