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Gold miner Gold Fields beat its production and cost guidance for the financial year ended December 31, but it warns that its earnings a share will be lower year-on-year, mainly on the back of impairments and other one-off items.
In a trading update ahead of the publication of its results, on February 23, the company reports that it expects to report attributable gold-equivalent production of 2.4‑million ounces – a 3% increase on the 2.34‑million ounces produced in 2021 and higher than the August 2022 guidance of between 2.31‑million and 2.36‑million ounces.
Further, all-in costs are expected to be 2% higher year-on-year at $1 320/oz, but below the lower end of the guidance range of $1 370/oz to $1 410/oz.
Gold Fields attributes the year-on-year increase in operating costs to mining inflation, which was partially offset by lower project capital expenditure at Salares Norte, in Chile, and weaker exchange rates.
All-in sustaining costs are also expected to be 4% higher year-on-year at $1 105/oz, but below the lower end of the guidance range of $1 140/oz to $1 180/oz.
Gold Fields expects to report a 16% to 22% year-on-year increase in its headline earnings a share to between $1.16 and $1.22. Headline earnings benefited from the $202‑million break fee received as a result of the unsuccessful buyout of Yamana Gold.
Basic earnings a share are, meanwhile, expected to range from $0.77 to $0.83 – a 7% to 13% decrease on the basic earnings of $0.89 reported for the 2021 financial year.
Gold Fields attributes the decrease in basic earnings to impairments recognised at the Tarkwa and Cerro Corona operations, in Ghana and Peru, respectively; a writedown of the investment in Far South East; and inflationary cost pressures.
An impairment of $325-million pre-tax was incurred for the Tarkwa mine, while the impairment for Cerro Corona was $63‑million pre-tax.
