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Tuesday, 5th May 2009 (1064 views)

Gold mining companies in South Africa are expected to generate increased profits for the first quarter of 2009, according to analysts.

A survey of experts by Mining Weekly Online found that high gold prices will boost revenues over the three months to March this year.

Cadiz Asset Management analyst Peter Major predicted "decent" quarterly results for miners Gold Fields, Harmony Gold and AngloGold Ashanti over the first quarter of 2009, although he forecast that production during the period would be down slightly on the previous year.

Mr Major told the news source that "great management" of AngloGold Ashanti by chief executive Mark Cutifani had motivated workers and helped to pay off debt.

He added that Gold Fields' Tarkwa mine in Ghana had the potential for future growth and its South Deep mine would generate most of the firm's future production increases.

Gold Fields, one of the largest unhedged gold companies in the world, produces millions of ounces a year from its eight operating mines in South Africa, Ghana, Australia and Peru.

 

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