Gold Fields Marginally Misses Full-Year Production Target, Costs In Line
By Christian Moess Laursen
Gold Fields said it marginally missed its production target for 2023 as it produced slightly less gold than in the previous year, while costs jumped as expected.
The South African gold miner said Tuesday that it expects to report a full-year gold-equivalent production of 2.30 million, a 4% dip versus 2.40 million in 2022.
However, excluding Asanko, in which Gold Fields sold its stake in December, attributable gold-equivalent narrowly misses this target, with 2.24 million ounces.
The miner, one of the world's largest gold producers, was aiming for an output between 2.25 million to 2.30 million in 2023.
All-in costs--a metric that reflects the full cost of gold mining--are expected to be $1,512 an ounce, a 15% increase on year, within the guided range of $1,480 to $1,520 an ounce.
The increase in costs was due to lower gold sold, higher sustaining expenditure and cost of sales.
Headline earnings per share for continuing operations are expected to range from $0.88-$0.94, 20% to 25% lower than in 2022.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
February 13, 2024 08:56 ET (13:56 GMT)
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