Gold Fields jumps after saying Q2 production at South Deep up 61%
In an update on projects Gold Fields said: "After a challenging start to 2017, with a number of incidents impacting Q1, production at South Deep in Q2 2017 increased by 61% QoQ. The recovery continued into the July month, during which 1,008kg was produced. Despite the slow start to the year, the integrity of the rebase plan is still intact and largely on track. We strongly believe that the production schedule of the rebase plan over the next few years is on track. For the six months to 30 June, production at South Deep decreased by 15% to 3,710kg from 4,356kg in H1 2016, driven by decreased volumes and grade. Two fatalities and three falls of ground impacted negatively on the March quarter's production output. However, the June quarter demonstrated a significant improvement. AIC in H1 2017 increased 7% YoY to R662,973/kg." Shares of Gold Fields are up over 3% to $4.13 in morning trading.