JOHANNESBURG, Feb. 11, 2013 /CNW/ - Gold Fields Limited (Gold
Fields) (JSE, NYSE, NASDAQ Dubai: GFI) announced on 29 November 2012, the creation of a new South
African gold mining champion, through the unbundling of its 100%
subsidiary, Sibanye Gold Limited (Sibanye Gold), formerly known as
GFI Mining South Africa Proprietary Limited (GFIMSA).
Today, 11 February 2013, Sibanye
Gold was listed on the JSE and began trading at around R14/share,
giving it a market capitalisation of approximately R10-billion.
Gold Fields shares closed at R105.80 on Friday 8 February and
started trading at R93 this morning, making its market
capitalisation approximately R68-billion. The listing on the New
York Stock Exchange (NYSE) of the Sibanye Gold's ADR Programme
commences later today when the NYSE opens for trading.
The distribution will result in the current Gold Fields'
shareholders subsequently holding two separate shares, the newly
distributed Sibanye Gold share as well as their original Gold
Fields' share.
Gold Fields retains secondary listings of ADRs on the NYSE and
secondary listings on the Dubai,
Brussels and Swiss stock
exchanges.
Gold Fields mining operations now comprise open-pit or shallow
underground operations and, in the case of the South Deep project
in South Africa, a deep-level,
bulk underground mechanised operation together with the
international exploration and development projects.
Nick Holland explains Gold
Fields' strategy: "Our operations will no longer focus solely on
the number of ounces of gold produced, but rather on the costs
associated with the production. Cash generation is to be a core
focus with priority given to low risk, high return brownfields
opportunities. Greenfields projects will only be pursued if they
will provide superior returns. M&A will be considered
only where there is clear value with regard to production."
He adds: "2013 needs to see South Deep, moving from the
construction phase to ore body development and build-up. On the
financial side, we will look to leverage the balance sheet for
growth on a per share basis. We are committed to delivering value
to shareholders, with dividends having first call on cash flows. It
is our intention to pay out 25-35% of normalised earnings."
Holland says that Gold Fields will make a point of setting
realistic production targets. "It's not about ounces, it's about
cash," he concludes.
Gold Fields will be releasing Q4 2012 and full-year 2012
financials on Thursday, which will be the last time that the
results will include the Sibanye Gold operations.
Notes to editors
Gold Fields is a significant unhedged producer of gold with
attributable annualised production of 2.1 million gold equivalent
ounces from six operating mines in Australia, Ghana, Peru
and South Africa. Gold Fields also
has an extensive and diverse global growth pipeline with four major
projects at resource development and feasibility level. Gold Fields
International has total managed gold-equivalent Mineral Reserves of
64 million ounces and Mineral Resources of 155 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).
In February 2012, Gold Fields
unbundled its KDC and Beatrix mines in South Africa into a separately listed company,
Sibanye Gold.
Sponsor: J.P. Morgan Equities Limited
SOURCE Gold Fields Limited