Tagesbericht: Gold, Analyse: Gold Fields (Südafrika) - 500 Beiträge pro Seite

[Goldhotline]

Tagesbericht

Gold bei 272 $/oz (±0), Goldaktien uneinh., Analyse: Gold Fields (Südafrika)

Der Goldpreis notierte im Verlauf des gestrigen New Yorker Handels in einer engen
Handelsspanne zwischen 272 und 273 $/oz bevor er kurz vor Handelsschluß auf 270,50 $/oz
gedrückt wurde. Heute morgen kann sich der Goldpreis im Handel in Sydney und Hongkong
wieder erholen und pendelt um die Marke von 272 $/oz. Die Goldaktien notieren weltweit bei einer
leicht nachgebenden Tendenz uneinheitlich, wobei einige australische Werte erneut hausseartige
Kursanstiege verzeichnen.

Der nordamerikanische xau-Goldminenindex schloß mit einem Verlust von 0,7 % oder 0,4
Punkten bei 50,7 Punkten. Bei den Standardwerten verzeichnete Barrick einen Verlust von 1,9 %.
Freeport konnte um 1,4 % zulegen. Die kleineren Werte notierten unverändert.

Die in New York gehandelten südafrikanischen Werte zeigten sich leichter. Durban Roodepoort
Deep gaben um 5,6 % und Anglogold (GB) um 1,0 % nach. Harmony konnte um 1,9 % zulegen.

Der australische Goldminenindex schwächte sich um 0,5 % oder 4,0 auf 743,1 Punkte ab. Bei den
Standardwerten stieg Normandy NFM um 6,0 %. Wir erwarten für Normandy NFM ein
Übernahmeangebot durch die Muttergesellschaft Normandy Mining. Lihir fiel um 2,9 %. Bei den
kleineren Werten setzte Aquarius Platinum die Hausse mit einem Anstieg um 6,6 % fort. Otter
stieg um 3,4 %. Gold & Resources Development fielen um 3,9 % und New Hampton um 3,6 %.
Der Explorationswert Tribune Resources gab um 8,8 % (Vortag +30,8 %) nach. Titan Resources
haussierte bei einem Umsatz von 3,1 Mio Aktien um 25,0 %. Mineral Deposits Ltd, die am
24.12.1999 von New Hampton gratis ausgegeben wurde, stieg um 17,5 %. St. Barbara konnte bei
einem Umsatz von 1,1 Mio Aktien um 6,5 % zulegen. Die Rohstoffkonzerne MIM stiegen um 4,4
% und BHP um 2,2 %.


Die aktuellen Topempfehlungen der Goldaktien (maximale Kauflimite in Klammern):

Australien:
Sicherheitsorientiert:
Delta Gold 1,43 A$ (2,40 A$, aktuelle Dividendenrendite 7,0 %), Normandy Mining 1,00 A$ (1,20
A$, aktuelle Dividendenrendite 6,0 %), Pacmin 1,40 A$ (1,60 A$), Lihir 0,68 A$ (0,70 A$),
Newcrest 4,28 A$ (4,00 A$, jetzt eine Halteposition), Sons of Gwalia 5,46 A$ (4,80 A$, jetzt eine
Halteposition)

Spekulativ:
Hill 50 0,98 A$ (1,10 A$), Spinifex 0,14 A$ (0,15 A$), New Hampton 0,265 A$ (0,26 A$, jetzt eine
Halteposition), Tribune Resources 0,465 A$ (0,25 A$, jetzt eine Halteposition), Aquarius Platinum
6,95 A$ (2,80 A$, jetzt eine Halteposition).

Südafrika:
Sicherheitsorientiert:
Harmony 5,55 Euro (6,50 Euro), Gold Fields 4,05 Euro (4,50 Euro), Anglogold (ADR zu 1/2Aktie;
GB) 21,60 Euro (28,00 Euro)

Spekulativ:
Durban Roodepoort Deep 1,18 Euro (1,80 Euro)

Nordamerika:
Sicherheitsorientiert:
Placer Dome 8,625 $ (12,00 $), Kinross 0,6875 $ (1,25 $), Freeport 8,875 $ (16,00 $), Homestake
5,375 $ (8,00 $), Newmont 17,75 $ (22,00 $), Barrick 16,0625 $ (18,00 $) Battle Mountain 1,875 $
(2,00 $)

Spekulativ:
TVX 1,5625 $ (5,00 $)

Bemerkungen:

-Achtung: Wegen der Marktenge vieler Werte müssen alle Orders limitiert werden!

-Alle Werte werden auch in Deutschland gehandelt.

-Bei New Hampton wurden am 24.12.99 Mineral Deposits Limited (MDL) Aktien im Verhältnis von
5 MDL für 18 New Hampton Aktien und Gratisoptionen im Verhältnis von 1 Option, Laufzeit
31.05.01, Basis 0,23 A$ für 2 New Hampton Aktien abgeschlagen.

-Die Dividende der Delta Gold ist durch die aktuellen Probleme in Simbabwe und auf den
Solomonen Inseln gefährdet.

-Am 31.07.00 wurden die Aktien der TVX im Verhältnis von 5 alten Aktien zu 1 neuen Aktien
zusammengelegt.


Unternehmensmeldung
(AUS=Australien, NA=Nordamerika, SA=Südafrika, $=US$, MKP=Marktkapitalisierung),
Marktkapitalisierung immer in A$, Produktionskosten immer in US$

24.08.00 Gold Fields (SA, MKP nach der Fusion 5.192 Mio A$) meldet für das Juniquartal einen
Rückgang der Goldproduktion von 959.000 auf 920.000 oz. Die Nettoproduktionskosten konnten
von 217 auf 207 $/oz gesenkt werden, so daß bei einem Verkaufspreis, der sich von 291 auf 281
$/oz reduzierte, eine unverändert hohe Bruttogewinnspanne von 74 $/oz erzielt wurde. Während
die Kloof Mine mit Nettoproduktionskosten von 165 $/oz, die Tarkwa Mine mit
Nettoproduktionskosten von 172 $/oz und die Beatrix Mine mit Nettoproduktionskosten von 175
$/oz gute Gewinnbeiträge lieferten, erwirtschaftete die Libanon Mine einen Verlust von 11,8 Mio
A$. Mit der jetzt vorgesehenen Schließung der Libanon Mine wird sich die Gewinnqualität der
Gold Fields weiter verbessern. Der operative Gewinn stieg auf 80,2 Mio A$, was einem aktuellen
KGV von 16,2 entspricht. Am 13. Juni 2000 kündigte Gold Fields die Fusion mit der
nordamerikanischen Franco-Nevada (NA) an. Es ist vorgesehen, jeweils 1 Gold Fields Aktie in
0,35 Franco Nevada Aktien zu tauschen. Die Genehmigungen für die Fusion des
südafrikanischen Finanzministers und der Zentralbank Südafrikas werden erwartet. Die neue
Gesellschaft soll Gold Fields International heißen, ihren Sitz in Toronto haben und mit einer
jährlichen Produktion von 4,4 Mio oz nach Anglogold (GB) und Newmont (NA) zum drittgrößten
Produzenten weltweit aufsteigen. Die Stärke der neu entstehenden Gesellschaft ist der hohe
Cashbestand von 1.060 Mio A$, den vor allem Franco Nevada mitbringt und die aktuelle
Gewinnstärke mit jährlichen Gewinnen von etwa 480 Mio A$, was einem aktuellen KGV von 11,7
entspricht. Die Lebensdauer der Reserven der fusionierten Gold Fields International würde bei
17,1 Jahren, die Lebensdauer der Ressourcen bei 34,1 Jahren und der Hebel auf den Goldpreis
bei 9,9 liegen.

Beurteilung: Die fusionierte Gold Fields International fällt im Hebel auf den Goldpreis durch die
Fusion mit Franco Nevada weit hinter Harmony mit einem Hebel von 32,8 und sogar hinter den
Weltmarktführer Anglogold zurück. Auf der anderen Seite ist Gold Fields International durch die
Royaltyeinnahmen der Franco Nevada gegen einen Goldpreisrückgang praktisch immun und
kann in einem solchen Szenario weiter wachsen. Bei einem Goldpreisanstieg stehen Gold Fields
die weltweit zweitgrößten Reserven für das Wachstum zur Verfügung. Die fusionierte Gold Fields
bleibt eine gewinn- und wachstumsstarke Beimischung in einem sicherheitsorientierten
nordamerikanischen Goldminendepot.

Empfehlung: Halten, unter 4,50 Euro kaufen und das Umtauschangebot der Franco Nevada
annehmen, aktueller Kurs 4,05 Euro (vgl. Kaufempfehlung vom 16.05.00 bei 3,45 Euro und vom
14.06.00 bei 3,80 Euro).

Die Goldhotline

[immowelt]

Thursday October 26, 2:41 am Eastern Time

Press Release

SOURCE: Gold Fields Limited

Gold Fields Limited Reports First Quarter 2001
Earnings

- Gold Production Up 6 Per Cent to 973,000 From 920,000 Ounces - Operating
Profit Up Despite Nine Per Cent Annual Wage Increase - Cash Costs US$206 Per Ounce

Live Conference Call Audio Webcast on 26 October at 17.00 Johannesburg time (11:00 a.m., North American
EDT) See www.goldfields.co.za for more details

JOHANNESBURG, South Africa, Oct. 26 /CNW/ -- Gold Fields Limited (Nasdaq: GOLD; JSE: GFI) today reported net
earnings for the September quarter of R201 million, or 44 cents per share, compared to R314 million, or 69 cents per share in
the June quarter. Earnings for the previous quarter are not necessarily comparable as they are distorted by an abnormal
deferred tax credit and a write-down of R100 million relating to Libanon. Normalised earnings for the previous quarter,
excluding the above items, were R206 million. Translated to US dollars, the net earnings for the September quarter were $29
million, or $0.06 per share, compared to $46 million, or $0.10 per share, for the previous quarter.

Gold production for the September quarter increased six per cent to 973,000 ounces from 920,000 ounces the previous
quarter, due to an increase in tons milled and improved yields. Cash costs, assisted by a slight weakening of the Rand,
improved to US$206 per ounce, and, in Rand terms, amounted to R46,407 per kilogram, an increase of less than two per cent
quarter on quarter. Total production costs were US$226 per ounce, approximately the same as the previous quarter.

Cash flow for the quarter was strong, despite an increase in capital expenditure and a lower gold price received of US$277 per
ounce compared to US$281 per ounce in the previous quarter. Cash increased by R162 million (US$24 million) to R677
million (US$94 million) at the end of September. Gold Fields Ghana project debt was reduced by US$2.5 million during the
quarter to US$27.5 million, as repayment of this loan commenced. Repayment of this loan will continue at this rate until it is fully
repaid at the end of June 2003.

Chris Thompson, chairman and chief executive officer, said: "On balance the September quarter was a good quarter for Gold
Fields. Overall the operational trends continue in the right direction, which is proof that our strategies are sound."

Gold Fields was deeply saddened when, on 22 September, a succession of seismic events measuring up to 2.9 on the Richter
scale occurred at Kloof Main shaft, approximately 2.7 kilometres below the surface, taking the lives of four employees.
Regrettably, less than a week later, a further seismic event affected Driefontein, resulting in the death of an additional two
miners. Despite these two seismically triggered incidents, Gold Fields has made consistent progress in improving safety, and this
will remain a prime objective.

The Tarkwa operation in Ghana again achieved record production levels with gold produced increasing 30 per cent to 105,000
ounces, despite only a nominal contribution from Teberebie of just over one thousand ounces. Operations produced an
improved grade, resulting in an average yield of 1.4 g/t for the quarter, well above the 1.1 g/t achieved in the previous quarter.
It is anticipated that cash costs of US$165 per ounce will be maintained despite the full impact of increased oil prices beginning
to take effect.

At Driefontein, despite the difficulty in maintaining yields due to declining face grades, gold output increased nine per cent to
358,000 ounces due to higher underground volume mined. The surface operations again contributed 41,000 ounces, at a cost
of approximately US$70 per ounce. Despite increases in volume mined and development, cash costs in Rand terms reduced by
two per cent to R43,162 per kilogram and in dollar terms were lower at US$192 per ounce compared to US$200 per ounce
in the previous quarter.

Kloof showed a small but steady improvement quarter on quarter with gold produced at 337,000 ounces, a four per cent
increase, and cash costs at R47,434 per kilogram (US$211 per ounce) remaining virtually unchanged despite a 19 per cent
increase in development and increased stoping. As previously announced, a decision has been taken to downscale operations
at Libanon to reduce the drain on profits. The mine is currently redeploying a significant number of staff elsewhere within Gold
Fields, but the benefits of this restructuring will only be realised in the quarters ahead.

In the Free State, Beatrix achieved record production in the month of September and produced 127,000 ounces during the
quarter at a cash cost of US$183 per ounce. Despite improved development at Oryx and St. Helena, these operations
produced disappointing results for the quarter, with operating losses of R26 million and R19 million, respectively. The principal
cause of these losses is a lack of pay face resulting from limited mining flexibility. The losses at these operations cannot be
sustained, and the Company is actively investigating ways of ameliorating these losses. In the interim, the focus will continue to
be on improved flexibility through increased development and a reduction in unpay stoping.

Ian Cockerill, managing director, said: "Our aim is to continue the trend of steady, consistent performance into the next quarter
and beyond. Driefontein, Beatrix and Tarkwa are on track to achieve this. Kloof, while expected to perform well, will reflect
some impact from the October accident. Oryx and St Helena have been sent back to the drawing boards with the task of
resolving their problems speedily. Overall, however, we expect December to be a satisfactory quarter for Gold Fields."

Gold Fields Limited is one of the world`s largest gold producers with approximately four million ounces of gold production per
annum, 145 million ounces of mineral resources, and reserves of 70 million ounces. Gold Fields is focused on increasing value
at its existing operations and on international growth. In addition to being listed on the Johannesburg (GFI), London, Paris and
Swiss Stock Exchanges, Gold Fields trades on Nasdaq (GOLD) through an American Depositary Receipt program and on the
Brussels Stock Exchange through an International Depositary Receipt programme.

mit bestem Gruße
iw

[Valentina]

Ich verstehe hier etwas nicht!
Wenn Gold Fields praktisch kein Hedging betreibt, wieso hat die Gesellschaft dann nur einen so kleinen Hebel auf den Goldpreis? Bei einem Goldpreisanstieg über die garantierten Preise der Vorwärtsverkäufe müßte sie doch überdurchschnittlich profitieren.
Wenn ich auf einen explodierenden Goldpreis spekuliere, sollte ich doch möglichst in eine Company ohne Hedging investieren, oder?
Wer kann mir das beste Investment für einen solchen fall nennen? Bitte um Aufklärung.

Liebe Grüße, Valentina

[NaturalBornKieler]

@Valentina:

Der Hebel auf den Goldpreis errechnet sich im wesentlichen aus den Produktionskosten je Unze. D. h. eine Gesellschaft, die jetzt schon profitabel produziert (beispielsweise mit Produktionskosten unter $200 je Unze), hat einen geringeren Hebel auf den Goldpreis, weil der Gewinn bei steigendem Goldpreis nicht so stark steigt. Eine Gesellschaft, die Produktionskosten von $250 je Unze hat und deshalb beim momentanen Goldpreis ziemlich rumkrebst, hat einen viel größeren Hebel auf den Goldpreis: steigt Gold, explodiert der Gewinn der Gesellschaft. Beispiel Durban Roodeport; aber entsprechend dem großen Hebel ist das Risiko natürlich auch viel größer.

Das Ganze gilt natürlich nur für Gesellschaften, die weitgehend ungehedgt sind. Umfangreiche Vorwärtsverkäufe könnten sogar zu einem negativen Hebel auf den Goldpreis führen.

HTH/NBK

[Schieler]

October 30, 2001 02:03

Gold Fields Limited Reports First Quarter 2002 Earnings

Live Conference Call Audio Webcast on 30 October at 17.00 Johannesburg time (10:00 a.m., North
American EST) See www.goldfields.co.za for more details

- Operating profit increases 11 per cent to R498 million.
- Attributable gold output increases by 4 per cent to 886,000 ounces.
- Earnings of R203 million for the quarter.
- Tarkwa has another record production quarter.
- Gold Fields agrees to purchase WMC Australian gold assets for
US$232 million.
- Gold Fields and Repadre to acquire Damang Gold Mine adjacent to Tarkwa
in Ghana.
- Exclusive right granted to African Rainbow Minerals/Harmony Joint
Venture to negotiate the possible acquisition of the St Helena and Oryx
mines.
- Gold Fields receives exclusive right to negotiate the acquisition of
19.9 per cent of Harmony`s stake in Goldfields of Australia Limited.

JOHANNESBURG, South Africa, Oct. 30 /PRNewswire/ -- Gold Fields Limited (Nasdaq: GOLD; JSE: GFI)
today reported net and headline earnings for the September quarter of R203 million, or 45 cents per share.

This compares to a loss in the June 2001 quarter of R1,564 million, or 343 cents (SA) per share and
headline earnings, excluding year-end asset impairments, of R130.4 million. Translated to US dollars, net
earnings for the September quarter were $24 million, or $0.05 per share, compared to a loss of $195
million, or $0.43 per share in the June quarter.

Operating profit for the September quarter was R498 million, up 11 per cent from R448 million in the
previous quarter.

This improvement was achieved in spite of an 8 per cent increase in costs caused by the annual wage
increases, the effect of which were more than offset by a 4 per cent increase in production to 886,000
ounces and a 6 per cent increase in the Rand per kilogram price achieved.

The increase in operating profit was offset by higher normalised tax arising from the increase in operating
profit and a reduction in capital expenditure, as well as lower sundry income that, in the June quarter, was
bolstered by an insurance claim payout. Comparable earnings, excluding all asset impairments and other
once off items, were R210 million in the previous quarter.

Cash costs for the September 2001 quarter were US$200 an ounce compared to US$195 in the previous
quarter, an increase of only 2.5 percent, despite the wage increases.

Although the Rand gold price has recently increased to over R80,000 per kilogram, this increase came too
late in the quarter to have a significant impact on the September quarter`s results. However, should the
gold price and Randollar exchange rate be maintained at present levels, the Group`s results in the
December quarter should be significantly higher than in the September Quarter.

Chris Thompson, Chairman and Chief Executive Officer of Gold Fields said: "The September Quarter
exemplified our strategy to grow Gold Fields. The first leg of that strategy is to continuously improve our
existing operations and we are particularly pleased to see the positive trends that started to come out of
both Kloof and Driefontein during the latter part of the September quarter and continued into the December
quarter."

"The second leg of our strategy is to grow and diversify Gold Fields through value enhancing acquisitions.
Recently I signalled that we felt that the market conditions for acquisitions had been improving: the general
outlook for gold is more bullish; asset prices have become more reasonable; and competition for these has
diminished somewhat. Against this background the past few months have been very busy and rewarding
for Gold Fields. We see this trend continuing," he added.

"The proposed acquisition of St Ives and Agnew from WMC and Damang from Ranger will, based on
historical performance, add over 800,000 ounces of net production to Gold Fields per year and add to
earnings, cashflow and net asset value per share. Both acquisitions are quality assets with good
exploration potential," said Thomson.

With regard to the gold price Thompson said: "The continued impact of lower interest rates on the
profitability of hedging, the deteriorating outlook for gold supply and the changing sentiment on bullion
desks, suggest an improving outlook for gold."

Operations

For the third quarter in a row, the Tarkwa operation in Ghana achieved record production levels, with gold
production increasing 28 per cent to 150,000 ounces, at a slightly lower cash cost of US$163 per ounce,
compared to US$169 per ounce the previous quarter.

Kloof achieved a 6 percent increase in gold output, producing 279,000 ounces compared to 264,000
ounces in the June quarter. Cash costs declined to US$210 per ounce compared to US$216 per ounce in
the previous quarter.

At Driefontein, gold output increased, albeit marginally, to 324,000 ounces compared to 322,000 ounces in
the June quarter, at cash costs of US$189 per ounce, an increase over last quarter`s $178 per ounce as a
result of lower surface output due to plant maintenance and upgrades.

On a positive note, the carbon in pulp plants at both Kloof 1 and Driefontein 1 Plants, as well as the central
elution facilities at both operations, were commissioned during the quarter. Results have been positive and,
despite normal commissioning problems, operations have stabilised with further improvements expected in
the future.

In the Free State, production at Beatrix decreased slightly this quarter, from 147,000 ounces to 145,000
ounces, mainly as a result of lower grades at the start of the quarter. The decline was mainly at Beatrix 4
shaft where underground yield decreased to 4.1 grams per ton compared to 5.2 grams per ton in the
previous quarter. Cash costs increased by 9 percent to US$222 per ounce from US$204 per ounce in the
previous quarter.

At St. Helena, lower mining volumes resulted from the planned closure of 10 shaft and gold production
decreased to 32,000 ounces from 38,000 ounces in the June quarter. Cash costs increased to US$306 per
ounce as compared to the previous quarter`s US$255 per ounce, due to the lower output.

Exploration and Development

Confirmatory metallurgical studies at Arctic Platinum are underway, as well as drilling of the SK prospect.
Completion of a full feasibility study is expected by September 2002. As a result of surpassing a
cumulative investment of US$11 million, Gold Fields now has a vested interest of 49 per cent in the project.

Proposed acquisition of ST Ives and Agnew Gold Mines from WMC

On 21 September 2001 WMC Resources Limited advised Gold Fields that its offer for the St Ives and
Agnew gold mines in Western Australia was successful. The offer comprised US$180 million cash plus
new shares in Gold Fields to the value of US$52 million, together with a royalty based on future gold
production. The transaction, for which South African Reserve Bank approval had been obtained, is
expected to be completed by the end of the year. It is expected that US$160 million of the cash
component will be funded by a US$200 million facility provided by a consortium of Banks.

In order to protect its exposure to Australian Dollar denominated costs, Gold Fields has put in place a risk
management strategy to limit the cost of purchasing its Australian Dollar requirements during the term of
the loan facility. Accordingly, appropriate hedging instruments have been established in respect of US$100
million per annum for five years. These hedging instruments provide protection at United States
Dollar/Australian Dollar exchange rates ranging between 0.49 and 0.52.

Based on historic performance, this acquisition should increase Gold Fields` production to 4.5 million
ounces per year.

Proposed acquisition of Damang Gold Mine From Ranger Minerals

Gold Fields Limited and Repadre Capital Corporation have signed a memorandum of understanding with
Ranger Minerals Limited, which, subject to certain conditions precedent, allows for the purchase by Gold
Fields and Repadre of Ranger`s 90 percent interest in Abosso Goldfields Limited. Gold Fields will pay A$63
million in cash and Repadre will contribute 4 million Repadre shares. On completion of the transaction
Gold Fields will own 71.1 per cent of Abosso, which is the holding company of the Damang Mine.

Oryx & St Helena option granted

In support of the much needed consolidation process in the Free State region, Gold Fields has granted the
ARM/Harmony Joint Venture an exclusive option to negotiate the purchase of the St Helena and Oryx
mines. In addition, discussions have been held regarding the possibility of Gold Fields providing part of the
funding requirements of the joint venture.

In return Harmony has granted Gold Fields an exclusive option to negotiate the acquisition of 19.9 per cent
of Harmony`s current 22.96 per cent stake in Goldfields Ltd of Australia.

Gold Fields Limited is one of the world`s largest unhedged gold producers with total production of 3.8
million ounces for the year ended June 30, 2001 from its Driefontein, Kloof and Free State operations in
South Africa and its Tarkwa operation in Ghana. Gold Fields has total resources of 139 million ounces of
gold and total reserves of 81 million ounces and is listed on the Johannesburg, Nasdaq, London, Paris and
Swiss exchanges.

SA RAND US DOLLARS
SALIENT FEATURES
Quarter Quarter
June Sept Sept June
2001 2001 2001 2001
26,567 27,555 Kg Gold production* oz (000) 886 854
50,411 53,829 R/kg Cash costs $/oz 200 195
7,782 7,675 000 Tons milled 000 7,675 7,782
69,470 73,646 R/kg Revenue $/oz 274 269
193 212 R/ton Operating costs $/ton 25 24
448 498 Rm Operating profit $m 59 56
130 203 Rm Headline Earnings $m 24 16
29 45 SA c.p.s. US c.p.s. 5 4
(1,564) 203 Rm Net earnings $m 24 (195)
(343) 45 SA c.p.s. US c.p.s. 5 (43)

* Attributable -- all companies wholly owned except Tarkwa (71.1%)

[gholzbauer]

Monday February 4, 2:25 am Eastern Time
Press Release
SOURCE: Gold Fields Limited
Gold Fields Limited Reports Record Earnings for Second Quarter F2002
- Earnings tripled up from R203 to R640 million (US$24 million to US$67 million)
- Operating profit doubled up from R498 million to R1,064 million (US$59 million to US$110 million)
- Attributable gold output up 11% from 886,000 ounces to 984,000 ounces
- Cash costs down 16% from US$200/oz to US$169/oz
- Rand gold price up 24% from R73,646/kg to R91,627/kg
- Acquisition of St Ives, Agnew and Damang completed will increase attributable gold production to more than 4.5 million ounces per annum
Live Conference Call Audio Webcast on 4 February at 17.00 Johannesburg Time (10:00 a.m., North American EST) See www.goldfields.co.za for more details
JOHANNESBURG, South Africa, Feb. 4 /PRNewswire-FirstCall/ -- Gold Fields Limited (Nasdaq: GOLD; JSE: GFI) today reported record earnings of R640 million (US$67 million), or 139 cents per share, for the December 2001 quarter, a three-fold increase over earnings of R203 million (US$24 million), or 45 cents per share, reported in the September Quarter.

The record earnings can be attributed to an 11% increase in attributable production and the significant weakening of the Rand/US Dollar exchange rate in the period under review.

Revenue for the quarter was R2,869 million (US$287 million), an increase of R778 million (US$37 million), or 37 per cent over the previous quarter`s revenue of R2,091 million (US$250 million).

Attributable gold production improved from 886,000 ounces to 984,000 ounces, an increase of 11 per cent. The gain in the Rand gold price received to R91,627 per kilogram resulted mainly from the weakening of the quarterly average Rand/US Dollar exchange rate from R8.37 during the September quarter to R10.12 in the December quarter. The average Dollar gold price rose from US$274 per ounce to US$279 per ounce, quarter on quarter.

The increased production, together with the higher gold price received, resulted in operating profit for the December quarter more than doubling to R1,064 million (US$110 million), compared to R498 million (US$59 million) for the September quarter.

Operating cash flow for the quarter tripled from R368 million (US$45 million) to R1,219 million (US$126 million), resulting in a cash balance at the end of December of R888 (US$74 million), triple that held at the end of the previous quarter. Debt at the end of the quarter, relating to the acquisition of the Agnew and St Ives operations from WMC Resources Limited, was R1,980 million (US$165 million).

In line with the company`s policy of paying out 50 per cent of its earnings, an interim dividend of 90 cents per share has been declared payable to shareholders registered at the close of business on 15 February 2002. The dividend is declared in the currency of the Republic of South Africa.

Operations

The South African operations contributed an increase of 3 per cent of the total production increase, or 33,000 ounces, as a result of additional tons milled and an improvement in yield: 22,000 ounces from the Free State and 11,000 ounces from Kloof. The inclusion of 68,000 ounces from the new Australian operations for the month of December accounted for the remaining 8 per cent increase.

Cash costs for the Group decreased from US$200 per ounce to US$169 per ounce as a result of three main factors: the increase in production at Beatrix and Kloof, the weakening of the Rand/Dollar exchange rate by 21 per cent, and the inclusion of production from Australia at a cash cost of US$161 per ounce.

Chris Thompson, Chairman and Chief Executive Officer said:

``It is indeed a pleasure to present this set of results. While all of our operations have performed well, notable achievements for the quarter include the containment of Rand costs per kilogram for the South African operations; the significant improvement in the performance of Beatrix, including its 4 Shaft (Oryx), where the teams put in a sterling effort to achieve record production and profits; and some much needed improvements from Kloof. Driefontein, drawing on many months of focused efforts, had an exceptional December and is now running particularly well. 80,000 tons of high-grade ore were stockpiled during the quarter allowing the mine to continue producing gold over the usually dormant Christmas period and strongly into January,`` said Thompson.

Completion of the acquisition of the St Ives and Agnew Mines from WMC Resources Limited occurred on 1 December 2001, resulting in a full month`s contribution to this quarter`s results. During this period, the development of new operating and business systems was completed and a new management team established, led by Steve Banning who was appointed Managing Director of Australia. The near term focus will remain on maintaining current production levels and optimising existing operations. Exploration will be ramped up on both sites over the next 18 months, and once the resource and reserve potential is more fully defined, a long-range plan will be implemented to realise the full potential of the two sites. The acquisition of the Damang mine in Ghana from Ranger Minerals was completed after the close of the reporting period, on 23 January 2001.

``These two acquisitions, coupled with the successful Tarkwa mine in Ghana, will push Gold Fields` gross production outside South Africa to over 33% of our total. We are very excited about the exploration potential these operations bring as well as the new dimensions they add both for our people and our aspirations. They are demonstrably value-adding additions, which vindicates our strategy of careful evaluation and selectivity with regard to growth,`` said Thompson.

Metallurgical studies continued during the quarter at Arctic Platinum and included pilot plant testing. Additional drilling was completed at Ahmavaara and Konttijarvi in anticipation of the Suhanko feasibility study, which is expected to be complete by September 2002. As a result of cumulative expenditures of US$13 million being attained, Gold Fields has earned its full 51 percent interest in the project.

Outlook

``The outlook for the March quarter is encouraging. This quarter will reflect the inclusion of a full quarter from our Australian operations and two months from the new Damang operation. In addition, if the current Rand values in the range of R11-R12 to the Dollar are sustained, we can expect greater contributions from South African operations where we have had the best operational January we have had for many years. The US Dollar gold price looks solidly underpinned by strong physical demand in the $280 - $290 per ounce range and the emergence of investment buying of gold in Japan and Germany are further reasons for optimism in our outlook,`` said Thompson.

``For the calendar year ahead we will continue to look for acquisition opportunities. We hope that after the Normandy takeover battle pricing expectations have not risen to prohibitive levels. Real value creation remains the key to our strategy,`` he said.

Gold Fields Limited is one of the world`s largest unhedged gold producers with operating mines in South Africa, Ghana, and Australia. Attributable gold production is more than 4.5 million ounces per year, with reserves of 85 million ounces and resources of more than 150 million ounces. Gold Fields is listed on the Johannesburg (GFI), Nasdaq (GOLD), London, Paris and Swiss exchanges.


SA RAND US DOLLARS
Quarter SALIENT FEATURES Quarter
Sept Dec Dec Sept
2001 2001 2001 2001

27,555 30,592 kg Gold production* oz (000) 984 886
53,829 55,013 R/kg Cash costs $/oz 169 200
7,675 8,354 000 Tons milled 000 8,354 7,675
73,646 91,627 R/kg Revenue $/oz 279 274
212 215 R/ton Operating costs $/ton 21 25
498 1,064 Rm Operating profit $m 110 59
203 640 Rm Headline Earnings $m 67 24
45 139 SA c.p.s. US c.p.s. 15 5
203 640 Rm Net earnings $m 67 24
45 139 SA c.p.s. US c.p.s. 15 5

* Attributable -- all companies wholly owned except Tarkwa (71.1%)


FULL RESULTS AVAILABLE AT
WWW.GOLDFIELDS.CO.ZA

[buecherwuermer]

Gold Fields geht gerade durch die Decke über 10,00
+ 8%
Vielleicht geht Spot Gold heute noch über 300

[lui2]

wer kennt Delta Gold 869457 ???
Habe vor 2-3 Jahren einige davon gekauft und nicht mehr hingeguckt. Nun sehe ich, völlig überrascht, Preis 0,00
Umsatz 0,00 !!!
Was ist mit Delta passiert???

[006]

@lui2
hei du schlafmütze
delta gold hat mit der australischen goldfields fusioniert
die heissen jetzt" aurion" -AOR
hoffe gedient zu haben
006

[lui2]

@ 006
Danke erstmals!
Vielleicht kannst Du mir noch etwas weiter helfen.
Unter diesem Namen (aurion)kommt in D. nur: "Es wurden keine Übereinstimmungen gefunden."
Und den Kürzel AOR gibts weder in Deutschland noch in USA!?

Wo also finde ich hier Chart und Kurse???

Nochmals vielen Dank!!

[Schieler]

Fusion mit Goldfields (Austalien), Delta Gold wird seit 12/2001 nicht mehr gehandelt!




Quartalsberichte und sonstige Meldungen zu Minenaktien
01.02.02
Goldfields/Delta Gold wird sich in Aurion (AUS) umbenennen.


00.12.01
Goldfields und Delta Gold haben fusioniert, neue Gesellschaft/Aktien laufen unter Goldfields.

[Schieler]

AURION GOLD LTD. SHARES O.N.
WKN. 896229