Gold Fields Buys Iamgold Mine Stakes For $667M

Law360, New York (April 15, 2011, 3:35 PM EDT) -- South African gold production giant Gold Fields Ltd. said Friday it would pay $667 million in cash for a minority stake in two Ghanaian mines owned by Iamgold Corp., consolidating its control over the two mature operations.

The deal will leave the Johannesburg-based Gold Fields with 90 percent control over the Tarkwa and Damang mines, with the government of Ghana owning the rest.

"This is a low-risk acquisition of ‘in-production ounces' generating healthy free cash flow that will improve the overall quality of our portfolio and...
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