Gold Fields find creative way to expand overseas

摘要

Johannesburg-Gold Fields, which has long been frustrated in its international ambitions by South Africa's restrictive exchange controls, has come up with a creative means of expanding further outside South Africa, by merging its assets outside South Africa with those of lamgold. There was talk in Johannesburg earlier this year of a possible tie-up or merger between lamgold and AngloGold Ashanti. As it is, Gold Fields and AngloGold Ashanti operate joint ventures with lamgold in western Africa. AngloGold Ashanti currently operates two of lamgold's African mines- Sadiola and Yatela. Gold Fields' CEO, Ian Cockerill, said that arrangement would remain in place for the time being. And, according to AngloGold, Gold Fields had not approached it with any proposals to change the arrangement. According to a Johannesburg stockbroker analyst, the GFI ownership split seems to favor lamgold. But Cockerill believes that the "unlocking of value" that will result from the deal will more than offset the cash being paid to lamgold's shareholders. He bases this on the fact that, for decades, South African gold shares have been valued differently from those of North American gold miners.