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Gold Fields Q4 earnings slightly higher

Johannesburg - Bullion producer Gold Fields [JSE:GFI] posted a slight rise in fourth quarter earnings on Thursday as production rose 21% on an improvement in its in and the integration of new Australian assets.

Normalised earnings for the quarter to end-December totaled 19 cents per share from 17 cents in the previous three months.

On a year-on-year basis, earnings were down 85%, a reflection of the falling gold price, which shed 28% in 2013, its biggest loss in three decades.

Gold Fields' normalised earnings are based on new standards by the which look at all costs and most capital expenditures, a company spokesperson said.

The company's 21% increase in production during the quarter to 598 000 ounces was mostly because and the new assets in , which added 114 000 ounces of output.

"There has been a significant improvement in Damang's performance. Damang increased its production by 39% from 32 600 ounces in the September 2013 quarter to 45 400 ounces in the December 2013 quarter," the company said.

This is a rare bright spot in where other companies such as AngloGold Ashanti are battling with loss-making operations.


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