FRIDAY, 11.00AM
GOLD Fields SA set the scene for the gold quarterly reporting season on Thursday by posting an 18,6% drop in profits for the June quarter. Although the fall was not as bad as the company had expected, continuing losses at Leeudoorn mine may lead to its closure.
The group said it is reviewing Leeudoorn’s future, with closure or merger with neighbouring Kloof mine on the cards. A similar route may also be followed with Libanon, a subsidiary with Leeudoorn of Gold Fields’s Kloof Gold Mining Company. Even if Leeudoorn is merged with Kloof, at least 5 000 jobs will be lost.