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Gold Fields Ltd. said Feb. 12 that it booked a jump in full-year 2019 profit, as the South African mining company benefited from increased gold production and higher revenue.
The company reported attributable headline earnings of US$163 million, or 20 cents per share, for the year, increasing from US$61 million, or 7 cents per share, in 2018, in line with the company's expectations. Basic earnings per share swung to 20 cents, on an attributable net profit of US$162 million, from a loss per share of 42 cents, on an attributable net loss of US$348 million, in 2018.
Fourth-quarter 2019 revenue was US$1,482 per ounce, up year over year from US$1,212/oz, while full-year 2019 revenue was US$1,388/oz, improving from US$1,252/oz in 2018.
Gold Fields reported attributable fourth-quarter production of 590,000 ounces, improving from 509,000 ounces in the same quarter of 2018, while full-year 2019 production increased to 2.20 million ounces at all-in sustaining costs of US$897/oz, as expected.
For full-year 2020, Gold Fields expects attributable equivalent gold production of between 2.28 Moz and 2.32 Moz, with all-in sustaining costs of between US$920/oz and US$940/oz.
The company declared a final dividend of 100 South African cents per share, bringing the total dividend for full-year 2019 to 160 cents, compared with a total of 40 cents per share in the previous year.
Separately, Gold Fields completed a placement of 41,431,635 new ordinary shares, raising US$252 million, to help develop its new Salares Norte gold-silver project in Chile.
Salares Norte is expected to have an 11.5-year life-of-mine, with an average annual production of 450,000 ounces of gold equivalent over the first seven years. Construction is scheduled to start in the fourth quarter, with first production expected in the first quarter of 2023.