Gold Fields Sees Lower Earnings After Volumes Fell, Costs Rose

   By Elena Vardon 
 

Gold Fields on Wednesday lowered its headline earnings expectations for the first half due to lower gold volumes sold and higher operating costs which was only partially offset by higher gold prices.

The South African gold miner now expects headline earnings for the six months ended June 30 to be between 49 cents and 53 cents a share, 9% to 16% below the 58 cents a share posted for the same period a year prior.

The group sees attributable gold equivalent production of 577,000 ounces for the second quarter, flat on the first quarter, and 1.15 million ounces for the first half, a 4% on-year decrease.

Costs are expected to be higher due to lower sales, mining inflation and higher capital expenditure, it said. Second-quarter all-in costs are expected to be $1,454 an ounce, above the first quarter's $1,343 an ounce, while all-in sustaining costs are seen at $1,279 an ounce, up from $1,152 an ounce.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

August 02, 2023 04:08 ET (08:08 GMT)

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