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%. | 1 Comment
Feb. 20, 2013, 12:52 PMAngloGold Ashanti (AU -4.2%) shares are weak after reporting earnings and interesting comments from outgoing CEO Mark Cutifani, who calls negative views on South Africa "significantly overblown" but says the country’s mining sector "may be finished" if heavy labor violence returns. Tumbling gold prices aren't helping. Other South African miners also are lower: GFI -2.4%, HMY -2.2%. | Comment!
Feb. 14, 2013, 8:29 AMGold Fields (GFI): Q4 net earnings of ZAR546M. Total cash cost of $946/oz.; NCE of $1,476/oz. Total operating margin 44%; NCE margin 13%. Attributable gold production for FY 2013 expected at 1.825M-1.9M equivalent oz. excluding discontinued KDC and Beatrix operations; estimated total cash cost $860/oz., NCE at $1,360/oz. Shares +1.3% premarket. (PR) | Comment!
Nov. 26, 2012, 8:17 AMGold Fields (GFI) +1.3% premarket after reporting a drop in Q3 earnings and saying it is likely to restructure its South African operations following several strikes at its mines. Attributable production was 811K gold equivalent oz. vs. 862K oz. in the June quarter and 900K a year ago; production losses of 35K oz. are blamed on illegal strikes at KDC and Beatrix. | Comment!
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