Gold Fields expects a rise in basic earnings but lower profits
CAPE TOWN – Gold Fields, one of the world’s largest gold miners, expects a rise in basic earnings and a decline in profits, the company said in a statement published on its website on Friday.
The JSE-listed mining company headquartered in Johannesburg said it expected headline earnings per share for the six months to June to be 10 percent to 15 percent lower at between 6.8 US cents (R1) and 7.2c compared with the 8c reported for the same period in 2018.
Gold Fields said attributable gold equivalent production for the six months increased by 9 percent year on year to 1 083 kilo ounces, mainly due to the inclusion of the contribution from Asanko.
After the World Gold Council (WGC) published an update to its guidance in November 2018 on the interpretation of all-in sustaining costs (AISC) and all-in costs (AIC), Gold Fields said it had adopted the revision prospectively from January 1.
Gold Fields is due to release its interim financial results on August 15.
Gold Fields recently announced that its division in Ghana had officially commissioned the reconstructed 33-km Tarkwa-Damang road in the Western Region of that country.
The road is expected to ease transportation of people, goods and services as well as boost economic activities in the area. Other anticipated socio-economic impacts include improved road safety, availability of pedestrian facilities such as bus stops, as well as a reduction in dust pollution.
The company said infrastructure remained a key investment area for Gold Fields in addition to investments in education, health, agriculture as well as water and sanitation.
Business Report Online and African News Agency (ANA)