Feb 22 Reuters South Africa39;s Gold Fields on Thursday raised its 2024 gold output forecast to between 2.33 million and 2.4 million ounces, as its new Salares Norte mine in Chile begins production in April.

The Johannesburgbased miner is racing to start production at Salares Norte after several delays, and after its output last year dipped due to production decreases at its operations in Ghana and South Africa.

Salares Norte, which is key to Gold Fields39; longterm goal of raising output to about 2.8 million ounces annually, is expected to produce 250,000 ounces of gold this year, before ramping up to 580,000 ounces in 2025.

Gold Fields posted a 21 decline in headline earnings to 837 million in the year ended December 2023, down from 1.06 billion the previous year, on the back of a dip in output and higher costs.

Its attributable gold production of 2.304 million ounces was 4 lower than the previous year39;s, while allinsustaining costs an industry measure rose 17 to 1,295 per ounce.

Gold Fields39; 2023 earnings also came off a higher base after its 2022 income was boosted by a 202 million break fee it received after its failed bid to acquire Canada39;s Yamana Gold.

The company declared a final dividend of 4.20 rand 0.2222 per share, bringing the total for the year to 7.45 rand.

1 18.9051 rand

Reporting by Nelson Banya; Editing by Tom Hogue and Mrigank Dhaniwala

Source Reuters