Gold Fields posts Q2 loss

South African gold mining firm Gold Fields has posted a second-quarter loss.

The company, which spun off most of its South African assets this year, reported a net loss from continuing operations of R1.17 billion for the three months to end-June.

It has been hit by gold price volatility - the price of gold was 16 percent lower quarter on quarter at $1,372/oz - and impairments related to its operations in Ghana.

Gold production fell five percent in the June quarter.

"Due to the significant decline in the gold price, the group has made a loss for the quarter. Management and the board are also concerned about gold price volatility in the short term," Gold Fields said.

"Another contributing factor to the quarterly loss was the lower revenue resulting from a decline in production and the lower average quarterly dollar gold price achieved," it added.

Gold Fields recorded an impairment of R1.16 billion related to operations at its Tarkwa and Damang mines in Ghana.

It decided not to declare an interim dividend.

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