Gold Fields hit by R3.5bn impairment at South Deep mine

JOHANNESBURG – Gold Fields said on Wednesday it had taken a R3.5 billion, or U.S.$278 million, impairment charge at its South Deep mine due to a below-forecast gold price and a slower ramp up of production for the year ended 31 December 2017.

The company reported headline earnings per share of 24 U.S. cents down slightly from 25 cents in 2016. Net loss for the year was four cents per share, compared with a profit of 20 cents per share in 2016.

Gold Fields chief executive Nick Holland, said 2017 was a year of two halves for South Deep, with the …read more