Gold Fields expects improved production, costs for Q3
JOHANNESBURG (miningweekly.com) – South Africa-based gold major Gold Fields expects to report a 10% quarter-on-quarter increase in attributable group production for the third quarter of this year to 496 000 gold-equivalent ounces, compared with the 451 000 gold-equivalent ounces produced in the second quarter.
Third-quarter cash costs were expected to be about $780/oz, which would be 9% lower than the $857/oz achieved during the second quarter, while notional cash expenditure (NCE), which was expected to be $1 080/oz of the quarter, would be 13% lower than that for the second quarter.
Meanwhile, Gold Fields, which has operations in South African, Ghana, Australia and Peru, also stated that it was on track to achieve its full-year production guidance for 2013 of between 1.83-million and 1.9-million ounces.
It was also on track to achieve its revised cash cost and NCE guidance of $830/oz and $1 240 respectively.
The original cost and NCE guidance for 2013 was $860/oz and $1 360/oz respectively.
Gold Fields’ full results for the third quarter of the year would be released on November 20.
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