Gold Fields CEO Looks to Replace Assets as Peak Output Looms

Bloomberg2021-08-19

Company must preserve value created beyond 2024: Griffith Output set to drop from 2024 peak of 2.7 million ounces: CEO Gold Fields Ltd.’s new chief executive officer is looking at ways to replace ...

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WYYAP
2021-08-19
WYYAP
Good
- Swifty:
  ??

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While the Salares Norte project in Chile is expected to bolster output from 2023, Gold Fields will come under pressure as older mines near the end of their lives.\n“We must now start looking at ways of preserving the value we have created beyond 2024,” said Chris Griffith, who took over as CEO from Nick Holland in April.\nLike Johannesburg-based rival AngloGold Ashanti Ltd., Gold Fields has shifted focus to more profitable mines as the industry in South Africa dwindles amid power cuts, soaring costs and the geological challenges of exploiting the world’s deepest deposits.\nDespite Covid-19 disruptions, production this year is supported by the turnaround at South Deep, the company’s last remaining mine in South Africa. Gold Fields, founded by Cecil Rhodes in 1887, has been under investor pressure to end years of losses at the mine, which sits on the world’s second-biggest known body of gold-bearing ore.\nFirst-half profit more than doubled to $387.4 million from a year earlier. 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