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Gold Fields surges as South Deep costs fall - Seeking Alpha

Thursday, 19 November 2015

Gold Fields (GFI +18.5%) pops nearly 20% at the open after gaining the most in 16 years in Johannesburg, as the South African miner reports lower Q3 earnings and revenues Y/Y but much improvement in containing Gold Fields surges as South Deep costs fall Gold Fields (GFI +18.5%) pops nearly 20% at the open after gaining the most in 16 years in Johannesburg,

  • Gold Fields (GFI +18.5%) pops nearly 20% at the open after gaining the most in 16 years in Johannesburg, as the South African miner reports lower Q3 earnings and revenues Y/Y but much improvement in containing costs.
  • GFI says cash outflows at its South Deep mine, the world’s second largest gold ore body, fell 26% to $20M in Q3 while production jumped 42% to more than 60K oz.; GFI says the project, which has been beset by delays, is on course to break even by the end of 2016, with all-in sustaining costs at ~$1,035/oz. this year vs. an Aug. 20 estimate of $1,055/oz.
  • GFI says its Damang operation in Ghana is “challenged" amid lower bullion prices, so it is considering recapitalizing it to gain access to higher-grade ore or putting it on care and maintenance.


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