Goldfields records 15% growth earnings 2011 second quarter

Gold Fields’s earnings grew 15% to $186 million (R1,267 million) in the 2011 second quarter against a gold price increase of 5%, says Chief Executive Officer Nick Holland August 11, 2011.

Goldfields, Africa’s second largest gold producer after AngloGold Ashanti, posted $158 million as its earnings in the 2011 first quarter.

With eight operating mines in Ghana, Australia, Peru and South Africa, Goldfields’s equivalent gold production during the quarter was 872,000 ounces, 5% higher than the 2011 first quarter with a total cash cost of $816 per ounce.

The company recently acquired new shares in Ghana and Peru and has secured a 5-year $1 billion loan facility, the Johannesburg-based company said in a statement.

By Ekow Quandzie