) has divulged its production and cost outlook for the second
quarter of 2014. The South African gold miner expects attributable
gold equivalent production for the quarter to be roughly 547,000
gold equivalent ounces (oz).
Moreover, Gold Fields anticipates all-in sustaining costs (AISC)
and all-in costs (AIC) to be around $1,055/oz and $1,095/oz,
Based on these expectations, Gold Fields said that it remains on
track to attain its full-year 2014 production guidance of roughly
2,200,000 gold equivalent ounces at an AISC of $1,125/oz and an AIC
of $1,150/oz, as unveiled in Feb 2014. It will release its
second-quarter results on Aug 21.
Gold Fields' shares were up as much as 4.9% in trading session
on Jul 9. The stock is up 5.2% since the announcement based on last
Friday's close. Gold Fields has seen its shares jump roughly 27% so
far this year.
Gold Fields is an unhedged gold producer with 8 operating mines
across Australia, Ghana, Peru and South Africa. It has attributable
annual gold production of around 2.02 million ounces. Moreover, it
had attributable mineral reserves of roughly 49 million ounces and
mineral resources of around 113 million ounces as of Dec 31,
Gold Fields achieved attributable gold production of 557,000
gold equivalent ounces in first-quarter 2014 at an AISC of
$1,066/oz and an AIC of $1,114/oz.
Gold Fields remains committed to drive margins and cash flows
and cut debt. It remains focused to achieve its medium-term goal of
generating free cash flow margin of at least 15% at a gold price of
Gold Fields is a Zacks Rank #3 (Hold) stock.
Other companies in the gold industry with favorable Zacks Rank
Pretium Resources Inc.
Timmins Gold Corp.
Agnico Eagle Mines Limited
). While both Pretium Resources and Timmins Gold hold a Zacks Rank
#1 (Strong Buy), Agnico Eagle retains a Zacks Rank #2 (Buy).
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