REFILE-UPDATE 3-Gold Fields to restructure as gold price fall burns profit

Thu Aug 22, 2013 10:45am EDT
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* CEO says South Africa gold industry in crisis

* Gold Fields posts loss on Ghana writedowns, spot price

* Share price down over 10 percent, biggest 1-day fall since 2008

By Ed Stoddard

JOHANNESBURG, Aug 22 (Reuters) - South African miner Gold Fields on Thursday announced a major restructuring to restore profits, hollowed out by the plunging price of gold.

It said it was not afraid of closing mines to make money, including its Damang operation in Ghana, and would revamp its business to generate profit at a spot gold price of $1,300 an ounce.

Gold Fields has already spun off the bulk of its assets in South Africa where labour, power and other costs are escalating in the world's deepest shafts.

Labour and political risks are also high in South Africa, a point underlined this week by a new gold strike threat from the country's largest miners' union.   Continued...