Johannesburg – Gold Fields has more than doubled its interim dividend after reporting an 81% jump in headline earnings for the first half of 2026, despite weaker production at its Tarkwa mine in Ghana.
The Johannesburg-listed gold producer reported headline earnings of US$1.855 billion for the six months to June 30, up from US$1.027 billion a year earlier. Attributable gold-equivalent production increased 12% to 1.267 million ounces, while adjusted free cash flow rose 134% to US$2.225 billion.
Gold Fields declared an interim dividend of 1,625 South African cents per share, 132% higher than the 700 cents declared in the first half of 2025.
The company’s Ghana operations, however, recorded a mixed performance. Tarkwa produced 192,000 ounces in the first half, down 18% from 233,000 ounces a year earlier.
Better mining conditions
Gold Fields attributed the decline to lower mill-feed grades, grade reconciliation issues at part of the underlap pit and adverse weather that affected loading, hauling and drilling activities.
“Performance improved during Q2 2026 as rainfall eased, supporting better mining conditions and continued progress of the recovery plan,” the company said.
The miner said it was focusing on improving drill-rig reliability and productivity, increasing blasted ore stocks and adding drilling capacity to improve ore availability in the second half.
“While the recovery is gaining traction, Tarkwa is at risk of not recovering the H1 2026 shortfall and therefore not meeting full-year guidance,” Gold Fields said.
The results include Damang as a discontinued operation, following the transfer of the Ghanaian mine to the Ghanaian authorities earlier this year.
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Compiled by Betha Madhomu
