Two Gold Fields directors retire
Johannesburg, 14 December 2016: Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI) has announced the retirement of Messrs Kofi Ansah and Alan Hill as non-executive directors of the Gold Fields Board of Directors with effect from 31 December 2016.
Gold Fields Chairperson Cheryl Carolus thanked Messrs Ansah and Hill for their valuable contribution and the enormous depth of experience they brought to the board over the many years in which they served as directors. Mr Ansah has been a Gold Fields director since April 2004 and Mr Hill since August 2009. “We wish them everything of the best in their future endeavours,” Ms Carolus added.
Between 1 July and 1 September 2016 Gold Fields appointed four new non-executive directors to the Board to ensure continuity of the skills set as a number of the directors were approaching retirement age over the next two years. In addition to Messrs Ansah and Hill, former director David Murray also retired from the Board on 1 June 2016.
Between 730% and 780% (US$0.29 to US$0.31) higher than the headline loss per share of US$0.04 reported for FY 2015, at a range between US$0.25 and US$0.27.
In addition, normalised earnings per share for the period are expected to be between 280% and 320% (US$0.17 to US$0.19) higher than the normalised earnings per share of US$0.06 reported for FY 2015, at a range between US$0.23 and US$0.25.
The increases in EPS, HEPS and normalised earnings are primarily driven by an increase in the US$ gold price (8% YoY) and lower net operating costs in local currencies as well as the impact of converting these costs at weaker exchange rates. In addition, EPS is impacted by lower non-recurring items. In FY 2016, the A$ was 1% weaker YoY and the rand was 13% weaker YoY, against the US$.
For FY 2016, attributable gold equivalent production is expected to be 2,146koz (FY 2015: 2,159koz), with all-in sustaining costs (AISC) of US$980/oz (FY 2015: US$1,007/oz) and all-in costs (AIC) of US$1,006/oz (FY 2015: US$1,026/oz). This compares to revised guidance of 2,100koz – 2,150koz at AISC of US$1,000/oz – US$1,010/oz and AIC of US$1,035/oz – US$1,045/oz.
Attributable gold equivalent production for Q4 2016 is expected to be 566koz (Q3 2016: 537koz), with AISC of US$911/oz (Q3 2016: US$1,026/oz) and AIC of US$941/oz (Q3 2016: US$1,038/oz)
The financial information on which this trading statement is based has not been reviewed, and reported on, by the Company’s external auditors.
Gold Fields will release FY 2016 financial results on Thursday, 16 February 2017.
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