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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.
Revenue by Geographic Location
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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