UPDATE 1-Gold Fields soars on South Africa mine turnaround
* South Deep mine shows improvement
* Damang mine under review
* Shares jump more than 20 pct (Recasts with South Deep mine, adds CEO quote, detail)
By Zandi Shabalala
JOHANNESBURG, Nov 19 (Reuters) - Gold Fields Ltd on Thursday reported improved production and lower cash outflows at its troubled South African South Deep mine, sending shares soaring more than 20 percent.
Gold Fields shares traded at 37.54 rand and were headed for the highest daily jump since November 2008.
The mechanised South Deep mine, which holds a huge 40-million ounces in bullion reserves, is Gold Fields' last remaining South African asset.
The mine has been plagued by a number of technical difficulties but a turnaround strategy is beginning to show signs of success.
Gold Fields said production at South Deep jumped 42 percent to 60,283 ounces while cash outflows fell to $20 million from $27 million in the previous quarter. Continuación...