Gold Fields upgraded to Neutral from Sell at Goldman - Seeking Alpha
Gold Fields (GFI +0.3%) is upgraded to Neutral from Sell at Goldman Sachs, which sees upside potential in the short term given the rise in gold prices following the developments in Greece.
However, Goldman continues to believe the South Deep project remains structurally challenged and that production from other assets is tapering.
The new mine plan for South Deep will be released next year, and Goldman believes the final steady state guidance could potentially be much lower than the 650K-700K oz. given last year; in the event of a downward reassessment, the firm thinks GFI could need to write down resources/reserves to a significant degree.
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