JOHANNESBURG - Mining company Gold Fields said on Friday its headline earnings for 2018 fell to US$61 million or 7 US cents per share from $210 million or 26 US cents per share the previous year.
The company announced normalised profit from continuing operations of $27 million for the year, down from $154 million in 2017, declaring a final dividend of 20 SA cents per share, giving a total dividend of 40 SA cents for the year.
The year to December marked the second year of a reinvestment programme embarked on at the end of 2016, whose key driver was to ensure that Gold Fields' portfolio of mines continued to generate cash sustainably into the foreseeable future, CEO Nick Holland said.
"Having spent total project capital of US$502 million over the past two years, primarily on Damang and Gruyere, Gold Fields is now on track to ensure that our international operations will be producing over 2 Moz (million ounces) a year for the next decade," he said.
"This milestone is expected to be reached for the first time in 2019 as Damang grows production; Gruyere commences production and our Asanko JV contributes for the full year.
Holland said Gold Fields was expected to increase production by four to seven percent in 2019.