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Gold Fields to unbundle SA assets

Nov 29 2012 08:34
I-Net Bridge

Johannesburg - Gold miner Gold Fields [JSE:GFI] on Thursday announced the creation of a new South African gold mining company through the proposed unbundling of its 100% owned subsidiary‚ Sibanye Gold - formerly known as GFI Mining South Africa Proprietary Limited (GFIMSA) - which holds the KDC and Beatrix gold mines as well as various service companies.

Subject to approval by the JSE and the NYSE‚ Sibanye Gold will be listed as a separate and independent company on both exchanges in February 2013‚ it said.

Sibanye Gold shares will then be distributed to existing Gold Fields shareholders.

Both Gold Fields and Sibanye Gold will be domiciled in SA with their primary listing of shares on the JSE and a secondary listing of American depository receipts on the NYSE. The other existing secondary listings on the Swiss‚ Dubai and Brussels stock exchanges for Gold Fields will remain unchanged.

Following the unbundling‚ Gold Fields will retain the balance of its current portfolio of assets‚ including the developing South Deep Gold Mine located in South Africa

Neal Froneman‚ currently Chief Executive Officer of Gold One International [JSE:GDO]‚ will become CEO of Sibanye Gold and Charl Keyter‚ currently Head of Finance for Gold Fields' international operations‚ will become the Chief Financial Officer.

Gold Fields said there would be no direct job losses as a result of the transaction. 

Besides South Africa, now the world's fifth biggest gold producer, Gold Fields has mines in Peru, Ghana and Australia.


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