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| | Gold Fields offers $420m to buy out minorities in Peruvian subsidiary | |
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admin Admin
Posts : 2302 Reputation : 0 Join date : 2010-12-20 Age : 46
| Subject: Gold Fields offers $420m to buy out minorities in Peruvian subsidiary Tue Mar 22, 2011 6:44 pm | |
| JOHANNESBURG (miningweekly.com) − The world’s fourth-largest gold-miner Gold Fields on Tuesday launched an offer to acquire the remaining shares in its Peruvian subsidiary La Cima, for 1,16-billion nuevos soles, or $420-million. CEO Nick Holland said the offer was consistent with the company’s view that, where possible, it should own 100% of the assets in the group’s portfolio. Gold Fields wants to buy the remaining 19% of Cerro Corona, which is currently run by La Cima. The openpit mine, in the Andes mountains in northern Peru, has gold-equivalent reserves of 5,3-million ounces. If the offer is accepted in full, it would give Gold Fields access to an additional one-million ounces of long-life and low-cost reserves and an additional 76 000 oz of gold-equivalent production a year, Holland said. Gold Fields offered to pay 4,20 nuevos soles, or $1,45, in cash for each common or investment share in La Cima. The offer price represents a 30% and a 34% premium over the six-months average traded price of the common shares and investment shares respectively. La Cima’s share structure is made up of 1,257-million common shares with full voting rights and 176-million non-voting investment shares. "Through our cash offer La Cima shareholders are also getting a significant premium on what is a fairly illiquid stock," Holland said.
The offer would close by mid-April, or 20 trading days after March 21, 2011. Gold Fields is based in South Africa, where it operates four mines, and also owns operations in Ghana and Australia. | |
| | | | Gold Fields offers $420m to buy out minorities in Peruvian subsidiary | |
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