Dallas, Texas 02/24/2014 (FINANCIALSTRENDS) – The $2.9 billion market capped South African gold mining firm Gold Fields Limited (ADR)(NYSE:GFI) reported its fourth quarter and full year operation results on 13th February. The firm reported achieving production of 598,000 ounces of gold for the reporting period, which translates to a 21 percent increase over its 4Q12 production figures. The jump has been ascribed by the firm to the completion of the ‘Yilgarn South acquisition” and the firm has highlighted that excluding the contribution from the bought out firm, production for the quarter was same as same quarter last fiscal.
Gold Fields Limited (ADR)(NYSE:GFI) Chief Executive Officer and Executive Director Nicholas John Holland while commenting on the tough economic conditions which buffeted the gold mining firms in the past year, has been quoted to have said that, “ Our all-in costs, have come down to $1,095, and all-in sustainable, if you strip out what we classify as growth capital, and that’s really up to South Deep, that’s come down to $1,054. Net cash generated from the core business before financing and any acquisitions, $38 million. Our key consideration was to turn this business back to cash positive in the face of an unprecedented decline in the gold price during the course of 2013”.
The gold mining firm reported a normalized net income of $14 million for the quarter and also reiterated its resolve to stay true to the published dividend payout plan as per which, the board would set aside close to 25 to 35 percent of the total earnings as the corpus from which to payout the dividend payout.
Gold Fields Limited (ADR)(NYSE:GFI) also disclosed that the ongoing U.S. Securities and Exchange Commission (SEC) investigations into the attendant circumstances and the legality of the mining firm transferring ownership rights of a part of the stock to black members of its investors community is holding back the firm from raising additional capital from the financial markets.
