Gold Fields Limited (ADR) (NYSE:GFI) reports loss in Q2; announces board restructuring
Gold Fields Limited (ADR) (NYSE:GFI), a gold producer with reserves
in South Africa, Ghana, Australia and Peru, has announced its second quarter results as well as restructuring of board of directors. For the quarter ended June 2013, the company reported a net loss from
continuing operations of $129 million, compared with earnings of $105 million during the same quarter a year ago.
While announcing the financial results, Gold Fields Limited”s board expressed concern about gold price volatility.
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In addition, Gold Fields has announced into an agreement with Barrick, under which Gold Fields will buy Barrick”s stake in the Granny Smith, Lawlers and Darlot gold mines in Western Australia, for approximately $300 million.
The acquisition is subject to downward working capital adjustments to a maximum of $30 million, the company said.
Through the acquisition, Gold Fields gets an additional 452,000 ounces of annual production, at an all-in sustaining cost (AISC) of $1,137 per ounce; 2.6 million reserve ounces at $115 per ounce cost; and 1.9 million resource ounces in addition to the reserve ounces. The total resource ounce acquisition cost is below $67 per ounce.
Once the transaction completes, Australia will represent largest regional production centre for Gold Fields with 42% of the
Group’s production. Ghana
will be second largest with 34%, Peru with 13% and South Africa with 11% contributing to the company”s overall production.
In an effort to cut costs, the company has also planned to reduce the number of directors to nine from the current 12. As part of the plan, Messrs Delfin Lazaro, Rupert Pennant-Rea, and Roberto Dañino have announced their volunteer resignation from the post of non-executive directors and have decided to leave the board with immediate effect.
With the restructuring, the company expects to save about $230 million in 2013 relative to the guidance. Additionally, Gold Fields Limited reaffirmed its production guidance of 1.83 million ounces-1.9 million ounces, which the company announced in February of this year.