- Gold Fields press release ( NYSE: GFI ): FY Non-GAAP EPS of $1.19 beats by $0.21 .
- Revenue of $1.78B (-0.6% Y/Y) misses by $2.26B .
- Attributable gold equivalent production for 2022 was 2,399koz, a 3% increase Y/Y (FY2021: 2,340koz), exceeding the guidance range of 2,310koz – 2,360koz.
- The Group all-in sustaining and all-in cost were below the guidance provided in February 2022.
- All-in sustaining costs (AISC) for the year were $1,105/oz (FY2021: $1,063/oz), lower than the guidance range of between US$1,140/oz and US$1,180/oz, mainly due to weaker exchange rates.
- AISC, if adjusted to 2022 guidance exchange rates (R/ $15.55 and $/A$0.76) was $1,160/oz, which is well within the guidance range.
- For 2023 , attributable gold equivalent production (excluding Asanko) is expected to be between 2.25Moz – 2.30Moz (2022 comparable was 2.32Moz).
- AISC is expected to be between US$1,300/oz – US$1,340/oz, with AIC expected to be US$1,480/oz – US$1,520/oz.
- Studies on a microgrid at St Ives are ongoing. Should these studies be finalised and the project approved during the year, we estimate US$25/oz will be added to both the AISC and AIC guidance ranges. In this case, the ranges for AISC will be US$1,325/oz – US$1,365/oz and AIC will be US$1,505/oz – US$1,545/oz, respectively.
- Total capex for the Group for the year is expected to be between US$1.110bn – US$1.170bn.
- Sustaining capital is expected to be between US$820m – US$850m.
- Non-sustaining capex expected to be between US$290m and US$320m, with the largest component of this being the Salares Norte project capital of US$230m.
- "Taking into account the expected changes in production from the different assets (growth from Salares Norte and South Deep; declines at Damang and Cerro Corona) in the portfolio described above, we expect production for the next three years (excluding Asanko) to be: 2023: 2,250koz – 2,300koz 2024: 2,720koz – 2,770koz 2025: 2,790koz – 2,820koz."
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Gold Fields reports mixed FY earnings; issues FY23 and long-term outlook