Labour unrest at Anglo American Platinum’s South Africa operations spread on Tuesday to a new mine as the company and fellow miner AngloGold Ashanti (NYSE:AU) have hardened their stance on strikers.
Gold Fields Ltd. Mining News
Gold Fields appoints new Ghana country manager
Gold Fields Limited announced the appointment of Ghanaian businessman Pierre Charles Coussey as new country manager for the company's operations in Ghana (Gold Fields Ghana Limited and Abosso Goldfields Limited).
South African strikes far from over: AngloGold Ashanti closed
AngloGold Ashanti (NYSE:AU) was hit by the mining unrest spreading through South Africa again Tuesday night, as strikers halted all of its operations in the country, which account for 32% of the multinational's total gold production.
No end in sight for strike at Gold Fields mine
A labour strike in demand for higher salaries continued at South Africa's second-largest gold producer, Gold Fields Ld. on Friday, as talks between KDC West miners and the company progress.
Gold mining industry shooting itself in the foot
The gold mining industry has been digging its own grave by telling just half of the real cost story, Gold Fields (NYSE:GFI) CEO Nick Holland told the audience Thursday at this year’s Denver Gold Forum in Colorado.
Unrest returns to South African gold mine
Labour unrest spread in South Africa on Monday when 15,000 workers stopped operations at a Gold Fields (JSE, NYSE, NASDAQ Dubai: GFI) mine while few workers reported for duty in the fourth week of a stoppage at Lonmin (LON:JSE) , the world’s third largest platinum mine.
South African strikes spread, hit Gold Fields
Mining workers dissatisfaction in South Africa has now hit the country's second-largest gold producer, Gold Fields Ld. as about 12,000 employees downed tools at the KDC mine, on Johannesburg's West Rand.
Tarkwa Gold Mine heap leach facilities resume operations
The company has announced that the Environmental Protection Agency (EPA) of Ghana lifted the temporary suspension on Tarkwa Gold Mine's heap leach facilities.
South Africa's top mining execs push for higher safety standards
South Africa’s Chamber of Mines said Friday it will set up a special CEO “elimination of fatalities team” in an effort to bring down the number of deaths at the local mines.
Gold Fields Q1 earnings fall but beat market estimates
Despite reporting an 18% drop in its quarterly earnings, South Africa's Gold Fields beat market estimates as output and the bullion price in South African rand both fell.
Gold Fields eyes Abitibi greenstone belt with C$40m Bear Lake option
A major gold producer - Gold Fields - and a small Canadian junior - Bear Lake - team up in one of the world's major gold belts - the Abitibi greenstones.
Gold Fields acquires stake in Philippine mining project
Gold Fields has purchased a 40% stake in the gold-copper far Southeast project in the northern part of Luzon, Philippines.
Gold Fields buys 40 pct stake in Philippine gold/copper project
The world's fourth-largest bullion producer acquired the stake after making a $110 million down payment this week and retained the option to acquire an additional 20% in the Far Southeast Project.
Gold shares slide as futures flirt with $1,700/oz
Shares of some top gold companies are down at 1 p.m.: Barrick Gold CorpBarrick Gold Corp. fell $.99 or 2.1 percent, to $46.44. Gold Fields fell $.40 or 2.6 percent, to $14.95. GoldCorp. fell $1.30 or 2.6 percent, to $47.83. Newmont Mining CorpNewmont...
Gold Fields says Ghana tax plan may halt $1 billion projects
Gold Fields Ltd., the fourth-biggest producer of the metal, said Ghana’s plan to raise tariffs on mines and introduce a windfall tax could force it to halt expansion projects worth $1 billion in the country.
Gold Fields to produce 1m oz gold in S. America
Gold Fields, the world's fourth-largest gold producer, aims to produce one-million ounces of the precious metal per year in South America by 2015, the company's regional chief said on Wednesday.
Gold Fields fatalities at KDC Mine
Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) regrets to announce the death of two employees at the Number 7 Shaft at its KDC East (formerly Kloof) mine after a seismic-related accident. Another five employees were injured, of whom two were hospitalised and are in a stable condition. The other three employees suffered only minor injuries.
Gold Fields fatalities at KDC Mine
Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) regrets to announce the death of two employees at the Number 7 Shaft at its KDC East (formerly Kloof) mine after a seismic-related accident.
Q2 output to rise 5% – Gold Fields
Gold Fields, the world's fourth largest gold producer, said on Tuesday it expects production to rise as much as 5% in the second quarter to approximately 872,000 gold equivalent ounces.
South Africa gold miners hammered as costs spiral
By early afternoon on Thursday 7.5% or over $400m had been wiped off the value of Harmony Gold Mining stock in New York, the worst performer in an index of 50 of the largest gold and silver counters. Other South African gold miners were also punished with both Anglogold Ashanti and Gold Fields down over 5%.
Some South African produces are struggling with cash outlays of $1,200/ounce – almost double the global average – thanks to a strong currency, wage disputes, power supply problems and geological issues. As the gold price eases as much as 180,000 oz of quarterly production are being put at risk.
Gold Fields Ghana acquisition approved
Further to the announcement on 15 April 2011, Gold Fields announced that its shareholders have overwhelmingly approved the US$667 million acquisition of IAMGOLD Corporation's 18.9% stake in the Tarkwa and Damang gold mines in Ghana.
Of the 603 million shares (84% of total shares in issues) that were voted at a general meeting 93% were cast in favour of the transaction.
Buyers could line up for Harmony’s massive Papua New Guinea find
The takeover rumour mill is working overtime as speculation about the size of Harmony Gold’s Wafi-Golpu deposit increases. Harmony has already been forced to share the planet’s potentially third largest gold and copper mine with Australia’s Newcrest Mining, selling 50% of the project for $525m three years ago.
Now, as the value of Wafi-Golpu climbs - Deutsche Bank recently put it at $9.9bn – and predictions of development cost reach $5bn, other suitors may be lining up for the assets. M&A activity in the gold sector is at a 10-year high and top takeover candidates are Harmony’s South African peer Gold Fields, Canada's Barrick Gold, Newmont Mining and partner Newcrest itself.
BusinessDay: Producers warn on prices even as gold demand rockets
Gold demand surged in the first quarter of this year as purchases of the precious metal for investment climbed 11% to 981.3 tons in the first three months according to the latest World Gold Council report. Much of the increase was as a result of buying of the physical metal – purchases of gold bars and coins shot up 52% year on year to 366 tons, representing a virtual doubling in value to $16bn.
The report from the association of gold producers comes as the biggest producers sound warnings on Monday that any major pullback in the metal’s price below $1,000 could jeopardize the primary supply of gold.
Gold Fields ups stake in La Cima to boost gold output
Tier 1 gold miner Gold Fields has bought nearly all the shares in a Peruvian subsidiary for $382 million to increase its attributable gold production from Cerro Corona mine.
IAMGOLD sells minority stakes in Ghana mines to Gold Fields, faces uncertainty in Burkina Faso
IAMGOLD (TSX: IMG) agreed to sell its 18.9-percent interests in two Ghanaian gold mines, Tarkwa and Damang, to Gold Fields (NYSE: GFI), the majority stakeholder, for $667 million.
The company reasoned it hasn't been getting fair value by investors as minority players in mines in which Gold Fields owns the majority stakes. "Our strategy is to invest in mines that we own and operate, as they represent the best return on investment for our shareholders," Steve Letwin, IAMGOLD president and CEO said in a statement.
