{"id":380737,"date":"2011-04-18T00:00:00","date_gmt":"2011-04-18T00:00:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/18\/gold-fields-acquires-iamgolds-18-9-minority-stake-in-tarkwa-and-damang-gold-mines\/"},"modified":"2011-04-18T00:00:00","modified_gmt":"2011-04-18T00:00:00","slug":"gold-fields-acquires-iamgolds-18-9-minority-stake-in-tarkwa-and-damang-gold-mines","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/18\/gold-fields-acquires-iamgolds-18-9-minority-stake-in-tarkwa-and-damang-gold-mines\/","title":{"rendered":"Gold Fields acquires IAMGOLDs 18.9% minority stake in Tarkwa and Damang gold mines"},"content":{"rendered":"<p><div readability=\"87\"><strong>Johannesburg, 15 April 2011<\/strong>: Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) has announced that it has entered into a binding agreement with IAMGOLD Corporation to acquire its 18.9% minority stake in the Tarkwa and Damang gold mines in Ghana, for a cash consideration of US$667 million.<\/p>\n<p>Upon completion of the proposed acquisition, Gold Fields will have increased its interest in each of the Tarkwa and Damang gold mines from 71.1% to 90%, the remaining 10% interest being held by the Government of Ghana. The completion of the proposed acquisition, which is subject to certain condition precedent being met, including Gold Fields shareholders approval, is expected by 31 July 2011.<\/p>\n<p>Upon completion of this transaction Gold Fields will acquire:\n<\/p>\n<ul>\n<li>an additional 181,000 ounces of annual production at current cash costs of $540\/oz and Notional Cash Expenditure (NCE) of about $940\/oz based on results for the six months ended 31 December 2011;<\/li>\n<li>an additional 2.14 million reserve ounces at a cost of about $300 per ounce;<\/li>\n<li>an additional 3.27 million resource ounces at a cost of approximately US$198 per ounce;<\/li>\n<li>a significant resource and reserve upside potential, in particular at the Damang mine; and<\/li>\n<li>US$20 million in working capital.<\/li>\n<\/ul>\n<p>Commenting on the transaction, Peter Turner EVP Gold Fields West Africa Region said: \u2018This transaction confirms the confidence that Gold Fields has in the Ghanaian economy. Gold Fields is proud of its leading role in the mi8ning industry in Ghana. We will continue to engage with all stakeholders to grow shareholder value\u2019<\/p>\n<p>Nick Holland, Chief Executive Officer of Gold Fields, said:<\/p>\n<p>\u201cThe two most important guiding principles of our strategy are to grow our free cash flow by growing our margin per ounce and by increasing ounces produced on a per share basis. This transaction meets those requirements.<\/p>\n<p>\u201cThrough this transaction we will consolidate our ownership in two world-class mines in a stable and mining friendly jurisdiction where we have been operating successfully for almost two decades and have a strong brand.<\/p>\n<p>\u201cThis is a low-risk acquisition of \u2018in-production ounces\u2019 generating healthy free cash flow that will improve the overall quality of our portfolio and be accretive to our shareholders on a per share basis.<\/p>\n<p>\u201cThis proposed acquisition, together with the recent offer to the minority shareholders in our Cerro Corona mine in Peru, are important steps towards our objective of international diversification, and will contribute meaningfully to our target of growing our production base to five million ounces, either in production or in development, by 2015.\u201d<\/p>\n<p>As at 14 April 2011, Gold Fields\u2019 economic interest in Gold Fields La Cima, owners of Cerro Corona, was 92.9% up from 80.7% before the offer was made. The offer closes in Peru later today.<\/p>\n<\/div>\n<p>See the article here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/news.myjoyonline.com\/business\/201104\/64473.asp\" title=\"Gold Fields acquires IAMGOLDs 18.9% minority stake in Tarkwa and Damang gold mines\" rel=\"noopener noreferrer\">Gold Fields acquires IAMGOLDs 18.9% minority stake in Tarkwa and Damang gold mines<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Johannesburg, 15 April 2011 : Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) has announced that it has entered into a binding agreement with IAMGOLD Corporation to acquire its 18.9% minority stake in the Tarkwa and Damang gold mines in Ghana, for a cash consideration of US$667 million. Upon completion of the proposed acquisition, Gold Fields will have increased its interest in each of the Tarkwa and Damang gold mines from 71.1% to 90%, the remaining 10% interest being held by the Government of Ghana<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-380737","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gold Fields acquires IAMGOLDs 18.9% minority stake in Tarkwa and Damang gold mines - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/18\/gold-fields-acquires-iamgolds-18-9-minority-stake-in-tarkwa-and-damang-gold-mines\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gold Fields acquires IAMGOLDs 18.9% minority stake in Tarkwa and Damang gold mines - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Johannesburg, 15 April 2011 : Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) has announced that it has entered into a binding agreement with IAMGOLD Corporation to acquire its 18.9% minority stake in the Tarkwa and Damang gold mines in Ghana, for a cash consideration of US$667 million. 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