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Strikes lower Gold Fields output

Jan 21 2013 12:33

Strikers at Gold Fields' KDC West mine on the West Rand.

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Last traded 40
Change 1
% Change 1
Cumulative volume 2716167
Market cap 0

Last Updated: 09-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Gold Fields [JSE:GFI], the world's fourth-largest bullion producer, will report lower output figures for the October-December quarter, primarily because of illegal strikes at its South African operations, the company said on Monday.

Attributable production for the fourth quarter is forecast at 753 000 gold equivalent ounces, down from 811 000 ounces in the preceding three months and 883 000 ounces in the same quarter last year.

Its international operations contributed 471 000 ounces, while South Africa only produced around 282 000 ounces.

"The lower production was largely the result of approximately 110 000 ounces lost during the quarter due to the on-going impact of the prolonged and unprotected strikes at KDC and Beatrix (mines)," it said.

In total, including the third quarter, 145 000 ounces are estimated to have been lost due to the strikes, it said.

The country's gold and platinum producers were rocked last year by illegal strikes that resulted in over 50 people being killed, adding to the woes of an industry already battling with rising power and other costs and difficult depths.  

Gold Fields will report results for the quarter on February 14.

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