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Trading statement and operational performance update for the twelve months ended 31 December 2024 (FY 2024)
Gold Fields Limited
Reg. No. 1968/004880/06)
Incorporated in the Republic of South Africa)
JSE, NYSE, DIFX Share Code: GFI
ISIN Code:ZAE000018123
("Gold Fields" or the "Company" or the "Group")
TRADING STATEMENT AND OPERATIONAL PERFORMANCE UPDATE FOR THE TWELVE
MONTHS ENDED 31 DECEMBER 2024 (FY 2024)
Gold Fields is pleased to advise that the Company has delivered Group
production, all-in-costs (AIC) and all-in-sustaining costs (AISC) in line
with the Company's revised 2024 guidance.
FY 2024 operational performance
Following strong delivery across all our operations in the fourth quarter
of 2024 (Q4 2024), attributable gold equivalent production for FY 2024 is
expected to be 2,071koz (FY 2023: 2,304koz), in line with the revised
Group guidance of 2,050koz – 2,150koz. Salares Norte mine recommenced
ramp up at the end of September 2024, delivering gold equivalent
production of 45koz, in line with the revised guidance of 40koz to 50koz
for 2024.
AIC for FY 2024 is expected to be within the guided range of US$1,820/oz
– US$1,910/oz at US$1,873/oz (FY 2023: US$1,512/oz).
AISC for FY 2024 is also expected to be within the guided range, of
US$1,580/oz – US$1,670/oz at US$1,629/oz and 26% higher YoY (FY 2023:
US$1,295/oz).
The 24% and 26% YoY increase in AIC and AISC, respectively, is mainly due
to a 10% decrease in gold sold, additional non-cash gold inventory charge
to costs, higher sustaining capital expenditure, increased royalties in
line with the higher gold prices and an increase in operating costs due
to inflationary cost pressures.
Q4 2024 operational performance
Q4 2024, attributable gold equivalent production was 26% higher QoQ at
643koz (Q3 2024: 510koz) and 8% higher YoY (Q4 2023 excluding Asanko
production: 594koz).
AIC for Q4 2024 is expected to be US$1,575/oz, 17% lower QoQ (Q3 2024:
US$1,909/oz) and 3% lower YoY (Q4 2023: US$1,618/oz excluding Asanko),
while AISC for the quarter is expected to be US$1,410/oz, 17% lower QoQ
(Q3 2024: US$1,694/oz) and 4% higher YoY (Q4 2023: US$1,356/oz excluding
Asanko).
Trading statement
Headline earnings
Headline earnings per share for FY 2024 are expected to range from US$1.28
-1.38 per share (US$0.34-0.44 per share higher), which is 36% to 47%
higher than the headline earnings of US$0.94 per share reported for FY
2023. The increase in headline earnings was driven by the higher realised
gold price.
Headline earnings per share for continuing operations for FY 2024 are
expected to range from US$1.28 -1.38 per share (US$0.37-0.47 per share
higher), which is 41% to 52% higher than the headline earnings for
continuing of US$0.91 per share reported for FY 2023.
Headline earnings per share for discontinued operations for FY 2024 are
expected to be US$nil compared to US$0.03 per share reported for FY 2023.
Basic earnings
Basic earnings per share for FY 2024 are expected to range from US$1.34
-1.44 per share (US$0.55-0.65 per share higher), which is 70% to 82%
higher than the basic earnings of US$0.79 per share reported for FY 2023.
FY 2024 basic earnings included higher revenue driven by the higher gold
price and lower impairments of assets of US$4m compared to US$156m in FY
2023.
Basic earnings per share for continuing operations for FY 2024 are
expected to range from US$1.34 -1.44 (US$0.53-0.63 per share higher),
which is 65% to 78% higher than the headline earnings for continuing
operations of US$0.81 per share reported for FY 2023.
Basic earnings per share for discontinued operations for FY 2024 are
expected to be US$nil compared to a basic loss of US$0.02 per share
reported for FY 2023.
Normalised profit
Normalised profit per share for FY 2024 is expected to range from US$1.32-
1.42 per share (US$0.31-0.41 per share higher), which is 31% to 41% higher
than the normalised profit of US$1.01 per share reported for FY 2023.
Gold Fields expects to release FY 2024 financial results on Thursday, 20
February 2025.
6 February 2025
Sponsor:
J.P. Morgan Equities South Africa (Pty) Ltd
Investor enquiries:
Jongisa Magagula
Tel: +27 11 562 9775
Mobile: +27 67 419 9503
Email: Jongisa.Magagula@goldfields.com
Thomas Mengel
Tel: +27 11 562 9849
Mobile: +27 72 493 5170
Email: Thomas.Mengel@goldfields.com
Financial information
This trading statement includes certain non-International Financial
Reporting Standards (IFRS) financial measures, including AISC, AIC
and normalised profit. These measures may not be comparable to
similarly-titled measures used by other companies and are not
measures of Gold Fields' financial performance under IFRS. These
measures should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS.
The financial and operational information on which this trading
statement is based has not been reviewed, nor reported on by the
Company's external auditors.
Forward-looking statements
This trading statement contains forward-looking statements within
the meaning of the "safe harbour" provisions of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact included in this trading statement
may be forward-looking statements. Forward-looking statements may
be identified by the use of words such as "aim", "anticipate",
"will", "would", "expect", "may", "could", "believe", "target",
"estimate", "project" and words of similar meaning.
These forward-looking statements, including among others, those
relating to Gold Fields' future business strategy, development
activities and other initiatives, business prospects, financial
positions, production and operational guidance are necessary
estimates reflecting the best judgement of the senior management
of Gold Fields and involve a number of risks and uncertainties that
could cause actual results to differ materially from those
suggested by the forward-looking statements. By their nature,
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances and should be
considered in light of various important factors, including those
set forth in Gold Fields' Integrated Annual Report 2023 filed with
the Johannesburg Stock Exchange and the Annual Report on Form 20-
F filed with the United States Securities and Exchange Commission
(SEC) on 28 March 2024 (SEC File no. 001-31318). Readers are
cautioned not to place undue reliance on such statements. These
forward-looking statements speak only as of the date they are made.
Gold Fields undertakes no obligation to update publicly or release
any revisions to these forward-looking statements to reflect events
or circumstances after the date of this trading statement or to
reflect the occurrence of unanticipated events. These forward-
looking statements have not been reviewed or reported on by the
Company's external auditors.
Date: 06-02-2025 02:14:00
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