Gold Fields drops 5.53 per cent
Gold Fields is down 5.04% at $5.84 a share during mid-morning trading.
Other major gold miners are up. Barrick Gold gained 3.03% to $19.65 and Goldcorp (NYSE:GG) is at $30.68, a 1.76% up-tick.
Yesterday Gold Fields (NYSE:GFI) said it plans to purchase three Barrick Gold (NYSE:ABX) mines in Australia for $300 million. The deal is a mix of shares and cash. Gold Fields also announced a second quarter loss. African miners have been struggling with higher wage demands, power disruptions and falling commodity prices.
Gold Fields Ltd. is a major South African gold producer. The main production assets are underground mines in South Africa at the Driefontein and Kloof complexes at the western end of the Wistwatersrand and at the St. Helena group of mines in the Orange Free St.