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Mar 31, 2023
Gold Fields Q1 2023 Earnings Report
Gold Fields reported a soft Q1 2023 performance, with lower production and higher unit costs impacting financial results.
Key Takeaways
In Q1 2023, Gold Fields posted attributable gold production of 577,000 ounces, flat QoQ, but earnings declined due to increased costs and inflationary pressures. AISC rose to $1,297/oz, and AIC climbed to $1,561/oz. Net debt increased to $875 million, but guidance for FY23 was reaffirmed, supported by stable operational output and progress on projects like Salares Norte.
Gold production held steady at 577,000 ounces for Q1 2023.
Earnings declined, with EPS at $0.11 and normalised EPS at $0.25.
All-in costs rose to $1,561/oz due to higher sustaining capex and inflation.
Net debt increased to $875 million, but financial position remained solid.
Revenue by Geographic Location
Forward Guidance
Gold Fields reaffirmed its full-year guidance for production and costs, despite a soft Q1 impacted by cost pressures and operational issues. Key growth projects remain on track.
Positive Outlook
- FY23 production guidance of 2.25–2.30Moz maintained
- AISC forecast range of $1,300–$1,340/oz reaffirmed
- Salares Norte project remained on schedule for Q4 production
- Gold price realised held up strongly at $1,926/oz
- No material safety incidents reported in the quarter
Challenges Ahead
- AISC and AIC increased due to inflation and capex
- Free cash flow fell to $37M despite solid output
- Earnings declined with lower profit margins
- Operational challenges in South Africa and Peru impacted results
Historical Earnings Impact
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Avg. Return Before/After Earnings
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