Gold Fields (NYSE:GFI) -3.6% pre-market after reporting an H1 profit of $71M compared with a $367M loss during the year-earlier period but headline earnings fell to $0.05/share from $0.08/share a year ago, weighed by a $109M hedging loss.
GFI maintains full-year production guidance of 2.13M-2.18M oz. and plans to extend life of operations at its jointly held Asanko Gold (NYSEMKT:AKG) mine by 8-10 years as it strengthens its position in Ghana.
GFI says it turned net cash flow positive in H1, earlier than originally anticipated, after spending to raise production at the Damang mine in Ghana and Gruyere mine in Australia.
The miner also says it will pay an interim dividend of $0.60/share, compared with $0.20 a year ago.
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