JOHANNESBURG, June 6, 2019
/PRNewswire/ -- In line with its key strategic objective of paying
down its debt, Gold Fields Limited (JSE: GFI) (NYSE: GFI) has
sold its shareholdings in two of its non-core investments, Maverix
Metals and Red 5, for combined proceeds of US$88m. Both positions were sold at a significant
premium to the look-through acquisition costs.
Gold Fields this week completed the sale of its 19.9%
shareholding in Toronto-listed
gold and royalty streaming company Maverix. The sale of the shares
– processed through a series of private market transactions over
the past four weeks – raised C$91.4m
(US$68m).
Gold Fields retains 4.125m Maverix
warrants, equivalent to a 3.68% interest in the company on a
partially-diluted basis. Gold Fields sold the bulk of its royalty
portfolio to Maverix in December 2016
in return for the 19.9% shareholding.
In April 2019, Gold Fields sold
its 247m shares in ASX-listed mining
company Red 5 – equivalent to 19.9% of its total shareholding – at
A$0.12/share for a total
consideration of A$29.6m
(US$20m). Gold Fields had acquired
the stake at A$0.05/share in
October 2017 when it sold its Darlot
gold mine in Western Australia to
Red 5.
"One of our key objectives is to reduce the amount of debt on
our balance sheet. In addition to the restructuring of Gold Fields'
debt announced over the past few months, using the proceeds from
the sales of our non-core investments to pay down debt will further
improve liquidity," says Gold Fields CEO Nick Holland.
Notes to editors
About Gold
Fields
Gold Fields Limited is a globally diversified gold producer with
eight operating mines (including our Asanko Joint Venture) and two
projects in Australia,
Chile, Ghana, Peru
and South Africa, with total
attributable annual gold-equivalent production of approximately
2Moz. It has attributable gold Mineral Reserves of around 48.1Moz
and gold Mineral Resources of around 96.6Moz. Attributable copper
Mineral Reserves total 691 million pounds and Mineral Resources
4,816 million pounds. Gold Fields has a primary listing on the
Johannesburg Stock Exchange (JSE) Limited, with secondary listings
on the New York Stock Exchange (NYSE).
Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Enquiries
Investors
Avishkar Nagaser
Tel: +27-11-562-9775
Mobile: +27-82-312-8692
Email: Avishkar.Nagaser@goldfields.com
Thomas Mengel
Tel: +27-11-562-9849
Mobile: +27-72-493-5170
Email: Thomas.Mengel@goldfields.com
Media
Sven Lunsche
Tel: +27-11-562-9763
Mobile: +27-83-260-9279
Email: Sven.Lunsche@goldfields.com
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SOURCE Gold Fields Limited