Gold Fields to report lower interim earnings
Gold miner Gold Fields expects to report headline earnings per share (HEPS) of between $0.34 and $0.38 for the six months ended June 30 – a 25% to 33% decrease on the HEPS reported for the first half of 2023.
Earnings per share (EPS) are expected to be between 12% and 20% lower year-on-year at between $0.41 and $0.45.
Gold Fields attributes the decrease in EPS and HEPS to lower production at the South Deep mine, in South Africa, owing to increased backfill rehandling and challenging ground conditions, which have impacted stope access, stope turnaround, planned volumes and grade mix; lower production at the Gruyere mine, in Australia, following a significant rainfall event in March; lower production at the St Ives mine, in Australia, in line with the mine plan for this year; and a delayed ramp-up at Salares Norte, in Chile.
This resulted in lower gold volumes sold for the six months under review.
In addition, cost of sales was higher, driven by mining inflation and a higher gold inventory change cost.
These negative impacts on earnings were partly offset by the higher gold price received.
Gold Fields expects gold sales volumes to improve in the second half of this year.
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