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 for trading.
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
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
SOURCE: Gold Fields Limited
For further information:
Tel: +27-11-562-9775 or +1-857-241-7127 (USA)
Mobile: +27-82-971-9238 (SA)