Nick Holland News
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Gold Fields Ltd., the South African company with operations in Ghana and Australia, reported a drop in first-quarter profit after production fell as the miner plans additional spending cuts.
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Gold Fields Ltd. increased Chief Executive Officer Nick Holland’s pay by more than a third last year as the company that mines the metal in Peru and Australia lost 14.5 billion rand ($1.6 billion) in market value.
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Gold Fields Ltd., the fourth-largest producer of the metal, trimmed its full-year production outlook because of technical difficulties after reporting an 18 percent drop in first-quarter earnings.
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Gold Fields Ltd. said third-quarter profit fell 11 percent as strikes and a fire cut output at its South African mines, increasing the possibility the country’s second-largest producer will reorganize.
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South Africa’s government faces a dilemma: how to help mining companies weather surging costs and depressed commodity prices as the ruling African National Congress seeks to wring more revenue from the industry.
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Gold Fields Ltd., the South African producer that announced spending of $1.15 billion on assets last year, is looking for more deals to replace dwindling supply from its domestic operations as demand for bullion grows.
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The gold-mining industry, which has underperformed the precious metal for each of the past six years, is pledging to report costs more accurately as part of its efforts to win back investor confidence.
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Gold Fields Ltd. , Africa’s second- biggest gold producer, plans to almost triple annual gold output from its Peruvian and South African mines as prices rise, Chief Executive Officer Nick Holland said.
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Gold Fields Ltd. , the fourth-largest producer of the metal, faces the threat of higher royalties and taxes in Peru after elections next month as the country seeks a greater return from its resources amid record-high prices.
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Gold Fields Ltd., having lost more than 65,000 ounces of gold production due to strikes at its South African operations, said it will dismiss miners who fail to return to work by Oct. 18 at its KDC West and Beatrix plants.
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