6th May 2025 07:52
(Alliance News) - Gold Fields Ltd on Tuesday described its first-quarter production as "solid" and stuck to its guidance for 2025.
The Johannesburg-based gold miner posted production of 551,000 ounces for the first quarter of 2025, up 19% from 464,000 ounces a year earlier.
The company said a solid start to 2025 represented a continuation of the operational momentum reported for the second half of 2024.
First-quarter production returned to normalised levels after output in the first three months of 2024 was hit by weather-related challenges.
But production for the first quarter fell 14% to 551,000 ounces from 644,000 ounces for the fourth quarter of 2024.
Gold Fields also said it expects to wrap up its acquisition of Gold Road Resources Ltd by October.
On Monday, Gold Fields said Gold Road shareholders would receive AUD3.40 per share as of Friday last week, in terms of its revised offer. The new offer values Gold Road's equity at about AUD3.7 billion, or USD2.39 billion, some ZAR44.00 billion, implying a total enterprise value of around AUD2.6 billion.
Gold Fields said it remains on track to meet its production guidance of between 2.25 million ounces and 2.45 million ounces in 2025, from 2.07 million ounces in 2024.
It said Salares Norte mine's annual guidance remains unchanged, with 2025 production expected to be between 325,000 ounces and 375,000 ounces.
Salares Norte in Chile continued to ramp-up production in the first quarter of 2025, while the team advanced installations and preparations in the process plant ahead of the upcoming winter period, Gold Fields said.
At the Windfall gold project in Canada, Gold Fields said it continued to advance detailed engineering ahead of a final investment decision.
The focus at Windfall during the first quarter of 2025 remained on progressing the permitting process, with the aim of obtaining the required environmental approvals during the second half of 2025 to support full scale construction and mining.
Gold Fields in October last year acquired Toronto-listed Osisko Mining Inc, taking full ownership of the Windfall gold project in Canada.
By Artwell Dlamini, Alliance News reporter
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