Bullion miner Gold Fields has sold its entire shareholding in Rusoro Mining – a gold producer and explorer with a large land position in Venezuela – for an initial $62.3-million, it announced on Wednesday.
Gold Fields Netherlands, a wholly owned indirect subsidiary of Gold Fields, entered into a share purchase agreement with Delaware limited liability company Fulcrum to sell 140-million shares in the capital of Rusoro at about $0.45 a share.
Gold Fields Netherlands’ shareholding in Rusoro represented about 24.4% of the issued and outstanding shares of the gold junior. Upon closing of the transaction, Gold Fields Netherlands will no longer own or control any shares.
Gold Fields notes that the decision to sell its shareholding forms part of its ongoing portfolio management strategy.