Gold fields
Gold Fields sees 300% profit rise on gold rally
Gold Fields has already said the COVID-19 pandemic would have a limited negative impact on its performance, even though miners have had to shut operations...
President Cyril Ramaphosa agreed last week to partially ease a national lockdown that temporarily shut all mines, except for some production of coal, the main fuel used for power generation in Africa’s most industrialised nation.
South Deep has faced numerous operational obstacles in a tough geological setting 3 km below the surface and is undergoing restructuring that would cut around about 1,100 jobs.
Joseph Mathunjwa warned last week of unspecified industrial action by his Amcu at Implats over its plans to cut around a third of its workforce, in a bid to return to profits in the face of depressed prices and soaring costs.
Napoleon Webster says that President Ramaphosa should exercise his power in dealing with mine management who are determined to retrench workers.
Mining Minister Gwede Mantashe has said Gold Fields’ plans to slash jobs is taking the ‘easy way out’ and avoids tackling the real issue of poor management.
Gold Fields, which is due to report half-year results later, said this week it would cut 1,100 permanent jobs at its South Deep mine, sending its shares plummeting.
Radio 702's Karima Brown interviews the ANC's head of presidency, Zizi Kodwa.
The company made the announcement on Tuesday, citing mounting losses and a 'consistent failure to meet mining and production targets' among the reasons for the move that could see a third of its labour force trimmed.
Minister Mantashe says mining companies should find ways they could optimise production and not run to cutting jobs.
This follows Gold Field's announcement on Tuesday morning that it may shed at least 1,500 jobs.
The bullion producer said it would restructure its last South African asset as it can no longer sustain losses.
South African shareholders and the Dutch Investors Association plan to launch a lawsuit against Steinhoff following allegations of accounting fraud.
The suit was launched almost six years ago on behalf of miners suffering from silicosis, a fatal lung disease contracted by inhaling silica dust in gold mines.
Gold Fields, which also has operations in Australia, West Africa and South America, saw gold production rising to 567,000 ounces for the quarter ended 30 September.
A class action suit, mostly relating to the fatal lung disease silicosis, was filed on behalf of miners in 2012.
The mining companies released their earnings figures on Thursday.
A mineworker has died in a fall of ground incident following a 1.5 magnitude seismic activity.
The court decision allowed class action suits seeking damages for up to half a million miners.