Gold Fields plans to slash jobs in mine restructure

The bullion producer said it would restructure its last South African asset as it can no longer sustain losses.

Miners at a Gold Fields mine. Picture: Gold Fields Limited Facebook page

JOHANNESBURG - South Africa's Gold Fields said on Tuesday it plans to slash costs at its problematic South Deep mine, including cutting 1,100 jobs, around 30% of its workforce.

The bullion producer said it would restructure its last South African asset as it can no longer sustain losses.

The firm also said it expects headline earnings per share for the six months ended 30 June 2018 to be unchanged at $0.08 per share compared with the previous reporting period.