Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Gold Fields, one of the world’s top five gold producers, announced June quarter earnings that were up 15% to US$186 million, compared with US$158 million in the March quarter.
During the same June quarter last year, Gold Fields made US$120 million. The company announced its quarterly results on Wednesday.
“Production increased by 5 per cent to 872,000 gold equivalent ounces compared with the March 2011 quarter, despite unscheduled production interruptions at St Ives in Australia and at KDC in South Africa, as well as the six public holidays in South Africa,” said Nick Holland, Chief Executive Officer of Gold Fields.
The total cash cost was US$816 per ounce.
