Gold Fields Limited - Sale of Arctic Platinum Project to CD Capital
JOHANNESBURG, January 24, 2018 /PRNewswire/ --
Gold Fields Ltd. (Gold Fields) (JSE, NYSE: GFI) is pleased to announce the sale of its palladium-rich, polymetallic Arctic Platinum Project (APP) in northern Finland. The buyer is a Finnish subsidiary of private equity fund CD Capital Natural Resources Fund III (CD Capital), headquartered in London.
The purchase consideration comprises US$40 million cash and royalty (2% NSR (net smelter return) on all metals, with 1% capped at US$20 million and 1% uncapped). The transaction, including full payment of the cash consideration, was completed today.
The sale includes all of the project assets for APP including the Suhanko mining licence (and associated real estate), all other mining and exploration properties, project permits and all other project related assets.
Nick Holland, CEO of Gold Fields, commented:
"The divestment of APP is consistent with our strategy of divesting non-core assets, and reinforces the focus that Gold Fields continues to show in relation to its asset portfolio. We are pleased to have balanced the purchase price between up-front cash and continued long-term exposure through the royalty, and believe this to be a positive outcome for both parties.
CD Capital continues to build its own portfolio of development assets, and we have been impressed with their professional approach and commitment to the transaction and the project. We wish them every success in the development of the project."
Notes to editors
About Gold Fields
Gold Fields Ltd. is a globally diversified producer of gold with eight operating mines in Australia, Ghana, Peru and South Africa with attributable annual gold-equivalent production of approximately 2.2 million ounces. It has attributable gold Mineral Reserves of around 48 million ounces and gold Mineral Resources of around 101 million ounces. Attributable copper Mineral Reserves total 454 million pounds and Mineral Resources 5,813 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) and the Swiss Exchange (SWX).
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
SOURCE Gold Fields Ltd.
