Gold Fields announces more than doubled dividend amid rising gold prices

Gold Fields, the globally diversified gold producer, reported sharply higher profit of $1.03 billion in the six months to June 30, from $389 million at the same time a year before, after an improved operational performance was boosted by the higher gold price.

The dividend for the group with nine operating mines in Australia, Chile, Ghana, Peru, Canada and South Africa was more than doubled to 700 SA cents per share from 300 SA cents a year before.

Attributable profit came to $1.15 per share compared with $0.43 per share the previous year. Attributable gold produced came to 1 136,000 ounces for the six-month period compared with 918 000 the previous year at the same time. Managed gold produced came to 1 171 000 ounces versus 958 000 ounces.

Gold sold came to 1 126 000 ounces versus 961 000 ounces in 2024. All-in-sustaining-costs (AISC) came to $1 682 per ounce versus $1 745 at the same time last year.

CEO Mike Fraser said their primary focus for the rest of 2025 was on ensuring safe, reliable and cost-effective delivery against production plans and guidance for the year. Gold Fields was on track to meet production and cost guidance provided in February 2025.

Attributable gold-equivalent production is expected to be between 2 250 000 ounces and 2 450 000 ounces. AISC was expected to be between $1 500 per ounce and $1 650 per ounce.

Group attributable gold-equivalent production was 24% higher, impacted by weather-related events and operational challenges at South Deep, Salares Norte, Cerro Corona and Gruyere.

Production was expected to increase during the second half. Unit costs remained elevated during the first half driven by general industry inflation, increased royalties due to higher gold prices realised, and higher capital expenditure.

In addition, approximately 45 000 ounces of the gold produced were only sold and shipped after the end of the period, further impacting unit costs by $45 per ounce. "These gold sales will benefit AISC during H2 2025," said Fraser.

“We delivered a stronger performance in the first half compared to the first half of 2024, with the momentum from the second half of last year continuing into an improved first half performance. Most importantly, our safety improvement actions have resulted in improved outcomes with no fatalities reported at any of our operations in the six months,” he said.

He said that notably, throughput at Salares Norte had increased, supported by winterisation measures that enabled the processing plant to operate through the early winter period.

“The mine is on track to achieve commercial production levels during the third quarter and steady state throughput in the fourth quarter as planned,” he said.

“We believe that consistent delivery of this strategy will drive increased profitability and free cash flow per share, improving our position relative to our peers and enhancing returns for our shareholders,” he said.

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