Subject: JVN
Gold Fields Completes Joint Venture Transaction With Asanko Gold
JOHANNESBURG, July 31, 2018 /CNW/ - Gold Fields Limited (Gold Fields) (JSE, NYSE: GFI) is pleased to announce the completion of the Joint Venture transaction with Asanko Gold (Asanko), with Gold Fields acquiring a 50% stake in Asanko's 90% interest in the Asanko Gold Mine in Ghana.
Gold Fields is expected to equity account its share in the Joint Venture, with attributable production and costs incorporated into the Group numbers from completion. Asanko's published guidance for 2019-2023 is average annual production of 253koz (100% basis).
Gold Fields and Asanko have established various working groups to ensure that the Asanko Gold Mine continues to operate in an efficient manner.
Nick Holland, CEO, said: "The closing of the transaction with Asanko gives us exposure to a great camp, with long-life, low-cost production, with significant exploration potential in a country we know well and have operated in for 25 years."
"The Joint Venture bolsters the Ghana region, with Tarkwa providing the base load production and Damang providing growth through the reinvestment plan currently underway. We look forward to working closely with our new partners," he added.
Notes to editors
About Gold Fields
Gold Fields Limited is a globally diversified gold producer with seven operating mines in Australia, Ghana, Peru and South Africa, and a total attributable annual gold-equivalent production of approximately 2.2 million ounces. It has attributable gold Mineral Reserves of around 49 million ounces and gold Mineral Resources of around 104 million ounces. Attributable copper Mineral Reserves total 764 million pounds and Mineral Resources 4,881 million pounds. Gold Fields has a primary listing on the Johannesburg Stock Exchange (JSE) Limited, with secondary listings on the New York Stock Exchange (NYSE) and the Swiss Exchange (SIX).
SOURCE Gold Fields Limited
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