South Africa mines minister said on Tuesday he was concerned by bullion miner Gold Fields' plan to cut around 1,100 jobs without due regard to processes outlined in the Mineral and Petroleum Resources Development Act.
The struggling mine, Gold Fields’ only asset left in South Africa, holds the world’s largest gold deposit after Grasberg in Indonesia and accounts for 60% for the company’s mineral reserves.
Barrick's plan going forward includes increasing its portfolio of so-called tier 1 assets over time, and gradually shedding anything that’s not tier 1 or deemed to be “strategic.”
Fitch Solutions Macro Research states that bauxite production growth will remain high over the coming years, as new projects come online in Australia, Indonesia expands exports, India’s production ramps up, and existing projects in Guinea drive growth.