Strike hits Gold Fields Venezuela gold production

A strike at Gold Fields' Choco 10 mine in Venezuela is likely to lead to a dramatic cut in gold production, the company has said.

The industrial action came about because of an unsettled wage dispute, but it has now ended.

A Gold Fields spokesman, Willie Jacobsz, told Bloomberg that the mine's production was likely to be significantly lower as a result.

"We can't say for sure at the moment, but it might be around 5,000 to 6,000 ounces," he said, adding that the estimated output of the mine was 8,000 ounces before the strike went ahead.

Shares in Gold Fields, Africa's second largest gold producer, slipped by 1.1 per cent as a result. Other problems including a water shortage have also plagued production at Choco 10.

It also operates mines in South Africa, Ghana and Australia and produces around 4.1 million ounces of gold per year.

Earlier this month it announced total attributable mineral resources of 251.7 million ounces.