JOHANNESBURG, Oct. 1, 2013 /CNW/ - Gold Fields Limited (Gold
Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that
it has completed the acquisition of the Granny Smith, Lawlers and
Darlot gold mines (collectively the Yilgarn South Assets) in
Western Australia, from Barrick
Gold Corporation (Barrick).
Gold Fields acquired the assets for a total net consideration of
US$270 million after adjustments for
working capital, mine capital and employee entitlements.
In accordance with the sale and purchase agreement, Gold Fields
elected to satisfy half of the consideration by delivering 28.7
million of its common shares (which was based on the 5-day VWAP for
the ADR's trading on the NYSE prior to closing). The balance of
US$135 million (less a US$30 million deposit paid on signing of the
agreement) was paid from cash resources held by Gold Fields in
Australia.
Nick Holland, Chief Executive
Officer of Gold Fields, said:
"We are pleased to have completed this acquisition of
in-production ounces. Today we commenced integrating these assets
with our existing operations in Western
Australia where Gold Fields now has five active mines.
Considering the potential for regional and operational synergies
with our existing assets in the region, as well as the benefits
from applying Gold Fields' low cost, cash-focussed operating model
to the acquired assets, this acquisition should have a positive
impact on the Group's operations.
Based on reported production for the first half of 2013, these
assets are expected to add approximately 400,000 ounces of
production to the Gold Fields portfolio, at costs lower than the
current Group average.
This transaction also significantly advances Gold Fields'
strategic objective of achieving a more balanced and globally
diversified portfolio, with Australia now accounting for approximately 42%
of Gold Fields' production, Ghana
approximately 33%, Peru
approximately 13% and South Africa
approximately 12%.
Notes to editors
About Gold Fields
Gold Fields is a significant unhedged producer of gold with
attributable annualised production of approximately 2.0 million
gold equivalent ounces from six operating mines in Australia, Ghana, Peru
and South Africa. Gold Fields 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 August 2013, Gold Fields acquired Barrick Gold's Granny Smith, Lawlers and
Darlot Gold Mines in Western Australia, a transaction that is
expected to be completed in September
2013.
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
This press release is for information purposes only and does not
constitute or form part of an offer to sell or the solicitation of
an offer to buy or subscribe to any securities of Gold Fields. The
securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933 (the
"Securities Act") or with any securities regulatory authority of
any state or other jurisdiction of the
United States and may not be offered, sold, resold,
transferred or delivered, directly or indirectly, in the United States except pursuant to
registration under, or an exemption from the registration
requirements of, the Securities Act. There will be no public
offering of securities in the United
States or any other jurisdiction.
FORWARD-LOOKING STATEMENTS
Certain statements included in this announcement, as well as
oral statements that may be made by Gold Fields, or by officers,
directors or employees acting on its behalf related to the subject
matter hereof, constitute or are based on forward-looking
statements. Forward-looking statements are preceded by, followed by
or include the words "may", "will", "should", "expect", "envisage",
"intend", "plan", "project", "estimate", "anticipate", "believe",
"hope", "can", "is designed to" or similar phrases. These
forward-looking statements involve a number of known and unknown
risks, uncertainties and other factors, many of which are difficult
to predict and generally beyond the control of Gold Fields, that
could cause Gold Fields' actual results and outcomes to be
materially different from historical results or from any future
results expressed or implied by such forward-looking statements.
Such risks, uncertainties and other factors include, among others,
Gold Fields' ability to complete the transaction, Gold Fields'
ability to successfully integrate the acquired assets with its
existing operations, Gold Fields' ability to achieve anticipated
efficiencies and other cost savings in connection with the
transaction, changes in relevant governmental regulations,
particularly environmental, tax, health and safety, regulations and
potential new legislation affecting mining rights, Gold Fields'
future financial position and plans, strategies, objectives,
capital expenditures, and projected costs, the success of
exploration and development activities, as well as projected level
of gold price and other risks. Gold Fields undertakes no obligation
to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this announcement or to reflect any change in Gold
Fields' expectations with regard thereto.
SOURCE Gold Fields Limited