In a trading update, Gold Fields said it expects headline earnings per share (HEPS) - the profit measure commonly used in South Africa - of $1.16-$1.22 for the year to December 2022, compared to $1.00 the previous year. "The increase in headline earnings is driven by the net proceeds relating to the Yamana break fee of US$202m," Gold Fields said. Gold Fields in May 2022 agreed a deal with Yamana to acquire the Canadian miner in an all-share deal, but the acquisition was scuppered last November when Yamana agreed to a rival $4.8 billion takeover bid from Agnico Eagle and Pan American Silver Corp .
As a result, Yamana was liable to pay Gold Fields a break fee - a financial penalty paid by a party responsible for a deal's collapse. Gold Fields, which has operations in South Africa, Australia, Ghana, Peru and Chile, said it produced 2.4 million ounces of gold in 2022, up 3% from 2.34 million ounces the previous year and topping its revised guidance 2.31 to 2.36 million ounces. Gold Fields' all-in sustaining costs (AISC) is expected to rise by 4% percent to $1,105 per ounce, below its guidance of $1,140-$1,180 per ounce. The company will release its 2022 financial results on Feb. 23. (Reporting by Nelson Banya; editing by Jason Neely)
