Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Gold Fields (NYSE:GFI) said it is shutting down KDC West mine after an accident claimed five employees’ lives.
Gold Fields says the entire mine, located near Merafong in South Africa, has been closed until further notice. A fire broke out Saturday night. The miners perished at the 4 Shaft (Ya-Rona) KDC West mine.
Another 14 were admitted to hospital, and mining authorities have been informed.
Names have not been released pending notification of kin.
The company says it deeply regrets the incident and has launched a full investigation.
KDC is an underground gold mine with work at 600 and 3,347 metres below surface. Gold Fields says that during the past 12 months the mine 1.1 million oz. of gold from a combination of underground mining and processing of surface waste rock dump material.
