Gold Fields has increased its gold output for the third quarter that ended September by 9% compared to the same period, a year earlier as its cost of production rose.
The South Africa-based miner, which has mines in Africa, Australia, and Latin America, produced 606,000 ounces of gold in the quarter at an average all-in sustaining cost (AISC) of $1,016 per ounce (AISC is a metric used by gold miners to measure the overall cost of producing gold).
The company said costs jumped mainly due to high capital expenditure in Chile, where it is developing a gold mine, coupled with stronger local currency exchange rates in Australia and South Africa.
Gold Fields said it is still on track to meet its cost and production guidance with its AISC projected to be between $1,020 per ounce and $1,060 per ounce.
The company’s gold production guidance for the full year is still 2.3 million ounces to 2.35 million ounces of gold.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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