Gold Fields posts strong Q1 production results - Seeking Alpha
Gold Fields (NYSE:GFI) +4.4% premarket after reporting its Q1 operational update, which shows the company produced 515K oz. of gold, up 3% Y/Y but down 9% from the 566K oz. produced in Q4 2015.
Q1 tends to be a "seasonally weak quarter" due to mines restarting after Christmas holidays, GFI says in the update, but the company beat its quarterly production targets at all eight operations.
GFI says South Deep’s Q1 output of 64K oz. was up 75% Y/Y and down 7% Q/Q, while managed production in Ghana of 181K oz. was up 4% Y/Y and down 3% Q/Q.
GFI says a key highlight of the quarter was the conclusion of a development agreement with Ghana’s government for both Tarkwa and Damang.
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