SA MINER GOLD FIELDS REPORTS SURGE IN PROFIT

GOLD FIELDS recently reported a four-fold jump in half year earnings, with headlines per share increasing in price from $0.05 to $0.20. This is due to gold bullion surging in price.

However, the company remained “reasonably cautious” about the rest of the year’s profit, thanks to the COVID-19 crisis. An estimated 42,000 ounces of output was lost due to COVID-19-related stoppages.

Record gold prices and a weak rand are a lifeline for the South African gold industry after the disruption caused by the pandemic.

“A bittersweet respite for gold companies has been the rise in this safe haven metal to record levels,” said Chief Executive Officer Nick Holland.