Gold Fields to keep revived South Deep
South Deep generated net cash of R221million compared to an outflow of R1.92billion a year earlier when it faced a protracted strike and retrenchments in a bid to turn its fortunes around. Speaking during the financial results presentation for the year to December 2019 in Johannesburg yesterday, Gold Fields chief executive Nick Holland ruled out the possibility of a fire sale for the mine.
“I want to rule out any panic sale and clarify that our options are open. We will reassess them with the board later this year,” Holland said.
“Our focus at the moment is to improve the performance of South Deep that will inform us of our options down the road,” said Holland, adding that South Deep would make good money again in 2020.
South Deep was restructured in 2018, resulting in the axing of 1500 employees.
Source: iol.co.za