A bad week for Gold Fields CEO Nick Holland
Gold Fields announced its only remaining operation in SA, South Deep, will chop 1,560 jobs
Private school business Curro Holdings’ interim report showed encouraging improvements in cost disciplines and operating cash flows. Expansion plans, including selected investments in Africa, are pushing ahead, and operating cash flows mean CEO Andries Greyling won’t have to tap shareholders for fresh funding.
Most encouraging is that problems at the lower-cost Meridian schools were quickly solved. There are also strong hints that a maiden dividend may be considered at financial year-end.
Gold Fields announced its only remaining operation in SA, South Deep, will chop 1,560 jobs — a third of its workforce — in a restructuring effort to save it. CEO Nick Holland says closing the operation is not an option if the investment is ever to be recovered, but losses of R100m a month simply have to be stopped.
Mineral resources minister Gwede Mantashe switched his ire from Implats to Gold Fields, accusing management of not engaging meaningfully with the government on the matter.