South Africa
Gold Fields expects interim earnings to fall 10-15 percent─── 16:57 Fri, 02 Aug 2019
Mining company Gold Fields Limited said on Friday it expected headline earnings per share for the six months ended June 30 to be 10-15 percent lower at 6.8 - 7.2 United States cents compared with the eight cents reported for the same period in 2018.
Gold Fields said attributable gold equivalent production for the six months increased by nine percent year-on-year to 1,083 kilo ounces, mainly due to the inclusion of the contribution from Asanko.
After the World Gold Council (WGC) last November published an update to its guidance on the interpretation of all-in sustaining costs (AISC) and all-in costs (AIC), Gold Fields said it had adopted the revision prospectively from January 1.
"Based on the revised WGC guidance, AISC for the group is US$891/oz for H1 2019. On the previous interpretation, AISC for the period was US$973/oz (H1 2018: US$965/oz), marginally higher year-on-year," it said.
AIC for the first half of the year was five percent lower year-on-year at US$1,106 per ounce as project capital started to decrease. AIC reporting was not affected by the revised WGC guidance.
Gold Fields is due to release its interim financial results on August 15.
ANA
