Gold Fields' Gold Output Surged in H1 2022

SEATTLE (Scrap Monster): Gold Fields Limited announced operational results for six-month period ended 30^th June, 2022.

The proposed acquisition of Yamana was the key focus during H1 this year. The company reiterated its earlier conclusion that the acquisition of Yamana represents the best option to accelerate its growth strategy and deliver long term shareholder value.

The company press release noted that the rising commodity and fuel prices resulted in elevated mining costs during the period. The company posted strong operational performance in H1, despite the challenging environment. The production surged higher by 9% over the previous year, whereas the all-in costs rose only by 6%. The increased production coupled with 3% jump in gold prices led to 16% increase in normalised earnings to $498 million, said Chris Griffith, CEO, Gold Fields.

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Gold Fields generated strong adjusted free cash flow of $293 million during H1 2022, which compares to the adjusted free cash flow of US$180m in H1 2021. The balance sheet witnessed marked improvement during the first half of 2022, with net debt falling to $851 million at the end of June 2022, compared with net debt balance of $969 million at the end of 2021.

The six-month period reported three serious injuries, compared with four in H1 2021.