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Sep 30, 2023
Gold Fields Q3 2023 Earnings Report
Gold Fields faced production and cost challenges in Q3 2023 due to operational pressures and inflationary impacts.
Key Takeaways
Gold Fields reported lower production and higher costs in Q3 2023. Gold production declined to 542,000 ounces, while AISC rose significantly to $1,381/oz and AIC to $1,622/oz. Net debt increased due to dividend payments and pre-production capital spending. The company reaffirmed full-year guidance despite the quarter’s challenges.
Gold production declined to 542,000 ounces, down 6% QoQ.
AISC rose to $1,381/oz due to inflation and lower gold sales.
Net debt increased to $1.141 billion with a net debt/EBITDA ratio of 0.48x.
Salares Norte commissioning reached 97% progress, with first gold expected in Q4.
Revenue by Geographic Location
Forward Guidance
Gold Fields maintained its FY2023 production and cost guidance despite Q3 setbacks, with expectations of improved performance in Q4 driven by Salares Norte’s first production.
Positive Outlook
- FY2023 production guidance of 2.25–2.30Moz reaffirmed
- AIC forecast range of $1,480–$1,520/oz maintained
- Salares Norte construction reached 97%, first gold expected in Q4
- Ball and SAG mills commissioned at Salares Norte
- Windfall project progressing with $25M invested in Q3
Challenges Ahead
- Q3 production decreased due to lower grades and yields
- AISC and AIC rose significantly due to inflation and lower sales
- Net debt increased by $113M from Q2 2023
- Operational challenges persisted at Tarkwa and South Deep
Historical Earnings Impact
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Avg. Return Before/After Earnings
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