South Africa’s Gold Fields expects its half-year revenue to rise by as a lot as 236%, it stated on Monday, on the again of upper gold manufacturing and document excessive bullion costs.
In a buying and selling replace, Gold Fields stated its headline earnings per share could be between $1.09 and $1.21 within the six months to June 30, in contrast with $0.36 throughout the identical interval final yr.
The spot gold value is up greater than 30% yr on yr, having reached a peak of $3,500 per ounce in April, earlier than falling to present ranges round $3,356.91 per ounce.
Robust funding demand, reflecting U.S. development and tariff-related inflation issues, in addition to central financial institution shopping for and resilient jewelry demand, are anticipated to drive bullion prices higher.
Gold Fields stated its gold manufacturing rose 24% within the first half to 1.136 million ounces, from 918,000 ounces beforehand. The manufacturing ramp-up at Gold Fields’ Salaries Norte mine in Chile, which was impacted by a harsh winter final yr, has been smoother this yr, leading to a 46% leap in output from the brand new mine.
Gold Fields expects to provide between 2.25 and a pair of.45 million ounces of gold in the course of the full yr.
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