Gold Fields warns of lower earnings on the back of lower sales, higher costs
Globally diversified gold producer Gold Fields expects its headline earnings a share for the six months ended June 30 to be between $0.49 and $0.53, which is 9% to 16% lower than the headline earnings a share of $0.58 reported in the prior year’s corresponding period.
Basic earnings a share are expected to range between $0.49 and $0.53, which is 7% to 14% lower than the basic earnings a share of $0.57 reported for the prior comparable period.
Normalised earnings a share are expected to range between $0.49 and $0.53 apiece, which is 5% to 13% lower than the normalised earnings of $0.56 reported for the prior half-year period.
The decrease in earnings was driven by lower gold volumes sold and higher operating costs incurred in the first half, underpinned by mining inflation and higher amortisation and depreciation owing to higher ounces mined, and partially offset by a higher gold price.
Attributable gold equivalent production for the six months under review decreased by 4% year-on-year, at 1.15-million ounces.
Gold Fields expects to report all-in costs of $1 398/oz – a 3% year-on-year increase as a result of lower gold sold and an increase in operating costs driven by mining inflation, partially offset by lower project capital expenditure.
All-in sustaining costs are expected to be 6% lower year-on-year, at $1 215/oz.
Gold Fields expects to release its financial results for the interim period on August 17.
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