Gold Fields sees third-quarter output at about 800,000 oz

South Africa’s Gold Fields, the world’s No. 4 gold producer, said on Friday it expected third quarter output to be in line with its guidance, while Q4 output was seen improving significantly.

Gold Fields said it expected output for the third quarter to be about 800,000 ounces, in line with its revised guidance of about 5 percent below an initial forecast of 850,000 oz.

The miner said total cash cost and notional cash expenditure for the quarter are expected to be approximately $695/oz and $995/oz respectively.

It said output at its South African operations fell to 396,000 ounces in Q3 from 523,000 ounces the previous quarter, due to an extended Christmas break and maintenance of the water column at its Kloof mine.

Chief Executive Officer Nick Holland said the company expected “a significant improvement” in production during the fourth quarter.

Shares in the company were down 1.45 percent at 89.58 rand at 1423 GMT, lagging a 0.12 percent weaker JSE Top 40 blue chip index.

Source: Reuters