Home News Government is moving too slowly to save the economy – Goldfields CEO

Government is moving too slowly to save the economy – Goldfields CEO

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Goldfields CEO, Nick Holland says the South African government is moving too slowly on key decisions for business at a time when it needs to be more flexible to save the economy

Adding his voice to a growing chorus of business leaders urging the ANC-led government to move quickly and decisively on investor-friendly actions to save the economy after a battering of nearly five months during the hard lockdown, Holland said in an interview with Business Day that his main concern was the lack of urgency to make the necessary changes.

Gold Fields, reported its interim results on Thursday 20 August. It showed a more than doubling of its first-half earnings to $323-million and the group declared an interim dividend of R1.60 per share — the same amount it paid out for all of 2019.

This is largely because of prices. Gold’s spot price has been on a tear as the global economic meltdown triggered by the pandemic boosts its appeal as a safe haven — though it must be said that wider equity markets have also recovered dramatically, which may slow the flight to bullion.

Holland to step down

Mr. Holland who is due to step down in 2021, having reached the gold miner’s retirement age, told journalists that the rest of his time with the company would be spent nurturing the nine mines in the group that were set to deliver up to 2.5-million ounces a year for a decade and keep cash flows as high as possible.

“I’m a shareholder in Gold Fields, and a reasonable percentage of my net worth is in this company,” he said.

Holland will turn 63 in September 2021, and according to company policy he must retire. He had no plans after Gold Fields, he said.