• Confused terminology

    Edward Ingram clarifies some points on banking terminology from his previous essay.

  • Avoiding leadership traps

    Overconfidence can cause blind spots that may lead to business failure, says Ian Mann.

  • Dirt poor

    Results will be dire unless we look at soil and water differently, says Mandi Smallhorne.

All data is delayed
Loading...
See More

Strikes lower Gold Fields output

Jan 21 2013 12:33
Reuters
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.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

gold fields

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you buy the FNB branded smartphone?

Previous results · Suggest a vote

Loading...