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Wednesday, 26th October 2005 (4269 views)

Gold Fields said today it expects an upturn in production in the second quarter, as it posted its first quarter adjusted earnings per share (EPS) today.

The fourth largest gold producer in the world recorded disappointing results, with an 80 per cent fall in the first quarter.

However, the South African company has predicted a "stronger" quarter for December, based on the "positive trends" seen in its operations in the final month of the September quarter.

According to Gold Fields, the decline in production was partly due to the recent four-day strike in South Africa's mines, which contributed towards half its losses.

Commenting on the results, Ian Cockerill, Gold Fields' chief executive, said that the company had retained "a firm grip on costs", despite wage increases.

He added that the company's objective is now to reduce its costs to less than R70,000 a kilogram.

 

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