2023-06-29 11:55:56 ET
Gold Fields ( NYSE: GFI ) is going "back to basics" in pursuing growth by building new mines and searching for new gold deposits, interim CEO Martin Preece told Reuters on Thursday, after its bid to expand through acquiring Yamana Gold came up short.
The miner is now looking to invest in new operations, "building one mine at a time" in regions such as Canada and Latin America, where there are more lucrative gold deposits, Preece said.
"The advantage of building mines is you find them at early stage and you can get in at a reasonable cost and you can enjoy the upside," the interim CEO told Reuters.
Preece said Gold Fields ( GFI ) plans to start a new mine at its Windfall project in Canada by 2026 targeting ~300K oz of gold at full production, which also offers new opportunities to search for deposits in areas adjacent to Windfall, ensuring the miner's presence in Canada for "a long time."
Gold Fields' ( GFI ) Salares Norte mine in Chile will start production in Q4 and help lift peak output to ~2.8M oz by 2025 from 2.3M oz now, the CEO also said.
More on Gold Fields:
- Financial and valuation comparison to sector peers
- Analysis: Gold Fields: A Weak Production Quarter
- Stock price return: Up 25.5% YTD, up 43% in the past 12 months
For further details see:
Gold Fields planning new mines in Canada, Latin America