Gold Fields Ghana Acquisition Approved
JOHANNESBURG, June 20, 2011 /CNW/ --
JOHANNESBURG, June 20, 2011 /CNW/ - Further to the announcement on 15
April 2011, Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai:
GFI) is pleased to announce that its shareholders have overwhelmingly
approved the US$667 million acquisition of IAMGOLD Corporation's 18.9%
stake in the Tarkwa and Damang gold mines in Ghana. Of the 603 million
shares (84% of total shares in issues) that were voted at a general
meeting 93% were cast in favour of the transaction.
The transaction is expected to be completed by the end of this week and
on completion Gold Fields will increase its interest in each of the
Tarkwa and Damang gold mines from 71.1% to 90%, with the remaining 10%
interest being held by the Government of Ghana.
Upon completion of this transaction Gold Fields will acquire:
-- an additional 181,000 ounces of annual production at current
cash costs of $540/oz and Notional Cash Expenditure1 (NCE) of
about $940/oz based on results for the six months ended 31
December 2010;
-- an additional 2.14 million reserve ounces at a cost of about
$300 per ounce;
-- an additional 3.27 million resource ounces at a cost of
approximately US$198 per ounce;
-- a significant resource and reserve upside potential, in
particular at the Damang mine; and
-- US$20 million in working capital.
Notes to editors
About Gold Fields
Gold Fields is one of the world's largest unhedged producers of gold
with attributable annualised production of 3.6 million gold equivalent
ounces from eight operating mines in Australia, Ghana, Peru and South
Africa. Gold Fields also has an extensive and diverse global growth
pipeline with four major projects in resource development and
feasibility, with construction decisions expected in the next 18 to 24
months. Gold Fields has total attributable gold equivalent Mineral
Reserves of 76.7 million ounces and Mineral Resources of 225.4 million
ounces. Gold Fields is listed on the JSE Limited (primary listing), the
New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in
Brussels (NYX) and the Swiss Exchange (SWX).
Sponsor: J.P. Morgan Equities Limited
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Enquiries: Investor Enquiries: Zakira Amra, Tel 27-11-562-9775, Mobile 27(0)79-694-0267, email Zakira.Amra@goldfields.co.za, Willie Jacobsz, Tel 508-839-1188, Mobile 857-241-7127, email Willie.Jacobsz@gfexpl.com, Nikki Catrakilis-Wagner, Tel 27-11-562-9706, Mobile, 27(0)83-309-6720, email Nikki.Catrakilis-Wagner@goldfields.co.za; Media Enquiries, Sven Lunsche, Tel 27-11-562-9763, Mobile 27(0)83 260-9279, email Sven.Lunsche@goldfields.co.za