(Chris Collins/Getty Images)
Shares of precious metals group Gold Fields crashed more than 9% on Thursday when it warned that early onset of winter conditions in Chile has prompted it to cut its guidance for its flagship Salares Norte project in Chile by as much as 60%.
The miner warned on Thursday it was slashing its output guidance for project in Chile to between 90 000 and 180 000 ounces, from 220 000 to 240 000 ounces previously, with cold weather in the country resulting in the freezing of material in the piping of the process plant, causing a temporary shutdown.
The plant has been restarted; however, commissioning and ramp-up during the winter period are expected to continue to be challenging, creating uncertainty on production levels during the winter months, it said.
South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we’re about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.
Discussion about this post