Gold Fields Earnings Slipped on Lower Gold-Equivalent Productions; CFO to Retire

By Joe Hoppe

Gold Fields reported lower earnings for most of its key metrics together with gold-equivalent production, and said Chief Financial Officer Paul Schmidt intends to retire.

The South African mining company said Thursday it made a first half net profit of $457.8 million, compared with $509.7 million a year earlier.

Earnings per share for the half year were 51 U.S. cents, compared with 57 cents and guidance provided early August of between 49 cents and 53 cents, it said. The falls reflects lower gold volumes sold and higher operating costs, only partially offset by higher gold prices, as reported earlier in August.

Headline EPS was also 51 cents compared with 58 cents a year earlier and guidance of between 49 cents and 53 cents, the company said.

The company said first-half attributable group gold-equivalent production was 1.15 million ounces compared with 1.20 million ounces a year earlier and in line with guidance given earlier in the month.

Schmidt intends on an early retirement, but has agreed to remain with the company until a suitable successor has been found and appointed. He has been CFO since 2008, and with the company since 1996.

The board declared an interim dividend of 325 South African rand cents (17 U.S. cents), compared with ZAR3.0 for the first half of 2022.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

August 17, 2023 01:39 ET (05:39 GMT)

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