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Name of the Project
Salares Norte gold project.
Location
Atacama region, northern Chile.
Project Owner/s
Minera Gold Fields Salares Norte Ltda (MGFSNL), in which Gold Fields indirectly holds a 100% interest.
Project Description
Salares Norte is proposed as an openpit mining operation using conventional mining equipment.
Average gold equivalent production for the first five full years of mine life (2025 to 2029) is expected to be 485 000 oz/y at an all-in cost (AIC) of $790/equivalent ounces oz (in 2024 money), while gold equivalent ounces produced over the life-of-mine (from 2025 to 2033) is expected to be 360 000 oz/y at an AIC of $820/equivalent ounces (in 2024 money).
Potential Job Creation
The project is expected to about 900 permanent jobs.
Net Present Value/Internal Rate of Return
The project has an estimated net present value, at a 7.5% discount rate, of $654-million and an internal rate of return of 25%, with a payback of 2.2 years.
Capital Expenditure
Gold Fields reported in March 2024 that the total capital cost remains in line with the guidance provided in February 2024 at $1.18-billion to $1.2-billion.
Planned Start/End Date
Production started in March 2024.
Latest Developments
The Salares Norte project started production with the delivery of first gold on March 28, 2024.
Circuit A and Circuit B of the processing plant have now been commissioned and are being handed over to the operational team. Ramp-up of the project to steady state is progressing, with gold equivalent production of 250 000 oz at an all-in cost of $1790/equivalent ounce to $1 850/equivalent ounce expected for 2024.
Production volumes for 2025 are expected to be 580 000 oz.
Key Contracts, Suppliers and Consultants
Fluor (engineering, procurement and construction management).
Contact Details for Project Information
Gold Fields, email Investors@goldfields.com.