JOHANNESBURG (miningweekly.com) – Dual-listed Gold Fields expects its earnings for the first half of the year to surge after recording a recovery in the gold price alongside lower net operating costs in local currencies.
Gold Fields, which is led by CEO Nick Holland, anticipates posting a 1 400% increase in earnings a share and a 1 500% jump in headline earnings a share to $0.14 and $0.16 respectively for the six months ended June 30, compared with the $0.00 and $0.01 reported in the corresponding period the year before.
For the six-month period to June 30, normalised earnings for the period are expected to be 1 200% higher at $0.13 a share, mostly as a result of a 3% increase in the dollar price of gold and weaker exchange rates with the Australian dollar 5% weaker and the rand 29% weaker year-on-year against the dollar.
Meanwhile, 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 $992/oz and all-in costs (AIC) at $1 024/oz.
On a quarterly basis, 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.
Edited by: Creamer Media Reporter
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