Commodities
Home›Commodities›Precious Metals›Gold Fields leans on Salares Norte to support 2026 out…
Gold Fields leans on Salares Norte to support 2026 output targets
The miner expects Salares Norte to exceed its full-year guidance, helping lift group production toward the upper end of its 2.4 million to 2.6 million ounce forecast.
Gold Fields is relying on Salares Norte, its newest operating gold mine in northern Chile, to help offset weaker expected production at Gruyere in Australia and Tarkwa in Ghana, as it targets the upper end of its 2026 output guidance. In its first-quarter results, the company said Salares Norte is expected to exceed full-year guidance.
Gold Fields forecast group production to move toward the top of a 2.4 million to 2.6 million ounce range, even after heavy snowfall and harsh winter conditions disrupted power supplies across parts of South America. The article notes that those weather impacts also forced disruptions elsewhere in the mining sector.
Salares Norte’s performance is described as especially important after freezing conditions disrupted its ramp-up in 2024, including pipe freezes during a sub-zero weather period in the Atacama while the mine transitioned from development into production. This year, the pressure has shifted to other assets, with risks flagged for Gruyere due to declining productivity and mining fleet under-utilization attributed to high employee turnover.
The company also pointed to uncertainty around Tarkwa, citing a slower start to the first quarter with a recovery during the second quarter, and it said Ghana operations could potentially be lost next year. Gold Fields’ financial position improved alongside higher gold prices and increased sales volumes, with net debt down 34% year on year to $1.3 billion at March 31, despite paying a $1.23 billion final dividend in March, according to Mining.com.
Latest closeGold $4,430.80 ▲1.6%