Gold Fields, the world’s fourth largest gold producer, posted a 19% fall in third quarter earnings that fell short of expectations as a fire and illegal strikes at its South African mines ate into profit.
Gold Fields, a South Africa-based miner with global operations, said adjusted earnings were 202 cents compared to 250 cents in the previous quarter. A Reuters poll of six analysts had forecast 212,8 cents.
Production dropped 6% to 810,000 ounces in the three months from July to September after the company lost 30,000 ounces to a deadly fire that shut part of its KDC operations near Johannesburg for months.
A further 35,000 ounces were lost during the wildcat strikes at its South African operations.
Striking miners only returned to work in early November, prompting the company to cut its 2012 production target to 3,3 million ounces from 3,4 million ounces.
Gold Fields earnings fall after strike
Gold Fields, the world’s fourth largest gold producer, posted a 19% fall in third quarter earnings that fell short of expectations as a fire and illegal strikes at its South African mines ate into profit.
Gold Fields, a South Africa-based miner with global operations, said adjusted earnings were 202 cents compared to 250 cents in the previous quarter. A Reuters poll of six analysts had forecast 212,8 cents.
Production dropped 6% to 810,000 ounces in the three months from July to September after the company lost 30,000 ounces to a deadly fire that shut part of its KDC operations near Johannesburg for months.
A further 35,000 ounces were lost during the wildcat strikes at its South African operations.
Striking miners only returned to work in early November, prompting the company to cut its 2012 production target to 3,3 million ounces from 3,4 million ounces.
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