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.