Vancouver — Despite witnessing a quarterly shortfall, South Africa’s second-largest gold miner saw year-over-year profits more than triple in the third quarter.
“Gold Fields delivered another robust performance, with all operations delivering to expectation and keeping a tight lid on costs,” says Gold Fields Chief Executive officer Ian Cockerill.
The rise in profits reflects increased production and higher gold prices — this despite a stronger rand, foreign currency losses and modest drops in production at the Driefontein and Beatrix operations.
Gold production totalled 1.1 million oz. for the quarter, down from 1.2 million oz. a year earlier. Production at Gold Fields’ flagship mine dropped 7% to 330,000 oz., while its Beatrix operation in the Free State reported a 9% drop to 157,000 oz. Despite these declines, year-over-year production was up 28% overall.
Revenue for the quarter jumped 4% to US$382 million, owing to an increase in gold sold. Gold Fields sold 1.2 million oz. gold, 48,000 oz. more than it had in the previous quarter.
Be the first to comment on "Gold Fields posts solid quarter (November 18, 2002)"