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Gold Fields
built 639 days ago
Gold Fields is one of the world's largest gold producers, with output of some 4.5 million ounces annually. Its African operations are concentrated in Ghana in West Africa, and in South Africa's famous Witwatersrand Basin. Further afield Gold Fields owns the St Ives and Agnew gold mines in Western Australia. The group's exploration activities for gold and platinum stretch from Africa and Australia to Europe, and North and South America.
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A bid for Gold Fields would be the second during the tenure of Chief Executive Officer Ian Cockerill, 52, who took over in 2002. Cockerill successfully defended an eight-month, $3.8 billion hostile offer by smaller South African competitor Harmony Gold Mining Co. in 2005. The stock has almost doubled since Harmony dropped its bid on May 19, 2005.
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"The challenge for the new Gold Fields is to bring the three core mines to peak operating efficiency, and to extend substantial improvements in operating costs and cash flows to shareholders," reported an April 1998 African Business article. Indeed, profits appeared hard to come by as a result of the gold price hovering at an 18 year low. While Gold Fields worked to bolster profits during the merger integration process, it made several purchases. In 1999, it bought the remaining shares of St. Helena Gold Mines Ltd. that it did not already own. In November 2001, St. Ives and Agnew Gold Mines was added to the company's holdings. Abosso Goldfields Ltd. was acquired the following year.
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Gold Fields acquired several new properties and began to change its management structure and style in the aftermath of the 1895 Jameson Raid, reducing Rhodes's unrestricted personal power. Substantial dividends were declared in 1895 and 1896, on profits derived from dividends paid on the company's holdings in De Beers Consolidated rather than from its own operational profits. Subsequent dividends were low or non-existent. Despite shareholder protests, this situation enabled the company to survive depression and accumulate £2 million reserves.
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Gold Fields is the single largest shareholder in Sino Gold. The SGF Alliance was established with the aim of discovering large gold deposits in China containing reserves of at least 5,000,000 gold-equivalent ounces with the potential to produce approximately 500,000 ounces per annum, exploring primarily for large bulk-mineable styles of gold and/or gold-copper mineralisation.
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Well Kolar Gold Fields is no longer the same, economically and socially. The posh Bungalows have been divided and sub-divided to accommodate more familes. The glass panes in the windows have been replaced by plywood when broken and the walls have not seen paint for quiet awhile. The then renowned KGF Club, which once was out of bounds for the Indians, is failing to bits The brass door handles, knobs and hinges have all gone. The highly polished floorboards have not seen wax for a few decades. The sterling silver cutlery which were specially ordered fcom 'the U. K for the Club's Restaurant with the emblem of the Club on it have all disappeared.
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Gold Fields