South Africa's Gold Fields Ltd's is set to become one of the four biggest gold miners in the world after agreeing to acquire Canada-based Yamana Gold in a $6.7 billion all-share deal, the biggest in the region in years.
Gold Fields will be propelled to fourth place in terms of gold production, behind Newmont, Barrick and Agnico Eagle.SA's Gold Fields Ltd's is set to become one of the four biggest gold miners in the world after agreeing to acquire Canada-based Yamana Gold in a $6.7 billion all-share deal, the biggest in the region in years.
“We are asking you to invest in this future value at what we think is a very, very attractive premium,” Griffith told investors. “We don't expect the market instantaneously to have the same level of appreciation for this deal as we do.” The transaction will see Gold Fields shareholders owning about 61% of the combined group, while Yamana shareholders will own around 39% after the deal completes.Yamana, which produced 884,793 ounces of gold and 9.2 million ounces of silver in 2021, owns 50% of Canada's biggest gold mine, Canadian Malartic, and has operations in Chile, Brazil and Argentina.
Apart from mines in SA, Australia and Ghana, Gold Fields operates the Cerro Corona mine in Peru and is developing the Salares Norte project in Chile, which it expects to start production in the first quarter of 2023.
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