The difficulties at Gold Fields’ South Deep mine persisted into the first quarter of 2018, forcing a downward revision of the operation’s output for the year and lowering the group’s expected production. Gold Fields lowered its forecast for the year to between 2-million and 2.05-million ounces of gold, from between 2.08-million and 2.1-million ounces, because of the drop in gold expected to come from South Deep. Gold Fields has a large and growing international portfolio of gold mines and projects, but the South Deep project, which is ramping up to 480,000oz of gold in 2022, is often a focal point because of the ongoing difficulties the company has had in bringing to account the mine, in which it has invested heavily. In 2017 South Deep, a large, mechanised mine that has already absorbed more than R29bn, undershot its full-year production target and generated 281,000oz of gold instead of the expected 315,000oz because of a poor safety performance in the first quarter of that year. I...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now