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Johannesburg - Gold Fields [JSE:GFI] said 2015 costs were probably lower than previous forecasts as the bullion producer with mines from Australia to Peru was helped by the strengthening of the US dollar against currencies of countries in which it operates.
All-in sustaining costs for the year ended December 31 will probably be $1 020 an ounce, compared with a forecast of $1 035/oz published in November, the Johannesburg-based company said in a statement on Wednesday. Production will be 2.16 million ounces, just shy of its 2.17 million-ounce forecast.
While Gold Fields has been cutting costs across its operations, it also gains when the currencies of nations where it mines depreciate against the dollar, in which it gets its revenue. The rand fell 25% against the greenback in 2015, while the Australian dollar dropped 11% and Peruvian sol declined 13%.
READ: Rand firmer, but will struggle to sustain gains
Gold Fields slipped 2.05% to R57.40 just after 13:00. The stock is the sixth-best performer on the JSE All-share Index this year, having climbed 36%.
