Gold Fields Limited: Trading statement for H1 2021

Rhea-AI Summary

Gold Fields (JSE: GFI, NYSE: GFI) announced expected basic earnings per share for H1 2021 between US¢42-46, a 133-156% increase from US¢18 in H1 2020. Headline earnings per share are projected at US¢43-47, up 115-135% from US¢20. Normalised earnings are expected at US¢47-51, a 27-38% rise from US¢37. Attributable gold equivalent production increased slightly to 1,104koz. All-in sustaining costs rose 11% YoY to US$1,093/oz, and all-in costs surged 20% YoY to US$1,274/oz due to capital projects. Financial results will be released on August 19, 2021.

Positive

• Basic earnings per share expected to rise 133-156% to US¢42-46.
• Headline earnings per share estimated at US¢43-47, up 115-135%.
• Normalised earnings forecasted at US¢47-51, increasing 27-38%.
• Slight increase in gold production to 1,104koz.

Negative

• All-in sustaining costs increased by 11% YoY to US$1,093/oz.
• All-in costs rose 20% YoY to US$1,274/oz due to capital ramp-up.

JOHANNESBURG, July 30, 2021 /PRNewswire/ -- Gold Fields Limited (Gold Fields) (JSE: GFI) (NYSE: GFI) advises that basic earnings per share for the six months ended 30 June 2021 (H1 2021) are expected to be between US¢42-46 per share, an increase of 133-156% (US¢24-28 per share) from the basic earnings of US¢18 per share reported for the six months ended 30 June 2020 (H1 2020).

Headline earnings per share (HEPS) for H1 2021 are expected to be US¢43-47 per share, 115-135% (US¢23-27 per share) higher than the US¢20 per share reported for H1 2020.

Normalised earnings for H1 2021 are expected to be US¢47-51 per share, 27-38% (US¢10-14 per share) higher than the US¢37 per share reported for H1 2020.

The increase in earnings for the period is driven largely by an increase in revenue (both higher gold price received and increase in gold sold); a reduction in the loss on financial instruments; partially offset by higher net operating costs and higher tax.

Attributable gold equivalent production for the six months ended 30 June 2021 increased marginally YoY to 1,104koz (H1 2020: 1,087koz).

All-in sustaining costs (AISC) for the Group for H1 2021 are US$1,093/oz, compared to US$987/oz in H1 2020, an increase of 11% YoY, driven by an increase in net operating costs.

All-in costs (AIC) for H1 2021 are 20% higher YoY at US$1,274/oz (H1 2020: US$1,065/oz) as project capital ramped up at the Salares Norte project in Chile.

For Q2 2021, attributable group gold-equivalent production was 563koz (Q1 2021: 541koz), with AISC of US$1,107/oz (Q1 2021: US$1,078/oz) and AIC of US$1,297/oz (Q1 2021: US$1,249/oz).

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 is expected to release H1 2021 financial results on Thursday, 19 August 2021.

Enquiries

Investors

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

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

Notes to editors

About Gold Fields

Gold Fields Limited is a globally diversified gold producer with nine operating mines and one project in Australia, Chile, Ghana (including our Asanko Joint Venture), Peru and South Africa, with total attributable annual gold-equivalent production of 2.24Moz. It has attributable gold-equivalent Mineral Reserves of 52.1Moz and gold Mineral Resources of 116.0Moz. Gold Fields has a primary listing on the Johannesburg Stock Exchange (JSE) Limited, and an additional listing on the New York Stock Exchange (NYSE).

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

View original content:https://www.prnewswire.com/news-releases/gold-fields-limited-trading-statement-for-h1-2021-301344952.html

SOURCE Gold Fields Limited

FAQ

What are Gold Fields' expected earnings per share for H1 2021?

Gold Fields expects basic earnings per share for H1 2021 to be between US¢42-46, a rise of 133-156% from the previous year.

How much did Gold Fields' headline earnings increase for H1 2021?

Headline earnings per share for H1 2021 are expected to be US¢43-47, reflecting a 115-135% increase from H1 2020.

What is the gold production figure for Gold Fields in H1 2021?

Attributable gold equivalent production for H1 2021 is expected to be 1,104koz.

When will Gold Fields release its H1 2021 financial results?

Gold Fields is set to release its H1 2021 financial results on August 19, 2021.