08-01-03 0209ET
*DJ Gold Fields FY Net Op Profit ZAR378.8M vs ZAR373.5M
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08-01-03 0212ET
*DJ Gold Fields FY Net Profit ZAR325.6M vs ZAR301.5M
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08-01-03 0213ET
*DJ Gold Fields 4Q Net Profit ZAR98.0M vs ZAR92.6M In 3Q
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08-01-03 0213ET
DJ Gold Fields/FY -2: Headline EPS 56.0C Vs 65.0C >GFI
Gold Fields Ltd. (GFI) - Johannesburg
12 Months June 30:
All figures are in dollars and cents.
2003 2002
Net Profit 325.60 mln 301.50 mln
Revenue 1.53 bln 1.23 bln
Headline Earnings 263.90 mln 301.10 mln
Net earnings a share 69.00 cents 65.00 cents
Headline EPS 56.00 cents 65.00 cents
Gold Price Received 333.00 $/Oz 292.00 $/Oz
Total Cash Costs 212.00 $/Oz 173.00 $/Oz
ZAR/$ Exchange Rate 9.07 10.19
(1$=ZAR7.3750)
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08-01-03 0246ET
DJ Gold Fields 4Q -3: Rand Strengthens 8% On Quarter
Edited Press Release
JOHANNESBURG (Dow Jones)--South Africa's Gold Fields Ltd. (GFI), the country's third biggest gold producer, reported net profit for the fourth quarter of ZAR789 million, down from ZAR805 million for the previous quarter, and ZAR1.18 billion from last year's June 2002 quarter.
In US dollar terms, quarterly earnings rose 5% from $93 million to $98 million, compared to $112 million for the prior year's period.
Included in this quarter's earnings are exceptional items of ZAR272 million ($31 million), which includes a profit on the sale of investments of ZAR302 million ($34 million) and exceptional health care costs of ZAR27 million ($3 million).
Earnings, excluding exceptional items after taxation as well as the net gains on financial instruments and foreign debt, amounted to ZAR226 million ($34 million) compared to ZAR476 million ($58 million) achieved last quarter.
The average Rand/US Dollar exchange rate strengthened 8% during the quarter from ZAR8.38 in the March 2003 quarter to ZAR7.74 this quarter, affecting revenue significantly.
In addition, the US Dollar gold price was lower this quarter at $349 per ounce compared to $353 per ounce last quarter.
The resultant rand gold price of ZAR86,751 per kilogram is, therefore, 9% lower than the ZAR95,068 per kilogram achieved in the March quarter.
This, together with the lower gold sales of 34,244 kilograms, or 1.1 million ounces, as compared to 35,257 kilograms, or 1.13 million ounces last quarter, resulted in a decline in revenue from ZAR3.35 billion ($397 million) to ZAR2.97 billion ($383 million).
The lower gold sales can be attributed primarily to lower underground grades at Kloof.
On a more positive note, operating costs were maintained at R2,224 million (US$281 million) for the quarter, compared to R2,172 million (US$256 million). However, total cash costs increased from R60,709 per kilogram last quarter to R63,369 per kilogram this quarter. In US Dollar terms, total cash costs increased from US$225 per ounce to US$255 per ounce, mainly due to the stronger Rand, quarter on quarter.
For the fiscal year 2003, attributable gold production increased 5% from 4.11 million ounces to a record 4.33 million ounces, primarily as a result of the acquisition of the Australian and Damang operations.
Revenue increased 11% in rand terms, or 25% in US Dollar terms, from ZAR12.53 billion ($1.23 billion) to ZAR13.90 billion ($1.53 billion) due to the increase in production and an increase in the gold price from ZAR95,730 to ZAR97,060 per kilogram for the year ended June 30.
As a result of the $95 million repayment of foreign debt this quarter, the cash balance at the end of June 2003 was ZAR1.04 billion ($134 million), compared to ZAR1.82 billion ($224 million) at the end of March 2003.
Debt at the end of June was ZAR324 million ($42 million) compared to ZAR1.11 billion ($136 million) at the end of the prior quarter.
Attributable gold production for the June 2003 quarter decreased to 1.04 million ounces from 1.07 million ounces in the March 2003 quarter, of which 31% was produced from international operations.
Australia's production increased 13%. This was due to an increase in tons throughput at St. Ives, where yield was maintained at 2.9 grams per ton. Cash costs achieved were A$338 per ounce ($221 per ounce).
Gold production at Agnew was virtually unchanged at 36,000 ounces, at total cash costs in Australian Dollars of A$440 per ounce ($286 per ounce) compared to last quarter's A$449 per ounce ($272 per ounce).
The contribution from the Australian operations to the company's operating profit increased to 20% from 16% last quarter.
Our operations in Ghana showed a decrease in production of 3% due to a significant release of gold in process in the previous quarter.
Total cash costs at Tarkwa were $213 per ounce, compared to $202 last quarter; and at Damang total cash costs decreased from $248 per ounce to $223.
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08-01-03 0318ET
DJ Gold Fields 4Q -4: Declares Dividend Of 100 Cents
Edited Press Release
At the South African operations, production at Driefontein decreased 4% to 286,000 ounces for the quarter.
This was due to anticipated lower surface yields compared to the previous quarter as the high-grade surface rock dump has now been depleted.
Total cash costs increased by 4% in Rand terms to ZAR63,784 per kilogram ($256 per ounce) from ZAR61,184 per kilogram ($227 per ounce) quarter on quarter.
Gold production at Kloof, at 260,000 ounces, was 38,000 ounces lower than the previous quarter because of lower grades and less shifts due to the June quarter public holidays.
The decline in grades was exacerbated by short-term mining mix variations. These have been addressed and grades are improving.
Total cash costs increased by 17% in Rand terms from ZAR60,315 per kilogram ($224 per ounce) to ZAR70,516 per kilogram ($283 per ounce) this quarter.
In the Free State, production at Beatrix increased by 2% cent to 171,000 ounces from the 168,000 ounces achieved in the March quarter.
This increase can be attributed to increased yields at both underground and surface operations. Total cash costs increased 3 per cent in Rand terms to ZAR68,401 per kilogram and increased to $275 per ounce from $246 per ounce last quarter due to the stronger Rand.
On June 10 an announcement was made that a ZAR4.1 billion agreement had been reached with a broad based black empowerment consortium led by Mvelaphanda Resources Limited, wherein Mvela was to acquire a beneficial interest of 15% of the South African gold mining assets of Gold Fields.
This transaction represents a significant milestone toward Gold Fields meeting its requirements of the Mining Charter.
Mvela is in the process of undergoing a debt raising exercise, and once funding commitments are received, a detailed terms announcement will be made.
Exploration has more than doubled to ZAR100 million for the June quarter. This amount includes ZAR43 million in respect of a write-off of expenditure incurred in previous quarters on exploration "farm-in" projects, in which an ownership interest has not yet vested.
Notwithstanding this, there has been a deliberate effort to step up our exploration activities. The bulk of the expenditure has been incurred on a diversified pipeline of early stage projects in Africa, Australia, Bulgaria, China and South and Central America. Subject to continued exploration success, and our ability to finance, expenditure is expected to range between $30 million and $40 million per annum.
On July 11 Outokumpu announced that it had concluded a transaction with South Atlantic Resources, a Canadian junior mining company, to dispose of it's 49% interest in the Arctic Platinum Project, for a total consideration of $31 million.
In terms of the Arctic Platinum Partnership Agreement, this disposal is subject to pre-emptive rights in favour of Gold Fields. We are reviewing the opportunity presented under this arrangement and will make an announcement once a decision has been made in respect of whether the pre-emptive rights will be exercised.
The company declared a final dividend of 100 South African cents, payable on Aug 25.
The dividend results in a payout of 59% for the year based on net earnings excluding gains and losses on financial instruments and foreign debt as well as exceptional items.
Most of the gains on the instruments are unrealized and the realized gains, together with the exceptional gains, being mainly profits on sale of investments, have been applied to debt reduction.
The dividend was also influenced by the significant capital expenditure of R2.3 billion for the year.
(END) Dow Jones Newswires
08-01-03 0318ET
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