South African-based Gold Fields (NYSE:GFI) is a gold producer, with eight operating gold mines in Australia, Peru, Ghana, and South Africa. In the recently released Q4 earnings report, low gold prices continue to pinch away at revenue growth. Cost cuts drove free cash flow (FCF) margins higher for the year, which allowed the company to de-lever the balance sheet with internal cash flow (see Figure 1). Gold Fields produced 47% more gold in the Australia region last year, mainly due to its Yilgarn South gold assets acquired in late 2013. The fallout in gold prices has significantly depressed asset valuations in the gold sector. Some gold miners, including Gold Fields, had to write-down the carrying values of assets as a result. Gold Fields said it could afford to make another accretive acquisition, if the price is right. Read more