Gold Fields said its first-half net cash flow of US$49 million compared with a net outflow of $79 million in the first six months of last year. "Gold Fields turned net cash flow positive in H1 2019, earlier than originally anticipated … after a two-year reinvestment period [in 2017 and 2018]," the company said.

Second half AISC guidance for US$980-995/oz compares with $1,106/oz in the first half.

Gold Fields raised US$1 billion from five and 10-year bond issues earlier this year, repaying other debt, and took on a new US$1.2 billion revolving credit facility with a syndicate of international banks and institutions to refinance an existing US$1.29 billion credit facility. The company also raised US$88 million for debt repayment through the sale of stakes in Maverix Metals and Red 5.

Its net debt stood at US$1.79 billion, about 1.59-times EBITDA, at the end of June.

"For 2019 Gold Fields has undertaken certain gold price hedging to secure short-term cash flow and protect the balance sheet from the volatility of the gold price as we complete our investment phase and ramp up [new] projects," the company said.