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Gold Fields 2015 Costs Are Below Forecasts; Output Seen in Range - Bloomberg

Tuesday, 26 January 2016

Gold Fields Ltd. said 2015 costs were probably lower than previous forecasts as the South African bullion producer with mines from Australia to Peru was helped by the strengthening of the U.S. dollar against currencies of countries in which it operates.

All-in sustaining costs for the year ended Dec. 31 will probably be $1,020 an ounce, compared with a forecast of $1,035 an ounce published in November, the Johannesburg-based company said in a statement Wednesday. Production will be 2.16 million ounces, just shy of its 2.17 million-ounce forecast.

While Gold Fields has been cutting costs across its operations, it also gains when the currencies of nations where it mines depreciate against the dollar, in which it gets its revenue. The South African rand fell 25 percent against the greenback in 2015, while the Australian dollar dropped 11 percent and Peruvian sol declined 13 percent.

Gold Fields slipped 2.3 percent to 57.27 rand at 10:18 a.m. In Johannesburg. The stock is the sixth-best performer on the JSE All-Share Index this year, having climbed 36 percent.

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