Accra, Aug. 13, GNA - Gold Fields Limited, the fourth largest gold producer in the world, has reported a 5 per cent increase in attributable gold production year on year to an all-time high of 4.33 million ounces from its operations worldwide.
This was in spite of a decrease in gold production for the June 2003 quarter to 1,041,000 ounces from 1,072,000 ounces in March 2003. A statement issued in Accra on Wednesday said that the net earnings for the June quarter rose by 5 per cent from 93 million dollars to 98 million dollars on its operations worldwide.
"This compares to 112 million dollars for the previous year." Exceptional items fixed at 31 million dollars, which includes a profit on the sale of investments of 34 million dollars and exceptional health care costs of 3 million dollars.
Operating costs remained unchanged at 281 million dollars for the quarter, compared to 256 million dollars in the previous quarter. The statement quoted Ian Cockerill, Chief Executive Officer, as saying: "Despite the strength of the South African Rand, as well as an excessive number of public holidays during the quarter and grade fluctuations at Kloof, it's a solid set of consistent and credible results for the full financial year and the quarter.
"Cost control has become an even higher priority, especially at our South African operations, and this is borne out by our operating teams' ability to limit increases in operating costs to only 2 per cent during the quarter."
He said since it was the policy to maintain a strong and unencumbered balance sheet, there was a further significant reduction in offshore debt from 136 million dollars at the beginning of the quarter to 42 million dollars at the end of the quarter.
The company enjoyed the best-ever yearly safety performance since its inception in 1998.
Gold Fields Ghana operation contributes 30 per cent to Gold Fields International. 13 Aug. 03