Monday, May 23, 2011

Gold Fields (GFI) Gets Bumped Up by HSBC

HSBC (NYSE:HBC) raised its price target on Gold Fields (NYSE: GFI) from $23.00 to $25.00, and have an "Overweight" rating on the gold miner.

In other GFI news, South Africa's National Union of Mineworkers announced Monday it is seeking a pay boost of 14 percent rise from mining companies in the country: both coal and gold miners.

Other miners in the country recently said wage increases above the inflation level aren't sustainable.

Platinum producer Impala Platinum (IMPJ.J) was also singled out as a company the union is attempting to extract a 14 percent increase in wages from.

Gold Fields closed Monday at $15.51, dropping 0.16, or 1.02 percent.

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