By Felix Njini and Nelson Banya
Gold Fields may consider a share buyback programme as a way to boost shareholder returns if the gold price remains elevated, CEO Mike Fraser said on Thursday, as the mining company reported a 42% jump in annual profit.
Gold Fields shares hit a record high after the results, rising 8% in mid-morning trade on the Johannesburg Stock Exchange.
The South African gold miner on Thursday reported a $1.2 billion profit for last year, supported by rising gold prices, even though its output of the precious metal fell 10%.
Gold Fields raised its dividend by 34% to 10 rand ($0.54) per share – a company record – after its profit rose to about $1.2 billion last year from $837 million the previous year.
“With that strong cash generation, there would be opportunities for further returns and we’re considering what is the best way to do
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
