Gold Fields ( NYSE: GFI ) -3.1% in Wednesday's trading after saying it met production and cost guidance for FY 2022 while offering a mixed financial picture for the year.
Gold Fields ( GFI ) said it expects to report full-year headline earnings of $1.16-$1.22/share, 16%-22% higher than 2021, but sees basic earnings of $0.77-$0.83/share, 7%-13% below the $0.89/share tallied in 2021.
The miner attributed the drop in basic earnings to impairments at the Tarkwa operations in Ghana and the Cerro Corona operations in Peru, principally due to an increase in discount rates, a writedown of its investment in Far South East and inflationary cost pressures.
The company sees FY 2022 attributable gold equivalent production of 2.4M oz, up 3% Y/Y and at the top end of guidance of 2.3M-2.4M oz.
Full-year all-in sustained costs are expected to be 2% higher Y/Y at $1,320/oz but below the lower end of guidance of $1,370-$1,410/oz.
Gold Fields ( GFI ) shares have lost 5.5% so far this year and more than 13% during the past year.
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Gold Fields warns on drop in full-year basic earnings