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Value over volume?

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Chris Griffith, CEO of Gold Fields.
Chris Griffith, CEO of Gold Fields.

Former Gold Fields CEO Nick Holland won plaudits prior to his retirement announcement in August 2020 for having invested in new gold production, especially at a time when the gold price was relatively low.

Establishing a base of about 2m ounces in gold annually for 10 years was ahead of the gold industry curve, especially as the sector has been reticent to invest in new gold resources, analysts said. To some extent, this assessment was reflected in Gold Fields’ share price, which gained 43% compared to a slim 3.5% gain for rival AngloGold Ashanti over the course of 2020.

Today, however, that’s not enough. Chris Griffith, Gold Fields CEO, is keen to arrest the decline in the firm’s production from a peak of 2.7m ounces in 2024. He hopes to achieve this through a combination of acquisitions and organic growth. The plans are strategic at this stage.

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Rand - Dollar
14.52
-0.2%
Rand - Pound
20.03
-0.1%
Rand - Euro
16.89
-0.2%
Rand - Aus dollar
10.85
-0.3%
Rand - Yen
0.13
-0.1%
Gold
1,775.56
+0.3%
Silver
23.86
+0.9%
Palladium
2,097.61
+0.0%
Platinum
1,045.50
+0.4%
Brent Crude
85.08
+0.9%
Top 40
60,190
0.0%
All Share
66,776
0.0%
Resource 10
63,288
0.0%
Industrial 25
84,981
0.0%
Financial 15
14,022
0.0%
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