Jobs cut at St Ives gold operation

Another blow to Western Australia’s mining workforce has been dealt, with 56 workers laid off at the St Ives mine near Kambalda.

South African mine operator Gold Fields has said the redundancies are part of a global review of production costs.

It has been suggested by The West Australian that more cuts will be coming to the ailing gold mine.

Two years ago St Ives employed 1200 workers, a number which has fallen to 900 at present.

In the March Quarterly report Gold Fields said their all-in sustaining cost (AISC) for the Australian region was US$1103 per ounce.

However, St Ives is one of the highest cost operations Gold Fields has in Australia with an AISC of US$1291 or A$1444 per ounce for the March quarter.

Globally, Gold Fields’ AISC went from US$1303 in the March 2013 quarter, down by 18 per cent to US$1066 per ounce.

Gold is presently trading on the ASX at $1409.38.

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