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Jun 30, 2024
Gold Fields Q2 2024 Earnings Report
Gold Fields recovered from a weak Q1 to deliver stronger operational and financial performance in Q2 2024.
Key Takeaways
Gold Fields bounced back in Q2 2024, achieving higher production, improved cost performance, and better margins. The recovery was driven by improved operational stability and progress at key sites such as Salares Norte and St Ives.
Gold-equivalent production reached 529,000 oz in Q2, up from 464,000 oz in Q1.
Realized gold price was $2,057/oz in Q2.
All-in sustaining cost improved to $1,393/oz compared to $1,738/oz in Q1.
Net debt decreased slightly to $1.05 billion, with net debt-to-EBITDA improving to 0.49x.
Revenue by Geographic Location
Forward Guidance
Gold Fields reaffirmed full-year 2024 production and cost guidance, with a focus on ramping up Salares Norte and optimizing costs.
Positive Outlook
- H2 production expected to accelerate with stronger volumes from St Ives and Salares Norte.
- FY2024 AISC guidance maintained at $1,410–$1,460/oz.
- Improved throughput at Cerro Corona and South Deep expected in H2.
- Capital discipline being maintained across regions.
- Favourable gold price environment supports profitability.
Challenges Ahead
- Weather and logistics challenges remain a risk at Australian operations.
- Salares Norte ramp-up slower than originally planned.
- Inflationary cost pressures persist across operations.
- Delays in Windfall project permitting could affect timeline.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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