Gold Fields reported a sharp rise in cash generation for the first half of 2026, driven by the ramp-up at its Salares Norte mine in Chile. Adjusted free cash flow more than doubled to $2.225 billion, while attributable gold production rose 12% year-over-year to 1.267 million ounces.
The company’s Salares Norte operation delivered 337,000 ounces of gold equivalent in H1 2026, a 173% increase from the prior period, as the mine transitioned to full-scale production. Pre-tax free cash flow from the project surged 877% to $1.19 billion at an all-in sustaining cost of $269 per ounce. Gold Fields raised its annual production guidance for Salares Norte to 550,000–600,000 ounces, up from a prior range of 500,000–550,000 ounces.
Group revenue increased 18% to $4.51 billion, supported by an 18% rise in sales volumes and a 51% jump in the average realized gold price to $4,678 per ounce. Net debt fell to $437 million from $1.487 billion in H1 2025, while the net debt-to-adjusted EBITDA ratio dropped to 0.06 times, well below the 3.5 times covenant limit. Total cash rose to $2.2 billion, with $1.7 billion in available credit facilities.
Capital expenditure totaled $709 million, up 6% from the prior period, though group guidance was revised downward to $1.6–$1.8 billion for the full year due to the reclassification of the Windfall project. All-in sustaining costs increased 13% to $1,893 per ounce, while all-in costs rose 9% to $2,125 per ounce. External cost pressures included a 13% rise in foreign exchange impacts and a 6% increase from inflation.
Gold Fields declared an interim dividend of 1,625 South African cents per share, a 132% increase year-over-year, and completed $300 million in share buybacks between April and July. An additional $500 million buyback program was announced in August, bringing the total allocation to $1.25 billion, of which $553 million has been deployed to date. Shareholder returns accounted for 61% of adjusted free cash flow in H1 2026.
The company maintained its group production guidance toward the upper end of 2.40–2.60 million ounces for the full year, with AISC guidance of $1,800–$2,000 per ounce and all-in cost guidance of $2,075–$2,300 per ounce. CEO Mike Fraser noted that delays in regulatory approval for the Windfall project in Canada could push first production to late 2029 or later if the environmental impact assessment is not secured by year-end.
