Gold Fields to tap into China

JOHANNESBURG – South Africa’s Gold Fields and its fellow mining giant Sino Gold announced a tie-up yesterday designed to finance further explorations for vast untapped gold reserves in China.

The tie-up between the companies will see the creation of a new jointly-owned exploration unit that will be managed by Sino Gold and lead to Gold Fields becoming the biggest shareholder in Sino gold, a joint statement said. “This strategic alliance will provide additional funding and expertise to further accelerate our exploration in order to discover and develop muli-million ounce deposits in China,” said Sino Gold chief executive Jake Klein.”The structure of the alliance provides the shareholders of both companies with a very powerful vehicle to participate in the discovery of world-class gold deposits in China,” he added.Gold Fields, the world’s fourth-biggest gold company which is primarily listed on the Johannesburg stock exchange, produces about 4,1 million ounces of gold annually from mines in South Africa, Ghana, Australia and Venezuela.The Australian-based Sino Gold has been operating in China since 1996, producing around 450 000 ounces from the Jianchaling mine in Sichuan province.”China is a key strategic region for Gold Fields and combining our technical, financial and human resources expertise with Sino Gold’s proven commercial and operational track record in China, will create a stronger partnership to deliver on our mutual exploration and development objectives,” said Gold Fields chief executive Ian Cockerill.”This strategic alliance provides Gold Fields with the ability to strengthen and accelerate its exploration efforts for large, high quality, long-life assets in a highly prospective region of the world.”As a result of the deal, Gold Fields’ shareholding in Sino Gold will increase from 13,9 to 14,4 per cent.Nampa-AFP”This strategic alliance will provide additional funding and expertise to further accelerate our exploration in order to discover and develop muli-million ounce deposits in China,” said Sino Gold chief executive Jake Klein.”The structure of the alliance provides the shareholders of both companies with a very powerful vehicle to participate in the discovery of world-class gold deposits in China,” he added.Gold Fields, the world’s fourth-biggest gold company which is primarily listed on the Johannesburg stock exchange, produces about 4,1 million ounces of gold annually from mines in South Africa, Ghana, Australia and Venezuela.The Australian-based Sino Gold has been operating in China since 1996, producing around 450 000 ounces from the Jianchaling mine in Sichuan province.”China is a key strategic region for Gold Fields and combining our technical, financial and human resources expertise with Sino Gold’s proven commercial and operational track record in China, will create a stronger partnership to deliver on our mutual exploration and development objectives,” said Gold Fields chief executive Ian Cockerill.”This strategic alliance provides Gold Fields with the ability to strengthen and accelerate its exploration efforts for large, high quality, long-life assets in a highly prospective region of the world.”As a result of the deal, Gold Fields’ shareholding in Sino Gold will increase from 13,9 to 14,4 per cent.Nampa-AFP