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South Africa’s Gold Fields has appointed Michael Fraser as CEO from January, saying it expects no change in its strategy to find new gold deposits, build mines outside its home country and grow the company in the Americas region.
“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.In a call later on Monday, Suleman said “as far as the strategy is concerned…there’s no plan to change that”.
Analysts at BMO Capital Markets said some investors might have preferred Gold Fields’ interim CEO Martin Preece being made permanent, as his technical background would have been useful in the ramp up of the Salares Norte project in Chile. Gold Fields is racing to start bullion production at Salares Norte later this year, after challenges related to Covid-19 and adverse weather conditions.
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