JOHANNESBURG, South Africa, April 18 /CNW/ - Gold Fields Corona (BVI) Limited ("Gold Fields Corona"), a wholly owned subsidiary of Gold Fields Limited (NYSE: GFI) and (JSE: GFI) today announced that it had increased its stake in Gold Fields La Cima S.A.A. (La Cima) from 80.7% to 98.5% following a voluntary offer to minorities in La Cima to acquire their shares at a cost of US$379 million.
Gold Fields Corona announced a voluntary offer to acquire the outstanding common shares and investment shares of Gold Fields La Cima on 22 March 2011. The offer was for the 8% of the common shares not already owned by Gold Fields Corona and for 100% of the investment shares. The offer closed on Friday, 15 April 2011.
Gold Fields Corona's economic interest in La Cima is now:
- 87.6 million common shares or 99% of total Common shares
- 167.1 million investment shares or 95.1% of the total Investment shares.
La Cima owns the Cerro Corona gold and copper mine in the Cajamarca district of Peru, which has gold-equivalent Mineral Reserves of 5.3 million ounces and has been in production since 2008. It produces about 400,000 gold-equivalent ounces a year.
Nick Holland, Chief Executive Officer of Gold Fields Limited, said: "This increases our stake in a world-class mine we know and understand and gives us access to an additional 1 million ounces of long-life, low cost ounces. We are pleased with the outcome, which brings us closer to our strategic vision of owning 100% of the assets in our portfolio."
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