Company Data
| Last traded |
R110.10 |
| Change |
R0.04 |
| % Change |
0.04% |
| Cumulative volume |
2.94m |
| Market cap |
R79.77bn |
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Johannesburg - Gold Fields [JSE:GFI], the world’s fourth-largest gold producer, reported a 58% surge in third-quarter earnings on Thursday, fuelled by gold’s record run but just short of analysts’ bullish expectations.
The group also said it was now aiming to produce 3.5 million ounces of gold in 2011, the bottom end of a targeted range of 3.5 to 3.7 million ounces, as it tries to take full advantage of sky high bullion prices.
The company said it expected to hit this target "despite the recent wage-related industrial action and higher-than-expected safety-related stoppages which disrupted the South African operations".
The average gold price was up about 13% to just over $1 700 an ounce during the quarter to the end of September, compared to the previous one.
In rand terms it was up about 20%, and both trends flowed to Gold Fields' bottom line as about 50% of its output comes from South Africa.
Its adjusted earnings per share leapt to 291c from 184c in the previous quarter. A Reuters poll of six analysts had seen the number coming in at 303.5c.
'Good' final dividend
Gold Fields sees potential for a "good" final dividend in 2011 if production and the gold price stay at current levels, CEO Nick Holland said.
"If we continue to see the sort of production levels that we have seen this quarter and the prices that we see today prevailing for the balance of the quarter, then we are going to have another good set of results," he said.
"And I would think that we should be showing good dividends for shareholders. There is the potential for good dividends," he said. The group's final 2010 dividend was 70 South African cents.
Gold Fields' output in the quarter to the end of September rose 3% to 900 000 ounces, and the gold price remains frothy though off the historic peak of over $1 920 an ounce it scaled in early September.
Holland also said he saw the company boosting output next year from a projected 3.5 million ounces for 2011.
"I think we’ll show some improvement next year. I think you’ll see us in a range of 3.6 to 3.8 million ounces," he said.