South Africa's Gold Fields, the world's fourth largest gold producer, reported a 58 percent surge in third quarter earnings on Thursday fuelled by gold's record run but fell just short of analysts' bullish expectations.
The group also said it was now aiming to produce 3.5 million ounces of gold in 2011, the bottom end of a targeted range of 3.5 to 3.7 million ounces, as it tries to take full advantage of sky-high bullion prices.
The company said it expected to hit this target "despite the recent wage-related industrial action and higher than expected safety-related stoppages which disrupted the South African operations."
The average gold price was up about 13 percent to just over $1,700 an ounce during the quarter to the end of September compared to the previous one.
In rand terms it was up around 20 percent and both trends flowed to Gold Fields' bottom line as about 50 percent of its output comes from South Africa.
As expected, the group said its production for the quarter rose three percent to 900,000 ounces, a figure it had already flagged.
Its adjusted earnings per share leapt to 291 cents from 184 cents in the previous quarter. A Reuters poll of six analysts had seen the number coming in at 303.5 cents. (Reporting by Ed Stoddard; Editing by Ed Cropley)
The group also said it was now aiming to produce 3.5 million ounces of gold in 2011, the bottom end of a targeted range of 3.5 to 3.7 million ounces, as it tries to take full advantage of sky-high bullion prices.
The company said it expected to hit this target "despite the recent wage-related industrial action and higher than expected safety-related stoppages which disrupted the South African operations."
The average gold price was up about 13 percent to just over $1,700 an ounce during the quarter to the end of September compared to the previous one.
In rand terms it was up around 20 percent and both trends flowed to Gold Fields' bottom line as about 50 percent of its output comes from South Africa.
As expected, the group said its production for the quarter rose three percent to 900,000 ounces, a figure it had already flagged.
Its adjusted earnings per share leapt to 291 cents from 184 cents in the previous quarter. A Reuters poll of six analysts had seen the number coming in at 303.5 cents. (Reporting by Ed Stoddard; Editing by Ed Cropley)
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