JOHANNESBURG (miningweekly.com) – Dual-listed Gold Fields has sold its palladium-rich, polymetallic Arctic platinum project (APP), in northern Finland, to Finnish subsidiary of private equity fund CD Capital Natural Resources Fund III.
The purchase consideration includes $40-million in cash and a 2% net smelter return royalty on all metals, with 1% capped at $20-million and 1% uncapped.
“The divestment of APP is consistent with our strategy of divesting noncore assets, and reinforces the focus that Gold Fields continues to show in relation to its asset portfolio,” said Gold Fields CEO Nick Holland.
Gold Fields will maintain long-term exposure through the royalty, he added.
The sale includes all of the project assets for APP, including the Suhanko mining licence and associated real estate, all other mining and exploration properties, project permits and all other project-related assets.