Gold Fields to Spin Off South African Mines as Strikes Add Costs
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Gold Fields Ltd., the fourth-biggest producer of the metal, will spin off part of its South African business as a wave of strikes and above-inflation pay gains add to costs and curb output for mining companies in the country.
Sibanye Gold Ltd. will trade in Johannesburg and New York and include the Kloof-Driefontein Complex, Africa’s largest gold operation, and the Beatrix mines, Gold Fields said today in a statement. The company will keep South Deep, its second-biggest facility, and mines in Peru, Ghana and Australia. The stock rose the most in 14 months in Johannesburg.