JOHANNESBURG, Feb. 15,
2023 /PRNewswire/ -- Gold Fields Limited (Gold
Fields) (JSE: GFI) (NYSE: GFI) is pleased to advise that it has met
production and cost guidance for FY 2022.
FY 2022 operational performance
Attributable gold
equivalent production for FY 2022 is expected to be 2,399koz, a 3%
increase YoY (FY 2021: 2,340koz), exceeding the guidance range
(upgraded in August 2022) of 2,310koz
– 2,360koz.
All-in costs (AIC) for FY 2022 is expected to be US$1,320/oz, 2% higher than FY 2021 (US$1,297/oz), and below the lower end of the
guidance range of US$1,370/oz –
US$1,410/oz. The YoY increase is
driven by an increase in operating costs due to mining inflation,
partially offset by decreased project capex at Salares Norte and
weaker exchange rates. AIC, if adjusted to 2022 guidance exchange
rates (R/US$15.55 and
US$/A$0.76), is expected to be
US$1,381/oz, within the guidance
range.
All-in sustaining costs (AISC) for FY 2022 is expected to be
US$1,105/oz, 4% higher than FY 2021
(US$1,063/ oz), also below the lower
end of the guidance range of US$1,140/oz - US$1,180/oz. AISC, if adjusted to 2022 guidance
exchange rates, is expected to be US$1,160/oz, also within the guidance range.
Q4 2022 operational performance
For Q4 2022,
attributable gold equivalent production is expected to be 601koz
(Q3 2022: 597koz), with AIC for the quarter expected to be
US$1,298/oz (Q3 2022: US$1,279/oz). AISC is expected to be US$1,063/oz (Q3 2022: US$1,061/oz).
Trading statement
Headline earnings per share
for the twelve months ended 31 December
2022 (FY 2022) are expected to
range from US$1.16-1.22 per share
(US$0.16-0.22 per share higher),
which is 16% to 22% higher than the headline earnings of
US$1.00 per share reported for the
twelve months ended 31 December 2021
(FY 2021). The increase in headline
earnings is driven by the net proceeds relating to the
Yamana break fee of US$202m.
Basic earnings per share for FY 2022 are expected to range from
US$0.77-0.83 per share (US$0.06- 0.12 per share lower), which is 7%
to 13% lower than the basic earnings of US$0.89 per share reported for FY 2021. The
decrease in basic earnings is due to impairments recognised at
Tarkwa and Cerro Corona mainly due
to an increase in discount rates; a write down of the investment in
Far South East; as well as inflationary cost pressures experienced
in 2022. This was partially offset by the net proceeds from the
Yamana break fee.
- The biggest impairments recognised at year-end comprises:
Tarkwa: US$325m pre-tax (US$220m post-tax) mainly due to the increase in
the discount rate from 8.3% to 15.9% as a result of increases in
the Ghana country risk premium and
the risk free rate.
- Cerro Corona: US$63m
pre-tax (US$44m post-tax) mainly due
to the increase in the discount rate from 4.8% to 8.1% as a result
of increases in the risk free rate.
- Far South East: US$114m – the
investment has been written down to a carrying value of nil.
Normalised earnings per share for FY 2022 are expected to range
from US$0.94-1.00 per share
(US$0.05-0.11 per share lower), which
is 5% to 11% lower than the normalised earnings of US$1.05 per share reported for FY 2021.
The financial and operational information on which this trading
statement is based has not been reviewed, and reported on, by the
Company's external auditors.
Gold Fields expects to release FY 2022 financial results on
Thursday, 23 February 2023.
Notes to editors
About Gold Fields
Gold Fields Limited is a globally diversified gold producer with
nine operating mines in Australia,
Peru, South Africa, and West Africa (including the Asanko Joint
Venture) and one project in Chile.
We have total attributable annual gold-equivalent production of
2.34Mo, attributable gold-equivalent Mineral Reserves of 48.6Moz
and gold Mineral Resources of 111.8Moz. Our shares are listed on
the Johannesburg Stock Exchange (JSE) and our American depositary
share trade on the New York Stock Exchange (NYSE).
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Enquiries:
Investors
Avishkar Nagaser
Tel: +27 11 562-9775
Mobile: +27 82 312 8692
Email : Avishkar.Nagaser@goldfields.co.za
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email: Thomas.Mengel@goldfields.co.za
Media
Sven Lunsche
Tel: +27 11 562-9763
Mobile: +27 83 260 9279
Email : Sven.Lunsche@goldfields.co.za
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SOURCE Gold Fields Limited