Higher output, prices lift Gold Fields’ interim earnings
JSE- and NYSE-listed Gold Fields expects its headline earnings a share for the first half of the year to be between 24% and 33% higher year-on-year, at between $0.56 and $0.60 as a result of higher production and gold prices, partially offset by higher costs.
Basic earnings a share for the period are expected to increase by between 25% to 34% year-on-year, to between $0.55 to $0.59, while normalised earnings a share are expected to be between 10% and 18% higher year-on-year, at between $0.54 and $0.58 apiece.
Attributable gold-equivalent production for the first half of the year is expected to be 9% higher year-on-year at 1.2-million ounces.
All-inclusive costs (AIC) are expected to be 6% higher at $1 352/oz, as a result of an increase in operating costs driven by mining inflation and the increased project capital expenditure at Salares Norte, in Chile.
All-inclusive sustaining costs (AISC) are expected to be 5% higher, at $1 148/oz.
SECOND QUARTER
For the second quarter of the year, Gold Fields’ attributable gold-equivalent production is expected to be 621 000 oz, up from the 580 000 oz of the first quarter.
AIC is also expected to be higher, increasing from $1 320/oz in the first quarter to $1 382/oz in the second quarter.
AISC is expected to be down from $1 150/oz in the first quarter to $1 146/oz in the second quarter.
Gold Fields plans to release its interim financial results on August 25.
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