JOHANNESBURG, Feb. 11, 2013 /CNW/ - Gold Fields Limited (Gold Fields) (JSE,
NYSE, NASDAQ Dubai: GFI) announced on 29 November 2012, the creation of a new
South African gold mining champion, through the unbundling of its 100%
subsidiary, Sibanye Gold Limited (Sibanye Gold), formerly known as GFI Mining
South Africa Proprietary Limited (GFIMSA).
Today, 11 February 2013, Sibanye Gold was listed on the JSE and began trading
at around R14/share, giving it a market capitalisation of approximately
R10-billion. Gold Fields shares closed at R105.80 on Friday 8 February and
started trading at R93 this morning, making its market capitalisation
approximately R68-billion. The listing on the New York Stock Exchange (NYSE)
of the Sibanye Gold's ADR Programme commences later today when the NYSE opens
The distribution will result in the current Gold Fields' shareholders
subsequently holding two separate shares, the newly distributed Sibanye Gold
share as well as their original Gold Fields' share.
Gold Fields retains secondary listings of ADRs on the NYSE and secondary
listings on the Dubai, Brussels and Swiss stock exchanges.
Gold Fields mining operations now comprise open-pit or shallow underground
operations and, in the case of the South Deep project in South Africa, a
deep-level, bulk underground mechanised operation together with the
international exploration and development projects.
Nick Holland explains Gold Fields' strategy: "Our operations will no longer
focus solely on the number of ounces of gold produced, but rather on the costs
associated with the production. Cash generation is to be a core focus with
priority given to low risk, high return brownfields opportunities. Greenfields
projects will only be pursued if they will provide superior returns. M&A
will be considered only where there is clear value with regard to production."
He adds: "2013 needs to see South Deep, moving from the construction phase to
ore body development and build-up. On the financial side, we will look to
leverage the balance sheet for growth on a per share basis. We are committed
to delivering value to shareholders, with dividends having first call on cash
flows. It is our intention to pay out 25-35% of normalised earnings."
Holland says that Gold Fields will make a point of setting realistic
production targets. "It's not about ounces, it's about cash," he concludes.
Gold Fields will be releasing Q4 2012 and full-year 2012 financials on
Thursday, which will be the last time that the results will include the
Sibanye Gold operations.
Notes to editors
Gold Fields is a significant unhedged producer of gold with attributable
annualised production of 2.1 million gold equivalent ounces from six operating
mines in Australia, Ghana, Peru and South Africa. Gold Fields also has an
extensive and diverse global growth pipeline with four major projects at
resource development and feasibility level. Gold Fields International has
total managed gold-equivalent Mineral Reserves of 64 million ounces and
Mineral Resources of 155 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). In February
2012, Gold Fields unbundled its KDC and Beatrix mines in South Africa into a
separately listed company, Sibanye Gold.
Sponsor: J.P. Morgan Equities Limited
Investors Willie Jacobsz Tel: +27-11-562-9775 or +1-857-241-7127 (USA)
Mobile: +27-82-971-9238 (SA) Email: Willie.Jacobsz@goldfields.co.za
Remmy Kawala Tel: +27-11-562-9844 Mobile: +27-82-312-8692 Email:
Sven Lunsche Tel: +27-11-562-9763 Mobile: +27-83-260-9279 email:
SOURCE: Gold Fields Limited
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CO: Gold Fields Limited
-0- Feb/11/2013 15:33 GMT
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