Gold Fields: Staff cuts planned for mines in Ghana

Gold Fields would fire about 10 percent of its employees in Ghana because of falling gold prices, chief executive Nick Holland said last week. The company would close its northern heap leach facility in the country and cut 400 jobs within three to six months, Holland said. Production costs were about $1 250 (R12 867) an ounce. “We will cut investments in new projects in 2014 because of the drop in gold prices and the fact that it is difficult to raise funding,” he said. “We are restructuring our business to bring down costs. That will mean we have to close marginal operations, cut jobs, shorten the lifespan of mines.” Gold Fields was spending 20 percent less than the earlier estimate of $1 billion on investments this year, Holland said. – Bloomberg