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Dec 31, 2023
Gold Fields Q4 2023 Earnings Report
Gold Fields closed Q4 2023 with a production rebound and improved cash flow, although costs remained elevated and net debt was slightly reduced.
Key Takeaways
In Q4 2023, Gold Fields delivered strong gold production of 608,000 ounces, up from Q3. All-in sustaining costs increased slightly to $1,372/oz, and AIC rose to $1,632/oz. Adjusted free cash flow totaled $367M. Net income attributable to shareholders reached $703M for the year, with Q4 EPS at $0.79 and normalised EPS at $1.01. Net debt ended the year at $1.024B, down from $1.141B in Q3.
Gold production rose to 608,000 ounces in Q4 2023, up from 542,000 in Q3.
AISC reached $1,372/oz and AIC $1,632/oz amid cost inflation and project capex.
Free cash flow totaled $367M in Q4, supporting dividend payouts.
Net debt improved to $1.024B, with a net debt to EBITDA ratio of 0.42x.
Revenue by Geographic Location
Forward Guidance
Gold Fields expects higher production in 2024, driven by Salares Norte ramp-up and continued asset performance, though cost pressures and capital expenditure remain elevated.
Positive Outlook
- FY24 production guided between 2.33–2.43Moz
- Ramp-up of Salares Norte on track for first gold in April 2024
- Increased investment in renewables, including $195M microgrid at St Ives
- Strong performance from Australia and Ghana regions expected to continue
- Net debt position improved, maintaining financial flexibility
Challenges Ahead
- AIC expected to rise to $1,600–$1,650/oz in FY24
- Sustaining capital to increase significantly, especially at Gruyere and St Ives
- Salares Norte project saw delay in gold production ramp-up
- Global inflationary cost pressures to persist into FY24
Historical Earnings Impact
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Avg. Return Before/After Earnings
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