(Kitco News) - Gold Fields (NYSE: GFI), one of the world's largest gold producers, announced Wednesday that its attributable gold equivalent production for FY 2022 is expected to be 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 is expected to be 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.
Importantly, Gold Fields noted that headline earnings per share for 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 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.
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 recognized 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 company said in a statement.
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.
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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