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Gold Fields produces first gold at Salares Norte

Published by , Editorial Assistant
Global Mining Review,

Gold Fields Limited has announced that it has started production at its Salares Norte mine in Chile’s Atacama province with the pouring of its first gold-silver doré on 28 March 2024.

Gold Fields produces first gold at Salares Norte

This represents a significant milestone for Gold Fields, which has taken the project from discovery, through exploration and development to production over the past 13 years.

Gold Fields CEO Mike Fraser said: “Salares Norte’s construction is credit to the innovation, experience, commitment, and persistence of the teams that worked on the project. To build a remote mine at 4500 m above sea level with winter temperatures as low as -20 degrees Celsius and amidst a global pandemic is an incredible feat.”

“This is a world-class project with one of the industry’s lower cost profiles and a payback period of less than three years at current gold prices,” Fraser added. “It presents significant growth and value uplift for our portfolio and adds meaningfully to the cash flow profile of Gold Fields over the next few years.”

Circuit A and Circuit B of the processing plant have now been commissioned and have been handed over to the operational team. Ramp up of the mine to steady state is progressing with gold equivalent production of 250 000 oz at an all-in cost of US$1790/eq oz – US$1850/eq oz expected for 2024. Production volumes for 2025 are expected to be 580 000 oz.

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Gold mining news South American mining news