Gold Fields earnings to halve, and it sets aside $30m for silicosis class action
Gold Fields expects interim earnings to roughly halve in dollar terms, it said on Thursday.It also gave an estimate of its liability in a silicosis and tuberculosis class action suit.Gold Fields said earnings per share (EPS) for the six months to end-June would be 43%-57% lower than the 14 US cents reported a year ago, coming in at between 6c and 8c.Headline earnings per share (HEPS) will fall 38%-50%, to 8c-10c, from 16c a year ago.Dollar-denominated earnings in the first half were hit by stronger local currencies and higher amortisation rates, which Gold Fields said were largely due to lower reserve ounces at the Tarkwa mine in Ghana, and "an increase in ore mined and stockpiled" at that mine.Gold Fields has made a provision of $30.2m or R390m for its share of a possible settlement of current and former mineworkers’ class action suit against a group of mining companies."The nominal value of this provision is $39.5m (R509m)," Gold Fields said. "The ultimate outcome of these matters...
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