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Gold Fields remains in ‘strong’ financial position, despite $367m loss, says Holland

By: Simone Liedtke     Updated 6 hours ago Despite attributable losses from continuing operations for the six-month period ended June 30, of $367-million or $0.45 a share, CEO Nick Holland maintains that the NYSE- and JSE-listed Gold Fields remains in a strong financial position. Holland further noted on Thursday that the integrity of the... 

Mantashe blames Gold Fields bosses for mine woes

By: Reuters     16th August 2018 Gold Fields' plan to cut jobs at its struggling South African mine fails to address "poor management", Mining Minister Gwede Mantashe said on Thursday, piling pressure on CE Nick Holland. Gold Fields, which is due to report half-year results later, said this week it would cut 1 100 permanent jobs... 

Mining production increases 2.8% y/y in June

By: Marleny Arnoldi     14th August 2018 Mining production increased by 2.8% year-on-year in June, from a 1.8% decline in May, with the largest positive contributor being platinum group metals (PGMs), which rose by 28.2% and contributed 5.9 percentage points, says Statistics South Africa (Stats SA). Other positive contributors were... 

Minister decries Gold Fields’ job-cut plan at cash-burning South Deep

By: Martin Creamer     14th August 2018 They say South Deep will be the last gold mine standing, but every report coming out of it indicates that it is an extremely hard nut to crack, with production hopelessly below guidance. Since 2006, Gold Fields has pumped R32-billion into South Deep without even breaking even, let alone making a... 

Gold Fields expects to report lower H1 basic earnings a share

By: Marleny Arnoldi     8th August 2018 JSE- and NYSE-listed miner Gold Fields has advised that its basic earnings a share for the six months ended June 30 are expected to be at least 20% lower than the $0.07 reported for the six months ended June 30, 2017. The company will release its interim financial results on August 16.  

Miners set to spend $11bn in search of the next jackpot

By: Bloomberg     7th August 2018 Miners and investors are poring over satellite images, tracking drilling rigs and quizzing company executives for clues on whether the sector’s heavyweights are close to a new jackpot discovery. As Rio Tinto Group searches Australia’s Great Sandy Desert for copper and Anglo American scours a 19... 

Gold Fields completes acquisition of stake in Asanko mine

By: Anine Kilian     31st July 2018 JSE-listed Gold Fields has completed a joint venture (JV) transaction with Asanko Gold, giving it a 50% stake in Asanko’s 90% interest in the Asanko gold mine, in Ghana. “The closing of the transaction with Asanko gives us exposure to a great camp, with long-life, low-cost production, with... 

Gruyere’s price tag rises to A$621m on scope changes

By: Esmarie Swanepoel     30th July 2018 An independent third party review of the definitive estimate for the Gruyere gold project, in Western Australia, has increased the capital cost estimate to A$621-million, up from the previous budget of A$532-million. Owners Gold Road Resources and Gold Fields said on Monday that the updated... 

Fate of South African gold rests on one giant, loss-making mine

By: Bloomberg     30th July 2018 Three thousand meters below the plains southwest of Johannesburg, teams of miners are toiling to revive the gold industry that underpinned South Africa’s economy for generations. The South Deep mine was built to target the world’s second-biggest known body of gold-bearing ore, a deposit that... 

Ghana approves Gold Fields, Asanko JV

By: Anine Kilian     22nd June 2018 The Ghanaian government has granted regulatory approval for the completion of Gold Fields’ joint venture (JV) with Canada-based Asanko Gold. Gold Fields and Asanko announced in March that the JSE-listed major would buy a 45% interest in the Asanko gold mine (AGM), in Ghana, for $185-million. 

New mechanisms launched to help former mineworkers claim in landmark silicosis case

By: African News Agency      20th June 2018 A new website and a Facebook page was launched on Tuesday in a bid to assist former mineworkers and their dependents who may be entitled to compensation that have made provisions for a Trust Fund to pay mineworkers who contracted silicosis or TB at work. The historic R5 billion settlement was... 

Ghana gold output up 10.2% to 2.81Moz in 2017 – Chamber of Mines

By: Reuters     1st June 2018 Ghana's gold output rose to 2.81-million ounces in 2017, up 10.2% from the previous year, data from the Ghana Chamber of Mines showed on Friday. The growth reflected a general increase in output across most of the 12 mining firms operating in the West African country, the chamber said. 

Ghana gold miners say welcome new government export tests

By: Reuters     31st May 2018 Gold mining giants in Ghana such as Newmont, Gold Fields and AngloGold Ashanti welcome new government tests to certify the value of their exports, the main industry association said on Wednesday. The tests that come in addition to customs checks and internal company tests are part of an attempt... 

Gold Fields to set aside acquisitions, sees industry costs rising – CEO

By: Reuters     30th May 2018 South Africa's Gold Fields 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. Gold Fields' finances might be "a little bit negative" this year before... 

AfriTin seeks to raise £5.5m in share placement

By: Marleny Arnoldi     23rd May 2018 Aim-listed tin development company AfriTin Mining hopes to raise £5.5-million in an accelerated bookbuild to fast-track the work programme at its flagship Uis mine, in Namibia.  

EIUG, associate organisation appoint board members

By: Marleny Arnoldi     7th May 2018 The Energy Intensive User Group (EIUG) and its associated organisation, the Industry Task Team on Climate Change (ITTCC), on Monday announced their new chairpersons, who were elected at the yearly general meetings of the two bodies.  

Coal miners next to launch lung disease compensation claims

By: Simone Liedtke     4th May 2018 The Southern African Catholic Bishops Conference (SACBC) Justice and Peace Commission and Richard Spoor Attorneys say coal miners are the next in line to seek compensation for occupational lung diseases. "The battle to secure justice for sick miners in South Africa is not over. We are working... 

Lawyer expects to sign gold miners' silicosis settlement Thursday

By: Reuters     2nd May 2018 A lawyer acting for nearly half a million miners who contracted fatal lung diseases silicosis and tuberculosis in mines said an out-of-court settlement was expected to be signed on Thursday with those gold companies implicated in the issue. The High Court in 2016 set the stage for protracted... 

Gold Fields lowers South Deep’s FY guidance after below-expectation Q1 performance

By: Marleny Arnoldi     25th April 2018 A below expectation performance at its South Deep mine, in Johannesburg, contributed to a 1% year-on-year and a 10% quarter-on-quarter decrease in Gold Fields’ output for the quarter ended March 31. Production for the quarter was 490 000 oz. 

Gold Road/Gold Fields JV flags Gruyere delay, possible cost increases

By: Esmarie Swanepoel     23rd April 2018 The Gruyere gold project, in Western Australia, is likely to be late in delivering its first gold, project developers Gold Road Resources and Gold Fields have warned, with the companies also flagging possible cost increases. The joint venture (JV) partners said on Monday that the abnormal... 

Gold Fields to make decision on Chile gold mine next year

By: Reuters     12th April 2018 South African miner Gold Fields will complete preparatory work in 2019 at its Salares Norte project, in northern Chile, and is eyeing potential output of around 345 000 oz/y of gold at the site by the early 2020s, a company executive said. Gold Fields will decide whether to give the go-ahead for... 

Strong rand eroding South African gold mines’ margins 

By: Natasha Odendaal     6th April 2018 While the strengthening of South Africa’s rand against the dollar in recent months has been widely welcomed by many, it has somewhat dampened the outlook for exporters and mining firms reliant on a weakened currency to widen margins. For South Africa’s gold mining industry, the resultant decline... 

Gold Fields buys stake in Asanko gold mine in Ghana

By: Simone Liedtke     29th March 2018 South African miner Gold Fields has teamed up with Canada-based Asanko Gold in Ghana, with the gold miners announcing on Thursday that the JSE-listed major would buy a 45% interest in the Asanko gold mine (AGM) for $185-million. The companies have agreed to form a 50:50 joint venture (JV), which... 

Energy-intensive firms say carbon tax wrong tool for reducing power emissions

By: Terence Creamer     14th March 2018 The Industry Task Team on Climate Change (ITTCC), which includes many of South Africa’s largest mining and industrial companies, says the proposed carbon tax will have no material impact on reducing carbon emissions from the electricity sector, which is responsible for around half of the... 

Biggest Ghana mine union plans strikes over Gold Fields jobs

By: Bloomberg     9th March 2018 Ghana’s largest mineworkers’ union plans protests and strikes throughout operations in the country if the government allows Gold Fields’s local unit to dismiss more than 2,000 staff as it starts the process of hiring a contractor to operate its biggest mine in the West African nation. Gold Fields... 

Huge gold reserves under the city of Johannesburg – historian  

By: Nadine James     2nd March 2018 There should be significant reserves of gold north of the Main Reef line, buried beneath the built up areas of Johannesburg and Langlaagte, among others, posits Kloofendal Nature Reserve historian Rod. R. Kruger in his paper; ‘The Origins of the Original Witwatersrand Gold Fields’. “When George... 

Ghana to tighten controls on gold exports to protect revenues

By: Reuters     28th February 2018 Ghana will certify the value of gold exports as part of efforts to tighten controls on the sector to ensure the state receives the revenues it is due, the vice president said on Tuesday. Ghana, Africa's second largest gold miner after South Africa, earned $5.78 billion from exports of the metal... 

Preferred hydraulic mining contractors selected for Century tailings

By: Creamer Media Reporter      22nd February 2018 ASX-listed New Century Resources has selected Australia-based National Pump and Energy (NPE) and South Africa-based Paragon Tailings as the preferred contractors for hydraulic mining service works for the Century tailings deposit, in north-west Queensland. NPE and Paragon have proposed a... 

Beacon buys surplus process plant equipment from Kin Mining

By: Mariaan Webb     22nd February 2018 Gold development company Beacon Minerals on Thursday announced that it would buy several items of the mothballed Lawlers processing plant from Kin Mining to use in its Jaurdi gold project, north-west of Coolgardie, Western Australia. Beacon has executed a purchase agreement to acquire the... 

Resources Watch  

22nd February 2018 Gold Fields going all out to put South Deep gold mine into black And, South African foundry aims to expand footprint in North America 

On-The-Air (16/02/2018) 

By: Martin Creamer     16th February 2018 Gold Fields is spending R200-million a year on training at its big mechanised gold mine in Gauteng. Northam yesterday switched on R900-million worth of extra platinum power on in Limpopo. The strong rand is hitting underground gold mining very hard.  

Gold Fields going all out to put South Deep gold mine into black 

By: Martin Creamer     14th February 2018 Gold Fields is going all out to push Gauteng's uniquely mechanised deep-level South Deep gold mine into the black once and for all. The company is ploughing R200-million a year into training, which it believes will set South Africa on an exciting new successful course in the pioneering fields of... 

Gold Fields pays dividend on net loss, flat production, two fatalities

By: Martin Creamer     14th February 2018 Gold mining company Gold Fields on Wednesday announced a final dividend on a net loss and flat production, impacted by two fatalities. As per its trading statement released on February 8, headline earnings for 2017 were $194-million, or $0.24 a share, and net loss for the year was $35-million, or... 

Gold Fields expects up to 12% decrease in FY17 HEPS

By: Megan van Wyngaardt     8th February 2018 Dual-listed Gold Fields on Thursday said it expected as much as a 12% drop in its headline earnings per share (HEPS) for the 2017 financial year. HEPS would be between $0.23 to $0.26 apiece. 

Gold Road consolidates Yamarna belt ownership

By: Simone Liedtke     5th February 2018 Mid-tier gold development and exploration company Gold Road Resources has signed a sale agreement to acquire joint venture (JV) partner Sumitomo Metal Mining Oceania's 50% interest in the South Yamarna project for A$7-million in cash and certain rights of first refusal and first negotiation. The... 

Red 5 starts off 2018 on strong foot

By: Megan van Wyngaardt     31st January 2018 Australian gold producer Red 5 reported a strong first quarter, producing 17 777 oz in the three months to December 31, 2017, paired with sales of 16 150 oz from its recently acquired Darlot mining operation, in Western Australia. All-in sustaining cost for the quarter was A$1 291/oz. 

Gold Fields sells Finnish platinum project

By: Creamer Media Reporter      24th January 2018 Dual-listed Gold Fields has sold its palladium-rich, polymetallic Arctic platinum project (APP), in northern Finland, to Finnish subsidiary of private equity fund CD Capital Natural Resources Fund III. The purchase consideration includes $40-million in cash and a 2% net smelter return royalty on... 

Gruyere construction nearly one-third complete

By: Creamer Media Reporter      18th January 2018 The Gruyere gold project, which Australian junior Gold Road and South African major Gold Fields are building in a 50:50 joint venture near Laverton, Western Australia, is advancing according to schedule. With early works at Gruyere having started in December 2016, construction has now been in... 

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