![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Hsbc Bk. 25 | LSE:50NT | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Gold Fields Limited Registration number 1968/004880/06 (Incorporated in the Republic of South Africa) Enquiries 24 St Andrews Road Parktown, 2193 South Africa Postnet Suite 252 Willie Jacobz Private Bag X30500 Tel +27 11 644-2460 Houghton, 2041 Fax +27 11 484 0639 South Africa North America Tel +27 11 644-2400 Dir + 27 11 644-2460 Cheryl A Martin Fax +27 11 644-2460 Tel +303 796-8683 www.goldfields.co.za Fax +303 796 8293 Full results on website www.goldfields.co.za www.gold-fields.com MEDIA RELEASE Gold Fields Limited Reports First Quarter 2002 Earnings Live Conference Call Audio Webcast on 30 October at 17.00 Johannesburg time (10:00 a.m., North American EST) See www.goldfields.co.za for more details * Operating profit increases 11 per cent to R498 million. * Attributable gold output increases by 4 per cent to 886,000 ounces. * Earnings of R203 million for the quarter. * Tarkwa has another record production quarter. * Gold Fields agrees to purchase WMC Australian gold assets for US$232 million. * Gold Fields and Repadre to acquire Damang Gold Mine adjacent to Tarkwa in Ghana. * Exclusive right granted to African Rainbow Minerals/Harmony Joint Venture to negotiate the possible acquisition of the St Helena and Oryx mines. * Gold Fields receives exclusive right to negotiate the acquisition of 19.9 per cent of Harmony's stake in Goldfields of Australia Limited. Johannesburg, 30 October 2001 - Gold Fields Limited (JSE - GFI and Nasdaq - GOLD) today reported net and headline earnings for the September quarter of R203 million, or 45 cents per share. This compares to a loss in the June 2001 quarter of R1,564 million, or 343 cents (SA) per share and headline earnings, excluding year-end asset impairments, of R130.4 million. Translated to US dollars, net earnings for the September quarter were $24 million, or $0.05 per share, compared to a loss of $195 million, or $0.43 per share in the June quarter. Operating profit for the September quarter was R498 million, up 11 per cent from R448 million in the previous quarter. This improvement was achieved in spite of an 8 per cent increase in costs caused by the annual wage increases, the effect of which were more than offset by a 4 per cent increase in production to 886,000 ounces and a 6 per cent increase in the Rand per kilogram price achieved. The increase in operating profit was offset by higher normalised tax arising from the increase in operating profit and a reduction in capital expenditure, as well as lower sundry income that, in the June quarter, was bolstered by an insurance claim payout. Comparable earnings, excluding all asset impairments and other once off items, were R210 million in the previous quarter. Cash costs for the September 2001 quarter were US$200 an ounce compared to US$195 in the previous quarter, an increase of only 2.5 percent, despite the wage increases. Although the Rand gold price has recently increased to over R80,000 per kilogram, this increase came too late in the quarter to have a significant impact on the September quarter's results. However, should the gold price and Rand:Dollar exchange rate be maintained at present levels, the Group's results in the December quarter should be significantly higher than in the September Quarter. Chris Thompson, Chairman and Chief Executive Officer of Gold Fields said: "The September Quarter exemplified our strategy to grow Gold Fields. The first leg of that strategy is to continuously improve our existing operations and we are particularly pleased to see the positive trends that started to come out of both Kloof and Driefontein during the latter part of the September quarter and continued into the December quarter." "The second leg of our strategy is to grow and diversify Gold Fields through value enhancing acquisitions. Recently I signalled that we felt that the market conditions for acquisitions had been improving: the general outlook for gold is more bullish; asset prices have become more reasonable; and competition for these has diminished somewhat. Against this background the past few months have been very busy and rewarding for Gold Fields. We see this trend continuing," he added. "The proposed acquisition of St Ives and Agnew from WMC and Damang from Ranger will, based on historical performance, add over 800,000 ounces of net production to Gold Fields per year and add to earnings, cashflow and net asset value per share. Both acquisitions are quality assets with good exploration potential," said Thomson. With regard to the gold price Thompson said: "The continued impact of lower interest rates on the profitability of hedging, the deteriorating outlook for gold supply and the changing sentiment on bullion desks, suggest an improving outlook for gold." Operations For the third quarter in a row, the Tarkwa operation in Ghana achieved record production levels, with gold production increasing 28 per cent to 150,000 ounces, at a slightly lower cash cost of US$163 per ounce, compared to US$169 per ounce the previous quarter. Kloof achieved a 6 percent increase in gold output, producing 279,000 ounces compared to 264,000 ounces in the June quarter. Cash costs declined to US$210 per ounce compared to US$216 per ounce in the previous quarter. At Driefontein, gold output increased, albeit marginally, to 324,000 ounces compared to 322,000 ounces in the June quarter, at cash costs of US$189 per ounce, an increase over last quarter's $178 per ounce as a result of lower surface output due to plant maintenance and upgrades. On a positive note, the carbon in pulp plants at both Kloof 1 and Driefontein 1 Plants, as well as the central elution facilities at both operations, were commissioned during the quarter. Results have been positive and, despite normal commissioning problems, operations have stabilised with further improvements expected in the future. In the Free State, production at Beatrix decreased slightly this quarter, from 147,000 ounces to 145,000 ounces, mainly as a result of lower grades at the start of the quarter. The decline was mainly at Beatrix 4 shaft where underground yield decreased to 4.1 grams per ton compared to 5.2 grams per ton in the previous quarter. Cash costs increased by 9 percent to US$222 per ounce from US$204 per ounce in the previous quarter. At St. Helena, lower mining volumes resulted from the planned closure of 10 shaft and gold production decreased to 32,000 ounces from 38,000 ounces in the June quarter. Cash costs increased to US$306 per ounce as compared to the previous quarter's US$255 per ounce, due to the lower output. Exploration and Development Confirmatory metallurgical studies at Arctic Platinum are underway, as well as drilling of the SK prospect. Completion of a full feasibility study is expected by September 2002. As a result of surpassing a cumulative investment of US$11 million, Gold Fields now has a vested interest of 49 per cent in the project. Proposed acquisition of ST Ives and Agnew Gold Mines from WMC On 21 September 2001 WMC Resources Limited advised Gold Fields that its offer for the St Ives and Agnew gold mines in Western Australia was successful. The offer comprised US$180 million cash plus new shares in Gold Fields to the value of US$52 million, together with a royalty based on future gold production. The transaction, for which South African Reserve Bank approval had been obtained, is expected to be completed by the end of the year. It is expected that US$160 million of the cash component will be funded by a US$200 million facility provided by a consortium of Banks. In order to protect its exposure to Australian Dollar denominated costs, Gold Fields has put in place a risk management strategy to limit the cost of purchasing its Australian Dollar requirements during the term of the loan facility. Accordingly, appropriate hedging instruments have been established in respect of US$100 million per annum for five years. These hedging instruments provide protection at United States Dollar/Australian Dollar exchange rates ranging between 0.49 and 0.52. Based on historic performance, this acquisition should increase Gold Fields' production to 4.5 million ounces per year. Proposed acquisition of Damang Gold Mine From Ranger Minerals Gold Fields Limited and Repadre Capital Corporation have signed a memorandum of understanding with Ranger Minerals Limited, which, subject to certain conditions precedent, allows for the purchase by Gold Fields and Repadre of Ranger's 90 percent interest in Abosso Goldfields Limited. Gold Fields will pay A$63 million in cash and Repadre will contribute 4 million Repadre shares. On completion of the transaction Gold Fields will own 71.1 per cent of Abosso, which is the holding company of the Damang Mine. Oryx & St Helena option granted In support of the much needed consolidation process in the Free State region, Gold Fields has granted the ARM/Harmony Joint Venture an exclusive option to negotiate the purchase of the St Helena and Oryx mines. In addition, discussions have been held regarding the possibility of Gold Fields providing part of the funding requirements of the joint venture. In return Harmony has granted Gold Fields an exclusive option to negotiate the acquisition of 19.9 per cent of Harmony's current 22.96 per cent stake in Goldfields Ltd of Australia. Gold Fields Limited is one of the world's largest unhedged gold producers with total production of 3.8 million ounces for the year ended June 30, 2001 from its Driefontein, Kloof and Free State operations in South Africa and its Tarkwa operation in Ghana. Gold Fields has total resources of 139 million ounces of gold and total reserves of 81 million ounces and is listed on the Johannesburg, Nasdaq, London, Paris and Swiss exchanges. SA RAND SALIENT FEATURES US DOLLARS Quarter Quarter June 2001 Sept 2001 Sept 2001 June 2001 26,567 27,555 Kg Gold production* oz (000) 886 854 50,411 53,829 R/kg Cash costs $/oz 200 195 7,782 7,675 000 Tons milled 000 7,675 7,782 69,470 73,646 R/kg Revenue $/oz 274 269 193 212 R/ton Operating costs $/ton 25 24 448 498 Rm Operating profit $m 59 56 130 203 Rm Headline Earnings $m 24 16 29 45 SA c.p.s. US c.p.s. 5 4 (1,564) 203 Rm Net earnings $m 24 (195) (343) 45 SA c.p.s. US c.p.s. 5 (43) * Attributable - all companies wholly owned except Tarkwa (71.1%) FULL RESULTS AVAILABLE AT WWW.GOLDFIELDS.CO.ZA ** END***
1 Year Hsbc Bk. 25 Chart |
1 Month Hsbc Bk. 25 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions