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Gold Fields swings to net loss in Q2

  • 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)
Comments (1)
  • haleiwahu
    , contributor
    Comments (3542) | Send Message
     
    Did GFI get their $300 mil from the sale of it's inventory? or from contract with SSL?
    22 Aug 2013, 10:13 AM Reply Like
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