First Quarter Report
26 10월 2000 - 4:00PM
UK Regulatory
RNS Number:0873T
Gold Fields Ld
26 October 2000
Gold Fields Limited Reports First Quarter 2001 Earnings
* Gold production up 6 per cent to 973,000 from 920,000 ounces
* Operating profit up despite nine per cent annual wage increase
* Cash costs US$206 per ounce
Johannesburg, 26 October 2000 - Gold Fields Limited (JSE - GFI and Nasdaq -
GOLD) today reported net earnings for the September quarter of R201 million,
or 44 cents per share, compared to R314 million, or 69 cents per share in the
June quarter. Earnings for the previous quarter are not necessarily
comparable as they are distorted by an abnormal deferred tax credit and a
write-down of R100 million relating to Libanon. Normalised earnings for the
previous quarter, excluding the above items, were R206 million. Translated
to US dollars, the net earnings for the September quarter were $29 million, or
$0.06 per share, compared to $46 million, or $0.10 per share, for the previous
quarter.
Gold production for the September quarter increased six per cent to 973,000
ounces from 920,000 ounces the previous quarter, due to an increase in tons
milled and improved yields. Cash costs, assisted by a slight weakening of
the Rand, improved to US$206 per ounce, and, in Rand terms, amounted to
R46,407 per kilogram, an increase of less than two per cent quarter on
quarter. Total production costs were US$226 per ounce, approximately the same
as the previous quarter.
Cash flow for the quarter was strong, despite an increase in capital
expenditure and a lower gold price received of US$277 per ounce compared to
US$281 per ounce in the previous quarter. Cash increased by R162 million
(US$24 million) to R677 million (US$94 million) at the end of September. Gold
Fields Ghana project debt was reduced by US$2.5 million during the quarter to
US$27.5 million, as repayment of this loan commenced. Repayment of this loan
will continue at this rate until it is fully repaid at the end of June 2003.
Chris Thompson, chairman and chief executive officer, said: "On balance the
September quarter was a good quarter for Gold Fields. Overall the operational
trends continue in the right direction, which is proof that our strategies are
sound."
Gold Fields was deeply saddened when, on 22 September, a succession of seismic
events measuring up to 2.9 on the Richter scale occurred at Kloof Main shaft,
approximately 2.7 kilometres below the surface, taking the lives of four
employees. Regrettably, less than a week later, a further seismic event
affected Driefontein, resulting in the death of an additional two miners.
Despite these two seismically triggered incidents, Gold Fields has made
consistent progress in improving safety, and this will remain a prime
objective.
The Tarkwa operation in Ghana again achieved record production levels with
gold produced increasing 30 per cent to 105,000 ounces, despite only a nominal
contribution from Teberebie of just over one thousand ounces.Operations
produced an improved grade, resulting in an average yield of 1.4 g/t for the
quarter, well above the 1.1 g/t achieved in the previous quarter. It is
anticipated that cash costs of US$165 per ounce will be maintained despite the
full impact of increased oil prices beginning to take effect.
At Driefontein, despite the difficulty in maintaining yields due to declining
face grades, gold output increased nine per cent to 358,000 ounces due to
higher underground volume mined. The surface operations again contributed
41,000 ounces, at a cost of approximately US$70 per ounce. Despite increases
in volume mined and development, cash costs in Rand terms reduced by two per
cent to R43,162 per kilogram and in dollar terms were lower at US$192 per
ounce compared to US$200 per ounce in the previous quarter.
Kloof showed a small but steady improvement quarter on quarter with gold
produced at 337,000 ounces, a four per cent increase, and cash costs at
R47,434 per kilogram (US$211 per ounce) remaining virtually unchanged despite
a 19 per cent increase in development and increased stoping. As previously
announced, a decision has been taken to downscale operations at Libanon to
reduce the drain on profits. The mine is currently redeploying a significant
number of staff elsewhere within Gold Fields, but the benefits of this
restructuring will only be realised in the quarters ahead.
In the Free State, Beatrix achieved record production in the month of
September and produced 127,000 ounces during the quarter at a cash cost of
US$183 per ounce. Despite improved development at Oryx and St. Helena, these
operations produced disappointing results for the quarter, with operating
losses of R26 million and R19 million, respectively. The principal cause of
these losses is a lack of pay face resulting from limited mining flexibility.
The losses at these operations cannot be sustained, and the Company is
actively investigating ways of ameliorating these losses. In the interim, the
focus will continue to be on improved flexibility through increased
development and a reduction in unpay stoping.
Ian Cockerill, managing director, said: "Our aim is to continue the trend of
steady, consistent performance into the next quarter and beyond. Driefontein,
Beatrix and Tarkwa are on track to achieve this. Kloof, while expected to
perform well, will reflect some impact from the October accident. Oryx and St
Helena have been sent back to the drawing boards with the task of resolving
their problems speedily. Overall, however, we expect December to be a
satisfactory quarter for Gold Fields."
Gold Fields Limited is one of the world's largest gold producers with
approximately four million ounces of gold production per annum, 145 million
ounces of mineral resources, and reserves of 70 million ounces. Gold Fields
is focused on increasing value at its existing operations and on international
growth. In addition to being listed on the Johannesburg (GFI), London, Paris
and Swiss Stock Exchanges, Gold Fields trades on Nasdaq (GOLD) through an
American Depositary Receipt program and on the Brussels Stock Exchange through
an International Depositary Receipt programme.
SA RAND US DOLLARS
SALIENT FEATURES
Quarter Quarter
June Sept Sept June
2000 2000 2000 2000
28623 30 256 Kg Gold Production* oz(000) 973 920
45718 46407 R/kg Cash costs $/oz 206 207
5815 5985 000 Tons milled 000 5985 5815
62093 62160 R/kg Revenue $/oz 277 281
239 252 R/ton Operating costs $/ton 36 35
418 428 Rm Operating profit $m 61 61
370 206 Rm Earnings before $m 29 54
exceptional
items
82 45 SA c.p.s. - net of tax US c.p.s. 7 12
314 201 Rm Net earnings $m 29 46
69 44 SA c.p.s. US c.p.s. 6 10
* Attributable - all companies wholly owned except Tarkwa (71%)
FULL RESULTS AVAILABLE AT
WWW.GOLDFIELDS.CO.ZA
WWW.GOLD-FIELDS.COM
Contacts:
South Africa North America UK
Willie Jacobsz Cheryl Martin Keith Irons
Phone: 27 11 644 2460 303-796-8683 44 207 2207477
Fax: 27 11 484 0639 303-796-8293 44 207 2207211
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