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Press Release - MINING COM
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Provided by Dow Jones By Adria Calatayud Gold Fields Ltd. said Thursday that its guidance for 2021 remains unchanged and that first-quarter production was largely flat on year. The South African mining company said attributable equivalent gold production for the first three months of the year was 541,000 ounces. This compares with attributable equivalent gold production of 593,000 ounces in the previous quarter and 537,000 ounces a year earlier. The company said group production remains on track to meet guidance given in February, when it said it expected attributable equivalent gold production for the year of between 2.3 million and 2.35 million ounces. Gold Fields said two mines South Deep in South Africa and Cerro Corona in Peru were hit by Covid-19 during the first quarter, and production from those operations is expected to be lower as a result. However, the higher price of copper has offset this impact on a gold-equivalent ounce basis, an
AfricaS.African miner Gold Fields kicks off big spending plans
Reuters
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A worker cleans gold bars at South Africa s Gold Fields South Deep mine in Westonaria, 45 kilometres south-west of Johannesburg, South Africa, March 9, 2017. REUTERS/Siphiwe Sibeko
South African miner Gold Fields (GFIJ.J) posted steady first-quarter output on Thursday and approved two projects worth $90 million, kicking off big capital spending plans for 2021.
The bullion miner, which anticipates capital expenditure of around $1.177 billion in 2021, approved a 660 million rand ($46.11 million) solar plant at its South African South Deep mine and the development of the Huni Pit at its Ghanaian Damang mine, which is expected to cost $43 million.
10 Best Gold Stocks to Buy in 2021
The year 2020 had many challenges, with the worst of them being the global pandemic which had a major negative impact on global markets. However, it was a great year for gold. The precious metal rallied courtesy of increased demand resulting from investors who used it as a safe haven.
Fiat currencies such as the U.S dollar became extremely volatile in 2020 as a result of the pandemic. Gold’s performance remain steady during times of economic disruption.
Best Gold Stocks to Buy in 2021
Gold’s performance will largely depend on economic performance and whether the coronavirus will continue to be a problem. Investors will likely start shifting their attention to riskier investments if the coronavirus is eliminated, but on the other hand, the demand for gold will remain high if more variants make the pandemic difficult to eliminate. In case things do not pan out, investing in gold will remain a good idea.
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