Gold Fields Has Big Potential As South Deep Matures
Aug. 22, 2013, 3:16 AM
- 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)
Gold Fields Ltd. is an un-hedged producer of gold with operating mines in South Africa, Peru, Ghana and Australia. It also explores for copper in Peru. The company engages in underground and surface gold and copper mining and related activities, including exploration, development, extraction,... More
Sector: Basic Materials
Country: South Africa
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