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Ghana strike to hurt Gold Fields’ gold output in 2013

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gold-barsGold Fields is expecting a decline in its group gold output for the second quarter of 2013 due to a one week strike action its Ghana workers undertook in April 2013. The industrial action resulted in halt of operations.

About 3000 employees at the miner’s Tarkwa and Damang fields in Ghana went on strike April 3, 2013 because of what they described as inhuman attitude of the management towards them.

Gold Fields says July 11, 2013 that its gold production will decline by 5% during the second quarter of the year adding that attributable Group production for the quarter is expected to be 451,000 gold-equivalent ounces.

“The main cause of the approximately 25,000 ounce decline in production during Q2 was the illegal strike at the Tarkwa and Damang mines in Ghana which was previously reported and subsequently resolved” Gold Fields said.

During the time of the strike, the Ghana Chamber of Mines hinted that it was likely to affect gold output at the mines.

Dr Toni Aubynn, CEO of the Chamber and former worker at  Gold Fields, told ghanabusinessnews.com in a telephone interview April 3, 2013 that the halt in production “can affect gold output for now but they can double up to meet the target.”

Gold Fields is targeting between 1,825,000 and 1,900,000 ounces as its overall gold production for 2013.

The miner says despite the 5% decline in production, it “remains on track to achieve its production guidance for 2013.”

Gold Fields is expected to release its full results for 2013 second quarter on August 22, 2013.

By Ekow Quandzie

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