Gold Fields (GFI) H2 2024 earnings summary

Executive summary

• 2024 began with operational and weather disruptions and fatalities, but H2 saw a strong recovery, meeting revised production and cost guidance and improving safety and financial performance.

• Attributable production reached 2.071Moz, down 10% year-on-year, with normalised earnings up 36% to US$1,227m and free cash flow up 65% to US$605m.

• Record total dividend of 1,000 SA cents per share, up 34% year-on-year, reflecting robust capital allocation.

• Acquisition of 100% of Osisko Mining (Windfall asset) for US$1.45bn–$1.5bn; Salares Norte ramp-up progressed as planned.

• Group-wide safety review and new operating model implemented after two fatalities in 2024.

Financial highlights

• Revenue increased 16% to US$5,202m, driven by a 25% higher gold price, despite a 10% decrease in gold-equivalent ounces sold.

• All-in sustaining cost (AISC) rose 26% to US$1,629/oz; all-in cost (AIC) up 24% to US$1,873/oz.

• Normalised earnings reached US$1,227m, headline earnings US$1,188m, and adjusted EBITDA US$2,847m.

• Free cash flow increased 65% to US$605m; adjusted free cash flow from operations was US$1,149m.

• Net debt rose to US$2,086m (0.73x EBITDA) after the Osisko acquisition.

Outlook and guidance

• 2025 production guidance: 2.25–2.45Moz, a 9–18% year-on-year increase; AISC of US$1,500–1,650/oz and AIC of US$1,780–1,930/oz.

• Capital expenditure for 2025 expected at US$1.49–1.55bn, with major spend on Windfall, St. Ives, and other key projects.

• Salares Norte ramp-up to commercial production in Q2 2025, steady-state by Q4 2025; Windfall FID targeted for Q1 2026.

• ESG targets mid-point review planned for 2025; St Ives microgrid under construction.