Gold Fields is cementing its role as a globally competitive gold miner as it positions itself to drive its all-in costs to $900 an ounce, attracting investors and keeping cash-generating output above 2-million ounces a year for at least a decade, CEO Nick Holland said. In a frank assessment of the South Deep mine in SA, the last mine Gold Fields had in the country, Holland said the share price had been "held back" by the difficulties in ramping up the mine up to its full potential. As part of efforts to tackle the legacy issues of being a South African miner with deep-level, labour-intensive mines, Gold Fields unbundled three of its South African mines to form Sibanye Gold and has pursued offshore growth, targeting low-cost production. Holland said when he took over as CEO a decade ago, 65% of Gold Fields’s annual output came from SA and just 1-million ounces came from the international assets. SA now represents just 13% of its production while the international mines generate 2-mil...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.