Gold Fields Limited has announced strong results for the first half of 2025, driven by higher gold production, stronger cash flow, and an increased dividend for shareholders.
The company produced 1.136 million ounces of gold in the first six months of the year — a 24% jump compared to the same period in 2024. This was mainly supported by improved output at the Salares Norte mine in Chile, which is on track to begin commercial production in the third quarter and reach steady output by the end of 2025.
Gold Fields reported a profit of US$1.03 billion (US$1.15 per share), up from US$389 million (US$0.43 per share) a year ago. Free cash flow rose sharply to US$952 million, compared to an outflow of US$58 million in the first half of 2024. Normalised earnings also grew strongly, up 181% year-on-year to US$998 million.
In line with its dividend policy, the company declared an interim dividend of 700 South African cents per share — more than double last year’s payout and equal to 34% of normalised earnings.
“Our stronger operational and financial performance has enabled us to reward shareholders while continuing to invest in future growth,” said CEO Mike Fraser. “With Salares Norte ramping up and supportive gold prices, we are well positioned to sustain strong cash generation.”
On safety, Gold Fields reported no fatalities across its operations during the period, though two serious injuries occurred. The company continues to roll out its safety programme with DSS+, focusing on leadership responsibility and risk management.
Production increases were also seen at South Deep (up 31%) and at the St Ives and Gruyere mines in Australia. Costs improved as well, with all-in sustaining costs (AISC) down 4% to US$1,682/oz and all-in costs (AIC) down 5% to US$1,957/oz, supported by higher volumes.
The company strengthened its balance sheet, cutting net debt by US$599 million since December 2024 and lowering its net debt-to-EBITDA ratio to 0.37x. It also advanced environmental and social initiatives, including renewable energy projects at St Ives and South Deep, and confirmed its compliance with the Global Industry Standard on Tailings Management (GISTM) by August 2025.
Looking ahead, Gold Fields maintained its full-year 2025 guidance of 2.25–2.45 million ounces in attributable production at an AISC of US$1,500–1,650/oz.
CEO Fraser added that the company will continue to focus on its three main goals: safe and reliable operations, positive social and environmental impact, and disciplined growth.
