The company reported attributable gold production of 1.08 million ounces for the first half and is guiding for 2.13-2.18Moz for the full year.
Gold Fields said its first-half net cashflow of US$49 million compared with a net outflow of $79 million in the first six months of last year.
"Gold Fields turned net cashflow-positive in H1 2019, earlier than originally anticipated … after a two-year reinvestment period [in 2017 and 2018]," the company said.
Second half AISC guidance for US$980-995/oz compares with $1106/oz in the first half.
Gold Fields raised $1 billion from five and 10-year bond issues earlier this year, repaying other debt, and took on a new $1.2 billion revolving credit facility with a syndicate of international banks and institutions to refinance an existing $1.29 billion credit facility. The company also raised $88 million for debt repayment through the sale of stakes in Maverix Metals and Red 5.
Its net debt stood at $1.79 billion, about 1.59-times EBITDA, at the end of June.
"For 2019 Gold Fields has undertaken certain gold price hedging to secure short-term cashflow and protect the balance sheet from the volatility of the gold price as we complete our investment phase and ramp up [new] projects," the company said.
