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goldfieldsBloomberg reports that Gold Fields has lowered its 2018 output forecasts after workers at its South Deep mine embarked on a strike protesting the producer’s plans to cut jobs as part of a restructuring, the company indicated in a statement on Friday.  

Gold Fields’ plan to cut more than 1,500 jobs to restructure the struggling gold mine met with opposition after workers embarked on a crippling strike on 2 November.  They had already started a go-slow before the company announced a plan to restructure the mine.  South Deep production is now forecast at 154,000 ounces this year from 244,000 ounces, “assuming that the strike continues until the end of November with the consequence of no further production from November onwards”.  Gold Fields initially aimed to produce 321,000 ounces from South Deep in 2018.  The producer has constantly revised downwards output targets at South Deep, the world’s second-largest gold deposit.

  • Read the full original of this report by Felix Njini at Fin24
  • Read Gold Fields’ operating update at Moneyweb

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