THURSDAY, 8.30AM
MINING HOUSE Gold Fields SA announced last night that it is in talks with black empowerment group New Africa Investment Limited, backed by Rembrandt, to buy 34% control of the company, split equally between them.
The complex deal, which also involves the related company Driefontein Consolidated, is expected to take several months. Goldfields estimates the value of the deal at R1,8 billion based on the current share price of R109. Rembrandt already owns a 40& stake in Gold Field Holdings, along with Liberty Life, which observers speculate may also be brought into the deal.
Nail, headed by Nthatho Motlana an Cyril Ramaphosa, confirmed that talks were underway on the deal last night. Gold `Field owns some of South Africa’s richest gold assets, but has been troubled by labour unrest, which is believed to have resulted in arson to underground equipment.