Gold Fields to post lower production, HEPS for 2023

13th February 2024

By: Marleny Arnoldi

Deputy Editor Online


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Ahead of publishing its full results for the year ended December 31 next week, JSE-listed Gold Fields has advised that it expects attributable gold production for the year to be 2.3-million ounces, which is 4% lower year-on-year.

Excluding the Asanko operation, attributable gold production will be about 2.24-million ounces, which is 3% lower year-on-year. On this basis, Gold Fields marginally misses the guidance range of between 2.25-million and 2.3-million ounces.

Gold Fields has sold its 45% shareholding in the Asanko gold mine, in Ghana, for a total consideration of $170-million to Galiano Gold.

Additionally, Gold Fields expects to report 15% higher all-in cost (AIC) for the reporting year at $1 512/oz, compared with an AIC of $1 320/oz in the prior year.

The company attributes the increase in AIC mainly to lower gold sales, higher sustaining capital expenditure and cost of sales before amortisation and depreciation, which were partially offset by lower non-sustaining capital expenditure and weaker exchange rates.

Moreover, Gold Fields expects its headline earnings per share (HEPS) for the year under review to range from $0.91 and $0.97, which is at least 18% lower than the HEPS of $1.19 reported for the prior year.

HEPS for continuing operations are expected to range from $0.88 and $0.94, which is between 20% and 25% lower than the HEPS for continuing operations in the prior year, which amounted to $1.18.

In turn, basic earnings a share overall are expected to range between $0.76 and $0.82, which is between 5% and 3% lower year-on-year.

Normalised profit per share will be between $0.98 and $1.04, which is between 1% and 7% higher year-on-year. Normalised profit per share for continuing operations, however, will range between $0.95 and $1.01, which is between 1% and 5% lower year-on-year.

Gold Fields will release its financial results on February 22.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



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