Gold Fields Sells Stake in Eldorado Gold for CAD323 Million
Fri Sep 4, 6:56 AM
ca.news.finance.yahoo.com
JOHANNESBURG, Sept. 4 /CNW/ - Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that it has disposed of its holding in Eldorado Gold Corporation (Eldorado). Gold Fields disposed of 27,824,654 Eldorado shares at CAD11,61 per share for a total consideration of CAD323 million (approximately US$293 million*).
This share disposal does not impact Gold Fields' top-up right as negotiated with Eldorado in connection with the sale to Eldorado of its 19,9% stake in Sino Gold Mining Limited (Sino Gold). If Eldorado acquires in any manner an additional 5% or more of the shares of Sino Gold during the 18 months ending in early December 2010, Gold Fields will receive a top-up should a higher price be paid in that transaction than the original consideration of 48 Eldorado shares for every 100 Sino Gold shares.
The proceeds of this disposal will be used for debt repayments.
*Exchange rate: USD/CAD:1.1
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable steady state production of approximately 3.6 million ounces per annum from nine operating mines in South Africa, Peru, Ghana and Australia. 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), NYSE Euronext in Brussels (NYX) and Swiss Exchange (SWX). For more information please visit the Gold Fields website at goldfields.co.za.
Contacts
Enquiries: Media and Investor Enquiries: Willie Jacobsz
Tel (508) 839-1188
Mobile (857) 241-7127
email Willie.Jacobsz@gfexpl.com
Nikki Catrakilis-Wagner
Tel +27-11-562-9706
Mobile +27(0)83-309-6720
email Nikki.Catrakilis-Wagner@goldfields.co.za
Media Enquiries: Julian Gwillim
Tel +27-11-562-9774
Mobile +27(0)82-452-4389
email Julian.Gwillim@goldfields.co.za |
