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Gold Fields selling Darlot mine in Australia

Deal is worth A$18.5 million.

JOHANNESBURG – Gold Fields is in the process of disposing its Western Australia mine to Perth-headquartered Red 5 for A$18.5 million ($15 million), the South African miner said on Thursday.

Gold Fields is selling the mine through a subsidiary and will receive A$12 million in cash and 130 million Red 5 shares in exchange for its Darlot mine, it said in a statement. The sale is expected to close at the end of September.

Red 5 is planning a cash call to fund the cash component and general working capital, with Gold Fields underwriting the rights issue up to A$7 million, the South African firm said.

Darlot was acquired by Gold Fields in 2013 and produced more than 241 000 ounces of gold in the past three years. ($1 = 1.2612 Australian dollars)

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Eish – I think they should also sell – the bottomless put called South Deep , while they can.

They can forecast until they are blue in the face but they will never recover their ”costs’by buying 100 % of South Deep , for a total of R 23 billion…

Me also thinks that if Gold Fields been made aware of the R 5.5 billion claims by Randgold (from Investecgate and Kebblegate shenanigans ), they only would have paid R 2,6 billion(or 32 % of the R 8.1 billion it actually paid) for 100% of the Western Areas equity.

I think it’s maybe time for Gold Field to go and knock on Investec’s for concealing inconvenient facts and figures (…week 181 has reference).

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