Tuesday, July 30, 2013

Goldfields CEO calls for collective action


Mr. Nick Holland, Chief Executive Officer of GoldFields Limited has called for a strategic workshop to be convened immediately for all industry players to consider common strategies to re-structure their operations in a bid to cut loses and safeguard jobs in the face of the crippling effect of falling gold prices.


 “There is an urgent need for all stakeholders in the sector to act together to forge a consensus on the way forward on the looming crisis in the industry.

“The falling prices of gold pose a major threat to the mining industry,” he said.

Mr. Holland made the proposal when he paid a courtesy call on Alhaji Inusah Fuseini, Minister for Lands and Natural Resources.

Mr. Holland explained that there is need for industry operators to brainstorm together to explore how they can leverage on the poor market in a manner that will enable them to create opportunities to bolster the gold industry.

“Government’s position on the situation is critical for us to fashion a win-win outcome for all stakeholders.”

The visit provided Mr. Holland an opportunity to update the Minister on the Goldfields Limited’s operations and discuss ways of countering devastating effects of the falling prices of gold on the industry.

Inusah Fuseini welcomed the call for all mining industry players to dialogue in an open manner to manage the challenge in a way that will not only help sustain their operations, but will also deepen partnerships and strengthen the relationship between government and the mining industry.

The Minister therefore pledged to forge a common stand among the industry players on the crisis and promised that government “will not do anything to further aggravate the already precarious situation in which mining companies find themselves”.

To help resolve rampant conflicts that have characterised relations between large scale mining companies and small scale miners, the Minister suggested a new model under which large mining companies can train small scale miners to acquire basic technical know-how as well as lessons on health and safety standards as part of their programme to secure their social licence.

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