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In the news
SHARES IN Gold Fields tumbled 12 percent by 11am after it agreed to buy Canada-based precious metals miner Yamana Gold in an all-share deal, valuing the Toronto-listed company at $6.7 billion (R104.4bn).
The deal will create the world's fourth-largest gold mining group, behind Newmont, Barrick and Agnico with annual gold production of about 3.4 million ounces.
Gold Fields said its shareholders would own about 61 percent of the combined group, while Yamana Gold shareholders will own around 39 percent after the deal completes.
It said: "The Gold Fields board believes that the transaction significantly strengthens the ability of the combined group (the Combined Group) to deliver on its three strategic pillars: maximisation of asset potential; advancement of ESG commitment; and growth of the value and quality of the portfolio of its assets.
"The Combined Group has the potential to create significant long-term value for shareholders through greater scale, an industry-leading portfolio, enhanced production profile with significant growth potential, operational and geological synergies, and a strengthened financial profile for future growth and shareholder returns," the mining firm said.
The South African miner said Yamana's board had unanimously approved the deal and also recommended its shareholders to vote in favour of the offer.
The offer consists of new shares or newly issued American Depositary Shares in Gold Fields at a fixed exchange ratio of 0.6 of a Gold Fields share for each Yamana share outstanding.
Shares of Yamana will be delisted from the stock markets, while Gold Fields will continue trading in Johannesburg, where the combined group will have their headquarters.
Chris Griffith, the chief executive of Gold Fields said: "The announcement is the result of a robust and extensive process carried out by Gold Fields' Board and management team to identify the optimum solution to support our revised strategy.
"Yamana's high-quality asset base in the Americas and strong development and exploration pipeline will further diversify the geography of our portfolio, creating a top-4 global gold major, well positioned to deliver long-term value creation. Combined, Gold Fields will boast an industry leading portfolio of high-quality, long-lifeflagship assets that span some the world's most established gold mining jurisdictions," he said.
