By Christian Moess Laursen

Gold Fields said it has cut its production forecast for 2023 and 2024 at its Salares Norte gold project in Chile due to a delay in first gold production.

The South African mining company said Friday that first gold production is still expected to happen in the fourth quarter of 2023, but has moved to the latter part of the quarter.

If first gold is produced on Dec. 1, production for 2023 at the project is expected to be 1,000 gold-equivalent ounces, from 15,000-20,000 ounces previously.

The top-end of the production guidance range for 2024 has also been lowered as a results, to 400,000-430,000 ounces from 500,000 ounces previously, the company said.

Should the delay cause first gold at the end of December, production in 2024 is expected to be 350,000 ounces, it said.

Planned production volumes for 2025 and 2026 at the project remain unchanged at 600,000 gold-equivalent ounces despite the downgrade in production for 2023 and 2024, as steady state production is still expected by the beginning of 2025.

Construction of the Salares Norte project started in February 2021, and it is currently 97% complete.

Write to Christian Moess Laursen at

(END) Dow Jones Newswires

09-15-23 0437ET