South African Miners Quit World Gold Council on Cost Pressures
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Gold Fields Ltd. quit the World Gold Council to save money. AngloGold Ashanti Ltd., the world’s third-biggest producer of the metal, also left the organization.
Gold Fields’ decision was “purely a cost issue,” spokesman Willie Jacobsz said today by phone. “Members pay per ounce of metal produced and with all the cost-cutting we’ve seen, especially here at Gold Fields, we’ve had a look very carefully at our membership of all sorts of organizations around the world.” AngloGold spokesman Stewart Bailey couldn’t be reached for comment.