Subscribe & Follow

Advertise your job vacancies

Jobs

External Sales Representative (Exports) Vereeniging

Gold Fields sells Darlot mine

Gold Fields sold its unprofitable Darlot mine for A$18.5m in cash and shares to Australian Stock Exchange-listed Red 5, which plans to use the mine's infrastructure as a central processing hub in Western Australia.

5 Aug 2017

The mine was thrown into the purchase of nearby mines from Barrick in 2013 and has been a marginal mine at best, with no obvious growth potential or the possibility of becoming a cash generating asset.

Gold Fields is pouring money into the construction of the new Gruyere gold mine to supplement production from its three other Australian mines.

Darlot, which accounted for just 6% of Gold Fields' Australian output, posted a loss in the first quarter of 2017 and has been on the market for more than a year.

Red 5 will pay Gold Fields A$12m (9.5%m) cash and pay the balance in shares, giving the South African company a 15% stake in the junior miner.

Source: Business Day

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za