gold fields ltd-spons adr (GFI) Key Developments
Newcrest’s Telfer Mines Reportedly Up For Grabs
Apr 20 15
Newcrest Mining Limited's (ASX:NCM) Telfer mines is up for grabs. Bank of America Merrill Lynch is said to have reached out to a wide range of potential bidders, such as Australia's Newmont Mining Corporation (NYSE:NEM), Northern Star Resources Limited (ASX:NST) and Regis Resources Limited (ASX:RRL), along with Gold Fields Ltd. (JSE:GFI) and Zijin Mining Group Co. Ltd. (SEHK:2899). One source said a smaller operator could scale down the country’s second largest goldmine to boost profitability.
First Round of Bids Submitted For Barrick's Cowal Mine
Apr 19 15
First-round bids have already been submitted for a Credit Suisse-run process to sell Barrick Gold Corporation (TSX:ABX) mines. It is understood that Zijin Mining Group Co. Ltd. (SEHK:2899), Newcrest Mining Limited (ASX:NCM), Gold Fields Ltd. (JSE:GFI) and Regis Resources Limited (ASX:RRL) are also likely to be among the groups that have submitted bids for Barrick’s NSW Cowal mine, which may sell for $500 million.
Gold Fields Limited Provides Production Guidance for the Group for the First Quarter Ended March 2015
Apr 14 15
Gold Fields Limited provided production guidance for the group for the first quarter ended March 2015. First quarter production was planned lower due to the Christmas break in South Africa and mine scheduling at the other operations. There was a concomitant increase in unit costs, despite overall costs being well contained. Attributable gold equivalent production for the quarter is expected to be approximately 501,000 ounces at All-in Sustaining Costs (AISC) of USD 1,145/oz and All-in Costs (AIC) of USD 1,165/oz.
Gold Fields Limited Reaches Three-Year Wage and Other Conditions of Employment Agreement with Registered Trade Unions at South Deep Mine in South Africa
Apr 10 15
Gold Fields Limited announced that it has reached a three-year wage and other conditions of employment agreement with its registered trade unions at its South Deep mine in South Africa. The agreement, which was signed with the National Union of Mineworkers and UASA, will result in average annual wage increases of 10% over the three-year period of the deal. The first increase will take effect on April 1, 2015. The negotiations took place at a company-level in recognition of South Deep's significantly different operating model and labour profile to that of the other gold mining companies in South Africa. South Deep is the only fully mechanised gold mining operation in South Africa and it employs a small, skilled complement of approximately 3,500 employees. As such, Gold Fields has had to give due consideration to the scarcity of mechanised mining skills in South Africa and has taken a holistic approach in its negotiations with labour.
Gold Fields To Reportedly Bid At Potential Barrick Gold Mine Auctions
Mar 24 15
Gold Fields Ltd. (JSE:GFI) could be a bidder in the potential auctions of Barrick Gold Corporation (TSX:ABX)'s interests in Cowal mine and another mine in Papua New Guinea.