Gold Fields’ international mines offset dismal South Deep
The miner has invested heavily in its offshore assets, targeting 2-million ounces of gold a year for a decade, as SA’s significance dwindles
Gold Fields reported a deep annual loss after a second year of hefty spending on two big mines and a big production miss at its troubled South Deep mine in SA. As part of its strategy to lift international gold production, Gold Fields has invested $502m over the past two years in the construction of the Gruyere gold mine in Australia and the redevelopment of its Damang mine in Ghana, offsetting its production exposure to the perennially underperforming South Deep project. Gold Fields reported a net loss of $348m for the year to end-December compared with a $19m loss the year before. A final dividend of 20 South African cents per share was declared, bringing the total return to shareholders for the year to 40c, down from 90c the year before. “Gold Fields is now on track to ensure that our international operations will be producing over 2-million ounces a year for the next decade,” said CEO Nick Holland, adding this would be achieved for the first time for the company during 2019. The...
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