Gold Fields names Mike Fraser as CEO amid Americas growth push

Published: 2023-10-09 tag: 0

Oct 9 (Reuters) - Gold Fields (GFIJ.J) has appointed Michael Fraser as CEO from January to drive the South African miner's strategy to find new gold deposits outside of its home country and grow the company in the Americas region.

Fraser, a South African, is currently the CEO of AIM-listed Chaarat Gold Holdings (CGH.L) and has previously served as chief operating officer of South32's (S32.AX) aluminium, nickel, manganese and energy coal businesses.

“He brings a rich and unique mix of global operational and corporate experience and his track record of collaboration in delivering superior results...ideally places him to lead our management team in taking our business forward,” Gold Fields board chairman Yunus Suleman said in a statement.

Fraser will lead the Johannesburg-based gold company's expansion in the Americas region where it is investing in new mines in Chile and Canada.

Gold Fields is racing to start bullion production at its Salares Norte project in the Atacama region of Northern Chile later this year, after challenges related to Covid-19 and adverse weather conditions.

The project is key for Gold Fields to boost output to about 2.8 million ounces by 2025 from about 2.3 million currently.

The miner's joint project in Canada with Osisko Mining (OSK.TO) could start producing gold in 2026.

Gold Fields, founded by Cecil John Rhodes in 1887, has shifted its focus to lucrative deposits in Ghana, Australia and the Americas given the geological challenges to digging for the metal in some of the world's deepest mines in its home country.

Rival AngloGold Ashanti moved its primary listing to New York from Johannesburg earlier this year after selling down all its assets in South Africa.

Martin Preece will remain as Gold Fields' acting CEO until the end of the year after his predecessor resigned over a failed bid to acquire Canada's Yamana Gold (YRI.S), and then continue in an executive role, the company said.

Reporting by Nelson Banya and Felix Njini, Editing by Louise Heavens, Kirsten Donovan

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