Gold Fields’ shareholders approve $667m acquisition of Ghana mine

Shareholders of Gold Fields Limited on June 20, 2011 approved the company’s decision to buy the 18.9% stake in the Tarkwa and Damang gold mines in Ghana for $667 million.

The mines are owned by IAMGOLD Corporation.

“Of the 603 million shares (84% of total shares in issues) that were voted at a general meeting, 93% were cast in favour of the transaction”, the company said in a statement.

This means the transaction which is expected to be completed by the end of this week can go ahead.

If completed, “Gold Fields will increase its interest in each of the Tarkwa and Damang gold mines from 71.1% to 90%, with the remaining 10% interest being held by the Government of Ghana”.

The company will also acquire a $20 million in working capital, additional ounces of gold reserves and resources, officials said.

By Ekow Quandzie