Directors:
M A Ramphele (Chair), N J Holland
† ** (Chief Executive Officer), P A Schmidt** (Chief Financial Officer), K Ansah
# , C A Carolus, R Dañino*, A R Hill
≠,
D L Lazaro^, R P Menell, M S Moloko, D N Murray, D M J Ncube, R L Pennant-Rea †
, G M Wilson
† British, ≠ Canadian, # Ghanaian, *Peruvian, ^Filipino, ** Executive Director
Corporate Secretary:
C Farrel
Gold Fields Limited
Reg. 1968/004880/06
150 Helen Road,
Sandown, Sandton,
2196
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel +27 11 562 9700
Fax +27 11 562 9838
www.goldfields.co.za
Enquiries
Investor Enquiries
Zakira Amra
Tel
+27 11 562 9775
Mobile
+27 79 694 0267
email
Zakira.Amra@
goldfields.co.za
Willie Jacobsz
Tel
+1 508 839 1188
Mobile
+1 857 241 7127
email
Willie.Jacobsz@
gfexpl.com
Media Enquiries
Sven Lunsche
Tel
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Mobile
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email
Sven.Lunsche@
goldfields.co.za
MEDIA RELEASE
Gold Fields secures 40% in Far Southeast
Johannesburg, 22 March 2012:
Gold Fields Limited (Gold Fields)
(JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that it has
exercised its 40% option in the gold-copper Far Southeast Project in the
Philippines after making a US$110-million payment this week.
On 20 September 2010 Gold Fields entered into two option agreements
with Lepanto Consolidated Mining Company (Lepanto), 60% owner of
Far Southeast, and Liberty Express Assets (Liberty), 40% owner of Far
Southeast, granting Gold Fields an option to acquire a 60% interest in
Far Southeast for a total consideration of US$340-million.
After making two down-payments of US$44-million and US$66-million in
September 2010 and September 2011 respectively, Gold Fields has
decided to bring forward half of the remaining US$220-million payment
to acquire Liberty’s 40% interest in Far Southeast.
Gold Fields continues to hold its option to acquire an additional 20%
stake in Far Southeast from Lepanto for a further US$110-million, which,
if exercised, would increase its total interest in Far Southeast to 60%.
The Liberty and Lepanto options were initially granted to Gold Fields for
the later of 18 months from signature in September 2010 or the date of
receiving a Financial or Technical Assistance Agreement (FTAA) for the
project. A FTAA licence allows a foreign corporation to control a majority
interest in a Philippine mining project.
Notwithstanding this provision, Gold Fields has the discretion to exercise
either option prior to the FTAA being granted. Gold Fields has decided
to exercise the Liberty option earlier than originally planned due to the
fact that:
·
The due diligence results to date are positive and demonstrate
significant upside to the resource potential;
·
By acquiring ownership of 40% it demonstrates its commitment
to the project and formalises its partnership with Lepanto; and
·
The early exercise of the Liberty option does not affect the
remaining 20% Lepanto option, which continues to be
exercisable in accordance with the terms of the agreement.
The FTAA application for the Far Southeast project was filed in
November 2011 and based on the date of the filing Gold Fields expects