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Gold Fields, whose only remaining South African asset is the South Deep gold mine in Johannesburg, expects to report about a double-digit fall in interim earnings, hit by both higher costs, and lower production.
The miner, valued at about R225 billion on the JSE, said on Wednesday headline earnings per share per share are expected to fall by between 9% and 16% to end-June, despite a higher gold price.
"The decrease in headline earnings is driven by lower gold volumes sold and higher operating costs incurred in [the first half of] 2023, underpinned by mining inflation and higher amortisation and depreciation due to higher ounces mined, partially offset by a higher gold price.
The group's gold production for the period is expected to be 4% lower to about 1.15 million ounces while all-in costs will be 3% higher, "as a result of lower gold sold and an increase in operating costs driven by mining inflation, partially offset by lower project capex".
Gold Fields will release its interim financial results on 17 August. SA contributed 13% of its attributable production in 2022, and it also operated in Ghana, Peru, Chile and Australia.
READ | Digging deep: Meet Gold Fields' new SA head
The company share fell about 2% shortly after the announcement. By 10:45 it was only about 1% lower, having risen by over a third in the year to date.
