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Gold Fields (NYSE:GFI) closed -10.7% in Thursday’s trading after the miner cut its 2024 production forecast for the Salares Norte project in Chile, now forecasting first gold to be delayed by four months to April.
The company had said in November it expected first gold production at the project to begin this month, following several delays caused by COVID-19 and bad weather.
Gold Fields (GFI) said it now sees FY 2024 production volume from Salares Norte at 220K-250K gold equivalent oz, compared with earlier guidance of 400K-430K gold equivalent oz.
The company cited “recent delays to the pre-commissioning process due to rework required on critical safety aspects relating to the cyanide circuit and other reagent circuits,” and the availability of personnel for the primary contractor at the project for the difficulties at Salares Norte.
Image and article originally from seekingalpha.com. Read the original article here.