Gold Fields (NYSE:GFI) -4.5% in Tuesday's trading after saying it expects FY 2023 headline earnings will fall as much as 25% from the previous year while slightly missing its full-year production target while costs jumped as expected.
The South African miner said it sees FY 2023 headline earnings for continuing operations of $0.88-$0.94/share, or 20%-25% lower than $1.18/share reported for FY 2022, which was boosted by one-off net proceeds for the $202M Yamana break fee.
Gold Fields (GFI) said it expects to report full-year production of 2.3M gold equivalent oz, a 4% decline from 2.4M oz in 2022, while attributable production excluding Asanko fell 3% Y/Y to 2.24M gold equivalent oz, narrowly missing guidance of 2.25M-2.3M GEO.
FY 2023 all-in sustaining costs are expected at $1,295/oz, 17% above the previous year's AISC of $1,105/oz but below the lower end of $1,300-$1,340/oz guidance.