Wrap Text
GFI - Gold Fields Limited - Gold fields makes second payment on FSE Gold-
Copper Project
Gold Fields Limited
(Reg. No. 1968/004880/06)
(Incorporated in the Republic of South Africa)
("Gold Fields" or "the Company")
JSE, NYSE, DIFX Share Code: GFI
ISIN Code: ZAE000018123
MEDIA RELEASE
GOLD FIELDS MAKES SECOND US$66 MILLION DOWN-PAYMENT UNDER THE OPTION
AGREEMENT TO ACQUIRE A 60% INTEREST IN THE FSE GOLD-COPPER PROJECT IN
THE PHILIPPINES
Johannesburg, 21 September 2011: Gold Fields Limited (Gold Fields) (JSE,
NYSE, NASDAQ Dubai: GFI) has made the second down-payment of US$66
million in terms of the option agreements to acquire a 60% interest in
the undeveloped gold-copper Far Southeast (FSE) deposit in the
Philippines. The option agreements were entered into with Lepanto
Consolidated Mining Company (Lepanto), a company listed in the
Philippines, and Liberty Express Assets, a private holding company.
The non-refundable down-payment of US$66 million to Liberty is the
second in a series of three payments. The first payment of US$54
million, comprising US$10 million in option fees to Lepanto and US$44
million as a non-refundable down-payment to Liberty, was paid with the
signing of the option agreement in September 2010. Should Gold Fields
decide to proceed with the acquisition of the 60% interest in FSE, the
final payment of US$220 million is expected to be paid during the first
half of 2012. The total pre-agreed acquisition price for a 60% interest
in FSE, inclusive of all of the above payments, is US$340 million.
Following the signing of the option agreements Gold Fields commenced
with an extensive drilling programme and currently has eight underground
drill rigs turning. Initial results support the existence and extent of
the known core of mineralisation as well as further extensions both
laterally and at depth beyond this core. The company is continuing with
its underground drilling programme and has also commenced with surface
geotechnical drilling during this quarter.
Nick Holland, Chief Executive Officer of Gold Fields, says: "We are
pleased with the results to date and excited at the prospect of
establishing a long-standing mutually beneficial relationship in a
promising region in the Philippines."
FSE is located in the northern part of Luzon, the largest island in the
Philippines. The project is situated in an existing mining camp in close
proximity to two other mines historically operated by Lepanto, one of
which is currently in production. FSE has ready access to established
infrastructure, including roads, tailings facilities, power and water.
The existing workforce on the doorstep of FSE is part of a community
established around mining over the past 70 years.
Notes to editors
About Gold Fields
Gold Fields is one of the world`s largest unhedged producers of gold
with attributable annualised production of 3.6 million gold equivalent
ounces from eight operating mines in Australia, Ghana, Peru and South
Africa. Gold Fields also has an extensive and diverse global growth
pipeline with four major projects in resource development and
feasibility, with construction decisions expected in the next 18 to 24
months. Gold Fields has total attributable gold equivalent Mineral
Reserves of 76.7 million ounces and Mineral Resources of 225.4 million
ounces. Gold Fields is listed on the JSE Limited (primary listing), the
New York Stock Exchange (NYSE), NASDAQ Dubai Limited, Euronext in
Brussels (NYX) and the Swiss Exchange (SWX).
Gold Fields Limited
Reg. 1968/004880/06
150 Helen Road,
Sandown, Sandton,
2196
Postnet Suite 252
Private Bag X30500
Houghton, 2041
South Africa
Tel +27 11 562-9700
Fax +27 11 562-9838
www.goldfields.co.za
Enquiries
Investor Enquiries
Zakira Amra
Tel +27 11 562-9775
Mobile +27 79 694-0267
email Zakira.Amra@goldfields.co.za
Nikki Catrakilis-Wagner
Tel +27 11 562-9706
Mobile +27 83 309-6720
email Nikki.Catrakilis-Wagner@goldfields.co.za
Willie Jacobsz
Tel +508 839-1188
Mobile +857 241-7127
email Willie.Jacobsz@gfexpl.com
Media Enquiries
Sven Lunsche
Tel +27 11 562-9763
Mobile +27 (0) 83 260-9279
email Sven.Lunsche@goldfields.co.za
Sponsor:
J.P. Morgan Equities Limited
Date: 21/09/2011 09:53:07 Supplied by www.sharenet.co.za
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