Initiation on Gold Fields (JSE:GFI / NYSE:GFI)
The following equity research report deep dives into Gold Fields Limited (JSE:GFI / NYSE:GFI) with the aim to understand their mining operations, future potential and sensitivity of the equity valuation to gold price changes.
Gold Fields flagship asset is a South Deep in South Africa with 75 years of life. The group has fantastic global diversification with ~48% of gold production in tier 1 jurisdiction Australia, 32% of production from Ghana, and a strong reserve replacement pipeline including the ramp up of new Salares Norte (~300Koz+ Au pa) in Chile and the Windfall project (~300koz Au pa) in Canada, – which should be producing within the next 5 years. The equity valuation scenario analysis demonstrates significant leverage in the equity, ranging from 1.2 – 1.36x gearing to gold spot price changes, – both to the upside and downside.
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