More takeovers on the way for N.A. golds.................
Gold Fields is now No 2
M Gebhardt
The Star Business Report, 8 Apr 1999, p 1, Financial Times, 8 Apr 1999, p 20, Business Day, 8 Apr 1999, p 13, Mining Journal, 9 Apr 1999, p 267
Driefontein's minority shareholders have approved the reverse takeover of the company by Gold Fields to create the world's second-largest gold producer,with a market value of R12 billion. The offer was approved by 77% of the minority shareholders. The reverse listing will take place in May 1999. The new company will take the name Gold Fields, and will have proven reserves of 96 million oz of gold, and annual production in excess of 4 million oz of gold at total cash costs of around $200/oz. Gold Fields' chairman, Chris Thompson, said the transaction will provide Gold Fields with a springboard to buy overseas, especially in North America and Australia. |
