Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) announced on 29 November 2012, the creation of a new South African gold mining champion, through the unbundling of its 100% subsidiary, Sibanye Gold Limited (Sibanye Gold), formerly known as GFI Mining South Africa Proprietary Limited (GFIMSA).<\/p>\n
On Tuesday 11 February 2013, Sibanye Gold was listed on the JSE and began trading at around R14\/share, giving it a market capitalisation of approximately R10-billion. Gold Fields shares closed at R105.80 on Friday 8 February and started trading at R93 this morning, making its market capitalisation approximately R68-billion. The listing on the New York Stock Exchange (NYSE) of the Sibanye Gold’s ADR Programme commences later today when the NYSE opens for trading.<\/p>\n
The distribution will result in the current Gold Fields’ shareholders subsequently holding two separate shares, the newly distributed Sibanye Gold share as well as their original Gold Fields’ share.<\/p>\n
Gold Fields retains secondary listings of ADRs on the NYSE and secondary listings on the Dubai, Brussels and Swiss stock exchanges.<\/p>\n
Gold Fields mining operations now comprise open-pit or shallow underground operations and, in the case of the South Deep project in South Africa, a deep-level, bulk underground mechanised operation together with the international exploration and development projects.<\/p>\n
Nick Holland explains Gold Fields’ strategy: “Our operations will no longer focus solely on the number of ounces of gold produced, but rather on the costs associated with the production. Cash generation is to be a core focus with priority given to low risk, high return brownfields opportunities. Greenfields projects will only be pursued if they will provide superior returns. M&A will be considered only where there is clear value with regard to production.”<\/p>\n
He adds: “2013 needs to see South Deep, moving from the construction phase to ore body development and build-up. On the financial side, we will look to leverage the balance sheet for growth on a per share basis. We are committed to delivering value to shareholders, with dividends having first call on cash flows. It is our intention to pay out 25-35% of normalised earnings.”<\/p>\n
Holland says that Gold Fields will make a point of setting realistic production targets. “It’s not about ounces, it’s about cash,” he concludes.<\/p>\n
Gold Fields will be releasing Q4 2012 and full-year 2012 financials on Thursday, which will be the last time that the results will include the Sibanye Gold operations.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) announced on 29 November 2012, the creation of a new South African gold mining champion, through the unbundling of its 100% subsidiary, Sibanye Gold Limited (Sibanye Gold), formerly known as GFI Mining South Africa Proprietary Limited (GFIMSA). On Tuesday 11 February 2013, Sibanye Gold was […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[3302,3301],"class_list":{"0":"post-17975","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-jse","8":"tag-sibanye","9":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/17975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=17975"}],"version-history":[{"count":2,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/17975\/revisions"}],"predecessor-version":[{"id":17977,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/17975\/revisions\/17977"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=17975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=17975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=17975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}