Gold Fields braces for show-stopping strike

[Visser]

Gold Fields [JSE:GFI] has received a notice of intention to strike from the National Union of Mineworkers for industrial action due to kick off on Friday.

In a statement released on Thursday, Gold Fields said the NUM represented about 80% of the company’s workforce. As such, a strike would impact production, the company acknowledged.

Gold Fields said South Deep Mine would consider ceasing production at its operations temporarily to ensure the safety of workers.

At the heart of the strike is a process Gold Fields has undergone at South Deep Mine to increase productivity and reduce jobs. Before the process, South Deep employed 3 614 employees and 2 214 contractors.

Gold Fields CEO Nick Holland said the company reached "a critical stage in restructuring" at South Deep, following many attempts at improving productivity there.

"The restructuring will help to reduce the risk of continuing operating losses and consolidates the current mining operations as a first step to building a sustainable, long-term operation.

https://www.fin24.com/Companies/Mining/gold-fields-braces-for-show-stopping-strike-20181101

 

[Visser]

Don't see what the company is still doing in South Africa. They should go mine abroad, like Sibanye who recently invested heavily in the US and creating new jobs and opportunities there.

 

[R13...]

Don't see what the company is still doing in South Africa. They should go mine abroad, like Sibanye who recently invested heavily in the US and creating new jobs and opportunities there.

How must they be like Sibanye? Sibanye was created when GoldFields unbundled and sold off their unattractive assets. And Sibanye are very much rooted here, they're busy finalizing a deal to buy Lonmin.

 

[ForceFate]

Don't see what the company is still doing in South Africa. They should go mine abroad, like Sibanye who recently invested heavily in the US and creating new jobs and opportunities there.

You sometimes sound like a Foxnews reporter.

 

[Visser]

You sometimes sound like a Foxnews reporter.

Yeah, a few people keeps telling and reminding me of it.