Union: Gold Fields in talks to cut 500 jobs at South Deep mine

|About: Gold Fields Limited (GFI)|By:, SA News Editor

Gold Fields (GFI -1.1%) plans to cut more than 500 workers, or 13% of the workforce, at the South Deep mine, according to the mineworkers' union, as it attempts to get the development of its key South African project back on track.

The move comes after two people were killed at the mine this month in two different accidents, leading to a government mine review and the temporary stoppage of most output.

GFI CEO Nick Holland said yesterday the company needs to "right-size the equipment underground and as a consequence the people that go with it." without offering specifics.