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Johannesburg - Bullion producer Gold Fields posted a 6% slip in third-quarter earnings on Thursday due to tumbling gold prices and stoppages at its flagship South Deep operation, which is undergoing an upgrade.
The spot price of gold lost about 10% of its value in the three months to September as the dollar rallied to record highs over optimism in the US economy.
Adjusted headline earnings per share in the three months to end-September totalled 23.1 cents per share, down 6% from 24.6c in the previous quarter.
The spot price of gold was at $1 180.99 per ounce on Thursday but chief executive Nick Holland said Gold Fields was structured to "break even" at $1 050 per ounce.
READ: Fall in gold prices won’t crush Gold Fields
"We would start to rethink if we got down close to $1 000 and stayed there for an extended period of time," Holland told Reuters.
Mining activities at South Deep, which accounts for more than half of overall production, fell 18% but the company plans to boost output by mining in previously untapped areas in the world's second-largest gold reserve.
Shares in Gold Fields fell 3.8% at 09:30, compared to a 0.37% decline in Johannesburg's All-share index.
