outh African miner Gold Fields Ltd. said Wednesday it expected earnings to more than triple as higher gold prices offset disruptions wrought by the Covid-19 pandemic.

The price of gold, considered a safe haven in times of economic uncertainty, briefly hit record highs above $2,000 an ounce last year, with investors amassing the precious metal in case stocks took a tumble.

Earnings per share for the full year ending 31 December 2020 are expected to range between $0.80 and $0.84, an increase of between 300 to 320 percent from their level in 2019, Gold Fields said in a trading update.

Production increased marginally during the period under review, reaching 2.236 million ounces — a two percent rise – from 2.195 million ounces in 2019.

The earnings increase was driven by slightly higher production and higher prices “despite the hedges that were in place during 2020,” the Johannesburg-based producer said.

Gold Fields has nine mines, some of which are in West Africa, Peru and Australia.

The miner has recently seen its South Deep operation — which sits on one of the world’s largest known reserves of gold-bearing ore — return to profitability after years of losses.

ho/sn/wai