Gold Fields’ financial results for the year to December 31, 2023 were expected to be in line with its cost guidance, while production volumes for 2023 were 99.7% of guidance for the year, the group said in a trading statement yesterday.
The group said attributable gold equivalent production was expected to be 2 304koz, a 4% decline year-on-year, while attributable gold equivalent production excluding Asanko was expected to be 2 244koz, a 3% decrease, marginally missing guidance of 2 250koz – 2 300koz.
All-in costs were expected to be $1 512 (R28446) /oz, 15% higher, and within the guided range of $1480/oz – $1520/oz.
The increase was mainly due to lower gold sold, higher sustaining capital expenditure and cost of sales before amortisation and depreciation, partially offset by lower non-sustaining capex and weaker exchange rates.
For the fourth quarter, attributable gold equivalent production was expected to be 608koz, from 542koz in the third quarter.
Headline earnings per share for the year were expected to range from $0.91-$0.97 per share, which was 18% to 24% lower than the headline earnings for continuing operations of $1.19 per share reported for 2022.
The decrease was driven in the main by the once off proceeds for the Yamana break fee of $202m ($0.23 per share) received in 2022.
Headline earnings per share for continuing operations were expected to range from $0.88-$0.94 per share, which was 20% to 25% lower than in 2022.
Normalised profit per share was expected to range from $0.98-$1.04 per share, 1% to 7% higher than $0.97 reported for 2022. Gold Fields expects to release annual financial results on February 22, 2024.
BUSINESS REPORT