Nov 12 (Reuters) - South African miner Gold Fields
on Thursday reported a 7% higher production in the third
quarter, driven by the recent surge in gold prices as investors
sought safety in bullion amid the COVID-19 crisis.
The bullion miner said attributable gold equivalent output
rose to 557,000 ounces during the quarter ended September from
523,000 ounces during the same period a year earlier.
Gold prices climbed to record highs of above $2,000
an ounce in August and have cushioned miners from the impact of
The miner, which has operations in Ghana, Australia, Peru
and Chile, maintained its full-year production outlook of 2.2
million ounces to 2.25 million ounces.
Gold Fields, however, said a second wave of coronavirus
infections could disrupt production and might be a drag on its
The company said its net debt to EBITDA ratio as of
September end stood at 0.68 times, compared with 0.84 times at
Rival AngloGold Ashanti last week doubled its
dividend payout ratio as profits soared and borrowings decreased
on the back of stronger gold prices.
(Reporting by Aby Jose Koilparambil in Bengaluru and Tanisha
Heiberg in Johannesburg; Editing by Ramakrishnan M.)