JOHANNESBURG, April 3, 2013 /PRNewswire/ --
Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI), regrets to report that employees at its Tarkwa and Damang mines in Ghana, in which it has a 90% interest, have today, at approximately 11.00am ( Ghana time), embarked on illegal industrial action which has led to production at both mines being stopped.
This follows after the Ghana Mineworkers Union (GMU) and its affiliates, the Professional Managerial Staff Union and the Branch Union, yesterday presented management at both mines with a number of demands, and threatened industrial action should the company not respond favourably to the demands within 24 hours.
The demands relate to a dispute in the determination of profit share payments to employees; the unconditional reinstatement of an employee who was dismissed following an internal disciplinary procedure; dissatisfaction with certain management structures; the removal of certain members of senior management; concerns about catering delivery models; and allegations of discrimination between expatriate and Ghanaian employees.Gold Fields is analysing and investigating the demands as a matter of urgency. The company also appeals to all employees to maintain law and order while this process is underway as the safety and security of all employees is of primary importance. The company holds the view that the industrial action is illegal and unprotected. This could expose participating workers to the no-work, no-pay rule as well as possible dismissal. Notes to editors About Gold Fields Gold Fields is a significant unhedged producer of gold with attributable annualised production of 2.1 million gold equivalent ounces from six operating mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an extensive and diverse global growth pipeline with four major projects at resource development and feasibility level. Gold Fields International has total managed gold-equivalent Mineral Reserves of 64 million ounces and Mineral Resources of 155 million ounces. Gold Fields is listed on the JSE Limited (primary listing), the New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in Brussels (NYX) and the Swiss Exchange (SWX). In February 2013, Gold Fields unbundled its KDC and Beatrix mines in South Africa into a separately listed company, Sibanye Gold. Sponsor: J.P. Morgan Equities Limited
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV