(Kitco News) - Gold Fields (NYSE: GFI), one of the world's largest gold producers, said Thursday it had a stable September 2022 quarter, with attributable gold equivalent production for Q3 2022 of 597koz, down 1% y-o-y (down 4% q-o-q).
The company's all-in cost (AIC) increased by 1% y-o-y (down 7% q-o-q) to US$1,279/oz, while all-in sustaining costs (AISC) increased 4% y-o-y (and decreased 7% q-o-q) to US$1,061/oz.
In its statement, Gold Fields noted that during Q3 2022, there was an increase in the net debt balance (including leases) to US$997m at 30 September 2022 from US$851m at 30 June 2022, mainly due to the interim dividend payment of US$151m.
"This translates into a net debt to EBITDA of 0.40x, compared to 0.33x at 30 June 2022. The net debt balance (excluding leases) increased to US$603m from US$451m at the end of June 2022,” it added.
Importantly, the company said that given the solid operational performance year-to-date in 2022, it is on track to achieve the Group production and cost guidance provided in February 2022.
For 2022, the company's attributable gold equivalent production (excluding Asanko) is expected to be between 2.25Moz and 2.29Moz (2021 comparable 2.25Moz). Including Asanko, attributable gold equivalent production is expected to be between 2.31Moz and 2.36Moz.
AISC (excluding Asanko) is expected to be between US$1,140/oz and US$1,180/oz, with AIC (excluding Asanko) expected to be US$1,370/oz to US$1,410/oz.
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.
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