Gold Fields posts production increase in September quarter, reiterates its annual guidance
(Kitco News) - Gold Fields reported today that it had a solid September 2021 quarter, with attributable gold equivalent production for Q3 2021 of 606 koz,up 9% compared to 557 koz produced a year ago.
"South Deep in particular had a good quarter, with production up 30% QoQ. All-in cost (AIC) increased by 18% YoY (down 3% QoQ) to US$1,263/oz largely due to the capital expenditure at Salares Norte increasing from US$23m to US$108m, while all-in sustaining costs (AISC) increased 5% YoY (and decreased 8% QoQ) to US$1,016/oz," the company said in a statement.
Gold Fields added it remains in a strong financial position. During Q3 2021, there was a further decrease in the net debt balance (including leases) to US$1,037m at 30 September 2021 from US$1,097m at 30 June 2021, even after taking intoaccount the interim dividend payment of US$132m.
This translates in a net debt to EBITDA of 0.44x, compared to 0.49x at 30 June 2021. The net debt balance (excluding leases) decreased to US$620m from US$663m at the end of June 2021, the company added.
Importantly, the company reiterated that its FY 2021 production and cost guidance remains intact, with attributable gold equivalent production expected to be between 2.30Moz and 2.35Moz, and AISC expected to be between US$1,020/oz and US$1,060/oz.
By Vladimir BasovFor Kitco News
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