Gold Fields third-quarter output fell on year on declining production across its regions, with the largest slide reported in Ghana, while costs rose across its operations. Here's what the South African gold miner had to say.

On group production:

"Group attributable gold-equivalent production for 3Q 2023 was 9% lower year-on-year at 542 koz (3Q 2022: 597 koz) and was 6% lower quarter-on-quarter (2Q2 2023: 577 koz)."

"The largest decline in production volumes year-on-year was reported in the Ghana region, which in line with the mine plan is reducing production volumes at Damang. Production at Tarkwa was negatively impacted by lower yields and safety-related stoppages."

On regional production:

"Production volumes at our Australian operations were impacted by lower grades mined and skills shortages. Operations at Granny Smith, St Ives and Agnew were also negatively affected by ventilation challenges which have now largely been remedied. The region produced 244 koz during 3Q 2023, down 5% year-on-year and 8% quarter-on-quarter."

"The South Africa region reported managed production of 81 koz which was 8% lower year-on-year but a 19% improvement quarter-on-quarter. The improvement in production volumes quarter-on-quarter was mainly due to ore phasing, gold in process release and stockpile movements."

"Our mines in Ghana produced 185 koz in 3Q 2023 on a managed basis, down 14% year-on-year mainly due to lower production at Damang in line with the mine plan. Volumes quarter-on-quarter were 9% lower owing to lower yields at Tarkwa as the mine treated more ore from lower-grade stockpiles compared to previous quarters."

"Production at Cerro Corona in Peru on a managed basis was 52 koz (gold-equivalent), 14% lower year-on-year and quarter-on-quarter mainly due to lower gold and copper grades processed and lower metallurgical recoveries in line with the mining plan."

On costs:

"The Group all-in costs for 3Q 2023 increased by 27% year-on-year (3Q 2022: $1,279/oz) due to lower gold sold and above-inflation increases in costs across all operations compounded by initial spending of pre-production capital at the Windfall Project [in Canada]."

"AIC was 12% higher quarter-on-quarter at $1,622/oz (3Q 2023: $1,454/oz) due to lower gold sold compounded by initial spending of pre-production capital at the Windfall Project in the quarter. If pre-production expenditure for Windfall is excluded, the AIC for 3Q 2023 would have been $1,574/oz."

"All-in sustaining cost for 3Q 2023 of $1,381/oz was 30% higher year-on-year (3Q 2022: $1,061/oz) and 8% higher quarter-on-quarter (3Q 2023: $1,279/oz). AISC was also impacted by lower gold sales volumes and inflationary cost pressures."

On guidance:

"Gold Fields remains on track to meet the original production and cost guidance provided in February 2023, both at guided and forecast exchange rates."

"Attributable gold-equivalent production (excluding Asanko [joint venture in Ghana]) is expected to be between 2.25 Moz-2.30 Moz (2022 comparable was 2.32 Moz)."

"All in cost is expected to be $1,480/oz-$1,520/oz."

Write to Christian Moess Laursen at

(END) Dow Jones Newswires

11-16-23 0422ET