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Sep 30, 2024
Gold Fields Q3 2024 Earnings Report
Gold Fields posted solid operational results in Q3 2024, with increased production and stable cost performance.
Key Takeaways
Gold Fields delivered a strong Q3 2024, marked by increased gold-equivalent production and improved financial performance. The company benefited from higher throughput and steady gold pricing, while maintaining cost discipline and progressing with key project developments.
Gold-equivalent production reached 613,000 oz, up from 577,000 oz in Q2.
Realized gold price was $1,926/oz, down slightly from the previous quarter.
All-in sustaining cost (AISC) improved to $1,367/oz, demonstrating cost control.
Net debt-to-EBITDA improved to 0.77x, reflecting stronger earnings and balance sheet.
Revenue by Geographic Location
Forward Guidance
Gold Fields reaffirmed its FY2024 guidance with continued operational momentum and expected delivery from new projects.
Positive Outlook
- FY24 production guidance reaffirmed at 2.2Moz–2.3Moz.
- Ongoing ramp-up at Salares Norte progressing toward commercial output.
- AISC guidance remains on track between $1,410–$1,460/oz.
- Free cash flow positive despite capex requirements.
- Strong operational performance at St Ives and South Deep.
Challenges Ahead
- Gold price volatility could impact revenue in Q4.
- Sustained inflationary pressures on input costs.
- Delays at Windfall project remain a risk.
- Royalties and taxes increasing with higher gold prices.
- Capex intensity still elevated amid project rollouts.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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