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Gold Fields flags swing to profit in H1'19 as production climbs 9% YOY

Gold Fields Ltd. expects a swing to profit in its first-half basic EPS of between 8.0 U.S. cents and 10.0 cents, from the year-ago loss of 45.0 cents.

Normalized earnings for the half are expected between 13.0 cents and 17.0 cents per share, a surge of between 160% and 240% over the year-ago half. However, headline EPS is expected to drop 10% to 15% to between 6.8 cents and 7.2 cents.

The company said its attributable gold equivalent production in the first half climbed 9% year over year to 1.1 million ounces. This was attributed to contribution from its 50/50 joint venture with Asanko Gold Inc. over the Asanko gold mine in Ghana.

All-in costs for the half declined 5% year over year to US$1,106 per ounce as project capital started to decrease.

Attributable group gold-equivalent production in the second quarter remained in line with the first quarter at 541,000 ounces, while all-in costs climbed to US$1,132/oz, from US$1,080/oz in the first quarter.