Gold Fields LimitedNYSE
Mon, Nov. 28, 9:57 AM
- South Africa's mining industry is at risk of collapse due to political unrest and labor instability which have negatively impacted investment into the country, Sibanye Gold (SBGL +1.2%) CEO Neal Froneman tells Reuters.
- "We sit on a knife edge as an industry. It could well collapse, and that means it's unlikely that Africa's potential will be realized because resources will be sterilized," the CEO says at the Investing in African Mining seminar in London.
- South Africa's mining sector, which accounts for ~7% of GDP, opposes the introduction of regulations and laws that could see the powers of the mining minister increase and black ownership commitments of companies rise.
- Ratings agencies Fitch and Moody's on Friday kept their ratings on South Africa unchanged but Fitch cut its outlook for the economy to negative, citing concerns over political risk and low growth.
- Other relevant tickers include GFI, GOLD, AU, HMY, OTCPK:AAUKF, OTCPK:AAUKY.
Fri, Nov. 18, 12:59 PM
- Gold Fields (GFI -2.1%) says it has withdrawn its joint offer with Silver Standard Resource (SSRI -0.6%) to buy Kirkland Lake Gold (OTCPK:KGILF -2.9%).
- GFI says it would remain interested in pursuing negotiations with Kirkland Lake if the latter's shareholders reject the proposed C$1B ($764M) takeover of Newmarket Gold (OTCQX:NMKTF); Kirkland Lake's vote is expected on Nov. 25.
- Kirkland earlier this week confirmed that GFI and SSRI had made three joint bids for the company and recently sweetened their offer to ~C$1.4B.
Wed, Nov. 16, 2:01 PM
Mon, Nov. 14, 9:59 AM
- Gold Fields (GFI -2%) confirms making three successive non-binding proposals jointly with Silver Standard (SSRI -1.9%) to acquire Kirkland Lake Gold (OTCPK:KGILF) for cash and shares most recently valued at C$1.44B (US$1.06B).
- GFI also says Kirkland Lake rejected the offers as not financially superior to the planned acquisition by Newmarket Gold (OTCQX:NMKTF); Kirkland Lake says it will not engage in any discussions with GFI or SSRI concerning the proposal.
Fri, Nov. 11, 12:50 PM
- Gold Fields (GFI -6.8%) and Silver Standard Resources (SSRI -8.7%) have made three joint unsolicited bids for Kirkland Lake Gold (OTCPK:KGILF +11.1%) and recently sweetened their offer to ~C$1.4B, Reuters reports.
- The latest bid would represent a 50%-plus premium of Kirkland Lake's value on Thursday, but the company reportedly rebuffed the offer; Kirkland Lake said two weeks ago that it got two bids but did not name the bidders.
- If GFI and SSRI succeed in their bid, it would derail Kirkland Lake's planned acquisition of Newmarket Gold (OTCQX:NMKTF -4.8%); shareholders have a Nov. 23 deadline to vote on the Newmarket deal.
Wed, Nov. 9, 10:51 AM
- Gold has pared early gains approaching 5%, now just +1% at $1,287.70/oz., with silver +1.5% at $18.64/oz., but precious metals mining stocks continue to enjoy strong gains.
- “The market is telling you that the mining sector is the biggest beneficiary of a Trump election, particularly precious metals,” says Investec Securities analyst Jeremy Wrathall.
- Among precious metals miners today: ABX +3.5%, NEM +4.3%, GG +5.6%, AEM +4.2%, SLW +3.4%, KGC +4.2%, RGLD +5.1%, EGO +3.8%, NG +5.8%, GOLD +5%, GFI +5.5%, AU +4.5%, HMY +5.9%, SBGL +7.1%, FNV +3.8%, AUY +5.3%, IAG +4.6%, BTG +6.3%, NGD +7.6%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, GGN, DUST, PSLV, SIL, PHYS, USLV, SIVR, SGOL, ZSL, GLDX, UGL, DGP, GTU, UGLD, GLL, DZZ, SLVO, SGDM, GLDI, ASA, DSLV, OUNZ, SLVP, DGL, RING, DBS, DGZ, DGLD, PSAU, TGLDX, GYEN, USV, GEUR, UBG, GDXX, GDXS
Mon, Oct. 24, 8:44 AM
- Gold Fields (NYSE:GFI) -1.4% premarket after reporting a 3.6% Y/Y decline in Q3 attributable gold production to 537K oz., although the total was 2% higher than in Q2.
- However, GFI maintains guidance for FY 2016 attributable equivalent gold production at 2.1M-2.15M oz., with all-in sustaining costs of $1,000-$1,010/oz., even as Q3 AISC rose 8% Y/Y to $1,026/oz.
- GFI says the gold price it received jumped 20% Y/Y during the quarter to $1,329/oz.
- GFI says it also reduced its net debt by 11% Q/Q to $1.029B, thanks to increased cash flow.
- Separately, GFI unveils plans to spend $1.4B to extend the life of its Ghana-based Damang mine from 2017 to 2024, enhancing its presence in one of the company's key operating regions
Tue, Oct. 4, 2:20 PM
- Precious metals miners are slammed as gold prices dip well below $1,300/oz. to settle at $1,269.70, its lowest since the U.K.'s Brexit vote in June, as upbeat U.S. manufacturing data yesterday has stoked expectations of higher interest rates.
- Gold is “falling off the cliff,” says Naeem Aslam, chief market analyst at ThinkMarkets. “Traders are buying the equity market with both hands, especially over in the U.K.” as the British pound declines.
- Among precious metals miners today: ABX -9.2%, KGC -10.4%, GG -7.8%, NEM -8.7%, EGO -7.4%, RGLD -7.8%, AEM -8.9%, NG -9.7%, SLW -9.1%, FNV -5.6%, IAG -11.2%, GOLD -8.1%, AU -9.3%, GFI -6.4%, SBGL -8.1%, HMY -9.9%, AUY -11.6%, BTG -9.3%, NGD -6.6%.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, PSAU, SGDJ, TGLDX, GDJJ, GDXX, GDXS
Wed, Sep. 21, 5:55 PM
- Newmont Mining (NYSE:NEM) was today's best-performing stock in the S&P 500 and precious metals miners gained across the board, enjoying a big boost from the Fed’s decision to keep interest rates unchanged.
- NEM even outperformed the VanEck Vectors Gold Miners ETF (NYSEARCA:GDX) - +7.5% vs. +7% - and Credit Suisse analysts say business in looking up for the miner, as NEM continues to meet or beat cost and production targets, as well as strengthen its portfolio.
- The firm adds that NEM believes shareholders appreciate its predictability, discipline and defining growth based on free cash flow rather than production.
- Also today: ABX +8.6%, GG +7%, AEM +7.1%, EGO +5.7%, KGC +7.6%, SLW +7.8%, FNV +4.8%, RGLD +9.6%, IAG +7.9%, GOLD +4.7%, AU +10.4%, GFI +9%, SBGL +9.5%, HMY +11.8%, AUY +7.6%, BTG +6.3%, NG +8.1%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, GDXX, GDXS
Wed, Sep. 21, 12:57 PM
- Gold Fields' (GFI +4.8%) South Deep mine will be smaller than initially planned for at least the next three years as the company focuses on keeping it profitable, CEO Nick Holland says.
- GFI already had dropped its production target for South Deep to 650K-700K oz. by 2017 after years of technical problems, but "that will not be realistic as a target. After many years, it may well be achieved,” Holland tells the Denver Gold Forum.
- South Deep, GFI’s only mine in its home country of South Africa, is the world’s second largest gold deposit and makes up ~75% of the company’s reserves, but the complexity of the ore formation, its depth, and operational and safety problems have mired the mine in delays throughout its 25-year lifespan.
Thu, Sep. 1, 3:44 PM
- The previously hot gold miners had a tough time of it in August, even slipping into bear market territory yesterday. But the names are hot again to start off September, with the GDX higher by 3.5% today. Gold is up 0.4% to $1,317 per ounce.
- S&P, meanwhile, is mulling the possibility of dividend hikes, noting shareholder pressure is likely to lead to higher payouts or share buybacks should gold prices remain near or above current levels. Newmont Mining (NEM +2.6%) has promised to revisit its capital return strategy, Gold Fields (GFI +5.3%) significantly hiked its interim dividend, and AngloGold Ashanti (AU +2.3%) is considering resuming dividends in 2017 after a three-year holiday.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, JNUG, GLDX, JDST, SGDM, ASA, RING, PSAU, SGDJ, TGLDX, GDXX, GDJJ, GDXS, GDJS
Wed, Aug. 24, 2:30 PM
- Shares of gold miners are sharply lower as gold futures fall 1.2% to settle at a one-month low $1,329.70/oz., closing below its 50-day moving average for the first time since June 7.
- The top gold miners ETF (GDX -6.3%) trades well below its 50-day moving average of $29.09 and is on pace for its first four-day losing streak since early November.
- Investors are dialing down bullish bets on gold ahead of Friday's scheduled remarks from Janet Yellen, says Peter Hug, global trading director at Kitco Metals.
- Among top mining stocks: ABX -8.4%, NEM -6.7%, GG -8.7%, KGC -9%, AEM -6.3%, SLW -7.3%, RGLD -7.3%, EGO -7.2%, GFI -5.1%, AUY -8.8%, GOLD -5%, HMY -5.7%, SBGL -4.9%, IAG -8.7%, BTG -6.9%, NG -7.3%, FNV -6%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, UGL, DGP, UGLD, GLL, DZZ, SGDM, ASA, SLVP, DGL, RING, DGZ, DGLD, PSAU, TGLDX, UBG, GDXX, GDXS
Thu, Aug. 18, 6:56 AM
Thu, Aug. 18, 5:32 AM
Tue, Jul. 26, 12:52 PM
- Barrick Gold (ABX +2.6%) is considering a sale of its 64% stake in African unit Acacia Mining and has approached several South African miners, Reuters reports.
- ABX has reached out to South African miners Harmony Gold (HMY +4.4%), Sibanye Gold (SBGL +5.3%), AngloGold Ashanti (AU +2.6%), Randgold Resources (GOLD +1.3%) and Gold Fields (GFI +5.4%), as well as some Australian and North American miners, according to the report.
- Acacia owns three producing gold mines in Tanzania, as well as exploration projects in the country and other parts of Africa.
Tue, Jul. 19, 8:39 AM
- Gold Fields (NYSE:GFI) +2.3% premarket after saying it expects H1 earnings to surge, citing the recovery in the gold price and lower operating costs helped by a weaker rand.
- GFI says it expects to report on Aug. 18 that its basic EPS for the period was US$0.14, up from zero in its prior interim period, with headline EPS of US$0.16 vs. US$0.01 in the prior-year period.
- GFI expects H1 attributable gold equivalent production of 1.04M oz., +0.7% Y/Y, with all-in sustaining costs of production at $992/oz., -8.4% Y/Y; for Q2, GFI sees attributable equivalent production of 529K oz., +2.7% Y/Y, with AISC of $1,023/oz., +6.4% Y/Y.