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Gold Fields sells its stake in JV partner

23rd August 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Gold Fields has sold more than 87.11-million of its shares in joint venture (JV) partner Gold Road Resources for A$126.3-million.

Gold Fields has told Gold Road that the share sale, which was conducted through an underwritten book build process led by Macquarie Capital, was part of a broader debt reduction strategy and capitalized on the significant gains from its original investment in Gold Road in 2017.

The sale of the Gold Road interest followed on from Gold Fields' disposal of its 19.9% interest in Maverix Metals for $68-million and its 19.9% interest in Red 5 for A$29.6-million.

Gold Fields has said that it remains fully committed to the Gruyere JV project, and had no intention of exiting the project. The JV partners are currently progressing the ramp-up of the Gruyere mill, in Western Australia.

Edited by Creamer Media Reporter

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