GOLD Fields will report higher headline earnings for the 12 months ended December following a 5% improvement in annual gold production.
At 2.34 million ounces, attributable gold production was at the upper end of guidance and compares to 2.24 million in attributable oz produced during the group’s 2020 financial year.
Fourth quarter attributable production came in at 631,000 oz compared to 606,000 oz for the preceding quarter. The gold was produced at an all in sustaining cost (AISC) of $1,055 per ounce compared to $1,016/oz in the third quarter.
Headline share earnings for the year will be in a range of 88 US cents to 94c representing a 6% to 13% year-on-year improvement. Headline share earnings for the 2020 financial year were 82 US cents/share.
Basic share earnings would be up to 7% higher if the upper end of guidance (88c/share) was achieved. Normalised share earnings would come in at $1,02 to $1,08/share representing a 2% to 8% year-on-year improvement. Normalised earnings of $1.00/share were reported for the 2020 financial year.
Gold Fields is due to report its results for the 12 months ended December on February 17 when issues related to progress on its Salares Norte gold project in Chile as well as South Deep mine in South Africa are likely to fall under the microscope.
Other points of focus will be Gold Fields’ attitude towards its continued investment in its Ghana joint venture partner Galiano Gold as well as its appetite for the expansion of the Damang mine, also in Ghana.