Gold Fields cuts output forecast as icy weather weighs down Chile mine (updated)

Osisko Metals (Ontario)

23/08/2024 07:07

(Adds details from paragraph 3)
       JOHANNESBURG, Aug 23 (Reuters) - Gold Fields  GFIJ.J 
said on Friday it expects to produce much less gold this year
than previously forecast, as weather-related challenges weigh
down production at a new mine in Chile.
    The Johannesburg-based gold miner said its 2024 output has
been scaled down to between 2 million ounces and 2.15 million
ounces from a previous forecast of about 2.3 million ounces. 
    Gold Fields' profit slumped to $320.7 million in the first
half of this year ended June 30, compared with about $458
million a year ago, taking a hit from declining gold output.
    It also faced production setbacks at South Deep mine in
South Africa during the reported period. 
    Earlier this month, Gold Fields agreed to buy Canadian miner
Osisko  OSK.TO  for about $1.57 billion cash, in a deal that
will help it grow in the Americas region.
    The operational performance was "disappointing", CEO Mike
Fraser said in a statement, adding that the decline in output
during the first half was due to unplanned events and delays in
raising output at the new Salares Norte mine in Chile.  
      

 (Reporting by Felix Njini and Nelson Banya in Johannesburg;
Editing by Mrigank Dhaniwala and Rashmi Aich)
 ((Felix.Njini@ThomsonReuters.com; Reuters Messaging:
Felix.Njini@ThomsonReuters.com))