Gold Fields to increase BEE deals

GOLD Fields is in the early stages of developing two further empowerment transactions, it said yesterday.

GOLD Fields is in the early stages of developing two further empowerment transactions, it said yesterday.

It said it was looking at a broad-based black economic empowerment transaction for a 9percent holding in South Deep, as well as an additional 1percent of GFI Mining South Africa, the company that owns Gold Fields' South African mines.

The company said it was also working on an employee share option plan for historically disadvantaged employees for ownership of 10percent of GFIMSA.

The plan requires the approval of organised labour represented at our South African mines.

Gold Fields chief executive Nick Holland said: "We believe that these two transactions will meet our commitment to achieving the 2014 target.

"It's integral to our commitment to expand opportunities for historically disadvantaged persons to enter the SA mineral industry and for them to benefit from the exploitation of the country's mineral resources by promoting employment and the advancement of social and economic welfare for all South Africans."

In March last year, Gold Fields and Mvelaphanda Resources successfully completed the final step of its R4,1billion black economic empowerment transaction initiated in 2004.

The deal reached maturity with Mvelaphanda Resources taking receipt, through its wholly owned subsidiary Mvelaphanda Gold, of its 15percent shareholding in GFIMSA.

Mvelaphanda resources has since been selling down its holding in Gold Fields as part of a major restructuring and unbundling exercise. - I-Net Bridge

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