Gold Fields Surges on Higher Production and Gold Prices
Gold Fields reported strong first-half results for 2026, driven by higher production and gold prices. The company's attributable production increased by 12% to 1.267 million ounces, led by Salares Norte which exceeded initial expectations with a 173% increase in production.
The average realized gold price was $4,678 per ounce, representing a 51% increase from the prior period. This led to adjusted free cash flow of $2.225 billion, more than double the previous year's figure. All-in sustaining costs rose by 13% to $1,193 per ounce, primarily due to higher royalties and inflation.
Gold Fields also announced a $300 million share buyback program at an average price of approximately ZAR 590 per share, lower than the current market price. The company's net debt-to-EBITDA ratio improved from 0.37x to 0.06x year-over-year.