Q2 2024 Gold Fields Ltd Earnings Call Transcript
Key Points
- Gold Fields Ltd (GFI) reported positive adjusted free operating cash flow from all operations despite a 20% decline in production.
- The company announced a dividend of 300 SA cents, representing 40% of normalized earnings for the half.
- Gold Fields Ltd (GFI) made significant progress in its decarbonization journey with the commencement of renewable energy plants at St. Ives and Granny Smith.
- The acquisition of Cisco Mining consolidates 100% ownership of the Windfall project, expected to contribute significantly to future cash flows.
- The company signed a landmark native title agreement with the Ngadju people, delivering significant value to the community over the life of the St. Ives mine.
- Gold Fields Ltd (GFI) reported a 20% decline in production, significantly impacting unit cost performance.
- The company experienced two fatalities in the first half of 2024, highlighting ongoing safety challenges.
- Production guidance for 2024 has been downgraded to between 2.05 million to 2.15 million ounces, a reduction of 150,000 ounces from previous guidance.
- Higher all-in costs and all-in sustaining costs were reported due to lower production, increased cost of sales, and rising CapEx.
- The Solaris Norte ramp-up was delayed due to severe winter weather conditions, impacting production volumes and guidance.
Good day all, and thank you for joining us today for the presentation of our operational and financial results for the six months ending 30 June 2024. With me today is our Interim CFO, Alex Dall. I ask that you note our forward-looking statements as part of the presentation today, we will be sharing our safety, operational, financial and ESG performance for the six months as well as providing an update and outlook for the balance of the year.
It is with deep regret that we reported two fatalities in the half year. We would like to honor the lives of our colleagues that we lost at our operations and continue to keep their families and loved ones and our thoughts. I again extend our sincere condolences to the family, friends and colleagues -- of our colleagues who have lost their lives.
I absolutely believe that a fatality free mining business is possible and that we can deliver on our promise that everyone who works at Gold Fields goes home, safe and healthy every day as part of improving the safety outcomes in our
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