Gold Fields backs guidance as production rises despite war-driven cost pressures
Updated
Updated · The Wall Street Journal · May 7
Gold Fields backs guidance as production rises despite war-driven cost pressures
6 articles · Updated · The Wall Street Journal · May 7
The South African miner said diesel costs have jumped 30%-70%, LNG about 30%, while attributable gold-equivalent output rose to 633,000 ounces and all-in sustaining costs increased 13% to $1,829 an ounce.
It maintained full-year AISC guidance of $1,800-$2,000 an ounce, but warned oil above $100 a barrel could threaten cost targets despite cost-saving measures.
Gold Fields said the Middle East conflict has disrupted energy supplies and shipping, lifting explosives and freight costs and slowing progress on its $100 million share buyback amid volatile gold and equity markets.
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