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Gold Fields ups severance offer to South Deep miners in bid to end strike - Seeking Alpha

Wednesday, 28 November 2018

• Gold Fields (GFI +1.7%) says it has offered an increased severance packageto union members striking at its South Deep mine in South Africa in an attempt to resolve a dispute that has halted production.

• GFI says its offer, which expires on Friday, includes increasing severance payments by four weeks, or a total of as much as 45M rand ($3M), funding for skills training and preferential re-employment if positions become available.

• "If the offer is not accepted by Friday then it’s difficult to predict how long the strike will continue for," CEO Nick Holland says.

• GFI said in August it would restructure its South Deep operations and cut ~1,100 jobs, nearly a third of the workforce, prompting the NUM union to begin a strike at the mine on Nov. 2.

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