South Africa's Gold Fields on Thursday posted a 47 percent decline in full-year earnings due to falling bullion prices and impairments.
Gold Fields FY earnings halve on soft bullion prices
The spot price of gold was volatile last year as markets speculated on U.S. interest rate increases which dented the appeal of non-interest yielding bullion.
A mine worker is seen underground in South Deep mine outside Johannesburg June 4,2010. REUTERS/Siphiwe Sibeko
Normalised earnings for the year to December fell to $45 million from $85 million a year earlier, the company said in a statement.
Gold fell $250 per ounce last year, peaking at $1,300 per ounce. South African producers are slightly cushioned by a decline in the rand as they earn in dollars while paying costs in the local currency.
Gold Fields- Africa's second biggest bullion producer by market value- booked impairments on the value of investments and its mines in Ghana and Australia.
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