Friday, 6th February 2004 (3042 views)

Profits from a new deal by gold mining giant Gold Fields, are to be used to fund other gold growth projects and recapitalise its balance sheet.

Gold Fields reportedly expects the planned acquisition of 15 per cent of its South African assets by Mvelaphanda Resources, an empowerment company, to be completed by the end of next month, according to Engineering News.

With a value of R4.14 billion, the sale is being carried out in line with South Africa's new dispensation for the mining sector, whereby previously disadvantaged South Africans must own at least 15 per cent of the equity of mining companies within five years.

CEO of Gold Fields, Ian Cockerill, told Engineering News that as well as boosting reserves with organic growth, it also hopes to achieve growth through the acquisition of existing operations and through exploration.

The company is already involved indirectly and directly in exploration in all the major gold regions of Africa, Europe, South America and South East Asia.

 

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