Gold Fields may look for buyers for its smaller mines in Ghana and Peru to focus on bigger operations and is hoping to make new mineral discoveries at both mines to enhance their appeal, CEO Mike Fraser said on Thursday.
Gold Fields shares were down 4% at 0842 GMT.
The Johannesburg-based gold miner is shifting focus to advancing its new Salares Norte mine in Chile as well as projects belonging to Osisko Mining, which it recently bought for about $1.6 billion.
Gold Fields could potentially sell its Damang mine in Ghana where it is only processing stockpiled ore after stopping mining operations last year, Fraser said.
The miner could also seek buyers for its Cerro Corona mine in Peru - which has five years left on its lifespan - the CEO added.
Gold Fields is studying the potential for new mineral discoveries at both mines to help attract buyers, he said.
"We do want to set it up in a way that, if we keep it, we know we have unlocked the value," Fraser told Reuters. "If we decide to sell it to someone else, we would have sold it with an embedded option for life extension."
Gold output at Damang, which has been mined since 1997, fell 11% to about 33,000 ounces in the three months to September, the company said. The Peru mine produced 20,800 ounces compared to 16,800 ounces in the previous quarter.
Gold Fields' output rose 12% to 510,000 ounces in the September quarter and the company maintained its production for the year at about 2.1 million ounces.
The ramp-up at Salares Norte resumed towards the end of the last quarter after being disrupted by severe weather and the new mine is expected to produce up to 50,000 ounces this year, with output potentially rising to 375,000 ounces in 2025.
A plan to merge Gold Fields' Tarkwa and AngloGold Ashanti's Iduapriem mines in Ghana, to help cut costs, has been held back by a parliamentary recess as Ghana holds elections on Dec.7.
"Due to the election we just ran out of time," Fraser said.
Latest Stories
-
Queenmother calls on President-elect Mahama to appoint more women in his government
10 minutes -
Atletico Madrid beat Barcelona to go top of La Liga
28 minutes -
Usyk breaks Fury’s heart with points win in rematch
30 minutes -
Ghana-Russia Centre to run Russian language courses in Ghana
6 hours -
The Hidden Costs of Hunger: How food insecurity undermines mental and physical health in the U.S.
7 hours -
18plus4NDC marks 3rd anniversary with victory celebration in Accra
9 hours -
CREMA workshop highlights collaborative efforts to sustain Akata Lagoon
9 hours -
2024/25 Ghana League: Heart of Lions remain top with win over Basake Holy Stars
11 hours -
Black Queens: Nora Hauptle shares cryptic WAFCON preparation message amid future uncertainty
11 hours -
Re-declaration of parliamentary results affront to our democracy – Joyce Bawah
11 hours -
GPL 2024/25: Vision FC score late to deny Young Apostles third home win
11 hours -
Enhancing community initiatives for coastal resilience: Insights from Keta Lagoon Complex Ramsar Site Workshop
11 hours -
Family Health University College earns a Presidential Charter
12 hours -
GPL 2024/25: Bibiani GoldStars beat Nsoatreman to keep title race alive
12 hours -
GPL 2024/25 Bechem United keep title hopes alive with narrow win over FC Samartex
12 hours