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Gold Fields Limited (GFI)

  • Thu, Nov. 19, 9:58 AM
    • Gold Fields (GFI +18.5%) pops nearly 20% at the open after gaining the most in 16 years in Johannesburg, as the South African miner reports lower Q3 earnings and revenues Y/Y but much improvement in containing costs.
    • GFI says cash outflows at its South Deep mine, the world’s second largest gold ore body, fell 26% to $20M in Q3 while production jumped 42% to more than 60K oz.; GFI says the project, which has been beset by delays, is on course to break even by the end of 2016, with all-in sustaining costs at ~$1,035/oz. this year vs. an Aug. 20 estimate of $1,055/oz.
    • GFI says its Damang operation in Ghana is “challenged" amid lower bullion prices, so it is considering recapitalizing it to gain access to higher-grade ore or putting it on care and maintenance.
    | Thu, Nov. 19, 9:58 AM | 1 Comment
  • Thu, Nov. 19, 5:38 AM
    • Gold Fields (NYSE:GFI): Q3 EPS of $0.03
    • Revenue of $635.1M (-9.2% Y/Y)
    • Press Release
    | Thu, Nov. 19, 5:38 AM | Comment!
  • Thu, Aug. 20, 6:26 AM
    • Gold Fields (NYSE:GFI): Q2 EPS of $0.03
    • Revenue of $660.4M (-11.6% Y/Y)
    • Press Release
    | Thu, Aug. 20, 6:26 AM | Comment!
  • Thu, May 7, 12:22 PM
    • Gold Fields (GFI -10.2%) is sinking after reporting a $14M Q1 net loss compared with $26M in net profit in Q4, dragged down by reduced gold sales and higher costs.
    • GFI says Q1 attributable gold equiv. production fell 10% Q/Q to 501K oz., and all-in sustaining costs rose 12% Q/Q to $1,143/oz.
    • At the South Deep mine, GFI's last remaining operational asset in South Africa, Q1 output fell 25% to 36.3K oz. because of the slow return to work after the year-end holidays and a four-month safety closure at the end of last year.
    • GFI kept its full-year production target of 2.2M oz. intact and forecast all-in costs of $1,075/oz.
    | Thu, May 7, 12:22 PM | Comment!
  • Thu, May 7, 6:23 AM
    • Gold Fields (NYSE:GFI): Q1 Net loss of $14M vs. $0.00 in 1Q14
    • Revenue of $609.8M (-13.9% Y/Y)
    • Shares -8% PM
    • Press Release
    | Thu, May 7, 6:23 AM | Comment!
  • Thu, Feb. 12, 8:21 AM
    • Gold Fields (NYSE:GFI) -4.7% premarket after saying this year's planned buildup of its South Deep mine in South Africa will not be achieved due to a skills deficit and problems with underground infrastructure.
    • Production from the operation probably will rise 15% to 230K oz. this year, but the mine will only break even in 2016 as the “knock-on effects of the stoppage last year will have a material impact on 2015,” GFI says.
    • GFI had planned to produce 650K-700K oz. from South Deep by 2017, a target that will need to be revised, CEO Nick Holland says; the project already was two years behind its initial schedule.
    • South Deep is the world’s largest gold deposit after Grasberg in Indonesia, and production at 700K oz./year would be worth ~$855M in revenue at current spot prices.
    • Earlier: Gold Fields net income of -25.5M
    | Thu, Feb. 12, 8:21 AM | Comment!
  • Thu, Feb. 12, 7:11 AM
    • Gold Fields (NYSE:GFI): Q4 net income of -$25.5M
    • Revenue of $708M (-9.3% Y/Y)
    • Press Release
    | Thu, Feb. 12, 7:11 AM | Comment!
  • Wed, Feb. 11, 8:37 AM
    • Q4 post-tax distributable earnings of $60.6M or $0.18 per share vs. $40.2M and $0.13 one year ago.
    • Between 17.1M shares of GFI Group (NYSE:GFI) owned by BGC Partners (NASDAQ:BGCP) and 37.9M tendered so far, 43.4% of GFI shares are in support of BGC's $6.10 per share offer.
    • Once the deal is closed, BGC expects increased productivity per front-office employee and a reduction in annual expenses by at least $40M in year one. The company also expects to free up tens of millions of dollars of duplicative capital.
    • Q1 outlook: Pretax distributable earnings growth of 21-42%.
    • Conference call at 10 ET
    • Previously: BGC Partners EPS in-line, beats on revenue (Feb. 11)
    • In other news, CFO Graham Sadler will resign after more than six years with the firm.
    • BGCP flat premarket
    | Wed, Feb. 11, 8:37 AM | 1 Comment
  • Nov. 20, 2014, 6:05 AM
    • Gold Fields Limited (NYSE:GFI): Q3 EPS of $0.03 misses by $0.01.
    • Revenue of $699.2M (+2.3% Y/Y).
    • Press Release(.pdf)
    | Nov. 20, 2014, 6:05 AM | Comment!
  • Aug. 21, 2014, 7:58 AM
    • Gold Fields (NYSE:GFI) reports a 7% increase in Q2 operating profit to $311M and a 4% rise in revenue to $747M, as a result of higher gold sales which were partially offset by the lower gold price.
    • Adjusted earnings from continuing operations totaled $25M, up from $21M in Q1 and a $36M loss in the year-ago quarter.
    • Says safety interventions at South Deep during the quarter masked what was a better quarter as a whole, in terms of costs, margins and cash flows.
    • Exceeded 15% cash flow margin target for the first time by achieving a free cash flow margin of 18%, up from 13% in Q1.
    • All-in sustaining costs were $1,050/oz. from attributable gold equiv. production of 586K oz., up 5% Q/Q.
    • Output at the Granny Smith mine in Australia rose to 85K oz. from 65K oz. while all-in costs fell to $692/oz.
    | Aug. 21, 2014, 7:58 AM | Comment!
  • Nov. 20, 2013, 8:42 AM
    • Gold Fields (GFI) reports Q3 net earnings from continuing operations of US$9M vs. a net loss of $129M in Q2 and earnings of $122M in the year-ago quarter.
    • Q3 production of 496K oz. was 10% higher than the 451K oz. reported in the June quarter, which brings YTD production to 1.42M oz., which is supportive of earlier full-year guidance of 1.825M-1.9M oz.
    • Group all-in sustaining cost for Q3 was US$1,089/oz., 23% lower than Q2's US$1,416/oz.
    • Shares -2.2% premarket.
    | Nov. 20, 2013, 8:42 AM | Comment!
  • Aug. 22, 2013, 6:07 AM
    • Gold Fields (GFI): Q2 EPS of -$0.18 misses by $0.28.
    • Revenue of $637M. (PR)
    | Aug. 22, 2013, 6:07 AM | Comment!
  • 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)
    | Aug. 22, 2013, 3:16 AM | 1 Comment
  • May 10, 2013, 8:17 AM
    More on Gold Fields' (GFIQ1 results: Reports operating margin of 50% and NCE margin of 21%. Says it will cut 2013 spending on exploration to $80M from ~$130M in 2012, focusing on smaller, higher grade and less capital intensive projects. Shares -3.2% premarket.
    | May 10, 2013, 8:17 AM | Comment!
  • May 10, 2013, 8:08 AM
    Gold Fields (GFI): Q1 EPS of $0.09 misses by $0.03. Gold production down 11% to 477K equivalent attributable oz. Shares -3.2% premarket. (PR)
    | May 10, 2013, 8:08 AM | Comment!
  • May 2, 2013, 12:28 PM
    Gold is up today but miners are mixed, as Goldcorp (GG -0.6%) and Randgold (GOLD +0.4%) miss estimates (I, II), and UBS downgrades Gold Fields (GFI -2.5%) to Neutral from Buy because it failed to identity any strong stock-specific catalysts. UBS also worries about the stability of GFI's dividend at current gold prices; if prices hold, the firm says it would need to cut earnings estimates by ~40%.
    | May 2, 2013, 12:28 PM | 1 Comment
Company Description
Gold Fields Ltd is engaged in gold mining and related activities, including exploration, extraction, processing and smelting. Its geographical segments include South Africa, Ghana, Australia and Peru.
Industry: Gold
Country: South Africa