Gold Fields, which has nine operating mines spread across Australia, Ghana, Peru and SA, expects its normalised earnings to rise by up to 38% in the six months to June, driven by the higher average gold price.
The gold producer regards normalised earnings as the key measure of its underlying financial performance and excludes gains and losses on foreign exchange and other exceptional items. In a trading update on Friday, Gold Fields said normalised earnings per share will be between $0.47c and $0.51c, representing an increase of 27%-30% from the year-ago period.
Attributable gold equivalent production for the review period increased marginally to 1.104-million ounces, from 1.087-million ounces the year before. However, all-in sustaining costs rose 11% to $1,093/oz, from $987/oz, driven by an increase in net operating costs.For the second quarter 2021, attributable group gold-equivalent production was 563,000oz, up from 541,000oz in the first quarter.
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