By Joe Hoppe


Gold Fields Ltd. said Thursday that its guidance for 2022 remains unchanged and that first-quarter production rose on year, despite global challenges.

The South African mining company said attributable equivalent gold production for the first three months of the year was 580,000 ounces. This compares with attributable equivalent gold production of 541,000 ounces a year earlier, though it is down from 631,000 ounces in the previous quarter.

All-in costs rose 6% on year to $1,320 an ounce, as capital expenditure continued at the Salares Norte project, the company said.

The company said the mining sector had been hit significantly harder than expected by heightened inflation in early 2022, driving increased energy, logistics and consumables costs.

Gold Fields said it remains on track to achieve guidance provided in February, as higher-than-expected copper by-production credit has partially offset the higher cost inflation.

The company forecast attributable gold equivalent production for the year to be between 2.25 million ounces and 2.29 million ounces.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

05-05-22 0244ET