Gold Fields forecasts lower half-year headline earnings
Gold mining major Gold Fields said on Friday that it could report an up to 15% drop in headline earnings a share when it presents its interim financial results on August 15, despite reporting higher gold production.
In a trading update, the South Africa-headquartered miner, which operates globally, said that its headline earnings a share would be between 10% and 15% lower than that of the first half of 2018.
The miner is forecasting headline earnings of between $0.068 a share and $0.072 a share, compared with $0.08 a share reported for the first half of 2018.
Basic earnings a share for the half-year period; however, would be between $0.08 and $0.10 a share, representing an improvement of between 118% and 122% from the basic loss of $0.45 a share in the comparative period.
Normalised earnings for the period are expected to be between $0.13 and $0.17 a share, representing an increase of between 160% and 240%.
Gold Fields said that its attributable gold-equivalent production for the six months had increased by 9% year-on-year to just over one-million ounces, mainly owing to the inclusion of the contribution for Asanko, in Ghana, during the period.
For the second quarter, in particular, attributable group gold-equivalent production was 541 000 oz.
Further, Gold Fields has adopted the World Gold Council’s November 2018 interpretation of all-in sustaining costs (AISC) and all-in costs (AIC), from January. Based on the revised guidance, AISC for the group is expected to be $891/oz.
AIC or the period, which was not affected by the council’s guidance, is 5% lower year-on-year at $1 106/oz as project capital started to decrease.
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