Gold Fields Limited: Trading statement and operational performance for H1 2022

Rhea-AI Summary

Gold Fields Limited (GFI) reports a significant increase in headline earnings per share for H1 2022, expected to reach US$0.56-0.60, a rise of 24% to 33% compared to H1 2021. Basic earnings are anticipated between US$0.55-0.59, while normalized earnings are projected at US$0.54-0.58, reflecting a 10% to 18% improvement. Q2 2022 gold equivalent production is estimated at 621koz, up from 580koz in Q1 2022. However, All-in costs are rising, expected at US$1,382/oz for Q2 and US$1,352/oz for H1 2022, indicating an increase in operating costs due to inflation and project expenditures.

Positive

• Headline earnings per share for H1 2022 expected to be US$0.56-0.60, up 24%-33% YoY.
• Basic earnings per share for H1 2022 projected at US$0.55-0.59, an increase of 25%-34% YoY.
• Normalized earnings expected at US$0.54-0.58, a 10%-18% improvement YoY.
• Gold equivalent production for H1 2022 anticipated to be 1,201koz, a 9% increase YoY.

Negative

• All-in costs for H1 2022 expected to rise to US$1,352/oz, a 6% increase YoY.
• All-in sustaining costs projected at US$1,148/oz for H1 2022, up 5% YoY.

 

JOHANNESBURG, Aug. 4, 2022 /PRNewswire/ -- Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI) advises that headline earnings per share for the six months ended 30 June 2022 (H1 2022) are expected to range from US$0.56-0.60 per share (US$0.11-0.15 per share higher), which is 24% to 33% higher than the headline earnings of US$0.45 per share reported for the six months ended 30 June 2021 (H1 2021). The increase in headline earnings is driven by higher production and gold price, partially offset by higher costs.

Basic earnings per share for H1 2021 are expected to range from US$0.55-0.59 per share (US$0.11- 0.15 per share higher), which is 25% to 34% higher than the basic earnings of US$0.44 per share reported for H1 2021.

Normalised earnings per share for H1 2022 are expected to range from US$0.54-0.58 per share (US$0.05-0.09 per share higher), which is 10% to 18% higher than the normalised earnings of US$0.49 per share reported for H1 2021.

Q2 2022 operational performance
For Q2 2022, attributable gold equivalent production is expected to be 621koz (Q1 2022: 580koz), with All-in costs (AIC) for the quarter expected to be US$1,382/oz (Q1 2022: US$1,320/oz). All-in sustaining costs (AISC) are expected to be US$1,146/oz (Q1 2022: US$1,150/oz).

H1 2022 operational performance
Attributable gold equivalent production for H1 2022 is expected to be 1,201koz, a 9% increase YoY (H1 2021: 1,104koz).

AIC for H1 2022 is expected to be US$1,352/oz, higher than H1 2021 (US$1,274/oz), a 6% increase YoY, as a result of an increase in operating costs driven by mining inflation and the increased project capex at Salares Norte. AISC for H1 2022 is expected to be US$1,148/oz (H1 2021: US$1,093/ oz), a 5% increase YoY.

The financial information on which this trading statement is based has not been reviewed, and reported on, by the Company's external auditors.

Gold Fields expects to release H1 2022 financial results on Thursday, 25 August 2022.

Notes to editors

About Gold Fields
Gold Fields Limited is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa, and West Africa (including the Asanko Joint Venture) and one project in Chile. We have total attributable annual gold-equivalent production of 2.34Mo, attributable gold-equivalent Mineral Reserves of 48.6Moz and gold Mineral Resources of 111.8Moz. Our shares are listed on the Johannesburg Stock Exchange (JSE) and our American depositary share trade on the New York Stock Exchange (NYSE).

Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd

Investor Enquiries

Avishkar Nagaser
Tel: +27 11 562 9775
Mobile: +27 82 312 8692
Email: Avishkar.Nagaser@goldfields.com

Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email : Thomas.Mengel@goldfields.com

Media Enquiries

Sven Lunsche
Tel: +27 11 562 9763
Mobile: +27 83 260 9279
Email: Sven.Lunsche@goldfields.com

View original content:https://www.prnewswire.com/news-releases/gold-fields-limited-trading-statement-and-operational-performance-for-h1-2022-301600127.html

SOURCE Gold Fields Limited

FAQ

What are Gold Fields' expected earnings per share for H1 2022?

Gold Fields expects headline earnings per share for H1 2022 to range from US$0.56 to US$0.60.

How did Gold Fields' production for Q2 2022 compare to Q1 2022?

Attributable gold equivalent production for Q2 2022 is expected to be 621koz, an increase from 580koz in Q1 2022.

What are the anticipated All-in costs for Gold Fields in H1 2022?

The All-in costs for H1 2022 are expected to be US$1,352 per ounce, which is a 6% increase year-over-year.

When will Gold Fields release its H1 2022 financial results?

Gold Fields is scheduled to release its H1 2022 financial results on August 25, 2022.