Gold Fields (JSE, NYSE: GFI) has finally achieved first production at its Salares Norte gold mine in Chile, following years of development plagued by challenges including relocating a handful of endangered rodents, rocketing costs and technical delays.
The South African miner, which took 13 years to develop the project from exploration to production, said it poured its first gold-silver doré at Salares Norte on March 28.
The mine, which cost Gold Fields over $1 billion to build, is key to its goal of producing 2.8 million ounces of gold by 2025, it said. Production at Salares Norte is expected to reach about 250,000 ounces of gold this year, ramping up to full-year production of 580,000 ounces next year.
“We are incredibly excited to have reached this milestone and delivered first gold in line with the updated project schedule,” chief executive Mike Fraser said in the statement.
“To build a remote mine at 4,500m above sea level with winter temperatures as low as -20 degrees Celsius and amidst a global pandemic is an incredible feat,” he said.
