Gold Fields Hires CEO Who May Fix Troubled Giant Mine – by Felix Njini (Bloomberg News – January 21, 2021)

(Bloomberg) — Gold Fields Ltd. named former Anglo American Platinum Ltd. boss Chris Griffith as its new chief executive officer as the company seeks a solution for its last gold mine in South Africa.

The new chief will start on April 1, succeeding Nick Holland, who is retiring after 13 years at the helm. Gold Fields extended gains on the news, rising as much as 6.2% in Johannesburg trading.

Griffith left Anglo American Platinum Ltd. last year at a high point for the company, having recently reported bumper earnings and boosted shareholder returns. During his tenure, the Anglo American Plc unit sold and mothballed less profitable operations to focus on lower-cost mines.

While Gold Fields’ incoming CEO would be open to growing the company through new opportunities, it could also boost value by advancing existing, internal projects, Griffith said.

“I want whatever help I could bring as an operator who has turned many mines around to be able to build on what’s already been done,” Griffith said on a conference call.

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