- Gold Fields (GFI) Q2 net loss $129M vs profit $27M in Q1, hurt by fall in gold prices and impairments.
- Loss per share $0.18 vs EPS of $0.04.
- Adjusted loss $36M vs $68.3M.
- Output -5% on quarter to 451,000 ounces at a total all-in cost of $1,572 an ounce. Average gold price $1,405 an ounce.
- Expects to produce 1.83-1.9M ounces of gold this year.
- Gold Fields is unlikely to achieve its 2016 target for annual output of 700,000 ounces at its South Deep mine in South Africa.
- Agrees to buy three Australian mines from Barrick Gold (ABX) for $300M.
- Cancels dividend. (PR)
at CNBC.com (Aug 13, 2014)