South Deeeeeeeeeeeeeep!
kleiner Querstollen statt 4 km Tiefschacht;
das ist schon einen asbach uralt wert
(und spart 200 Mio USD).
gogh
Barrick Reaches Agreement with Gold Fields on South Deep Asset
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2006-09-11 03:15 ET - News Release
TORONTO, ONTARIO -- (MARKET WIRE) -- 09/11/06
Barrick Gold Corporation (NYSE: ABX)(TSX: ABX)(LSE: BGD)(SWX: ABX)
(EURONEXT PARIS: ABX) announced today that it has entered into a
definitive purchase and sale agreement with Gold Fields Limited (GFI:
JSE; NYSE) regarding Barrick's indirectly held 50 per cent interest in the
South Deep asset and its rights under the joint venture agreement with
Western Areas Limited in the Republic of South Africa.
The consideration is comprised of US$1.525 billion of which US$1.2
billion will be paid in cash and the balance of US$325 million in Gold
Fields shares (based on the average ADR trading price on the NYSE for
the five trading days immediately preceding the closing of the transaction).
The agreement is subject to customary conditions including the receipt
of South African regulatory approvals and is expected to close in early
2007. Western Areas Limited, Barrick's joint venture partner in the South
Deep asset, has determined not to exercise its preemptive rights.
"This agreement brings value and makes sense for all concerned: Gold
Fields has great expertise in deep level mining and there are synergies
that they can realize in conjunction with their nearby flagship operations
in South Africa," said Greg Wilkins, President and Chief Executive
Officer. "Barrick's employees in South Africa will remain focused on
advancing the Sedibelo platinum project and providing support and
services to Barrick operations and projects in Africa."
Gold Fields' Chief Executive Officer Ian Cockerill said: "The combination
of our plans to invest in the deepening of the Driefontein and Kloof gold
mines and the purchase of Barrick's 50 per cent interest in South Deep
will create additional value for our shareholders and secure Gold Fields'
position as the premier gold producer in South Africa for the next fifty years."
Barrick acquired its 50 per cent interest in South Deep through its
US$10.0 billion acquisition of Placer Dome Inc. in January 2006. Barrick
completed its agreement with Goldcorp Inc. in May 2006 under which
Goldcorp acquired four Placer Dome mines and other agreed interests
for US$1.6 billion. The rationale for Goldcorp and the Placer Dome
interests in Canada was similar to the Barrick/Gold Fields agreement
relating to synergies that could be derived from consolidating mining interests.
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