Gold Fields Limited
Gold Fields Limited
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(PRODUCTIVITY) Gold Fields is making another attempt to stem the cash burn at its South Deep mine in South Africa, announcing restructure plans that will see it cut workforce numbers by 28% while it seeks to transform it into a modern, mechanised operation.
South African major Gold Fields is making another attempt to stem the losses at its South Deep mine 45km SW of Johannesburg, announcing restructure plans that will see it cut workforce numbers by 1,560 or 28%.
A s189 consultation process under South Africa’s Labour Relations Act has begun with unions and stakeholders.
The company says the new round of changes will have a significant impact on South Deep's gold production, but it will take several months of detailed mine planning to come up with an estimate.
(LITIGATION) Six leading South African gold miners have committed to comprehensive compensation payouts for mineworkers suffering silicosis and/or tuberculosis from working in dusty gold mine environments.
South African miners Harmony Gold, African Rainbow, Anglo American SA, AngloGold Ashanti, Gold Fields and Sibanye-Stillwater have agreed to pay up to ZAR500,000 in compensation for former mine workers suffering the lung diseases silicosis and turberculosis.
The companies have previously estimated their combined costs of the settlement will be about ZAR5B.
The settlement comes after 3 years of negotiations with lawyers representing the claimants in a class action.
Gold Fields is looking for urgent answers to the South Deep labour, equipment and ground condition issues that forced it to cut its full year 2018 production forecast after just three months.
A "tough start" to the year at its South Deep project 45km SW of Johannesburg has led South African major Gold Fields to cut group forecast FY2018 attributable gold equivalent production to 2-2.05Moz, from its previous guidance of 2.08-2.1Moz.
Gold Fields produced 490,000oz in the March qtr (Q1), down from 546,000oz in the Dec qtr.
All-in sustaining costs improved slightly to $US955/oz (Q4FY2017: $959/oz), while all-in costs rose to $1,150/oz ($1,115/oz).
Local floods and access problems caused by abnormally high rainfall through the March qtr have forced 50-50 partners Gold Road and Gold Fields to extend the timeline and cost estimates for its Gruyere gold project 200km E of Laverton in Western Australia.
After completing 80% of engineering work, their first gold forecast has gone from late in the March 2019 qtr to early in the following period.
The expected capital cost is now at the top end of its $A506-585M range.
South African miner Gold Fields will complete preparatory work in 2019 at its Salares Norte Gold Project in N Chile and is eyeing potential output of about 345,000oz pa starting around 2021.
The company will decide whether to give the budgeted $US850M construction go-ahead next year, Americas VP operations Alberto Cardenas has told Reuters.
Gold Fields produced 2.16Moz ast year, but profit fell 4% as it struggled to resolve operational issues at its South Deep underground mine in S Africa.
Magmatic Resources has extended its diversification strategy by acquiring two gold exploration tenements in Western Australia 15km from the 5.88Moz Gruyere gold project being constructed by its 20% shareholder Gold Fields in JV with Gold Road.
Global gold major Gold Fields is paying Asanko Gold $US202.6M for a 50% stake in Asanko Gold’s namesake Asanko Gold Mine in Ghana and a 9.9% stake in the company itself.