|
Rusors paid for Choco 10 with a reserve of 1.66 mil Oz of gold $150m plus $30m conv. debt plus 140m shares 38% of RML, GRZ all shares 30% of already diluted RML FOR all of Las Brisas 10m oz gold reserve, REFRIGGINDICULOUS!!
Gold Fields Sells Its Venezuela Assets For Us$532 Million
|
Johannesburg, 12 October 2007: Gold Fields Limited (Gold Fields) (NYSE, JSE, DIFX: GFI) is pleased to announce that agreement has been reached in terms of which Gold Fields will effectively dispose of its assets in Venezuela to Rusoro Mining Ltd. (Rusoro) (TSXV: RML), for a total consideration of approximately US$532* million.
Rusoro will pay Gold Fields a minimum of US$150 million in cash, US$30 million in convertible debt, and 140 million Rusoro shares, which will be approximately 38% of the outstanding shares of that Company after the transaction has been concluded.
The transaction includes Rusoro acquiring Gold Fields’ stake in the Choco 10 gold mine, as well as the contiguous mineral rights owned by Gold Fields.
Ian Cockerill, Chief Executive Officer of Gold Fields said:
“Additional capital investment is required to realise the full potential of the Choco 10 gold mine. However, after careful consideration we have concluded that, given the current environment, this investment is better made by others, with Gold Fields retaining exposure to the upside inherent in the assets.”
“The offer from Rusoro has presented us with an attractive opportunity to achieve this objective, as well as a return of approximately 25% on our total investment of US$425 million.”
|
