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, 5:38 AM
Thu, Aug. 20, 6:26 AM
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, 6:23 AM
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, 7:11 AM
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
Nov. 20, 2014, 6:05 AM
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.
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.
Aug. 22, 2013, 6:07 AM
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)
May 10, 2013, 8:17 AM
May 10, 2013, 8:08 AM
May 2, 2013, 12:28 PMGold 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
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