Gold Fields profits while South Deep remains problematic

by Ina King (Potgieter)

Gold FieldsAugust 2015: Gold Fields has seen a considerable improvement at the end of the second quarter despite the falling gold price and the continued troubles at South Deep mine – Gold Fields’ remaining gold mine in SA.

At a presentation of the company’s results in Johannesburg, Gold Fields CEO Nick Holland reported on stabilised earnings at the end of June, recorded at $22 million against a loss of $13 million in the previous quarter. This can be attributed to Gold Fields’ successful operations in Ghana, Australia and Peru.

South Deep Mine

After production delays, fatal accidents and the plunging gold price, Gold Fields announced that South Deep’s projected yearly output fell by 8.5% with only 6 500 kilograms (229 280 oz.) to be produced – compared to the 7 100 kilograms (250 445 oz.) projected by the mining giant.

Holland told investors that the company is continuing to advance efforts to “get the basics right” at South Deep, which he maintained, was starting to show “green shoots”.

Gold Fields plans to increase the number of skilled employees at the mine by 160. This decision was made subsequent to the June announcement that it had signed a three-year wage deal until March 2018, providing a degree of stability. The operation aims to break-even by the end of 2016.

In light of this goal, Gold Fields’ has acquired an additional 27 pieces of equipment to “debottleneck” the mine’s constraints in distress mining, introduce dedicated crews to install secondary support, increase backfill production and rip distress ends.

Keeping up to date on the Gold Fields South Deep Mining Project has never been easier than with a subscription to Africa Mining IQ – Africa's largest online mining intelligence portal.

Only Africa Mining IQ gives you access to the contact numbers of key personnel at South Deep mine! These contacts range from the CFO and Procurement Manager to the mine’s Lead Project Engineer – essential when targeting business at the mine!

Africa Mining IQ has been closely following and reporting on the South Deep Mining Project, with regular project status updates, tendering prospects and key contact details – giving its subscribers the exclusive insight to target this ever-growing business opportunity.

Africa Mining IQ gives you the competitive edge when targeting these lucrative mining projects:

  • Gain direct access to project management, with key contact details per project guaranteed
  • Easy-to-use search facility with customisable, definable search criteria
  • Real-time reporting, charting and statistics on project activity
  • Receive direct email notifications of new and updated mining projects
  • Track other mining companies in South Africa

Find out more about Africa Mining IQ!

Subscribe to Africa Mining IQ today to gain a foothold in this and other major mining projects!

Benefits to Subscribing to AMIQ

AMIQ tracks over 1 900 projects across Africa. If you want to invest in mining, if you want to invest in Africa, if you provide product or services to mines in Africa, you need AMIQ intel.

Africa Mining IQ has created various analysis reports to provide you with an overview of mining projects in Africa by region, mineral type, and plant type. You can use these reports to analyse growth potential in developing commodity markets and better strategically plan your business development efforts. Africa Mining IQ provides a complete project report for each of the over 1 900 African projects we track, including everything from historical and up to the minute commentaries to contact details for suppliers, engineers and mine owners.

AMIQ has 170 company subscriptions, 20% of which are international. It is becoming easier to do business across the globe. AMIQ is for anyone who supplies a product or provides a service to mines. With key contact details, and being in the know in the early stages of project development, you can build meaningful relationships with the right people and position yourself early for a successful bid for mining projects in Africa. Keep a close eye on developing projects aligned to your business and identify projects, with weekly or monthly alerts. Don’t delay, subscribe to AMIQ today and reap the rewards of comprehensive African mining project intelligence.

Contact Africa Mining IQ today on +27 11 830 2132 to target business opportunities in Africa's growing mining industry!

+ Quick Links

Privacy Policy   Legal Notice   PAIA Manual    PAIA Manual (English)    PAIA Manual (Afrikaans)  
© Copyright 2022 All right reserved.

Projects IQ - Project Intelligence in Africa