GFI: Best of South Africa

AVISHKAR NAGASER, Macquarie Research (02/14/2011)
"Production for the December quarter is expected to be ~900 koz., with total cash costs at ~US$730/oz. (based on R/US$ of 6.92). NCE is expected to be ~US$1,100/oz. (implying an NCE margin of ~20%, compared to 18% in the September quarter), in line with higher capex, specifically due to switch from contractor to owner mining at Damang. . .GFI has been the best performer from the SA majors, up 22% over the last 12 months, compared to 13% returned by the JSE gold index."

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