Gold Fields Reaffirms Targets Despite Third-Quarter Production Fall

Gold Fields, the South African gold mining company, remains confident in its full-year targets for output and costs despite a sequential decline in third-quarter gold production. The company reported a 6% fall in gold production, with the largest decline occurring in operations in Ghana as the Damang mine reduced production in alignment with the mine plan.

In addition to the decline in production, Gold Fields also saw its all-in sustaining costs increase by 8% to $1,381 per ounce. This increase can be attributed to a lower quantity of gold sold and rising costs across all operations, as well as the initial spending of preproduction capital at the Windfall Project in Canada.

"The operating environment remained challenging as above-inflation cost increases and the shortage of key skills, particularly in the Australia and South Africa regions, persisted," stated interim Chief Executive Martin Preece.

Despite these challenges, Gold Fields is maintaining its full-year targets of producing 2.25 million to 2.30 million ounces of gold and achieving costs ranging from $1,480 to $1,520 per ounce.