Seeking Alpha

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 (3880) | 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
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs