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Gold Fields reports profit of $711M in 2022, says gold production exceeded guidance

Kitco News

(Kitco News) - Gold Fields (NYSE: GFI), one of the world's largest gold producers, today reported profit attributable to owners of the parent for the year ended 31 December 2022 of US$711m (US$0.80 per share).

This compared with profit of US$789m (US$0.89per share) for the year ended 31 December 2021.

The company said that its Board has approved and declared a final dividend number 97 of 445 SA cents per ordinary share (gross) in respect of the year ended 31 December 2022.

Gold Fields also reported attributable gold equivalent production for FY 2022 of 2,399koz, up 3% from FY 2021 (2,340koz), exceeding the guidance range of 2,310koz – 2,360koz.

The company said that all-in sustaining cost (AISC) for FY 2022 was US$1,105/oz, 4% higher than FY 2021 (US$1,063/ oz), below the lower end of the guidance range of US$1,140/oz - US$1,180/oz.

Gold Fields noted that headline earnings per share for FY 2022 were US$1.19 per share, which is 19% higher than the headline earnings of US$1.00 per share reported for FY 2021.

The company explained that the increase in headline earnings is driven by the net proceeds relating to the Yamana break fee of US$202m.

Normalized earnings per share for FY 2022 were US$0.97 per share, which is 8% lower than the normalized earnings of US$1.05 per share reported for FY 2021.

Gold Fields is a globally diversified gold producer with nine operating mines and one project in Australia, Chile, Ghana (including its Asanko joint venture), Peru and South Africa.

B2Gold achieves gold production and cost guidance in 2022, reports net income of $287 million

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