Gold Fields

The South African company Gold Fields is one of the four largest global producers of gold. Headquartered in the capital Johannesburg, the company ranks second on the South African market, following the leading gold producer AngloGold Ashanti. Gold Fields is the first African company that has listed at the New York Stock Exchange. The company shares are found under the symbol GFI at the NYSE. The company is a Tier I gold producer. Its profits stand at $662.6 million in 2008.

The company was established in 1887 by Cecil Rhodes and Charles Rudd. The original name of the enterprise had been Gold Fields of South Africa Limited. In the 1930s, the gold producer started exploiting the West Wits Line in South Africa. Meanwhile, Gold Fields was also operating the Australian Kalgoorlie site. The company managed to secure a controlling interest in the Robinson`s Gold Mines of Australia. By the 1980s, the company had invested in various minerals such as lead, silver, zinc, platinum, and tungsten. Steel and ferroalloys accounted for more than one third of the company`s revenues. Gold Fields merged with Gencor in the late 1990s. In 2004, the shareholders of the company voted against the merger of Gold Fields and the Toronto-based mining corporation Jamgold.

At present, the company operates four mining sites in South Africa. Located west of Johannesburg, the Driefontein Gold Mine delivers close to 0.93 million ounces per year. The Kloof Gold Mine, situated close to the capital, produces 0.82 million ounces of gold. The Beatrix Gold Mine in the Free State Province is a medium gold mine delivering close to 0.44 million gold ounces. The South Deep Gold Mine in the Magisterial Districts produces 0.23 million ounces.

The company operates two mining sites in Australia. In West Australia, the St Lives Gold Mine delivers an annual output of 0.42 million ounces. The Agnew Gold Mine produces 0.2 million ounces of gold. In Ghana, the company operates the Takwa Gold Mine, delivering 0.65 million ounces, and the Damang Gold Mine, producing more than 0.19 million. The Cerro Corona Gold Mine in Northern Peru is currently under construction.



Copyright © GoldShares.org 2014 All rights reserved.