Gold Fields H1 HEPS slump 29%
Gold Fields reported operational performance it described as "disappointing" after cutting production by 20 per cent due to unplanned events. For his take on his maiden set of numbers, CNBC Africa spoke to Mike Fraser, CEO, Gold Fields.
Fri, 23 Aug 2024 15:45:04 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Gold Fields reported disappointing operational performance in H1 due to production cuts and unplanned events.
- The company faced challenges at various assets, including Gruyere in Western Australia and Solaris Norte in Chile, but remains optimistic about the future.
- Gold Fields anticipates increased production and improved cost performance in the second half, supported by a favorable gold price environment and strategic acquisitions.
Gold Fields, a leading gold mining company, recently reported operational performance that it described as disappointing after cutting its production by 20 percent due to unplanned events. Mike Fraser, CEO of Gold Fields, discussed the company's challenges and outlook in a recent interview. Fraser acknowledged that while some of the company's assets had performed well, others, such as Gruyere in Western Australia and Solaris Norte in Chile, faced challenges due to weather events. Additionally, South Deep in South Africa had operational difficulties that the company is working to overcome. Despite the setbacks in the first half of the year, Fraser expressed confidence in the company's ability to deliver a stronger performance in the second half. Gold Fields anticipates increased production and improved cost performance in the coming months, supported by a favorable gold price environment. Fraser emphasized that the company aims to focus on growing cash flow for shareholders and maintaining a conservative balance sheet. Gold Fields recently acquired Osisko Mining, adding the Windfall project in Canada to its portfolio. Looking ahead, Fraser highlighted the potential for further growth through exploration, development of existing assets, and strategic acquisitions.
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