Gold Fields and Mvelaphanda Resources Successfully Completes Final Step of Black Economic Empowerment Transaction Initiated in 2
March 17 2009 - 6:41AM
PR Newswire (US)
JOHANNESBURG, March 17 /PRNewswire-FirstCall/ -- Gold Fields
Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to
announce that, in terms of the R4.1 billion Black Economic
Empowerment transaction approved by shareholders of Gold Fields on
8 March 2004, and which reached maturity today, Mvelaphanda
Resources (Mvela Resources) today took receipt, through its wholly
owned subsidiary Mvelaphanda Gold (Proprietary) Limited ("Mvela
Gold"), of its 15% shareholding in GFI Mining South Africa
(Proprietary) Limited ("GFIMSA"), a subsidiary of Gold Fields which
owns and operates the South African gold mining assets of Gold
Fields ("the GFIMSA Shares"). Immediately upon receipt of the
GFIMSA Shares, Mvela Gold exercised its right to require the
exchange of the GFIMSA Shares for 50 million new ordinary shares in
the issued share capital of Gold Fields Limited. Gold Fields
therefore today issued 50 million new ordinary Gold Fields Limited
shares, listed on the JSE Limited, to Mvela Gold in exchange for
the GFIMSA shares, which represents a 15% equity stake in the South
African gold mining assets of Gold Fields. This brings the total
number of listed Gold Fields shares to 703,839,976. Pursuant to the
above transactions, Mvela Gold now owns approximately 7% of the
listed shares of Gold Fields Limited, and Gold Fields again owns
100% of GFIMSA. Nick Holland, Chief Executive Officer of Gold
Fields, said: "We are particularly pleased that the transaction,
which was based on fair value at a firm market price, has proven to
be economically sensible and sustainable for existing Gold Fields
shareholders, while creating significant real value for Mvela
Resources shareholders, thus advancing Black Economic Empowerment
in South Africa." About Gold Fields Gold Fields Limited is one of
the world's largest unhedged producers of gold with attributable
production of 3,64 million ounces per annum from eight operating
mines in South Africa, Ghana and Australia. A ninth mine, Cerro
Corona Gold/Copper mine in Peru, commenced production in August
2008 at an initial rate of approximately 375,000 gold equivalent
ounces per annum. Gold Fields aims to reach a production rate of
approximately 4.0 million ounces per annum during the March quarter
of 2009. The company has total attributable ore reserves of 83
million ounces and mineral resources of 251 million ounces. Gold
Fields is listed on the JSE Limited (primary listing), New York
Stock Exchange (NYSE), NASDAQ Dubai Limited (NASDAQ Dubai), New
Euronext in Brussels (NYX) and Swiss Exchange (SWX). For more
information please visit the Gold Fields website at
http://www.goldfields.co.za/. DATASOURCE: Gold Fields Limited
CONTACT: Enquiries: Willie Jacobsz, Mobile: +1-857-241-7127; Nikki
Catrakilis-Wagner, Mobile: +27(0)83-309-6720; Marritt Claassens,
Mobile: +27(0)82-307-3297
Copyright