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(Kitco News) - Gold Fields (NYSE: GFI), one of the world's largest gold producers, announced Wednesday that its attributable gold equivalent production is expected to be 1,154 koz in H1 2023, a 4% decrease from H1 2022 (1,201 koz).
Group all-in costs (AIC) in H1 2023 are expected to be US$1,398/oz, 3% higher than H1 2022 (US$1,352/oz), as a result of lower gold sold and an increase in operating costs driven by mining inflation, partially offset by lower project capex.
Importantly, the company said that headline earnings per share in H1 2023 are expected to range between US$0.49-0.53 per share, which is 9% to 16% lower than the headline earnings of US$0.58 per share reported in H1 2022.
Gold Fields explained that the decrease in headline earnings is driven by lower gold volumes sold and higher operating costs incurred in H1 2023, underpinned by mining inflation and higher amortization and depreciation due to higher ounces mined, partially offset by a higher gold price.
Basic earnings per share in H1 2023 are expected to range between US$0.49-0.53 per share, which is 7% to 14% lower than the basic earnings of US$0.57 per share reported for H1 2022.
Normalized earnings per share in H1 2023 are expected to range between US$0.49-0.53 per share, which is 5% to 13% lower than the normalized earnings of US$0.56 per share reported for H1 2022.
Gold Fields is a globally diversified gold producer with nine operating mines in Australia, Peru, South Africa, and West Africa (including the Asanko joint venture), one project in Chile and one project in Canada.
The company has total attributable annual gold-equivalent production of 2.34 Moz, attributable gold-equivalent mineral reserves of 48.6 Moz and gold mineral resources of 111.8 Moz.
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