- Gold Fields (GFI +3.2%) jumps after reporting a 14% Y/Y rise in Q1 revenues and saying it remains on track to deliver full-year gold production guidance.
- Q1 gold production edged 0.7% higher Y/Y to 541K oz., which the company says will maintain FY 2021 guidance of 2.3M-2.35M oz., even as two mines have been impacted by COVID-19 during the quarter.
- Gold Fields says two mines - South Deep in South Africa and Cerro Corona in Peru - have been hit by COVID-19 during the quarter, which will weigh on production from those operations, but the higher price of copper will offset the impact.
- Gold Fields says unusually high rainfall at Cerro Corona resulted in 26% lower production during the quarter, while the impact of a second wave of coronavirus in South Africa knocked 1.5% off production at South Deep from a year earlier.
- Q1 company-wide all-in sustaining costs rose 11% Y/Y and Q/Q to $1,078/oz.
- The company said the Salares Norte project in Chile continues to track ahead of schedule, with $86.9M spent on the project in Q1.
- The miner, which plans ~$1.18B in capital spending in 2021, also approved a 40 MW solar plant at South Deep and the development of the Huni Pit at its Ghanaian Damang mine.