South African mining company Gold Fields said on Wednesday that surging gold prices could catapult its half-year profits by more than 300 percent, triggering a ten percent rally in its shares.

The company, which earlier predicted that the coronavirus pandemic would have a limited negative impact on its performance, now says it could reap hefty gains due to rising gold prices.

Headline earnings (the main profit measure in South Africa) for the first half of the year are expected to be $19.5- $20.5 per share, or between 290 percent and 310 percent higher than the $0.05 per share reported last year. (RT)