Loading ...South Africa’s Gold Fields reported lower production for the March quarter and flagged more challenges at its problematic South Deep mine on Wednesday, sending its share price sharply lower.
South Deep, the company’s last South African asset, has faced numerous operational obstacles in a tough geological setting 3 km (2 miles) below the surface and made a loss of 337.6 million rand ($27 million) in 2017.
The company’s “problem child”, which straddles a massive ore body west of Johannesburg, is a mechanised mine that has continuously missed targets and Chief Executive Nick Holland said in February the company would consider unspecified “alternatives” if losses were not stemmed.
cont. http://www.mining.com/web/gold-fields-quarterly-output-falls-south-deep-woes-rumble/