NEW YORK (Reuters) - The world's fourth biggest gold producer, Gold Fields Ltd (GFIJ.J: Quote, Profile, Research, Stock Buzz), expects a major increase in margins in its fourth quarter on the back of higher gold prices, its chief executive said on Wednesday.
Speaking by telephone from Johannesburg at the Reuters Global Mining and Steel Summit in New York, CEO Ian Cockerill said gold prices have been especially robust in currencies of commodity producers like South Africa and Australia.
"Clearly it will be very positive for the margins, off the top of my head I don't know how much it will improve, but it will be a fairly substantial improvement," he said when asked about the fiscal fourth quarter ending in June.
He also said he expected bargain hunters to soon scoop up gold sector stocks, including those of Gold Fields, following the recent pullback in stock prices.
"I think people are going to realize that these stocks have moved back into very reasonable territory and I wouldn't be at all surprised to start seeing some judicious buying by the bargain hunters coming in shortly."
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