Gold Fields Receives Approval for IAMGOLD Acquisition
Gold Fields has received approval from its stakeholders to acquire IAMGOLD's 18.9% stake in the Tarkwa and Damang gold mines in Ghana for $667m.
The acquisition, first announced on 15 April 2011, is expected to be completed this week.
Gold Fields will now own a 90% stake in the Tarkwa and Damang gold mines, from the previous 71.1%, while the Government of Ghana will own the remaining 10% stake.
On completion of this transaction, Gold Fields will acquire additional reserve ounces and $20m in capital.