You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App
Join our mailing list to receive top business news every weekday morning.

Gold Fields forecasts around 300% half-year profit surge

Thanks mostly to an increase in global gold prices.
Image: Supplied

Gold Fields said on Wednesday booming gold prices could drive up half-year profits by more than 300%, triggering a 10% rally in its shares.

Gold Fields has already said the Covid-19 pandemic would have a limited negative impact on its performance, even though miners have had to shut operations during lockdowns and infections among employees.

Now, it says it is set to reap hefty gains as an ultra-low interest rate environment and expectations of more economic stimulus packages to offset the economic impact of the pandemic have driven gold, its main product, to record highs.

It said its headline earnings per share – the main profit measure in South Africa – for the six months to June 30, were likely to be between 290% and 310% higher than the $0.05 per share reported last year.

“The increase in earnings for the period is driven largely by the increase in the gold price received,” it said in a trading statement, adding that attributable gold equivalent production rose only marginally.

Gold Fields kept its production guidance for the full-year at the same level, but said its costs could be higher than previously flagged after these rose during the first half.


Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in to comment.


Randgold & Exploration sets its sights squarely on Gold Fields billions
….and now the Gold Price rallies as well!

Yarwell no fine – but what they didn’t tell the shareholders is that this claim became ‘’nugatory’’ after Randgold settled its claims against JCI – based on Section 2(13) of The Apportionment Damages Act

The 12-year-old legal case brought against Gold Fields by Randgold & Exploration is “ripening” like a good cheese and will deliver the “best bang for our buck”, shareholders in the remains of the former mining investment entity were told by directors at the annual general meeting. June 2020
This story dates back to the early 2000s when Brett Kebble masterminded the complex machinations during which JSE-listed Randgold’s one-third stake in London-listed Randgold Resources and other companies’ shares was misappropriated and stolen.

Bought gold fields stocks a month and a half ago at R 138 a share. Smiling all the way and raking in the gains. Gold at 2050 is still just the tip of the iceberg. Gold is going much higher and gold shares even more. Get on board everyone before the ship is too far away to jump onto anymore.

End of comments.


Moneyweb Insider INSIDERGOLD
ONLY R63pm

Subscribe for full access to all our share and unit trust data tools, our award-winning articles, and support quality journalism in the process.
Choose a yearly subscription at R630pa - SAVE R126

Get instant access to all our tools and content. Monthly subscription can be cancelled at any time.

Follow us:

Search Articles:Advanced Search
Click a Company: