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A bittersweet respite for gold companies has been the rise in this safe haven metal to record levels said Chief Executive Officer Nick Holland.Get A Quote
A bittersweet respite for gold companies has been the rise in this safe haven metal to record levels, said Chief Executive Officer Nick Holland.
Aug 20, 2020nbsp018332South African miner Gold Fields reported a four-fold jump in half-year earnings on Thursday, benefiting from a surge in the price of the precious metal
Gold Fields estimated it lost output of 42,000 ounces due to COVID-19-related stoppages.
JOHANNESBURG Reuters - South African miner Gold Fields reported a four-fold jump in half-year earnings on Thursday, benefiting from a surge in the price of the precious metal and lower-than-expected COVID-19 impact on its output.
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Output from Gruyere in Australia and an increase in production days offset the impact of COVID-19 stoppages at South Deep in South Africa and the Cerro Corona mine in Peru, the company said.
Record gold prices and a weaker rand have given the South African gold industry, which has produced a third of the bullion mined in history, a lifeline after the disruption caused by the COVID-19 pandemic.
The company produced 1.087 million ounces of gold during the period, marginally up from 1.083 million ounces a year ago, despite lockdowns and infection control measures.
The company, which also has operations in Ghana and the Salares Norte project in Chile, lowered its 2020 gold production forecast to between 2.200 million ounces and 2.250 million ounces, from 2.275 million ounces and 2.315 million ounces.
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