JOHANNESBURG (miningweekly.com) – Gold producer Gold Fields on Thursday said its newly launched gold-mining subsidiary Sibanye Gold would list on the JSE and the NYSE on February 11.
Gold Fields, which recently unbundled its deep narrow-reef Kloof Driefontein Complex and Beatrix narrow-reef underground mines into the new company, achieved all the required regulatory approvals for the transaction.
The group earlier stated that the division and subsequent formation of two independently governed and managed companies would enable increased operational efficiencies and allow each group to focus on their respective strategic aims.
Gold One CEO Neal Froneman would head up Sibanye and Gold Fields head of finance for international operations Charl Keyter would step in as CFO.
Gold Fields nonexecutive director and executive chairperson and founder of the Thesele group Sello Moloko would step down from Gold Fields’ board to take up his position as nonexecutive chairperson of Sibanye.
The JSE-listed group would unbundle its interest in Sibanye to existing Gold Fields shareholders on February 18, with each shareholder receiving one Sibanye share for each held Gold Fields share or one Sibanye American Depository Receipt (ADR) for every four Gold Fields ADRs.