Gold Fields to hold off making acquisitions, CEO Holland says
Gold Fields (GFI) will set aside pursuit of new acquisitions for a year as it focuses on its existing operations and nearby prospects, CEO Nick Holland tells Reuters.
“The strategy of the company now is more focused on organic brownfields, near-mine growth, in and around where we are," the CEO said at the International Gold & Silver Symposium in Lima, Peru.
GFI's finances might come in "a little bit negative” this year before likely improving in 2019, when the company should begin to reap the rewards from two years of heavy investing, Holland says.
Holland also expects annual global gold production to plateau at current levels of ~100M oz., saying “The way we’ve mined over the past 50 years is not the way we’re going to mine in the future. We are going to have to look at autonomous mining, we are going to have to look at different ways of extracting the ore.”
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