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Gold Fields expects H1 earnings boost

Citation:世紀矿业信息网 Date:2016-7-22 16:56:04

South African Gold Fields Limited (listed on the JSE, NYSE and SWX) expects increased earnings due to a recovering gold price and lower net operating costs in local currencies.


CEO Nick Holland is predicting a 1,400% increase in earnings a share and a 1,500% jump in headline earnings a share to US$0.14 and US$0.16 respectively for the six months ended June 30, compared with the US$0.00 and US$0.01 reported in the corresponding period the year before.


For Q1 2016, normalised earnings for the period are expected to be 1,200% higher at US$0.13 a share, mostly because of a 3% increase in the dollar price of gold and weaker exchange rates with the Australian dollar (-5%) and the rand (-29%) year-over-year against the dollar.


Attributable gold equivalent production is expected to be 1.04 million ounces for the first half of 2016, with all-in sustaining costs (AISC) falling to US$992/oz and all-in costs (AIC) at US$1,024/oz.


The company expects attributable gold equivalent production for the second quarter to reach 529,000 oz, with AISC of $1,023/oz and AIC of $1,061/oz. Gold Fields will publish its interim results on August 18.