Gold Fields said on Wednesday that it expected its half-year profit to decline by as much as 16%, mainly due to lower gold production and higher operating costs.
Gold Fields expects its headline earnings per share (Heps), the main profit measure in South Africa, to come in between $0.49 (R8.76) and $0.53 in the six months to June 30, compared with $0.58 during the same period last year.
The miner’s gold production is expected to be 4% lower at 1.154 million ounces compared with the first half of 2022, while all-in sustaining costs (AISC), an industry measure, are expected to be 6% higher at $1,215 per ounce.
The impact of lower gold volumes sold and higher operating costs incurred in the first half were partially offset by a higher gold price, Gold Fields said.
Gold Fields is due to release its half-year results on August 17.
REUTERS