Johannesburg - Gold Fields raised its production forecast for 2016, boosted by its South Deep mine in its home country of South Africa and its Australian operations.
First-half earnings climbed more than tenfold due to higher prices for the metal.
Gold production will be 2.1 million to 2.15 million ounces this year, compared with a previous estimate of 2.05 million to 2.1 million, the Johannesburg-based company said in a statement on Thursday. All-in sustaining costs will likely be unchanged at $1 000 to $1 010 an ounce.
The main boost to production will come from its troubled South Deep mine, Gold Fields said.
Output at the operation will be 11 percent higher at 289 000 ounces but costs will also climb 4 percent to $1 310 an ounce due to higher spending on housing and equipment. Gold is at about $1 352.60 an ounce, up 27 percent this year.
Gold Fields’ normalised earnings were $103 million in the first half of the year compared with $8 million in the same period in 2015, boosted by the price of the metal, it said.
The company increased its first-half dividend 12.5 times to 50c a share.
BLOOMBERG