Gold Fields Bet on Giant Mine Pays Off After Years of Losses
- South Deep mine output may rise by 30% over the coming years
- Gold Fields on course to start producing at Chile mine in 2023
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Gold Fields Ltd. said a turnaround at its giant mine in South Africa is starting to pay off after more than a decade of losses that’s weighed on the Johannesburg-based company.
South Deep, which sits on the third-biggest known body of gold-bearing ore, almost tripled the net cash it generated to $97 million in 2021 as production rose and the rand strengthened. Output at Gold Fields’ last South African mine is expected to climb a further 30% over the next three to four years.