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Dragonflyinvest on Aug 09, 2024 8:11am
Bad weather cited for Gold Fields production drop
“Gold Fields expects its half-year profit to fall by as much as 33%, the miner said on Thursday, due to lower output at its South African and Australian mines, as well as the delayed ramp-up of its new Chile mine.
The Johannesburg-based miner’s gold production is expected to be 918,000 ounces, 20% lower than the 1.154 million ounces recorded during the same period in 2023.
Gold Fields said the drop in production was due to challenging ground conditions at South Deep mine in South Africa, excessive rains at Gruyere mine in Australia and the delayed ramp-up at Chile’s Salares Norte, blamed on bad weather.”
Gold Fields warns of profit plunge after production decline | Kitco News
Reports of weather-related reduction are becoming more common. Of particular vulnerability are the base and silver mines in the Andes located hundreds of miles from the coast as their route to a seaport is at the bottom of riverine canyons that are susceptible to landslides. Last El Nino produced 1,500 weather emergencies last year in Peru, next one will be worse in 2 -3 years.
La Nina poses greatest risks to Australia and southern Africa.
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