Gold Fields (NYSE:GFI) -11.3% in early trading Thursday after reporting a sharp drop in H1 profit and lower production, reflecting lower gold volumes sold and higher operating costs, only partially offset by higher gold prices.
The South African miner said its net profit in the six months to June 30 totaled $457.8M, compared with $509.7M a year earlier, with headline earnings per share sliding to $0.51 from $0.58 in the same period last year, in line with guidance of $0.49-$0.53/share.
Gold Fields (GFI) said H1 attributable gold equivalent production slipped to 1.15M oz from 1.2M oz a year earlier and in line with previous guidance.
The company said it is on track to start producing gold at its Salares Norte project in Chile in this year’s Q4.
Gold Fields’ (GFI) board declared an interim dividend of 325 South African rand cents (US$0.17).
Also, CFO Paul Schmidt said he plans to retire, after serving as CFO since 2008 and spending 27 years with the company.