A black empowerment company now controls a 15% beneficial interest in the South African gold mining assets of
Shareholders of Gold Fields and Mvelaphanda Resources (Mvela) voted overwhelmingly in favour of the R4.1-billion transaction at their respective general meetings.
Ian Cockerill, CEO of Gold Fields, says the deal represents “a major milestone” not just for both companies but for the South African mining industry.
He notes that the transaction was based on fair market value, at a firm market price, and is “economical, sensible and sustainable for both existing and new shareholders, and is truly broad-based.”
Cockerill adds that the transaction is a significant step toward meeting the requirements of the new Mining Charter, which calls for increased black ownership of, and involvement in, the nation’s mining industry.
Gold Fields is one of the world’s largest gold producers, with mines in South Africa, Ghana and Australia.
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