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Gold Fields reports strong fourth quarter as earnings surge - BusinessLIVE

Wednesday, 10 February 2021

Higher gold prices and production boosted the gold miner in its year to end-December, with HEPS up more than 300%

Gold Fields says it ended 2020 with a strong rise in production, expecting full-year headline earnings per share (HEPS) to more than quadruple as it reaped the benefit of record precious metal prices.

The group, which has mines in SA, Australia, West Africa and South America, said in a trading update that attributable gold production in its three months to end-December was expected to rise 6.5% quarter on quarter to 593,000oz.

Full-year production was expected to rise 2% to 2.236-million ounces, which was within its revised guidance. That guidance had been revised downwards by about 3% in May, due to the effect of Covid-19 on its operations.

HEPS for the year to end-December were expected to rise by between 305% and 325% to as much as 85 US cents (R12.50), the group said.

Gold Fields had reported headline earnings, which strips out certain one-off items, of $163m in its 2019 year, and the number of its shares in issue has since risen more than 5%.

The group also announced in January that it had appointed former Anglo American Platinum CEO Chris Griffith as its CEO, with effect from the beginning of April.

In afternoon trade on Wednesday Gold Fields's share was up 4.29% to R145.38, having risen 40.89% over the past 12 months. Over the same period of time the JSE's gold miner's index has gained 37.2%.

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