After facing numerous operational challenges at its South Deep operation, Gold Fields announced a restructuring plan to reduce activity and lower costs. The company said this may lead to a layoff of 1,100 permanent employees and 460 contractors.

The South African mine, which is the second-largest gold mine in the world, has consistently failed to meet mining and production targets and has lost 4 billion rand ($272 million) over the last five years, Gold Fields said.
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