Sibanye Gold Listing
JOHANNESBURG, February 11, 2013 /PRNewswire/ –
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 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,
Sponsor: J.P. Morgan Equities Limited
Enquiries 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: Remmy.Kawala@goldfields.co.za Media Sven Lunsche Tel: +27-11-562-9763 Mobile: +27-83-260-9279 email: Sven.Lunsche@goldfields.co.za
SOURCE Gold Fields Limited