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Gold Fields Limited (GFI)

  • 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)
    | 1 Comment
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Company Description
Gold Fields Ltd is engaged in the production of gold, and is a major holder of gold reserves in South Africa, Ghana, Australia and Peru. In addition, it also produces copper/gold concentrates.
Industry: Gold
Country: South Africa