Stock data |
JSE Limited – (GFI) |
Number of shares in issue |
Range - Quarter |
ZAR58.10
– ZAR102.00 |
- at end September 2008 |
653,243,630 |
Average Volume - Quarter |
2,934,183 shares / day |
- average for the quarter |
653,241,161 |
NYSE – (GFI) |
Free Float |
100% |
Range - Quarter |
US$7.16
– US$13.15 |
ADR Ratio |
1:1 |
Average Volume - Quarter |
8,064,404 shares / day |
Bloomberg / Reuters |
GFISJ / GFLJ.J |
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SHORT TERM EARNINGS REDUCED BY SAFETY
RELATED MEASURES AT THE SOUTH AFRICAN
OPERATIONS
JOHANNESBURG. 29 October 2008, Gold Fields Limited (NYSE & JSE: GFI) today announced
normalised earnings excluding gains and losses on foreign exchange, financial instruments,
exceptional items, share of loss of associates after taxation and discontinued operations for the
September 2008 quarter of R120 million, compared with earnings of R943 million and R409 million
for the June 2008 and September 2007 quarters respectively. In US dollar terms normalised
earnings excluding gains and losses on foreign exchange, financial instruments, exceptional items,
share of loss of associates after taxation and discontinued operations for the September 2008
quarter were US$16 million, compared with earnings of US$123 million and US$58 million in the
June 2008 and the September 2007 quarters respectively.
September 2008 quarter salient features:
-
Improved safety performance;
-
Attributable gold production decreased as expected by 8 per cent to 798,000 ounces; half the
shortfall is attributable to short term safety related rehabilitation in South Africa;
-
Cash cost at R153,461 per kilogram (US$617 per ounce) was similar to guidance while NCE at
R226,120 per kilogram (US$909 per ounce) was 8 per cent better than guidance;
-
Rehabilitation of 95 2 West and 95 3 West access ramps at South Deep completed by the end
of September;
-
First shipment of concentrate at Cerro Corona took place on 30 September;
-
Main shaft infrastructure rehabilitation at Kloof well on track for completion by end December
2008;
-
St Ives’ Belleisle achieved full production.
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Statement by Nick Holland,
Chief Executive Officer of
Gold Fields:
“During the September quarter Gold Fields
delivered its best safety performance ever,
indicating that the intense focus on safety is
delivering results. However, despite the
significant improvements across all measures,
we are not yet satisfied. Gold Fields remains
committed to improving all its safety metrics
and safe production remains the number one
priority.
In line with the guidance that we provided for
Q1 F2009, our earnings were reduced
significantly by the safety related rehabilitation
work at the Driefontein, Kloof and South Deep
mines in South Africa, as well as by higher
costs, driven largely by the annual wage
increases in South Africa and the higher
power tariffs in both South Africa and Ghana,
along with continued inflation across the
globe.
However, with the rehabilitation work in South
Africa as well as the international growth
projects scheduled for completion by the end
of December, we remain on track to achieve
our short term target of a run rate of
approximately 1 million attributable equivalent
ounces of gold during the March quarter next
year, at an NCE of approximately US$725/oz
at R/US$8.00.
A major milestone was achieved post quarter
end with Cerro Corona making its first
shipment of concentrate.”
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