GFI Gold Fields Ltd

By Adam Clark

Gold Fields Ltd. (GFI.JO) said Tuesday that further restructuring at its South Deep gold mine in South Africa will lead to significant job losses, and that it expects to report an interim loss per share.

Gold Fields said it has taken a 4.8 billion rand ($338.9 million) impairment on the South Deep operation, where it expects to cut up to 1,100 permanent employees and 460 contractors.

The company said it intends to consolidate mining activity at South Deep and reduce spending. Gold Fields said it can't currently give guidance for 2019 production from the mine.

Gold Fields said it expects a basic loss per share for the first half of 45 cents, compared with a profit of seven cents a share in the first half of 2017.

The company said its net loss for the first half is driven by the South Deep impairment, and $96 million in costs related to a change in contractor mining in Ghana.

Gold Fields expects second-quarter gold production of 504,000 ounces, up from 490,000 ounces in the first quarter. All-in sustaining costs for the quarter are expected at $973 an ounce, up from $955 an ounce in the prior quarter.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

August 14, 2018 02:56 ET (06:56 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.