Gold Fields Gains as Beatrix Miners Return: Johannesburg Mover
Gold Fields Ltd. (GFI), the world’s fourth-largest producer of the metal, rose the most in more than a week in Johannesburg trading as miners started reporting back for duty at its Beatrix mine after a strike.
About 60 percent to 70 percent are back at work and more are arriving at the number 1, 2 and 3 shafts, Willie Jacobsz, a spokesman for the Johannesburg-based company said by phone today. The shares gained as much as 2.6 percent, the most since Oct. 5 on an intraday basis, to 108.71 rand
Gold Fields, AngloGold Ashanti Ltd. (ANG) and Harmony Gold Mining Co. (HAR) will individually persue legal options after talks with unions to end strikes that idled half of South Africa’s output failed yesterday, the Solidarity labor union said. The producers had offered to award workers an additional pay increase for 2012 after agreeing last year to boost pay by 7.5 percent to 10 percent.
Gold Fields traded at 108.32 rand as of 10:23 a.m. local time.
To contact the reporter on this story: Carli Cooke in Johannesburg at email@example.com
To contact the editor responsible for this story: John Viljoen at firstname.lastname@example.org