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South Africa's Gold Fields to spin off, list unit
November 29, 2012 / 6:40 AM / 5 years ago

South Africa's Gold Fields to spin off, list unit

JOHANNESBURG (Reuters) - South Africa’s second-largest gold miner, Gold Fields (GFIJ.J), said on Thursday it planned to spin off its domestic GFI Mining South Africa unit and list it on the Johannesburg Stock Exchange.

The unit, whose major assets are KDC and Beatrix gold mines, would be renamed Sibanye Gold Limited, the company said.

Under the deal, Gold Fields will retain the rest of its South African assets, that include its South Deep Gold mine near Johannesburg and other international operations.

The listing of Sibanye Gold is expected on February 11, 2013.

Gold Fields said a South Africa-focused company would free it from the costs associated with a global company on a world-wide exploration and development program.

It said there would be no direct job losses as a result of the transaction.

Besides South Africa, now the world’s fifth biggest gold producer, Gold Fields has mines in Peru, Ghana and Australia.

Reporting by Tiisetso Motsoeneng; Editing by Ed Cropley

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