South African gold producers are set to report mixed results for the third quarter ended September with higher costs, especially from the recent wage settlement, likely to be the key feature, analysts have told I-Net Bridge.
However, providing a marginal boost to local gold miners will be a slightly higher rand gold price during the third quarter, which averaged 86,450 rand a kilogram up 3.5% from the second quarter average of R83,530/kg.
Junior gold miner Avgold (AVG) will start the latest quarterly reporting season on Wednesday, October 22 with London- and Nasdaq-listed Randgold Resources, 42.9% held by Randgold & Exploration (RNG), ending the period on November 12.
World number two gold miner AngloGold (ANG) is expected to show headline earnings per share of 209 cents, down 9.1% from 230 cents in the previous quarter.
Excluding exceptional items, analysts expect AngloGold's headline earnings per share to be 238 cents up 2.6% up from 232 cents in the June quarter.
AngloGold and Randgold Resources are currently both bidding for Ghana's Ashanti Goldfields.
Gold Fields (GFI), South Africa's second largest gold miner, is expected to show a 37.5% decline in headline earnings per share from 104 cents in the second quarter to 65 cents in the third quarter.
Excluding gains and losses from financial instruments as well as foreign debt, Gold Fields headline earnings per share are expected to up 4% to 50 cents from 48 cents previously.
Gold Fields is currently in the process of restructuring in order to sell 15% of its South African gold mines to Mvelaphanda Resources (MVL), headed by former politician Tokyo Sexwale.
By February next year the deal between Gold Fields and Mvela is to be concluded.
Excluding exceptional items, Harmony (HAR) is expected to report headline earnings per share of 54 cents - up 23% from a previous figure of 44 cents - while bottom line headline earnings per share are expected to fall over 20%.
At the end of September, Harmony and ARMgold merged to form the world's fifth largest gold miner and the group with the largest South African gold mining interests.
Release Date - Avgold October 22, DRD October 23, Harmony October 27, Gold Fields October 30, AngloGold October 31, Randgold Resources November 12
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