Gold Fields reports half-year profit of $458M
Gold Fields (NYSE: GFI), one of the world’s largest gold producers, announced Thursday that its attributable gold equivalent production was 1,154 koz in H1 2023, a 4% decrease from H1 2022 (1,201 koz), underpinned by the planned decline in production from Damang.
Group all-in costs (AIC) in H1 2023 were US$1,398/oz, 3% higher than H1 2022 (US$1,352/oz), as a result of lower gold sold and an increase in operating costs driven by mining inflation, partially offset by lower project capex.
The company said it generated profit attributable to owners of the parent for the six months to 30 June 2023 of US$458m (US$0.51 per share), compared to a profit of US$510m (US$0.57 per share) for the six months ended 30 June 2022.
Gold Fields explained that the decrease in profit is driven by lower gold volumes sold and higher operating costs incurred in H1 2023, underpinned by mining inflation and higher amortization and depreciation due to higher ounces mined, partially offset by a higher gold price.
The company also announced that its Board has approved and declared an interim dividend number 98 of 325 SA cents per ordinary share (gross) in respect of the six months ended 30 June 2023, which compares with the 2022 interim dividend of 300 SA cents per share, an increase of 8% year-on-year.
Gold Fields said it remains on track to meet the original production and cost guidance provided in February 2023, both at guided and forecast exchange rates.
Attributable gold equivalent production (excluding Asanko) is expected to be between 2.25Moz – 2.30Moz (2022 comparable was 2.32Moz). AISC is expected to be between US$1,300/oz – US$1,340/ oz, with AIC expected to be US$1,480/oz – US$1,520/oz.
Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa, and West Africa (including the Asanko joint venture), one project in Chile and one project in Canada.
The company has total attributable annual gold-equivalent production of 2.34 Moz, attributable gold-equivalent mineral reserves of 48.6 Moz and gold mineral resources of 111.8 Moz
