Summary by Moomoo AI
Gold Fields reported a 20% YoY decline in attributable gold production to 918koz in H1 2024, primarily due to operational challenges and weather-related events. Revenue decreased 6% to US$2.12bn while normalized profit fell 22% to US$355m. The company declared an interim dividend of 300 SA cents per share, representing 40% of normalized earnings.Operational performance was impacted by backfill issues at South Deep, a significant rainfall event at Gruyere that suspended operations for six weeks, and slower than planned ramp-up at Salares Norte due to winter conditions. The company revised its 2024 production guidance down to 2.05-2.15Moz from 2.20-2.30Moz previously.The company's balance sheet remains robust with net debt to EBITDA ratio at 0.53x. Gold Fields continues to advance its growth strategy, announcing the acquisition of Osisko Mining for C$2.2bn to gain full ownership of the Windfall Project in Quebec, which is expected to produce 300,000 ounces annually at AISC below US$800 per ounce.
