RNS Number:3311M
Gold Fields Ld
30 October 2001
GOLD FIELDS
QUARTERLY RESULTS SEPTEMBER 2001
QUARTER ENDED 30 SEPTEMBER 2001
STOCK DATA
Number of shares in issue 456 519 602
Free Float 100%
ADR Ratio 1:1
Bloomberg / Reuters GFISJ / GFLJ.J
JSE Securities Exchange South Africa - (Gfi)
Range - Quarter SAR31.60 - SAR40.90
Average Volume - Quarter 877,000 shares / day
NASDAQ - (GOLD)
Range - Quarter $3.86 to $4.71
Average Volume - Quarter 565,000 shares / day
INVESTOR RELATIONS
Europe & South Africa
Willie Jacobsz
Tel: +27 11 644-2460
Fax: +27 11 484-0639
E-mail: investors@goldfields.co.za
North America
Cheryl A. Martin
Tel: +1 303 796-8683
Fax: +1 303 796-8293
E-mail: camartin@gfexpl.com
www.goldfields.co.za www.gold-fields.com
ANOTHER CONSISTENT QUARTER FOR GOLD FIELDS
HIGHLIGHTS
* 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.
DEAR SHAREHOLDERS,
Considering the 4% increase in attributable production and the 6% increase
in the Rand price received for the September quarter our net earnings of R203
million are mildly disappointing. Comparable net earnings for the June
quarter were R210 million.
This does not tell the entire story. Operating profits, the key to
operational performance, were up 11% from R448 million to R498 million despite
an increase of 8% in operating costs. The lower bottom line result is largely
attributable to lower other income, higher exploration expenses, and higher
normal taxation.
Of concern to management was the 8% rise in operating costs, impelled by
the effects of the expensive July wage settlements with Unions, and sundry
other rises in costs. Some of these were seasonal, others were related to
increases in mining volume, but cumulatively the effect was to raise cash cost
per ounce produced from US$195 to US$200 despite a deterioration in the Rand
from R8.03 to R8.37 per US Dollar. This underscores the point I have made
before that our earnings are pushed and pulled continuously by rising costs
and a declining Rand.
Operationally, it was a mixed quarter with some of the problems encountered
at Kloof and Driefontein during the last quarter continuing into July and
August. By September, however, all group mines were in a much improved mode
and this trend has strengthened into October. At the current Rand gold price
and current operating performance I expect the December quarter to be higher
in production and significantly so in earnings.
Recently I signalled that Gold Fields felt that market conditions for
acquisitions had improved in that asset prices were becoming more reasonable,
the outlook for gold was improving and the competition diminishing. Pursuant
to this view we have been quite active, announcing on September 21 our
agreement to buy Western Mining's gold assets in Western Australia for US$232
million and on October 21 we announced an agreement to buy Ranger Minerals'
Damang mine adjacent to our Tarkwa mine in Ghana for A$63 million net cost to
Gold Fields.
Combined, the two will add over 800,000 ounces a year of net production to
Gold Fields. At the same time they will lower our overall cash cost per ounce
and add to earnings, cashflow and net asset value per share. Both are
quality assets with good exploration potential.
The effects of the events of September 11 on the gold price have been
somewhat perplexing. Either they are signalling that the investment community
does not view September 11 to have raised systemic risk levels much, or, they
are signalling that gold is no longer viewed as the safe haven it once was.
The muted performance of the Dow and the continuing strength of the Dollar
seem to support the former conclusion.
Nevertheless, 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 the gold
price on fundamentals alone.
SALIENT FEATURES
SA RAND US DOLLARS
Quarter Quarter
June September September June
2001 2001 2001 2001
26,567 27,555 kg Gold produced* 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/(loss) $m 24 (195)
(343) 45 SA c.p.s. US c.p.s. 5 (43)
* Attributable - All companies wholly owned except for Tarkwa (71,1%).
COMMENTARY
FINANCIAL
Net earnings for the September 2001 quarter were R203 million compared to a
loss in the June 2001 quarter of R1,564 million. After adjusting for year end
impairments, headline earnings for the June 2001 quarter were R130 million.
However, included in the June quarter's headline earnings were investment
write-downs of R61 million, relating mainly to Eldorado Gold Corporation, as
well as R19 million of costs relating to the aborted Franco-Nevada merger.
After adjusting for these two items, comparable earnings for the June quarter
were R210 million.
Revenue for the quarter was R2,091 million, an increase of R199 million or
11 per cent over the previous quarter's revenue of R1,892 million. This
increase was due to a 4 per cent increase in attributable gold production from
854,000 ounces to 886,000 ounces and a 6 per cent improvement in the Rand per
kilogram achieved price from R69,470 per kilogram to R73,646 per kilogram.
This price increase arose from a US$5 increase in the Dollar gold price to
US$274 per ounce and from a further weakening in the Rand/US Dollar exchange
rate from R8.03 per Dollar to R8.37 per Dollar.
Operating costs for the quarter were 8 per cent higher than the June
quarter, with the annual wage increases accounting for approximately half of
this increment. The following items each account for increments that
individually approximate one per cent:
* the impact of higher power tariffs which apply during the winter months
* a significant increase in volume at Beatrix following the temporary
cessation of operations for a two week period in the previous quarter
* a significant increase in insurance premiums following recent claims and a
down turn in the insurance market
* the translation of Tarkwa's operating costs at a weaker exchange rate than
the previous quarter.
The increased revenue for the quarter more than offset the higher operating
costs resulting in an 11 per cent increase in operating profit to R498
million.
Other income at R10 million was well below the previous quarter, as
R20 million proceeds of the insurance claim relating to the Beatrix accident
was included in the June 2001 results.
Profit before tax at R330 million, compares to the June quarter's loss of
R1,883 million, which includes impairment adjustments at Beatrix 4 shaft,
Kloof and St Helena of R2,121 million. Excluding asset impairment and other
exceptional items the adjusted profit before tax for the June quarter was R316
million compared to the current quarter profit before tax of R330 million.
Taxation at R105 million includes normal mining tax of R34 million, an
increase on the previous quarter due to the increased operating profit and
lower capital expenditure. The deferred tax charge of R71 million in the
September quarter compares to a release of R347 million in the previous
quarter, with taxation attributable to impairments amounting to a credit of
R427 million. On a normalised basis the total tax charge of R105 million
compares to R92 million in the June quarter.
Net earnings for the quarter were thus R203 million or 45 cents per share.
Operating cash flow for the quarter was R390 million, a reduction from the
June 2001 quarter, attributable, in part, to the increase in working capital
at Gold Fields Ghana relating to a 28 per cent increase in gold production
quarter on quarter.
Capital expenditure for the quarter was R301 million and continues to be
focused on the Group's three main projects to provide replacement gold output,
namely the 4 sub-vertical shaft at Kloof, the 1 and 5 shaft complexes at
Driefontein and Beatrix 3 shaft.
After the payment of the final dividend of R183 million during the quarter,
cash at the end of the quarter was R276 million compared to cash at the end of
the previous quarter of R190 million, an increase of R86 million.
Operations
Attributable gold production in the September 2001 quarter was 886,000
ounces as compared to 854,000 ounces in the June 2001 quarter. The increased
gold resulted from an increase in the average yield from 3.5 grams per ton to
3.8 grams per ton, despite ore milled decreasing from 7.78 million tons to
7.68 million tons. Group cash costs increased marginally from US$195 per
ounce to US$200 per ounce on the back of the wage increase and increase in
electricity tariffs, but was mitigated by a further weakening in the
Rand/Dollar exchange rate. Cost per ton milled increased from R193 per ton to
R212 per ton quarter on quarter due to the lower volume. Productivity
increased on average 3 per cent to 199 g/TEC and 3.7 m2/TEC respectively.
Gold output at Driefontein increased marginally to 10,066 kilograms at a
cash cost of US$189 per ounce, an increase on last quarter's US$178 per ounce
as a result of lower surface output due to plant maintenance and upgrades. In
the current quarter Driefontein milled 1.57 million tons against 1.72 million
tons the previous quarter of which 587,000 tons was surface material at 2.1
grams per ton (June 725,000 tons at 2.2 grams per ton) with the remaining
984,000 tons at 9.0 grams per ton (June 994,000 at 8.4 grams per ton) sourced
from underground.
At Kloof gold output increased 6 per cent from 8,223 kilograms to 8,682
kilograms at a cash cost of US$210 per ounce compared to US$216 per ounce in
the previous quarter. Cost per ton of ore milled increased 7 per cent this
quarter to R450 as a result of the decrease in surface tonnage from 353,000
tons to 310,000 tons, at grades of 0.9 grams per ton and 0.6 grams per ton
respectively. Total tons however increased marginally from 1.13 million tons
to 1.14 million tons at a grade of 7.6 grams per ton, an increase of 4 per
cent compared to last quarter.
In the Free State, production at Beatrix decreased to 4,496 kilograms as
compared to 4,576 kilograms in the June quarter mainly as a result of lower
grades at the start of the quarter. This decline is mainly at Beatrix 4 shaft
where underground yield decreased to 4.1 grams per ton compared to 5.2 grams
per ton previously. The rest of the Beatrix operation achieved 5.0 grams per
ton in the September quarter against 6.1 grams per ton in the June quarter
which was however offset by increased volume. Ore milled increased to 985,000
tons (of which 897,000 tons were sourced from underground), as compared to
951,000 tons in the June quarter (of which 751,000 tons were from
underground). The lower tons in June resulted from the closure of underground
workings after the flammable gas accident in May. The lower gold production
and cost increases resulted in cash costs of US$222 per ounce, 9 per cent
above the previous quarter's US$204 per ounce.
At St Helena gold produced decreased from 1,167 kilograms in the June
quarter to 991 kilograms in the September quarter due to lower mining volumes
resulting from the planned closure of 10 shaft. Cash costs increased to
US$306 per ounce as compared to the previous quarter's US$255 per ounce due to
the lower output. The closure of 10 shaft resulted in retrenchment costs of
R7.4 million, included in operating costs.
In Ghana, the Tarkwa operation had a record production quarter increasing
gold output from 3,648 kilograms in the June quarter to 4,669 kilograms this
quarter, at a slightly lower cash cost of US$163 per ounce as compared to
US$169 per ounce in the June quarter. Of the 150,000 ounces produced 55,600
ounces were sourced from Teberebie as compared to 37,700 ounces last quarter.
Confirmatory metallurgical studies at Arctic Platinum are underway as well
as drilling of the SK prospect and completion of a full feasibility study by
September 2002 is expected. As a result of surpassing a cumulative investment
of US$11 million, Gold Fields now has a 49 per cent vested interest in the
project.
The metallurgical upgrades at West Wits resulted in the carbon in pulp
plants at both Kloof 1 Plant and Driefontein 1 Plant being commissioned during
the quarter as well as commissioning of the Central elution facilities at both
facilities. Results have been positive and operations, despite normal
commissioning problems, have stabilised with further improvements expected in
the future.
OUTLOOK
Even though the Group is unhedged, the increase in the Rand gold price to
above R80,000 per kilogram 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 current levels, the Group's results
in the December quarter should be significantly higher than the September
quarter. Production for the next quarter is anticipated to be higher than the
September quarter mainly due to increases from the Free State division and an
improving output trend from the Kloof and Driefontein operations.
General
Acquisition of wmc gold assets.
On 21 september 2001 gold fields limited was advised by wmc resources
limited that the offer of 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, had been accepted for the wmc gold operation in western australia.
The purchase consists of the acquisition of st ives and agnew mines in
western australia, which, based on historical performance, should increase
gold fields' production to 4.5 million ounces per annum. The acquisition is
expected to improve the group's position for further acquisitions in australia
and elsewhere. South african reserve bank approval has been obtained and the
transaction is expected to be completed by the end of the year. Us$160
million of the cash component would be funded by a us$200 million facility
provided by a consortium of banks.
In order to protect its exposure to Australian dominated 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 US Dollar / Australian Dollar exchange rates ranging between
0.49 and 0.52.
Abosso (Damang) acquisition.
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 per cent interest in Abosso Goldfields Limited. Abosso
is an unlisted Ghanaian company holding 100 per cent of the Damang Gold Mine
in Ghana, which is adjacent to the Tarkwa mine. The purchasers will also
acquire all outstanding loans from Ranger to Abosso. The purchase
consideration will comprise A$63.3 million in cash to be contributed by Gold
Fields and 4.0 million Repadre shares to be contributed by Repadre. On
completion of the transaction, the shareholding in Abosso will be 71.1 percent
owned by Gold Fields, 18.9 per cent owned by Repadre and 10 per cent by the
Ghanaian Government. This shareholding mirrors that of Gold Fields Ghana
Limited. Gold Fields intends to take advantage of any synergies between
Abosso and Tarkwa.
Oryx and St Helena option granted.
In support of the much needed consolidation process in the Free State
region, Gold Fields Limited has granted the ARM/Harmony Joint Venture an
exclusive option to negotiate the possible disposal of the St Helena Mine and
Beatrix 4 shaft to the ARM/Harmony Joint Venture. In addition, discussions
have been held regarding the possibility of Gold Fields providing part of the
funding requirements of the Joint Venture if required.
Harmony in return has granted Gold Fields Limited an exclusive option to
negotiate the acquisition of 19.9 per cent of Harmony's current 22.96 per cent
stake in Goldfields Limited of Australia. Gold Fields Limited also owns some
3.7 million Western Areas shares which may form part of the consideration for
such a transaction.
BASIS OF ACCOUNTING
The unaudited results for the quarter have been prepared on the
International Accounting Standards basis. The detailed financial, operational
and development results for the September 2001 quarter are submitted in this
report.
These consolidated quarterly statements are prepared in accordance with IAS
34, Interim Financial Reporting. The accounting policies are consistent with
those applied at the previous year-end except for the adoption of IAS 39,
Financial Investments: Recognition and Measurement.
INCOME STATEMENTS
International Accounting Standards Basis
SA RAND
(Figures are in millions unless otherwise stated)
Quarter
September June September
2001 2001 2000
Revenue 2,090.8 1,891.8 1,930.2
Operating cost^ 1,611.0 1,496.3 1,510.1
Gold inventory change (17.7) (52.1) 8.9
Operating profit 497.5 447.6 411.2
Amortisation and depreciation 151.5 147.3 156.3
Net operating profit 346.0 300.3 254.9
Other income 9.9 35.5 17.3
Exploration (26.0) (20.0) (14.0)
Profit before tax and exceptional items 329.9 315.8 258.2
Exceptional gain/(loss)^ - (2,199.2) -
Profit/(loss) before taxation 329.9 (1,883.4) 258.2
Mining and income taxation 104.8 (335.1) 43.4
- Normal taxation 34.0 11.7 22.1
- Deferred taxation 70.8 (346.8) 21.3
Profit/(loss) after taxation 225.1 (1,548.3) 214.8
Minority interest 21.7 15.3 14.3
Net earnings/(loss) 203.4 (1,563.6) 200.5
Exceptional items:
Impairment of assets
- Beatrix 4 shaft - (1,926.1) -
- Kloof 8 and 9 shafts - (130.7) -
- St Helena - (64.4) -
Write-down of investments - (60.5) -
Hedge buy-back income - 1.8 -
Franco-Nevada merger costs - (18.8) -
Other - (0.5) -
Total exceptional items - (2,199.2) -
Taxation - 427.2 -
Minorities' share of exceptional items - (0.7) -
Net exceptional items after tax
and minorities - 1,772.7 -
Net earnings/(loss) per share (cents) 45 (343) 44
Headline earnings 203.4 130.4 200.5
Headline earnings per share (cents) 45 29 44
Gold declared
- managed less capitalised kg 28,390 27,232 30,961
Gold price received R/kg 73,646 69,470 62,160
Cash costs R/kg 53,829 50,411 46,643
^ Prior quarterly results have been reclassified to include retrenchment costs
as part of Operating cost and not Exceptional items.
INCOME STATEMENTS
International Accounting Standards Basis
US DOLLAR
(Figures are in millions unless otherwise stated)
Quarter
September June September
2001 2001 2000
Revenue 249.8 235.6 276.1
Operating cost^ 192.5 186.3 216.0
Gold inventory change (2.1) (6.5) 1.3
Operating profit 59.4 55.8 58.8
Amortisation and depreciation 18.1 18.3 22.4
Net operating profit 41.3 37.5 36.4
Other income 1.2 4.4 2.5
Exploration (3.1) (2.5) (2.0)
Profit before tax and exceptional items 39.4 39.4 36.9
Exceptional gain/(loss)^ - (273.9) -
Profit/(loss) before taxation 39.4 (234.5) 36.9
Mining and income taxation 12.6 (41.7) 6.2
- Normal taxation 4.1 1.5 3.2
- Deferred taxation 8.5 (43.2) 3.0
Profit/(loss) after taxation 26.8 (192.8) 30.7
Minority interest 2.6 1.9 2.0
Net earnings/(loss) 24.2 (194.7) 28.7
Exceptional items:
Impairment of assets
- Beatrix 4 shaft - (253.1) -
- Kloof 8 and 9 shafts - (17.1) -
- St Helena - (8.5) -
Write-down of investments - (8.0) -
Hedge buy-back income - 0.2 -
Franco-Nevada merger costs - (2.5) -
Translation adjustments and other - 15.1 -
Total exceptional items - (273.9) -
Taxation - 53.2 -
Minorities' share of exceptional items - (0.1) -
Net exceptional items after tax
and minorities - (220.8) -
Net earnings/(loss) per share (cents) 5 (43) 6
Headline earnings 24.2 16.3 28.7
Headline earnings per share (cents) 5 4 6
S.A. Rand/U.S. Dollar conversion rate 8.37 8.03 6.99
Gold declared
- managed less capitalised ozs (000) 913 876 995
Gold price received $/oz 274 269 277
Cash costs $/oz 200 195 208
^ Prior quarterly results have been reclassified to include retrenchment costs
as part of Operating cost and not Exceptional items.
BALANCE SHEETS
International Accounting Standards Basis
(Figures are in millions unless otherwise stated)
SA Rand US Dollar
September June September June
2001 2001 2001 2001
Mining and mineral assets 11,393.2 11,077.2 1,264.5 1,372.6
Non-current assets 185.3 180.6 20.6 22.4
Investments 337.0 259.6 37.4 32.2
Current assets 1,226.3 1,050.1 136.1 130.1
- Cash and deposits 276.0 190.0 30.6 23.5
- Other current assets 950.3 860.1 105.5 106.6
Total assets 13,141.8 12,567.5 1,458.6 1,557.3
Shareholders' equity 7,329.6 7,075.6 813.5 876.8
Outside shareholders' interest 368.3 317.1 40.9 39.3
Deferred taxation 3,464.4 3,381.2 384.5 419.0
Environmental
rehabilitation provisions 550.7 530.8 61.1 65.8
Post-retirement
health care provisions 238.0 235.4 26.4 29.2
Current liabilities 1,190.8 1,027.4 132.2 127.2
- Other current liabilities 990.8 1,027.4 110.0 127.2
- Short term loan 200.0 - 22.2 -
Total equity and liabilities 13,141.8 12,567.5 1,458.6 1,557.3
S.A. Rand/U.S. Dollar conversion rate 9.01 8.07
CONDENSED STATEMENT OF CHANGES IN EQUITY
SA Rand US Dollar
September June September June
2001 2001 2001 2001
Balance as at the beginning
of the financial year 7,075.6 8,214.4 876.8 1,213.4
Transitional adjustments
on adoption of IAS 39 40.1 - 4.5 -
Currency translation adjustment
and other 162.1 60.3 (73.9) (71.5)
Issue of share capital 19.1 8.5 2.1 1.2
Mark to market
of listed investments 11.8 - 1.3 -
Dividends (182.5) - (21.5) -
Net earnings 203.4 200.5 24.2 28.7
Balance as at the end
of September 7,329.6 8,483.7 813.5 1,171.8
CASH FLOW STATEMENTS
International Accounting Standards Basis
(Figures are in millions unless otherwise stated)
SA RAND Quarter
September June
2001 2001
Cash flow from operating activities 390.0 497.6
Profit before tax and exceptional items 329.9 315.8
Exceptional gain/(loss) - (2,199.2)
Amortisation and depreciation 151.5 147.3
Change in working capital (143.9) 31.8
Taxation paid (16.9) (13.4)
Other non-cash items 69.4 2,215.3
Dividends paid (182.5) -
Cash utilised in investing activities (331.0) (468.6)
Capital expenditure - net (300.9) (381.4)
(Purchase)/disposal of investments
- net (25.5) (31.2)
Investments in environmental
trust funds and post retirement
health care payments (4.6) (56.0)
Cash flow from financing activities 209.5 5.7
Loan raised 200.0 -
Shares issued 9.5 5.7
Net cash inflow 86.0 34.7
Cash at beginning of period 190.0 155.3
Cash at end of period 276.0 190.0
US DOLLAR Quarter
September June
2001 2001
Cash flow from operating activities 47.3 60.5
Profit before tax and exceptional items 39.4 39.4
Exceptional gain/(loss) - (273.9)
Amortisation and depreciation 18.1 18.3
Change in working capital (16.0) 3.9
Taxation paid (1.9) (1.7)
Other non-cash items 7.7 274.5
Dividends paid (21.5) -
Cash utilised in investing activities (36.7) (58.1)
Capital expenditure - net (33.4) (47.3)
(Purchase)/disposal of investments
- net (2.8) (3.9)
Investments in environmental
trust funds and post retirement
health care payments (0.5) (6.9)
Cash flow from financing activities 23.3 0.7
Loan raised 22.2 -
Shares issued 1.1 0.7
Net cash inflow 12.4 3.1
Translation adjustment (5.3) 1.1
Cash at beginning of period 23.5 19.3
Cash at end of period 30.6 23.5
TOTAL CASH COSTS
(All figures are in Rand millions unless otherwise stated)
Drie- Free State
fontein Kloof Division St
Division Division Beatrix Helena Tarkwa Total
Operating costs (1)
September 2001 544.1 485.0 279.7 83.2 219.0 1,611.0
June 2001 496.4 461.2 251.8 79.1 206.7 1,495.2
Gold in process change
September 2001 0.0 0.0 0.0 0.0 (15.6) (15.6)
June 2001 0.0 0.0 0.0 0.0 (48.8) (48.8)
Less: Rehabilitation costs
September 2001 2.8 1.6 0.8 0.2 0.2 5.6
June 2001 3.4 0.9 0.8 0.7 0.0 5.8
Production taxes
September 2001 5.0 3.1 1.4 0.3 0.0 9.8
June 2001 4.0 2.6 1.2 0.4 0.0 8.2
General and administration
September 2001 29.3 22.2 10.3 1.5 8.7 72.0
June 2001 34.1 23.7 9.7 1.7 6.3 75.5
Cash operating costs
September 2001 507.0 458.1 267.2 81.2 194.5 1,508.0
June 2001 454.9 434.0 240.1 76.3 151.6 1,356.9
Plus: Production taxes
September 2001 5.0 3.1 1.4 0.3 0.0 9.8
June 2001 4.0 2.6 1.2 0.4 0.0 8.2
Royalties
September 2001 0.0 0.0 0.0 0.0 10.4 10.4
June 2001 0.0 0.0 0.0 0.1 7.6 7.7
CASH COSTS (2)
September 2001 512.0 461.2 268.6 81.5 204.9 1,528.2
June 2001 458.9 436.6 241.3 76.8 159.2 1,372.8
Plus: Amortisation
September 2001 53.6 27.9 16.1 0.0 30.0 127.6
June 2001 50.0 27.0 16.3 1.1 28.9 123.3
Rehabilitation
September 2001 2.8 1.6 0.8 0.2 0.2 5.6
June 2001 3.4 0.9 0.8 0.7 0.0 5.8
TOTAL PRODUCTION COSTS (3)
September 2001 568.4 490.7 285.5 81.7 235.1 1,661.4
June 2001 512.3 464.5 258.4 78.6 188.1 1,501.9
Gold produced - thousand ounces ^
September 2001 323.6 262.6 144.5 31.9 150.1 912.8
June 2001 321.7 251.9 147.1 37.5 117.3 875.5
CASH COSTS - US$/oz
September 2001 189 210 222 306 163 200
June 2001 178 216 204 255 169 195
TOTAL PRODUCTION COSTS - US$/oz
September 2001 210 223 236 306 187 217
June 2001 198 230 219 261 200 214
DEFINITIONS
Cash costs and total production costs are calculated in accordance with the
Gold Institute industry standard.
(1) Operating costs - All gold mining related costs before
amortisation/depreciation, changes in gold inventory, taxation and exceptional
items.
(2) Cash costs - Operating costs less off-mine costs, including general and
administration costs, as detailed in the table above.
(3) Total production costs - Cash costs plus amortisation/depreciation and
rehabilitation provisions, as detailed in the table above.
^ Excludes gold production at Kloof 4 shaft of 514 kilogram (16,526 ounces)
for the September quarter (June 389 kilogram - 12,507 ounces), which is
capitalised.
Exchange rates applied are US$1 = R8.03 and US$1 = R8.37 for the June and
September 2001 quarters respectively.
OPERATING AND FINANCIAL RESULTS
Individual Mines
SA RAND
Operating Results
Drie- Free State Total
fontein Kloof Division St Mine
Division Division Beatrix Helena Tarkwa Operations
Ore milled / treated (000 tons)*
September 2001 1,571 1,141 985 173 3,805 7,675
June 2001 1,719 1,130 951 220 3,762 7,782
Yield (grams per ton)
September 2001 6.4 7.6 4.6 5.7 1.2 3.8
June 2001 5.8 7.3 4.8 5.3 1.0 3.5
Gold produced (kilograms)
September 2001 10,066 8,682 4,496 991 4,669 28,904
June 2001 10,007 8,223 4,576 1,167 3,648 27,621
Gold declared (kilograms)
September 2001 10,066 8,682 4,496 991 4,669 28,904
June 2001 10,007 8,223 4,576 1,167 3,648 27,621
Gold price received (Rand per kilogram)
September 2001 73,535 73,372 74,044 73,360 74,042 73,646
June 2001 69,631 69,658 69,253 69,580 68,860 69,470
Cash costs (Rand per kilogram)
September 2001 50,864 56,464 59,742 82,240 43,885 53,829
June 2001 45,858 55,731 52,732 65,810 43,640 50,411
Cash costs (US Dollars per ounce)
September 2001 189 210 222 306 163 200
June 2001 178 216 204 255 169 195
Total production costs (Rand per kilogram)
September 2001 56,467 60,076 63,501 82,442 50,353 58,521
June 2001 51,194 59,293 56,469 67,352 51,563 55,152
Operating costs (Rand per ton)
September 2001 346 450 284 481 58 212
June 2001 289 428 265 360 55 193
Financial Results (Rand million) - Unaudited
Revenue
September 2001 740.2 599.3 332.9 72.7 345.7 2,090.8
June 2001 696.8 545.7 316.9 81.2 251.2 1,891.8
Operating costs***
September 2001 544.1 485.0 279.7 83.2 219.0 1,611.0
June 2001 496.4 461.2 251.8 79.1 206.7 1,495.2
Gold inventory change
September 2001 0.0 0.0 0.0 0.0 (17.7) (17.7)
June 2001 0.0 0.0 0.0 0.0 (52.1) (52.1)
Operating profit
September 2001 196.1 114.3 53.2 (10.5) 144.4 497.5
June 2001 200.4 84.5 65.1 2.1 96.6 448.7
Amortisation of mining assets ^
September 2001 53.6 27.9 16.1 0.0 30.0 127.6
June 2001 50.0 27.0 16.3 1.1 28.9 123.3
Net operating profit
September 2001 142.5 86.4 37.1 (10.5) 114.4 369.9
June 2001 150.4 57.5 48.8 1.0 67.7 325.4
Other income/(costs)
September 2001 (1.7) (0.7) 0.5 0.3 0.5 (1.1)
June 2001 (3.7) (0.2) 21.4 (2.9) 14.1 28.7
Profit before taxation
September 2001 140.8 85.7 37.6 (10.2) 114.9 368.8
June 2001 146.7 57.3 70.2 (1.9) 81.8 354.1
Mining and income taxation
September 2001 37.5 35.1 0.0 0.0 39.6 112.2
June 2001 35.8 (52.7) (330.8) 0.0 31.4 (316.3)
- Normal taxation
September 2001 19.1 0.2 0.0 0.0 13.0 32.3
June 2001 7.3 (9.2) 0.0 0.0 12.1 10.2
- Deferred taxation
September 2001 18.4 34.9 0.0 0.0 26.6 79.9
June 2001 28.5 (43.5) (330.8) 0.0 19.3 (326.5)
Earnings before exceptional items
September 2001 103.3 50.6 37.6 (10.2) 75.3 256.6
June 2001 110.9 110.0 401.0 (1.9) 50.4 670.4
Exceptional items
September 2001 0.0 0.0 0.0 0.0 0.0 0.0
June 2001 (0.8) (130.7) (1,926.1) (64.3) 2.1
(2,119.8)
Net earnings
September 2001 103.3 50.6 37.6 (10.2) 75.3 256.6
June 2001 110.1 (20.7) (1,525.1) (66.2) 52.5
(1,449.4)
Capital expenditure (Rand million)
September 2001 119.5 118.2 41.9 1.5 19.8 300.9
June 2001 166.2 95.2 48.8 (1.5) 69.4 378.1
Planned for next
six months to March 2002 190.2 149.6 121.0 0.0 55.0 515.8
^ Excludes the fair value adjustment from the merger of Driefontein and Gold
Fields Limited.
* Ore milled at Driefontein includes 587,000 surface tons at 2.1 g/t at
R66/ton (June 725,000 tons at 2.2 g/t at R41/ton) and underground operations
yielding 9.0 g/t from 984,000 tons at R516/ton (June 994,000 tons at
8.4 g/t at R465/ton). Other surface operations were as follows: Kloof -
310,000 tons at 0.6 g/t at R46/ton (June 353,000 tons at 0.9 g/t at R39/ton)
and Beatrix - 88,000 tons at 1.2 g/t at R31/ton (June 200,000 tons at 0.7
g/t at R20/ton).
*** Operating costs include retrenchment costs previously included as an
exceptional item.
OPERATING AND FINANCIAL RESULTS
Individual Mines
US DOLLAR CONVERSION
Drie- Free State Total
fontein Kloof Division St Mine
Division Division Beatrix Helena Tarkwa Operations
Ore milled / treated (000 tons)*
September 2001 1,571 1,141 985 173 3,805 7,675
June 2001 1,719 1,130 951 220 3,762 7,782
Yield (ounces per ton)
September 2001 0.206 0.245 0.147 0.184 0.039 0.121
June 2001 0.187 0.234 0.155 0.171 0.031 0.114
Gold produced (000 ounces)
September 2001 323.6 279.1 144.5 31.9 150.1 929.3
June 2001 321.7 264.4 147.1 37.5 117.3 888.0
Gold declared (000 ounces)
September 2001 323.6 279.1 144.5 31.9 150.1 929.3
June 2001 321.7 264.4 147.1 37.5 117.3 888.0
Gold price received (US Dollars per ounce)
September 2001 273 273 275 273 275 274
June 2001 270 270 268 270 267 269
Cash costs (US Dollars per ounce)
September 2001 189 210 222 306 163 200
June 2001 178 216 204 255 169 195
Total production costs (US Dollars per ounce)
September 2001 210 223 236 306 187 217
June 2001 198 230 219 261 200 214
Operating costs (US Dollars per ton)
September 2001 41 54 34 57 7 25
June 2001 36 53 33 45 7 24
Financial Results (US$ million) - Unaudited
Revenue
September 2001 88.4 71.6 39.8 8.7 41.3 249.8
June 2001 86.8 68.0 39.5 10.1 31.3 235.6
Operating costs***
September 2001 65.0 57.9 33.4 9.9 26.2 192.5
June 2001 61.8 57.4 31.4 9.9 25.7 186.2
Gold inventory change
September 2001 0.0 0.0 0.0 0.0 (2.1) (2.1)
June 2001 0.0 0.0 0.0 0.0 (6.5) (6.5)
Operating profit
September 2001 23.4 13.7 6.3 (1.3) 17.3 59.4
June 2001 25.0 10.5 8.1 0.3 12.0 55.9
Amortisation of mining assets ^
September 2001 6.4 3.3 1.9 0.0 3.6 15.2
June 2001 6.2 3.4 2.0 0.1 3.6 15.4
Net operating profit
September 2001 17.0 10.3 4.4 (1.3) 13.7 44.2
June 2001 18.7 7.2 6.1 0.1 8.4 40.5
Other income/(costs)
September 2001 (0.2) (0.1) 0.1 0.0 0.1 (0.1)
June 2001 (0.5) 0.0 2.7 (0.4) 1.8 3.6
Profit before taxation
September 2001 16.8 10.2 4.5 (1.2) 13.7 44.1
June 2001 18.3 7.1 8.7 (0.2) 10.2 44.1
Mining and income taxation
September 2001 4.5 4.2 0.0 0.0 4.7 13.4
June 2001 4.5 (6.6) (41.2) 0.0 3.9 (39.4)
- Normal taxation
September 2001 2.3 0.0 0.0 0.0 1.6 3.9
June 2001 0.9 (1.1) 0.0 0.0 1.5 1.3
- Deferred taxation
September 2001 2.2 4.2 0.0 0.0 3.2 9.5
June 2001 3.5 (5.4) (41.2) 0.0 2.4 (40.7)
Earnings before exceptional items
September 2001 12.3 6.0 4.5 (1.2) 9.0 30.7
June 2001 13.8 13.7 49.9 (0.2) 6.3 83.5
Exceptional items
September 2001 0.0 0.0 0.0 0.0 0.0 0.0
June 2001 (0.1) (16.3) (239.9) (8.0) 0.3 (264.0)
Net earnings
September 2001 12.3 6.0 4.5 (1.2) 9.0 30.7
June 2001 13.7 (2.6) (189.9) (8.2) 6.5 (180.5)
Capital Expenditure (US$ million)
September 2001 13.3 13.1 4.7 0.2 2.2 33.4
June 2001 20.7 11.9 6.1 (0.2) 8.8 47.3
Planned for the next
six months to March 2002 21.1 16.6 13.4 0.0 6.1 57.2
Exchange rates applied are US$1 = R8.03 and US$1 = R8.37 for the June and
September 2001 quarters respectively.
Figures may not add as they are renounded independently
^ Excludes the fair value adjustment from the merger of Driefontein and Gold
Fields Limited.
* Ore milled at Driefontein includes 587,000 surface tons at 2.1 g/t at
R66/ton (June 725,000 tons at 2.2 g/t at R41/ton) and underground operations
yielding 9.0 g/t from 984,000 tons at R516/ton (June 994,000 tons at
8.4 g/t at R465/ton). Other surface operations were as follows: Kloof -
310,000 tons at 0.6 g/t at R46/ton (June 353,000 tons at 0.9 g/t at R39/ton)
and Beatrix - 88,000 tons at 1.2 g/t at R31/ton (June 200,000 tons at 0.7
g/t at R20/ton).
*** Operating costs include retrenchment costs previously included as an
exceptional item.
DEVELOPMENT RESULTS
Development values represent the actual results of sampling and no allowance
has been made for any adjustments which may be necessary when estimating ore
reserves. All figures below exclude shaft sinking metres
September 2001 June 2001
quarter quarter
Driefontein Carbon Carbon
Reef Leader Main VCR Leader Main VCR
Advanced (m) 6,359 203 1,730 8,120 117 1,943
Advanced on reef (m) 955 83 292 1,221 18 383
Sampled (m) 1,008 84 279 1,080 15 291
Channel width (cm) 89 71 43 94 52 33
Average value - (g/t) 26.3 16.9 46.5 23.4 3.7 22.2
- (cm.g/t) 2,328 1,205 2,018 2,186 191 725
September 2001 June 2001
quarter quarter
Reef Kloof Main VCR Kloof Main VCR
Advanced (m) 497 666 10,331 232 506 10,388
Advanced on reef (m) 104 235 1,633 173 104 1,542
Sampled (m) 114 237 1,392 114 48 1,212
Channel width (cm) 164 112 78 138 114 88
Average value - (g/t) 5.5 9.6 24.2 10.9 19.7 31.1
- (cm.g/t) 905 1,074 1,899 1,498 2,246 2,736
September 2001 June 2001
quarter quarter
Beatrix Reef Beatrix Kalkoenkrans Beatrix Kalkoenkrans
Advanced (m) 5,988 2,555 4,802 3,442
Advanced on reef (m) 1,111 462 1,264 744
Sampled (m) 825 522 1,209 633
Channel width (cm) 66 92 72 112
Average value - (g/t) 13.5 16.5 13.7 14.9
- (cm.g/t) 891 1,519 989 1,677
September 2001 June 2001
quarter quarter
St Helena Reef Basal Leader Basal Leader
Advanced (m) 400 109 1,230 185
Advanced on reef (m) 133 92 421 135
Sampled (m) 210 33 216 150
Channel width (cm) 85 81 100 155
Average value - (g/t) 10.3 8.0 6.2 4.6
- (cm.g/t) 879 650 619 712
FORWARD LOOKING STATEMENTS
Certain statements in this document constitute "forward looking statements"
within the meaning of the US Private Secretaries Litigation Reform Act of
1995.
Such forward looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual results,
performance or achievements of the company to be materially different from the
future results, performance or achievements expressed or implied by such
forward looking statements. Such risks, uncertainties and other important
factors include among others: economic, business and political conditions in
South Africa; decreases in the market price of gold; hazards associated with
underground and surface gold mining; labour disruptions; changes in government
regulations, particularly environmental regulations; changes in exchange
rates; currency devaluations; inflation and other macro-economic factors; and
the impact of the AIDS crisis in South Africa. These forward looking
statements speak only as of the date of this document.
The company undertakes no obligation to update publicly or release any
revisions to these forward looking statements to reflect events or
circumstances after the date of this document or to reflect the occurrence of
unanticipated events.
CONTACT DETAILS
Corporate Office
Gold Fields Limited
24 St Andrews Road, Parktown, Johannesburg 2193
Postnet Suite 252, Private Bag x 30500, Houghton 2041
Tel: +27 11 644-2400
Fax: +27 11 484-0626
Directors
C M T Thompson + (Chairman)
A J Wright (Deputy Chairman)
I D Cockerill * (Managing Director)
N J Holland *
J M McMahon *
G R Parker ^
P J Ryan
T M G Sexwale
B R van Rooyen
C I von Christierson
+ Canadian * British ^ USA
London Office
St James' Corporate Services Limited
6 St James' Place, London SW1A 1 NP,
Tel: +944 207 499-3916
Fax: +944 207 491-1989
Transfer Offices
Johannesburg
Merchantile Registrars
7th Floor, 11 Diagonal Street, Johannesburg 2001
Tel: 27 11 370-5000
Fax: 27 11 370-5271
Company Secretary
V D MacDonald
24 St Andrews Road, Parktown, Johannesburg 2193
Postnet Suite 252, Private Bag x 30500, Houghton 2041
Tel: +27 11 644-2406
Fax: +27 11 484-0626
London
Capita IRG
Bourne House, 34 Beckenham Road, Beckenham Kent BR3 4TU
Tel: +944 208 658-3430
Fax: +944 208 639-2000
American Depositary
Receipt Banker
Bank of New York
101 Barclay Street, New York N.Y. 10286, USA
Tel: +91 212 815-5133
Fax: +91 212 571-3050
Investor Relations
Europe & South Africa
Willie Jacobsz
Tel: +27 11 644-2460
Fax: +27 11 484-0639
E-mail: investors@goldfields.co.za
United Kingdom
46 Berkley Street, London, W1X 6AA
Tel: +944 207 322-6341
Fax: +944 207 322-6028
North America
Cheryl A. Martin
Tel: +91 303 796-8683
Fax: +91 303 796-8293
E-mail: camartin@gfexpl.com
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