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Dec 31, 2024
Gold Fields Q4 2024 Earnings Report
Gold Fields delivered a strong Q4 2024 performance with record production and significant earnings growth.
Key Takeaways
Gold Fields capped off 2024 with a robust Q4, marked by record-high gold production, increased revenue, and a strong balance sheet. The performance was driven by improved operations across key assets, especially Salares Norte and St Ives.
Gold-equivalent production rose to 644,000 oz, the highest quarterly output in 2024.
Realized gold price averaged $2,658/oz in Q4.
All-in sustaining costs (AISC) decreased to $1,410/oz, reflecting operational efficiency.
Net debt reduced to $2.09 billion, with a net debt-to-EBITDA ratio of 0.73x.
Gold Fields
Gold Fields
Gold Fields Revenue by Geographic Location
Revenue by Geographic Location
Global Revenue
CapyFin.com Forward Guidance
Gold Fields provided steady guidance for FY2025, targeting continued production growth and maintaining financial discipline.
Positive Outlook
- FY25 production guidance between 2.25Moz and 2.45Moz.
- AISC forecast remains at $1,500–$1,650/oz.
- Ramp-up at Salares Norte expected to reach commercial production by Q3 2025.
- Healthy balance sheet supports capital projects and dividends.
- Strong gold prices expected to continue supporting margins.
Challenges Ahead
- Capital expenditure to remain high, impacting near-term free cash flow.
- Operational risks remain at legacy assets like Damang and Cerro Corona.
- Inflationary pressures could weigh on cost containment.
- Delays in permitting at Windfall may shift development timelines.
- Royalties and taxes expected to rise with higher gold prices.