This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

South Deep Strike Settled

JOHANNESBURG, September 9, 2013 /PRNewswire/ --

Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that striking workers of the National Union of Mineworkers (NUM) returned to work at its South Deep mine on Friday after receiving a two-year salary offer from the Chamber of Mines.

The settlement will also be extended to UASA, the only other trade union present at South Deep. In terms of the agreement:

  • Category 4 and 5 employees, and rock drill operators will receive increases of 8% and other employees 7.5%, effective 1 July 2013.
  • In the second year of the two-year deal employees will receive further CPI-linked increases effective 1 July 2014.
  • The current monthly living out allowance of R1,640 will increase to R2,000 in two R180 steps, on 1 September  2013 and 2014.

The net effect of the increases will be to raise guaranteed basic pay among South Deep employees in the above categories by an average 7.8%. "We are pleased that the strike was resolved speedily and that it was conducted peacefully. We believe a two-year agreement will promote certainty and stability," said Kgabo Moabelo, Gold Fields' Managing Executive, South Africa.

Notes to editors

About Gold Fields

Gold Fields is a significant unhedged producer of gold with attributable annualised production of approximately 2.0 million gold equivalent ounces from six operating mines in Australia, Ghana, Peru and South Africa. Gold Fields 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 August 2013, Gold Fields acquired Barrick Gold's Granny Smith, Lawlers and Darlot Gold Mines in Western Australia, a transaction that is expected to be completed in September 2013.

Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd

Enquiries

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs