Gold Fields 1Q Gold Production Down, Lowers Production Guidance

By Carlo Martuscelli

Gold Fields Ltd. (GFI.JO) said Wednesday that gold production in the first quarter of 2018 decreased 1%, and lowered its full-year production guidance for its South Deep Project, in South Africa.

The international gold producer said it expects attributable equivalent gold production for its South Deep Project in 2018 to be 244,000 ounces, down from its previous forecast of 321,000 ounces. The company attributed the down-grade to poor equipment reliability and lower productivity related to labour restructuring.

The company said attributable equivalent gold production was 490,000 ounces in the quarter ended March, compared with 497,000 ounces in the previous-year period and 546,000 ounces in the fourth quarter of 2017. All-in sustaining costs in the quarter were 6% lower than the first quarter of 2017, at $955 an ounce, and all-in costs were 3% higher at $1,150 an ounce, it said.

The average gold price achieved in the quarter was 8% higher at $1,316 per ounce, Gold Fields said.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

April 25, 2018 03:00 ET (07:00 GMT)

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