Gold Fields reported a more than doubling of adjusted free cash flow before discretionary investments to $2.51 billion in the first half of 2026, driven by a 173% year-over-year surge in output at its Salares Norte mine in Chile.
The Johannesburg- and New York-listed miner recorded attributable gold production of 1.267 million ounces, up 12% from H1 2025, while sales volumes increased 18%. The average realized gold price climbed 51% to $4,678 per ounce, lifting revenue to $4.51 billion for the half. Headline earnings per share rose 81% to $2.08, though reported EPS of $0.95 missed analyst expectations by 10.4%.
Salares Norte contributed 213,000 ounces, a 173% increase, after achieving commercial production. The mine’s adjusted pre-tax free cash flow jumped 877% to $1.191 billion, while all-in sustaining costs fell 84% to $269 per ounce. Gold Fields raised its 2026 production guidance for the asset to 550,000–600,000 ounces, up from a prior range of 500,000–550,000.
Net debt declined to $437 million from $1.487 billion a year earlier, pushing the net debt-to-adjusted EBITDA ratio to 0.06x, well below the 3.5x covenant limit. Total cash holdings increased to $2.2 billion, with $1.7 billion in available credit facilities. The company maintained its Baa3 (positive) and BBB- (stable) credit ratings from Moody’s and S&P, respectively.
Capital expenditure totaled $709 million, up 6%, while the group’s full-year capex guidance was trimmed to $1.6–$1.8 billion from $1.9–$2.1 billion following the reclassification of the Windfall project. Sustaining capital guidance remained unchanged at $1.3–$1.4 billion. Total cash costs rose 10% to $1,180 per ounce, and all-in sustaining costs increased 13% to $1,893 per ounce, partly offset by by-product credits.
Shareholder returns expanded, with an interim dividend declared at 1,625 SA cents per share, a 132% increase year-over-year. The company also completed $300 million in buybacks between April and July and allocated an additional $500 million to its return program, bringing total capacity to $1.25 billion. In H1 2026, 61% of adjusted free cash flow was returned to shareholders.
Gold Fields maintained its base dividend payout ratio at 35% of free cash flow before discretionary capital. The miner also reported progress on sustainability targets, including a 93% water recycling rate and 27.8% female workforce diversity, meeting its 27% target. Safety performance improved, with zero fatalities and no serious injuries recorded during the period.
