|Bid||14,246.00 x 0|
|Ask||15,223.00 x 0|
|Day's Range||14,471.00 - 14,900.00|
|52 Week Range||6,397.00 - 25,569.00|
|Beta (5Y Monthly)||0.44|
|PE Ratio (TTM)||50,954.70|
|Earnings Date||Feb. 12, 2021 - Feb. 13, 2021|
|Forward Dividend & Yield||3.20 (2.13%)|
|Ex-Dividend Date||Sep. 09, 2020|
|1y Target Est||2.91|
GFI vs. AEM: Which Stock Is the Better Value Option?
(Bloomberg) -- Gold Fields Ltd. named former Anglo American Platinum Ltd. boss Chris Griffith as its new chief executive officer as the company seeks a solution for its last gold mine in South Africa.The new chief will start on April 1, succeeding Nick Holland, who is retiring after 13 years at the helm. Gold Fields extended gains on the news, rising as much as 6.2% in Johannesburg trading.Griffith left Anglo American Platinum Ltd. last year at a high point for the company, having recently reported bumper earnings and boosted shareholder returns. During his tenure, the Anglo American Plc unit sold and mothballed less profitable operations to focus on lower-cost mines.While Gold Fields’ incoming CEO would be open to growing the company through new opportunities, it could also boost value by advancing existing, internal projects, Griffith said.“I want whatever help I could bring as an operator who has turned many mines around to be able to build on what’s already been done,” Griffith said on a conference call. “There has been a great improvement in safety and productivity and I hope South Deep hasn’t been sold by the time I get there.”At Gold Fields, he’ll be confronted with advancing the development of a new mine in Chile, while continuing the turnaround at the troublesome South Deep operation in South Africa. Like its larger rival AngloGold Ashanti Ltd., Gold Fields has shifted focus to more profitable mines in Africa, Australia and the Americas as the industry in South Africa dwindles amid geological challenges and soaring costs of mining the world’s deepest deposits.“It would be interesting to see whether he sells South Deep,” said Mandi Dungwa, an analyst at Kagiso Asset Management Ltd. “At Amplats he sold non-performing assets or closed them.”Gold Fields, founded by Cecil Rhodes in 1887, has previously been under pressure from investors to end years of losses at South Deep. While the mine sits on the second-biggest known body of gold-bearing ore, it has failed to meet production targets despite a number of operational revamps. Its problems have been compounded by power shortages and regulatory uncertainties in South Africa.Griffith will bring his underground-mining experience to bear on South Deep, said Bloomberg Intelligence mining analyst Grant Sporre.“His successful turnaround of Amplats is a good foundation to tackle Gold Fields’ problematic South Deep mine and develop its international portfolio of assets,” Sporre said. “Finding a suitable CEO replacement and proving the economic viability of the problematic South Deep mine would help the company close its valuation gap versus peers.”Management ChangesHolland, who was instrumental in efforts to turn around South Deep, will retire six months earlier than initially announced.The appointment of Griffith is one of several recent management changes in the global mining industry. AngloGold is also looking for a new CEO.Griffith “has deep-rooted operational mining experience and an impressive track record of delivering safe operational performance and leading effective change,” Gold Fields Chairwoman Cheryl Carolus said.(Updates with CEO, analyst comments from fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- South Africa’s main stocks benchmark rose for a second day, edging up 0.1% to its seventh record close of 2021, as investors look forward to increased economic support to battle the effects of the pandemic, spurring global appetite for riskier assets.Platinum stocks were among the leading contributors to gains as spot prices for the metal advanced to the highest since August 2016. Impala Platinum Holdings Ltd. surged 4% and Anglo American Platinum Ltd. jumped 5.5% as an index for the sector rose to the highest since 2008.Gold Fields Ltd. climbed 5.1% as investors welcomed the news that former Anglo Platinum head Chris Griffith will become the bullion producer’s new chief executive officer in April, succeeding Nick Holland.“The nomination of Griffith has happened sooner than we and the market has expected and removes near-term uncertainty stemming from the expected retirement of Holland, who has led Gold Fields since 2008,” said Tyler Broda, an analyst at RBC Europe Ltd.A broad index of mining stocks climbed 0.9%, boosted by higher iron ore prices. Exxaro Resources Ltd. surged 6.4% to the highest since July 2019 to lead the gains.The outcome of the year’s first meeting of the South African Reserve Bank monetary policy committee meeting had little impact on the market after the MPC left its key rate unchanged at a record low of 3.5% as predicted by most economists.An index of banking stocks dropped 0.9%, with Capitec Bank Holdings Ltd. down 3.1%You want more news on this market? Click here for a curated First Word channel of actionable news from Bloomberg and select sources. It can be customized to your preferences by clicking into Actions on the toolbar or hitting the HELP key for assistance.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.