Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Gold Fields: A Struggling Gold Major That's On The Right Path

This article is about Gold Fields (NYSE:GFI). Gold Fields is a major gold mining company with several operating mines producing more than 2 million ounces of gold annually. Gold Fields has struggled throughout the secular bull market in gold, having underperformed dramatically since it began in 2001: While gold is trading at $1,405/ounce, up from less than $300/ounce, Gold Fields is up just 44%:

(click to enlarge)

Even if we take into consideration the spin-off of Sibanye Gold (NYSE:SBGL) earlier this year, in which Gold Fields' shareholders received one Sibanye Gold share for every four Gold Fields shares held, Gold Fields' shareholders have been disappointed.

There are two primary reasons for this:

    The company operates mines...
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