The bullion miner says South Africa’s gold mining industry, one of the country's most important sectors, is on the brink and will collapse if no steps are taken to boost its productivity.
by Sherilee Lakmidas:
"South Africa’s gold mining industry, one of the country's most important sectors, is on the brink and will collapse if no steps are taken to boost its productivity, the world's fourth-largest bullion producer Gold Fields said on Monday.
"The mining industry in Africa’s biggest economy, particularly its gold and platinum producers, have just emerged from one of the toughest periods in their history with mines ground to a halt by months of wildcat strikes.
"If the last five years' decline in production continues, there will be no industry in five years time," Gold Fields' Chief Financial Officer Paul Schmidt said as the company unveiled its third quarter earnings.
"The strikes have exacerbated a difficult situation for companies already battling for years with rising labour costs and steep electricity tariffs. ..."
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