Gold Fields Commences Gold Production at Salares Norte Mine in Chile

Gold Fields, the South African mining giant, has successfully initiated the first production at its Salares Norte gold mine in Chile, marking a significant milestone for the company after a 13-year journey from exploration to production. This development comes in the wake of overcoming numerous obstacles, including soaring costs and technical delays, underscoring the company's resilience and commitment to growth.

The company celebrated the pouring of its first gold-silver doré at Salares Norte last week, a project that represents a substantial investment exceeding $1 billion. This venture is crucial for Gold Fields' strategic objective to increase its gold output to 2.8 million ounces by the year 2025. For the current year, Salares Norte is on track to produce approximately 250,000 ounces of gold, with expectations to ramp up to an annual production of 580,000 ounces by 2025.

Looking ahead, the first five years of the mine's operation (2025 - 2029) are projected to yield an average annual production of 485 thousand gold equivalent ounces. This output is anticipated at a sustainable cost of $790 per ounce, positioning Salares Norte as a key player in Gold Fields' portfolio and significantly contributing to the company's global gold production targets.