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Gold Fields replacing 1,500 workers with contractors at Tarkwa in Ghana

Gold Fields Ltd.'s Ghanaian subsidiary plans to lay off 1,500 workers who will be replaced by contract workers to operate its Tarkwa gold mine from early 2018, Bloomberg News reported Dec. 12, citing David Johnson, vice president at Gold Fields Ghana.

As a result of the move, the company will not need to bring in new mining equipment for the remaining mine life of about five to six years.

The Tarkwa mine produces about 550,000 ounces of gold per year, with Johnson indicating that the company will continue exploration and processing at the site.

"When we find resources in commercial quantities we can extend the mine life," Johnson said, adding that is is "very possible" the company will regain operatorship of the mine.