2023-08-02 10:24:13 ET
Gold Fields ( NYSE: GFI ) -1.3% in early trading Wednesday after lowering expectations for H1 2023 headline earnings, citing lower gold production and higher operating costs which were only partially offset by higher gold prices.
The South African miner said it expects its headline EPS of $0.49-$0.53 in the six months to June 30, compared with $0.58/share in the same period last year.
Gold Fields ( GFI ) also expects attributable gold equivalent production totaled 577K oz for Q2, flat compared to Q1, and 1.15M oz for H1, down 4% Y/Y from H1 2022, while all-in sustaining costs are expected to come in 6% higher at $1,215/oz.
The company sees Q2 all-in sustaining costs at $1,279/oz, up from $1,152/oz in Q1, and H1 AISC at $1,215/oz, 6% above the prior-year H1., citing lower sales, mining inflation and higher capital spending.
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Gold Fields sees H1 earnings drop on lower production, higher costs