October 2, 2008
Gold Fields to Sell BIOX Technology Business
JOHANNESBURG, October 2 /PRNewswire-FirstCall/ -- Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) today announced that it has entered into an agreement with Bateman Engineering N.V. to sell its BIOX Technology Business to Bateman Engineering for a net cash consideration of US$8.84 million.
The BIOX business is the owner of a proprietary and patented technology, known as the BIOX process, which is used for the pre-treatment of refractory ores and concentrates prior to gold recovery through conventional cyanide leaching techniques. Included in the sale is a second technology, currently in development, for the efficient removal of thiocyanate and cyanide from leach solutions. The technology, known as ASTER (Activated Sludge Tailings Effluent Remediation), is currently undergoing pilot plant testing and if commercially viable could be applied to many conventional gold processing plants worldwide.
As part of the transaction Bateman will be acquiring Biomin Technologies SA, a Swiss registered entity, holder of the relevant intellectual property, patents and trademarks, as well as the majority of the related licensing agreements with the mining companies that make use of the technology.
Gold Fields has chosen to dispose of this business as it does not form part of its core business activities. A focused engineering and technology company such as Bateman is better placed to develop BIOX and its related technologies to their full potential.
The transaction is conditional, inter alia, upon the approval of the South African Reserve bank
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable production of 3.64 million ounces per annum from eight operating mines in South Africa, Ghana and Australia. A ninth mine, Cerro Corona Gold/Copper mine in Peru, commenced production in August 2008 at an initial rate of approximately 375,000 gold equivalent ounces per annum. The company has total attributable ore reserves of 83 million ounces and mineral resources of 251 million ounces. Gold Fields is listed on JSE Limited (primary listing), New York Stock Exchange (NYSE), Dubai International Financial Exchange (DIFX),Euronext in Brussels (NYX) and SWX Swiss Exchange (SWX).
Gold Fields Limited
CONTACT: Enquires: Willie Jacobsz, Tel +1-508-358-0188, Mobile+1-857-241-7127