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UPDATE 2-Gold Fields Q2 earnings triple on weak rand

2/4/2002 7:20:00 AM

02-04 0623 UPDATE 2-Gold Fields Q2 earnings triple on weak rand

(Recasts with CEO comments, analyst, updates share price)

By Darren Schuettler

JOHANNESBURG, Feb 4 (Reuters) - South Africa's second-largest gold miner Gold Fields
Ltd said on Monday its earnings tripled in the second quarter on a weak local currency and
higher output, including gold from its new Australian mines. Net earnings rose to 640 million
rand ($67 million at Gold Fields' conversion rate), or 139 cents a share, in the three months to
December 31, from 203 million rand, or 45 cents a share, in the first quarter.

The company declared an interim dividend of 90 cents a share, in line with its policy of
paying out half its earnings.

Gold Fields Chief Executive Chris Thompson said the December quarter was pleasing, but
he told analysts at a presentation:"The March quarter looks to me to be even more
promising".

Shares in Gold Fields were up 1.5 percent at 75.90 rand by early afternoon, after rising as
much as three percent to 77 rand at the opening. The Johannesburg gold index was up 2.7
percent.

Analysts said the figures were in line with market expectations."They produced some sterling
results. Obviously the depreciation of the rand helped," said one analyst.

Gold Fields is the latest South African gold miner to benefit from a 20 percent decline in the
rand during the December quarter. The company received a rand gold price of 91,627 rand
per kg, up 24 percent from the first quarter.

The rand gold price is currently hovering at around 107,000 rand per kg, with the rand at
11.62 to the dollar on Monday.

"If the rand stays, we can expect second-half earnings to be a lot higher, and hopefully that will put us in a position to
pay a higher dividend at the end of the year," said Finance Director Nick Holland.

AUSTRALIAN EXPLORATION

Gold Fields' output rose 11 percent to 984,000 ounces in the second quarter, reflecting a three percent gain in South
Africa and the inclusion of 68,000 ounces from its Australian units.

The third quarter will include a full three months from the St Ives and Agnew Mines, acquired from WMC Resources
(WMC) on December 1, and two months from the new Damang mine in Ghana.

Thompson said current production levels at the former WMC mines would be maintained in the near term, with
exploration at both sites to be ramped up over the next 18 months.

Gold Fields' cash costs in dollar terms fell to $169 an ounce in the second quarter from $200 an ounce. In rand terms,
costs rose slightly to 55,013 rand per kg, but Thompson downplayed inflation concerns."At least for the next two years,
we should be able to contain costs," he said.

Thompson said his company was still in the hunt for acquisitions. But he feared that price expectations may be too high
after fellow South African gold miner AngloGold Ltd (ANGJ) lost an expensive takeover battle for Australia's Normandy
Mining (NDY) to U.S. rival Newmont Mining (NEM).

"We hope that after the Normandy takeover battle, pricing expectations have not risen to prohibitive levels," he said.

Thompson said he expected a decision within 10 days on Gold Fields' agreement with South Africa's Harmony Gold
(HARJ) regarding two Gold Fields' mines and Harmony's nearly 10 percent stake in Australia's Goldfields Ltd (GLD),
which plans to change its name to Aurion Gold.

Under the deal, Harmony has the exclusive right to negotiate the purchase of the St Helena and Oryx mines in South
Africa's Free State province in return for giving Gold Fields the exclusive right to acquire its stake in Goldfields of
Australia.

REUTERS

Rtr 07:20 02-04-02 Copyright 2002, Reuters News Service

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