JOHANNESBURG (miningweekly.com) – South African gold major Gold Fields on Friday offered £28-million in cash for Dublin-headquartered African gold exploration company Glencar.

Gold Fields CEO Nick Holland said that gold discoverer had operations in Mali and Ghana in West Africa, and in Uganda in East Africa.

Gold Fields said that it was offering 9p for every share of the Aim-listed Glencar, the principal asset of which was the Komana project in southern Mali, which had an indicated and inferred mineral resource of 1,2-million ounces of gold, within 150 m of the surface, at a 0,5 g/t cut-off grade.

The proposed acquisition, Holland said, was consistent with Gold Fields’ regionalisation strategy, which included growing production in each of the West Africa, South America and Australasia regions to one million ounces within five years.

“We like Mali and this acquisition forms part of our strategy to grow our presence and footprint in the West African region,” he said, adding that the cash offer would be financed from Gold Fields’ existing resources.

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