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Multinational gold producer Goldfields expects to end the 2019 financial year on a high as it anticipates an increase in headline earnings due to higher production and lower spending.
The mining company advised that headline earnings per share for the 12 months ended 31 December 2019, are expected to be to be around US$0.19 to 0.21 per share, 171% to 200% higher than the headline earnings of US$0.07 per share reported in the previous period.
Basic earnings per share are anticipated to range from US$0.19 to 0.21 per share, which is 145% to 150% (US$0.61-0.63 per share) higher than the basic loss of US$0.42 per share that was reported for the 2018 financial year.
Normalised earnings per share for the 2019 financial year will range from US$0.41 to 0.43 per share.
According the statement, "the increase in basic and headline earnings is driven by higher production, higher gold prices achieved, lower cost of sales and lower impairment charges in 2019".
Attributable gold equivalent production for the period is anticipated to be 8% higher than 2018, exceeding the annual guidance provided at the beginning of the year.
The mining company will release its financial results on February 13.
