Gold Fields says interim normalised earnings to rise by up to 38%

30th July 2021 By: Donna Slater - Features Deputy Editor and Chief Photographer

JSE- and NYSE-listed gold miner Gold Fields reports that its basic earnings a share for the six months ended June 30, are expected to be between $0.42 and $0.46 – a year-on-year increase of between 133% and 156%.

The miner’s headline earnings a share for the six months are expected to be between $0.43 and $0.47 – a year-on-year increase of between 115% and 135%.

Gold Fields also reports that its normalised earnings for the first half of this year are expected to be between $0.47 and $0.51 apiece – between 27% and 38% higher than the $0.37 apiece declared in the comparative period of 2020.

The increase in earnings for the period is driven largely by an increase in revenue, driven by a higher gold price received and an increase in gold sold; and a reduction in the loss on financial instruments.

In terms of production, the miner reports that its attributable gold equivalent production for the first half increased marginally year-on-year, to 1.1-million ounces, from the one-million ounces in the first half of 2020.

All-in sustaining costs for the group in the first half were $1 093/oz, compared with $987/oz of the first half of 2020 – an increase of 11% year-on-year. This was driven by an increase in net operating costs.

Gold Fields will release its results on August 19.