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Gold Fields 2020 Profits Increase Due to Increased Revenue and Production; Increase the dividend

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By Matteo Castia

 

Gold Fields Ltd. on Thursday announced an increase of more than four times net profit for 2020, as revenue was boosted by increased gold production and increasing its final dividend.

The South African gold miner made a net profit of $ 723 million for the year, up from $ 161.6 million in 2019.

Revenue reached $ 1.77 billion, up from $ 1.39 billion the year before. This figure excludes the Asanko Gold Mine joint venture in Ghana.

The board declared a final dividend of 3.2 South African rand (22 US cents) per share, down from ZAR1 a year earlier.

Gold Fields said it produced 593,000 ounces of gold equivalent in the fourth quarter and 2.24 million ounces of gold equivalent for all of 2020, according to the latest forecast. It produced 557,000 ounces in the third quarter of 2020 and 590,000 ounces in the fourth quarter of 2019.

The company said it expects to produce between 2.30 million and 2.35 million ounces this year.

“2021 will be a big year of capital spending for Gold Fields, given the spike in spending at Salares Norte as well as the increase in sustainable investments for the group,” the company said. Total capital spending for the year is expected to reach $ 1.18 billion, he said.

 

Write to Matteo Castia at [email protected]

 

(END) Dow Jones News Wire

February 18, 2021 1:27 am ET (6:27 am GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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