Gold Fields -5.5% after weak Q1 production report

|About: Gold Fields Limited (GFI)|By:, SA News Editor

Gold Fields (GFI -5.5%) is falling after reporting that Q1 attributable equivalent gold production declined 3% Y/Y (12% lower Q/Q) at 497K oz., while all-in costs rose 13% Y/Y (18% higher Q/Q) at $1,114/oz.

Gold production at the South Deep mine in South Africa plunged 43% Q/Q to 45.8K oz. while all-in costs soared 56% Q/Q to $1,821/oz.

GFI's mines in South Africa, West Africa, Australia and South America combined reported 12% lower overall attributable equivalent gold production of 497K oz. and 18% higher all-in costs of $1,114/oz.

GFI guides attributable equivalent 2017 gold production of 2.1M-2.15M oz. with all-in costs expected at $1,170-$1,190/oz.

Following the results, HSBC Securities downgraded GFI shares to Reduce from Hold.