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Gold Fields confirms BEE deal investigation

13th March 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – JSE- and NYSE-listed Gold Fields on Wednesday distanced itself from the views expressed by its former chair Dr Mamphela Ramphele in the media this week, but confirmed that an investigation into its black economic-empowerment (BEE) deals was under way.

Through Gold Fields’ social and ethics committee, an independent investigation was launched in December after media reports emerged criticising and questioning the legitimacy of the transactions.

Law firm Paul, Weiss, Rifkind, Wharton & Garrison was undertaking the investigation and would eventually present recommendations.

The firm would also examine the gold mining company’s relevant internal controls and required improvements.

“Gold Fields' pursuit of this investigation reflects its commitment to strict compliance with the laws to which it is subject and to its Code of Ethics,” the company said in a statement.

However, the company pointed out that comments made by Ramphele, who supported the commissioning of the investigation during her tenure as chair, represented “her own personal views”.

Business Day quoted Ramphele as saying the BEE deal under investigation was "an example of what this government has done to destroy the credibility of mining companies" and that the government had threatened to withhold a mining licence unless Gold Fields appointed the persons on the “preferred list” of BEE shareholders at the time.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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