Gold Fields Reports Lower Earnings and CFO Retirement

Gold Fields, a South African mining company, has announced a decline in earnings for various key metrics, including gold-equivalent production. Additionally, the company’s Chief Financial Officer, Paul Schmidt, has stated his intention to retire.

Decline in Net Profit and Earnings per Share

For the first half of the year, Gold Fields reported a net profit of $457.8 million, a decrease from $509.7 million compared to the previous year. Earnings per share for the same period were 51 U.S. cents, down from 57 cents. This falls within the guidance range of 49 to 53 cents provided in early August. The decline in earnings can be attributed to lower gold volumes sold and higher operating costs, although partially offset by higher gold prices.

Headline Earnings per Share

The company’s headline earnings per share for the first half of the year were also 51 cents, compared to 58 cents in the previous year. This aligns with the guidance range of 49 to 53 cents.

Gold-Equivalent Production

Gold Fields reported a first-half attributable group gold-equivalent production of 1.15 million ounces, slightly lower than the 1.20 million ounces achieved in the same period last year. This is in line with the earlier guidance provided by the company.

Retirement of CFO Paul Schmidt

After serving as Chief Financial Officer since 2008 and being with the company since 1996, Paul Schmidt has decided to retire. However, he has agreed to remain with Gold Fields until a suitable successor has been found and appointed.

Interim Dividend Declaration

The board of Gold Fields has declared an interim dividend of 325 South African rand cents (17 U.S. cents) for this period. This is a decrease compared to ZAR3.0 paid out for the first half of 2022.