Canadian Mining Journal


Gold Fields bets big on South America

Since discovering Salares Norte in the Atacama region of northern Chile in 2011, Gold Fields (NYSE: GFI) has carved out a resource from the project’s two orebodies of 3.66 million oz. of gold and 49.46 million oz. of silver.

The South African miner expects to complete a feasibility study on the open pit project before the end of 2018. Gold Fields has budgeted US$83 million this year for further drilling during the feasibility study and exploration of a 20 km radius around the project.

Interim results of the feasibility study suggest project capital of US$850 million, annual production of 345,000 oz. of gold equivalent at all-in-sustaining costs of US$575 per oz. and yearly throughput of 2 million tonnes. The life of mine is about 10 years.

Those findings were based on the most recent resource estimate of 23.3 million tonnes grading 4.89 g/t gold and 66 g/t silver, 95% of which is in the indicated category. The company plans to update the resource in conjunction with the final feasibility study due later this year.

Continue reading at The Northern Miner.

Print this page

Related Posts

Have your say:

Your email address will not be published. Required fields are marked *