Gold Fields plans to return more cash to shareholders after attributable profit rose 81% to R29.6bn, or R33.12 a share, in the six months to June, driven by a soaring gold price and higher production. The board declared an interim dividend of R16.25 a share, more than double the R7 paid a year earlier.
The group returned 61% of adjusted free cash flow to shareholders in the half and stepped up its buyback programme, completing R4.8bn of share repurchases between March and July. The board has now added a further R8bn to shareholder returns, lifting the programme announced in November to R20bn in total, to be delivered through special dividends and targeted buybacks.
Chief executive Mike Fraser said the strong first half was underpinned by sales volumes rising 18% to 1.27m ounces, supported by an average realised gold price of R74,848 an ounce. That combination more than doubled adjusted free cash flow to R35.6bn, from R14.8bn a year earlier, giving the group room to strengthen its balance sheet, keep investing in growth, and still deliver what Fraser described as upper-quartile shareholder returns.
| Metric | H1 2026 | Change |
|---|---|---|
| Attributable profit | R29.6bn | +81% |
| Interim dividend | R16.25/share | more than double |
| Attributable production | 1.267m oz | +12% |
| Average realised gold price | R74,848/oz | — |
| Adjusted free cash flow | R35.6bn | more than double |
| Net debt to EBITDA | 0.06 times | down from 0.37 times |
Group attributable production rose 12% to 1.267m ounces, keeping Gold Fields on track for the upper end of its full-year guidance. Salares Norte in Chile was the standout, lifting gold-equivalent production 173% as the mine reached steady state, while Granny Smith in Australia grew output 10% on record haulage fleet availability and autonomous truck performance. In South Africa, South Deep continued to post incremental gains in stope turnover and mining productivity. Gruyere and Agnew in Australia and Tarkwa in Ghana all showed signs of improvement in the second quarter as recovery plans took hold, though Fraser cautioned that both Gruyere and Tarkwa remain at risk of falling short of full-year guidance despite the better recent performance. Net debt to adjusted EBITDA fell to 0.06 times, from 0.37 times a year earlier.
Gold Fields Acquires Mining Company for R24.6 Billion
The group reaffirmed 2026 cost guidance issued in February, targeting all-in sustaining costs of between R28,800 and R32,000 an ounce and all-in costs of between R33,200 and R36,800 an ounce, with the latter now expected toward the lower end after capital expenditure guidance was cut to between R25.6bn and R28.8bn, down from an earlier R30.4bn to R33.6bn.
Fraser also flagged progress on Windfall, the high-grade underground project in Quebec that Gold Fields fully owns after paying roughly R22.2bn in cash to buy out Osisko Mining’s remaining stake in October 2024, having first taken a 50% joint-venture interest in the project in 2023. Once built, Windfall is expected to produce around 300,000 ounces a year over a ten-year mine life, and the group is now working to advance the project toward a final investment decision.
A tougher test lies in Ghana, where Gold Fields is still negotiating the renewal of the mining leases underpinning Tarkwa, its operation of more than three decades, which expire in April 2027. The company applied for a 20-year extension in November 2025, and engagement with the government continues, but the process has become politically charged: a Ghanaian governance expert has formally petitioned the government to deny renewal and pursue state ownership instead, a proposal that has drawn pushback from local community leaders and business groups warning of job losses and damaged investor confidence. Gold Fields has reportedly sought South African President Cyril Ramaphosa’s diplomatic support in the matter.
Fraser said Gold Fields enters the second half of 2026 with strong operational and financial momentum, a materially stronger balance sheet, and clear visibility on its growth pipeline, even as the Tarkwa lease negotiations remain an unresolved risk that investors are watching closely.