Gold Fields expects to report sharply higher full-year earnings due to the high gold price and strong delivery across all its operations.
The group said in a statement on Thursday that headline earnings per share (HEPS) for the 12 months ended December are expected to range from $1.28-$1.38 per share, which is 36%-47% higher than the previous year.
HEPS for continuing operations were expected 41%-52% higher at $1.28 -$1.38, the gold miner said.
Attributable gold production for the 2024 financial year is expected to be 2.071-million ounces from 2.304moz in 2023, in line with the revised group guidance of 2.050moz-2.15moz.
Salares Norte mine in northern Chile recommenced ramp up at the end of September, delivering gold equivalent production of 45,000oz, in line with the revised guidance of 40,000oz to 50,000oz for 2024.
All-in costs for the year were expected to be within the guided range of $1,820/oz —$1,910/oz at $1,873/oz, while all-in-sustaining costs were also expected to be within the guided range, of $1,580/oz —$1,670/oz at $1,629/oz and 26% higher year on year.
The higher increase in AIC and AISC is mainly due to a 10% decrease in gold sold, additional non-cash gold inventory charge to costs, higher sustaining capital expenditure, increased royalties in line with the higher gold prices and an increase in operating costs due to inflationary cost pressures, it said.
Gold production in the fourth quarter of 643,000oz was 26% higher than the previous quarter and 8% higher year on year following strong delivery across all its operations.
Gold prices had a strong year touching successive record highs in 2024, boosted by demand for the safe haven metal amid heightened global geopolitical tension in Ukraine and the Middle East.
On Friday Reuters reported that gold prices were hovering near record-high levels, set for a sixth successive weekly gain as trade war concerns fuelled safe-haven buying ahead of the US payrolls report.
Spot gold was up 0.4% at $2,867.69/oz, as of 2.50am GMT, and has gained more than 2% this week.
Bullion hit a fresh record of $2,882.16/oz on Wednesday.
Earlier this week, the World Trade Organisation said China initiated a dispute over the US tariffs. Goldman Sachs said they saw upside risk to their $3,000 target from a potentially persistent boost from elevated US policy uncertainty to central bank and investor hedging demand, Reuters reported.
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