Most workers at Gold Fields' struggling South Deep mine have been on strike since Nov. 2 over the company's plans to cut around 1,100 jobs, or 30% of its workforce.
Gold Fields Mining News
Gold Fields is having to sneak maintenance teams into its South Deep mine in South Africa after protesters shot at vehicles trying to enter the site, where workers have been on strike since Nov. 2.
The strike, involving more than 3,000 workers, started Friday afternoon to protest the gold miner’s plan to cut jobs.
The National Union of Mineworkers (NUM), which represents around 80 percent of the employees at the mine, will down tools on Friday.
Overall project engineering at the 270,000 ounce-a-year Guyere gold project, which is already more than A$100 million over its original budget of A$507 million, is now 96 percent complete
Shareholders getting impatient over the Gold Fields failure to stem losses at the huge South Deep deposit in South Africa shouldn’t lose hope.
Gold Fields said this week it planned to cut 1,100 permanent jobs at the company's last South African asset, South Deep, sending its shares plummeting.
Holland said the company has made every effort to avoid the drastic move, but said the choice was now between that and serious risk to the future of South Deep and its many stakeholders.
The struggling mine, Gold Fields’ only asset left in South Africa, holds the world’s largest gold deposit after Grasberg in Indonesia and accounts for 60% for the company’s mineral reserves.
The mine is one of Ghana’s newest gold operations and it is located in the country’s Ashanti Region.
Miners area are teaming up to develop one of Ghana’s newest gold mine, the Asanko Gold Mine (AGM), located in the Ashanti Region.
Additional cuts are to come across mines and towns in South Africa, once the world’s biggest producer of gold.
The South African gold producer is setting aside pursuit of new acquisitions for a year as it focuses on its existing operations and nearby prospects instead, the bullion producer's chief executive told Reuters late on Tuesday.
The parties said they believed an out-of-court settlement was far preferable for all concerned than an inevitably lengthy and expensive litigation process .
Most claimants are black miners from South Africa and neighbouring countries such as Lesotho, whom critics say were not provided with adequate protection during and even after the Apartheid ended in 1994.
South African miner reported lower production for the March quarter and flagged more challenges at its problematic South Deep mine on Wednesday, sending its share price sharply lower.
Salares Norte production to begin around 2021 and quickly achieve target output of 345,000 ounces of gold a year.
Companies are teaming up to develop one of the country’s newest gold mine, the Asanko Gold Mine (AGM).
The Minister of Lands and Natural Resources announced that he has agreed to sign a Memorandum of Understanding with protesting workers.
Rough year shuffles ranks of global gold mining giants as Freeport makes a comeback – 2018 forecasts point to another tumultuous year.
The buyer, Perth-based Red 5, is also acquiring Saracen Mineral Holdings' King of the Hills mine.
The 10 largest gold mining companies produce 30% of the world's gold and enjoy some of the sector's fattest margins.
As 2017 gold price rally begins to look shaky, top listed gold producers are being punished disproportionately.
Only three of the world's largest gold producers managed to lift output in 2016 – Barrick loses 600,000 ounces of annual production but slashes costs.
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.