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$AngloGold Ashanti(AU.US$ Gold Fields (NYSE:AU) initiated gold production at its Salares Norte mine in Chile, marking a significant 13-year journey from discovery to operation. The first gold-silver doré was produced on March 28.
Despite challenges such as remote construction at 4,500 meters of altitude during the global pandemic, the mine has begun operations with expectations of a quick payback of less than three years and substantial cash flow contributions.
The project, known for its efficiency and value, anticipates producing 250,000 gold equivalent ounces in 2024, with costs between $1,790 and $1,850 per ounce, and aims to increase output to 580,000 ounces by 2025.
Over the initial five years, it expects to average 485,000 ounces annually at $790 per ounce, while the life-of-mine average is projected at 360,000 ounces per year with costs at $820 per ounce.
Total project costs align with the $1.18 billion to $1.20 billion guidance.
Despite challenges such as remote construction at 4,500 meters of altitude during the global pandemic, the mine has begun operations with expectations of a quick payback of less than three years and substantial cash flow contributions.
The project, known for its efficiency and value, anticipates producing 250,000 gold equivalent ounces in 2024, with costs between $1,790 and $1,850 per ounce, and aims to increase output to 580,000 ounces by 2025.
Over the initial five years, it expects to average 485,000 ounces annually at $790 per ounce, while the life-of-mine average is projected at 360,000 ounces per year with costs at $820 per ounce.
Total project costs align with the $1.18 billion to $1.20 billion guidance.
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