Gold Fields ADRs Down 11% As Company Cuts Salares Norte’s Gold Production Outlook

Published: Dec. 28, 2023 at 1:09 p.m. ET

By Sabela Ojea

American depositary receipts of Gold Fields dropped Thursday after the company cut its 2024 output forecast for the Salares Norte project in northern Chile.

At 12:54 p.m. ET, ADRs were down 11% at $14.44. The stock has, however, surged 38% in the past 12 months.

The…

By Sabela Ojea

American depositary receipts of Gold Fields dropped Thursday after the company cut its 2024 output forecast for the Salares Norte project in northern Chile.

At 12:54 p.m. ET, ADRs were down 11% at $14.44. The stock has, however, surged 38% in the past 12 months.

The South African gold-mining company said it now expects first gold production from the project to be delayed by four months.

Production volumes for 2024 are expected to be in the range of 220,000 to 250,000 gold equivalent ounces, compared with an earlier forecast of 400,000 to 430,000 gold equivalent ounces.

First gold production is now expected in April due to delays in pre-commissioning and commissioning activities. The group had said in November that it expected first gold production at the project to begin this month.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix



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