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Gold Fields sees costs rise on inflation, project capex cost increase

Kitco Media
By Kitco News
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Gold Fields said today that its attributable gold equivalent production for H1 2022 was 1,201koz, a 9% increase year-on-year.

Normalised earnings for the six months ended June 2022 increased by 16% YoY to US$498m, or US$0.56 per share, compared to US$431m, or US$0.49 per share, for H1 2021.

All-in-cost for H1 2022 was US$1,352 ounces, 6% higher than H1 2021 (US$1,274/oz), as a result of an increase in operating costs driven by mining inflation and the increased project capex at Salares Norte. All-in-sustaining-cost for H1 2022 was US$1,148/oz (H1 2021: US$1,093/ oz), a 5% increase year-on-year.

Guidance was unchanged. Gold Fields is trying to acquire Yamana. The deal was announced in the spring.

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