South Africa-based Gold Fields (NYSE: GFI) has increased its stake in Peruvian subsidiary Gold Fields La Cima from 80.7% to 98.5% at a cost of US$379mn, the company reported in a release.
The company announced a voluntary purchase offer in March to acquire the outstanding common and investment shares of La Cima. The offer closed on April 15.
Gold Fields now has 1.24bn common shares of La Cima, which represents 99% of the total shares. It also has 167mn investment shares, or 95.1% of the total.
La Cima owns the Cerro Corona gold-copper mine in Peru's Cajamarca region. Cerro Corona has reserves of 5.3Moz of gold equivalent and produces about 400,000oz/y of gold equivalent.
"This increases our stake in a world-class mine we know and understand and gives us access to an additional 1Moz of long-life, low cost ounces," CEO Nick Holland said. "We are pleased with the outcome, which brings us closer to our strategic vision of owning 100% of the assets in our portfolio."
Also has producing mines in South Africa, Ghana and Australia.
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